Alamos Gold Inc (AGI) 2025 Q3 法說會逐字稿

On All participants, please stand by. Your conference is ready to begin. Good morning, ladies and gentlemen. I would now like to turn your meaning over to Scott Parsons, Alamos, senior Vice President of corporate Development and Investor relations. Please go ahead, sir.

所有參與者請稍候。您的會議準備就緒，即將開始。女士們、先生們，早安。現在我想把發言權交給阿拉莫斯公司企業發展和投資者關係資深副總裁史考特‧帕森斯。請繼續，先生。

Thank you, operator, and thanks to everybody for attending Alamos's 3rd 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, and Luke Emo, Chief Operating Officer. 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.

謝謝接線員，也謝謝各位參加阿拉莫斯公司 2025 年第三季電話會議。除了我之外，今天線上的還有總裁兼執行長約翰·麥克盧斯基、財務長格雷格·費雪和營運長盧克·埃莫。我們將在電話會議期間參考一份演示文稿，該演示文稿可透過網路直播和我們的網站取得。我還要提醒大家，我們的演講結束後將進行問答環節。

As we will be making forward-looking statements during the call, please refer to the cautionary notes included in the presentation, news release and MD&A, as well as the risk factors set out in our annual information form. Technical information in this presentation has been reviewed and approved by Chris Boswick, our senior 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.

由於我們將在電話會議中發表前瞻性聲明，請參閱簡報、新聞稿和管理層討論與分析中包含的警示性說明，以及我們年度資訊表中列出的風險因素。本簡報中的技術資訊已由我們的技術服務資深副總裁 Chris Boswick 和一位合格人員審核和批准。另外，請注意，除非另有說明，本次電話會議中提到的所有金額均以美元計價。

Now I'll turn it over to John to provide you with an overview.

現在我把麥克風交給約翰，讓他為大家做一個概述。

Thank You, Scott. Starting with slide 3.

謝謝你，斯科特。從第三張投影片開始。

Before we go into the report for the quarter, I want to acknowledge that this has been far from a typical production year for Alamos. We experienced production downtime and lower production the first half of the year, which we're on pace to make up in the second half.

在開始介紹本季報告之前，我想指出，對於阿拉莫斯公司來說，今年的生產情況遠非往年。今年上半年我們經歷了生產停工和產量下降，但我們預計在下半年彌補這一損失。

Unfortunately, in recent weeks, downtime at the Gino Mill and a seismic event at Island Gold will not give us the time to do so.

遺憾的是，最近幾週，吉諾磨坊停工以及島嶼金礦發生的地震事件讓我們沒有時間這樣做。

As a result of these recent events, we've taken the prudent course and lowered guidance for the year by 6% from the midpoint of our original guidance.

鑑於最近發生的這些事件，我們採取了謹慎的做法，將今年的業績預期在原預期的中點基礎上下調了 6%。

We have a reputation for taking a conservative approach to guiding the market, and we pride ourselves on providing consistently accurate guidance.

我們以採取保守的市場引導方式而聞名，並以始終提供準確的指導而自豪。

Suffice to say we will continue to make operational improvements to raise the accuracy of our forecasting, recognizing that occasionally mining can be unpredictable.

毋庸置疑，我們將繼續改進運營，以提高預測的準確性，因為我們認識到，採礦活動有時是不可預測的。

It remains to be said that while these recent events have a short-term impact, they in no way take away from the quality of our minds, and what is without question one of the strongest outlooks in the gold sector. We are already seeing significant improvements this month with better grades at Young Davidson and throughput from the mines.

需要指出的是，雖然最近發生的這些事件會產生短期影響，但它們絲毫不會影響我們的思維質量，也絲毫不會影響黃金產業最強勁的前景之一。本月我們已經看到顯著的改善，楊戴維森礦的礦石品位更高，礦山產量也更高。

This will ultimately support lower costs and an 18% production increase, leading to record production in the fourth quarter.

這將最終有助於降低成本並提高產量 18%，從而使第四季產量創下歷史新高。

Production in the third quarter totaled 141,700 ounces, a 3% increase from the second quarter driven by stronger performances from mulattos and the District. This was slightly below the low end of quarterly guidance, reflecting one week of an unplanned downtime within the Mino mill during the last week of September.

第三季總產量為 141,700 盎司，比第二季成長 3%，這主要得益於混血兒和哥倫比亞特區的強勁表現。這略低於季度預期下限，反映出 Mino 工廠在 9 月最後一周發生了一周的計劃外停工。

Reflecting lower costs from the mulattos district, total cash costs decreased 9% from the second quarter, and all in sustaining costs decreased 7%, both consistent with guidance.

受混血地區成本降低的影響，總現金成本較第二季下降 9%，所有維持性成本下降 7%，均與預期一致。

With higher production, a record gold price, and lower costs, we delivered record revenue, cash flow from operations, and record free cash flow of $130 million in the quarter.

由於產量增加、金價創歷史新高以及成本降低，我們本季實現了創紀錄的收入、經營現金流和創紀錄的自由現金流，達到 1.3 億美元。

We expect a significant improvement in both our fourth quarter production and costs to drive new financial records at current gold prices.

我們預計第四季度產量和成本都將大幅改善，在當前金價水準下，這將推動我們創下新的財務紀錄。

Change the slide 4.

修改投影片 4。

The majority of the third quarter, we were on track to achieve our full year production guide.

在第三季的大部分時間裡，我們都按計畫實現了全年生產目標。

Given the unplanned downtime of the Mino mill in the last week of September and the seismic event at our Island Gold operation in October, we're decreasing our 2025 production guidance to between 560 and 580,000 ounces.

鑑於 Mino 選礦廠在 9 月最後一周的計劃外停產以及我們在 Island Gold 礦區 10 月發生的地震事件，我們將 2025 年的產量預期下調至 560,000 至 580,000 盎司之間。

This represents a 6% decrease from our original guidance released in January.

這比我們1月發布的最初預期下調了6%。

Late in September, a capacitor failure within the Meginal mill impacted the electrical drive for the Sain ball mills. This led to one week of downtime and lower third quarter production than originally expected.

9 月下旬，Meginal 磨機內的電容器發生故障，影響了 Sain 球磨機的電力驅動。這導致停工一周，第三季產量低於預期。

The mill was restarted by the end of September and continues to demonstrate improvement in October.

該工廠於9月底重新啟動，並在10月繼續展現改善的跡象。

To the unplanned downtime, Island Gold's mill was restarted in late September to focus on processing higher grade underground ore.

由於計劃外停機，Island Gold 的選礦廠於 9 月下旬重新啟動，專注於加工品位更高的地下礦石。

Given the record gold price environment, we will continue running both mills through the remainder of the year with the increased combined milling capacity supporting additional gold production, higher cash flow, and increased profitability.

鑑於金價創歷史新高，我們將繼續營運這兩座選礦廠直至年底，增加的綜合選礦產能將支持更多的黃金產量、更高的現金流和更高的獲利能力。

In mid October, Doll and Goldmine experienced a seismic event, which is a normal part of operating an underground mine. No personnel or equipment were impacted, and mining rates are expected to continue within budgeted levels. However, this has delayed access to higher grades within one of our mining fronts. As a result, mine grades are expected to be lower than budgeted for the 4th quarter.

10 月中旬，多爾金礦發生了地震，這是地下礦井運作中正常的一部分。沒有人員或設備受到影響，預計採礦速度將繼續在預算範圍內。然而，這延緩了我們其中一個礦區開採更高品位礦石的進程。因此，預計第四季度礦山礦石品位將低於預算。

Even with the lower than planned underground grades in the 4th quarter, we expect a substantial increase in production from island coal district driven by higher combined milling rates.

即使第四季度地下煤品位低於預期，我們預期島嶼煤區的產量將大幅成長，這主要得益於更高的綜合選煤率。

We expect similar increases at Young Davidson driven by higher mining rates and grades and at mulattos with the recovery of higher grade ore stacked over the previous two quarters. All three operations are expected to contribute to an 18% increase in the fourth quarter production at lower costs, driving a further increase in free cash flow at current gold prices.

我們預計，由於採礦速度和品位提高，Young Davidson 礦的產量將出現類似的增長；而由於前兩個季度積壓的高品位礦石的回收，mulattos 礦的產量也將出現類似的增長。預計這三項業務將使第四季產量增加 18%，同時降低成本，從而在當前金價下進一步增加自由現金流。

Slide 5.

幻燈片 5。

The challenges we experienced this year have no impact on our strong long-term outlook, which remains firmly intact. The Phase 3 expansion at Island gold will be a key driver of our growing production and declining costs over the next several years. The expansion is progressing well and with expected completion in the second half of 2026.

我們今年遇到的挑戰不會影響我們強勁的長期前景，這一前景依然穩固。Island Gold 的第三期擴建工程將成為未來幾年我們產量成長和成本下降的關鍵驅動力。擴建工程進展順利，預計 2026 年下半年完工。

The Lin Lake project is another important part of our organic growth.

林湖計畫是我們有機成長的另一個重要組成部分。

Forest fires in northern Manitoba limited our progress on this project this year, but we expect to ramp construction activities in the spring of next year, and initial production is now expected in 2029.

今年曼尼托巴省北部的森林火災限制了我們在這個項目上的進展，但我們預計明年春天將加強建設活動力度，預計將於 2029 年開始投產。

This puts us on track to reach 900,000 ounces of lower cost annual production by the end of this decade.

這將使我們預計在本世紀末實現每年90萬盎司低成本黃金的生產目標。

The Island Gold District expansion study currently underway is expected to outline further upside, with the potential to increase consolidated production to 1 million ounces per year within a similar time frame.

目前正在進行的島嶼金礦區擴建研究預計將展現出更大的發展潛力，並有可能在類似的時間範圍內將合併產量提高到每年 100 萬盎司。

We generated year-to-date free cash flow of nearly $200 million in 2025 and expect to generate growing free cash flow as we execute on this growth. Following the start up of Lynn Lake, we expect to generate more than $1 billion of free cash flow annually at current prices.

截至目前，我們已在 2025 年產生了近 2 億美元的自由現金流，並預計隨著我們推進這項成長計劃，自由現金流將持續成長。Lynn Lake計畫投產後，我們預計以當前價格計算，每年將產生超過10億美元的自由現金流。

Is 6. In addition to delivering on our organic growth plans, we continue to surface value from our portfolio of assets. This included announcing the sale of our Turkish development projects for a total cash consideration of $470 million.

6. 除了實現我們的有機成長計劃外，我們還繼續從我們的資產組合中創造價值。其中包括宣布以 4.7 億美元的現金對價出售我們在土耳其的開發案。

The transaction closed earlier this week and marks a positive outcome, realizing significant value for assets we had written off in 2021.

該交易於本週稍早完成，並取得了積極成果，為我們 2021 年註銷的資產實現了重大價值。

We received $160 million on closing, and the remainder $310 million will be received over the next two years.

我們在交易完成時收到了 1.6 億美元，剩餘的 3.1 億美元將在未來兩年內收到。

With our strong free cash flow during the 3rd quarter and initial proceeds from the sale of our Turkish assets, our current cash balance has increased to over 600 million.

憑藉第三季強勁的自由現金流以及出售土耳其資產的初步收益，我們目前的現金餘額已增至 6 億多。

We'll be using the proceeds from the transaction and growing cash position to reduce our small debt position, and we expect to be active on our share buyback.

我們將利用交易所得和不斷增長的現金儲備來減少我們較小的債務，並且我們預計將積極進行股票回購。

We were also recognized for the second consecutive year as a TSX 30 winner by the Toronto Stock Exchange for our strong share price performance of 310% over the trailing 3 years.

由於過去三年股價表現強勁，上漲了 310%，我們連續第二年被多倫多證券交易所評為 TSX 30 強企業。

The award is a testament to our long-term track record of performance, something we expect to continue to build upon as we deliver on our upcoming catalysts and organic growth plans. I'll now turn the call over to our CFO, Greg Fisher to review our financial performance.

該獎項是對我們長期業績的肯定，我們期待在實現即將推出的催化劑和內生增長計劃的同時，繼續在此基礎上取得更大的成就。現在我將把電話交給我們的財務長格雷格·費雪，讓他來回顧我們的財務表現。

Thank you, John. On the slide 7, we sold approximately 136,500 ounces of gold in the third quarter at an average realized price of $3,359 per ounce for record revenues of $462 million.

謝謝你，約翰。在投影片 7 中，我們第三季售出了約 136,500 盎司黃金，平均實現價格為每盎司 3,359 美元，創紀錄的收入為 4.62 億美元。

The average realized price was below the London p.m. fix for the quarter, primarily due to the delivery of over 12,300 ounces into the gold pre-paid facility at a fixed price of $2,524 per ounce. We will deliver the same number of ounces in the fourth quarter after which the prepay obligation will be completed.

由於超過 12,300 盎司黃金以每盎司 2,524 美元的固定價格交付到黃金預付機制，該季度的平均實際價格低於倫敦下午的定盤價。我們將在第四季度交付相同數量的盎司黃金，之後預付款義務將全部履行完畢。

As a reminder, the pre-pay 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 $1840 per ounce.

提醒一下，預付款安排於 2024 年 7 月執行，所得款項用於償還從 Argonaut Gold 繼承的 180,000 盎司遠期銷售合約，這些合約涵蓋 2024 年和 2025 年，平均價格為每盎司 1840 美元。

Based on an average gold price of almost $3000 per ounce since July 2024, the company increased cash flow by approximately $40 million over that period, given the decision to buy out the 180,000 ounces of hedges 15 months ago through the execution of that pre-paid facility.

根據 2024 年 7 月以來平均每盎司近 3000 美元的黃金價格計算，該公司在此期間現金流增加了約 4000 萬美元，這得益於 15 個月前通過執行預付融資協議回購了 18 萬盎司的對沖頭寸。

Quarter over quarter, total cash costs and all sustaining costs decreased 9% and 7% respectively, and both were in line with quarterly guidance. We expect total cash costs and all sustaining costs to decrease a further 5% in the fourth quarter, driven by higher production across all operations.

與上一季相比，總現金成本和所有維持性成本分別下降了 9% 和 7%，均符合季度預期。我們預計，在第四季度，由於所有業務的產量提高，總現金成本和所有維持成本將進一步下降 5%。

We remain on track to achieve full year cost guidance, which was revised earlier in the year.

我們仍有望實現全年成本目標，該目標已於年初進行了修訂。

We are now reporting total cash costs and all sustaining costs, excluding the impact of market to market adjustments for the revaluation of previously issued share-based instruments. This methodology provides a better representation of our total costs associated with producing an ounce of gold and eliminates volatility associated with mark to mark adjustments.

我們現在報告的是總現金成本和所有維持成本，不包括先前發行的股份制工具重估的市場調整的影響。這種方法可以更好地反映我們生產一盎司黃金的總成本，並消除與以市價調整相關的波動性。

These mark to market adjustments to long-term instruments impact both total cash costs and all sustaining costs, given the company allocates these costs to mining and processing costs and share-based compensation expense on the income statement.

對長期工具進行市值調整，將對總現金成本和所有維持成本產生影響，因為公司在損益表中將這些成本分配到採礦和加工成本以及股份支付費用中。

Our reported debt earnings were $276 million in the third quarter, or $0.66 per share. This included a 193 million reversal of a previously recognized impairment related to the Turkish projects.

第三季度，我們公佈的債務收益為 2.76 億美元，即每股 0.66 美元。其中包括衝回先前確認的與土耳其項目相關的減損損失 1.93 億美元。

As well as unrealized losses on hedge derivatives, foreign exchange impacts, and other adjustments totaling $72 million.

此外，還有對沖衍生性商品未實現損失、外匯影響和其他調整，總計 7,200 萬美元。

Excluding these items, adjusted net earnings were $156 million or $0.37 per share.

剔除這些項目後，調整後的淨收益為 1.56 億美元，即每股 0.37 美元。

Operating cash flow before changes in non-cash working capital was a record $275 million in the third quarter, or $0.65 per share. Capital spending total of $135 million and included $35 million of sustaining capital, 83 million of growth capital, and $17 million of capitalized exploration.

第三季度，不計非現金營運資本變動的營運現金流創下 2.75 億美元的紀錄，每股 0.65 美元。資本支出總額為 1.35 億美元，其中包括 3,500 萬美元的維持資本、8,300 萬美元的增長資本和 1,700 萬美元的勘探資本。

Our consolidated 2025 capital guidance has been updated to between $539 million and $599 million a 10% decrease from previous guidance, primarily reflecting lower spending at Lynn Lake with the ramp of construction activities shifting to 2026.

我們已將 2025 年綜合資本指導目標更新為 5.39 億美元至 5.99 億美元，比先前的指導目標減少了 10%，主要反映了林恩湖項目的支出減少，建設活動的加速將推遲到 2026 年。

Free cash flow for the quarter totals a record $130 million a 54% increase from the second quarter driven by record contributions from all three operations. This included $73 million from the Mulattos District, $72 million from the Island Gold District, and $62 million from Jan Davidson.

本季自由現金流總額達到創紀錄的 1.3 億美元，比第二季成長 54%，主要得益於三項業務均創紀錄的貢獻。其中包括來自 Mulattos 區的 7,300 萬美元、來自 Island Gold 區的 7,200 萬美元以及來自 Jan Davidson 的 6,200 萬美元。

Our cash balance grew 34% from the end of the second quarter to $463 million. Subsequent to quarter end, we received initial cash payments totaling $163 million from the sale of both our non-core Turkish development projects and the Quartz Mountain project, bringing our total cash position to over 600 million currently.

我們的現金餘額較第二季末成長了 34%，達到 4.63 億美元。季度末之後，我們收到了出售非核心土耳其開發項目和石英山項目所得的首筆現金付款，總計 1.63 億美元，使我們目前的現金總額超過 6 億美元。

Combined with the undrawn balance on the credit facility, our total liquidity is over 1.1 billion.

加上信貸額度中未提取的餘額，我們的總流動資金超過11億。

We expect growing production and declining costs to drive increasing free cash flow over the next several years while continuing to fund our organic growth plans.

我們預計，未來幾年，產量成長和成本下降將推動自由現金流增加，同時繼續為我們的有機成長計畫提供資金。

With a growing cash position, we expect to reduce our $250 million of debt currently outstanding while also evaluating opportunities to buy back shares and eliminate a portion of the remaining legacy Argonaut hedges.

隨著現金狀況的改善，我們預計將減少目前未償付的 2.5 億美元債務，同時評估回購股票的機會，並消除一部分剩餘的 Argonaut 遺留對沖。

I will now turn the call over to our COO Luc Guimond to provide an overview of our operations.

現在我將把電話交給我們的營運長盧克·吉蒙德，讓他概述一下我們的營運情況。

Thank you, Greg. Over to slide 8, 3rd quarter production from the Island Gold District total 66,800 ounces, a 4% increase from the previous quarter.

謝謝你，格雷格。翻到第 8 張投影片，島嶼金礦區第三季總產量為 66,800 盎司，比上一季成長 4%。

A more substantial increase is expected in the 4th quarter, driven by an increase in combined milling rates from the island gold and the genome mills.

預計第四季將出現更顯著的成長，這主要得益於島嶼金礦和基因組礦廠綜合碾磨率的提高。

The geno's milling rates continued to increase through the 3rd quarter until the last week of September when a capacitor failure within the electrical house impacted the electrical drive for the SAG and ball mills.

在整個第三季度，磨粉機的磨粉率持續上升，直到 9 月最後一周，電氣房內的電容器發生故障，影響了 SAG 磨機和球磨機的電力驅動。

This resulted in one week of unplanned downtime.

這導致了一周的計劃外停機。

The capacitor and electrical drive module were replaced by the end of the quarter, following which milling rates have increased to average a new high in October.

到季度末，電容器和馬達驅動模組已更換完畢，此後銑刨率有所提高，10 月平均創下新高。

Quarter over quarter, underground mining rates increased 7% to 1,325 tons per day. Open pit mining rates increased 4% to 59,000 tons per day, including a 28% increase in ore mine to 17,600 tons per day. Grades mined from underground and the open pit were consistent with annual guidance.

地下採礦速度較上季成長 7%，達到每天 1,325 噸。露天礦開採率提高了 4%，達到每天 59,000 噸，其中礦石開採量提高了 28%，達到每天 17,600 噸。地下礦和露天礦開採出的礦石品位與年度預期一致。

In mid October, a seismic event occurred within the underground operation of island gold that has delayed access to higher grade stoops to fill within one mining front.

10 月中旬，島嶼金礦地下作業區發生地震，導致一個採礦前線高品位礦段的掩埋工作延遲。

Seismic events are not uncommon for underground operations, and mining rates are expected to remain within guided levels. However, grades mined in the 4th quarter are now expected to be lower than previously planned.

地下作業中發生地震事件並不罕見，預計採礦速度將保持在指導水準之內。然而，預計第四季度開採的礦石品位將低於先前的計劃。

We continue to expect a significant increase in production and decrease in costs in the fourth quarter. However, given the lower expected underground grades and unplanned downtime at the end of the 3rd quarter, production guidance for the full year has been revised lower to between 260,000 and 270,000 ounces.

我們仍預期第四季產量將大幅成長，成本將大幅下降。然而，鑑於預計地下礦石品位較低以及第三季末計劃外停工，全年產量預期已下調至 26 萬至 27 萬盎司之間。

Moving to slide 9, a number of optimization initiatives have been implemented within the Mino ill over the past year that continue to drive improvements quarter over quarter.

翻到第 9 張投影片，在過去一年中，Mino ill 實施了多項優化舉措，這些舉措持續推動季度環比的改進。

This included the installation of a redesigned liner and bolt configuration within the SAGM mill in July.

這其中包括在 7 月在 SAGM 軋機內安裝重新設計的襯板和螺栓配置。

Such that following the minor change and excluding the one week of unplanned downtime at the end of September, mill milling rates increased nearly 10%.

因此，在進行小幅調整後，不包括 9 月底一週的非計劃性停機時間，磨粉機磨粉率提高了近 10%。

With the mill up and running by the end of the 3rd quarter, milling rates have continued to improve in October, approaching 10,000 tons per day, a new monthly high for the operation.

隨著工廠在第三季末投入運營，10 月的碾磨率持續提高，接近每天 10,000 噸，創下該廠月度新高。

Minimize potential unplanned downtime in the future and ensure increasing consistency of the operation. A further review of electrical components was completed to ensure all critical spares have been identified and are on site.

最大程度減少未來可能發生的非計劃性停機時間，並確保營運的穩定性持續提高。對電氣元件進行了進一步檢查，以確保所有關鍵備件都已確定並已運抵現場。

Moving to slide 10 Given the unplanned downtime at the Mino mill, the decision was made to restart the island gold mill the last week of September to focus on processing higher grade underground ore.

轉到第 10 張投影片。鑑於 Mino 選礦廠計劃外的停機時間，決定在 9 月最後一周重新啟動島上的金礦選礦廠，以專注於處理品位更高的地下礦石。

Operating the 2 mills will provide additional operational flexibility with increased milling capacity and allow us to capitalize on the higher gold price environment with stronger gold production.

營運這兩座選礦廠將提高選礦能力，從而提供更大的營運彈性，並使我們能夠利用更高的金價環境，實現更強勁的黃金產量。

The restart of the island mill provides an additional 1,200 tons per day of milling capacity.

島上磨粉廠的重啟每天可提供額外的 1200 噸磨粉能力。

This is expected to support approximately 3,000 ounces of additional gold production on a quarterly basis, driving increased cash flow and profitability.

預計這將支持每季增加約 3,000 盎司黃金產量，從而提高現金流和獲利能力。

At current gold prices, this represents nearly $50 million of additional annualized revenue, with significantly higher gold prices, more than offsetting the higher processing costs associated with operating the island gold mill.

以目前的金價計算，這將帶來近 5,000 萬美元的額外年收入；如果金價大幅上漲，則足以抵消營運島嶼金礦廠相關的較高加工成本。

We will operate the two mills through the end of this year and we'll evaluate its ongoing operation into 2026 as part of the expansion study.

我們將營運這兩家工廠至今年年底，並將在擴建研究期間評估其持續運作至 2026 年的情況。

Over to slide 11, the phase 3 plus expansion continues to progress with the shaft sink now at the 1,350 m level, 98% of the ultimate depth of 1,379 m.

轉到第 11 張投影片，第三階段加擴建工程繼續推進，豎井下沉至 1,350 公尺處，達到最終深度 1,379 公尺的 98%。

Work also commenced on the 1,350-level shaft station.

1350 層豎井站的建設工作也同時啟動。

The Mina mill expansion to 12,400 tons per day is progressing well and is on track for completion in the second half of 2026.

米納鋼廠擴建至日處理能力12400噸的工程進展順利，預計2026年下半年完工。

Base plant construction is advancing and expected to be completed in the 1st quarter of 2026.

基地建設正在推進，預計將於 2026 年第一季完成。

Mechanical and electrical outfitting for the water handling facility and shaft inhouse is ongoing, and concrete foundation work for the new administrative complex is underway.

水處理設施和豎井的機械和電氣設備安裝工作正在進行中，新行政大樓的混凝土基礎工程也正在進行中。

Over to slide 12, as of quarter end, we have spent and committed 84% of the total phase 3 plus capital of 835 million.

翻到第 12 張投影片，截至季末，我們已經花費並承諾了第三階段總額 8.35 億的 84% 的資金。

The photos on the right highlight the progress on the shaft sink and 1,350 level shaft station.

右側照片展示了豎井沈井和 1350 層豎井站的進展。

We expect to be skipping over from this station in the latter part of next year, with the expansion on track for completion in the second half of 2026.

我們預計明年下半年從該站直接過渡到新站，擴建工程預計將於 2026 年下半年完工。

Over to slide 13, we continue to advance the expansion study for the Island Gold District, which includes the evaluation of a larger mill expansion of up to 20,000 tons per day.

接下來是第 13 張投影片，我們將繼續進行島嶼金礦區的擴建研究，其中包括評估日處理量高達 20,000 噸的大型選礦廠擴建方案。

The study is expected to include a larger mineral reserve to ongoing mineral resource conversion.

預計該研究將包括對更大礦產儲量的持續礦產資源轉化。

With encouraging results from our delineation drilling program supporting a strong rate of conversion and reserve growth.

我們的勘探鑽井計劃取得了令人鼓舞的結果，為強勁的轉換率和儲量成長提供了支持。

Work currently underway as part of the Phase 3 plus expansion to 12,400 tons per day is being completed with a larger expansion in mind. This includes sizing the footprint of the new mill building to accommodate additional equipment for a further expansion of up to 20,000 tons per day.

目前正在進行的第三階段工程以及擴建至日處理量 12,400 噸的工作，都是為了更大規模的擴建而進行的。這包括確定新工廠建築的佔地面積，以便容納更多設備，從而進一步擴大產能，達到每天 20,000 噸。

To ensure all the assays from the recently completed delineation drilling program are incorporated into the expansion study, we have shifted the completion of the expansion study from late this year to the first quarter of 2026.

為確保最近完成的圈定鑽探計畫的所有化驗結果都納入擴建研究，我們將擴建研究的完成時間從今年年底推遲到 2026 年第一季。

With a larger mineral reserve and higher combined mining and milling rates, we expect the expansion study will demonstrate significant upside to the base case plan released earlier this year.

由於礦產儲量更大，採礦和選礦綜合速度更快，我們預計擴建研究將顯示出比今年稍早發布的基本方案有顯著的提升空間。

Over the slide 14.

在第 14 張幻燈片之後。

Young Davidson produced 37,900 ounces in the quarter, similar to the second quarter reflecting the planned shutdown of the Northgate shaft, the first week of July to change the head ropes.

Young Davidson 本季生產了 37,900 盎司黃金，與第二季類似，這反映了 Northgate 礦井計劃於 7 月第一周關閉以更換井口繩索。

Reflecting the downtime, mining rates averaged 7,300 tons per day in the quarter.

受停工影響，該季度採礦速度平均為每天 7,300 噸。

Given the lower mining rates earlier in the quarter, excess milk capacity and higher grade, higher gold prices, the low grade stockpile ore was processed.

鑑於本季初採礦率較低、牛奶產能過剩以及金價較高、礦石品位較高，低品位庫存礦石得以加工處理。

Military put rates averaged 7,800 tons per day in the quarter, a 12% increase over the previous quarter.

本季軍用物資投放量平均為每天 7,800 噸，比上一季成長 12%。

Reflecting the contribution of lower grade stockpile or, grades of 1.79 g per ton were 7% lower than mine grades.

反映了低品位礦石堆的貢獻，品位為每噸 1.79 克的礦石比礦山品位低 7%。

Reflecting lower mining and milling rates for the 1st 9 months of the year, production guidance has been revised lower to between 160,000 and 165,000 ounces.

受今年前 9 個月採礦和選礦速度下降的影響，產量預期已下調至 16 萬至 16.5 萬盎司之間。

Mining rates have returned to targeted levels, averaging 8,000 tons per day in September and October and are expected to remain at similar levels the remainder of the year.

採礦速度已恢復到目標水平，9 月和 10 月平均每天 8,000 噸，預計今年剩餘時間將保持在類似水平。

Grades mined also increased towards the upper end of guidance in October at 2.25 g per 10 and are expected to remain at similar levels the rest of the quarter.

10 月開採的礦石品位也接近預期上限，達到每 10 克 2.25 克，預計本季剩餘時間將維持在類似水準。

With higher mining rates and grades, young Davison is expected to have a much stronger 4th quarter with higher production and lower costs.

由於採礦率和礦石品位更高，預計年輕的戴維森礦第四季將迎來更強勁的業績，產量更高，成本更低。

Mind sight only sustaining costs decreased in the 3rd quarter.

僅維持 MindSight 的成本在第三季有所下降。

With a further decrease expected in the 4th quarter, the operation remains on track to achieve the full year cost guidance that was revised earlier in the year.

預計第四季成本將進一步下降，因此該營運仍有望實現年初修訂的全年成本目標。

Young Davidson continues delivering strong mine site-free cash flow with 62 million generated in the quarter and 160 million in the first nine months of the year, already surpassing the previous full year record of 141 million in 2024.

Young Davidson 繼續保持強勁的礦場無現金流，本季產生 6,200 萬，今年前九個月產生 1.6 億，已經超過了 2024 年 1.41 億的全年紀錄。

With strong ongoing free cash flow, the operation is on track to deliver well over 200 million for the full year at current gold prices.

憑藉強勁的持續自由現金流，以目前的金價計算，該項目全年盈利預計超過 2 億美元。

Over the slide 15.

幻燈片 15 之後。

Production from the Maulattos district totaled 37,000 ounces in the third quarter, a 9% increase quarter over quarter, with the operation benefiting from strong ongoing stacking rates and grades, and the recovery of previously stacked ounces.

Maulattos 礦區第三季總產量為 37,000 盎司，環比增長 9%，這得益於強勁的持續堆放率和品位，以及對先前堆放的黃金的回收。

This trend is expected to continue with a further increase in production in the 4th quarter as the operation benefits from the recovery of higher grade ore stock in the previous two quarters.

預計這一趨勢將在第四季度繼續，產量將進一步增加，因為該礦受益於前兩個季度高品位礦石庫存的回收。

With higher production expected in the 4th quarter, we are increasing full year production guidance to between 140,000 and 145,000 ounces.

由於預計第四季度產量將有所提高，我們將全年產量預期提高至 14 萬至 14.5 萬盎司之間。

Reflecting the stronger production, costs decline in the 3rd quarter, and with a further decrease expected in the 4th quarter, the operation is well positioned to meet its full year cost guidance.

由於生產能力增強，第三季成本下降，預計第四季成本將進一步下降，因此該營運部門完全有能力實現全年成本目標。

The PDA project continued advancing during the quarter with the focus on procurement of long lead items and detailed engineering.

本季度，PDA 專案持續推進，重點是採購長週期物料和詳細工程設計。

Expenditures are expected to increase in the 4th quarter and more significantly into 2026 with a wrap up of construction activities.

預計第四季度支出將會增加，到 2026 年隨著建築活動的結束，支出將顯著增加。

Kojek remains on budget and on track to achieve initial production mid 2027.

Kojek 目前仍按預算進行，並預計在 2027 年年中實現初步生產。

The Mulattos district generated bindsightee cash flow of $73 million in the quarter and $129 million in the first nine months of the year.

Mulattos 地區本季產生了 7,300 萬美元的 Bindsightee 現金流，今年前九個月產生了 1.29 億美元現金流。

It remains well positioned to continue generating strong free cash flow while fully funding construction of PDA.

公司仍處於有利地位，能夠繼續產生強勁的自由現金流，同時為PDA的建設提供充足的資金。

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

這樣，我就把電話轉回約翰了。

Thank you, Luke. I want to reiterate that this has not been a typical year for Alamos and not reflective of our long-term record of meeting or exceeding expectations. Our near-term and long-term outlook remained bright, and with one of the strongest growth falls in the sector, we remain confident in our ability to deliver on our guidance. We expect to demonstrate this strong outlook, starting with a significant increase in production and decrease in costs in the 4th quarter.

謝謝你，盧克。我想再次強調，今年對阿拉莫斯來說並非尋常的一年，也不能反映我們長期以來達到或超出預期的業績記錄。我們的近期和長期前景依然光明，儘管產業內成長下滑幅度最大，但我們仍然有信心實現我們的業績指引。我們預計這一強勁前景將得以展現，首先是第四季產量大幅成長和成本大幅下降。

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

現在我將把電話轉回給接線員，他/她將回答您的問題。

Hi. We'd like to open up the call for Q&A now please.

您好。我們現在開始問答環節。

Certainly, thank you. We will not take questions from the telephone lines. If you have a question, please press 1. You may cancel your questions at any time by pressing 2.

當然，謝謝。我們不接受電話提問。如果您有任何疑問，請按 1。您可以隨時按 2 取消提問。

Please press start one at this time if you have a question. There will be a brief pause while participants register for their questions. We thank you for your patience.

如果您有任何疑問，請立即按下「開始」按鈕。會議期間將有短暫的停頓，供與會者登記提問。感謝您的耐心等待。

Our first question is from Cosmos Chiu from CIBC. Please go ahead.

我們的第一個問題來自加拿大帝國商業銀行的 Cosmos Chiu。請繼續。

Great, thanks, John and team. Maybe my first question is on the Q4.

太好了，謝謝約翰和他的團隊。我的第一個問題可能與第四季有關。

John, as you mentioned, we're expecting increases to production in Q4. You've given us a range 157 to 177,000 ounces, fairly sizable range, especially for quarterly production. Could you maybe just touch on, some of the factors that could lead you to the higher end of that Guidance versus, say the lower end.

約翰，正如你所說，我們預計第四季度產量將會增加。您給出的範圍是 157,000 到 177,000 盎司，這是一個相當大的範圍，特別是對於季度產量而言。您能否簡要談談，哪些因素會導致您獲得較高的指導意見，而不是較低的指導意見？

Cos I mean just across the operations as we've touched on, I mean we we're consistently delivering on the higher mining rates with young Davidson at 8,000 tons per day. The big driver really for the higher gold production also coming out of Young Davidson in the fourth quarter is related to grade. Based on the mind plan that we have put forward for the fourth quarter, we're expecting to be at the high end of our of our guided grades of 205 to 225, so we're at the higher end of that 225 area.

因為我的意思是，正如我們剛才提到的，就整個營運而言，我們一直在穩步提高採礦率，年輕的戴維森礦場每天的採礦量達到 8,000 噸。第四季楊戴維森金礦黃金產量增加的真正主要驅動因素與金品位有關。根據我們為第四季度製定的計劃，我們預計成績將達到我們預期的 205 至 225 分的上限，所以我們處於 225 分範圍的較高水平。

With regards to mulattos, it's really a function of, we've stacked a lot of gold in the first couple of quarters, Q1, Q2, and certainly Q3. And we'll start to see more of that gold production coming off the leech pad in the 4th quarter, which will drive higher production for mulattos Island gold. We continue with, similar guided levels of mining rates and certainly great performance as well through the 4th quarters expected from island. So, when you combine those three catalysts from those operations, that's what's really driving the higher gold production in the 4th quarter.

至於混血兒，這其實是因為我們在前幾季（第一季、第二季度，當然還有第三季）累積了大量黃金。我們將在第四季開始看到更多的黃金從浸出池中產出，這將推動穆拉托斯島黃金產量的提高。我們將繼續保持類似的採礦率指導水平，並且預計島嶼在第四季度也將取得優異的業績。因此，將這三個營運環節的催化劑結合起來，就真正推動了第四季黃金產量的成長。

Okay and Luke, since I have you here, maybe could you maybe elaborate a little bit on that seismic activity that happened at Island Gold in mid-October.

好的，盧克，既然你在這裡，你能不能詳細介紹一下10月中旬發生在島嶼黃金礦區的地震活動？

It sounds like it's not, a permanent issue. It doesn't seem like it has longer-term impacts, but could you give us a bit more granularity in terms of sort of what happened? Was it in a higher risk area?

聽起來這似乎不是一個永久性的問題。看起來似乎沒有長期影響，但您能否更詳細地說明一下發生了什麼？它位於高風險地區嗎？

Yes, I can touch on that a bit. So let me just to, emphasize seismicity is just a natural aspect of occurrence that occurs with underground mining operations, as we extract your body through development and production blasting, we're changing the stress regime within the mining environment. In this case, in the one mining front that was affected with this seismic event, really, the reason that we've been that we've had to Stopped production from that one area is due to the fact that from a legislative perspective we need to have two means of egress out of the mine, one being the RAM system and in the island's case, the second one is an escapeway between the levels.

是的，我可以稍微談談這方面。所以，我想強調的是，地震活動只是地下採礦作業中自然發生的現象，當我們透過開發和生產爆破將你的遺體取出時，我們正在改變採礦環境中的應力狀態。在這種情況下，在受地震影響的那個礦區，我們不得不停止該區域的生產，真正的原因是，從法律角度來看，我們需要有兩個礦井出口，一個是 RAM 系統，在島上，第二個是各層之間的逃生通道。

And with this seismic event that happened within this one area, the escapeway was compromised, meaning it needed some rehabilitation in order to bring it back online. So we're just in the process of doing that. It's not a long-term delay. We would expect to be back in that mining front area early December to continue production in there, so it's not a long-term residual effect as a result of the seismicity, but it is a normal course of business. We always have seismic events. Some can be lower lower levels, and some can be higher levels. In this case it just resulted in some damage to the escape which we're addressing.

由於這一區域內發生的地震事件，逃生通道遭到破壞，這意味著需要進行一些修復才能使其重新投入使用。所以我們正在進行這項工作。這不是長期延誤。我們預計 12 月初就能回到那個礦區繼續生產，所以這不是地震造成的長期後遺症，而是正常的業務流程。我們這裡一直都有地震事件發生。有些可能較低，有些可能較高。在這種情況下，它只對逃生通道造成了一些損壞，我們正在處理這個問題。

And look, these give way more permanent infrastructures. I would have thought that they are built to a standard that can certainly withstand some of these stress regimes, but again, there's there's there's other factors as well. I guess my question is was that unexpected? Has this happened before, and what do you now have in place in terms of again, I understand that these type of activity happens, but what do you have in place now to hopefully mitigate some of the risk on a go forward basis?

而且，這些都為更永久性的基礎設施提供了空間。我原以為它們的製造標準足以承受這些壓力，但話說回來，還有其他因素需要考慮。我想問的是，這是否出乎意料？這種情況以前發生過嗎？現在你們採取了哪些措施？我知道這類事件時有發生，但你們現在採取了哪些措施來盡可能降低未來發生的風險？

Yeah, look, I mean, I kind of reference with regards to our ground control management plan and our seismic management plan that we have in place for all of our underground operations. In this case, the ground support.

是的，你看，我的意思是，我指的是我們為所有地下作業制定的地面控制管理計畫和地震管理計畫。在這種情況下，地面支撐。

Continues to develop and change as we get into different mining areas and maybe different elevations of stress that are that are being seen within the mining operations. So we adjust accordingly with that. We do have a lot of dynamic support in place to mitigate these sort of environments that happen when we do have an elevated stress environment. And in this case, for the most part I'd say the ground support actually worked as per expected. But just keep in mind, rehabilitation is just kind of also a natural function of an underground operation residually. The scaling activities that occur and some additional ground support requirements as a result of some of these openings being open for a long, longer-term, and in this case the escapeway being one of those. So it's not uncommon to actually have to go back in and do some rehabilitation in this case again because of the fact that the escapeway has been compromised, we've just had to go in and repair that escapeway to be able to resume mining activities within that mining front.

隨著我們進入不同的礦區，以及採礦作業中可能出現的不同壓力水平，這種情況會不斷發展和變化。因此，我們會據此做出相應的調整。我們確實有許多動態支持措施來緩解在壓力較大的環境下出現的這類問題。就目前情況來看，我認為地面支援在很大程度上確實達到了預期效果。但請記住，修復也是地下作業的自然殘餘功能之一。由於某些開口長期開放，因此需要進行擴建活動，並需要一些額外的地面支持，而逃生通道就是其中之一。因此，在這種情況下，由於逃生通道遭到破壞，我們不得不再次進入進行一些修復工作，這並不罕見。我們不得不進入並修復該逃生通道，以便能夠在該採礦前緣恢復採礦活動。

Great. Maybe one last question, as you mentioned, the expansion study for Highland gold is now expected in Q1 2026 versus Q4 2026 2025, in part to incorporate potentially including the island gold mill in terms of running it into 2026. But I guess in the end, maybe bigger picture. Gold prices are certainly much higher now compared to when you put out the island gold, the first base case study.

偉大的。或許最後一個問題，正如您所提到的，Highland Gold 的擴建研究現在預計將在 2026 年第一季度完成，而不是 2025 年第四季度，部分原因是考慮到島嶼金礦廠可能會在 2026 年投入運營。但我想最終，也許應該從更宏觀的角度來看這個問題。現在的黃金價格肯定比你當初推出島嶼黃金（第一個基礎案例研究）時的價格高得多。

Is there a bit of a shift in terms of thinking here in terms of, lower grade material can actually now be profitable, so maybe running island gold for longer could increase the overall throughput and, in the end.

這裡的想法是否有所轉變，即低品位材料現在實際上也可以盈利，所以也許延長島嶼金礦的開採時間可以提高整體產量，最終。

Some of that lower grade or can still generate cash, and overall cash flow is higher. Is there that kind of thinking going on right now, John, in terms of how you're looking at the island goals and maybe even a broader picture as well as the other operations, and then, how would that be incorporated into the year and sort of reserve resource statement that's coming out like what kind of gold price would you look at?

一些低等級的資產仍然可以產生現金流，而且整體現金流更高。約翰，你現在是否也在思考這個問題，例如你如何看待島嶼目標，甚至更廣泛的層面以及其他營運活動？然後，你會如何將這些因素納入即將發布的年度儲備資源報告中，例如你會關注什麼樣的黃金價格？

That's got to go down as one of the longest questions in history, Cosmo.

《Cosmo》雜誌，這絕對是史上最長的問題之一。

But, just looking at island gold, we envisioned.

但是，光是看著島上的黃金，我們就有了設想。

At the time we acquired Argonaut with the idea of integrating both minds, we envisioned that that would ultimately evolve into something like a 20,000 ton per day operation, and we're doing the work right now in order to.

當初我們收購 Argonaut 時，就抱著整合雙方思想的想法，設想最終會發展成日處理量 2 萬噸左右的規模，而我們現在正在為此努力。

In order to bring that, in front of the market, probably, January early February of next year, that that's the time we're we're aiming for. That's just the optimal rate that that mine ought to run at. It means, it gets to part of your question, for example, right now, we're milling about 1 g material coming out of the open pit and we're stockpiling, lower grade material. It's an absolute fact that, with the lower cost and the, higher throughput rate of not putting anything in stock, or just putting it all through the mill, that's a much more profitable way to go about it. We, we'll be able to demonstrate that with the numbers, that we'll provide early next year, but the, you're not double handling or, on a combined grade, in other words, Mixing in that lower grade material, it's basically running around 0.5 g, mixing that in with the 1 g material, we're still running a pretty decent head grade, but you're just doing it all at a greater scale, you're benefiting from the economies of scale and absolutely, doing it at a lower cost because there's no double handling any anymore. So from the point of view of, this bigger mine that we envision at Island Gold, it also envisions roughly 3,000 tons of underground throughput from the island mine itself, that takes production up over half a million ounces a year, brings costs down closer to that 1,100 $1200 A6 somewhere in that range. The study will define it more precisely. But you can see, that that we're sitting on roughly, Somewhere between 11 and 12 million ounces of reserves and resources. That, that's a really sensible approach to take for the development of that mine. We can get there with relatively I I put it, bite-size capital cost, it's not, it's not a real stretch for us to get it there and It's, it, it's sort of the next step in our evolution at that project site. We're not thinking about that, at either, Young Davidson or mulattos.

為了將產品推向市場，我們計劃在明年一月初或二月初進行，這就是我們的目標時間。那正是該礦應該達到的最佳運作速率。這意味著，這涉及到你問題的一部分，例如，目前我們正在銑削從露天礦坑出來的大約 1 克物料，我們正在堆疊低品位物料。毋庸置疑，由於成本更低、吞吐量更高（無需庫存，或直接將所有產品送入工廠進行加工），這種方式利潤更高。我們將在明年初提供相關數據來證明這一點，但你們不會進行二次處理，或者說，不會混合不同等級的材料，也就是說，不會混入低等級的材料（基本上是0.5克左右），也不會將其與1克的材料混合，我們仍然能獲得相當不錯的頭部等級，只是規模更大，受益於規模經濟，而且成本更低，因為不再需要處理二次了。因此，從我們在 Island Gold 中設想的這個更大的礦山的角度來看，它也設想從島嶼礦山本身獲得大約 3,000 噸的地下吞吐量，這將使年產量超過 50 萬盎司，並將成本降低到接近 1,100 美元到 1200 美元 A6 之間的某個範圍。該研究將對其進行更精確的定義。但你可以看到，我們大約擁有 1100 萬到 1200 萬盎司的儲量和資源。那確實是開發該礦山的一種非常明智的方法。我們可以用相對較小的資本成本來實現目標，對我來說，實現目標並不難，這可以說是我們在這個專案現場發展的下一步。我們既沒考慮過這個問題，也沒考慮過楊戴維森或混血兒。

Young Davidson, it, it's not really that sensitive to the gold price, to be H1st, it's it's just the way that ore body is, we're mining it. In a very profitable way, obviously we're generating, phenomenal cash flows, and now we've got, we, we've got that mill running very well, consistently hitting 8,000 tons a day, you're going to see, young Davids have a great year next year, long-term at.

Young Davidson，它對金價其實不太敏感，說真的，這只是礦體本身的特性，我們正在開採它。顯然，我們以非常盈利的方式，產生了驚人的現金流，現在我們的工廠運作良好，穩定地達到每天 8000 噸的產量，你們將會看到，明年年輕的戴維斯將迎來輝煌的一年，從長遠來看也是如此。

At mulattos, the game changer is going to be going underground and mining the high grade underground.

對 Mulattos 來說，改變遊戲規則的將是進入地下開採高品位地下礦石。

Sulfite material and processing it through the mill that we're going to build that really is the future for mulattos. I mean, it's not like we've run out of targets for for finding additional oxide material. It's a big district and we're still poking around doing greenfields exploration in various areas and actually getting some interesting results, but the main thrust of what we're doing at Moulattos is to transition from heat bleach, low grade heap bleach production to higher grade underground production, so that would, that, in the grand scheme of things, that's where we're going. It's not like we're taking this 11 concept driven by a higher gold price and trying to apply it across every operation.

亞硫酸鹽原料以及透過我們即將建造的磨機進行加工，這才是混血兒的未來。我的意思是，我們並不是找不到其他氧化物材料的目標了。這是一個很大的區域，我們仍在各個地區進行綠地勘探，並且確實取得了一些有趣的成果，但我們在穆拉托斯的主要工作重點是從熱漂白、低品位堆漂白生產過渡到更高品位的地下生產，所以從長遠來看，這就是我們的發展方向。我們並不是把受金價上漲驅動的這 11 個概念應用到每項業務中。

Yeah, the only other thing I'd add there, Cosmo is just, with regards to the 200,000 per day.

是的，我唯一要補充的是，Cosmo，關於每天 20 萬這個數字。

Plan for the for the island district, but that hasn't changed. I mean, we're we're still looking to put that obviously we've changed the guidance on that to put it out early in Q1, but it'll outline a plan of running the 170,000 tons per day coming from open pit operations, 3,000 tons per day coming from underground operations. So that still is the plan. As far as the island mill that we're still continuing to run at this point, which we restarted in in September, we'll evaluate that as part of our business plans for 2026. But given this high gold price environment, giving us more gold production, certainly and more cash flow, it may make sense to continue to run that in 2026, but we're still evaluating that.

島嶼區的規劃，但這一點並沒有改變。我的意思是，我們仍在努力實現這一點，顯然我們已經改變了這方面的指導方針，以便在第一季初發布，但它將概述一個計劃，即每天從露天礦開採 17 萬噸，從地下礦開採 3000 噸。所以計劃依然如此。至於我們目前仍在運作的島嶼磨坊（該磨坊於 9 月重新啟動），我們將把它納入我們 2026 年的商業計劃中進行評估。但鑑於目前金價高企，黃金產量肯定會增加，現金流也會增加，因此在 2026 年繼續營運該專案或許是有意義的，但我們仍在評估中。

Great, thanks.

太好了，謝謝。

Sorry for my extra long question. I still thank Scott Parsons for putting out earnings during Game 5 of the World Series. It certainly has not impacted my performance. So thanks again, John and.

抱歉我的問題太長了。我仍然感謝斯科特·帕森斯在世界大賽第五場比賽期間發放獎金。這絕對沒有影響我的表現。再次感謝約翰。

Thank you. The following question is some Oveis Habib from Scotiabank. Please go ahead.

謝謝。以下問題來自加拿大豐業銀行的 Oveis Habib。請繼續。

Hi John and Alamo's team a couple of questions for me as well. Cosmos is asked a couple of questions that I had, but just to follow-up to, Cosmos's questions on, the seismic activity at Island Gold, again, really glad to hear no personnel or equipment were impacted by this event, so that was really good to hear. But in terms of, and maybe this question for Luke, in terms of. Active mining fronts, how many active mining fronts do you have access to, at Island Gold, as well as, how does this impact mine sequencing going into 2026?

嗨，John 和 Alamo 團隊，我也有幾個問題想問你們。Cosmos 被問到了一些我也有的問題，但為了跟進 Cosmos 關於 Island Gold 地震活動的問題，再次很高興聽到沒有人員或設備受到此次事件的影響，這真是個好消息。但就此而言，或許這個問題對盧克來說，就這一點而言。Island Gold 目前有多少活躍的採礦前線？這對 2026 年的採礦順序有何影響？

I mean we typically carry about 3 to 4 mining fronts with the mining rates that we're currently running at right now, all these, but I mean obviously with the ramp up as we continue to head towards 2,400 tons a day through the course of next year, we will be, our development will put us into a place where we'll Developing more mining funds, as I mentioned in this case, we've just basically shifted our focus from this one mining front that's been put on hold until we get that escapeway in place and look to generate production from some of the other areas of the mine in the interim, but as I mentioned, it's a short-term issue with regards to the seismic event that happened there, and we're looking to resume the mining in that specific mining front, early in December.

我的意思是，以我們目前的開採速度，我們通常會同時進行3到4個採礦作業面。但顯然，隨著我們明年繼續向日產2400噸的目標邁進，我們的發展將使我們處於一個能夠開發更多採礦資金的位置。正如我之前提到的，我們基本上已經將重點從目前暫停的那個採礦作業面轉移到了其他一些礦區，這些作業面的開採是為了在我們修好逃生通道之前恢復生產。但正如我之前提到的，這只是一個短期問題，與那裡發生的地震事件有關。我們計劃在12月初恢復該採礦作業面的開採。

Thanks for the cover on that, look, and then just also in terms of when you do get access to additional money funds, I mean in terms of isn't that a mitigating factor on itself, going into 2026 then.

感謝你對此的報道，你看，還有，當你獲得額外的資金時，我的意思是，這本身不是一個緩解因素嗎？尤其是在2026年。

Sorry, can you repeat that question, Elise? I didn't quite get it.

抱歉，Elise，你能再說一次嗎？我沒完全明白。

I'm basically trying to figure out is when you do start increasing the number of mining funds as you go into 2026 and into the expansion, isn't that a mitigating factor on itself?

我主要想弄清楚的是，當你在 2026 年及之後的擴張階段開始增加採礦資金數量時，這本身不是一個緩解因素嗎？

With regards to the production profile, it certainly gives us more flexibility, I think is what you're getting at. Yes, it will give us more flexibility as far as maintaining the mining, the rates that we're looking at. But again, in this case, we haven't changed our guided levels for Q4 for mining rates. It's just that we've had to refocus some of the activity as far as our production for the 4th quarter because of the fact that, we've got about a 6 week interruption from this one mining fund until we get the escapeway reestablished.

就生產模式而言，它無疑給了我們更大的靈活性，我想這就是你想表達的意思。是的，這將使我們在維持採礦作業和我們所關注的費率方面擁有更大的靈活性。但同樣地，在這種情況下，我們並沒有改變第四季的挖礦速率指引水準。只是由於某個礦業基金的資金中斷了約 6 週，直到我們重新建立起資金來源，我們不得不重新調整第四季的生產活動。

Perfect, thanks for that. And and just moving on to Magino with the unplanned downtime at Maino mail that was I believe late September, were you also able to take advantage of this downtime to do any sort of additional maintenance on the mail as well?

太好了，謝謝。接下來我們來談談 Magino，Maino 郵件系統在 9 月下旬出現了一次計劃外停機，您是否也利用這次停機時間對郵件系統進行了其他維護？

We did, but through the quarter, I think we spoke about this with the last quarter release that you know there was a liner bolt configuration redesign that we that we actioned in the quarter. So we did that in July. We also had some scheduled maintenance in August for the ball mill, but certainly with that one week interruption with regards to the capacitor failing which led to the drive module also failing that we had to get replaced. We did take the opportunity to do some other plant maintenance within the Mina mill facility as well.

我們確實做到了，但在本季度，我認為我們在上一季的發布會上也談到了這一點，你知道，我們對襯套螺栓配置進行了重新設計，並在本季度採取了行動。所以我們在七月做了這件事。8 月我們也對球磨機進行了一些計劃內的維護，但電容器故障導致驅動模組也發生故障，造成一周的停工，我們不得不更換驅動模組。我們也藉此機會對 Mina 工廠內的其他設備進行了維護。

Okay, thanks for that. And just, then, moving, towards exploration, I don't know if, the other spot is online, but, hey Scott, so can you give us a brief kind of overview of where you are currently focused on the exploration side and especially if you continue to have success on, Island goal West as well as in close proximity between the you know.

好的，謝謝。然後，說到探索，我不知道另一個地方是否在線，但是，嘿，斯科特，你能給我們簡要概述一下你目前在探索方面的重點嗎？特別是如果你繼續在西島以及你知道的附近取得成功的話。

Yeah, I can provide an overview, year-to-date. If you look at Island gold, I mean, we really did shift our strategy from the start of the year from exploration into delineation, and that's a delineation program now it's been completed successfully in the in the 3rd quarter both at Mino and at Island Gold, and that that really was focusing on. Converting that inferred mineral base that that remains our June update for the expansion study, converting that into reserves, so that process now of the reserve calculation is underway with the delineation results coming in or have been received.

是的，我可以提供一份年初至今的概覽。如果你看看 Island Gold，我的意思是，我們從年初開始確實將戰略從勘探轉向了圈定，而圈定計劃現在已經在第三季度成功完成，Mino 和 Island Gold 的圈定計劃都是如此，這也是我們真正關注的重點。我們將推斷的礦產基礎（即我們在 6 月更新的擴建研究）轉化為儲量，因此，儲量計算過程目前正在進行中，並且已經收到了圈定結果。

An island as well. I mean, we'll continue now shifting in the 4th quarter to exploration, so we're we're drilling island down plunge. We're drilling the upper portions of the island to the west between island and Meino within that main island structure.

也是一個島嶼。我的意思是，我們第四季將繼續轉向勘探，所以我們正在向下鑽探島嶼。我們正在主島結構內，對島嶼和梅諾島之間的島嶼西部上部進行鑽探。

So that's ongoing. We've also started a phase 2 drill program at Klein and Edwards, which is building off the success of the first part of the year. That's the Pass producing mines that are 7 kilometers from from the Mino mill and we're excited about the results that we put out in the first half of the year and that that exploration is ongoing.

所以這件事還在進行中。我們還啟動了 Klein 和 Edwards 的第二階段鑽探計劃，這是建立在今年上半年成功的基礎上的。那是距離米諾選礦廠 7 公里的帕斯礦區，我們對今年上半年的成果感到興奮，而且勘探工作仍在繼續。

You Davidson, that hanging wall exploration drift in 9,620 has been been developed, and we're drilling from that now and that's focused on defining that high grade zone in the conglomerate. So we've drilled 15 holes there and our acids are just starting to come in. Drilling's ongoing and We'll continue stepping out from the zone that we've defined looking to expand expand on that mineralization, and we're also starting a regional program in the 4th quarter at Young Davidson focused on ROT target, which is only 3 kilometers from the Young Davidson mill, and we see that as potential for future open pits or that could come into the mill at some point in the future.

戴維森，9620號巷道的上盤勘探巷道已經開發完成，我們現在正在那裡進行鑽探，重點是確定礫岩中的高品位礦化帶。我們已經在那裡鑽了 15 個孔，酸液也開始滲入了。鑽探工作仍在進行中，我們將繼續從已確定的區域向外擴展，以擴大礦化範圍。此外，我們還將在第四季度在楊戴維森啟動一項區域性計劃，重點關注 ROT 靶區，該靶區距離楊戴維森選礦廠僅 3 公里，我們認為該靶區未來有可能成為露天礦，或者在未來的某個時候可以進入選礦廠。

At mulattos, as John touched on, really focused this year on sulfide exploration across the district and having success on several targets, building on from the first half of the year, drilling a PDA, continue to expand mineralization of Cerro Palo, testing a number of other sulfide targets in that district that the team has worked up and, we're.

正如約翰所提到的，Mulattos 今年真正專注於整個地區的硫化物勘探，並在幾個目標上取得了成功。在上半年的基礎上，鑽探了一個 PDA，繼續擴大 Cerro Palo 的礦化範圍，測試了團隊在該地區開發的許多其他硫化物目標，我們正在…

Excited by some of the results that we're seeing at Moulattos, and I think you know that really points to the transition, as John said, from, shifting from looking for oxide, which we're still doing and they're still targets, but really focusing in on building out the sulfide inventory, the high grade underground components of what could be the future of that district. I guess the last point I'll shift to is Kikovik, which was the Greenfields project in Nunavvik in northern Quebec that we acquired with Orfordining. That expiration on Kikavi was executed in the third quarter. We planned on doing 7,000 m. We did 9,000 m, and really the objective there was trying to find the source of these high grade boulders that have been defined across that belt. So we drilled in five target areas. Assays are just coming in, but certainly happy that we got, we accomplished more drilling there than what we anticipated based on the execution of the program and what we're seeing in some of that core.

我們對在穆拉托斯礦區看到的一些結果感到興奮，我想你也知道，正如約翰所說，這真正表明了轉型，從尋找氧化物（我們仍在尋找氧化物，它們仍然是目標）轉向真正專注於建立硫化物儲量，即該地區未來可能擁有的高品位地下礦體。我想最後要談的是 Kikovik，它是我們在魁北克北部 Nunavvik 收購的綠地項目，與 Orfordining 一起開發。Kikavi 的合約已於第三季到期。我們計劃跑7000公尺。我們走了 9000 米，此行的目的是尋找這些地帶發現的這些高品位巨石的來源。因此，我們在五個目標區域進行了鑽探。化驗結果剛剛出來，但我們很高興，我們在那裡完成的鑽探工作比我們根據專案執行情況和我們在一些岩芯中看到的情況所預期的要多。

That's, thanks God for that, and that was a great, overview of exploration. Appreciate that. That's it for me, guys. Thanks for taking my questions.

感謝上帝，這真是一次精彩的探索之旅概述。謝謝。各位，我今天就到這裡了。謝謝您回答我的問題。

Thank you. Our following question is on Pavel Trebukhin from Jeffreys. Please go ahead.

謝謝。接下來的問題是關於傑弗里斯的帕維爾·特列布欣。請繼續。

Hi, thanks for taking my question. Just on the Mino mill, can you maybe provide some more color on how you're thinking about the targeted throughput maybe by the end of this year? I believe it was previously 11.2,000 tons per day and then 12.4,000 tons per day next year. How should we be thinking about that given some of the ramp up issues so far?

您好，感謝您回答我的問題。關於 Mino 磨機，您能否詳細說明您預計今年底的產量目標？我相信之前是每天 11.2 萬噸，然後明年是每天 12.4 萬噸。考慮到目前為止出現的一些啟動問題，我們應該如何看待這個問題？

Yeah, look here, so similar line of sight, as I mentioned through the 3rd quarter there certainly we had, some changes to make to the signal with regards to the liner bolt configuration which we did.

是的，你看，視線很相似，正如我在第三季度提到的，我們確實對信號燈的襯套螺栓配置進行了一些更改，我們也確實這樣做了。

Scheduled ball mill liner change and then with obviously the failure with the capacitor in September that put us back a bit. But really starting in mid July up until that capacitor issue that we had at the end of September, the mill was on a path that was consistently delivering above 10,000 tons per day through that period.

原計劃更換球磨機襯板，但9月電容器發生故障，顯然耽誤了我們一些時間。但實際上，從 7 月中旬到 9 月底出現電容器問題之前，該鋼廠一直保持著每天 10,000 噸以上的穩定產量。

And since we're prepared the capacitor failure that we had at the end of September and resumed milling activities through the month of October, we've been consistently averaging, just above 10,000 tons per day as well. So our goal to hitting that 11 to 2 by the end of the year still is intact. Just some more fine tuning that we need to do between now and the end of the quarter to be able to consistently deliver on that.

由於我們對 9 月底發生的電容器故障做好了準備，並在 10 月恢復了碾磨作業，因此我們的平均日產量也一直穩定在 10,000 噸以上。因此，我們力爭在年底前取得 11 勝 2 負的目標依然不變。從現在到本季末，我們還需要進行一些微調，才能持續達到預期目標。

On the 124 scenario, longer-term, we're obviously working on some of that expansion already. We need more additional equipment at the back end of the mill with regards to the CIP, the lease circuit.

從長遠來看，在 124 方案中，我們顯然已經在著手進行一些擴展工作了。我們需要在工廠後端增加更多設備，用於 CIP 清洗和租賃迴路。

The refinery and eut in order to be able to handle the higher gold content coming into the plant. So we're working through that. The other aspect of it is also up front. The crushing capacity is there and it's just we're still evaluating on the grinding capacity requirements with potentially a third, 3rd grinding circuit in that circuit to be able to support the 124, but we're still evaluating that as part of the overall mill expansion, to be H1st with you, and that's part of what will come out early in the new year.

精煉廠和終端設備是為了能夠處理進入工廠的較高黃金含量。所以我們正在努力解決這個問題。另一個面向也顯而易見。破碎能力是有的，只是我們仍在評估磨礦能力需求，可能會在該迴路中增加第三個磨礦迴路，以支持 124 台磨機，但我們仍在評估這是整個磨機擴建計劃的一部分，首先要告訴你們的是，這將是新年伊始公佈的部分內容。

Okay, that's helpful. And then maybe just as a follow-up, so if the Meino mill is able to get to 11.2,000 tons per day by the end of this year, things are improving, would that be reason enough not to keep running the island gold mill?

好的，這很有幫助。然後，作為後續問題，如果梅諾金礦到今年年底能夠達到每天 11.200 噸的產量，情況正在好轉，這是否足以成為停止運營島上金礦的理由？

I think that these gold price spot, it's it's probably I mean we're evaluating this, but I would think we want to put as much throughput as we can through and and running those two mills at these gold prices probably makes sense.

我認為，就目前的黃金現貨價格而言，我們正在評估情況，但我認為我們應該盡可能提高產能，以目前的金價運行這兩座選礦廠可能是有意義的。

Got it.

知道了。

Thank you very much.

非常感謝。

Thank you. The following question is from Sathish Kasinatan from Bank of Bank of America.

謝謝。以下問題來自美國銀行的Sathish Kasinatan。

Sorry, please go ahead.

抱歉，請繼續。

Yeah, hi, good morning, thanks for taking my questions. Most of my questions have been asked and answered, so, maybe a question for Greg, so with over 600 million cash balance, you indicated that you will be more active in buybacks. How should we think about the cadence of buybacks on a quarterly or an annual basis? Do you have a target and rate in mind and also given your, growth projects, how should we think about like a minimum cash balance?

是的，你好，早安，謝謝你回答我的問題。我的大部分問題都已經問過並得到了解答，所以，也許我想問格雷格一個問題，您表示，您擁有超過 6 億美元的現金餘額，將會更積極地進行股票回購。我們應該如何考慮按季度或按年進行股票回購的節奏？您心中是否有目標和利率目標？考慮到您的成長計劃，我們應該如何考慮最低現金餘額？

Yeah, thank you.

是啊，謝謝。

I mean, from a share buyback perspective, we've never put targets in place. I mean what we always want to do is be opportunistic with respect to that, and we also look at our other needs of capital, whether it's growing the business, whether it's paying down debt. So we're looking at all of those. So I don't want to point to. Specific target in terms of the buybacks, but based on the pullback in the share price in the gold price that we've seen over the last, 1 to 2 weeks plus the reaction today, we expect to be active on the share buyback and then in terms of a minimum cash balance again I.

我的意思是，從股票回購的角度來看，我們從未設定過目標。我的意思是，我們一直想做的就是抓住機會，同時我們也會考慮其他資金需求，無論是發展業務還是償還債務。所以我們正在研究所有這些方面。所以我不想指出這一點。就回購而言，沒有具體目標，但根據過去 1 到 2 週我們看到的股價和金價的回調，以及今天的反應，我們預計將積極進行股票回購，然後就最低現金餘額而言，我再次。

We have lots of liquidity. We have $1.1 billion of liquidity currently in terms of the current cash balance of $600 million we want to be active on the share buyback. We want to pay down some debt. We want to evaluate whether we're going to buy back some of the legacy Argonaut hedges. All of those will be sources of capital.

我們擁有充足的流動資金。我們目前擁有 11 億美元的流動資金，其中現金餘額為 6 億美元，我們希望積極進行股票回購。我們想償還一些債務。我們想評估是否要回購一些原有的 Argonaut 對沖合約。所有這些都將成為資金來源。

But we are ultimately growing the business from 600,000 ounces to, upwards of a million ounces by the end of the year. So we do need to make sure that we have sufficient capital, but we do have free cash flow as we speak right now. So from a minimum cash balance, I'd say we probably want to always have at least $300 million 250 million dollars to $300 million on on on the on the balance sheet.

但我們最終的目標是到今年年底將業務量從 60 萬盎司成長到 100 萬盎司以上。所以我們需要確保有足夠的資金，但就目前而言，我們確實有自由現金流。因此，從最低現金餘額來看，我認為我們可能希望資產負債表上始終至少有 2.5 億美元到 3 億美元。

Okay, thank you. Maybe a question on Young Davidson, so it seems the mill has been operating at 8,000 tons per day for a couple of months now. Do you think the mill's performance has reached a level that it can can you to consistently operate at this level and given the current gold prices, is there potential for maybe Push pushing the mill to a higher rate.

好的，謝謝。或許可以問一下關於 Young Davidson 的問題，看來這家工廠已經連續幾個月每天生產 8,000 噸產品了。您認為該磨坊的性能是否已達到能夠持續以該水平運作的水平？鑑於目前的金價，是否有可能推動該磨坊提高產能？

Yeah, the mill has been performing quite well at Young Davidson. I mean, obviously our The overall lower production that's come out through through Q3 and and some of the previous quarters has been more related to giving all of the feed that we can from the mining operations and certainly in Q3 it was related to the hoist rope change that we had to make with regards to the head ropes, but the mill has been performing quite well. It's no issues there on the aspect of actually looking to see if it can do more, that's something that we've been looking at and seeing what other opportunities to be able to increase the overall throughput through that mill complex. It would not necessarily come from more underground or the mine's designed and the infrastructure is designed to support 8,000 tons per day, but there's other opportunities with some of the smaller satellite open pit deposits within the region of young Davidson that we could look to bring into a mine plan and provide additional mill feed to the to the YD mill complex with some minor capital requirements to be able to do that. The potential would be to probably get it up to probably 9,000 tons per day consistently.

是的，楊戴維森工廠的磨粉機運作狀況一直相當不錯。我的意思是，很顯然，我們第三季度以及之前幾個季度的整體產量下降，更多是與我們盡可能從採礦作業中獲取所有原料有關，當然，第三季度的產量下降也與我們不得不更換提昇機的鋼絲繩有關，但選礦廠的運行狀況一直相當不錯。從實際考察其性能是否還有提升空間的角度來看，這方面沒有任何問題。我們一直在研究如何提高工廠的整體產能，並尋找其他機會。礦石不一定來自更深的地下礦藏，礦山的設計和基礎設施也並非設計用於支持每天 8,000 噸的礦石處理量，但年輕的戴維森地區還有一些較小的衛星露天礦床，我們可以考慮將其納入礦山計劃，為 YD 選礦廠提供額外的礦石原料，而這只需要少量的資本投入。理論上，日產量可能穩定達到9,000噸左右。

Okay, thank you.

好的，謝謝。

Thank you.

謝謝。

Once again, please press star one at this time for any questions or comments.

再次提醒，如有任何問題或意見，請按星號鍵 1。

The following question is from Don DeMarco from National Bank. Please go ahead.

以下問題來自國家銀行的唐德馬科。請繼續。

Thank you, operator, and good morning, John and team. I, maybe just a quick question on the capacitor incident. What were the root causes of that and is there a risk of a repeat?

謝謝接線員，早安，約翰和團隊。我，關於電容器事故，我可能有個簡短的問題。事故的根本原因是什麼？是否有再次發生的風險？

The capacitor failure, we're still actually having that analyzed, so I don't have a firm answer on that, but it's not something that you would typically see, to be H1st with you, so there could have been a defect within that part itself. I mean, we've been running our Island Gold mill complex and our young Davidson mill complex for years. And I've never experienced that sort of failure with a capacitor, but it wasn't just the capacitor. The capacitor failing was part of it, but that led to some residual damage within the drive unit of the power module that, operates the signal and the ball mill. So, we had some other component failure there like resistors. And a bus bar and some other electrical components that resulted in some additional repairs, but this is not a normal course of business. We've never seen this with any of our other operations, so I'd say it's at this point it's a one-off, but we still need to do further diagnosis to understand exactly what happened with that capacitor.

電容器故障，我們還在進行分析，所以我還沒有確切的答案，但說實話，這不是通常會遇到的情況，所以可能是該部件本身有缺陷。我的意思是，我們的 Island Gold 選礦廠和我們新建的 Davidson 選礦廠已經運作多年了。我以前從未遇到過電容器出現這種故障的情況，但問題不僅僅出在電容器上。電容器故障是其中一部分原因，但這導致電源模組的驅動單元內部出現了一些殘留損壞，該驅動單元負責驅動訊號和球磨機。所以，那裡還有一些其他元件出了故障，像是電阻。還有母線和其他一些電氣元件，導致需要進行一些額外的維修，但這並不是正常的業務流程。我們在其他操作中從未見過這種情況，所以我認為目前這只是個例，但我們仍需進行進一步診斷，以了解電容器究竟發生了什麼。

Okay, look forward to that. And it sounds like the timing of combining.

好的，敬請期待。聽起來像是合併的時機。

The other thing I would add to that is that, from inventory aspect and just making sure that we have all of the parts we have done another further thorough review of our electrical components for running that plant to make sure that we have all of the critical spares that we need, just to prevent any sort of, significant downtime moving forward.

我還要補充一點，從庫存角度來看，為了確保我們擁有所有必要的零件，我們對工廠運作所需的電氣元件進行了更徹底的審查，以確保我們擁有所有需要的關鍵備件，以防止未來出現任何重大停機時間。

Okay.

好的。

Then just to my next question.

那麼，接下來就是我的下一個問題。

With regard to the Mino mill and combining the two streams back into that mill, it sounds like it's potentially 2026, maybe later.

關於美濃磨坊以及將兩條水流重新合併到該磨坊的情況，聽起來可能要到 2026 年，甚至更晚。

Seems like there's good reason at this gold price to keep the 1,200 ton per day island mill running.

以目前的金價來看，似乎有充分的理由讓這座日處理量 1,200 噸的島嶼選礦廠繼續運作。

But since you've done it before, you've done it once already in July. Would the second time around be somewhat routine with a quicker ramp Up?

但因為你以前做過，而且你已經在七月已經做過一次了。第二次是否會比較常規，啟動速度也會更快？

Yeah, it's pretty seamless, to be H1st with you, to put both oar streams into the into the one plant, I think I've mentioned before we did a couple of batch tests just to confirm the metallurgy back in Q2, Q3, and you know that all was validated and frankly, running that combined oar stream into the Mino mill from really mid-July until we did have that capacitor failure at the end of September. Metallurgically everything was performing quite well both from a gravity recovery point of view as well as overall recovery. The expectations were as per what we were expecting as far as what we modeled to what we were seeing in the plant. So, it's a pretty easy, simple transition just provide that or feedback into the stream and combine the two streams into one feeding into the one mil complex.

是的，這非常順暢。說實話，把兩股鐵水流都導入同一個工廠，我想我之前也提到過，我們在第二季度和第三季度做了一些批次測試，以確認冶金工藝，你知道，一切都得到了驗證。坦白說，從七月中旬到九月底電容器故障之前，我們一直都在把這股混合鐵水流導入美濃軋鋼機。從冶金角度來看，無論是重力回收率還是整體回收率，一切都表現得相當好。就我們模擬的情況與我們在工廠中看到的情況而言，結果與我們的預期一致。所以，這是一個非常簡單、容易實現的過渡，只需將該回饋添加到串流中，並將兩個串流合併成一個串流，然後輸入到 100 萬個元件中即可。

Okay.

好的。

And then just as a final question, turning to Lynn Lake development, we see that the timeline has been impacted by the wildfires. How about CapEx? Can you give any more granularity on the implications to the cappaa estimate to develop that project?

最後，關於林恩湖的開發，我們看到，山火已經影響了開發進度。資本支出方面如何？您能否更詳細地說明一下，這對CAPPAA估算在專案開發中的影響？

Well, yeah, I mean, CapEx wise, I guess, you'll have the inflation component there over the next, because of the fact that it's been delayed a bit. I think what we've, we basically lost all of the construction season this summer, which is, the most productive period that you can have certainly in northern Manitoba or Northern Ontario, depending on where we're building these operations, so.

嗯，是的，我的意思是，就資本支出而言，我想，接下來一段時間內，由於專案有所延遲，通貨膨脹因素將會產生影響。我認為我們基本上錯過了今年夏天的整個施工旺季，而這通常是曼尼托巴省北部或安大略省北部（取決於我們在哪裡建造這些項目）生產力最高的時期。

As a result of that, our original timeline was mid 2028. Now we're moving that out to early 2029, so you're going to have a bit of an inflation factor that gets factored into that. Yeah.

因此，我們最初的時間表是 2028 年年中。現在我們將日期推遲到 2029 年初，所以其中會包含一些通貨膨脹因素。是的。

I mean just adding to that. We put out the study a couple of years ago, so you have 3 years of inflation since we put out that study with this additional year that.

我的意思是，只是在此基礎上補充一下。我們幾年前發布了這項研究，所以從我們發布該研究到現在已經經歷了 3 年的通貨膨脹，再加上這一年。

That Luke just commented on moving it out to 2029 and inflation on capital projects has run around, 5% to 6%. So, what you can expect a 15% increase in our capital that we put out in the feasibility study for Lila.

盧克剛才評論說，要將工期推遲到 2029 年，而資本項目的通貨膨脹率在 5% 到 6% 之間波動。所以，您可以預期，我們在 Lila 可行性研究中投入的資金將增加 15%。

Okay.

好的。

Thank you.

謝謝。

Well, thank you for taking my questions. That's all for me and good luck with the rest of the quarter.

謝謝您回答我的問題。我今天就說這麼多，祝你們本季剩下的時間一切順利。

Thank you.

謝謝。

There are no further questions registered at this time. This concludes this morning calls. If you have any further questions that have not been answered, please feel free to contact Mr. Scott Parsons at 416-368-9932, extension 5,439.

目前沒有其他問題需要諮詢。今天上午的電話會議到此結束。如果您還有其他未解答的問題，請隨時聯絡先生。史考特‧帕森斯，電話：416-368-9932，分機號碼：5439。