Alamos Gold Inc (AGI) 2024 Q4 法說會逐字稿

This conference has been recorded. (Operator Instructions)

此次會議已錄音。（操作員指令）

Good morning. I'll now turn the call over to Scott Parsons, Alamos's Senior Vice President of Corporate Development and Investor relations. Please go ahead.

早安.現在我將電話轉給 Alamos 公司發展和投資者關係資深副總裁 Scott Parsons。請繼續。

Thank you, operator, and thanks to everyone for attending Alamos's fourth quarter 2024 conference call. In addition to myself, we have on the line today John McCluskey, President and Chief Executive Officer; Greg Fisher, Chief Financial Officer, Luc Guimond, Chief Operating Officer; and Scott RG Parsons, our Vice President of Exploration.

謝謝接線生，也謝謝大家參加 Alamos 2024 年第四季電話會議。除了我本人之外，今天與我們通話的還有總裁兼執行長約翰·麥克拉斯基 (John McCluskey)； Greg Fisher，財務官，Luc Guimond，營運長；以及我們的勘探副總裁 Scott RG Parsons。

We will be referring to a presentation during the conference call that is available through the webcast and on our website. I would also like to remind everyone that our presentation will be followed by a Q&A session.

我們將參考電話會議中的演示文稿，該演示文稿可透過網路廣播和我們的網站取得。我還想提醒大家，我們的演講之後將會有問答環節。

As we will be making forward-looking statements during the call, please refer to the cautionary notes included in the presentation, news release, and MD&A, as well as the risk factors set out in our annual information form. Technical information in this presentation has been reviewed and approved by Chris Boswick, our senior Vice President of technical services and a qualified person. Also, please bear in mind that all of the dollar amounts mentioned in this conference call are in US dollars unless otherwise noted.

由於我們將在電話會議中做出前瞻性陳述，請參閱簡報、新聞稿和 MD&A 中包含的警告說明，以及我們的年度資訊表中列出的風險因素。本簡報中的技術資訊已通過我們的技術服務資深副總裁兼合格人員 Chris Boswick 審核並批准。此外，請記住，除非另有說明，本次電話會議中提到的所有金額均為美元。

Now John we'll provide you with an overview of the corner.

現在約翰我們將為你提供該角落的概述。

Thank you, Scott. 2024 was a year of accomplishments for Alamos. We acquired the Mino mine adjacent to our high grade island gold operation, a key step towards creating one of Canada's largest and lowest cost gold mines. We expanded into Quebec through the acquisition of a highly prospective Kovic project. And we continued advancing our high return self-funded organic growth initiatives.

謝謝你，斯科特。 2024 年對阿拉莫斯來說是成就斐然的一年。我們收購了毗鄰我們高品位島嶼金礦的米諾礦，這是打造加拿大最大、成本最低的金礦之一的關鍵一步。我們透過收購極具前景的 Kovic 計畫將業務擴展到了魁北克。我們持續推動高回報的自籌資金有機成長計畫。

Alamos has also had a record operational and financial year, including record revenue, cash flow from operations, and free cash flow. Production increased 7% to 567,000 ounces needing full year guidance, which was increased subsequent to the Mino acquisition. We also set a new record for annual production for the 2nd consecutive year. Our costs were also in line with guidance and combined with a robust gold price we generated a record free cash flow of $272 million.

阿拉莫斯今年的營運和財務狀況也創下了歷史新高，包括創紀錄的收入、營運現金流和自由現金流。產量增加 7% 至 567,000 盎司，需要全年指導，該產量在收購 Mino 後有所增加。我們也連續第二年創下了年產量的新紀錄。我們的成本也符合預期，再加上強勁的金價，我們創造了創紀錄的 2.72 億美元自由現金流。

This strong financial performance was net of funding for the Phase 3 expansion and a substantial exploration program. With ongoing free cash flow, $327 million in cash, and total liquidity of over 800 million, we remain well positioned to internally fund one of the best growth profiles in the sector.

這一強勁的財務表現是扣除第三階段擴建和大規模勘探計劃的資金後的結果。憑藉持續的自由現金流、3.27 億美元的現金以及超過 8 億美元的總流動資金，我們仍處於有利地位，能夠為該行業最好的成長項目之一提供內部資金。

During the slide 4. In January we released our 3 year guidance outlining 7% production growth in 2025 to approximately 605,000 ounces. This production growth is expected to continue into 2026 and to approximately 700,000 ounces into 2027.

在幻燈片 4 期間。今年 1 月，我們發布了三年期指導目標，預計到 2025 年產量將增加 7%，達到約 605,000 盎司。預計產量成長將持續到 2026 年，到 2027 年將達到約 70 萬盎司。

This represents 24% production growth over the next 3 years, with all in sustaining costs expected to decrease 8% over the same time frame driven by low cost growth and the completion of phase 3 expansion of Island Gold. Lin lake is another key part of our growth plan, having announced a construction decision last month.

這意味著未來 3 年產量將增加 24%，同時由於低成本成長和 Island Gold 第三階段擴建的完成，預計所有維持成本在同一時間段內將下降 8%。林湖是我們成長計畫的另一個關鍵部分，上個月我們宣布了建設決定。

With development activities ramping up this quarter, we expect initial production in the first half of 2028. The completion of the Lin lake project is expected to drive annual production to approximately 900,000 ounces per year, with a further decrease in costs. Longer term, we see excellent potential to expand the island gold district further, taking consolidated annual production closer to 1 million ounces.

隨著本季開發活動的不斷推進，我們預計初始生產將於 2028 年上半年實現。林湖計畫的竣工預計將使年產量達到約90萬盎司/年，同時成本將進一步降低。從長遠來看，我們認為島上黃金產區具有進一步擴大的巨大潛力，綜合年產量將接近 100 萬盎司。

All of this growth is in Canada. It's all fully funded and it is all lower cost, driving substantial free cash growth, free cash flow growth in the years to come. We made significant progress across our growth projects in 2024. At Island Gold, the shop sink is approximately 75% complete, having reached a depth of 1,000 m last week. The overall phase 3 expansion is progressing well and remains on track for completion in the first half of 2026.

所有這些增長都發生在加拿大。所有這些都是資金充足的，而且成本較低，將在未來幾年推動大量自由現金成長和自由現金流成長。2024 年，我們的成長項目取得了重大進展。在 Island Gold，車間水槽已完成約 75%，上週已達到 1,000 公尺的深度。第三階段整體擴建工程進展順利，預計 2026 年上半年完工。

In September, we released the results of an internal economic study on the PDA project highlighting an attractive low cost high return project that will extend the mine life of the mulattos district until at least 2035. With approval of the amended environmental permit received in January, we expect to wrap up construction activities towards the middle of this year, with first production expected in mid 2027.

9 月份，我們發布了 PDA 項目內部經濟研究的結果，強調這是一個具有吸引力、低成本、高回報的項目，將把混血兒地區的礦山壽命延長至至少 2035 年。隨著一月份收到修訂後的環境許可證的批准，我們預計將在今年年中完成施工活動，並預計在 2027 年年中首次投入生產。

Last week we released the results of an internal economic study on the burnt timber and liquid deposits outlining another low capital high return project. As satellite deposits to the Linn Lake project, burnt timber and Linquid are expected to significantly extend the mine life of Lin Lake, support higher, longer term rates of production, and enhance already strong economics.

上週，我們發布了關於燒焦木材和液體沉積物的內部經濟研究結果，概述了另一個低資本高回報項目。作為林恩湖計畫的衛星礦床，burnt timber 和 Linquid 預計將顯著延長林湖的礦場壽命，支持更高、更長期的生產力，並增強本已強勁的經濟效益。

As outlined earlier this week, we had another year of tremendous exploration success with our global reserve increasing 31% to 14 million ounces, marking the sixth consecutive year of growth. This reflected the acquisition of Maino and the initial reserve at Burton Timber and Linwood. And another year of substantial high grade editions at Island Gold.

正如本週早些時候概述的那樣，我們又度過了巨大的勘探成功之年，我們的全球儲量增長了 31%，達到 1400 萬盎司，這是連續第六年增長。這反映了對 Maino 以及 Burton Timber 和 Linwood 的初始儲備的收購。這是 Island Gold 又一年推出大量高品質版本的日子。

Combined reserves and resources at Island Gold increased 9% to 6.7 million ounces. And at significantly higher grades. This growth will be incorporated into the Island Gold District Life of Mind plan to be released in mid-2025 and expansion study in the fourth quarter. Given the significant increase in grades. The phase 3 study was completed since the Phase 3 study was completed in 2022, we expect this to support higher rates of production over the longer term.

Island Gold 的綜合儲量和資源增加了 9%，達到 670 萬盎司。且成績明顯較高。這一增長將納入2025年中期發布的Island Gold District Life of Mind計劃和第四季度的擴展研究中。由於成績有明顯的提升。階段 3 研究已經完成，因為第 3 階段研究於 2022 年完成，我們預計這將在長期內支持更高的生產力。

I'll now turn the call over to our CFO Greg Fischer to review our financial performance. Greg.

現在我將把電話轉給我們的財務長 Greg Fischer 來審查我們的財務表現。格雷格。

Thank you, John. On the slide 6, we sold 141,000 ounces of gold in the fourth quarter at an average realized price of $2,632 per ounce for revenues of $376 million. For the full year we sold 560,000 ounces at a realized price of $2,379 per ounce for record revenues of just over $1.3 billion up 32% from 2023, driven by record production and higher prices. Fourth quarter total cash costs of $981 per ounce, and all in sustaining costs of $1,333 per ounce were consistent with our quarterly guidance.

謝謝你，約翰。在投影片 6 上，我們在第四季以平均每盎司 2,632 美元的實現價格銷售了 141,000 盎司黃金，收入為 3.76 億美元。全年我們銷售了 560,000 盎司黃金，實際價格為每盎司 2,379 美元，創下 13 億美元的歷史新高，較 2023 年增長 32%，這得益於創紀錄的產量和更高的價格。第四季總現金成本為每盎司 981 美元，所有維持成本為每盎司 1,333 美元，與我們的季度指引一致。

For the year, total cash costs of $927 per ounce and all in sustaining costs of $1,281 per ounce were both in line with annual guidance. Operating cash flow for changes in non-cash working capital was $208 million in the fourth quarter, or $0.49 per share. For the full year, operating cash flow before changes in non-cash working capital increased 40% to a record $726 million or $1.78 per share.

全年總現金成本為每盎司 927 美元，所有維持成本為每盎司 1,281 美元，均符合年度指引價格。第四季非現金營運資本變動的營運現金流為 2.08 億美元，或每股 0.49 美元。全年而言，非現金營運資本變動前的營運現金流成長 40%，達到創紀錄的 7.26 億美元，即每股 1.78 美元。

Reported debt earnings were $88 million in the fourth quarter or $0.21 per share. This included $20 million in foreign exchange losses and $12 million in other losses offset by other tax adjustments of $16 million. Excluding these items, our adjusted net earnings were $103 million or $0.25 per share. Our full year adjusted net earnings were $329 million or $0.81 per share.

報告第四季的債務收益為 8,800 萬美元，即每股 0.21 美元。其中包括 2000 萬美元的外匯損失和 1200 萬美元的其他損失，由 1600 萬美元的其他稅收調整抵消。除這些項目外，我們的調整後淨利潤為 1.03 億美元，即每股 0.25 美元。我們全年調整後的淨利潤為 3.29 億美元，即每股 0.81 美元。

Capital spending in the quarter total is $144 million and included $35 million of sustaining capital on lease payments, $101 million of growth capital, and $8 million of capitalized exploration. For the full year, total capital expenditures of $428 million including growth capital of $280 million was in line with guidance. Free cash flow in the quarter totaled $54 million and a record $272 million for the full year, that of all spending on the phase 3 plus expansion and our largest exploration program to date.

本季總資本支出為 1.44 億美元，其中包括 3,500 萬美元的租賃支付維持資本、1.01 億美元的成長資本和 800 萬美元的資本化勘探。全年總資本支出為 4.28 億美元，其中包括 2.8 億美元的成長資本，符合預期。本季自由現金流總計 5,400 萬美元，全年自由現金流達到創紀錄的 2.72 億美元，其中包括第三階段及擴建項目以及我們迄今為止最大的勘探項目的所有支出。

Both the Melato District and Young Davidson generated record mindsite free cash flow of $240 million and $141 million respectively. The strong free cash flow generation at Molaos was net of cash taxes of $82 million paid in 2024. We expect to pay a similar amount in 2025 given the strong profitability of the Mulatos district. This includes a 2024 year-end tax payment of approximately $45 million due in the first quarter of 2025.

Melato District 和 Young Davidson 分別創造了創紀錄的 2.4 億美元和 1.41 億美元的自由現金流。Molaos 強勁的自由現金流是扣除 2024 年支付的 8,200 萬美元現金稅後所得。鑑於 Mulatos 地區的強勁獲利能力，我們預計 2025 年將支付類似的金額。其中包括 2025 年第一季應付的 2024 年年終稅款約 4,500 萬美元。

Reflecting our strong free cash flow, our cash position grew 46% from the end of 2023 to end the year at $327 million. Additionally, we amended and upsized our credit facility this month from $500 million to $750 million increasing our financial capacity on more attractive terms, reflecting our growth as a company. With solid ongoing free cash flow at current gold prices and total liquidity of over $800 million, we remain well positioned to fund our growth initiatives. I will now turn the call over to our COO, Lukey to provide an overview of our operations.

反映我們強勁的自由現金流，我們的現金狀況從 2023 年底增長了 46%，達到年底的 3.27 億美元。此外，我們在本月修改並增加了我們的信貸額度，從 5 億美元增加到 7.5 億美元，以更具吸引力的條件提高了我們的財務能力，反映了我們作為一家公司的成長。以目前金價計算，我們擁有持續穩健的自由現金流，且總流動資金超過 8 億美元，因此我們仍有能力為我們的成長計畫提供資金。現在，我將把電話轉給我們的營運長 Lukey，請他概述我們的營運情況。

Thank you, Greg. Moving to slide 7. The Island gold mine produced 39,400 ounces in the fourth quarter and a record 155,000 ounces for the year, achieving the top end of 2024 guidance driven by higher grades mined. For the full year, total cash costs were in line with guidance, and mindsight all in sustaining costs were slightly below the low end of guidance due to timing of sustaining capital spending.

謝謝你，格雷格。移至幻燈片 7。該島金礦第四季產量為 39,400 盎司，全年產量達到創紀錄的 155,000 盎司，在開採品位較高的推動下，達到了 2024 年最高預期。就全年而言，總現金成本與預期一致，而由於維持資本支出的時機問題，Mindsight 所有維持成本略低於預期的低端。

The operation continues to self fund the Phase 3 expansion and exploration program with $12 million of free cash flow generated in 2024, a remarkable accomplishment considering that over $260 million was spent on capital and exploration during the year. Production from the Island Gold District is expected to increase 50% in 2025 and costs decrease, driven by higher mining rates at island gold and a full year of production from a geno at higher throughput rates.

該業務繼續為第三階段擴建和勘探計劃自籌資金，2024 年將產生 1200 萬美元的自由現金流，考慮到當年在資本和勘探上花費了超過 2.6 億美元，這是一項了不起的成就。預計到 2025 年，島嶼金礦區的產量將增加 50%，成本將下降，這得益於島嶼金礦的採礦率提高，以及金礦全年生產量增加。

At current gold prices, the island gold districts. The Island Gold District is expected to continue generating free cash flow while funding the Phase 3 expansion and another significant exploration program in 2025. Over to slide 8 Meino produced 16,200 ounces in the fourth quarter, a slight decline over the previous quarter as downtime to replace the primary crusher was longer than anticipated. Costs improved quarter over quarter and are expected to decrease further in 2025 as the operation ramps up to steady state levels.

以目前的金價計算，島上黃金開採區。預計島嶼金礦區將繼續產生自由現金流，同時為 2025 年第三階段擴建和另一項重大勘探計畫提供資金。在第 8 頁的幻燈片中，Meino 在第四季度生產了 16,200 盎司，比上一季略有下降，因為更換主要破碎機的停機時間比預期的要長。成本逐季改善，預計隨著營運逐步恢復至穩定水平，到 2025 年成本將進一步下降。

A number of optimization initiatives were implemented within the Mejina ill during the 2nd half of 2024. These included the replacement of the secondary crusher in the 3rd quarter and the primary crusher and grizzly panel in the 4th quarter. We saw a premature wear on both crushers and rather than repairing them, we took the time to replace them with units we utilize at our other operations and no and no can support higher throughput rates going forward.

2024 年下半年，Mejina ill 實施了多項優化措施。其中包括第三季更換二級破碎機，第四季更換一級破碎機和灰熊板。我們發現兩台破碎機都出現了過早磨損，我們沒有去修理它們，而是花時間用我們在其他業務中使用的設備來替換它們，而且它們也無法支援未來更高的生產力。

These improvements were completed by year end, and we are seeing the benefit in the 1st quarter. We expect mill throughput to increase to approximately 11,200 tons per day by the end of this quarter, at which point island gold ore will be trucked and processed to the larger, more cost effective Mejino mill. Given the significantly lower processing costs within the Mino mill, this is going to drive significant synergies and operating costs lower.

這些改進已於年底完成，我們在第一季就看到了效益。我們預計，到本季末，磨礦產量將增加至每天約 11,200 噸，屆時島上金礦石將透過卡車運輸至規模更大、更具成本效益的 Mejino 磨礦廠進行加工。鑑於米諾工廠的加工成本明顯較低，這將帶來顯著的協同效應並降低營運成本。

Moving to slide 9. We continue to make progress on the phase 3 plus expansion and achieved a significant milestone on the shaft sink last November, reaching the first shaft station breakthrough at the 840 meter level. We are currently at the 1,000 meter level and on track to be at the ultimate depth of 1,373 meter in the third quarter of this year. The installation of the binha steel is completed with cladding underway.

移至幻燈片 9。我們繼續在第三期及以上擴建工程上取得進展，並於去年 11 月在礦井下沉方面取得了重要里程碑，在 840 公尺水平上實現了第一個礦井站的突破。我們目前已達到 1,000 公尺的深度，並預計在今年第三季達到 1,373 公尺的最終深度。賓哈鋼材的安裝已完成，正在進行覆層工作。

Work on the Meino Hall Road continues to progress, with overall completion expected next month. This will be utilized to transport ore from the Island gold portal to the Mino mill. Construction of the plant is ongoing with foundation work more than 85% complete.

Meino Hall Road 的工程持續進展，預計下個月將全面完工。這將用於將礦石從島嶼金礦門戶運輸到米諾磨坊。工廠建設正在進行中，地基工程已完成85%以上。

Over to slide 10 As of year end, we spent and committed 72% of the total phase 3+ expansion capital of 796 million, and the project remains on time and within the budget and within the updated budget. 2025 will be the final full year of spending with capital expected to drop considerably in 2026.

轉到投影片 10 截至年底，我們已經花費並承諾了第 3 階段及以上擴建總資本 7.96 億的 72%，並且項目仍然按時、在預算之內以及在更新後的預算之內。 2025 年將是支出的最後一年，預計 2026 年資本將大幅下降。

Over to slide 11 The young Davidson mine produced 45,700 ounces in the fourth quarter at cost below the low end of the guidance range. Throughput rates were back to the 8,000 tons per day level for the quarter, consistent with expectations. For the full year, production totaled 174,000 ounces, slightly below the guidance range due to temporary or lower scoop availability earlier in the year, and lower grades mined.

轉到幻燈片 11 年輕的戴維森礦在第四季度生產了 45,700 盎司，成本低於指導範圍的低端。本季的吞吐率回升至每天 8,000 噸的水平，與預期一致。全年產量為 174,000 盎司，略低於預期範圍，原因是今年稍早供應暫時減少或減少，以及開採的礦石品位較低。

For the full year, total cash costs were within the guidance range while mine site, all in sustaining costs were slightly above the top end of the guidance range, reflecting higher sustaining capital per ounce. Young Davidson generated record mine site free cash flow for the year of $141 million the fourth consecutive year the operation has generated over $100 million in free cash flow. With a 14 year reserve life, young Davidson is well positioned to generate similar levels of free cash flow over the long term.

就全年而言，總現金成本在指引範圍內，而礦場所有維持成本略高於指引範圍的上限，反映出每盎司維持資本較高。楊戴維森礦區今年的自由現金流達到創紀錄的 1.41 億美元，這是該礦區連續第四年產生超過 1 億美元的自由現金流。憑藉 14 年的儲備壽命，年輕的戴維森完全有能力在長期內產生類似水準的自由現金流。

Production is expected to increase to between 175,000 and 190,000 ounces in 2025, with costs also increasing, primarily due to ongoing labor inflation in Ontario. Production costs are expected to be at similar levels in both 2026 and 2027.

預計到 2025 年產量將增加到 175,000 至 190,000 盎司之間，成本也將增加，主要原因是安大略省持續的勞動力通膨。預計 2026 年和 2027 年的生產成本將處於相似水準。

Over to slide 12. The Molas district continues to exceed expectations and was a key contributor to our outperformance during the year. Production was 38,900 ounces in the fourth quarter and 205,000 ounces for the full year, 5% above the top end of guidance, reflecting the strong ongoing performance from the Yai Grande. As guided, costs increased in the 4th quarter, reflecting the stacking of lower grade ore from Layai Grande.

轉到投影片 12。莫拉斯 (Molas) 地區繼續超越預期，是我們今年出色表現的關鍵貢獻者。第四季產量為 38,900 盎司，全年產量為 205,000 盎司，比預期最高值高出 5%，反映出 Yai Grande 礦區持續強勁的表現。正如預期，第四季度成本有所增加，反映了 Layai Grande 低品位礦石的堆積。

Costs for the full year were at the low end of the guidance range due to strong operational performance. This drove record mine site free cash flow of 240 million for the year. For 2025, production from the lats district is expected to be between 130,000 and 140,000 ounces at similar costs to 2024. The operation is expected to continue generating strong free cash flow while self-funding the development of PDA.

由於強勁的營運業績，全年成本處於預期範圍的低端。這使得礦場全年自由現金流達到創紀錄的2.4億美元。到 2025 年，拉特地區的產量預計將達到 13 萬至 14 萬盎司之間，成本與 2024 年相似。預計該業務將繼續產生強勁的自由現金流，同時為 PDA 的開發提供自有資金。

Over to slide 13. We declared an initial reserve at burnt timber in Linwood of over 900,000 ounces and incorporated that into an internal economic study that was released last week. The two deposits are in proximity to the Linlake project and will serve as a source of additional mill feed starting in year 12, deferring lower grade stockpiles until later in the mine plan. This is expected to extend the mine life of the Lindlake project to 27 years, increase longer term production rates by 60%.

轉到投影片 13。我們宣布林伍德燒焦木材的初始儲備量超過 90 萬盎司，並將其納入上週發布的內部經濟研究中。這兩個礦床靠近 Linlake 項目，將從第 12 年開始作為額外的磨礦原料來源，將低品位的庫存推遲到礦山計劃的後期。預計這將延長林德萊克計畫的礦場壽命至 27 年，並將長期生產力提高 60%。

And enhance the economics as a low capital high return satellite project. At $2200 per ounce gold price and a Canadian exchange rate of 0.75%, the study showed a strong after-tax IRR of 54% and NPV of approximately $180 million. At closer to spot prices, the IRR increases to 83% and NPV closer to 300 million.

並提高低資本高回報衛星專案的經濟效益。研究顯示，在黃金價格為每盎司 2,200 美元、加拿大匯率為 0.75% 的情況下，稅後 IRR 高達 54%，NPV 約為 1.8 億美元。接近現貨價格時，IRR 增加至 83%，NPV 接近 3 億。

This provides additional value on top of the already robust economics the Lindlake project carries on a stand-alone basis. Lastly, There is significant upside potential across the large under explored Lynn Lake Greenstone belt. This includes a number of targets that we have already identified across the district and the excellent opportunities to continue to define and develop additional satellite deposits to feed the centralized milk.

這為 Lindlake 計畫獨立產生的強勁經濟效益提供了額外的價值。最後，林恩湖綠岩帶尚未完全開發，仍有巨大的上行潛力。這包括我們已經在全區範圍內確定的一些目標，以及繼續定義和開發額外的衛星存款以提供集中牛奶的絕佳機會。

I will now turn the call over to our VP of exploration, Scott Parsons.

現在我將把電話轉給我們的勘探副總裁 Scott Parsons。

Thank you, Luke. Moving to slide 14, we had another successful year on the expiration front across our assets.

謝謝你，盧克。轉到第 14 張投影片，我們在資產到期方面又度過了成功的一年。

Global reserves increased 31% to 14 million ounces of gold, driven by the inclusion of Meino, declaration of an initial 900,000 ounce reserve with burnt timber and Linwood, and another year of significant growth in island gold.

全球黃金儲量成長 31%，達到 1,400 萬盎司，主要原因是梅諾金礦的納入、燒焦木和林伍德金礦初始儲量 90 萬盎司的宣布以及島嶼黃金儲量又一年的大幅增長。

Overall, grades decrease to 1.45 g per ton, reflecting the addition of relatively lower grade reserves from the geno for timber at Linwood, partially offset by the growth in significantly higher grade reserves at Island Gold. Excluding the geno, reserves grew by 12% to 11.9 million ounces and slightly lower grades of 1.62 g per ton, reflecting ongoing exploration success.

總體而言，品位下降至每噸 1.45 克，反映了林伍德 (Linwood) 木材基因中品位相對較低的儲量增加，但被 Island Gold 品位明顯較高的儲量增長部分抵消。除吉諾外，金礦儲量增加了 12%，達到 1,190 萬盎司，品位略低，為每噸 1.62 克，反映了持續的勘探成功。

Global measured and indicated resources increased 50% to 6.6 million ounces, with the decision of Maino being the main contributor. Excluding with Gino, measured and indicated resources increased 6% to 4.7 million ounces, reflecting additions that burnt timber in Linwood, as well as an initial resource at Cerro Polo. Global inert resources decreased 2% to 7.1 million ounces with the addition of the geno offsetting the successful conversion of resources to reserves at burnt timber and Linwood.

全球測量和指示資源增加了 50%，達到 660 萬盎司，其中 Maino 的決定是主要貢獻者。不包括吉諾 (Gino) 在內的測量和指示資源增加了 6%，達到 470 萬盎司，反映了林伍德 (Linwood) 燒毀木材的增加，以及塞羅波洛 (Cerro Polo) 的初始資源。全球惰性資源量減少 2% 至 710 萬盎司，因為 Geno 的加入抵消了 Burnt Timber 和 Linwood 資源成功轉化為儲量的影響。

Over to slide 15 I was old. We had another year of exceptional exploration success. Island reserves increased 32% to 2.3 million ounces, with grades increasing 11% to 11.4 g per ton. This is net depletion of the 157,000 ounces mined in 2024 at grades averaging 12.5 g per ton, reflecting the addition of even higher grade ounces. This marked the 12th consecutive year of growth.

翻到第 15 張投影片，我已經老了。我們又度過了勘探工作異常成功的一年。島嶼儲量增加 32% 至 230 萬盎司，品位增加 11% 至每噸 11.4 克。這是 2024 年開採的 157,000 盎司黃金的淨消耗量，平均品位為每噸 12.5 克，反映了更高品位黃金的增加。這是連續第12年增長。

Total reserves and resources also increased 9% to 6.7 million ounces, including a 13% increase in inferred resource grades to 16.5 g per ton. This represented the 9th consecutive year of growth with reserves and resource grades increasing substantially over that time frame. Island goal continues to establish itself as one of the highest grade and fastest growing deposits in the world.

總儲量和資源也增加了 9%，達到 670 萬盎司，其中推斷資源品位增加了 13%，達到每噸 16.5 克。這是連續第 9 年實現成長，儲量和資源等級在此期間大幅提升。Island Goal 繼續成為世界上品位最高、成長最快的礦床之一。

Since acquiring island goals in 2017, combined reserves and resources have increased over 260%, with reserve grades increasing 24% and inferred resource grades increasing 53%. Through highly effective exploration programs, this growth has occurred at attractive discovery costs, averaging $13 per ounce over the past year and five years.

自 2017 年獲得島嶼目標以來，綜合儲量和資源量增加了 260% 以上，其中儲量品位增加了 24%，推斷資源品位增加了 53%。透過高效的勘探計劃，這一增長以頗具吸引力的勘探成本實現，過去一年和五年的平均勘探成本為每盎司 13 美元。

Over to slide 1 The increase in reserves was driven by the conversion of existing resources and the discovery of new reserves across the main structure. The biggest contributor was the addition of 533,000 ounces in the middle portion of Island East within a large reserve block that contains 1.1 million ounces, grading 12.9 g per ton. This large reserve block is located above an even larger and substantially higher grade inferred resource block in the lower portion of Island, which contains 1.9 million ounces, creating 20.8 g per ton.

轉到投影片 1 儲量的增加是由現有資源的轉換和整個主要結構中新儲量的發現所推動的。最大的貢獻者是港島東中部的一個大型儲備區塊新增了 533,000 盎司黃金，該儲備區塊包含 110 萬盎司黃金，品位為每噸 12.9 克。這一大型儲備區塊位於島嶼下部一個更大、品位更高的推斷資源區塊上方，該區塊蘊藏著 190 萬盎司黃金，相當於每噸 20.8 克。

As additional exploration drifts are established within the lower mine infrastructure, providing better access for drilling from underground, the conversion of these significantly higher grade resources is expected to drive further growth in higher grade reserves is supported by a resource conversion rate which is averaged more than 90% across the deposit.

隨著在礦井下部基礎設施內建立額外的勘探平巷，為地下鑽探提供更好的通道，這些品位顯著提高的資源的轉化預計將推動高品位儲量的進一步增長，而整個礦床的資源轉化率平均超過 90%。

The island gold main structure is open laterally and at depth with some of the best intercepts drilled to date in the lower portion of Island East and with high grade mineralization intersected below existing resources, this long term pace of growth is expected to continue.

島上金礦主要構造在橫向和深度上都是開放的，迄今為止在島東下部鑽探了一些最好的截距，並且在現有資源下方有高品位礦化相交，預計這種長期增長速度將持續下去。

Over to slide 17. Island's pace of growth is supporting a larger and more valuable operation. By 2020, reserves and resources had doubled to 3.7 million ounces, supporting the planned phase 3 expansion to 2000 tons per day. By 2022, the deposit had expanded nearly 40% to 5.1 million ounces, which was the basis for this phase 3 plus expansion to 2,400 tons a day.

轉到投影片 17。Island 的成長速度正在支持更大、更有價值的營運。到 2020 年，儲量和資源量將增加一倍，達到 370 萬盎司，支援計畫中的第三階段擴建至每天 2,000 噸。到 2022 年，礦藏量將擴大近 40%，達到 510 萬盎司，這是第三階段擴產至每天 2,400 噸的基礎。

Since the release of the Phase 3 study, ongoing exploration success has driven a further 31%, or 1.6 million ounce increase in combined reserves and resources to total 6.7 million ounces. A 13% increase in reserve grades to 11.4 g per ton, and a 22% increase in inferred resource grades to 16.5 g per ton.

自第三階段研究發布以來，持續的勘探成功已使綜合儲量和資源量進一步增加 31%，即 160 萬盎司，達到 670 萬盎司。儲量品位增加13%至每噸11.4克，推斷資源品位增加22%至每噸16.5克。

This growth will be incorporated into the Island Gal District mine plan to be released in mid 2025, and the expansion study to be completed in the 4th quarter. Given the substantial increase in grades of island gold since the phase 3 study, we expect this to support higher average annual rates of gold production over the long term.

這一增長將納入2025年中期發布的Island Gal District礦山計劃和將於第四季度完成的擴建研究中。鑑於自第三階段研究以來島上黃金的品味大幅提高，我們預計這將支持長期更高的年均黃金產量。

With that I'll call back to John.

說完這些，我就回電給約翰。

Thank you, Scott.

謝謝你，斯科特。

2024 was an exceptional year for Alamos, and our outlook has never been stronger. We have sector leading growth, strong ongoing free cash flow while funding this growth, all underpinned by longli operations and politically stable jurisdictions.

2024 年對阿拉莫斯來說是特別的一年，我們的前景從未如此強勁。我們擁有業界領先的成長勢頭，在為這一增長提供資金的同時，還擁有強勁的持續自由現金流，而這一切都得益於龍裡運營和政治穩定的司法管轄區。

That concludes our formal presentation, and now you can turn the call over to the operator to open it for your questions.

我們的正式演示到此結束，現在您可以將電話轉給接線員以回答您的問題。

(Operator Instructions)

（操作員指令）

There are no further questions at this time. This concludes this morning's call. If you have any further questions that have not been answered, please feel free to contact Mr. Scott Parsons at 416-368-9932 extension 5439.

目前沒有其他問題。今天早上的通話到此結束。如果您有任何尚未得到解答的其他問題，請隨時聯絡 Scott Parsons 先生，電話 416-368-9932 分機 5439。

Actually Carl, looks like we do have one question queued up.

實際上，卡爾，看起來我們確實有一個問題要問。

Charles Ehidiamhen, Scotiabank.

加拿大豐業銀行的 Charles Ehidiamhen。

Thank you. I, John, thanks for taking my question and congrats on another record here. I'm just asking you on behalf of all this. So my first question here is, are you able to provide an estimate of how much of the 515 synergies are expected to be created in the island gold and marginal combination have been realized so far, and how much do you expect to realize in the next one year.

謝謝。我，約翰，感謝您回答我的問題，並祝賀您在這裡又創下了一項紀錄。我只是代表大家來請求你。所以我的第一個問題是，您能否估計一下，島金與邊際組合預計產生的 515 個協同效應迄今為止已經實現了多少，以及您預計在未來一年內將實現多少。

Yeah, Charles, it's Greg here. I can answer that.

是的，查爾斯，我是格雷格。我可以回答這個問題。

Question. So if you look back at what we had disclosed, the synergies were comprised of. It was both capital and operating synergies.

問題。因此，如果你回顧我們所揭露的內容，你會發現綜效包括以下內容。這既是資本綜效，也是營運綜效。

So in 2024 and 2025 we realized about $100 million of those capital synergies and that was around not expanding the island mill as well as not completing the tailings list on the island tailings facility.

因此，在 2024 年和 2025 年，我們實現了約 1 億美元的資本協同效應，這是圍繞不擴建島上的工廠以及不完成島上尾礦設施的尾礦清單。

The rest of the synergies will be realized over the life of the mine through the operating synergies. That will be comprised of both GNA synergies as well as lower costs to operate the Maino mill. So that that really will ramp up starting in 2026 when we you know we've moved to the Mino mill in 2025, but we also moved to grid power and that's when we'll see that the majority of the synergies kick in. And it will be over the next 20 years plus of the life of mine with respect to those synergies at about $25 million a year.

其餘的協同效應將透過礦山營運協同效應在礦山整個生命週期內實現。這既包括 GNA 協同效應，也包括降低 Maino 工廠的營運成本。因此，從 2026 年開始，這個數字將會真正加速，因為我們知道，我們將在 2025 年遷至米諾工廠，但我們也會遷至電網電力，到那時，我們將看到大部分協同效應開始發揮作用。在我的未來 20 年多時間裡，這些綜效每年將帶來約 2,500 萬美元的收入。

Okay, thank you. And maybe just sticking to, the synergies, on the tax side of things, just given where gold is currently trading out like how far along do you think the acquired tax pools can defer cash taxes.

好的，謝謝。也許只是堅持稅收方面的協同效應，考慮到黃金目前的交易情況，您認為獲得的稅池可以推遲現金稅多久。

On cash taxes, yeah, I mean the deferral at these gold prices is about 2 years, so we actually would have been cash taxable starting in 2025 with the acquisition and the use of the pools at Megina, we're able to defer that around 2 years, so probably about 2027 is when we'll start to pay significant cash taxes in Canada.

關於現金稅，是的，我的意思是，在這些黃金價格下，延期大約是 2 年，所以實際上從 2025 年開始，隨著收購和使用 Megina 的金礦池，我們就需要繳納現金稅，我們可以將其延期大約 2 年，所以大概在 2027 年，我們將開始在加拿大繳納大量現金稅。

Okay, and if I just switch gear very quickly to young Davidson, I mean, if you just look at the the grade at Young Davidson for 2024, that was lower than guided ultimately, and I was just wondering like, could you comment on what's happening there and how we should be thinking about this going into 2025.

好的，如果我很快轉到年輕戴維森，我的意思是，如果您只看 2024 年年輕戴維森的成績，它最終低於指導水平，我只是想知道，您能否評論一下那裡發生的事情以及我們應該如何考慮進入 2025 年的情況。

Yeah, it's Lukemo here. So on the grades for 2024, really over the course of the 2024 period we just had a slight variance in the sequence of the soaps that were being mined. For the most part we stuck to the mine plan of mining all of the soaps that we expected to mine in 2024, but there were a couple of sils that varied from what the original plan had, which resulted in slightly lower grade. But what I would say is based on the soaps that we did mine over the course of 2024, the actual results that we got based on our reconciliation relative to the block model of the soaps that we did mine was pretty well aligned.

是的，我是 Lukemo。因此，就 2024 年的等級而言，實際上在 2024 年期間，我們開採的肥皂的順序只是略有不同。在很大程度上，我們堅持開採計劃，開採預計在 2024 年開採的所有皂礦，但有幾個皂礦與原始計劃有所不同，導致礦品位略有下降。但我想說的是，基於我們在 2024 年期間製作的肥皂劇，我們根據相對於我們製作的肥皂劇的區塊模型的協調而獲得的實際結果是相當一致的。

As far as moving forward into 2025.

至於邁向 2025 年。

You know we've guided to I think our guidance is 205 to 225 in In 2025 and we expect to be within that guidance range, the mine sequence is pretty rigid. It's a disciplined approach to the mining sequence for young Davidson, but you know what we're expecting in 2025 would be within that range. But as we continue to move forward into the subsequent years of 2026 and 2027, we would start to see some higher grades appearing on the basis of the mine plan.

您知道我們已經給出了指導，我認為我們的指導目標是 2025 年達到 205 到 225，我們預計將在該指導範圍內，礦井序列非常嚴格。對於年輕的戴維森來說，這是一種嚴謹的採礦序列方法，但您知道我們預計 2025 年的產量將在這個範圍內。但隨著我們繼續進入 2026 年和 2027 年，我們將開始看到根據礦山計劃出現一些更高等級的礦石。

Okay. And maybe just sticking with John Davidson here, I mean if you just look at the cost like it there seems to be, like inflationary pressures there about 13% relative to 2022, 2024. Yeah. Are you able to explain what the cost drivers are there any potential res for the other Canadian operation?

好的。也許只是堅持約翰戴維森的觀點，我的意思是，如果你只看成本，那裡的通膨壓力似乎與 2022 年、2024 年相比約為 13%。是的。您能否解釋一下成本驅動因素以及對其他加拿大業務是否有潛在資源？

It's great.

這很棒。

Here again. I mean, if you look at what's driving the increase year over year in why these costs on a per ounce basis like the all sustaining costs, the first driver would be inflation, so that's about 5%, and we talked about that in our guidance. The second thing which Luke just touched on with are the grades we're seeing a little bit lower grades just do the sequencing.

又來了。我的意思是，如果你看看是什麼推動了這些成本逐年增加，為什麼以每盎司計算，就像所有維持成本一樣，第一個驅動因素就是通貨膨脹，大約是 5%，我們在指導中談到了這一點。盧克剛才提到的第二件事是，我們看到較低年級的學生只是進行排序。

In 2025, which has an impact on cost per ounce, and then the last item would be on sustaining capital and it's really just around timing, really around the underground development and the timing of fleet replacement. And rebuild. So if you step back, those three components are all impacting the costs this year versus prior year. If you look at what is applicable to other Canadian operations, it would be inflation. So it would be inflation of 4 to 5%, and that's what we included in our guidance across our Canadian operations.

2025 年，這會影響每盎司的成本，最後一項是維持資本，這實際上只是圍繞著時機，圍繞地下開發和車隊更換的時機。並重建。所以，如果你回顧一下，這三個因素都會影響今年與去年相比的成本。如果你看看適用於其他加拿大業務的情況，那就是通貨膨脹。因此通貨膨脹率將是 4% 到 5%，這也是我們在加拿大業務的指導中包含的內容。

Okay, thank you, that's.

好的，謝謝，就這樣。

Steven Greens, TD Securities.

道明證券的史蒂文·格林斯（Steven Greens）。

Yeah, morning everyone.

嗯，大家早安。

Just wanted to ask a question in general on Mexico, I realized most of your growth is in Canada, but the current climate there seems to be improving, just the tone from the government, permits seem to be flowing, and obviously Alamos has a long history there, good team, big land package.

只是想問一個關於墨西哥的一般性問題，我意識到你們的大部分增長是在加拿大，但目前那裡的環境似乎正在改善，政府的基調，許可證似乎正在流動，而且顯然 Alamos 在那裡有著悠久的歷史，優秀的團隊，大量的土地。

Is that something you're seeing on the ground that things are improving there? Is that a jurisdiction you'd look to invest in further?

您是否看到那裡的情況正在改善？您是否希望在該司法管轄區進一步投資？

Hi Stephen, it's John speaking. We do see a positive change since the Most of the The discussion, the commentary you were hearing prior to the election, we were we were working throughout 2024 on obtaining the permit for the PDA expansion. It was a frankly a relatively straightforward permit for them to grant.

你好，史蒂芬，我是約翰。我們確實看到了積極的變化，因為大部分的討論，你們在選舉前聽到的評論，我們都在努力在 2024 年獲得 PDA 擴建的許可證。坦白說，對他們來說這是一個相對簡單的許可。

As Moos has been in production since 2005. We were going to be essentially working on that expansion within the area of our existing operating footprint, albeit going underground with a ramp from the side of the main mulattos pit where we were going to be constructing the mill was going to be again within that footprint area and we were backfilling.

Moos 自 2005 年開始投入生產。我們基本上要在現有經營範圍之內進行擴建，儘管我們要從主混血礦坑的側面通過斜坡進入地下，但工廠還是位於那個經營範圍之內，而且我們正在進行回填。

The pit with the with the tailings, dry stock tailings, going into a pit. I mean all of these things were very much in conformance with.

有尾礦的礦坑，乾料尾礦，被送入礦坑。我的意思是所有這些事情都非常符合。

With the type of project that Mexico has said that it really likes, I mean, over and above that, we're going to be producing a concentrate which we're going to ship off site and it means we're not going to be using any cyanide in the process. So virtually all of these all of these aspects of the The PDA development plan made it a relatively straightforward project. It was also important for us to get this permit in hand now because it would mean a fairly seamless transition from our open pit production coming from the Layai Grande to underground production. That changeover will take place in 2027 in order to time that properly so that there was no GAAP in production, we more or less needed the permit in place now so we could get construction activity underway.

對於墨西哥表示非常喜歡的項目類型，我的意思是，除此之外，我們還將生產一種濃縮物並將其運送到場外，這意味著我們在此過程中不會使用任何氰化物。因此，PDA 開發計劃的所有這些方面實際上使其成為一個相對簡單的專案。對我們來說，現在獲得這份許可證也很重要，因為這意味著我們從 Layai Grande 的露天生產到地下生產的無縫過渡。為了正確安排時間，該轉換將於 2027 年進行，以便在生產中不採用 GAAP，我們現在或多或少需要獲得許可證，以便我們能夠開始施工活動。

They understood this and I think it was communicated very well by our team in Mexico and given the long and very solid track record of that operation, it's it's a mind that's provided.

他們理解這一點，而且我認為我們的墨西哥團隊已經很好地傳達了這一點，鑑於這項行動的長期和非常堅實的記錄，他們已經提供了這樣的思路。

Terrific employment opportunities, community development, we've paid substantial amounts in taxes over the years to the Mexican government. I mean, in every possible way this has been a beneficial enterprise as far as the Mexican government is concerned.

極佳的就業機會、社區發展，多年來我們向墨西哥政府繳了大量的稅。我的意思是，對墨西哥政府來說，從各方面來說這都是一項有益的事業。

So you know it was it stood to reason that this was a project that was very much front and center given. The extent of permits that are awaiting approval right now.

因此，您知道，這是一個理所當然的事情，也是一個備受關注的項目。目前等待批准的許可證範圍。

And we were very gratified, of course, to to get that permit very early in the in the administration and very early in the new year here, but I do think it's indicative of a better tone towards the mining industry, and I believe there's going to be more permits coming. I think you're going to see quite a number of companies start to benefit as the.

當然，我們非常高興能在政府成立之初、在新年伊始就獲得這項許可證，但我確實認為這表明採礦業的態勢更好，我相信未來還會有更多的許可證發放。我想你會看到相當多的公司開始受益。

As the government accelerates its permit review and starts granting more and more permits along the way, I really, I see those signs and I really hope it's going to be the case. We're going to be meeting with the Mexican delegation at the PDA conference coming up in early March, and all indications are that that meeting is going to be a very positive tone and they expect to deliver a good message to the to the mining industry.

隨著政府加快許可證審查並開始頒發越來越多的許可證，我確實看到了這些跡象，我真的希望情況會如此。我們將在 3 月初召開的 PDA 會議上與墨西哥代表團會面，所有跡象表明，這次會議的氣氛將非常積極，他們希望向採礦業傳達一個好消息。

Okay, great. So is this, is this a jurisdiction then that that you would look to a bit further even beyond PDA?

好的，太好了。那麼，這是您會進一步研究的、甚至超越 PDA 的司法管轄區嗎？

Well, we've stayed pretty focused on mulattos for a long time. Fortunately it's a big district and it's given us a lot of opportunity to develop other things. I mean, in addition to the main mulattos pit, we've developed 5 additional deposits over the 20 years we've been operating there, and there's still a lot of opportunity in front of us as we sort of transition away from our focus on open pit heap bleaching. Projects largely mining near surface oxides. Now we're going for higher grade sulfide deposits and our exploration budget is really allocated to donating more reserves along those lines, and we're having some great success.

嗯，我們長期以來一直非常關注混血兒。幸運的是，這是一個很大的地區，它給了我們很多機會去發展其他事物。我的意思是，除了主要的混血礦坑之外，我們在那裡運營的 20 年裡還開發了 5 個額外的礦床，而且隨著我們逐漸不再專注於露天礦堆漂白，我們面前仍然有很多機會。本工程主要開採近地表氧化物。現在，我們正在尋找更高品位的硫化物礦床，我們的勘探預算實際上是用於沿著這條路線捐贈更多的儲量，而且我們取得了巨大的成功。

We're not really looking outside of the mulattos district right now.

我們現在其實並沒有把目光投向混血兒區之外。

I think that it will be it will be. Of a prudent move on our part to just watch how things unfold over the next year and as this administration gets its footing and starts to deliver a very clear policy messages to the industry with respect to the mining industry itself and overall foreign investment coming into Mexico. I think with everything going on.

我認為將會如此。我們的審慎之舉是觀察明年事態如何發展，以及本屆政府如何站穩腳跟，並開始就採礦業本身以及進入墨西哥的整體外國投資向業界發出非常明確的政策信息。我認為一切正在發生。

In North America right now with respect to American behavior, tariffs and so forth that are being proposed for both Canada and Mexico, my feeling is you're going to see stronger ties being built between Canada and Mexico, more investment from Canada into Mexico, more opportunities. I think that's going to happen, but I think we're going to just watch over the next year to see how things unfold.

目前在北美，就美國的行為、針對加拿大和墨西哥提出的關稅等而言，我的感覺是，你會看到加拿大和墨西哥之間建立更緊密的聯繫，加拿大對墨西哥的投資會增加，機會也會更多。我認為這會發生，但我認為我們只需要關註明年的情況如何發展。

Fair enough. Okay, thanks, John. That's all.

很公平。好的，謝謝，約翰。就這樣。

Thank you, Steve.

謝謝你，史蒂夫。

(Operator Instructions)

（操作員指令）

[Andy Shoebek], Private Investor,

[Andy Shoebek]，私人投資者，

Thank you very much for permitting me to ask a question. The question I'd like to ask concerns dividend policy given the performance of the company and the outlook for the company and the cash flows now.

非常感謝您允許我提問。我想問的問題是，考慮到公司的業績、前景和當前的現金流，股利政策是什麼。

A 10% annual dividend US dollar seems a little understated, and I just wondered at what point you would reconsider the cash dividend policy.

10% 的年度股息似乎有點低估，我只是想知道您什麼時候會重新考慮現金股息政策。

Well you know we have an extremely aggressive growth profile underway between now and the end of the 2020s. We're essentially funding a major expansion project at our island facility. We're building a brand new mine at Lynn lake.

你知道，從現在到 2020 年代末，我們的成長勢頭非常強勁。我們實際上是在為我們島上的設施的一個重大擴建項目提供資金。我們正在林恩湖建造一個全新的礦場。

We're We're now developing a new mill complex and a new underground mine.

我們正在開發一個新的工廠綜合體和一個新的地下礦場。

At our mulattos project, and this is there's a lot of heavy lifting, but the net result is we're going to lift our production from where we started last year at around 500,000 ounces a year.

在我們的混血計畫中，有很多繁重的工作，但最終結果是我們將把產量從去年開始的每年 50 萬盎司左右提高到現在的水平。

We're going to lift it to close to a million ounces a year over the next 5 or 6 years, and I think our shareholders are going to be much more focused on us executing on that growth plan, fully funding it and executing on that growth plan.

我們將在未來五、六年內將產量提高到每年近一百萬盎司，我認為我們的股東將更加關注我們執行這項成長計畫、為其提供全額資金並執行這項成長計畫。

As opposed to us increasing the dividend, so we're not thinking about increasing the dividend at this point.

與我們增加股利相反，所以我們目前還沒有考慮增加股利。

The dividend is essentially I would say a recognition of our intentions ultimately to pay higher returns to our shareholders both through dividends and share buybacks, but for the time being our focus is very much aligned to this growth initiative and don't expect any increase in dividends in the near future.

我想說，股息本質上是對我們最終意圖的一種認可，即透過股息和股票回購為股東帶來更高的回報，但目前我們的重點與這一增長計劃非常一致，並且預計近期股息不會增加。

Okay, thank you so much.

好的，非常感謝。

There are no further questions at this time.

目前沒有其他問題。

This concludes this morning's call. If you have any further questions that you have not been answered, please feel free to contact Mr. Scott Parsons at 416-368-9932 extension 5,439.

今天早上的通話到此結束。如果您還有任何尚未得到解答的問題，請隨時聯絡 Scott Parsons 先生，電話：416-368-9932 分機 5,439。