Alamos Gold Inc (AGI) 2025 Q2 法說會逐字稿

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

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。請繼續。

Thank you, Patrick, and thanks to everybody for attending Alamos' second quarter of 2025 conference call.

謝謝你，派崔克，也謝謝大家參加阿拉莫斯 2025 年第二季電話會議。

In addition to myself, we have on the line today John McCluskey, President and Chief Executive Officer; Greg Fisher, Chief Financial Officer; and Luc Guimond, Chief Operating Officer. We will be referring to a presentation during the conference call that is available through the webcast and on our website.

除了我自己之外，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)、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)。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。

I would also like to remind everyone that our presentation will be followed by a Q&A session. 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.

我還想提醒大家，我們的演講之後將會有問答環節。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, 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.

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。

Now, John will provide you with an overview.

現在，約翰將為您提供概述。

Thank you very much, Scott, and good morning, everyone. Draw your attention to slide 3.

非常感謝，斯科特，大家早安。請注意幻燈片 3。

Second-quarter production totaled 137,000 ounces, in line with quarterly guidance and up 10% from the first quarter, reflecting stronger performances from all three operations. With a further increase in production expected in the second half of the year, we remain on track to meet our full-year production guidance.

第二季總產量為 137,000 盎司，符合季度預期，較第一季成長 10%，反映出三個業務部門的業績均有所提升。預計下半年產量將進一步增加，我們仍有望實現全年產量目標。

We've been providing guidance like this for a very long time. We take it very seriously. We put a lot of effort into coming up with these numbers, and we're very confident in our forecast.

我們長期以來一直在提供這樣的指導。我們對此非常重視。我們付出了很多努力才得出這些數字，我們對我們的預測非常有信心。

The stronger operational performance contributed to an 18% reduction in all-in sustaining costs compared to the first quarter. Costs are expected to decline further in the second half of the year as production continues to increase, driven by higher grades and tonnes processed.

更強勁的營運業績使得總維持成本與第一季相比降低了 18%。由於礦石品位和加工噸位的提高，產量持續增加，預計下半年成本將進一步下降。

In mid-July, the Island Gold mill was shut down with a higher grade underground ore now being processed within the larger and more productive Magino mill. This transition will allow us to start realizing significant processing cost synergies at the Island Gold district for years to come.

7 月中旬，Island Gold 磨坊關閉，目前品位更高的地下礦石正在更大、更有效率的 Magino 磨坊內加工。這一轉變將使我們在未來幾年開始在 Island Gold 區實現顯著的加工成本綜效。

With a stronger production, lower costs, and higher gold prices, we realized record revenues and cash flow from operations. We also delivered strong free cash flow of $85 million while funding our growth projects and exploration programs. At current gold prices, we expect strong ongoing free cash flow while reinvesting in our high return growth projects that will support further free cash flow growth.

憑藉更強勁的產量、更低的成本和更高的金價，我們實現了創紀錄的營運收入和現金流。在資助我們的成長項目和勘探計畫的同時，我們也實現了 8,500 萬美元的強勁自由現金流。在目前的黃金價格下，我們預計持續強勁的自由現金流，同時再投資於我們的高回報成長項目，這將支持進一步的自由現金流成長。

As a result of higher than budgeted share price compensation and royalty expense through the first half of the year and a slower start at Magino and Young-Davidson, we are revising our 2025 cost guidance. Full year all-in sustaining costs are expected to be 12% higher than our original guidance, with approximately 40% of that increase attributable to external factors.

由於今年上半年股價補償和特許權使用費支出高於預算，且 Magino 和 Young-Davidson 的起步較慢，我們正在修改 2025 年的成本指引。預計全年全部維持成本將比我們最初的預期高出 12%，其中約 40% 的增幅可歸因於外部因素。

From a cost perspective, our first-half performance was not reflective of our long-term track record of meeting or exceeding expectations, nor is it reflective of our strong outlook. We expect a significant improvement in both production and costs into the second half of the year. That will -- the trend of growing production and declining cost expected to continue over the next several years, anchoring one of the strongest outlooks in our sector.

從成本角度來看，我們上半年的業績並未反映出我們長期達到或超過預期的業績記錄，也沒有反映出我們強勁的前景。我們預計今年下半年產量和成本都會有顯著改善。產量成長和成本下降的趨勢預計將在未來幾年持續下去，成為我們行業最強勁的前景之一。

Turning to slide 4. A key driver of that strong outlook is our expanding Island Gold District. During the quarter, we released the base case life of mine plan for the Island Gold District, integrating the Island Gold Underground and Magino open pit operations.

翻到幻燈片 4。這一強勁前景的關鍵驅動因素是我們不斷擴大的島嶼黃金區。在本季度，我們發布了 Isl​​and Gold District 的礦山基本壽命計劃，整合了 Isl​​and Gold Underground 和 Magino 露天礦場作業。

As outlined in the study, the Island Gold District is expected to become one of the largest, lowest cost, and most profitable gold mines in Canada. The base case life of mine plan was prepared using mineral reserves only and outlined average annual production of 411,000 ounces at mine-site all-in sustaining costs of $915 per ounce over the initial 12 years. As a base case, this is a very attractive operation, and we believe there's a significant upside to come.

研究報告指出，島嶼金礦區可望成為加拿大規模最大、成本最低、利潤最高的金礦之一。礦山計畫的基本壽命僅使用礦產儲量製定，並概述了最初 12 年內礦場維持成本為每盎司 915 美元，年平均產量為 411,000 盎司。作為基本情況，這是一項非常有吸引力的操作，我們相信未來會有顯著的上升空間。

Turning to slide 5. An expansion study is currently underway and is expected to outline an ever larger and more profitable operation. Our base case plan is based on combining milling rates of 12,400 tonnes per day.

翻到幻燈片 5。目前正在進行擴展研究，預計將勾勒出一個規模更大、利潤更高的營運方案。我們的基本計劃是基於每天 12,400 噸的銑削率。

Within the expansion study, we expect to be evaluating an expansion to 20,000 tonnes per day, which we expect to support higher mining rates from the underground and the open pit. Additionally, through ongoing infill drilling, we expect to incorporate a larger mineral reserve through the conversion of a significant portion of the 5 million ounces of resources not incorporated into the base case.

在擴建研究中，我們預計將擴大到每天 20,000 噸，我們預計這將支持更高的地下和露天採礦率。此外，透過正在進行的加密鑽探，我們預計透過轉化未納入基準案例的 500 萬盎司資源中的很大一部分來納入更大的礦產儲量。

The expansion study remains on track for completion during the fourth quarter of this year. There is also longer-term growth potential beyond the expansion study and is expected to -- the outline support significant increase of near mine and regional exploration.

擴建研究預計將於今年第四季完成。除了擴張研究之外，還有長期成長潛力，預計——大綱支持礦山附近和區域勘探的大幅增加。

Late in the second quarter, we provided an exploration update that demonstrated the potential across the Island Gold District. Recent drilling continues to extend high grade mineralization across the Island Gold deposit as well as within several hanging wall and foot wall structures.

第二季末，我們提供了一份勘探更新報告，展示了島嶼金礦區的潛力。最近的鑽探繼續將高品位礦化延伸至整個 Island Gold 礦床以及幾個上盤和下盤結構。

Turning to slide 6. The regional exploration program has also been successful in intersecting high grade gold mineralization in proximity to past producing mines, including Cline-Pick and Edwards mines. Some of those highlights include drill holes grading 8 grams per tonne over 21 meters, 19 grams per tonne over 5 meters, and 56 grams per tonne over 2 meters.

翻到幻燈片 6。區域勘探計劃也成功地在過去的生產礦場附近發現了高品位金礦化，包括 Cline-Pick 和 Edwards 礦場。其中的一些亮點包括：21 公尺深度鑽孔品位為每噸 8 克、5 公尺深度鑽孔品位為每噸 19 克、2 公尺深度鑽孔品位為每噸 56 克。

The early results have been impressive, extending high grade mineralization beyond the extent of historic mining. These targets are located within 7 kilometers of the Magino mill and represent opportunities for additional high grade mill feed with a larger mill expansion. They also highlight the significant potential we see across our 60,000-hectare land package within the underground -- within the under explored b greenstone belt.

早期成果令人印象深刻，高品位礦化範圍超出了歷史採礦的範圍。這些目標位於馬吉諾磨坊 7 公里範圍內，代表著透過更大規模的磨坊擴建獲得額外高品位磨坊原料的機會。他們也強調了我們在地下 60,000 公頃土地上看到的巨大潛力——在尚未開發的 b 型綠岩帶內。

Our portfolio of high return projects supports one of the strongest growth profiles in the sector. We expect steady growth and declining costs over the next several years driven by the completion of the Phase 3 expansion. Towards the latter part of 2028, we expect Lynn Lake to take our consolidated production rate to over 900,000 ounces per year at well below industry average all-in sustaining costs.

我們的高回報項目組合支持該行業最強勁的成長前景之一。我們預計，隨著第三階段擴建工程的完成，未來幾年將穩定成長，成本下降。我們預計，到 2028 年下半年，Lynn Lake 的綜合產量將達到每年 90 萬盎司以上，而總維持成本將遠低於行業平均水平。

Longer term, there's excellent potential to increase production to approximately 1 million ounces per year through a further expansion of the Island Gold District. We expect to outline this upside in the expansion study that we will release in the fourth quarter.

從長遠來看，透過進一步擴大島嶼金礦區，有很大潛力將產量提高到每年約 100 萬盎司。我們預計將在第四季度發布的擴展研究中概述這一優勢。

Turning to slide 5. Pardon me, turning to slide 8. We expect strong ongoing free cash flow while funding this growth. Following the completion of the Phase 3-plus expansion, we expect to generate even stronger levels of free cash flow starting next year.

翻到幻燈片 5。不好意思，請翻到第 8 張投影片。我們預計在為這一成長提供資金的同時，還將持續產生強勁的自由現金流。隨著第三階段及以上擴建工程的完成，我們預計從明年開始產生更強勁的自由現金流。

This growth is expected to continue with the completion of our PDA and Lynn Lake projects, such that at current gold prices, we expect our annual free cash flow to exceed $1 billion.

隨著我們的 PDA 和 Lynn Lake 項目的完成，預計這種增長將持續下去，以目前的黃金價格計算，我們預計年度自由現金流將超過 10 億美元。

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

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。

Thank you, John.

謝謝你，約翰。

On to slide 9, we sold approximately 135,000 ounces of gold in the second quarter at an average realized price of $3,223 per ounce for record revenues of $438 million. The average realized price was below the London PM fixed price for the quarter, primarily as a result of delivering over 12,300 ounces into the gold pre-payment facility based on a prepaid price of $2,524 per ounce.

在第 9 張幻燈片中，我們在第二季以平均每盎司 3,223 美元的價格出售了約 135,000 盎司黃金，創下了 4.38 億美元的創紀錄收入。本季平均實現價格低於倫敦下午固定價格，主要原因是根據每盎司 2,524 美元的預付價格向黃金預付款設施交付了超過 12,300 盎司。

We will continue to deliver the same quarterly number of ounces into the facility until the obligation is completed by 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，直到年底完成義務。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 $1,075 per ounce and all-in sustaining costs of $1,475 per ounce decreased 10% and 18% respectively from the first quarter. Costs are expected to trend lower through the remainder of the year as production increases, driven by higher grades and tonnes processed.

總現金成本為每盎司 1,075 美元，總維持成本為每盎司 1,475 美元，分別較第一季下降 10% 和 18%。隨著礦石品位和加工噸位的提高，產量增加，預計今年剩餘時間內成本將呈下降趨勢。

Our recorded net earnings were $159 million in the second quarter, or $0.38 per share. This included $17 million of unrealized losses on commodity hedge derivatives, net of tax; $34 million of unrealized foreign exchange gains recorded within deferred taxes and foreign exchange laws; and other adjustments totaling $2 million. Excluding these items, our adjusted net earnings were $144 million or $0.34 per share.

我們第二季的淨收益為 1.59 億美元，即每股 0.38 美元。其中包括 1,700 萬美元的商品對沖衍生性商品未實現損失（稅後）；3,400 萬美元的遞延稅項和外匯法中記錄的未實現外匯收益；以及總計 200 萬美元的其他調整。除這些項目外，我們的調整後淨收益為 1.44 億美元，即每股 0.34 美元。

Operating cash flow before changes in non-cash working capital was a record $233 million in the second quarter, or $0.55 per share. Capital spending totaled $115 million and included $34 million of sustaining capital, $72 million of growth capital, and $10 million of capitalized exploration.

第二季非現金營運資本變動前的營運現金流達到創紀錄的 2.33 億美元，即每股 0.55 美元。資本支出總計 1.15 億美元，其中包括 3,400 萬美元的維持資本、7,200 萬美元的成長資本和 1,000 萬美元的資本化勘探。

Free cash flow for the quarter totaled $85 million, a significant increase from the first quarter, driven by strong contributions from all three operations. This included $55 million from the Mulatos District, $52 million from the Island Gold District, and a record $59 million at Young-Davidson.

本季自由現金流總計 8,500 萬美元，較第一季大幅成長，這得益於三大業務部門的強勁貢獻。其中包括來自 Mulatos 區的 5,500 萬美元、來自 Island Gold 區的 5,200 萬美元，以及來自 Young-Davidson 的創紀錄的 5,900 萬美元。

Following the release of our first-quarter results, we were active on our share buyback, repurchasing 400,000 shares at a cost of $10 million. Including our quarterly dividend of $11 million, we returned $21 million to shareholders in the quarter.

在第一季業績公佈後，我們積極進行股票回購，以 1,000 萬美元的成本回購了 40 萬股。包括 1,100 萬美元的季度股息在內，我們本季向股東返還了 2,100 萬美元。

Our cash balance at the end of the second quarter grew to $345 million. And combined with the undrawn balance on our credit facility, our total liquidity is $845 million. With production increasing and cost decreasing through the remainder of the year, supporting strong ongoing free cash flow, we are well positioned to internally fund our growth plans.

我們第二季末的現金餘額成長至 3.45 億美元。加上我們信貸額度的未提取餘額，我們的總流動資金為 8.45 億美元。隨著今年剩餘時間產量的增加和成本的下降，支持強勁的持續自由現金流，我們已準備好為我們的成長計畫提供內部資金。

Moving to slide 10. As John outlined earlier on the call, we have increased our full-year cost guidance. This reflects higher than budgeted share-based compensation and royalty expense through the first half of the year, as well as a slower start to the year at Magino and Young-Davidson.

移至投影片 10。正如約翰早些時候在電話會議上所概述的那樣，我們已經提高了全年成本指引。這反映了今年上半年股權激勵和特許權使用費支出高於預算，以及 Magino 和 Young-Davidson 今年開局放緩。

Full-year total cash costs are now expected to be between $975 and $1,025 per ounce, an all sustaining costs between $1,400 and $1,450 per ounce. This represents a 12% increase in all sustaining cost guidance, with approximately 40% of the increase attributable to external factors.

目前預計全年總現金成本在每盎司 975 美元至 1,025 美元之間，所有維持成本在每盎司 1,400 美元至 1,450 美元之間。這意味著所有維持成本指引增加了 12%，其中約 40% 的成長歸因於外部因素。

This included the revaluation of previously issued share rate compensation, given the significant increase in our share price during the first half of the year; and higher royalty expenses given the sharply higher gold price.

其中包括，鑑於今年上半年我們的股價大幅上漲，對先前發行的股價補償進行了重新評估；以及由於金價大幅上漲而導致的更高的特許權使用費。

Consistent with our updated guidance, we expect a significant improvement in our costs in the second half of the year. We expect costs to continue to trend lower over the next several years, driven by low cost production growth.

與我們最新的指導方針一致，我們預計今年下半年我們的成本將顯著改善。我們預計，受低成本生產成長的推動，未來幾年成本將持續呈下降趨勢。

I'll now turn the call over to our COO, Luc Guimont, to provide an overview of our operations.

現在我將把電話轉給我們的營運長 Luc Guimont，讓他概述一下我們的營運。

Thank you, Greg. Over to slide 11.

謝謝你，格雷格。翻到第 11 張投影片。

Production from the Island Gold District totaled 64,400 ounces, a 9% increase over the first quarter, driven by higher combined milling rates from the Island Gold and Magino mills. Production is expected to increase further through the remainder of the year, reflecting higher mining and processing rates.

島嶼金礦區的產量總計 64,400 盎司，較第一季增加 9%，這得益於島嶼金礦和馬吉諾礦的綜合磨礦率提高。由於採礦和加工率的提高，預計今年剩餘時間內產量將進一步增加。

Island Gold delivered a strong quarter with both underground mining rates and grades in line with annual guidance. Magino's mining rates averaged 13,700 tonnes of ore per day in the quarter, a 16% increase over the previous quarter. Mining rates are expected to increase in the second half of the year to be consistent with annual guided levels of 14,800 tonnes per day.

Island Gold 本季表現強勁，地下採礦率和品位均符合年度預期。本季度，馬吉諾的採礦率平均為每天 13,700 噸礦石，比上一季增加了 16%。預計下半年採礦率將上升，與每年 14,800 噸/天的指導水準保持一致。

Costs declined slightly from the first quarter, with a more significant decrease expected in the second half of the year. This is expected to be driven by higher milling rates within the Magino mill and increasing underground mining rates at Island Gold.

成本較第一季略有下降，預計下半年將出現更顯著的下降。預計這將受到 Magino 磨礦廠銑削率提高和 Island Gold 地下採礦率提高的推動。

Mine-site free cash flow increased to $52 million, more than double the first quarter, an impressive performance given the ongoing reinvestment and growth through the Phase 3-plus expansion and a significant exploration program. The Island Gold District remains well positioned to self fund its expansion plans, with significant free cash flow growth expected from 2026 onwards.

礦場自由現金流增至 5,200 萬美元，是第一季的兩倍多，考慮到透過第三階段及以後的擴建和重大勘探計劃進行的持續再投資和成長，這一表現令人印象深刻。島嶼黃金區仍處於有利地位，可以自行籌資實現其擴張計劃，預計從 2026 年起自由現金流將大幅成長。

Moving to slide 12. The performance of the Magino mill continued to improve during the quarter, with milling rates increasing 18% from the first quarter that averaged 8,500 tonnes per day. Following the installation of a redesigned liner and bolt configuration within the SAG mill earlier this month, throughput rates have steadily improved to average approximately 9,500 tonnes per day in the second half of July.

移至投影片 12。本季度，馬吉諾工廠的業績持續改善，日均產量為 8,500 噸，較第一季提高了 18%。在本月初，半自磨機內安裝了重新設計的襯板和螺栓配置後，生產率穩步提高，7 月下半月平均每天約為 9,500 噸。

We will remain on track to reach 11,200 tonnes per day later this quarter. Reflecting the improved performance of the Magino mill, the Island Gold mill was shut down mid-July and underground ore is now being processed within the larger and more productive Magino mill. Since the introduction of higher grade underground ore, the mill has performed well with recoveries from the blended ore consistent with expectations.

我們將繼續按計劃在本季晚些時候達到每天 11,200 噸的產量。為了反映馬吉諾礦場性能的提高，Island Gold礦場於七月中旬關閉，地下礦石目前正在更大、更有效率的馬吉諾礦場進行加工。自從引入更高品位的地下礦石以來，該廠表現良好，混合礦石的回收率符合預期。

Moving to slide 13. The Phase 3-plus expansion continues to progress well, with the shafting currently at a depth of 1,265 meters, representing 92% of its ultimate planned depth. The remainder of the shaft sink is on track for completion in the fourth quarter of this year.

移至幻燈片 13。第三期及以上擴建工程繼續順利進展，目前井筒深度為 1,265 米，佔最終計畫深度的 92%。礦井沉降的剩餘部分預計將於今年第四季完工。

Other progress during the quarter included completing cladding and roofing for the bin house; advancing work on the pace plant, which is now 70% complete; and completing both earthworks for the administrative complex and the mill expansion to 12,400 tons per day. Lateral development also continued to advance, which is expected to support higher mining rates later this year and following the completion of the overall expansion.

本季的其他進展包括完成垃圾箱的覆層和屋頂；推進步進工廠的建設，目前已完成 70%；完成行政大樓的土方工程和工廠擴建，使其日產量達到 12,400 噸。橫向開發也在繼續推進，預計將在今年稍後以及整體擴建完成後支援更高的採礦率。

Over the slide 14. Work is also underway on the evaluation of a larger expansion of the mill beyond 12,400 tons per day. Detailed engineering for the larger mill expansion is ongoing and expected to be completed by early 2026.

翻過幻燈片 14。目前，對該工廠日產量超過 12,400 噸的擴建計畫的評估工作也正在進行中。大型工廠擴建的詳細工程正在進行中，預計將於 2026 年初完成。

To support a potential larger expansion, the earthworks for the new mill building was sized with a footprint that can accommodate an expansion up to 20,000 tonnes per day. The new building will be configured to allow for additional leach tanks, as well as a second sag and ball mill, all of which can be sized to support increased processing rates of up to 20,000 tonnes per day.

為了支持潛在的更大規模的擴建，新工廠廠房的土方工程的佔地面積可容納每天高達 20,000 噸的擴建。新建築將配置額外的浸出槽以及第二個球磨機，所有這些設備的尺寸均可支援高達每天 20,000 噸的加工率。

The larger mill is expected to have a parallel circuit dedicated to processing a higher grade blend of underground and open pit. Given the increased capacity, a larger expansion is expected to allow for higher underground and open pit mining rates. We look forward to outlining the upside potential within the expansion study later this year.

預計更大的工廠將有一個並行迴路，專門用於處理地下和露天礦場的更高品位混合物。鑑於產能的增加，預計更大規模的擴張將提高地下和露天採礦率。我們期待在今年稍後的擴張研究中概述上行潛力。

Over to slide 15. As of quarter end, we spent and committed 79% of the total Phase 3-plus expansion capital of $835 million. The expansion is expected to be completed in the second half of 2026. It will be a significant driver of low cost production growth and free cash flow generation.

翻到第 15 張投影片。截至本季末，我們已支出並承諾了第三階段及以上擴建項目總資本 8.35 億美元的 79%。擴建工程預計於2026年下半年完成。它將成為低成本生產成長和自由現金流產生的重要動力。

Over the slide 16. Young-Davidson produced 38,700 ounces, a 9% increase from the first quarter, with further improvement expected in the second half of the year, driven by higher mining rates and grades. This is also expected to drive costs lower compared to the first half of the year.

翻過幻燈片 16。Young-Davidson 黃金產量為 38,700 盎司，較第一季成長 9%，預計下半年產量將進一步提高，這得益於採礦率和品位的提高。預計這也將導致成本較上半年下降。

Mining rates improved over the first quarter but were lower than targeted levels. Higher than average snowfall and precipitation earlier this year led to a significantly higher than normal spring melt. This resulted in the increased inflow of groundwater into parts of the underground mine. This impacted the ability to skip ore to surface, resulting in nearly one week of downtime in May. Additionally, mining rates were impacted by power outages caused by storms in the region.

採礦率較第一季有所提高，但低於目標水準。今年早些時候的降雪量和降雨量高於平均水平，導致春季融雪量明顯高於正常水平。這導致流入地下礦部分區域的地下水量增加。這影響了將礦石運送到地面的能力，導致五月停工近一周。此外，該地區風暴造成的停電也影響了採礦率。

Managing groundwater is a normal part of operating an underground mine. The increased inflow in the second quarter and resulting downtime was the first occurrence in 15 years of operating Young-Davidson. To enhance regional watershed management practices and increase pumping capacity, this is not something we expect to recur in the future.

管理地下水是地下礦場運作的正常部分。第二季流入量增加並導致停工，這是 Young-Davidson 營運 15 年來首次出現這種情況。為了加強區域流域管理實踐並提高抽水能力，我們預計這種情況不會在未來再次發生。

Mining rates are expected to improve in the third quarter following a planned five-day shutdown for rope changes in the Northgate shaft that was completed in July. We expect to further increase the targeted levels of 8,000 tonnes per day in the fourth quarter.

北門礦井計劃於 7 月停工五天更換繩索，預計第三季採礦率將會提高。我們預計第四季度的目標產量將進一步提高至每天 8,000 噸。

Grades mined and mill were consistent with the low end of full-year guidance. Grades mined are expected to be at similar levels in the third quarter, but increased in the fourth quarter. Reflecting higher milling rates through the remainder of the year and higher grades in the latter part of the year, we expect a much stronger second half.

開採和加工的品位與全年指導值的低端一致。預計第三季開採品位將維持相似水平，但第四季將有所提高。考慮到今年剩餘時間的銑削率將更高，且下半年品位將更高，我們預計下半年的表現將更加強勁。

Young-Davidson generated record mine-site free cash flow in the quarter of $59 million and $98 million in the first half of the year, putting the operation on pace for another annual record in 2025.

Young-Davidson 本季礦場自由現金流達到創紀錄的 5,900 萬美元，上半年達到創紀錄的 9,800 萬美元，預計在 2025 年再創年度紀錄。

Over to slide 17. The Mulatos District delivered a solid quarter and achieved a significant milestone, producing its 3 millionth ounce of gold over its 20-year history in operation. With at least another decade of production defined within PDA and a number of other emerging opportunities for higher grade ore within the district, we expect more milestones to come.

翻到第 17 張投影片。穆拉托斯礦區本季業績穩健，並取得了重要的里程碑，在其 20 年的營運歷史中生產了第 300 萬盎司黃金。由於 PDA 內部至少還有十年的生產時間，並且該地區還出現了許多其他更高品位礦石的新興機會，我們預計將取得更多的里程碑。

Production during the quarter totaled 34,100 ounces, a 12% increase over the first quarter, reflecting higher grade stacked. Further increases in quarry production are expected as a significant portion of the higher grade stacked in the second quarter will be realized over the second half of this year.

本季總產量為 34,100 盎司，比第一季成長 12%，反映出礦石品位的增加。預計採石場產量將進一步增加，因為第二季度堆放的高品位礦石中很大一部分將在今年下半年實現。

Costs decreased 18% compared to the first quarter, with a further reduction expected in the second half of the year. Alamos remains well positioned to meet its production and cost guidance for the year.

成本與第一季相比下降了18%，預計下半年將進一步下降。阿拉莫斯仍處於有利地位，能夠實現今年的生產和成本目標。

EDA development continues to advance with a focus on detail engineering during the second quarter. Spending will accelerate in the second half of the year with the commencement of underground development and placement of long lead time orders for the mill.

EDA 開發在第二季度繼續推進，重點關注細節工程。隨著地下開發的開始和工廠長期訂單的下達，下半年的支出將會加速。

The Mulatos District generated mine-site fee cash flow of $55 million in the second quarter, the stronger free cash flow expected in the second half of the year driven by higher production and lower costs. The operation is well positioned to continue generating strong ongoing free cash flow while funding the construction of PDA.

穆拉托斯區第二季的礦場費用現金流為 5,500 萬美元，預計下半年的自由現金流將更加強勁，這得益於產量的提高和成本的降低。該項目在為 PDA 建設提供資金的同時，也具備繼續產生強勁的持續自由現金流的良好條件。

With that, I will turn the call back to John.

說完這些，我就把電話轉回給約翰。

Thank you, Luc. Our operations demonstrated a significant improvement in the second quarter. We expect this trend of growing production and declining costs to continue into the second half of the year and over the next several years.

謝謝你，盧克。我們的營運在第二季顯示出顯著改善。我們預計產量成長和成本下降的趨勢將持續到今年下半年以及未來幾年。

The Island Gold District will be a key driver of this improvement. Transition of processing high grade Island ore within the Magino mill was one of the last key steps towards integrating the operations and realizing significant cost synergies going forward.

島嶼黃金區將成為這項改善的主要動力。在馬吉諾工廠內加工高品位島嶼礦石的轉變是整合業務和實現未來顯著成本協同效應的最後關鍵步驟之一。

I'll now turn the call back to the operator to open the call for your questions.

我現在將電話轉回給接線員，以便回答您的​​問題。

(Operator Instructions) Ovais Habib, Scotiabank.

（操作員指示）Ovais Habib，豐業銀行。

Really great to hear that Magino mill is ramping up and that Island Gold ore is being processed at Magino. John, a couple of questions for me.

很高興聽到馬吉諾工廠正在加緊生產，而 Island Gold 礦石正在馬吉諾進行加工。約翰，問我幾個問題。

The first one, look, it was widely expected that you would increase the ASIC guidance, so glad that's out of the way. And I'm glad you maintained the production guidance as well.

第一個問題，你看，人們普遍預期你會增加 ASIC 指導，所以很高興這個問題已經解決了。我很高興您也堅持了生產指導。

John, I'm getting a lot of questions on this, so I just want to make sure that I'm asking this on this conference call. How confident are you in meeting the production guidance comfortably? And what levers do you have within your portfolio to make sure the production guidance remains on track?

約翰，我收到了很多關於這個問題的疑問，所以我只是想確保我在這次電話會議上提出這個問題。您對輕鬆達到生產指導有多大信心？您的投資組合中有哪些槓桿可以確保生產指導保持在正軌上？

Oh, let me put it in this perspective, Ovais. I've been the CEO of the company since 2003. I've participated in close to 90 quarterly calls. We've been giving guidance all along, starting from the time when we were trying to get the mine built, which we managed to achieve the first mine, Mulatos.

哦，讓我從這個角度來說吧，Ovais。我自 2003 年起擔任該公司的執行長。我參加過近 90 次季度電話會議。從我們試圖建造礦井的時候起，我們就一直在提供指導，最終我們成功建造了第一座礦井 Mulatos。

We achieved it in record time and brought it in on budget. This was in 2005, very, very difficult time in the market. And we were operating those days in a wing and a prayer. And we've been giving guidance all through that period, and we are remarkably accurate over that period of time.

我們以創紀錄的時間完成了任務，並且沒有超出預算。那是 2005 年，市場非常非常困難的時期。在那些日子裡，我們一直在祈禱和幫助下工作。我們一直在那段時期提供指導，而且我們的指導非常準確。

You can check it out for yourself. If you look -- for 14 consecutive quarters up to Q1 of this year, we basically either met or we beat our production and cost guidance.

你可以自己檢查一下。如果你看一下——截至今年第一季的連續 14 個季度，我們基本上都達到或超越了我們的生產和成本預期。

So here we are. We had -- we got off to a slow start this year. We had very difficult conditions in Canada this year, both -- that affected, both our operations at YD and Island Gold. But we got through it.

所以我們到了這裡。我們今年開局很慢。今年，加拿大的情況非常艱難，這影響了我們在 YD 和 Island Gold 的業務。但我們挺過來了。

It has had an impact on our cost guidance for this year. We just won't be able to catch up, from a cost perspective to a better cost guidance and so we revised it. But with respect to production, we're very confident.

這對我們今年的成本指導產生了影響。從成本角度來看，我們無法趕上更好的成本指導，因此我們對其進行了修改。但就生產而言，我們非常有信心。

We're very confident. We would not have reiterated guidance, if we did not have that type of confidence. I mean, we revised costs. We could have just as easily revised production guidance if it was required. We didn't think that was required.

我們非常有信心。如果我們沒有這種信心，我們就不會重申指引。我的意思是，我們修改了成本。如果需要的話，我們可以輕鬆地修改生產指導。我們認為這不是必需的。

You want to add something, Greg?

格雷格，你想補充點什麼嗎？

I mean I could just touch on the drivers a little bit, as Ovais asked about. I mean, we outlined our Q3 guidance to be between 145,000 and 155,000 ounces. And we expect Q4 to step up even higher than that.

我的意思是，正如 Ovais 所問的，我可以稍微談一下驅動程式。我的意思是，我們概述了第三季的指導價格，介於 145,000 至 155,000 盎司之間。我們預計第四季的成長幅度將更高。

And really, the key drivers are going to be at YD. At Young-Davidson, it's higher milling rates. Its higher milling rates and grades are going to drive that in the second half of the year, and we had expected that from when we released our original guidance in January.

事實上，關鍵驅動因素將在 YD。在 Young-Davidson，銑削率更高。更高的銑削率和品味將在今年下半年推動這一趨勢，而我們在一月份發布原始指導時就已經預料到了這一點。

With Island Gold, Magino's ramping up, so we'll have higher milling rates from Magino. But we're also looking to step up the underground mining rates coming from Island Gold, given the fact that we have the bigger mill now.

隨著 Island Gold 的崛起，Magino 的產量也將增加，因此我們從 Magino 獲得的銑削率也會更高。但考慮到我們現在擁有更大的工廠，我們也希望提高來自 Island Gold 的地下採礦率。

And then at La Yaqui Grande, we stacked very good grades in Q2. We're going to continue to stack good grades or higher grades in Q3 and Q4. So it's just a matter of the ounces coming off the pad. So all of those things are going to drive our production significantly higher in the second half of the year.

然後在拉亞基格蘭德，我們在第二季度取得了非常好的成績。我們將在第三季和第四季繼續取得好成績或更高的成績。所以這只是從墊子上掉下來的盎司數的問題。因此，所有這些因素都將推動我們下半年的產量大幅增加。

Thanks for the color on that, John and Greg. I just want to move on to the exploration site then.

感謝約翰和格雷格對此的貢獻。那我只想繼續前往探索現場。

John, when we were visiting the Island Gold site in June, your team was really highlighting exploration potential in close proximity to the Magino mill, the regional exploration work. Plus, you guys were hitting some interesting intersections on the west side of Island Gold.

約翰，當我們在六月參觀 Island Gold 礦場時，您的團隊確實強調了靠近 Magino 磨坊的勘探潛力，即區域勘探工作。另外，你們還在 Island Gold 西側遇到了一些有趣的路口。

Any of these drill targets really standing out? And are we expected to see more results from this area? That's part one.

這些鑽探目標中是否有真正突出的？我們是否有望看到該領域的更多成果？這是第一部分。

And then part two of the question is also, is the plan to delineate a source to feed the Magino mill from these areas before you release the expansion study?

然後問題的第二部分也是，在發布擴建研究之前，是否計劃從這些區域劃定一個水源來為 Magino 工廠供水？

We have exciting exploration results coming from right across the company. We've made some interesting new discoveries down in Mexico. We've been heading into some fabulous grades, as I outlined in my comments, as far away as 7 kilometers from our mill in areas of workings.

我們整個公司都取得了令人興奮的探索成果。我們在墨西哥有了一些有趣的新發現。正如我在評論中概述的那樣，我們一直在向一些極好的等級前進，這些等級遠在距離我們工廠 7 公里的作業區域。

We had high expectations for those areas. They've come in very well. We've been drilling. We've actually been focusing quite a lot of our effort converting resource to reserve so we can incorporate more reserves into this big expansion study we're coming up with on the fourth quarter.

我們對這些領域抱有很高的期望。他們表現得非常好。我們一直在鑽探。實際上，我們一直致力於將大量精力投入到將資源轉化為儲備，以便我們可以將更多的儲備納入我們在第四季度進行的這項大型擴張研究中。

We're having excellent results on that front, but I've got Scott R.G. Parsons sitting next to me here, and I'm going to turn it over to him to give further color to your question.

我們在這方面取得了優異的成績，但是斯科特·R·G·帕森斯就坐在我旁邊，我將把時間交給他來進一步解答您的問題。

Thank you for the question, Ovais. There's a number of opportunities, as you touched on, that our team is very excited about. I'm equally excited.

謝謝你的提問，Ovais。正如您所提到的，我們的團隊對許多機會感到非常興奮。我同樣很興奮。

So off to the west, you touched on some of the surface drilling and underground drilling we've been doing between Island Gold and Magino. And that area is essentially the up-plunge extension of the island west zone.

那麼在西部，您談到了我們在 Island Gold 和 Magino 之間進行的一些地面鑽探和地下鑽探。該地區基本上是島嶼西部區域的向上延伸。

And as we establish underground drill platforms and continue drilling from surface, we continue to define high grade mineralization in that area. So that's no surprise to us, and it's just a matter of time before we could get there and start drilling it.

隨著我們建立地下鑽井平台並繼續從地面鑽井，我們繼續確定該地區的高品位礦化。所以這對我們來說並不奇怪，我們到達那裡並開始鑽探只是時間問題。

We continue to have success in the hanging wall, foot wall zones. Those are all incremental ounces in terms of ounce per vertical meter in proximity to existing infrastructure. So those all continue to expand, and we defined -- as we define new zones as well.

我們在上盤、下盤區域不斷取得成功。這些都是現有基礎設施附近每垂直米盎司的增量。因此，所有這些都在繼續擴展，我們也定義了新的區域。

And the most exciting part is Island down plunge. It continues to remain open at depth below 1,500 meters. This is shallow in terms of these gold systems in Canada. We have indications from earlier drilling that the Island continues the down plunge.

其中最刺激的是島嶼下墜。它在 1,500 公尺以下的深度仍然保持開放。就加拿大的黃金體係而言，這是很膚淺的。我們從早期的鑽探中發現，島上的地下水位仍在持續下降。

And later this year, once we've pivoted back from our delineation drill program, we will continue exploring Island at depth. And then as John touched on as well, near-mine opportunities. including Cline and Edwards and Pick. These are historic mines, 7 kilometers from the Magino mill.

今年晚些時候，一旦我們結束邊界鑽探計劃，我們將繼續深入探索島嶼。然後，正如約翰所提到的，近礦機會包括克萊恩 (Cline)、愛德華茲 (Edwards) 和皮克 (Pick)。這些是歷史悠久的礦山，距離馬吉諾工廠 7 公里。

They've gone through a series of different operators over the years. We've consolidated all the land there. And really, it's a new gold system we're just starting to explore. And you can see the results already this year, quite encouraging. And we'll be continuing to drill at those targets going into the second half of the year.

多年來，他們已經更換過一系列不同的運營商。我們已經整合了那裡的所有土地。事實上，這是一個我們才剛開始探索的新的黃金系統。今年你已經看到了成果，相當令人鼓舞。我們將在今年下半年繼續對這些目標進行鑽探。

And Scott, I mean, based on the drilling and drilling results expected, I mean, is the plan to have these results incorporated into the expansion? Or is this the next phase of that expansion that these opportunities will be brought into any production profile at the Island Gold complex?

史考特，我的意思是，根據預期的鑽探和鑽探結果，是否有計劃將這些結果納入擴張計劃？或者這是擴張的下一階段，這些機會將被帶入 Island Gold 綜合體的任何生產概況？

Our absolute focus right now is getting the inferred mineral resource base in that island converted to indicated to bring that into the expansion study before year end. There's about 1 million ounces sitting there that we're actively drilling on from surface and underground right now, and we're on track to complete that program for the year-end expansion.

我們現在絕對關注的是將島嶼推斷的礦產資源基礎轉化為指示的礦產資源基礎，以便在年底之前將其納入擴展研究。目前，我們正在積極地從地面和地下鑽探大約 100 萬盎司的黃金，並且我們預計在年底擴建前完成該計劃。

The other targets I referenced will be more longer term, midterm targets in terms Cline, Edwards, and Pick. There's also the Northshear which I didn't touch on. But those will come in as a new -- what I would anticipate as new resources in the midterm that would provide potential opportunities for higher grade mill feeds at Magino.

我提到的其他目標將是克萊恩、愛德華茲和皮克等更長期、更中期的目標。還有我還沒提到的 Northshear。但我預計這些將作為新的資源在中期出現，為馬吉諾更高等級的磨坊原料提供潛在的機會。

That's great color, Scott. I appreciate that. That's it for me, guys. Thanks for taking my questions.

斯科特，顏色真棒。我很感激。夥計們，對我來說就是這樣了。感謝您回答我的問題。

Cosmos Chiu, CIBC.

加拿大帝國商業銀行 (CIBC) 的 Cosmos Chiu。

Maybe my first question is on Young-Davidson, just to talk about the higher levels of groundwater due to the spring melt. Has that been fully resolved, just to confirm that the groundwater is now normalized?

也許我的第一個問題是關於 Young-Davidson 的，只是想談談春季融雪導致地下水位升高的情況。這個問題已經完全解決了嗎，只是為了確認地下水現在已恢復正常？

Well, yeah, look here. Yes, it has been resolved. It was -- as we mentioned, it was a bit of a perfect storm there with a quick spring melt and significant precipitation during the spring melt as well, which added more water within the regional watershed and resulted in more groundwater flowing into the mine.

嗯，是的，看這裡。是的，已經解決了。正如我們所提到的，那裡有一場完美的風暴，春季融雪迅速，融雪期間還伴隨著大量降水，這增加了區域流域內的水量，導致更多的地下水流入礦井。

We've -- we're more adherent to making sure that we understand the whole regional watershed and keeping an eye on that moving forward for the longer term. As well, we've actually added some additional pumping capacity as back up to our -- both our open pit dewatering as well as our underground dewatering.

我們—我們更加堅持確保我們了解整個區域分水嶺，並長期關注其發展。此外，我們實際上還增加了一些額外的泵送能力作為我們的露天脫水和地下脫水的後備。

So we don't expect that event to happen again. And as we've mentioned, we've been operating there for 15 years. It's the first time this significant event happened, but we feel we have it addressed moving forward.

所以我們不希望該事件再次發生。正如我們所提到的，我們已經在那裡運營了 15 年。這是第一次發生這樣的重大事件，但我們覺得我們已經解決了這個問題。

Right. I guess there's no pun intended when you said perfect storm.

正確的。我想你說「完美風暴」並不是雙關語。

Maybe on the throughput here. You did 7,190 tonnes per day in Q2. Reading your MD&A, you will get to 8,000 tonnes per day, but likely not until Q4. Am I correct in that interpretation?

也許是這裡的吞吐量。您在第二季度每天的產量為 7,190 噸。閱讀您的 MD&A，您將達到每天 8,000 噸，但可能要到第四季度。我的解釋正確嗎？

Yes. I mean, we've had -- we had a rope change scheduled part of this year for the head ropes at the Northgate shaft, and that occurred early July.

是的。我的意思是，我們計劃在今年的部分時間對 Northgate 礦井的頭部繩索進行更換，更換時間是在 7 月初。

Post completion of that rope change, we've been running at 8,000 tonnes per day. But obviously, when you factor in the number of days over the course of the quarter, we'll probably come in around 7,500 to 7,600 tons per day for the quarter.

更換繩索完成後，我們的日產量已達 8,000 噸。但顯然，如果將本季的天數考慮在內，我們本季每天的產量可能會達到 7,500 至 7,600 噸左右。

But as we move into Q4, we don't have any significant scheduled maintenance requirements for the plant, and would expect to be running at 8,000 tons per day.

但隨著進入第四季度，我們對工廠沒有任何重大的定期維護要求，預計每天的產量為 8,000 噸。

Great. And then also at YD, I think you mentioned that in Q3 grades will remain at the lower end of full-year guidance and closer to 2.05 grams per tonne. Is that as expected? And was there any ability on your end to potentially mine higher grades in Q3, even maybe in Q2, to offset the lower than 8,000 tonnes per day throughput?

偉大的。然後同樣在 YD，我想您提到過，第三季度的等級將保持在全年指導的低端，接近每噸 2.05 克。和預想的一樣嗎？你們是否有能力在第三季度，甚至第二季度開採出更高品位的礦石，以彌補每天低於 8,000 噸的產量？

So I mean, we've got a pretty committed schedule with regards to the extraction sequence for the underground. And again, it's just to manage the overall regional extraction of the ore body to be responsible as far as the mining phase of what we're doing for Young-Davidson.

所以我的意思是，對於地下的提取順序，我們已經有一個非常確定的時間表。再說一次，我們只是負責管理整個區域礦體的開採，並負責我們為 Young-Davidson 所做的採礦階段的工作。

So I mean, really, the lower grade being at the lower end of guidance has been a function of obviously the slower first half of the year, not mining all the tonnes that we expected, and as well as a slight change in sequence that's resulted in us being more at the lower end of guidance as opposed to maybe being near the mid or upper end of guidance.

所以我的意思是，實際上，較低品位處於指導值的低端，顯然是由於今年上半年經濟放緩，沒有開採出我們預期的所有噸位，以及順序的輕微變化，導致我們處於指導值的低端，而不是可能接近指導值的中端或高端。

But as we move through the mine plan through the second half of the year, it is pretty flat line between Q2, Q3. But as we move into Q4, as per our mining sequence that we expected, we will be getting into higher grades that would be more near the higher end of our guidance.

但隨著我們推進下半年的礦場計劃，第二季和第三季之間的情況相當平穩。但隨著我們進入第四季度，按照我們預期的採礦順序，我們將獲得更高的品位，這將更接近我們指導的高端。

And then the other point I would make is based on where we have been mining, even though there has been a slight sequence change where haven't mined all of the tonnes, from a reconciliation point of view, the planned grades that we were expecting are aligned with the actual grades that we've been seeing from a reconciliation point of view.

然後我要說的另一點是，根據我們一直在開採的地方，儘管順序發生了輕微的變化，還沒有開採完所有的噸位，但從協調的角度來看，我們預期的計劃等級與我們從協調的角度看到的實際等級是一致的。

Great. And then maybe just a few numbers question on Island Gold. As you mentioned, with the transition of the Island Gold ore to the Magino mill, recovery looks to be as expected.

偉大的。然後也許只是關於 Island Gold 的幾個數字問題。正如您所提到的，隨著 Island Gold 礦石向 Magino 磨坊的轉移，復甦看起來正如預期的那樣。

So how should we look at recovery? Like in Q2, it was 98% for Island Gold, 95% for Magino. So should we just take a weighted average, and that should be the expectation we should expect on a go-forward basis?

那我們該如何看待復甦呢？與第二季一樣，Island Gold 的比例為 98%，Magino 的比例為 95%。那麼，我們是否應該只採用加權平均值，而這應該是我們對未來的預期？

Yeah, our expectation based on a blended mill feed into the Magino mill with the Island ore as well as the Magino ore. The expectation should be an overall recovery of about 96% is what you should expect.

是的，我們的預期是基於將 Island 礦石和 Magino 礦石混合送入 Magino 磨機的混合進料。預計整體恢復率應達到 96% 左右。

And then in terms of the redesigned liner and the bolt configuration of the SAG mill, just to confirm, you now have the configuration needed at the Magino mill to achieve your near term target of 11,200 tonnes per day. So it's just really down to getting it up and running, availability, and things like that. You don't need to change anything else.

然後，就重新設計的 SAG 磨機襯板和螺栓配置而言，僅需確認，您現在已擁有 Magino 磨機所需的配置，以實現每天 11,200 噸的近期目標。因此，這實際上只是讓它啟動並運行、可用性等等。您不需要更改任何其他內容。

Correct. I mean, the last step really there was just having more plant availability for the SAG mill. And by making the change that we did in early July with the liner configuration as well as the bolts, that will give us more industry standard plan availability for the SAG mill moving forward to be able to continue that ramp up to strive for the 11,200 that we're expecting as we move through the quarter.

正確的。我的意思是，最後一步實際上是為 SAG 磨機提供更多的設備可用性。透過我們在 7 月初對襯板配置和螺栓進行的更改，這將為 SAG 磨機提供更多行業標準計劃可用性，以便能夠繼續提高產量，爭取在本季度達到我們預期的 11,200 的目標。

And then one last question on the grade at Magino, the open pit. As you mentioned, 0.82 gram per tonne in Q2. How should we look at the mine grade on a go-forward basis?

最後一個問題是關於馬吉諾露天礦場的坡度。正如您所說，第二季度為每噸 0.82 克。我們該如何看待未來的礦山品位？

I think the full-year guidance is anywhere between 0.8 to 0.9 gram per tonne. Your reserve grade is 0.91. So could you remind us how we should look at grade? Or does it really matter, given that you stockpile the lower grade anyways? What's actually going through the mill?

我認為全年指引值在每噸 0.8 至 0.9 克之間。您的儲備等級是0.91。您能提醒我們應該如何看待等級嗎？或者，既然你無論如何都會儲存較低等級的商品，這真的很重要嗎？究竟發生了什麼事？

Yeah. I mean, if you look at what we processed in Q2, we averaged about 0.94, which falls within our guidance of that 0.9 to 1.05. So obviously, the mine grade overall is always going to be a bit lower because we're stockpiling the low grade and feeding the best grade material.

是的。我的意思是，如果你看看我們第二季加工的礦石，平均品位約為0.94，這符合我們0.9到1.05的預期。所以顯然，礦山的整體品位總是會略低一些，因為我們儲存的是低品位礦石，而供應的是高品位礦石。

So really, the way you should look at it is on the basis of what we're going to be processing in the quarter on a quarter by quarter basis moving forward. Certainly, in the second half of the year, we should be within that range of 0.9 to 1.05 coming from Magino ore.

所以實際上，您應該根據我們每季要處理的內容來看待這個問題。當然，在下半年，來自馬吉諾礦石的價格應該在 0.9 到 1.05 的範圍內。

Perfect. Great. Those are the questions I have. Thanks, everyone. Thanks.

完美的。偉大的。這些都是我的問題。謝謝大家。謝謝。

(Operator Instructions) Don DeMarco, National Bank.

（操作員指示）Don DeMarco，國家銀行。

Good to see the strong free cash flow in Q2 while keeping the projects on track. So first question for me is at Island. Congratulations on the shutdown of the Island mill.

很高興看到第二季的自由現金流強勁，同時專案也保持著正軌。所以我的第一個問題是關於島嶼的。祝賀 Island 工廠關閉。

Now, Magino mill throughput, I understand it's running around 9,500 tonnes per day in the last couple of weeks of July. So what should -- what do you expect the throughput profile to be through the rest of the quarter over August and September? Like, do you expect a quick ramp up to 11,000 tonne per day and potentially even exceed it or a more moderate increase, maybe reaching 11,000 tonne per day in September?

現在，據我了解，馬吉諾工廠的產量在 7 月的最後幾週每天約為 9,500 噸。那麼，您預計 8 月和 9 月剩餘季度的吞吐量狀況會如何？例如，您是否預計產量會快速上升至每天 11,000 噸，甚至可能超過這個數字，或者產量會有一個更溫和的增長，可能在 9 月份達到每天 11,000 噸？

Yeah, Don. Hi, it's Luc here. It'll be a bit of a gradual ramp up as we continue to move forward through the quarter. But certainly, as we hit our stride in Q4, we'd be more consistently running at 11,200.

是的，唐。嗨，我是 Luc。隨著我們繼續推進本季度，這一進程將會逐漸加快。但可以肯定的是，隨著我們在第四季度取得進展，我們的業績將更加穩定地保持在 11,200 的水平。

Just with the liner change that we've just completed, the liner and bolt change, we've got the ball chart setting that we're looking at optimizing certainly, as well as there's a little bit less volume with the new liners. So that's part of where the gradual ramp up occurs through the quarter, but we would expect to hit our strides certainly in Q4.

隨著我們剛剛完成的襯套更換，襯套和螺栓的更換，我們已經得到了我們正在考慮優化的球圖設置，而且新襯套的體積也稍微小了一點。因此，這是本季度逐漸上升的一部分，但我們預計在第四季度肯定會取得進展。

Yeah. And just to add, the critical thing for us is to ensure we're maximizing the amount of underground ore that's coming from Island, and that's continuing to be where we expect it to be.

是的。另外，對我們來說，關鍵是要確保最大限度地增加來自島嶼的地下礦石數量，並繼續保持我們預期的數量。

Okay, great. Yeah, and it was mentioned in response to an earlier question that you plan to step up the processing of the high grade ore at the Magino mill. So should I take this as that Island might contribute more than 1,200 tonnes per day to the mill in Q3 or Q4?

好的，太好了。是的，在回答先前的問題時我們提到，您計劃加強馬吉諾礦廠高品位礦石的加工。那麼我是否應該認為該島可能在第三季或第四季每天向工廠貢獻超過 1,200 噸？

Yes. I mean, as part of our Phase 3-plus expansion and our ramp up, our mining rates were starting to gradually increase from the Island underground components. So yes, you see the second half of the year, you will start to see there would be more contribution from Island underground or going into the Magino mill on a combined basis. We'd be targeting about 1,400 tonnes per day.

是的。我的意思是，作為我們第三階段及以後的擴張和提升的一部分，我們的採礦率從島嶼地下部分開始逐漸增加。所以是的，到今年下半年，你會看到 Island underground 或 Magino 工廠的綜合貢獻會更大。我們的目標是每天約 1,400 噸。

Okay. Well, should that be through 1,400 for the entirety of H2 or -- how should we look at Q2 -- Q3 versus Q4?

好的。那麼，整個下半年應該會達到 1,400 嗎？或者我們應該如何看待第二季、第三季與第四季？

Q3, you're running around 1,300 tonnes per day. Q4, we'd be running at about 1,400 tonnes per day.

Q3，您每天的產量約為 1,300 噸。第四季度，我們的日產量約為 1,400 噸。

Excellent. And it's great to hear that John -- a final question -- he reiterated the consolidated production guide. Are you expecting to achieve production guidance at all the mines? Like, of course, Young-Davidson and Island are currently running the low end of their respective ranges. So I just wondering if it's on a consolidated basis or if there's any additional color on a mine-by-mine basis?

出色的。很高興聽到約翰——最後一個問題——他重申了合併生產指南。您是否期望所有礦山都能達到生產預期？當然，Young-Davidson 和 Island 目前都處於各自產品線的低端。所以我只是想知道它是否是基於合併基礎還是有任何基於每個礦山的附加顏色？

Well they hit it on a consolidated basis. You've got to hit it mine by mine. So we give variations across each of those operations, just given the unforeseen things that can happen in mining operations. But all things being equal, we're quite confident in the guidance we've provided on a mine by mine basis and on a consolidated basis.

嗯，他們以合併的方式達成了目標。你必須用我的一根棍子打它。因此，我們針對採礦作業中可能發生的不可預見的事情，對每項作業都進行了調整。但在其他條件相同的情況下，我們對我們針對各個礦山和合併情況提供的指導非常有信心。

Okay, great. Okay. Well, that's all for me. Thank you for that and good luck with the rest of the year.

好的，太好了。好的。好吧，對我來說就這些了。謝謝你，祝你今年剩下的時間一切順利。

Thank you. 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.

謝謝。目前沒有其他問題。今天早上的通話到此結束。如果您還有任何未解答的問題，請隨時聯絡 Scott Parsons 先生，電話：416-368-9932，分機號碼 5439。

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。