Agnico Eagle Mines Limited (AEM) 2026 Q2 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 Q2 2026 conference call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. (Operator Instructions)

各位女士、先生，早安。我叫 Vanessa，今天將擔任本次電話會議的接線員。此刻，我謹代表主辦方歡迎各位參加 Agnico Eagle Mines Limited 2026 年第二季（Q2）電話會議。為避免背景雜音干擾，所有線路目前均已設為靜音。在講者致詞結束後，將進行問答環節。(接線員指示)

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

也謝謝您，Ammar Al-Joundi 先生，您可以開始您的會議。

Thank you, operator. Good morning, everyone, and thank you for joining our Agnico Eagle second quarteir 2026 conference call. I'd like to remind everyone that we will 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，接線員。各位早安，感謝各位參加我們 Agnico Eagle 2026 年第二季電話會議。我想提醒各位，我們將發表若干前瞻性陳述。因此請留意，並參閱本簡報開頭的免責聲明。

Next slide, please. My colleagues and I are pleased to report another strong quarter with not only record free cash flow generated by our operations, but also record capital returns to our shareholders. Gold production of 856,000 ounces was, for the second consecutive quarter, above budget with cash costs and all-in sustaining costs both within our guidance range. This is not a small accomplishment in a quarter where oil traded above $100 per barrel for much of the time.

請看下一張投影片。我和同事很高興向各位報告又一個強勁的季度：不僅營運創下自由現金流新高，也創下回饋股東的資本回報新高。黃金產量為 856,000 盎司，連續第二個季度高於預算；現金成本與全維持成本（AISC）皆落在我們的指引區間內。在本季度多數時間油價都在每桶 100 美元以上的情況下，這並非小成就。

As you'll hear on this call, the business is strong, and we continue to move towards creating substantial additional value for our owners. This quarter, we're reporting solid operations -- excellent progress on our growth pipeline, continued exceptional exploration results, all with yet another quarter of record financials.

各位將在本次電話會議中聽到，我們的業務表現強勁，並持續朝著為股東創造可觀的額外價值邁進。本季度，我們回報穩健的營運表現——成長管線取得卓越進展、勘探成果持續亮眼，同時再度繳出創紀錄的財務表現。

My team will go through all of this in more detail. But let me outline and summarize what I believe are the key messages that are important to take away from this call. The first key message is that we continue to work hard every day not only to deliver what we promise but also to continue to take every opportunity to improve our business step by step, quarter by quarter.

我的團隊將更詳細地說明上述內容。但我先概述並總結我認為本次電話會議最重要、應帶走的關鍵訊息。第一個關鍵訊息是：我們每天都持續努力，不僅要兌現承諾，也要把握每個機會，逐步、逐季地改善我們的業務。

For example, this quarter, I'm pleased to highlight that at Macassa, we had record skip tons, record mill throughput and the first processing of our [ak-4 at LZ5]. At Detour, record total in record total mine tons and record daily mill throughput at Meliadine, record mill throughput at Kittila record mill throughput.

例如，本季度我很高興強調：在 Macassa，我們創下提升井（skip）運量新高、選礦廠處理量新高，並首次處理我們的[ak-4 at LZ5]。在 Detour，總採礦噸數創新高；在 Meliadine，日均選礦廠處理量創新高；在 Kittila，選礦廠處理量創新高。

Individually, these may seem like small accomplishments. But when we step back and when we look at the big picture, collectively, this quarter, we've had record mill throughput at mines representing slightly more than half of our total production. In and of itself, record mills throughput at half our minus represents substantial continuous operational improvement.

單看每一項，可能像是小成就。但當我們退一步看整體圖景，綜合而言，本季度我們在代表略高於總產量一半的礦山上，創下選礦廠處理量新高。僅此一點，在我們一半的礦山實現選礦處理量新高，就代表了顯著且持續的營運改善。

But the real message we want to convey is that these improvements are an illustration of the culture and the dedication of our teams, a culture of commitment to always do the best they can and then to look to do even better, even when things are going well, even when gold prices are high, and even when we're delivering record financial returns to our owners.

但我們真正想傳達的訊息是：這些改善展現了我們團隊的文化與投入——一種承諾盡其所能、並在表現良好時仍追求更好成果的文化；即使金價高、即使我們正為股東帶來創紀錄的財務回報，也依然如此。

I have to tell you sincerely as the CEO, that makes me very proud. To be sure, mining is a challenging business in Agnico Eagle is not immune to these challenges. For example, on July 1, we had a rock movement in the wall of our Barnat pit. Of course, this was a disappointment. But I am proud of our team and importantly, of our systems and our processes, including the systems and processes we had in place to track potential wall movement that allowed us to move quickly to protect both our people and our equipment.

我必須以執行長的身分真誠地說，這讓我非常自豪。當然，採礦是一門充滿挑戰的生意，Agnico Eagle 也無法免於這些挑戰。例如，7 月 1 日，我們 Barnat 礦坑邊坡發生岩體移動。這當然令人失望。但我為我們的團隊感到驕傲，更重要的是為我們的系統與流程感到驕傲——包括我們用來追蹤潛在邊坡移動的系統與流程，使我們能迅速採取行動，保護員工與設備。

The safety of our people remains the most important thing always. I'm proud that within 24 hours of the event, we had a good understanding of its impact and we were able to communicate to our owners and to the market that we are still able to forecast 2026 production within our original guidance range of 3.3 million to 3.5 million ounces, albeit towards the lower end of that range.

人員安全始終是最重要的事。我也很自豪，在事件發生後 24 小時內，我們就對其影響有了良好掌握，並能向股東與市場溝通：我們仍可在原先指引區間內預估 2026 年產量為 330 萬至 350 萬盎司，雖然會偏向該區間的下緣。

Agnico Eagle is not immune to the challenges common to our businesses, but we have a long and demonstrated history of managing these challenges well, and we have a long and demonstrated history of recovering from these challenges quickly.

Agnico Eagle 並非不會面臨本行業常見的挑戰，但我們長期以來有明確且可驗證的紀錄，能妥善管理這些挑戰，也能在面對挑戰後迅速恢復。

The second key message I want to convey this morning is that we continue to aggressively reinvest in our business into projects that deliver exceptional returns at relatively lower risk. We're making steady progress, and in many cases, we're well ahead of schedule. We've announced the go ahead of our Hope mine, this will be a world-class low-cost mine producing between 40,000 450,000 ounces a year that we expect to happen for decades.

我今天早上要傳達的第二個關鍵訊息是：我們持續積極再投資於能以相對較低風險帶來卓越回報的專案。我們正穩步推進，且在許多情況下進度大幅超前。我們已宣布推進 Hope 礦的開發；這將是一座世界級的低成本礦山，年產量介於 40 萬至 45 萬盎司之間，我們預期可持續數十年。

We had the opportunity to tour this project with our Board a few days ago. And while we're all impressed with the very real and substantial progress, I think what really stood out was the excitement of the team regarding the potential on these two, 80-kilometer greenstone belts. We really are just starting to scratch the surface of the potential at Hope Bay.

幾天前，我們有機會與董事會一同實地參訪該專案。雖然大家都對實質且顯著的進展印象深刻，但我認為真正突出的，是團隊對這兩條長達 80 公里的綠岩帶潛力所展現的興奮感。我們確實才剛開始觸及 Hope Bay 潛力的表層。

Tom and Natasha will spend some time talking about continued progress in moving both Malartic and Detour to 1 million ounces of yearly production and moving forward on Upper Beaver and other high-quality, low-cost brand-new mine in our backyard.

Tom 和 Natasha 將花一些時間談談：持續推進 Malartic 與 Detour 朝年產 100 萬盎司邁進，以及推動 Upper Beaver 與其他高品質、低成本、位於我們「後院」的全新礦山專案。

Dyane, who runs our Northern European business, will talk about our recent consolidation of what our team believes to be the most prospective exploration belt in the Nordic region and his team's plans to more than double that business to over 500,000 ounces of yearly production. We're making excellent and steady progress on our target of increasing production by up to 20% to 30% over the next decade and that target was before the Finland land consolidation.

負責我們北歐業務的 Dyane 將談到：我們近期完成整合的土地資產——我們團隊認為這是北歐地區最具前景的勘探帶——以及他們計畫將該業務年產量提升至超過 50 萬盎司、也就是增加一倍以上的規劃。我們在未來十年將產量提高最多 20% 至 30% 的目標上，正取得極佳且穩健的進展，而這個目標是在芬蘭土地整合之前就已訂定。

We have the strongest pipeline in our history. We have the strongest pipeline in the business, and there is more to come. We're only in the third or fourth inning here. We remain long-term bullish on gold, and we remain focused -- heavily focused on steadily increasing gold production per share for years and for decades to come.

我們擁有公司史上最強的成長管線。我們也擁有業界最強的成長管線，而且後續還會有更多進展。我們現在大概才進行到第三或第四局。我們長期仍看多黃金，並持續——高度聚焦——在未來多年乃至數十年，穩步提升每股黃金產量。

The third key takeaway is, again, continued exceptional exploration results. Exploration is the lifeblood of our business, and Guy will spend some time going over some exciting holes that are both confirming and expanding our key mines and our organic growth projects.

第三個關鍵重點仍是：持續卓越的勘探成果。勘探是我們業務的命脈，Guy 將花一些時間說明一些令人振奮的鑽孔結果，這些結果同時在驗證並擴展我們的核心礦山與自有成長專案。

As Jamie, our CFO likes to say, we're in a gold price environment where with strong operating performance and with good cost control, we're able to do it all. We're able to reinvest in our business to support the best organic growth in the industry. This quarter, we invested over $800 million in advancing key projects and in capitalized exploration.

正如我們的財務長 Jamie 常說的，在目前的金價環境下，只要營運表現強勁且成本控制得宜，我們就能「全都做到」。我們能再投資於業務，以支持業界最佳的自有成長。本季度，我們投入超過 8 億美元，用於推進關鍵專案與資本化勘探。

This quarter, we're able to opportunistically pursue strategic M&A, opportunities that add value per share and that improve the quality of our business. This quarter, we consolidated the best land package in Northern Europe, including using almost $600 million in cash.

本季度，我們也能把握時機，策略性地推進併購（M&A）機會——這些機會能提升每股價值並改善我們業務的品質。本季度，我們整合了北歐最佳的土地資產組合，其中包括動用近 6 億美元現金。

We continue to strengthen the balance sheet. In the second quarter, we added over $350 million of cash to reach a record $3.5 billion of cash on hand. All of this while delivering another record quarter of returns to our shareholders. In the second quarter, we delivered $625 million to our owners between our dividends and our $400 million of share repurchases.

我們持續強化資產負債表。在第二季，我們新增超過3.5億美元現金，使手上現金達到創紀錄的35億美元。同時，我們也為股東帶來另一個創紀錄季度的回報。第二季，我們透過股利以及4億美元的庫藏股回購，合計向股東回饋6.25億美元。

Second quarter of 2026 has been volatile, volatile geopolitically, volatile economically, and certainly, volatile gold prices. But even in this environment, our team was able to deliver the steady, reliable performance that Agnico Eagle is known for, delivering solid results across the business.

2026年第二季波動很大——地緣政治波動、經濟波動，當然還有金價波動。但即使在這樣的環境下，我們的團隊仍能交出Agnico Eagle一向以之著稱的穩健、可靠表現，在各項業務上取得扎實成果。

But before I turn this call over to the rest of our team, to talk about this in more detail. I need to spend a moment to talk about the very sad fatality we had since our last call. [Danielle Jirau], partner of Michelle and father of two teenage girls tragically lost his life while on the job on May 1. Every fatality is devastating not only to the families involved but to all the people they've touched in their lives, including friends and colleagues here at Agnico Eagle. In the almost 70 years of operation from 1957 to today, we've had a total of 23 fatalities and 3 of these have occurred in the last year.

不過，在我把這通電話交給團隊其他成員、進一步更詳細說明之前，我需要花一點時間談談自上次電話會議以來發生的一起令人非常悲痛的死亡事故。[Danielle Jirau]，Michelle的伴侶、兩位青少女的父親，於5月1日工作期間不幸罹難。每一起死亡事故都令人痛心，不僅對相關家屬如此，對所有在其生命中曾被影響的人亦然，包括Agnico Eagle的朋友與同事。在我們自1957年至今近70年的營運期間，累計共發生23起死亡事故，其中有3起發生在過去一年。

I will repeat what I said last quarter. Fatalities, every single one is not acceptable. I want to assure all of you -- and more importantly, I want to assure all of our people who come into work every day, working hard for the company that we are more focused on safety than ever before, taking care of all of you remains our number one responsibility. Again, and with great emphasis, there is nothing more important than the safety of our people and of our communities.

我會重申我在上季所說的話。死亡事故——每一件——都不可接受。我想向各位保證——更重要的是，向每天到公司努力工作的所有同仁保證——我們比以往任何時候都更專注於安全；照顧各位仍是我們的第一責任。再次強調，沒有任何事情比我們員工與社區的安全更重要。

I'll now ask Jamie Porter, our CFO, to discuss our Q2 financial results.

接下來我請我們的財務長Jamie Porter說明第二季財務結果。

Thank you, Ammar. This was another solid quarter for Agnico Eagle, reflecting our high-quality asset portfolio, solid operational execution, and continued leverage to the gold price. Strong operational performance and disciplined cost management, combined with a favorable gold price environment to drive record free cash flow of over $1.3 billion for the quarter.

謝謝你，Ammar。這又是Agnico Eagle表現穩健的一季，反映我們高品質的資產組合、扎實的營運執行力，以及持續受惠於金價走勢。強勁的營運表現與嚴謹的成本管理，再加上有利的金價環境，推動本季創紀錄的自由現金流超過13億美元。

We also delivered excellent financial results, generating adjusted net income of approximately $1.5 billion or $3.07 per share and adjusted EBITDA of approximately $2.7 billion. Gold production was ahead of plan at 856,000 ounces, reflecting a very strong finish to the second quarter. This outperformance was led by Detour Lake, Kittila, and Fosterville, reflecting the benefits of continuous operational improvement at these sites.

我們也交出優異的財務成果，調整後淨利約15億美元、每股3.07美元，調整後EBITDA約27億美元。黃金產量為85.6萬盎司，高於計畫，反映第二季末段表現非常強勁。這項超越主要由Detour Lake、Kittila與Fosterville帶動，展現這些礦區持續營運改善所帶來的效益。

We are extremely proud of the work of our teams who remain focused on productivity initiatives, operational optimization and disciplined cost control. These efforts translated into another quarter of solid cost performance.

我們對各團隊的努力深感自豪，他們持續聚焦於生產力方案、營運最佳化與嚴謹的成本控管。這些努力轉化為本季再度穩健的成本表現。

Total cash costs were $1,054 per ounce and all-in sustaining costs were $1,459 per ounce, below our cost in the first quarter, below the midpoint of our guidance ranges, and hundreds of dollars below the industry average. This cost control is particularly impressive given the inflationary pressures we're seeing across the industry.

總現金成本為每盎司1,054美元，全維持成本（AISC）為每盎司1,459美元，低於第一季成本、低於指引區間的中點，且比產業平均低數百美元。在我們看到整個產業面臨通膨壓力的情況下，這樣的成本控管尤其令人印象深刻。

Overall, our business continues to demonstrate the consistency and resilience that have long differentiated Agnico Eagle, allowing us to translate strong gold prices into record cash generation and record shareholder returns this quarter.

整體而言，我們的業務持續展現長期以來使Agnico Eagle脫穎而出的穩定性與韌性，使我們能將強勁金價轉化為本季創紀錄的現金創造與創紀錄的股東回報。

If we turn to slide 5. We remain in the strongest financial position in the company's history. Our strong balance sheet and record cash generation, allows us to maintain a balanced and disciplined approach to capital allocation, creating value through shareholder returns, investment in future growth, and continued financial strength.

如果我們看第5頁投影片。我們仍處於公司史上最強的財務狀態。強健的資產負債表與創紀錄的現金創造，使我們能維持平衡且自律的資本配置策略，透過股東回報、投資未來成長，以及持續強化財務實力來創造價值。

As Ammar mentioned, that I like to say, we are in a gold price environment where we are truly able to do it all. We generated approximately $3.5 billion of operating cash flow in the first half of the year. Approximately 30% of that was returned to shareholders through dividends and share buybacks with a record $625 million of shareholder returns in the second quarter alone.

如Ammar提到的——我也常說——在目前的金價環境下，我們確實能「全部都做」。我們在上半年產生約35億美元的營運現金流。其中約30%透過股利與股票回購回饋股東，僅第二季就創紀錄地回饋股東6.25億美元。

Nearly 40% of the operating cash flow year-to-date was allocated to sustaining and growing our business through investments in our organic pipeline. We invested over $800 million in capital expenditures and capitalized exploration in the second quarter alone. Advancing our five key value driver projects will support long-term production growth of 20% to 30% over the next decade.

截至目前，將近40%的營運現金流被用於透過投資我們的自有專案管線來維持並擴大業務。僅第二季，我們在資本支出與資本化探勘上的投資就超過8億美元。推進我們五個關鍵價值驅動專案，將在未來十年支撐長期產量成長20%至30%。

Another 15% of our cash flow was used to support our acquisitions in Finland, again, these acquisitions strengthen an already high-quality regional business and create additional opportunities to generate value from our established operating presence in the region, which [Dyane], our Vice President of Europe, will discuss later in the presentation.

另有15%的現金流用於支持我們在芬蘭的收購；再次強調，這些收購強化了原本就高品質的區域性業務，並在我們已建立的區域營運基礎上創造更多價值機會；我們的歐洲副總裁[Dyane]稍後會在簡報中進一步說明。

The remaining 15% of our operating cash flow was applied to continue strengthening our balance sheet. We're paying healthy returns to our owners while positioning the company for long-term first share value creation.

其餘15%的營運現金流則用於持續強化資產負債表。我們在向股東支付良好回報的同時，也讓公司為長期每股價值創造做好布局。

Our balance sheet continues to grow stronger. At the end of the second quarter, our net cash position increased to approximately $3.3 billion, reinforcing our position of having one of the strongest balance sheets in the sector. This financial strength was recognized in April when Fitch Ratings upgraded Agnico Eagle's long-term issuer default rating from BBB+ to A-.

我們的資產負債表持續變得更強健。截至第二季末，我們的淨現金部位增加至約33億美元，進一步鞏固我們在本產業中擁有最強資產負債表之一的地位。這項財務實力在4月獲得肯定，惠譽（Fitch Ratings）將Agnico Eagle的長期發行人違約評等由BBB+上調至A-。

Beginning of the year, we set a target of returning approximately 40% of free cash flow to shareholders. Through the first half of the year, we've exceeded that objective, returning approximately 48% of free cash flow through dividends and share repurchases. Given our strong free cash flow generation in the current gold price environment, we see the potential to exceed our original target for the full year.

年初我們設定目標，將約40%的自由現金流回饋股東。截至上半年，我們已超越該目標，透過股利與股票回購回饋約48%的自由現金流。鑑於目前金價環境下我們強勁的自由現金流創造能力，我們認為全年有機會超越原先目標。

During the quarter, we monetized a portion of our equity investment portfolio, creating additional flexibility to accelerate share repurchases.

本季我們將部分股權投資組合變現，增加額外彈性以加速股票回購。

We continue to view buybacks as an attractive use of capital -- and again, at current gold prices, we see the capacity to continue to buy back shares while investing in growth and maintaining a best-in-class balance sheet.

我們仍將回購視為具吸引力的資本運用方式——而且再次強調，在目前金價水準下，我們有能力在投資成長、維持同業最佳的資產負債表之餘，持續回購股票。

Overall, we are exceptionally well positioned in the current gold price environment with record cash flow supporting record shareholder returns, continued balance sheet strength, and ongoing investment in our industry-leading growth pipeline. This balanced approach remains a key differentiator for Agnico Eagle and positions us well for long-term value creation.

整體而言，在目前金價環境下，我們的定位極為有利：創紀錄的現金流支撐創紀錄的股東回報、持續強化的資產負債表，以及對我們業界領先的成長專案管線的持續投資。這種平衡的策略仍是Agnico Eagle的關鍵差異化優勢，並使我們在長期價值創造上具備良好條件。

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

接下來我把電話交給Dom。

Thank you, Jamie. Good morning, everyone. In my section, I will cover the highlights for Quebec, Nunavut, and Finland. Overall, the quarter ended in line with the plans and great to see -- to continue to see all initiative ongoing to control costs.

謝謝你，Jamie。各位早安。在我這一段，我將說明魁北克、努納武特以及芬蘭的重點摘要。整體而言，本季結果符合計畫，也很高興看到——持續看到——各項控成本的措施仍在推進中。

In Quebec, Canadian Malartic are facing more challenges, but thanks to the team, led by Dan, (inaudible) and Justin for the management of those challenges and their dedication to win. Overall, Canadian Malartic finished the first half on target unless they have some challenges.

在魁北克，加拿大Malartic面臨更多挑戰，但多虧團隊的努力，由Dan、（聽不清）以及Justin帶領，妥善管理這些挑戰並全力以赴。整體而言，加拿大Malartic在上半年達成目標，儘管仍有一些挑戰。

Concerning Barnat Pitt wall, I will explain what are the next steps. First, all the rock that moved from the wall, approximately 1 million tons going to stay there. So the first step is to build some burn safety burn to allow us to get back to mining in the Barnett pit.

關於Barnat Pitt邊坡（wall），我將說明接下來的步驟。首先，從邊坡移動下來的所有岩石，約100萬噸，將會留在原地。因此第一步是建造一些安全擋土堤（berm），讓我們能夠恢復在Barnett露天礦坑的採礦作業。

Second is to build access. We already built one along the south wall to get back to that mining area, but we still need to build some access inside that pit and also to finish the perms. The burn side will be between 15 and 25 meters high to catch if ever there is other rock that's going to come from that located area. So we're planning to do those mitigation in Q3, and we expect to resume mining in Q4.

第二步是修建通行道路。我們已沿南側邊坡建了一條道路以返回該採礦區域，但仍需要在礦坑內部再建一些通道，並完成坡道（ramps）。擋土堤高度將介於15至25公尺，以便萬一該區域再有岩石崩落時能夠攔截。因此我們計畫在第三季（Q3）完成這些緩解措施，並預期在第四季（Q4）恢復採礦。

For Nunavut, the first half of the year production is also on plan, good news, the spring migration is over, and it went very well. Today, 6 of the 19 vessels are already received from our sales and an interesting highlights Ammar mention about it, but the mill at Meliadine achieved a quarterly record over 7,000 tonnes per day average during the quarter, the target was 6,500.

至於努納武特（Nunavut），上半年產量也符合計畫；好消息是春季遷徙已結束，而且進行得非常順利。截至今天，19艘船中已有6艘由我們的銷售端接收；Ammar也提到一些重點。另外，Meliadine選礦廠本季平均日處理量超過7,000噸，創下季度紀錄，目標原本是6,500噸。

For Finland, Kittila delivered an excellent quarter, both on production and costs, thanks to the entire team for their outstanding accomplishment. It is especially timely as we are expanding our presence in Finland. It is a good timing to give them a bigger playground. Dyane will provide more details shortly. On the optimization initiative, I would like to highlight the LZ5 team that keep improving the performances when we do autonomous trucking.

至於芬蘭，Kittila本季表現非常出色，無論是產量或成本皆然；感謝整個團隊的卓越成果。這尤其及時，因為我們正在擴大在芬蘭的布局。現在正是給他們更大舞台的好時機。Dyane稍後會提供更多細節。在優化計畫方面，我想特別表揚LZ5團隊，在我們推動自動駕駛卡車運輸時持續提升績效。

During the fully automated shift, which are Friday, Saturday, Sunday night when our employees better like to be at home, this is when we do automated trucking for mining. We managed to increase the productivity by 65% in the first half of the year. So 65 more tonnes all by shift by the trucks. They did that by improving the network communication, the software, but also a better technology using a scanner that could see or analyzing 3D instead of 2D. That reflects in the past, we had to do actions or to stop the sequence 1,700 times per shift right now is down to 700 times and it keeps improving. Good job team.

在完全自動化的班次期間（週五、週六、週日夜班，員工通常更希望待在家），我們會進行自動化卡車運輸以支援採礦。我們在上半年成功將生產力提升了65%。也就是每個班次卡車多運出65噸。他們透過改善網路通訊、軟體，以及採用更好的技術（使用可進行3D而非2D辨識/分析的掃描器）達成。這反映在：過去每班次需要介入或中止流程約1,700次，現在已降至700次，且仍在持續改善。團隊做得很好。

Next page, -- on the project pipeline at Malartic, we continue to advance our field and mill vision to potentially grow the annual production towards 1 million ounces per year. Two important milestones -- we completed the first phase of the shaft sinking three months ahead of schedule. The last bench was taken on July 9, reaching approximately 1.6 kilometers underground.

下一頁——關於Malartic的專案管線，我們持續推進礦區與選礦廠的願景，目標是將年產量潛在提升至每年約100萬盎司。兩個重要里程碑——我們提前三個月完成了豎井下沉（shaft sinking）第一階段。最後一層台階（bench）於7月9日完成，深度達到地下約1.6公里。

So now we're moving to the -- how it change over to get back to a production mode. That's going to start -- this is starting in Q3. And we're still planning to start the commissioning of that products and shaft in Q2 2027. Another important milestone, we attracted our two first stopes where the second stope is still ongoing, having then the team is going through that typical learning to that first mining.

因此現在我們要轉入——也就是如何切換回生產模式。這將在第三季（Q3）開始——目前正要啟動。我們仍計畫在2027年第二季（Q2 2027）開始對該生產系統與豎井進行試車/投產（commissioning）。另一個重要里程碑是，我們已開採首兩個採場（stope），其中第二個採場仍在進行中；團隊也正在經歷首次採礦的典型學習曲線。

We will mine another four stope during the end of the year in '26. -- and we're planning to mine 30% in '27 and above 90% in 2028. So you could see the ramp-up, and this is why we need the production shaft to take those down at the top.

我們將在2026年年底前再開採另外四個採場（stope），並計畫在2027年達到30%的開採比例、在2028年達到90%以上。因此你可以看到爬坡增產（ramp-up）的節奏，這也是為什麼我們需要生產豎井把這些物料提升到地表。

At [O bay], we've reached our target of the detail engineering, which was the trigger for us to give the green light for construction that we did in May. I have the privilege to work with a great team led by Chris, led by Kishan, led by Marc-Andre and also working well with the exploration guide with Conrad and Nathalie that they work together to develop a very strong study. And this is where we're -- we know we're going to deliver that project. Well, I'm really confident we're going to deliver that project, safely, on time, and on cost.

在[O bay]，我們已達成詳細工程設計（detail engineering）的目標，這也觸發我們在5月核准並啟動施工。我很榮幸能與一支優秀團隊合作，由Chris、Kishan、Marc-Andre領導，並且與Conrad與Nathalie帶領的勘探團隊密切協作，共同完成一份非常扎實的研究。這也是我們——我們知道我們將能交付這個專案的原因。我非常有信心我們會安全、如期、並在預算內交付這個專案。

We had the privilege to also to expose the project and our people to the Board of Directors earlier this week. Still a lot of work to do, but we are in good position. And why I feel we're in good position because today, we are over 70% of the engineering completed, because the teams that are building it, planning it, I've already did Meliadine, Middle Bank, and Ammar project in the Arctic, and we have more than 15 years of experience built operating into the Arctic.

本週稍早，我們也有機會向董事會展示該專案以及我們的團隊。仍有大量工作要做，但我們處於有利位置。我之所以認為我們處於有利位置，是因為目前工程已完成超過70%；而且負責建造與規劃的團隊，先前已做過Meliadine、Middle Bank以及Ammar在北極的專案，我們在北極地區的建設與營運累積超過15年的經驗。

One of the critical path of the project is the logistics. And currently, we are ahead of the delivery at Becancour receiving the material, which is the port where the vessel are starting. And the first vessel is going to leave the port to the Hope Bay on the next weekend, the coming weekend. So around August 10, it should be at Hope Bay.

該專案的關鍵路徑之一是物流。目前我們在Becancour的物料接收進度領先於交付計畫；該港口是船舶啟航的起點。第一艘船將在下個週末、也就是即將到來的週末，從港口出發前往Hope Bay。因此大約在8月10日應可抵達Hope Bay。

So we are on target. We're going to have nine of those vessels going to the top of the Hope Bay. Also, as you could see in the picture, there's three new wins, the camp is ready, that we could ramp up the workforce, and also the construction schedule is from what we learned, where we're going to close the building before the winter, and work internally. And on top of that, right now, we see a good quality of contractor from the construction side we are poking more into the west. So half of the crew of the construction is now coming from the west. We really welcome those new resources, and this is helping us go to deliver that.

因此我們進度符合目標。我們將有9艘船前往Hope Bay的最北端。另外，如你在圖片中所見，有三座新的風機（wins），營地已準備就緒，我們可以逐步擴增人力；同時，施工排程也吸取了我們的經驗——我們會在冬季前完成建築封閉（close the building），並在室內施工。此外，目前從施工端來看，我們看到承包商品質良好，我們也更積極向西部尋找資源。因此目前施工隊伍中有一半來自西部。我們非常歡迎這些新資源，這也在幫助我們完成交付。

So Guy will give you more information on what we see into the exploration, but [O bay] is a world-class deposit and in the end of a world-class team. Hope Bay will create value for decades to come. for shareholders, employees, and Nunavut communities.

Guy會就我們在勘探方面的觀察提供更多資訊，但[O bay]是一個世界級礦床，也擁有世界級團隊。Hope Bay將在未來數十年創造價值，惠及股東、員工以及努納武特社區。

On this, I will pass the mic to Jenny that will talk about our Finland hub.

接下來，我把麥克風交給Jenny，她將談談我們的芬蘭樞紐（Finland hub）。

Thank you, Dominique, and good morning, everyone. I'm Yan Leseman, Vice President, Europe, and I've been leading our European business over the last 10 years. Today, I'll talk about our Finland platform and our growth brands in the region.

謝謝你，Dominique，各位早安。我是Yan Leseman，歐洲區副總裁，過去10年一直領導我們在歐洲的業務。今天我將介紹我們在芬蘭的平台，以及我們在該地區的成長布局。

As you know, Kittila mine is the largest gold mine in Europe and even after 17 years of operation, it still has substantial upside potential. My that exploration continues to deliver exciting results. The deposit remains open both along strike and at depth. And I'm confident that Kittila will continue operating for another 20 years.

如各位所知，Kittila礦山是歐洲最大的金礦，即使已營運17年，仍具有可觀的上行潛力。我們的勘探持續帶來令人振奮的成果。該礦床在走向延伸（along strike）與深部（at depth）兩方面仍保持開放。我有信心Kittila將能再持續營運20年。

Investment program, including shaft, mill expansion and surface infrastructure investments was completed in 2023. After that, we have focused on operational excellence, cost control, and productivity. Our results are very positive and comparable cost per ton, excluding royalty and mining tax in 2025 was lower than in 2024. And again, first half of '26 unit costs are lower than first half of 2025. Maintaining a decline in unit cost trends despite inflationary pressures and a deepening underground operation is not easy and it's clear evidence that systematic productivity work makes a difference.

投資計畫（包含豎井、選礦廠擴建及地表基礎設施投資）已於2023年完成。此後，我們專注於營運卓越、成本控制與生產力提升。我們的成果非常正面；2025年每噸可比成本（不含權利金與採礦稅）低於2024年。同樣地，2026年上半年單位成本也低於2025年上半年。在通膨壓力與地下作業持續加深的情況下，仍能維持單位成本下降趨勢並不容易；這清楚證明系統性的生產力工作確實能帶來差異。

One recent example of productivity gains in Q2 was all-time high mill throughput, which helped us to achieve all-time high revenue, operating margin, and cash flow in the history of Kittila. All in all, I think that Kittila is in the strongest position it has ever been -- we have an experienced management team that has worked for Agnico for years, gaining experience, not just in mining, but also building strong relationships with global authorities, communities, and other key stakeholders.

第二季生產力提升的一個近期例子是磨礦處理量創下歷史新高，這幫助我們在Kittila礦山歷史上達成了營收、營業利潤率與現金流的歷史新高。總體而言，我認為Kittila正處於有史以來最強勢的位置——我們擁有一支資深的管理團隊，已在Agnico服務多年，累積的不僅是採礦方面的經驗，也包括與全球主管機關、社區及其他關鍵利害關係人建立穩固關係的經驗。

Based on that experience, we believe we are in a good position to move forward with growth opportunities also outside of Kittila. Over the last 10 years, Agnico has made several strategic investments in promising exploration and development company in Finnish Lapland, trial strengthening Agnico's strategic position in the region.

基於這些經驗，我們相信我們也具備良好條件，在Kittila以外推進成長機會。過去10年，Agnico在芬蘭拉普蘭地區對多家具潛力的勘探與開發公司進行了數項策略性投資，藉此強化Agnico在該區域的策略地位。

In Q2, the time was right for a more significant consolidation transaction, we will solidify Agnico's position in Finland for decades to come. Based on years of work and thorough analysis, our conclusion was that the great potential for value creation can be achieved by acquiring three company product resources, Origio Resources and the thing called joint venture.

在第二季，時機成熟可進行更具規模的整併交易，這將鞏固Agnico在芬蘭未來數十年的地位。基於多年工作與全面分析，我們的結論是：透過收購三家公司之專案資源——Origio Resources以及所謂的合資企業——可實現巨大的價值創造潛力。

As a result of the transactions, Agnico gained average position in the Lapland Grinton belt, which we believe is one of the most prospective areas for gold exploration. In addition to a highly prospective land package covering approximately 2,500 square kilometers, a key component of this transaction is the Care project, which is the most significant coal discovery in Finland since the Kittila mine.

透過這些交易，Agnico在拉普蘭綠岩帶取得了重要的持份，我們相信該區是黃金勘探最具前景的地區之一。除了一個高度具前景、覆蓋約2,500平方公里的土地包之外，本次交易的一個關鍵組成部分是Care專案，這是芬蘭自Kittila礦以來最重要的煤炭發現。

In June, after closing the transactions, we welcomed 44 new colleagues and the integration work has started very well. The most important priority is that the field teams begin working seamlessly together, while we also continue integrating business processes and systems. At the consolidation transactions removed prior proper foundry constraints, and we are now working on project optimization, including unconstrained open pit scenario. We expect the results of the optimization work will be available by the end of 2027.

6月在交易完成後，我們迎來了44位新同事，整合作業已非常順利地展開。最重要的優先事項是讓現場團隊能無縫協作，同時我們也持續整合業務流程與系統。此次整併交易消除了先前的適當冶煉廠限制，我們目前正進行專案最佳化，包括在不受限制的露天礦情境下評估。我們預期最佳化工作的結果將於2027年底前出爐。

Condemnation drilling to support surface infrastructure planning started in June. Exploration drilling will continue near the ikkari deposit with three diamond drill rigs in August, increasing the fries by the end of the year. In addition to the project optimization and exploration activities, we are also advancing work on the environmental impact assessment and land use planning.

為支援地表基礎設施規劃的定罪鑽探於6月開始。8月起，將在Ikkari礦床附近以三台金剛石鑽機持續進行勘探鑽探，並在年底前提高鑽探進尺。除專案最佳化與勘探活動外，我們也在推進環境影響評估與土地使用規劃相關工作。

Overall, we see great potential in Fallon. By option in Kittila, advancing Ikkari and unlocking the exploration upside across our 2,500 square kilometer land package, we are building a business with the potential to grow towards 0.5 million ounce per year platform. Our team is excited for this opportunity and have the ability and experience to deliver on the vision.

整體而言，我們看好Fallon的巨大潛力。透過在Kittila的選擇權、推進Ikkari並釋放我們2,500平方公里土地包的勘探上行空間，我們正在打造一個具備成長至每年50萬盎司平台潛力的事業。我們的團隊對此機會感到振奮，並具備實現此願景所需的能力與經驗。

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

接下來，我把電話交給Natasha。

[Jeane], and good morning, everyone. I'll cover the operational highlights for Ontario, Australia, and Mexico. So the region delivered another strong quarter, led by excellent performances at Detour, at Fosterville, at Pinos Altos, all of which exceeded the plan.

[Jeane]，各位早安。我將說明安大略、澳洲與墨西哥的營運重點。本區域再度交出強勁的一季，主要由Detour、Fosterville與Pinos Altos的優異表現帶動，三者皆超越計畫。

The results reflected the operational and cost improvement efforts underway at each site, all aimed at extracting the full potential of our assets. All the initiatives that Dom and I speak about, they take time, they take effort. They take persistence by the sites to implement. And now we're seeing the benefits of that work. With the records achieved this quarter.

這些成果反映了各場址正在推動的營運與成本改善工作，目標都是充分釋放我們資產的全部潛力。Dom和我提到的所有措施，都需要時間，也需要投入。也需要各場址持續不懈地落實。而現在我們正看到這些努力的成果。本季所創下的紀錄就是明證。

So we just wanted to say thank you. Thank you to all our teams across the operations for their commitment in driving these results and for continuing to create long-term value for our shareholders.

因此我們想說聲謝謝。感謝各營運據點的所有團隊致力推動這些成果，並持續為股東創造長期價值。

So now at Detour, we achieved another consecutive quarterly record in tonnes mined, and this is a result of the productivity initiatives started last year, which are now paying off. An example is increasing shovel utilization by increasing the amount of blasted material inventory and that's available and also getting that higher shovel productivity by diligently improving on our loading practices.

在Detour方面，我們連續再創單季採礦噸數紀錄，這是去年啟動的生產力措施如今開始見效的結果。其中一個例子是透過增加爆破後物料庫存量（可用量），提高鏟裝機利用率，同時也透過持續精進裝載作業，提升鏟裝生產力。

Detour also had a record in tonnes per day at the mill as a result of incremental improvements achieved now that the plant is operating at a stable state. Couple that with their lowest total medical aid frequency in the first half, and it's made for a very, very strong first half for the site.

Detour的選礦廠日處理量也創下紀錄，這得益於在工廠運轉趨於穩定後所達成的漸進式改善。再加上上半年總醫療救助頻率降至最低，使得該場址上半年表現非常、非常強勁。

And also at Detour, we continue to advance initiatives to improve our overall mine to mill performance. We have the newly created integrating operating center, the IOC at Detour aimed at improving the decision-making process by connecting the mine operations, the mill operations, the planning, and the maintenance.

此外，在Detour，我們持續推進各項措施，以改善整體「礦山到選廠」的績效。我們在Detour新成立了整合營運中心（IOC），旨在透過連結礦山作業、選廠作業、規劃與維修，來改善決策流程。

And basically, the IOC is just an operational hub. The initiative here is to break down silos, to integrate people, to integrate processes, and technology to enhance our safety, to enable quicker, better decisions, and to help optimize performance from the mine to the mill.

基本上，IOC就是一個營運樞紐。此項倡議的目的在於打破部門藩籬，整合人員、流程與技術，以提升安全性、促成更快且更佳的決策，並協助從礦山到選廠的績效最佳化。

Over at Macassa, the mill delivered another quarter of record throughput, which was expected as the team continues to work on optimization efforts as we ramp up towards 2,000 tonnes per day by the end of the year.

在Macassa方面，選礦廠本季再度創下處理量紀錄，這符合預期，因為團隊持續推動最佳化工作，並朝年底前提升至每日2,000噸的目標爬坡。

Fosterville also performed well. The commissioning of the primary fans underground in the first -- in the quarter and significant step changes in development in the first half of this year marked important milestones for the operation.

Fosterville的表現也很出色。本季地下主要風機的試運轉，以及今年上半年開發作業的顯著階段性提升，都是該營運的重要里程碑。

So far, this year, we've seen a 14% increase in development rates year over year. This improvement, it reflects a number of productivity initiatives that started last year. It includes improving the ventilation system, training, retraining our operators, and enabling independent blasts when we can.

截至目前，今年我們看到開發速率年增14%。這項改善反映了多項去年啟動的生產力措施。包括改善通風系統、訓練與再訓練操作人員，以及在可行時實施獨立爆破。

Together, these initiatives are increasing the development productivity, but it's also increasing our operational flexibility by opening up more mining areas and positioning Fosterville to sustain the higher throughput rate in the mill in the coming years. And these are just a few examples of our ongoing focus on productivity and operational improvement.

綜合而言，這些措施不僅提升開發生產力，也透過開放更多採礦區域提高營運彈性，並使Fosterville在未來幾年能維持選礦廠較高的處理量。而這些只是我們持續聚焦生產力與營運改善的幾個例子。

What's particularly encouraging is that many of our initiatives that I talked about today are still in their early stages. And we see additional opportunity to further optimize and improve our overall mine and mill performance in the periods ahead.

特別令人鼓舞的是，我今天提到的許多措施仍處於早期階段。我們也看到在未來期間，仍有進一步最佳化並提升整體礦山與選廠績效的額外機會。

Now, moving to the next slide. I'll give you a quick update on the projects in Ontario and Mexico. And I'll start with Detour and despite progress towards becoming a 1 million-ounce producer annually. And of course, the Detour Underground project plays a big part in this plan.

接著，來到下一張投影片。我將快速更新安大略與墨西哥的專案進展。我先從Detour開始，該礦正朝每年成為100萬盎司產量的生產者邁進，並已取得進展。當然，Detour地下礦專案在此計畫中扮演重要角色。

So we're still in the early days of the project, but we're making good progress, and we're advancing on schedule. We continue to advance the exploration ramp and have achieved just over 1,000 meters of development reaching a depth of 180 meters.

我們仍處於專案初期，但進展良好，並按計畫推進。我們持續推進勘探斜坡道，目前已完成略超過1,000公尺的開發，達到180公尺深度。

We also continue to excavate the overburden for the conveyor portal near the mill and also progress on the camp expansion. As well to complement the bulk sample that's planned, we continue to progress with the high-intensity drill program in an area we're also considering to mine early in as early as 2028 and Guy will speak to this program shortly.

我們也持續在選礦廠附近為輸送帶入口開挖覆土層，並推進營地擴建工程。此外，為配合規劃中的大宗樣品（bulk sample），我們持續推進高強度鑽探計畫，該區域也在我們考量於2028年起提前開採的範圍內，Guy稍後將進一步說明此計畫。

Over at Upper Beaver, progress on both the exploration ramp and shaft continued this quarter, the ramp development, coupled with the lateral development, has advanced over 600 meters in the quarter, reaching a depth of 165 meters. Shaft thinking, which commenced in the fourth quarter of last year. It reached a depth of 470 meters.

在 Upper Beaver， 本季探索斜坡道（exploration ramp）與豎井（shaft）的進展皆持續推進；斜坡道開發結合水平巷道開發，本季合計推進超過 600 公尺，已達 165 公尺深度。豎井掘進於去年第四季開始。目前已達 470 公尺深度。

And the high-intensity drill program that focused in Upper Beaver between the 500 and 600-meter depth, that was also completed during the quarter, ahead of schedule, and we now have an improved understanding of the mineralized zones in this area. So following these results, we're now evaluating the potential for an expanded exploration program by extending the shaft to support infill drilling and possible mineral resource expansion at depth.

此外，聚焦於 Upper Beaver 500 至 600 公尺深度區間的高強度鑽探計畫，也已於本季提前完成；我們對該區域的礦化帶有了更深入的理解。因此，根據這些結果，我們正在評估擴大探索計畫的可能性，透過延伸豎井以支援加密鑽探，並在深部推動潛在的礦產資源量擴增。

And finally, over to San Nicolas, we are very happy to share that we reached an important milestone. The joint venture received the approvals for both the change of land used and the environmental impact assessment permit. And now this allows the joint venture to advance on supplementary permits needed before construction can commence. And as part of that, the JV, of course, will take into account the terms within the MEA approval.

最後談到 San Nicolas，我們很高興分享已達成一項重要里程碑。合資企業已取得土地使用變更與環境影響評估許可的核准。這使合資企業得以推進在開工建設前所需的補充許可。同時，合資企業當然也會納入 MEA 核准中的相關條款。

And in parallel, the JV will also continue to advance detailed engineering and work on critical infrastructure to reduce the execution risk and better refine our capital cost estimates. The team will also work to accelerate construction and operational readiness activities to position the project for a potential sanction decision. Overall, we continue to make really good progress across our projects this quarter, and we remain really excited about the significant exploration upside emerging across our portfolio.

同時，合資企業也將持續推進細部工程設計，並就關鍵基礎設施展開工作，以降低執行風險並更精準地完善資本成本估算。團隊也將加速施工與營運就緒相關工作，使專案具備潛在核准決策（sanction decision）的條件。整體而言，本季我們在各項專案上持續取得非常良好的進展，並對我們投資組合中逐步浮現的重大勘探上行空間感到非常振奮。

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

接下來我把電話會議交給 Guy。

Thank you, Natasha, and good morning, everyone. We had another very strong quarter in terms of exploration drilling, safely completing almost 400 kilometers of diamond drilling for a year-to-date total of 760,000 meters, having 126 drill rig and operational on mine sites and our key value driver project, well on our way to achieve our ambitious budget of 1.4 million meters for the year, aiming to replace and grow our global mineral reserve and resources per share at the end of the year, as we have been doing for the last several years in a row.

謝謝你，Natasha，各位早安。就勘探鑽探而言，我們又迎來一個非常強勁的季度；在安全前提下完成了近 400 公里金剛石鑽探，使年初至今總量達到 760,000 公尺；共有 126 台鑽機在礦區與我們的關鍵價值驅動專案上運作。我們正穩步朝著全年 140 萬公尺的雄心勃勃預算目標前進，並以在年底替代並提升我們全球每股礦產儲量與資源量為目標——這也是我們連續多年持續在做的事情。

Diving now into some specific project on slide 11. In Malartic, 21 rigs are in operation, completing almost 61 kilometers of drilling in the second quarter and close to 140-kilometer year-to-date from underground drill platform as well as surface drilling into the extension of the East Gouldie deposit, some regional targets around Canadian Malartic, and the adjacent Marban project.

現在進入投影片 11 的幾個具體專案。在 Malartic，有 21 台鑽機運作，第二季完成近 61 公里鑽探，年初至今接近 140 公里；鑽探來自地下鑽探平台以及地表鑽探，目標包括 East Gouldie 礦床的延伸、Canadian Malartic 周邊的一些區域性目標，以及相鄰的 Marban 專案。

We continue to get strong exploration results in the East Gouldie both at depth with 3.8 grams over 19.2-meter in [Hold354] at 1,950 meters below surface in the lower portion of the deposit. And the upper eastern portion of the East Gouldie as well in, [draw hole 62] with 5.1 gram over 14.3 meter at 915-meter depth from Level 75.

我們在 East Gouldie 持續取得強勁的勘探成果：在礦床深部，[Hold354] 於地表下 1,950 公尺、礦床下部位置見到 3.8 克/噸、厚度 19.2 公尺。在 East Gouldie 上部東側亦有成果，例如 [draw hole 62] 於第 75 水平（Level 75）鑽探、深度 915 公尺處見到 5.1 克/噸、厚度 14.3 公尺。

To the north, -- in the Odyssey North zone, we continue to get very exciting results in a structure known as the Artemis zone in Hole 13 drove from underground at level 57 with multiple interest reported with the most significant returning 13.7 grams over 14.6 meter core land at around 1,000 meters below surface, supporting our view of additional exploration upside from the internal zone at Odyssey close to the mine infrastructure as we continue to add drilling from underground.

往北——在 Odyssey North 區，我們在一個稱為 Artemis 區的構造中持續取得令人振奮的結果；第 57 水平自地下鑽進的第 13 號孔回報多段具興趣的礦段，其中最顯著者在地表下約 1,000 公尺處回收 13.7 克/噸、厚度 14.6 公尺的岩心段，支持我們的看法：Odyssey 內部區域、靠近礦山基礎設施仍具額外勘探上行空間，且我們將持續增加地下鑽探。

On the adjacent project at Marban, [four drill rig rig] completed 100 drill hole year-to-date, continuing condemnation and some exploration drilling to confirm the potential location of the surface and structure related to the project.

在相鄰的 Marban 專案，[four drill rig rig] 年初至今已完成 100 個鑽孔，持續進行排除性鑽探（condemnation）及部分勘探鑽探，以確認該專案相關地表設施與構造的潛在位置。

Now on slide 12, at Detour Lake drill, rigs completed close to 53 kilometers of drilling in the second quarter for a year-to-date total of 92 kilometers of drilling. Drilling was dedicated to advancing the high-intensity drilling program in Domain 54. And to close to the exploration ramp and continuing the recess expansion towards the west at depth.

接著看投影片 12，在 Detour Lake，鑽機第二季完成接近 53 公里鑽探，年初至今合計 92 公里。鑽探主要用於推進 Domain 54 的高強度鑽探計畫。並在靠近探索斜坡道處，持續於深部向西推進凹陷（recess）擴展。

And Domain 54 close to the exploration ramp, west of the open pit giant and city drilling is aiming to confirm the Georgia resources model by reducing the drill spacing to 20-meter -- some strong results were reported such as 2.5 gram over 62 meters, including 15.2% over 5.9% in drill hole 11.34 at 275-meter depth. While in the exploration in the western extension of the deposit towards the current extreme west of the ore body, [Drill hole 1290] returned 20.8 grams over 4.8 meters at around 840-meter debt with a deposit that remains open towards the west and at depth.

在靠近探索斜坡道、露天礦坑以西的 Domain 54，鑽探目標是透過將孔距縮小至 20 公尺來驗證 Georgia 資源模型——回報了一些強勁結果，例如 2.5 克/噸、厚度 62 公尺，其中包含在 11.34 號鑽孔、深度 275 公尺處的 15.2% over 5.9%。而在礦床向西延伸、朝向目前礦體最西端的勘探中，[Drill hole 1290] 於約 840 公尺深度回報 20.8 克/噸、厚度 4.8 公尺；該礦床向西及向深部仍保持開放。

And finally, at Hope Bay on slide 13, we've drilled close to 37 kilometers of core in the second quarter with six drill rig for year-to-date total of close to 70-kilometer ahead of our budget and well on our way to complete and exceed our 110 kilometers of drilling budgeted at Hope Bay for 2026.

最後，在投影片 13 的 Hope Bay，我們第二季以 6 台鑽機鑽探接近 37 公里岩心，年初至今合計接近 70 公里，進度超前預算，並正穩步完成且有望超越我們為 2026 年 Hope Bay 編列的 110 公里鑽探預算。

We were on site earlier this week, as mentioned Ammar and Dominic with the Board, and it was exciting to see some passionate people and the large number of exploration targets that are being developed on the entire belt, supporting our view of major long-term potential for this belt.

如先前所提，本週稍早我們到現場視察，Ammar 與 Dominic 也與董事會一同前往；看到一群充滿熱情的人，以及整條礦帶上正在開發的大量勘探目標，令人振奮，這也支持我們對該礦帶具備重大長期潛力的看法。

Resources to reserve conversion in field and exploration drilling in the patch seven area continue to be the priority with again some very exciting results, such as in drill hole 478 that -- those of you that were on site around the project announcement in May got to see on the table at the [core Shack] we got the result, and we got 28.8 grams over 21-meter core land in that drill hole.

在 patch seven 區域，資源轉儲量（resources to reserve conversion）的現場工作與勘探鑽探仍是優先事項，且再次取得一些非常令人振奮的成果；例如 478 號鑽孔——今年 5 月專案公告時到現場的各位，應該在 [core Shack] 的桌上看過該岩心——該孔回報 28.8 克/噸、厚度 21 公尺的岩心段。

When considering capping and estimated through it, it's about 15.2 grams over 5.6 meters, but it shows how spectacular locally, the grade could be. And so it's quite significant to see those multiple double-digit grade and double-digit meter width in that patch even area.

若考量封頂（capping）並據此估算，約為 15.2 克/噸、厚度 5.6 公尺，但這顯示在局部區域品位可能有多麼驚人。因此，在該 patch even 區域看到多段「雙位數品位」且「雙位數厚度」的礦段，是相當重要的。

I'm also pleased to report that we have remobilized to drill rig at the Boston deposit and have reopened the camp with the aim to complete 7,000 meters this year. All of the drill hill we had seen visually report strong visual mineralization, with as is expected to be available in the third quarter news release in October. So stay tuned for some more good news coming out of the exploration at [Hope rig].

我也很高興報告，我們已重新調度兩台鑽機至 Boston 礦床，並重新開啟營地，目標是今年完成 7,000 公尺鑽探。我們看到的所有鑽孔在目視上都呈現強烈的礦化現象；化驗結果預期將於第三季、10 月的新聞稿中公布。因此請持續關注，後續還會有更多來自[Hope rig] 勘探的好消息。

And before passing it back to Ammar, I would like to comment as well on the Finland consolidation. I shared Dyane's excitement and the team enthusiasm around the acquisition. We're starting to ramp up activity with some condemnation drilling already underway and expected to have up to five drill rig by the end of the year to CAD investigation of the extension of the known ore body as well as the numerous exploration target on the large end position.

在交回給 Ammar 之前，我也想就芬蘭整併（Finland consolidation）補充說明。我同樣感受到 Dyane 的興奮，以及團隊對這項收購的熱情。我們正開始提升活動量，目前已展開部分排除性鑽探（condemnation drilling），並預期在年底前將鑽機數提升至最多 5 台，以進行已知礦體延伸的 CAD 調查，以及在大面積礦權範圍內的眾多勘探目標。

And I will also like to take the opportunity to welcome our new colleague from Rupert and Aurion Resources, who have joined the Agnico Eagle team. and our request to test the full potential of this under-explored cal belt that we consider to be the most prospective belt in Northern Europe. And on that, I will return the microphone to Ammar.

我也想藉此機會歡迎來自 Rupert 與 Aurion Resources 的新同事加入 Agnico Eagle 團隊。我們也期待測試這條勘探程度仍不足的 cal belt 的全部潛力；我們認為它是北歐最具前景的礦帶。接下來我把麥克風交回給 Ammar。

Thank you, Guy. Very, very exciting stuff, as always, well done, and thank you to the rest of the team and to all of our people for delivering another strong quarter. As you can see, we continue to work hard for all of our stakeholders, and we'll continue to build off the same foundational pillars that have defined our strategy and have served us well for almost 70 years.

謝謝你，Guy。一如既往非常、非常令人振奮，做得很好，也感謝團隊其他成員以及我們所有同仁，交出又一個強勁的季度表現。如各位所見，我們持續為所有利害關係人努力，我們也將持續以同樣的基礎支柱為依循，這些支柱界定了我們的策略，並在將近70年來一直讓我們受益良多。

We'll focus on the best mining jurisdictions based on geologic potential and political stability. We'll 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.

我們將聚焦於最佳的採礦司法管轄區，依據地質潛力與政治穩定性來選擇。我們會以股東的資金保持紀律，基於技術與區域知識做出投資決策，透過鑽探創造價值，並在合適的時間與地點進行明智的併購。

We are uniquely well positioned with a high-quality project pipeline, leveraging existing assets in the best regions in the world where we believe we have a competitive advantage. And importantly, we will continue to be focused on creating value on a per share basis and on being leaders in our industry and returning capital to shareholders as evidenced by over 43 years of consecutive dividend payments and increasing share buybacks.

憑藉高品質的專案管線，我們具備獨特且良好的定位，並在我們認為具有競爭優勢的全球最佳區域中，善用既有資產。更重要的是，我們將持續專注於以每股為基礎創造價值、成為產業領導者並回饋股東資本；這從我們連續超過43年發放股利，以及持續增加庫藏股回購即可見一斑。

We have a clear and executable strategy to create additional value per share for our owners well into the foreseeable future with manageable risk leveraging off existing infrastructure and regional competitive advantages. We have the assets, we have the projects, we have the resources, and we have the people. We are making it happen right now. We will stay focused, and we will not be distracted.

我們有清晰且可執行的策略，在可控風險下，善用既有基礎設施與區域競爭優勢，於可預見的未來持續為股東創造額外的每股價值。我們有資產、有專案、有資源，也有人才。我們正在此刻把它落實。我們將保持專注，不會分心。

Thank you again for joining us on this call and for many of you, thank you for decades of trust and support. We'll always work hard to maintain that trust, and we will never take it for granted. Operator, may I now ask that we open up the call for questions.

再次感謝各位參與本次電話會議；對許多朋友而言，也感謝各位數十年來的信任與支持。我們將一如既往努力維護這份信任，絕不視為理所當然。接線員，現在我想請您開放提問。

Thank you. Ladies and gentlemen, we will now begin the question-and-answer session. (Operator Instructions)

謝謝。各位女士、先生，我們現在開始問答環節。(接線員指示)

Josh Wolfson, RBC Capital Markets.

Josh Wolfson，RBC資本市場。

Yes. Thank you very much, operator. Just going back to Barnett for a moment. You talked about the 1 million tons of material that slid. Is there any way the company can quantify the volume and grade of material that would be inaccessible as a result of that flip?

是的。非常感謝，接線員。我想先回到Barnett談一下。你提到有100萬噸物料發生滑移。公司是否能量化因那次滑移而變得無法開採的物料體積與品位？

Well, we disclosed that there's 370,000 ounces that will not be accessible anymore, which is 60, 80 in '26, 150 in '27, '28. Let's say, the remaining ounces in Barnat is approximately 300,000 ounces that we're going to mine. I don't know the tonnage and the grade, but I don't know, grade average grade in Barnett around 1, 1.1.

我們已揭露有37萬盎司將不再可開採，其中在2026年是6萬到8萬盎司，2027年與2028年合計15萬盎司。我想，Barnett剩餘可採的盎司數大約是30萬盎司，我們會把它採出來。我不知道噸數與品位，但我不確定，Barnett的平均品位大約在1到1.1左右。

Okay. And then when you think about maybe beyond remediation, but any potential offsets -- is there any way to incorporate more low-grade material in the mine plan to offset some of the impact over the course of the next three years. And even maybe beyond that, are there other assets in the portfolio that are being maybe rethink in some way to look at offsets?

了解。那麼當你們思考可能超出修復之外的任何潛在抵銷措施——是否有方法在未來三年的採礦計畫中納入更多低品位物料，以抵銷部分影響？甚至再往後看，投資組合中是否有其他資產正在以某種方式重新思考，以尋找抵銷來源？

Maybe I'll jump in there, Josh, and thank you for the question. So clearly, we are going to be milling the low-grade stockpile. So the mill is going to be busy. We're going to be able to get back into parts of that pit. But I think it's worth to your point of offsetting, that pit has already produced a lot more gold than the original plan had -- the team has done a really good job of looking at opportunities.

Josh，我來補充一下，謝謝你的問題。很明顯，我們會處理（磨礦）低品位堆存礦。所以磨礦廠會保持忙碌。我們也將能夠回到該露天礦坑的部分區域。但就你提到的抵銷而言，我認為值得一提的是，該礦坑實際產金量已遠高於原始計畫——團隊在尋找機會方面做得非常好。

And based on everything you've heard, we are not only finding a lot more gold throughout the company. We're also improving our operations on a continuous basis. So it is disappointing. We are at the very end of the mine life for that pit. The team did everything right. And as I tried to say on the call, we do have a long track record of recovering from these operational issues when they happen.

而且根據各位所聽到的一切，我們不僅在公司各處找到更多黃金。我們也在持續改善營運。所以這確實令人失望。我們已接近該礦坑礦山壽命的尾聲。團隊把該做的都做對了。正如我在電話會議上試著說明的，我們在發生這類營運問題時，有長期且良好的復原紀錄。

Bennett Moore, JPMorgan.

Bennett Moore，摩根大通。

Team congrats on another strong quarter. Maybe a question for Guy, but I was wondering if you could unpack the Odyssey drop results a bit further. They look quite positive upper eastern extension and Artemis zone. I believe this is near existing underground interest. So I'm wondering if there's a potential opportunity with more drilling to bring forward some of these higher-grade zones in the production profile.

團隊恭喜再交出一個強勁季度。也許是問Guy的問題：我想請你更進一步說明Odyssey下盤（drop）鑽探結果。上部東向延伸與Artemis帶看起來相當正面。我相信這靠近既有的地下開發區。因此我想了解，是否有機會透過更多鑽探，把這些較高品位區帶在產量曲線中提前？

Yes. Thanks for the question. So to start with in the upper eastern portion of East Gouldie, that's an area that we had identify earlier as a higher grade inferred that we're kind of focusing to convert. And that area to the east, as we've discussed a few times, could offer, let's say, maybe another mining area in the upper part of the mine.

是的。謝謝你的問題。先從East Gouldie的上部東側區域說起，那是我們先前辨識為較高品位推定資源的區域，我們正聚焦於把它轉換（提升分類）。而東側那個區域，如同我們之前多次討論的，可能提供——比方說——在礦山上部新增另一個採礦區。

So that's currently why we are kind of focusing on this specific area being closer, shallower into the ore body, closer close from the current infrastructure we're having. So this is why we're making a big push to bring it to reserve progressively, and we're going to see some addition as well at year-end in this area.

因此這也是為什麼我們目前聚焦在這個特定區域：它更靠近、埋深更淺，位於礦體較上部，且距離我們現有基礎設施更近。所以我們正大力推進，逐步把它納入儲量，並且在年底時會看到該區域也會有一些新增。

As well as into the internal zone. The internal zone are a bit more subtle. We know that there was some potential in between the Odyssey North, Odyssey South. It's just that now that we're underground with all of the access and we can conduct more drilling and fill drilling, we're starting to better understand the geometry of this zone in order to start to put additional thinking on how to approach them and mine them. But as you described, they are also fairly close to the north of the shaft. So they will provide optionality and other mining -- potential mining area in the near future.

以及內部帶（internal zone）。內部帶的特徵比較細微。我們知道在Odyssey North與Odyssey South之間存在一些潛力。只是現在我們已進入地下，有了所有通道，也能進行更多鑽探與補孔鑽探，我們開始更了解該帶的幾何形態，以便進一步思考如何接近並開採它們。但如你所說，它們也相當靠近豎井北側。因此它們將提供選擇性，以及在不久的將來其他採礦——潛在採礦區的可能。

And this gets exactly to the question about how do you replace things? I mean if Malartic is sort of unique in that there's a lot of gold and as we expand the underground. So -- and this is early, and this is just us talking, so I don't put it into your models yet. But -- to the extent you have high-grade underground ore close to surface that's accessible in shallow areas of the operation, you can move more of that high-grade tons into a mill and very -- if you're bringing in stuff at 5 grams and you're displacing the stockpile stuff at 0.5 grams, it does give you an awful lot of flexibility.

而這正好回到「你如何替代（缺口）」的問題。我的意思是，Malartic某種程度上很獨特，因為那裡有很多黃金，而且我們正在擴大地下開採。所以——這還很早期，這只是我們在討論，因此先不要放進你們的模型。但是——在你有靠近地表、可在作業較淺部位取得的高品位地下礦石時，你可以把更多高品位噸數送進磨礦廠；而且如果你引入的是每噸5克的物料，取代堆存礦每噸0.5克的物料，確實能帶來非常大的彈性。

Again, it's very early but it does show you the quality of the asset and the quality of the thinking on the team's part

再次強調，這還非常早期，但它確實展現了資產的品質，以及團隊在思考上的品質。

And then real quick on San Nicolas. It's nice to see the MEA and then use permits come in. So wondering if you could walk us through where detailed engineering stands, if there were any contingencies tied to the approval and how we should think about next steps in terms of permits and studies?

最後很快問一下San Nicolas。很高興看到MEA以及用地許可已取得。想請你帶我們了解一下詳細工程目前進度如何、是否有任何與核准相關的或有事項，以及我們應如何看待接下來在許可與研究方面的下一步？

Thanks for the question, Bennett. So yes, really, the joint venture is very much appreciative of working with the Mexican authorities as they conducted a very thorough assessment of the process and ensuring that our partnership is -- will be committed to the responsible development, the construction of San Nicolas.

謝謝你的提問，Bennett。所以是的，確實，合資企業非常感謝能與墨西哥主管機關合作；他們對流程進行了非常徹底的審查，並確保我們的合作關係——將會致力於負責任的開發，也就是聖尼古拉斯（San Nicolas）的建設。

That being said, it is a fairly large document, the approval process, the approval. So we are looking at understanding the terms of the approval. So that's going to take sometime before we apply for the supplementary permits.

話雖如此，核准文件相當龐大，核准流程、核准本身也是如此。因此我們正在了解核准條款。所以在我們申請補充許可之前，還需要一些時間。

In the meantime, though, we're continuing to advance the engineering to derisk the project. It's currently at 45% engineering. And at the same time, we're continuing to accelerate the construction readiness plan, the activities associated with that, the operational readiness plan for the fourth project to ensure that we have the -- all the processes in place, ensuring that we have the resources in place before we make that decision to sanction.

不過同時，我們仍在持續推進工程工作，以降低專案風險。目前工程進度約為45%。同時，我們也持續加速施工就緒計畫及其相關活動，以及第四個專案的營運就緒計畫，以確保在我們做出核准投資（sanction）的決策之前——所有流程到位、資源到位。

Fahad Tariq, Jefferies.

Fahad Tariq，Jefferies。

One of your peers talked about increased labor costs and contractor costs in Northern Ontario. And I saw in your release, there was a mention of just higher labor costs, but that's more year over year. Can you just touch on what the labor dynamics are looking like in Ontario, specifically? And if you have the latest numbers on retention rates, attrition, et cetera, that would be super helpful.

你們的一位同業談到北安大略省的勞動成本與承包商成本上升。我也在你們的新聞稿中看到提到勞動成本較高，但那比較像是年對年。你能否具體談談安大略省的勞動力動態目前看起來如何？如果你有最新的留任率、離職率等數據，會非常有幫助。

Yes. Sure, I can start. So with Ontario, so we -- in terms of our internal labor, we're running around 4% year-over-year increase. In terms of our contractors, just in general, workforce is a challenge across our operations. And so we have a focus on retention, on recruiting, and we have a recruitment hub, a centralized recruitment hub to ensure that we have provided the team with a detailed plan and we -- on our detailed growth plan on specific personnel that we're looking for, and we're working actively to hire them internally.

是的。當然，我可以先說。就安大略省而言——以我們內部員工來看，年對年增幅大約在4%左右。至於承包商方面，整體而言，我們各項營運的勞動力供給都是一項挑戰。因此我們聚焦在留任與招募；我們設有招募中心，也就是集中式招募樞紐，以確保我們已向團隊提供一份詳細計畫——包含我們的詳細成長計畫、我們正在尋找的特定人員，並且我們正積極在內部進行招募。

Of course, that being said, we do have focused in on bringing in contractors wherever needed. In terms of our contractors, nothing major in terms of increased to our labor cost on that end, not that I see.

當然，話雖如此，我們也會在需要的地方引進承包商。就承包商而言，我目前沒有看到勞動成本在那一端有任何重大的上升。

And I would add, and Fahad, that's a very important question. We've identified here at Agnico, and we've been in these places for decades. Labor is going to be a challenge over the next 10 or 15 years, and we put a lot of effort into it. As you know, we have the lowest turnover of any of our peers. We probably have half the turnover of our peers. And actually, the turnover over the last year, we've reduced it. But -- we're going beyond that.

我再補充一下，Fahad，這是個非常重要的問題。我們在Agnico已經辨識到——而且我們在這些地區經營了數十年——未來10到15年，勞動力將會是一項挑戰，我們也投入了大量心力。如你所知，我們的員工流動率是同業中最低的。我們的流動率大概只有同業的一半。而且其實在過去一年，我們還進一步降低了流動率。但——我們做得不只如此。

I'll give you some examples. With regards to getting people up there, sometimes there's no housing. So we are working on projects where we are actually building permanent homes in communities, not just camps where people come and go after tubes, but permanent homes in communities. That will help attract people.

我舉幾個例子。在把人帶到那邊這件事上，有時候是沒有住房。所以我們正在推動一些專案，實際上是在社區內興建永久住宅，不只是那種人員輪替進出、住一段時間的營地，而是在社區裡的永久住宅。這將有助於吸引人才。

We have mentioned that in places like Hope Bay, the team has done a great job accessing not just the usual pools of people we get, but we've really put a big, big push to recruit from Western Canada, and we've had excellent results.

我們也提過，在像Hope Bay這樣的地方，團隊做得非常好；他們不只從我們以往慣常的人才來源招募，而是大幅加大力道從加拿大西部招募，且成效非常好。

So it's a good question. It is going to be a challenge for everyone. But I think Agnico is doing a really, really good job of getting ahead of that.

所以這是個好問題。這對每個人來說都會是一項挑戰。但我認為Agnico在提前因應這件事上做得非常、非常好。

Richard Garchitorena, Barclays.

Richard Garchitorena，Barclays。

If I could just circle back to [Canadian Malartic]. You took the cash cost guidance for the rest of this year for the second half. Just wondering how we should think about cash costs across the portfolio to mitigate that? And then also just going forward to '27 and '28, is the higher cost in the second half of this year have any impact going forward?

如果我可以再回到[Canadian Malartic]。你們把今年剩餘期間、也就是下半年的現金成本指引上調了。想請教我們應該如何看待整體資產組合的現金成本，以緩解這個影響？另外，展望到2027年與2028年，今年下半年較高的成本是否會對未來造成任何影響？

Yes. Thanks, Richard. It's Jamie here. I'll address that question. So yes, very strong cost performance in the second quarter. We did take the cost guidance at Malartic up for the second half of the year. But we are seeing a much stronger US dollar than what we budgeted and guided at the start of the year. So we're getting the benefit from that.

是的。謝謝你，Richard。我是Jamie。我來回答這個問題。所以是的，第二季的成本表現非常強勁。我們確實把Malartic下半年的成本指引上調了。但我們看到美元比我們年初編列預算與提出指引時預期的要強得多。因此我們正從中受益。

You'll recall that we also guided at a $4,500 gold price. So we're seeing a bit of a benefit on cash costs with respect to royalties. And thirdly, with respect to byproduct credits, we have more conservative assumptions on our copper and silver pricing.

你會記得，我們當時也以每盎司4,500美元的金價作為指引基礎。因此在現金成本方面，與權利金相關的部分我們也看到一些好處。第三，關於副產品抵減（byproduct credits），我們對銅與白銀價格採用較保守的假設。

So those are all helping. We're starting -- we're actually in the process of our multiyear budgeting and planning process now. So it's premature to be commenting on future year costs. But we obviously will see slightly higher costs at Canadian Malartic, given less production through '27 and '28. But on an overall basis, again, we'll do what we can to offset inflation through continuous improvement and other efficiency initiatives.

所以這些因素都在提供幫助。我們現在正開始——其實正在進行我們的多年期預算與規劃流程。因此現在評論未來年度成本還言之過早。但很明顯地，由於2027年與2028年的產量較少，加拿大Malartic的成本會略高一些。不過就整體而言，我們會盡可能透過持續改善與其他效率提升措施來抵銷通膨。

Great. And then as a follow-up, you maintained the target of 1 million ounces from Malartic the Barnat incident, like does it impact the cadence in terms of how you get there? Are you looking at some changes to the sequencing of anything at the other bits? How are you thinking about that bigger picture?

了解。那再追問一下，你們在Barnat事件之後仍維持Malartic達到100萬盎司的目標；這是否會影響達成節奏（cadence），也就是你們如何達到該目標的進度安排？你們是否在考慮調整其他部分的開採排序（sequencing）？你們如何看待這個更大的全局？

Dominique speaking. No, it is completely different deposits. There's no impact from the wall of Barnat to the future, let's say, OTC undergoing Barnat for Ammar.

我是Dominique。不，這是完全不同的礦床。Barnat邊坡（wall）的情況不會對未來造成影響——例如，OTC在Barnat下方、針對Ammar的開採。

And that pit was running out, as everybody knows. It would have run out in advance of the 1 million ounces that will be in the early '30s.

而且那個露天礦坑本來就接近枯竭了，大家都知道。它會在達到100萬盎司之前就先枯竭；100萬盎司大約會在2030年代初期達成。

Lawson Winder, Bank of America.

Lawson Winder，美國銀行（Bank of America）。

Thank you, operator, and good morning, and team. It's nice to hear from you all and thanks for today's update. I guess probably where I would start would be on Detour. So in these results, you again mentioned the potential to deliver some underground production in 2028 instead of the 2030 date in the last technical report. I guess it would be helpful to get an idea of how material that could come or could ultimately become, but then you also mentioned an updated volume plan for 2027. What quarter in 2027, would you be anticipating putting that out?

謝謝接線員，大家早安，團隊各位早安。很高興聽到各位的分享，也謝謝今天的更新。我想我可能會先從Detour談起。在這次的結果中，你們再次提到，地下礦產量有可能在2028年就能貢獻，而不是上一份技術報告中的2030年。我想如果能了解那可能帶來的量體有多大、或最終可能變得多重要，會很有幫助；但你們也提到會在2027年更新處理量（volume）計畫。你們預期會在2027年的哪一季發布？

Lawson, in terms of -- the first question was on -- the answer is -- sorry, the answer -- yes. For Detour underground, we look at it, it was -- we're looking at maybe 20,000 to 30,000 ounces for 2028 and 2029 each year. And with respect to the update, we're expecting by some time in mid-2027, we'll give an update on Detour underground.

Lawson，就——第一個問題是關於——答案是——抱歉，答案——是的。關於 Detour 地下礦，我們的看法是——我們預計在 2028 年和 2029 年每年大約 20,000 到 30,000 盎司。至於更新，我們預期在 2027 年年中某個時間點會就 Detour 地下礦提供更新。

Okay. And Jamie, you mentioned in your remarks to Richard's question about the multiyear budgeting planning process unfolding at the current moment. Just curious if you could give us a look at what you're seeing as a reasonable inflation assumption going into 2027.

好的。Jamie，你在回應 Richard 的問題時提到，多年期預算規劃流程正在目前這個時間點展開。想請教你能否讓我們了解一下，你們在展望 2027 年時，認為合理的通膨假設會是什麼？

Yes. Thanks, Lawson, for the question. Again, it's pretty early. We're just starting to -- initially, we started the process, obviously, with our mine plans and then we work through the costing. We're seeing CPI in Canada that's obviously going to impact our labor and contractor costs, which is 40%, 50% of our overall cost structure.

是的。謝謝你，Lawson，提出這個問題。同樣地，現在還相當早。我們才剛開始——一開始我們當然是先從礦山計畫著手，接著再推進成本估算。我們看到加拿大的 CPI 顯然會影響我們的勞工與承包商成本，而這部分約占我們整體成本結構的 40%、50%。

So 3%, 4% of for labor is probably not unreasonable at this time, but we'll see as we get closer to the end of the year. Across the rest of our input costs, there's nothing -- I guess the one thing that really stands out is diesel. And we do have some of that exposure hedged for the back half of this year, but that's going to be, I'd say, the biggest kind of cost pressure in 2027 relative to 2026. And diesel, just as a reminder, represents about 7% of our overall costs.

所以目前來看，勞工成本假設 3%、4% 的增幅可能不算不合理，但我們會在接近年底時再觀察。至於其他投入成本，沒有什麼——我想真正特別突出的就是柴油。而我們對今年下半年的部分曝險已有做避險，但我會說，相較於 2026 年，柴油將會是 2027 年最大的成本壓力來源。提醒一下，柴油約占我們整體成本的 7%。

Yes. That's very helpful. And then -- could I ask on M&A? I mean, particularly given the pullback in valuations and a bit of a derating in the sector and on the back of the closing of the finish acquisition and considering I mean the dozens of current toll hold equity positions that you guys have. How is Agnico now viewing the potential for further acquisitions? And then how do you perceive the current opportunity set?

是的。這非常有幫助。接著——我可以問一下併購（M&A）嗎？我的意思是，特別是在估值回落、產業出現一些去評等之後，再加上完成了 Finish 這筆收購，而且考量到你們目前持有數十個「toehold」股權部位。Agnico 現在如何看待進一步收購的可能性？以及你們如何看待目前的機會集合？

Well, I'll take that, Lawson. Nice to hear from you. We're looking at it the way we always do, which is we have the best pipeline I think we've ever had. They're all going really well. We are going to be increasing production per share. The business is going strong.

Lawson，我來回答。很高興聽到你的聲音。我們的看法一如既往：我們擁有我認為是史上最好的專案管線。各項進展都非常順利。我們將提高每股產量。業務表現很強勁。

And I can tell you we're really focused on delivering the best we can for our owners, which means -- and you know as well as anyone, we focus on per share metrics. We have never had direction from the Board to get bigger just for the sake of getting bigger.

我可以告訴你，我們非常專注於為我們的所有人（owners）交出最好的成果，這意味著——而且你也很清楚，我們聚焦在每股指標。董事會從未指示我們為了變大而變大。

So it is our job. We get paid to look at opportunities to wisely invest our owners' money. That means in projects. That means we look at exploration. That means we do look at M&A opportunities all the time. And our toehold investments, I'll just say it again, it's not to have a portfolio of assets. It's really items that we might be interested in, so that we can learn more about them. And when we make decisions, we make them based off of knowledge.

所以這是我們的工作。我們領薪水就是要去看各種機會，明智地投資我們所有人的資金。這包括投資專案。這包括我們看勘探。這也包括我們一直都在看併購機會。至於我們的 toehold 投資，我再說一次，目的不是要擁有一個資產投資組合。它們其實是我們可能感興趣的標的，讓我們能更深入了解。而當我們做決策時，是基於知識來做決策。

So our strategy with regards to M&A is the same as it's always been, which is look for opportunities to create value for our owners, but it has to actually make money for our owners on a per share basis, and that's continuing how we look at it today.

因此，我們在併購方面的策略和一向相同：尋找能為我們所有人創造價值的機會，但它必須在每股基礎上確實能為我們所有人賺錢，而這也仍然是我們今天看待它的方式。

Daniel Major, UBS.

Daniel Major，瑞銀（UBS）。

Yes, a couple of questions. So just the first one on San Nicolas, and I know you answered it before, but I don't know whether I missed it or -- is -- can you give any sort of specific milestones around the final permitting?

是的，有幾個問題。第一個是關於 San Nicolas，我知道你之前回答過，但我不確定是我漏聽了還是——你能否就最終許可（final permitting）提供任何具體的里程碑？

And then the second part of the question, I mean, I think I've asked this before, but it feels a bit subscale, 50% of San Nicolas for both you and Anglo Tech. Is there any kind of discussions? And would you take the opportunity to fully consolidate if it came around?

第二部分，我想我以前也問過，但感覺規模有點偏小——你們和 Anglo Tech 各持有 San Nicolas 的 50%。是否有任何相關討論？如果有機會，你們會考慮把它完全併表（fully consolidate）嗎？

Daniel, I'll answer the first question in terms of San Nicolas. So we're still working through the understanding of like the terms in the EMEA. So we'll -- based on that, we'll have a better understanding of what additional permits we will need.

Daniel，我先回答 San Nicolas 的第一個問題。我們仍在釐清 EMEA 條款的理解。因此——基於這點，我們會更清楚還需要哪些額外許可。

In terms of the supplementary permits, the ones I can think off the top of my head is the construction permits, the explosives permit. Maybe we're looking at an alternative water solution or a power solution. So those are some of the things that we would consider. And based on that decision, we'll then have a time line, a better time line on those additional permits. Hopefully, that helps.

至於補充性許可，我現在想到的包括施工許可、爆炸物許可。也許我們會評估替代的供水方案或供電方案。這些都是我們會考量的事項。而在做出那些決定後，我們就能對這些額外許可的時程有更清楚、更好的時間表。希望這有幫助。

And Daniel, you're right. I mean you're right, for a company the size of Agnico, San Nicolas is a relatively smaller project, but it is a good project. It's got robust economics, it's in a part of Mexico, which is really the best part of Mexico to be mining. So strategically, it puts us in an area that we think has a lot of potential.

Daniel，你說得對。以 Agnico 這樣規模的公司來看，San Nicolas 相對是較小的專案，但它是一個好專案。它的經濟性很強健，而且位於墨西哥——可以說是最適合採礦的地區。因此在策略上，它讓我們進入一個我們認為具有很大潛力的區域。

With regards to would we or would we not buy it from tech that falls under the category of -- it depends on a whole bunch of factors. But repeating what I just said before, our job is to look for opportunities to make money for our shareholders and everything we look at, including that would be a function of -- doesn't make economic sense for our owners.

至於我們會不會向 Tech 買下它，這屬於——取決於很多因素的範疇。但重申我剛才說的，我們的工作是尋找能為股東賺錢的機會，而我們看的每一件事（包括這個）都會取決於——是否對我們所有人而言在經濟上合理。

And then second question, and apologies if I missed anything, I was a bit late joining the call, some flashing conference call this afternoon. On Finland, can you just give us a quick summary of the next catalysts we should be thinking about? And then what's your initial assessment after closing the deal on how you think the sort of scale or scope of the initial project will look relative to the Rupert feasibility study?

第二個問題，如果我漏掉了什麼先說聲抱歉，我加入電話會議有點晚，今天下午還有一場很緊湊的電話會議。關於芬蘭，你能否簡要總結一下接下來我們應該關注的催化劑（catalysts）有哪些？另外，在交易完成後，你對初始專案的規模或範疇，相較於 Rupert 可行性研究（feasibility study）的初步評估是什麼？

Daniel, Dominique speaking. The first step is to look to the study without boundaries. So where we're going to -- we should put the infrastructure with the known deposit that we have. And we're targeting end of 2027 to get you more information about that. That's the next, let's say, target.

Daniel，我是 Dominique。第一步是做一個不受邊界限制的研究。也就是我們要——針對我們已知的礦床，來決定基礎設施應該如何配置。我們的目標是在 2027 年底前向你們提供更多相關資訊。這是下一個——可以說是目標。

Okay. And then just maybe two quick operational questions, if it's thinking about offsetting some of the lost ounces from Canadian Malartic, two specific ones. Detour 7-plus million tonnes throughput. Is that sustainable through the second half? Or it seems to be trending pretty well relative to guidance?

好的。接著可能再兩個很快的營運問題，如果我們在思考如何彌補 Canadian Malartic 減少的一些盎司量，有兩個具體的點。Detour 每年 700 萬噸以上的處理量（throughput）。這在下半年是可持續的嗎？或者看起來相對於指引（guidance）表現趨勢相當不錯？

So with Detour in terms of the throughput, the mill throughput, we're still doing well. We still have a nice healthy stockpile. In terms of the grade, though, our profile, the first half of the year was scheduled to be higher, and it is higher.

因此，就 Detour 的處理量（磨礦處理量）而言，我們仍然表現良好。我們仍然有相當健康的礦石庫存。不過就品位而言，我們的品位曲線在上半年原本就排程較高，而實際上也確實較高。

Okay. So you think throughput stays well north of 7 million tonnes per quarter through the second half, but the grade comes off, okay?

好的。所以你認為下半年每季的處理量仍會明顯高於 700 萬噸，但品位會回落，對嗎？

Yes, we're still tracking to be within our guidance.

是的，我們仍在追蹤，預期會落在我們的指引範圍內。

Okay. And then a similar one on Fosterville again, the grades with good performance in the first half relative to the guidance. Is that still expected to come down? Or is there upside?

好的。那再問一個類似的問題，關於 Fosterville：上半年品位表現相對於指引很好。這仍預期會下滑嗎？還是有上行空間？

I guess we're getting more comfortable with the mining in [Robbinsville] and grains to be slightly better than expected. So it may result in something similar to Q2 moving forward, and we're going to be looking at how to capture that if it's a trend that keeps on being there to incorporate that in the future. So it may ended up with a slightly better grade than the original plan, but in line with what we're currently experiencing.

我想我們對於在 [Robbinsville] 的採礦越來越有把握，而品位可能會略優於預期。因此，往後可能會呈現與第二季類似的情況；如果這是一個持續存在的趨勢，我們會研究如何把握並在未來納入規劃。所以最終可能會比原先計畫略高一些，但會與我們目前所經歷的水準一致。

Tanya Jakusconek, Scotiabank.

Tanya Jakusconek，豐業銀行（Scotiabank）。

Great. The first one is for Dominique. Dominique, do you think that there's a potential to at Canadian Malartic to come back to about 370,000 ounces that we've left behind come back at it after -- at the end of the mine life of the open pit and access it from underground?

很好。第一個問題給 Dominique。Dominique，你認為 Canadian Malartic 是否有可能把我們留下的約 37 萬盎司，在露天礦礦山壽命結束之後——從地下再回去開採並取得？

Well, we are keeping understanding and designing the pit -- but Tanya, we'll not put that in the book anywhere now that we're going to recover them. We might see opportunity with time, the years to come. I guess next February might have a better view, but I don't expect for now to recover those ounces.

嗯，我們會持續理解並設計這個礦坑——但 Tanya，我們現在不會在任何正式報告中寫說我們將會回收那些盎司。未來幾年隨著時間推進，我們或許會看到機會。我想明年二月可能會有更清楚的看法，但目前我不預期會回收那些盎司。

Okay. And then maybe circling back on just the costing side. I know Jamie provided some insights into the inflation, labor inflation, and obviously, fuel, we have that. But we've talked a lot about this optimization and the productivity improvements that you're seeing both mill and equipment. All else being equal, do you think that we can offset inflation with all of these optimization? So for example, inflation is 4% overall, do you think all of this can offset that or partially, all else being equal?

好的。那再回到成本面。我知道 Jamie 提到了一些通膨的看法、勞動力通膨，當然還有燃料，我們也看到了。但我們也談了很多你們在優化以及生產力提升方面的成果，包括磨礦與設備。在其他條件不變下，你認為靠這些優化能抵消通膨嗎？例如整體通膨是 4%，你覺得這些措施能完全抵消，或只能部分抵消？在其他條件不變下。

Yes, Tanya, it's Jamie. I'd say -- I mean, we'd love to be able to offset all of it. That's -- our objective is to do as much as we can to offset inflation. If you look back over the last three years, though, I'd say on average, inflation has probably run around 7%. And if you back out royalties going up because of higher gold prices, I'd say, on average, our costs have been up 3% to 4%.

是的，Tanya，我是 Jamie。我會說——我的意思是，我們當然希望能全部抵消。這——我們的目標就是盡可能抵消通膨。不過如果回顧過去三年，我會說平均而言通膨大概在 7% 左右。如果把因金價較高而上升的權利金因素扣除，我會說平均而言，我們的成本上升約 3% 到 4%。

So over the last three years, we've offset almost half of the inflation through continuous improvement and productivity initiatives. So that obviously would be the target going forward.

所以在過去三年，我們透過持續改善與生產力計畫，抵消了將近一半的通膨。因此，這顯然會是未來的目標。

Okay. Providing at least a number for me. And then my final question is for Ammar and Carol, if Carol's around as well. Just wanted to circle back to safety and just wanted to understand kind of -- if you have any insights that you can share from these tragic events and any lessons learned that you've implemented within the Agnico operating system

好的。至少給了我一個數字。最後一個問題給 Ammar 和 Carol（如果 Carol 也在線）。我想再回到安全議題，想了解你們是否能分享一些從這些悲劇事件中得到的洞見，以及你們在 Agnico 營運系統內已落實的任何經驗教訓。

Yes. Tanya, it's Carol. -- certainly. So the -- as we talked about earlier in the quarter as well, these are three very different accidents that happened at three different sites in three completely different regions. So for the people that are maybe a little less familiar with them.

是的。Tanya，我是 Carol——當然可以。所以——如同我們在本季稍早也談到的，這是三起非常不同的事故，發生在三個不同的場址、三個完全不同的地區。因此，對於可能不太熟悉這些事件的人來說。

The first one happened in Fosterville back in December. This was underground with a cable bolter and in this particular situation, it was a risk that was unrecognized by ourselves and also unrecognized by the equipment manufacturer -- and unfortunately, [Alan] was in the wrong place at the wrong time, and he lost his life in a pinch point that had been unrecognized.

第一起發生在 Fosterville，時間是去年十二月。這是在地下作業，涉及一台纜索式錨桿機（cable bolter）；在這個特定情況下，這是一項我們未能辨識、設備製造商也未能辨識的風險——不幸的是，[Alan] 在錯誤的時間出現在錯誤的位置，因一個先前未被辨識的夾點而喪生。

Since that time, Sandvik is been working on modification to the equipment to eliminate that risk. They've got a prototype that will actually be being tested at site later this year. And if it works well, certainly Sandvik, we'll be offering it out to all of the different people that currently own those machines.

自那之後，Sandvik 一直在進行設備改造，以消除該風險。他們已經有一個原型機，預計今年稍晚會在現場進行測試。如果效果良好，Sandvik 當然會把它提供給目前擁有這些機器的所有不同客戶。

At Canadian Malartic, this was an accident that happened in the mill with a conveyor. And this was a risk that had been very well recognized right from the very beginning of the mine and actually engineering controls have been put in place to prevent anybody from coming in contact with that conveyor. But unfortunately, over the decade plus since those control has been put in place, there has been an erosion of the controls. They weren't working properly. And this ended up exposing the hazard and the employee was able to come in contact with the conveyor and Francis lost his life in April.

在 Canadian Malartic，這起事故發生在選礦廠的輸送帶上。這是一項從礦山一開始就已被充分辨識的風險，實際上也已設置工程控制措施，以防止任何人接觸該輸送帶。但不幸的是，在這些控制措施設置後的十多年裡，控制措施逐漸弱化。它們未能正常運作。結果導致危害暴露，員工得以接觸到輸送帶，Francis 於四月因此喪生。

Since that time, Canadian Malartic has made modifications in the mill to eliminate the need to do the cleaning task that, that operator, Francis, was doing at the time as well as putting those controls back in place and making sure they're in place at all the places they need to be.

自那之後，Canadian Malartic 已在選礦廠進行改造，以消除當時操作員 Francis 正在執行的清理作業之必要性，同時也把那些控制措施重新恢復到位，並確保在所有需要的地方都確實到位。

And then the third incident accident happened in Upper Beaver at the shaft at the beginning of May. And again, different situation. This situation where the experienced miners had perceived a risk. They had changed their work practices in order to mitigate the risk that they perceived but didn't communicate well enough that they were doing this change. So the change to the work practice has not been properly risk assessed. And there was an unintended consequence of exposing the employee to a different risk. And again, wrong time place, wrong time when that risk came up and Daniel lost his life.

第三起事故發生在 Upper Beaver 的豎井，時間在五月初。同樣是不同的情況。在這個情況下，經驗豐富的礦工察覺到一項風險。他們為了降低所察覺的風險而改變了作業方式，但沒有充分溝通他們正在進行這項變更。因此，這項作業方式的變更未經適當的風險評估。並產生了非預期的後果，使員工暴露於另一種風險之下。同樣地，在風險出現時，時間與位置不巧，Daniel 因此喪生。

So as Ammar said, any fatality is unacceptable and we're very committed to doing better. These losses have been profoundly affected our teams, not just here at head office, but also at the sites. And our teams are motivated and engaged to do better.

因此，如 Ammar 所說，任何死亡事故都是不可接受的，我們非常致力於做得更好。這些損失對我們的團隊造成了深遠影響，不僅是總部這裡，也包括各個場址。而我們的團隊也有動力並積極投入，要做得更好。

We are accelerating our work to identify and implement critical controls to mitigate major hazards at all of our sites. We're strengthening supervision across the company as well. And we're working to reinforce the organizational behaviors to promote base production. So all of this is a very strong action plan with a number of very detailed items that are being carried out across the company. And I think the important thing is that the teams are really engaged to make sure that we can eliminate fatalities and life-changing accidents that our site.

我們正在加速推動工作，以辨識並落實關鍵控制措施，來降低我們所有場址的重大危害。我們也在全公司範圍內強化監督管理。同時，我們也在努力強化組織行為，以促進基礎生產。因此，這是一個非常強而有力的行動計畫，包含多項非常細緻的事項，正在全公司推動執行。我認為重要的是，團隊確實高度投入，確保我們能消除死亡事故以及在我們場址發生的改變人生的重大事故。

And implementing all of this, Carol, is it like this can it be done quickly?

Carol，要落實所有這些措施，是不是可以很快完成？

So the critical controls, journey, we've had -- we've been working with one of the experts in the world, quite frankly, on that for over a year now. And their advice to us is not try to go too quickly. We can accelerate certain aspects of it. But doing the actual work to understand which of all of the controls we've got in place are actually the critical controls, which are the ones that we really need to reinforce and ensure being well managed at each individual site because every site is different.

所以關鍵控制措施這段旅程，我們——坦白說——已經和全球其中一位專家合作超過一年了。他們給我們的建議是不要推進得太快。我們可以加速其中某些面向。但要真正去做功課、理解我們現有的所有控制措施中哪些才是關鍵控制、哪些是我們確實需要強化並確保在每一個個別場址都能被妥善管理的，因為每個場址都不一樣。

The work to do that is actually a big strength of doing the critical control work. So we're pushing it forward, but we're not pushing our teams to accelerate drastically because we want to do it well, and we want to ensure that those controls are well maintained and well verified going forward.

做這件事本身，其實就是推動關鍵控制工作的很大優勢。所以我們會往前推進，但不會要求團隊大幅加速，因為我們希望把它做好，也希望確保這些控制措施在未來能被良好維持並確實驗證。

Strengthening supervision, that's something that we've been talking about for a while. We've got a training program being rolled out in the next month or so. We've got our supervision formula, which has been in place in many of our mines for decades, and we're reemphasizing the training on that as well as making sure that we're not stretching our supervisors too much, making sure that we're not actually asking them to be into many different places and unable to actually do their work well.

強化監督管理，這是我們談了一段時間的事情。我們有一個訓練計畫，將在接下來一個月左右推出。我們的監督配置公式在許多礦場已經沿用數十年，我們會重新強調相關訓練，同時也要確保不會把主管拉得太緊，確保我們不是要求他們同時出現在太多不同地方，以致於無法把工作做好。

So -- so again, this is ongoing. We're going at the pace that the sites and the resources are able to do, and we're supplementing those resources to ensure that they can succeed.

所以——所以同樣地，這是持續進行中的工作。我們會以各場址與資源所能承受的速度推進，並補充這些資源以確保他們能成功。

Anita Soni, CIBC World Markets.

Anita Soni，CIBC World Markets。

I just want to circle back to Odyssey and the progress that you're making there. I think the pace backfill plant is a little bit behind schedule, but it's not on the critical path. I just want to understand also the shaft you completed ahead of schedule. Like as the commentary the last pinch was taken out on July 1 when I look back at the Q1 commentary is supposed to be I guess, completed in at the end of the year.

我想回到Odyssey以及你們在那裡取得的進展。我認為膏體回填廠（paste backfill plant）進度有點落後，但它不在關鍵路徑上。我也想了解一下你們提前完工的豎井。例如，根據你們的說明，我回頭看第一季的說法，最後一個台階（bench）是在7月1日完成拆除，但我記得原本應該是年底才完成。

So I'm just curious, like is there still more to be done at the infrastructure wise at the bottom of the shaft and that that's still on schedule for the end of the year? And then lastly, just can you give me an update on -- there was some commentary about progress on the main ramp being a little bit lighter than what you had previously thought because of ground control issues.

所以我很好奇，像是在豎井底部的基礎設施方面是否還有更多工作要做，而這部分仍然按計畫在年底完成嗎？最後，也請你更新一下——之前有些評論提到主斜坡道（main ramp）的進度比你們先前預期略為偏少，原因是地層控制（ground control）問題。

Can you just give an update on that as well?

也請一併更新一下。

Yes, Anita. Dominique. Yes, for the first shaft, we took the last bench in July, but there's still some remaining work. Let's say, we need to dismantle the galloway. We need to let's say, do some infrastructure work undergone at the level of 150 and also at the first loading at the level [111], sorry, so we're ahead of schedule on the shaft sinking, but it doesn't mean that we're going to be faster and be better for Q2 next year for the commissioning.

好的，Anita。我是Dominique。是的，第一座豎井我們在7月完成了最後一個台階，但仍有一些收尾工作。比方說，我們需要拆除吊盤（galloway）。我們也需要在150水平以及第一個裝載點的水平[111]（抱歉）進行一些基礎設施工程；所以我們在豎井下沉（shaft sinking）方面確實提前，但這不代表我們就能更快、或讓明年第二季的試運轉（commissioning）變得更早或更好。

There's still lots of work to do. We might have a bit of contingency with those events, but it doesn't change the date. We're well positioned. On the ramp development, we get a bit of delay this quarter, and the team is working to catch up on that in the coming quarters. So it is going as we plan almost for the development.

還有很多工作要做。我們可能在這些事項上會有一些緩衝，但不會改變日期。我們的準備狀況很好。至於斜坡道開發（ramp development），本季有些延遲，團隊正在努力在接下來幾季把進度追回來。所以就開發而言，基本上仍是按我們的計畫在進行。

And the first hope that we've mined, we're learning from them and improving our practices. We still have six to come this year and so far, so good.

而且我們已經開採的第一批採場（stope），我們正在從中學習並改善作業做法。今年還有六個要開採，到目前為止都很順利。

And then sorry, you're targeting 2,000 meters, I think it is per month on the development. Was that the the target? And what are you at right now?

另外抱歉，你們在開發方面的目標是每月2,000公尺，我想是這個數字。那是目標嗎？你們目前達到多少？

Well, we are 1,800 around right now and the target for Q4 is 2,000.

嗯，我們目前大約是1,800，而第四季的目標是2,000。

2,000 per months, correct.

每月2,000，對嗎。

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

謝謝。目前隊列中沒有其他提問。我現在把電話交給Ammar Al-Joundi做結語。

Thank you, operator, and thank you once again, everyone, for joining the call. And for those of you who get to enjoy the long weekend, have a fabulous weekend. Thank you.

謝謝接線員，也再次感謝各位參與本次電話會議。也祝各位能享受長週末的朋友，週末愉快。謝謝。

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

謝謝。各位女士、先生，今天的會議到此結束。感謝各位的參與。您現在可以掛線。