Alamos Gold Inc (AGI) 2025 Q1 法說會逐字稿

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

早安.現在我將把電話轉給阿拉莫斯公司企業發展和投資者關係高級副總裁史考特·帕森斯先生。先生，請繼續。

Thank you, operator, and thanks to everybody for attending Alamos' first quarter 2025 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.

謝謝接線員，也謝謝大家參加 Alamos 2025 年第一季電話會議。除了我本人以外，今天與我們通話的還有總裁兼首席執行官約翰·麥克拉斯基 (John McCluskey)、首席財務官格雷格·費舍爾 (Greg Fisher) 和首席營運官盧克·吉蒙德 (Luc Guimond)。

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期間的演示文稿，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.

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。

Technical information in this presentation has been reviewed and approved by Chris Bostwick, our Senior VP 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. Now John will provide you with an overview.

本簡報中的技術資訊已由我們的技術服務資深副總裁兼合格人員 Chris Bostwick 審核並批准。另外，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。現在約翰將為您提供概述。

Thank you, Scott. I'd like to turn your attention to slide 3. We produced 125,000 ounces of gold in the first quarter, consistent with the lower end of quarterly guidance. Island Gold continues to perform well, offsetting a slower start to the year from Young-Davidson and Magino.

謝謝你，斯科特。我想請大家注意投影片 3。我們在第一季生產了 125,000 盎司黃金，與季度指導的下限一致。Island Gold 繼續表現良好，抵消了 Young-Davidson 和 Magino 今年開局放緩的影響。

As we will outline through this call, we have seen a significant improvement from both operations in April and expect this to contribute to a stronger production in the second quarter. With a further increase in production expected into the second half of the year, driven by higher grades and mining rates at Island Gold and increasing grades at La Yaqui Grande, we remain well positioned to meet our full year production guidance.

正如我們將在本次電話會議上概述的那樣，我們看到 4 月這兩項業務都取得了顯著改善，並預計這將有助於提高第二季的產量。預計下半年產量將進一步增加，這得益於 Island Gold 品位和採礦率的提高以及 La Yaqui Grande 品位的提高，我們仍有可能實現全年產量目標。

All-in sustaining costs for the quarter were above our first half guidance, reflecting lower production at Young-Davidson and Magino, increased royalties due to the sharply higher gold price and higher share-based compensation given the 45% increase in Alamos' share price during the quarter.

本季所有維持成本高於我們上半年的預期，反映了 Young-Davidson 和 Magino 產量下降、金價大幅上漲導致特許權使用費增加以及由於 Alamos 股價在本季度上漲 45% 而導致的股權激勵增加。

Through a combination of higher tonnes and grades processed, we expect rising production and a significant improvement in our costs through the remainder of the year. We expect this to drive a 20% decrease in all-in sustaining costs in the second quarter with further decreases into the second half of the year.

透過提高加工噸位和等級，我們預計今年剩餘時間內產量將上升，成本將顯著改善。我們預計這將導致第二季總維持成本下降 20%，下半年將進一步下降。

Turning now to slide 4. We continue to advance our high-return permitted and fully funded organic growth projects that are expected to support further production growth and declining costs in the coming years. Following our construction decision at Lynn Lake earlier in the year, we attended a groundbreaking ceremony alongside the premier of Manitoba as well as representatives from the First Nations and local communities.

現在翻到幻燈片 4。我們將繼續推動高回報許可和全額資助的有機成長項目，預計這些項目將在未來幾年內支持進一步的生產成長和成本下降。繼今年早些時候我們決定在林恩湖進行建設後，我們與曼尼托巴省省長以及原住民和當地社區的代表一起參加了奠基儀式。

Construction activities are ramping up and will be completed over the next three years with initial production expected in the first half of 2028. In February, we announced a 31% increase in our global mineral reserves to 14 million ounces. This included another substantial increase in reserves and resources at Island Gold, highlighted by a 32% increase in reserve ounces and an 11% increase in grades.

建設活動正在加緊進行，預計在未來三年內完工，預計於 2028 年上半年投入生產。今年 2 月，我們宣布全球礦產儲量增加 31%，達到 1,400 萬盎司。其中包括 Island Gold 的儲量和資源量再次大幅增加，其中儲量盎司增加了 32%，品位增加了 11%。

We will be incorporating this growth along with large mineral reserves -- along with the large mineral reserve at Magino into an expansion study to be completed in the fourth quarter that we expect will outline significantly larger and more valuable operation.

我們將把這一增長與大型礦產儲量——以及馬吉諾的大型礦產儲量——納入將於第四季度完成的擴張研究中，我們預計該研究將概述更大、更有價值的運營。

Turning to slide 5. Our outlook has never been stronger, and we have never been better positioned. We have one of the strongest growth profiles in the sector underpinned by three high-return projects. All of this growth is fully funded. We started last year at a run rate of 500,000 ounces per year. With the addition of Magino, we expect to produce approximately 600,000 ounces this year.

翻到幻燈片 5。我們的前景從未如此強勁，我們的定位也從未如此優越。在三個高回報項目的支撐下，我們是該行業成長勢頭最強勁的公司之一。所有這些成長都得到了充足的資金支持。我們去年開始的產量為每年 50 萬盎司。隨著馬吉諾的加入，我們預計今年的產量將達到約 60 萬盎司。

With the Phase 3 expansion in its final full year of construction, we expect further growth to 700,000 ounces per year by 2027 with all-in sustaining costs trending lower to approximately $1,200 per ounce. With initial production from the Lynn Lake project expected in the first half of 2028, our longer-term production rate is expected to increase to 900,000 ounces per year with a further decrease in costs.

隨著第三階段擴建工程進入最後一整年的建設，我們預計到 2027 年產量將進一步增長至每年 70 萬盎司，而總維持成本將下降至每盎司約 1,200 美元。林恩湖計畫預計將於 2028 年上半年開始投產，我們的長期生產力預計將提高到每年 90 萬盎司，同時成本將進一步降低。

At current gold prices, our all-in sustaining cost margin is expected to exceed $2,000 per ounce, supporting over $1 billion in annual free cash flow. Longer term, we see excellent potential to take the company-wide production to 1 million ounces per year with a further expansion of the Island Gold District.

以目前的金價，我們的總維持成本利潤率預計將超過每盎司 2,000 美元，以支持每年超過 10 億美元的自由現金流。從長遠來看，隨著島嶼金礦區的進一步擴張，我們看到了將全公司產量提高到每年 100 萬盎司的巨大潛力。

Turning to slide 6. We expect stronger free cash flow through the remainder of 2025 at current gold prices, while funding all of our growth initiatives and record exploration program. With the Phase 3+ expansion on track for completion in the first half of 2026, we expect considerably higher free cash flow starting in the second half of 2026.

翻到幻燈片 6。我們預計，以目前的金價，2025 年剩餘時間的自由現金流將更加強勁，同時為我們所有的成長計畫和創紀錄的勘探計畫提供資金。隨著 3+ 期擴建工程預計在 2026 年上半年完成，我們預計從 2026 年下半年開始自由現金流將大幅增加。

We expect further growth into 2027 and beyond, driven by higher production, lower costs, and decreasing capital with the start of production from the PDA and Lynn Lake projects. I will now turn the call over to our CFO, Greg Fisher, to review our financial performance. Greg?

我們預計，隨著 PDA 和 Lynn Lake 項目開始生產，產量將提高、成本將降低，資本也將減少，這將推動 2027 年及以後進一步增長。現在，我將把電話轉給我們的財務長格雷格費雪 (Greg Fisher)，以審查我們的財務表現。格雷格？

Thank you, John. On to slide 7. We sold approximately 118,000 ounces of gold in the first quarter at an average realized price of $2,802 per ounce for revenues of $333 million. The average realized price was below the London PM fix for the quarter, primarily as a result of delivering over 12,300 ounces into the gold prepayment facility based on a prepaid price of $2,524 per ounce.

謝謝你，約翰。轉到投影片 7。我們在第一季售出了約 118,000 盎司黃金，平均實現價格為每盎司 2,802 美元，營收為 3.33 億美元。本季平均實現價格低於倫敦下午定價，主要原因是按照每盎司 2,524 美元的預付價格向黃金預付設施交付了超過 12,300 盎司黃金。

We will continue to deliver the same quarterly number of ounces into the facility until the obligation is completed at year-end. As a reminder, the prepaid facility was executed in July 2024 with the proceeds utilized to retire 180,000 ounces of forward sale contracts inherited from Argonaut Gold across 2024 and 2025 with an average price of $1,840 per ounce.

我們將繼續向該設施交付相同數量的盎司，直到年底義務完成為止。提醒一下，預付款項於 2024 年 7 月執行，所得款項用於贖回 2024 年至 2025 年從 Argonaut Gold 繼承的 180,000 盎司遠期銷售合約，平均價格為每盎司 1,840 美元。

Total cash cost of $1,193 per ounce and all-in sustaining costs of $1,805 per ounce were both above the top end of guidance for the first half of 2025, driven by higher costs at Young-Davidson and Magino as well as higher royalties and share-based compensation.

總現金成本為每盎司 1,193 美元，總維持成本為每盎司 1,805 美元，均高於 2025 年上半年指導值的最高值，這歸因於 Young-Davidson 和 Magino 的成本上升以及特許權使用費和股權激勵費用的增加。

Given the 45% increase in our share price in the first quarter, long-term incentives outstanding were revalued and resulted in a $230 per ounce increase to all-in sustaining costs compared to our guidance. All-in sustaining costs are expected to trend lower through the year with a 20% decrease expected in the second quarter and a further decrease in the second half of the year.

鑑於我們第一季股價上漲了 45%，未償還的長期激勵措施被重新評估，導致總維持成本與我們的預期相比每盎司增加了 230 美元。預計全年總維持成本將呈下降趨勢，預計第二季將下降 20%，下半年將進一步下降。

We are monitoring our full year cost guidance given the higher share-based compensation and royalty costs compared to guidance, which is challenging to forecast given the nature of these costs. Excluding the impact of these variables, which are outside of our control, we remain confident with our full year cost guidance.

鑑於股權激勵和特許權使用費成本高於指導值，我們正在監控全年成本指導值，考慮到這些成本的性質，預測起來具有挑戰性。排除這些我們無法控制的變數的影響，我們對全年成本指導仍然充滿信心。

Our reported net earnings were $15 million in the first quarter or $0.04 per share. This included $46 million of unrealized losses on commodity hedge derivatives for the legacy Argonaut 2026 and 2027 gold hedges and other adjustments totaling $2 million.

我們報告的第一季淨收益為 1500 萬美元，即每股 0.04 美元。其中包括 Argonaut 2026 年和 2027 年黃金對沖的商品對沖衍生品的 4,600 萬美元未實現損失，以及總計 200 萬美元的其他調整。

Excluding these items, our adjusted net earnings were $60 million or $0.14 per share. Operating cash flow before changes in non-cash working capital was $131 million in the first quarter or $0.31 per share. Capital spending totaled $100 million and included $27 million of sustaining capital, $66 million of growth capital and $7 million of capitalized exploration.

除這些項目外，我們的調整後淨收益為 6,000 萬美元或每股 0.14 美元。第一季非現金營運資本變動前的營運現金流為 1.31 億美元，即每股 0.31 美元。資本支出總計 1 億美元，其中包括 2,700 萬美元的維持資本、6,600 萬美元的成長資本和 700 萬美元的資本化勘探。

Free cash flow was negative $20 million and was impacted by $53 million of cash taxes paid, primarily related to year-end mining and income taxes in Mexico as well as the settlement of 25% of the prepayment obligation. Cash tax payments are expected to decrease through the remainder of the year of between $10 million and $15 million per quarter.

自由現金流為負 2000 萬美元，受到支付的 5300 萬美元現金稅的影響，主要與墨西哥年終採礦稅和所得稅以及 25% 的預付款義務結算有關。預計今年剩餘時間內現金稅支付將減少，每季減少 1,000 萬美元至 1,500 萬美元。

We expect stronger free cash flow through the remainder of the year, driven by higher production, lower costs, and lower cash tax payments. Combined with a strong cash position of $290 million and nearly $800 million in total liquidity, we remain well-positioned to internally fund our growth plans. I'll now turn the call over to our COO, Luc Guimond, to provide an overview of our operations.

我們預計，受產量提高、成本降低和現金稅費減少的推動，今年剩餘時間的自由現金流將更加強勁。結合 2.9 億美元的強勁現金狀況和近 8 億美元的總流動資金，我們仍然有能力為我們的成長計畫提供內部資金。現在，我將把電話轉給我們的營運長 Luc Guimond，讓他概述我們的營運狀況。

Thank you, Greg. Over to slide 8. Production from the Island Gold District totaled 59,200 ounces in the quarter, with a strong performance of Island Gold offsetting lower production from Magino. At Island Gold, mining and milling rates as well as grades were all consistent with annual guidance. This included 1,200 tonnes per day processed with grades averaging 11.36 grams per tonne.

謝謝你，格雷格。翻到幻燈片 8。本季度，Island Gold 區的產量總計 59,200 盎司，Island Gold 的強勁表​​現抵消了 Magino 產量的下降。在 Island Gold，採礦和銑削率以及品位都與年度指導一致。其中包括每天加工 1,200 噸黃金，平均品位為每噸 11.36 克。

Milling rates at Magino were lower than planned, averaging 7,200 tonnes per day. As I will review shortly, deficiencies in the ore flow design limited throughput rates earlier in the quarter. These have since been rectified, which has driven significantly higher throughput rates into March and April.

馬吉諾的銑削率低於計劃，平均每天 7,200 噸。我很快會回顧，礦石流設計的缺陷限制了本季早期的生產力。這些問題現已得到糾正，使得 3 月和 4 月的吞吐率大幅提高。

Grades processed at Magino averaged 0.86 grams per tonne, slightly below annual guidance. Given the lower mill availability in the quarter, mining activities were focused on waste stripping. With less ore mined, less of the relatively higher grade ore was available for processing.

馬吉諾 (Magino) 加工的黃金平均品位為每噸 0.86 克，略低於年度指引值。鑑於本季工廠可用性較低，採礦活動主要集中在廢料剝離。由於開採的礦石減少，可供加工的品位相對較高的礦石也減少。

Mining rates have improved to average over 15,000 tonnes per day of ore in April and are expected to remain at similar levels through the rest of the year. This is expected to support the availability of higher grades for processing through the remainder of the year.

4 月採礦率已提高至平均每天開採超過 15,000 噸礦石，預計今年剩餘時間將保持類似水準。預計這將為今年剩餘時間內更高等級的加工供應提供支援。

Combined with higher milling rates, we expect significant improvement in production and decrease in costs from the Magino portion of the operation through the remainder of the year. With a strong contribution from Island Gold, the combined operation generated positive mine site free cash flow of $19 million in the quarter, net of significant capital investments in the Phase 3+ expansion and a robust exploration program.

結合更高的銑削率，我們預計在今年剩餘時間內，馬吉諾部分的產量將顯著提高，成本將下降。在 Island Gold 的大力貢獻下，合併後的業務在本季度產生了 1,900 萬美元的礦場自由現金流，扣除了第 3+ 階段擴建和強勁勘探計劃的大量資本投資。

The operation is expected to continue self-funding the Phase 3+ expansion at current gold prices with significant free cash flow growth following its completion in 2026. Moving to slide 9. Magino had a challenging start to the year, but we believe we have now turned the corner with milling rates steadily improving and nearing planned levels.

預計在當前黃金價格下，該業務將繼續自籌資金進行第 3+ 階段擴建，並在 2026 年完工後實現顯著的自由現金流成長。移至幻燈片 9。馬吉諾今年開局充滿挑戰，但我們相信，隨著銑削率穩步提高並接近計劃水平，我們現在已經走出了困境。

Milling rates were lower than planned due to restricted ore flow through the crushing and conveying circuit. This was caused by deficiencies in the initial ore flow design for winter conditions, which created blockages within the feeders and undersized transfer shoots. The shoots were expanded during the quarter and combined with the various optimization activities undertaken in the second half of 2024, milling rates increased substantially towards the end of the quarter.

由於破碎和輸送迴路中的礦石流量受限，磨礦率低於計畫。這是由於針對冬季條件的初始礦石流設計有缺陷，導致給礦機堵塞以及轉運管道尺寸過小。本季，枝條擴大，再加上 2024 年下半年進行的各種優化活動，到本季末，碾磨率大幅提高。

Milling rates increased to average 8,200 tonnes per day in March and approximately 9,500 tonnes per day in the last two weeks of April with further improvement expected in May. In advance of the transition to processing Island Gold ore through the Magino mill, approximately 8,000 tonnes of high-grade ore from Island Gold were blended with Magino ore and processed through the Magino mill in April.

3 月磨粉率增至平均每天 8,200 噸，4 月最後兩週增至平均每天 9,500 噸左右，預計 5 月將進一步提高。在透過 Magino 選礦廠加工 Island Gold 礦石之前，4 月約有 8,000 噸 Island Gold 高品位礦石與 Magino 礦石混合，並由 Magino 選礦廠加工。

The batch test was successful with recoveries averaging 96% from the blended ore, in line with expectations. With the significant improvement in Magino's milling rates and successful batch test of Island Gold's high-grade ore, Island Gold's mill is expected to shut down in early May, following which ore from Island Gold will be trucked and processed through the larger and more cost-effective Magino mill.

批量測試成功，混合礦石的回收率平均為 96%，符合預期。隨著馬吉諾磨礦率的顯著提高和Island Gold高品位礦石批量測試的成功，Island Gold的磨礦機預計將於5月初關閉，隨後Island Gold的礦石將通過卡車運輸，並送至規模更大、更具成本效益的馬吉諾磨礦機進行加工。

Given the significantly lower processing costs from utilizing the Magino mill, this is expected to contribute to declining costs through the remainder of the year.

鑑於使用馬吉諾工廠可大幅降低加工成本，預計這將有助於今年剩餘時間內成本的下降。

Moving to slide 10. The transition to the Magino mill is an important step towards the completion of the Phase 3+ expansion. The Magino haul road is now substantially complete and will be used to transport ore from the Island Gold Portal to the Magino mill.

移至投影片 10。向馬吉諾工廠的過渡是完成第 3+ 階段擴建的重要一步。馬吉諾運輸道路現已基本完工，將用於將礦石從島嶼黃金門戶運輸到馬吉諾磨坊。

Progress is being made on the mill expansion at 12,400 tonnes per day with bulk earthworks underway and detailed engineering ongoing to support a larger, longer-term expansion of the mill. Within the shaft site area, we continue to make progress having recently completed the second shaft station breakthrough at the 1,050 level.

工廠擴建工程目前進展順利，日產量達到 12,400 噸，正在進行大規模土方工程，並正在進行詳細工程設計，以支援工廠更大規模、更長期的擴建。在礦井現場區域內，我們繼續取得進展，最近在 1,050 水平完成了第二個礦井站的貫通。

At quarter end, the shaft sink had reached a depth of 1,055 meters and remains on track to reach the ultimate depth of 1,373 meters in the third quarter of this year. The construction of the paste plant is also advancing well with 30% of the building steel now erected and boreholes for the delivery of paste underground completed in advance of liner installation.

截至本季末，豎井沉降深度已達 1,055 米，預計今年第三季將達到 1,373 公尺的最終深度。膏體廠的建造也進展順利，目前已完成 30% 的建築鋼材，並在襯管安裝前完成了地下膏體輸送的鑽孔。

Over to slide 11. As of quarter end, we spent and committed 75% of the total Phase 3+ expansion capital of $796 million. The expansion remains on track for completion in the first half of 2026 and will be a significant driver of low-cost production growth and free cash flow generation.

翻到第 11 張投影片。截至季末，我們已花費並承諾了第三階段及以上擴張資本總額 7.96 億美元的 75%。擴建工程預計將於 2026 年上半年完成，並將成為低成本生產成長和自由現金流產生的重要動力。

Over to slide 12. Young-Davidson produced 35,400 ounces in the first quarter, lower than planned due to -- lower than planned due to lower mining rates. Lower production drilling and scoop availability in the first two months of the quarter impacted stope productivity and mining sequence.

翻到第 12 張投影片。Young-Davidson 第一季的產量為 35,400 盎司，低於計劃，原因是採礦率較低。本季前兩個月的生產鑽探和鏟運機可用性較低，影響了採場生產力和採礦順序。

Production drilling meters and scoop availability improved within the quarter and mining rates were back to design capacity of 8,000 tonnes per day in March and April and are expected to remain at similar levels throughout the rest of the year.

本季度，生產鑽井儀表和鏟鬥的可用性有所改善，採礦率在 3 月和 4 月恢復到每天 8,000 噸的設計產能，預計在今年剩餘時間內將保持在類似水平。

Through higher mining and processing rates as well as increased grades, production is expected to increase and cost decrease for the remainder of the year. With another strong quarter of mine site free cash flow of $39 million, Young-Davidson is on track to deliver more than $100 million of free cash flow for the fifth consecutive year.

透過提高採礦和加工率以及提高品位，預計今年剩餘時間內產量將會增加，成本將下降。憑藉礦場自由現金流再創佳績，達到 3,900 萬美元，Young-Davidson 預計將連續第五年實現超過 1 億美元的自由現金流。

Over to slide 13. Total production from the Mulatos district was 30,400 ounces in the quarter, with two-thirds of production coming from La Yaqui Grande and the remainder from residual leaching at Mulatos. As previously guided, grades at the La Yaqui Grande were expected to be at the low end of the guidance range in the first quarter and steadily increase throughout the year.

翻到第 13 張投影片。本季穆拉托斯地區總產量為 30,400 盎司，其中三分之二的產量來自 La Yaqui Grande，其餘產量則來自穆拉托斯的殘餘浸出。根據先前的預測，預計拉亞基格蘭德礦的等級在第一季將處於指導範圍的低端，並在全年穩步上升。

With lower grade stacked in the quarter at La Yaqui Grande and higher contribution from residual leaching, costs were above the top end of the annual guidance range. Costs are expected to trend lower through the year as production increases, driven by higher grades from La Yaqui Grande.

由於本季 La Yaqui Grande 礦的礦品位較低，且殘留浸出的影響較大，因此成本高於年度指引範圍的最高端。受 La Yaqui Grande 礦石品位提高的推動，產量增加，預計全年成本將呈下降趨勢。

The environmental permit amendment for the PDA project was received in late January, allowing for the start of construction activities. The focus during the quarter was on procurement of long lead items and detailed engineering. Construction activities are expected to ramp up towards the middle of the year with first production on track for mid-2027.

PDA 專案的環境許可證修正案已於 1 月底收到，允許開始施工活動。本季的重點是長週期項目的採購和詳細工程。預計建設活動將在年中加大力度，預計 2027 年中期將首次生產。

Mine site free cash flow totaled $1 million in the quarter, net of $48 million in cash tax payments for the 2024 year. With production increasing and costs decreasing, the Mulatos district is expected to generate strong mine site free cash flow through the remainder of the year while funding the development of PDA and a robust exploration program. With that, I will turn the call back to John.

本季礦場自由現金流總計 100 萬美元，扣除 2024 年 4,800 萬美元的現金稅。隨著產量增加和成本下降，預計穆拉托斯地區將在今年剩餘時間內產生強勁的礦場自由現金流，同時為 PDA 的開發和強大的勘探計劃提供資金。說完這些，我就把電話轉回給約翰。

Thank you, Luc. I'll now turn the call over to the operator, who will open the call for your questions. After that, I'm going to ask the operator to turn the call back to me for some final remarks.

謝謝你，盧克。我現在將電話轉給接線員，接線員將回答您的問題。之後，我將請接線生將電話轉回給我，讓我做最後的評論。

(Operator Instructions)

（操作員指示）

Cosmos Chiu, CIBC.

加拿大帝國商業銀行 (CIBC) 的 Cosmos Chiu。

Maybe my first question is on the Magino mill. It sounds like some of the issues in terms of the restrictions with the conveyor or conveying and crushing bottlenecks have now been rectified. Now looking at -- you're getting to close to 9,500 tonnes per day in terms of throughput.

也許我的第一個問題是關於馬吉諾工廠的。聽起來，傳送帶限製或傳送和破碎瓶頸方面的一些問題現在已經得到糾正。現在來看——就吞吐量而言，每天接近 9,500 噸。

But I guess my question is, previously, you had expected to get to 11,200 tonnes per day by the end of Q1. Is that still what you're trying to aim for near term in terms of getting up to 11,200 tonnes per day? And do you need to reach that level before you can fully integrate the Island Gold and Magino and shut down the Island Gold mill?

但我想我的問題是，之前您曾預計到第一季末產量將達到每天 11,200 噸。這是否仍是您近期的目標，達到每天 11,200 噸？您是否需要達到該水平才能完全整合 Island Gold 和 Magino 並關閉 Island Gold 工廠？

Yeah. Hi, Cosmos, it's Luc here. As I touched on in the communication, our expectation is actually we're going to make that transition at the beginning of May, actually at the end of next week. We've seen some continuous improvement certainly over the last three quarters, as we've talked about with regards to the jaw crusher, cone crusher.

是的。嗨，Cosmos，我是 Luc。正如我在溝通中提到的那樣，我們的預期實際上是在五月初，也就是下週結束時完成這項轉變。正如我們談到的顎式破碎機、圓錐破碎機，我們在過去三個季度確實看到了一些持續的改進。

And last component, which kind of held us back from actually making the transition by the end of Q1 was some of the bottlenecks that we saw in the crushing and conveying system. We've since addressed those. And as I mentioned, at the end of April, we were running at 9,500 tonnes per day.

最後一個因素是，我們在破碎和輸送系統中發現了一些瓶頸，這在某種程度上阻礙了我們在第一季末真正實現轉型。我們已經解決了這些問題。正如我所提到的，截至 4 月底，我們的日產量為 9,500 噸。

We had a couple of smaller minor operational issues, to be frank with you, that would have actually put us well above 10,000 tonnes per day with regards to running the processing plant.

坦白說，我們遇到了一些較小的營運問題，這些問題實際上會使我們加工廠的日產量遠遠超過 10,000 噸。

And really, the final step for us was to be able to complete the higher-grade batch test of Island Gold ore co-mingled with the Magino ore, just to validate the metallurgical recoveries in the processing plant from a plant scale perspective, and we did that. And we had no issues with regards to the overall performance of -- overall recovery as well as overall leach circuit performance.

實際上，對我們來說，最後一步是能夠完成與馬吉諾礦石混合的 Island Gold 礦石的高品位批量測試，只是為了從工廠規模的角度驗證加工廠的冶金回收率，我們做到了。並且，對於整體性能——整體回收率以及整體浸出迴路性能，我們沒有遇到任何問題。

So we're now quite comfortable to make that transition. And our expectation is at the end of next week, we will start actually bringing all of the Island ore, underground ore over to Magino and being processed on a co-mingling basis with the Magino ore.

因此我們現在可以輕鬆地實現這一轉變。我們預計下週結束時，我們將開始將所有島嶼礦石、地下礦石運送到馬吉諾，並與馬吉諾礦石進行混合。

I guess, Luc, in terms of numbers, I bring up the 11,200 tonnes per day. I know that was a number that was given out previously. Is that a number that we should stick to? Or is that still like a number that we should look as a target or not so much these days? I guess that's really the crux of my question.

我想，盧克，從數字上來說，我提出的數字是每天 11,200 噸。我知道這是之前給的數字。我們應該堅持這個數字嗎？或者說，這仍然是我們應該視為目標的數字，還是現在不再那麼重要了？我想這確實是我的問題的關鍵。

No, that's still the number we expect to deliver on, Cosmos, is the 11,200 tonnes per day as we move forward here through the remainder of the year.

不，這仍然是我們預計在今年剩餘時間內能夠實現的數字，即每天 11,200 噸。

Okay. Sounds good. And then maybe moving to Young-Davidson here. Just a quick question on Young-Davidson. It's always been steady as she goes, very steady operation. I was kind of surprised that throughput on mining output was a bit lower in Q1, as you mentioned, due to kind of the equipment availability underground.

好的。聽起來不錯。然後也許會搬到這裡的 Young-Davidson。這只是關於 Young-Davidson 的一個簡單問題。她一直都很穩定，運作非常平穩。正如您所說，由於地下設備的可用性，第一季採礦產量略有下降，這讓我感到有些驚訝。

Is that due to kind of the age of the equipment? Can you maybe comment on that? Is there any kind of renewal of the equipment needed at this point in time? Or is it just really kind of like a maintenance? Actually, I don't know. Maybe you can just touch on what happened? And should we be concerned about the age of the equipment?

這是因為設備太舊了嗎？您能對此發表評論嗎？目前是否需要更新某種設備？或者它實際上只是一種維護？事實上，我不知道。也許您可以簡單談談發生了什麼？我們是否應該擔心設備的使用年限？

Sure. It was really more mining sequence related, to be honest with you, Cosmos. Typically, with the lower mine infrastructure, from 9590 down has a direct feed into our crushing and conveying system, where the upper mine, the legacy from the upper mine from the early years of mining, there's a transfer point required to be able to provide that ore distribution down into the lower mine.

當然。說實話，它實際上與採礦序列更相關，Cosmos。通常情況下，從 9590 向下的下部礦井基礎設施直接將礦石輸送到我們的破碎和輸送系統，而上部礦井，即早年採礦時上部礦井留下的礦石，需要一個轉運點，以便將礦石輸送到下部礦井。

And as a result of that, we had some more productive stopes that we were expecting through the first quarter in the lower mine that are much more productive for us to be able to maintain the 8,000 tonnes per day. We typically like to keep about a 50-50 blend.

因此，我們預計第一季度下部礦井的一些採場將更加高效，我們的採場效率將大大提高，從而能夠維持每天 8,000 噸的產量。我們通常喜歡保持 50-50 的混合。

And as a result of some of those stopes not coming online in a timely fashion in the first quarter, in combination with a couple of production drills that we actually had working in the lower mine to get those stopes online, we had a couple of unscheduled maintenance issues with a couple of those drills that we had to address, and that really affected the performance in the quarter.

由於第一季部分採場未能及時投入使用，再加上我們實際上在下部礦井中運行的幾台生產鑽機未能使這些採場投入使用，導致我們不得不解決其中幾台鑽機的一些計劃外維護問題，這確實影響了本季度的業績。

But as far as the overall fleet management and replacement management of our equipment, it's always done in a timely fashion. The equipment that we're currently utilizing still has useful life. It was more just in relation to some unscheduled downtime with the drills as well as a couple of scoops, which also puts a bit more pressure, obviously, for rehandling from the upper mine to the lower mine.

但就我們設備的整體車隊管理和更換管理而言，總是及時完成。我們目前正在使用的設備仍然有使用壽命。這更多的只是與鑽機的一些計劃外停機以及幾次鏟運有關，這顯然也給從上層礦井到下層礦井的重新運輸帶來了更大的壓力。

But as part of our equipment replacement strategy, I mean, we do have a couple of new units that we brought in last year. We have a couple more new units coming in this year as far as scoops and another production drill as well based on operating hours and the life cycle of those pieces of equipment.

但作為我們設備更換策略的一部分，我們去年確實引進了幾個新設備。今年，我們還將引進幾個新的鏟鬥和另一個生產演習，這些演習將根據這些設備的運行時間和生命週期進行。

Understood. Maybe just one last question, turning to likely Greg here. Two things on the guidance and costs. Number one, Greg, could you remind us what kind of gold price assumption you've factored into your cost guidance for the year? And number two, a bit more of an accounting nerdy question here, but the $230 an ounce was in part due to higher management compensation with the increase in the share price of Alamos this past quarter, maybe this past year. But how does it work?

明白了。也許只是最後一個問題，這裡可能是問格雷格。關於指導和成本的兩件事。第一，格雷格，您能否提醒我們，您在製定今年的成本指導時考慮了什麼樣的黃金價格假設？第二，這是一個會計方面的難題，但每盎司 230 美元的價格部分是由於上個季度，也許是去年，隨著阿拉莫斯股價的上漲，管理層薪酬也隨之提高。但它是如何運作的呢？

Like normally higher kind of revaluation of management compensation that was issued in the previous quarter, the revaluation, does it usually get into your all-in sustaining cost number for the quarter? And number two, yes, it's up 45% year-to-date. But today, your share price is down 11%. So doesn't that mean later on, it might get revalued again in terms of those management compensation expenditures? And does that mean we're going to see like a reversal of today's $230 an ounce sometime later on? Doesn't that introduce a lot of volatility into that number?

就像上一季發布的管理薪資重估通常更高一樣，這種重估通常會計入本季的全部維持成本數字嗎？第二，是的，今年迄今已上漲 45%。但今天，你的股價下跌了11%。那麼這是否意味著以後它可能會根據管理層薪酬支出再次重新估值？這是否意味著我們稍後會看到今天每盎司 230 美元的逆轉？這難道不會給該數字帶來很大的波動嗎？

Yeah, Cosmos, it's Greg here. So I'll answer the easy question first, which is the gold price assumption. That was $2,400. So we had budgeted that. And obviously, the increase in the gold price above that $2,400 has an impact on royalties expense as well as other charges that are related to mine site performance.

是的，Cosmos，我是 Greg。因此，我先回答一個簡單的問題，即黃金價格假設。那是 2,400 美元。所以我們已經預算了這一點。顯然，金價上漲至 2,400 美元以上會對特許權使用費以及與礦場表現相關的其他費用產生影響。

On the stock-based compensation, I mean, it relates to the fact that we issue PSUs, RSUs, DSUs and they all have terms of, call it, three years or longer. Those all need -- so it's all from units that have been issued in the past. And because we settle those in cash, they're considered liability-based instruments. And therefore, under accounting rules, they are required to be mark-to-market every quarter.

關於股票薪酬，我的意思是，它與我們發行 PSU、RSU、DSU 的事實有關，而且它們的期限都是三年或更長。這些都是需要的——所以都是來自過去已經發行的單位。因為我們以現金結算，所以它們被視為基於負債的工具。因此，根據會計規則，他們必須每季進行以市價計價。

So to your point, could we see a reversal of this? Yeah, I mean if the share price drops, you have a negative mark-to-market. And if the price increases, you have a positive mark-to-market.

那麼按照你的觀點，我們能看到這種逆轉嗎？是的，我的意思是，如果股價下跌，市價就會變成負數。如果價格上漲，則市價為正。

Why it was so profound this quarter was because we were up 45% in the quarter, which we've never seen before. And frankly, it's a good thing. So yes, I mean, that's just how the accounting works on that. And every company will include stock-based compensation in their definition of all-in sustaining costs.

本季業績之所以如此顯著，是因為我們本季的業績成長了 45%，這是我們以前從未見過的。坦白說，這是一件好事。是的，我的意思是，這就是會計運作的方式。每家公司都會將股票薪酬納入其全部維持成本的定義中。

Michael Siperco, RBC Capital Markets.

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

Just on Magino, I know you said higher grades over the rest of the year on the higher milling. Apologies if I missed it somewhere, but are you able to quantify that? Should we be thinking back in line with original guidance? Or is there a potential for a bit of a catch-up in some higher grade?

就馬吉諾而言，我知道您說過，今年剩餘時間的銑削成績會更高。如果我遺漏了什麼地方，請見諒，但您能量化這一點嗎？我們是否應該按照最初的指導重新思考？或者在更高年級時是否有可能趕上？

Yeah. We should -- we'll track to being within guidance for the rest of the year with regards to Magino, with regards to the grade profile that we would have put out at the beginning of the year.

是的。我們應該——我們將追蹤今年剩餘時間有關 Magino 的指導，以及我們在年初發布的成績概況。

I mean we're slightly below on the Magino side, certainly for the head grades that went into the mill, but that was really a function of not actually mining the entire mine plan through the quarter because of some of the challenges that we had with regards to the crushing and conveying with regards to those drop shoots that we had to replace. So that prevented us from getting all of the higher grade portion of the ore that we were expecting in the quarter, which would have put us within guidance.

我的意思是，我們在馬吉諾 (Magino) 一側略低一些，當然是針對進入工廠的礦石品位而言，但這實際上是由於我們在本季度實際上沒有開採整個礦山計劃，因為我們在破碎和輸送那些我們必須更換的落料方面遇到了一些挑戰。因此，這阻止了我們獲得我們預期在本季度的所有高品位礦石，而這本來可以使我們達到預期目標。

Okay. Makes sense. And then just another question on the testing you were doing blending the Magino and Island ore. What sort of grade were you testing there in terms of the Magino material? And are you confident at those levels of recovery sort of no matter what you're putting into the mill between the Island ore and the Magino ore?

好的。有道理。然後還有一個關於您對馬吉諾礦石和島嶼礦石進行混合測試的問題。就馬吉諾材料而言，您測試的是哪種等級的？無論您在 Island 礦石和 Magino 礦石之間放入什麼礦石，您對這種回收程度有信心嗎？

Yeah, we're comfortable. I mean the high-grade test, we ran about 8,500 tonnes of Island ore co-mingling with the Magino ore. The Island ore was running from a day-to-day perspective, anywhere from 7 to 10 grams on average in that range with Magino ore that was running at about 0.9 at that point.

是的，我們很舒服。我的意思是，在高品位測試​​中，我們測試了約 8,500 噸與馬吉諾礦石混合的 Island 礦石。從日常角度來看，島嶼礦石的運行量在 7 至 10 克之間，而馬吉諾礦石的運行量當時約為 0.9 克。

So that's typically the sort of blend that we would expect to see, as we start to continue to co-mingle this ore for the long term running that entire plant with both ore sources feeding into the one mill. And the overall recoveries that I mentioned were in our expectation, we ended up with about a 96% recovery overall on the combined ore stream, which is what our expectation was.

因此，這通常是我們期望看到的混合類型，因為我們開始繼續將這種礦石混合在一起，以便長期運行整個工廠，並將兩種礦石來源輸送到一個磨機中。我提到的整體回收率符合我們的預期，最終綜合礦石流的整體回收率約為 96%，這也符合我們的預期。

Okay. Great. That makes sense. And then maybe one more if I could. If you look out longer term, obviously, you've got a lot of growth on deck through 2030, but construction really starts to ramp up in the second half. You'll soon have three projects on the go. Can you give any color on how you're managing that, sequencing it or otherwise managing risk over the next couple of years?

好的。偉大的。這很有道理。如果可以的話，也許還會再來一次。如果從長遠來看，顯然到 2030 年還會有很大的成長，但建築業真正開始加速是在下半年。您很快就會有三個正在進行的項目。您能否詳細說明未來幾年您將如何管理這個問題、如何安排其順序或如何管理風險？

Yeah. We're -- I mean, our Phase 3+ expansion is well underway. I mean we're well over halfway through, certainly. The shaft depth is nearing completion there by the end of this year. The paste plant, we're starting construction. It's not on critical path, but we expect to have that completed by the end of the year.

是的。我們——我的意思是，我們的第三階段及之後的擴展正在順利進行中。我的意思是，我們當然已經完成了一半以上。到今年年底，那裡的豎井深度已接近完工。糊劑工廠，我們正在開始建造。它不在關鍵路徑上，但我們預計將在今年年底前完成。

And the next phase, obviously, for us is the continued mill expansion to support more throughput through the Magino mill. And we're working through that, time-wise, expecting to have that completed in the second half of 2026. But we've got a solid team built there.

顯然，對我們來說，下一階段是繼續擴建工廠，以透過 Magino 工廠支持更多的產量。我們正在按時間進度努力完成這一目標，預計將於 2026 年下半年完成。但我們在那裡建立了一支堅實的團隊。

We've got lots of people to be able to manage the Phase 3+ expansion. With regards to Mexico PDA, we've done a number of projects down there over the 20-year period. And we basically have the team that's seconded within our operations team to be able to manage these projects. That's the way we've always done it in Mexico over the 20-year period.

我們有很多人能夠管理第三階段及之後的擴展。關於墨西哥 PDA，我們在過去 20 年裡在那裡完成了許多專案。我們基本上有一個從營運團隊借調的團隊來管理這些專案。二十年來，我們在墨西哥一直都是這麼做的。

So we already have the complement of people that we need to be able to deliver on PDA certainly with regards to the construction on the milling infrastructure that we're going to be building there. On the mining side, it's going to be managed also with our operations team, but it will be contract mining.

因此，我們已經擁有了在 PDA 上交付所需人員，當然也包括我們將在那裡建造的銑削基礎設施的建設。在採礦方面，它也將由我們的營運團隊管理，但這將是合約採礦。

So there will be a complement of people that obviously will oversee that on the contract side. And then Lynn Lake, certainly, we're in the early stages of that, but we're in the process of building our team. All of the key figures that we need as far as management as we start the project are in place. So we're quite comfortable certainly moving on those three areas of growth over the next couple of years.

因此，顯然會有一批人負責監督合約方面的工作。然後是林恩湖，當然，我們還處於早期階段，但我們正在組建團隊。在專案啟動時，我們管理所需的所有關鍵人物都已到位。因此，我們非常有信心在未來幾年內繼續朝著這三個成長領域邁進。

Ovais Habib, Scotiabank.

加拿大豐業銀行的 Ovais Habib。

Just a couple of questions from me. Most of my questions have been answered. One question that's been coming up since my calls this morning is just on the ASIC side. So basically, in terms of -- based on your Q1 results and you're expecting that 20% decline in ASIC, we're kind of estimating kind of you would need about -- to hit about $1,000 to $1,050 per ounce in order to achieve your cost guidance or ASIC guidance. How confident are you in terms of achieving these cost levels?

我只想問幾個問題。我的大部分問題都已得到解答。自從我今天早上打電話以來，一直存在的一個問題是關於 ASIC 方面的問題。因此，基本上，根據您的第一季業績以及您預計的 ASIC 下降 20%，我們估計您需要達到每盎司約 1,000 至 1,050 美元才能實現您的成本指導或 ASIC 指導。您對實現這些成本水平有多大信心？

Ovais, it's Greg here. So we are very confident in what we can control, which is our operating costs, our sustaining capital. That is tracking well against the budget. What we really don't have any control over and don't have any foresight on is where the gold price is going to go and the share price. Those are two things that we have some control, but actually don't have control over and therefore, can't manage the impact on the cost.

奧瓦斯，我是格雷格。因此，我們對於我們能夠控制的事情非常有信心，即我們的營運成本和維持資本。這與預算相符。我們真正無法控制、也無法預見的是金價和股價的方向。這兩件事我們可以控制，但實際上卻無法控制，因此無法控制對成本的影響。

So really, what we're saying is, from what we have oversight on, we're very comfortable with respect to budget. We are over budget on what we had put in the guidance for share-based compensation and the royalty expense. And if that continues to impact us, then it could have an impact on our overall cost guidance.

所以實際上，我們要說的是，從我們所監督的情況來看，我們對預算非常滿意。我們的股權激勵和特許權使用費超出了預期預算。如果這種情況繼續影響我們，那麼可能會對我們的整體成本指導產生影響。

Okay. And just moving on quickly on the exploration side at Island Gold. You guys hit some pretty good results on the western side of Island Gold. Is there plans to continue drilling on that side? And any sort of color on that front?

好的。並且迅速推進 Island Gold 的勘探工作。你們在 Island Gold 西側取得了相當不錯的成績。有沒有計劃在那一側繼續鑽探？前面有什麼顏色嗎？

It's Scott Parsons, VP of Exploration. Yes, those results were encouraging and positive, and drilling is ongoing as we speak in the western part of Island, both from underground and surface following up on the up plunge extension of the Western ore shoot.

他是勘探副總裁斯科特·帕森斯 (Scott Parsons)。是的，這些結果是令人鼓舞和積極的，目前，我們在島嶼西部正在進行鑽探，鑽探工作正在進行中，包括地下和地面鑽探，以追蹤西部礦脈的向上延伸。

So that continues to grow and expand as we step out. We had a good increase in resources there at the end of last year, and we continue to step out both closer to surface -- from the surface drills and underground from our underground platforms in that area.

因此，隨著我們的前進，它會繼續成長和擴大。去年年底，我們在那裡的資源有了很大的增長，我們繼續從地面鑽井向地面延伸，並從該地區的地下平台向地下延伸。

And with those underground platforms, Scott, I mean, is there a possibility that you have infrastructure to actually mine those areas as well?

史考特，有了這些地下平台，你們是否有可能擁有基礎設施來實際開採這些區域？

That's our approach with basically establishing our exploration drifts underground is utilizing them initially for exploration. We'll put a drill at the end of the platform, drill, we hit mineralization and define resource. We'll extend that platform further to be able to infill drill, convert it to reserves, but also to continue exploration. And ultimately, those will be used for production in the future.

這就是我們建立地下勘探巷道的基本方法，首先利用它們進行勘探。我們會在平台末端放置一個鑽頭，透過鑽頭，我們會發現礦化點並確定資源量。我們將進一步擴展該平台，以便能夠進行加密鑽探，將其轉化為儲備，並繼續進行勘探。最終，這些將用於未來的生產。

[Carey MacRury, Canaccord Genuity].

[Carey MacRury，Canaccord Genuity]。

Just a couple of follow-ups on Magino. You've made a lot of upgrades to the processing circuit there. Are there any more upgrades that you still need to do to get to the 11,200 tonnes per day? Or are you kind of there now?

這只是關於 Magino 的幾個後續問題。您對那裡的處理電路做了很多升級。為了達到每天 11,200 噸的目標，還需要哪些升級嗎？或者你現在就在那裡嗎？

No, it's Luc here. No, we're there now. I mean, as I mentioned, we've made obviously a few modifications there from the original design that was installed. I can't emphasize that enough. It was some poor design considerations there with regards to the crushing circuit and conveying circuit. We've made all of those changes.

不，我是盧克。不，我們現在就到了。我的意思是，正如我所提到的，我們顯然對原始設計做了一些修改。我再怎麼強調這一點也不為過。破碎迴路和輸送迴路的設計考慮不太周全。我們已經做出了所有這些改變。

We made some other modifications to the grinding circuit that we felt would improve the overall throughput. We've completed the batch testing with regards to a low grade and a high-grade component of land ore co-mingling with Magino ore. And so we're confident on the metallurgical side of things. So there's nothing stopping us now from moving forward and starting hitting our stride to that 11,200 tonnes per day.

我們對研磨迴路進行了一些其他修改，認為這些修改可以提高整體產量。我們已經完成了與馬吉諾礦石混合的低品位和高品位陸地礦石成分的批量測試。因此我們對冶金方面的情況充滿信心。因此，現在沒有什麼可以阻止我們繼續前進，開始大步邁向每天 11,200 噸的目標。

And as we think about the expansion to 15,000-plus, can you just remind us what sort of components are going to need upgrades to get to that level?

當我們考慮擴展到 15,000 多個時​​，您能否提醒我們哪些組件需要升級才能達到這個水平？

It's basically twinning the infrastructure that we have now, Carey. It's talking about another crushing circuit, so two-stage crushing as well as two-stage grinding with additional leach capacity, both CIP and CIL, upsizing the elution circuit and upsizing the refinery to actually handle higher gold content overall coming in on a bigger processing plant, potentially up to 20,000 tonnes per day.

這基本上就是對我們現有的基礎設施的結合，凱裡。它談論的是另一個破碎迴路，即兩級破碎以及兩級研磨，具有額外的浸出能力，包括 CIP 和 CIL，擴大了洗脫迴路，擴大了精煉廠的規模，以便實際處理更大的加工廠中總體上更高的黃金含量，可能高達每天 20,000 噸。

And that's twinning the grinding circuit as well?

這也是雙研磨電路嗎？

Correct.

正確的。

(Operator Instructions)

（操作員指示）

Don DeMarco, National Bank Financial.

唐‧德馬科 (Don DeMarco)，國家銀行金融。

So first question, it looks like a bit of a catch-up on sustaining CapEx over the rest of the year. Is this as expected and aligned with your planned ASIC reductions and lower costs in H2?

所以第一個問題是，看起來今年剩餘時間內維持資本支出方面需要一些追趕。這是否符合預期並與您計劃的 H2 ASIC 削減和降低成本一致？

Yes, that's correct. I mean sustaining capital is always going to be timing based, and we had expected it to be a little bit lower in the first quarter and catch-up over the rest of the year.

是的，正確。我的意思是維持資本總是基於時間的，我們預計第一季的資本會略低一些，並在今年剩餘時間內趕上。

Got it. Okay. And so sticking with costs, I mean, full year guidance was issued before some of the tariff announcements in the state. Are you seeing any impacts from the tariffs on your costs here or maybe some of the FX volatility weighs on them?

知道了。好的。因此，堅持成本，我的意思是，在該州宣布一些關稅之前，已經發布了全年指引。您是否發現關稅對貴公司的成本產生了影響，或者外匯波動對成本產生了影響？

So we aren't seeing any of the impact on tariffs now. And I mean, I'll step back and say that about 50% of our cost structure is labor and contractors and contractors are predominantly labor as well. So no real exposure there as well as on -- there's another 15% that's energy and fuel.

因此我們現在沒有看到對關稅的任何影響。我的意思是，我退一步說，我們的成本結構中大約 50% 是勞動力和承包商，而承包商也主要由勞動力組成。因此那裡沒有真正的曝光——另外 15% 是能源和燃料。

So majority of our cost base is not really exposed to anything that could potentially have tariffs on it. But right now, we aren't experiencing anything. What we are experiencing is the last part of what you said, which is a weaker Canadian dollar compared to what we had budgeted. So we are benefiting from that.

因此，我們的大部分成本基礎實際上並未受到任何可能徵收關稅的影響。但目前，我們還沒有經歷任何事情。我們所經歷的就是您所說的最後一部分，即與我們的預算相比，加幣走弱。因此我們從中受益。

Okay. Good to hear. Then maybe just looking ahead, I mean, you indicate potential for 1 million ounces a year with further expansion of Island. Can you add some color on the Island expansion study that's pending release in Q4, including maybe the scope, the timing and magnitude of the CapEx that might be related to that study?

好的。很高興聽到這個消息。那麼也許只是展望未來，我的意思是，隨著島嶼的進一步擴張，您指出每年有 100 萬盎司的潛力。您能否對即將於第四季發布的島嶼擴建研究進行一些補充，包括可能與該研究相關的資本支出的範圍、時間和規模？

Well, we're -- I mean, as far as the larger mill complex, we're still working through that. We don't have specific numbers that we can talk to at this point. It's a bit too early. But as I think we've talked about, we've communicated that we're going to put out a development plan by the end of the year, which would talk about what the larger mill complex would look like, both from supporting Magino mining rates, but as well as looking at Island underground mining rates to see if we can go certainly beyond the 2,400 tonnes a day as part of what we're contemplating is looking to bring the underground component of that mill feed to about 3,000 tonnes per day from Island underground.

嗯，我們——我的意思是，就更大的工廠綜合體而言，我們仍在努力解決這個問題。目前我們還沒有可以談的具體數字。有點太早了。但我想我們已經討論過了，我們已經傳達了我們將在今年年底前推出一項發展計劃，其中將討論更大的工廠綜合體將會是什麼樣子，既要支持馬吉諾的採礦率，也要考慮島嶼地下採礦率，看看我們是否可以超過每天 2,400 噸，因為我們正在考慮的一部分是將該工廠進料的地下部分從島嶼地下開採到每天約 3,000 噸的地下部分約 3000 噸地下部分從島嶼地下開採到每天約 3,000 噸地下部分的地下部分從島嶼地下開採到每天 3000 噸。

We have no further questions registered at this time. I would now like to turn the meeting back over to Mr. McCluskey.

目前我們沒有其他問題。現在我想將會議交還給麥克拉斯基先生。

Thank you, operator. I just want to say in conclusion that we have a long history of meeting or exceeding our guidance, and we take pride in that record. I think it's at least five years where we've either met or exceeded guidance. So coming in at the low end of production and higher on costs, it's not illustrative of our track record, and it's not indicative of our expected performance for 2025.

謝謝您，接線生。最後，我只想說，我們長期以來一直達到或超過我們的指導方針，我們為這項記錄感到自豪。我認為至少有五年的時間我們已經達到或超過了預期目標。因此，產量處於低端且成本較高，這並不能說明我們的業績記錄，也不能顯示我們對 2025 年的預期表現。

We're already on track for a much stronger second quarter and further improvement in the second half of the year. And furthermore if you take a look at our three-year outlook, it continues to demonstrate that we're going to have further growth in production and further declines in costs.

我們已準備好迎接第二季更強勁的表現以及下半年進一步改善的局面。此外，如果你看一下我們的三年展望，它繼續表明我們的產量將進一步增長，成本將進一步下降。

So our outlook, it looks better than ever. So from that point of view, as a management team, we remain very confident in what we're doing. We saw the market reaction this morning to the quarterly results.

因此我們的前景看起來比以往任何時候都好。因此從這個角度來看，作為管理團隊，我們對自己所做的事情仍然非常有信心。我們今天早上看到了市場對季度業績的反應。

We think it's certainly overdone. We have a strong year in front of us. We've come through a tough quarter, but stronger quarters lie ahead. And we're very, very confident in our ability to deliver on that. So with that, I'll conclude my remarks and turn it back to you, operator.

我們認為這確實有些過度了。我們即將迎來強勁的一年。我們度過了一個艱難的季度，但未來將會更加強勁。我們對於實現這一目標的能力非常有信心。好了，我的發言就到此結束，然後把話題轉回給您，接線生。

Thank you. The conference has now ended. Please disconnect your lines at this time, and we thank you for your participation.

謝謝。會議現已結束。此時請斷開您的線路，感謝您的參與。