Alamos Gold Inc. (AGI) 2026 Q1 法說會逐字稿

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

早安。我現在把電話交給 Alamos 企業發展與投資人關係資深副總裁 Scott Parsons。請開始。

Thank you, operator, and thanks to everybody for attending Alamos' first-quarter 2026 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 Luc Guimond, Chief Operating Officer.

謝謝接線員，也感謝各位參加 Alamos 2026 年第一季電話會議。除了我之外，今天在線上的還有總裁兼執行長 John McCluskey；財務長 Greg Fisher；以及營運長 Luc Guimond。

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

我們將在本次電話會議中參考一份簡報，該簡報可透過網路直播以及我們的網站取得。我也想提醒各位，我們的簡報之後將進行問答環節。

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 Bostwick, our Senior VP, Technical Services and a qualified person. Also, please bear in mind that all the dollar amounts mentioned in this conference call are in US dollars unless otherwise noted.

由於我們在通話中將作出前瞻性陳述，請參閱簡報、新聞稿與 MD&A 中所載的警示說明，以及我們年度資訊表中列示的風險因素。本簡報中的技術資訊已由我們技術服務資深副總裁、合格人士 Chris Bostwick 審閱並核准。另外請注意，除非另有說明，本次電話會議中提及的所有金額均以美元計。

Now John will provide you with an overview of the quarter.

接下來由 John 為各位概述本季表現。

Thank you, Scott. And I'm going to start with slide 3. First-quarter production was 124,000 ounces, in line with quarterly guidance with a strong performance from the Island Gold District, offsetting lower-than-planned production at Young-Davidson. The Island Gold District had a solid overall quarter with the shaft and larger mill expansion advancing, underground mining rates increasing to a new record of over 1,400 tonnes per day and a significant improvement in Magino's milling rates over the past six weeks.

謝謝你，Scott。我將從第 3 頁投影片開始。第一季產量為 124,000 盎司，符合季度指引；Island Gold 區域表現強勁，抵銷了 Young-Davidson 產量低於原先計畫的影響。Island Gold 區域整體而言本季表現穩健，豎井與更大型磨礦廠擴建持續推進，地下採礦速率提升至每日超過 1,400 噸的新紀錄，且 Magino 在過去六週的磨礦速率亦顯著改善。

The continued ramp-up of underground mining rates at Island Gold as well as improvements in mining rates and grades at Young-Davidson are expected to increase our second quarter production by approximately 20%. With the Island Gold District expected to drive further production growth in the second half of the year, we remain well on track to meeting our full-year production guidance.

Island Gold 地下採礦速率持續爬坡，以及 Young-Davidson 採礦速率與品位的改善，預期將使我們第二季產量提高約 20%。隨著 Island Gold 區域預期在下半年帶動進一步的產量成長，我們仍然非常有把握達成全年產量指引。

With our year-end disclosure in February, we guided to costs for the first quarter being above the first half guidance range. All-in sustaining costs were $1,862 per ounce and are expected to decrease by approximately 5% during the second quarter. A more significant improvement is expected in the second half of the year, reflecting an increase in low-cost production from the Island Gold District.

在我們 2 月的年終揭露中，我們已指引第一季成本將高於上半年指引區間。全維持成本（AISC）為每盎司 1,862 美元，預期第二季將下降約 5%。下半年預期將有更顯著的改善，反映 Island Gold 區域低成本產量的增加。

Financially, we had another strong quarter with record revenues and margins. Relative to a year ago, our all-in sustaining cost margins nearly tripled to approximately $3,000 per ounce. This contributed to record cash flow from operations and another solid quarter of free cash flow of $102 million, while reinvesting in high-return growth.

在財務方面，我們再度交出強勁的一季，營收與利潤率創下新高。相較一年前，我們的全維持成本利潤率幾乎成長至三倍，約為每盎司 3,000 美元。這帶動營運現金流創新高，並在持續投入高報酬成長的同時，繳出另一個穩健的自由現金流季度，達 1.02 億美元。

Now turning to slide 4. We had a catalyst-rich first quarter that included releasing highlights of a successful 2025 exploration program across our portfolio. This supported a 32% increase in year-end mineral reserves to 16 million ounces and included a near doubling of reserves at the Island Gold District to over 8 million ounces.

接著看第 4 頁投影片。第一季我們有多項催化劑事件，包括發布我們投資組合各資產在 2025 年勘探計畫成功的重點成果。這支持年終礦產儲量增加 32% 至 1,600 萬盎司，其中 Island Gold 區域儲量幾乎翻倍至超過 800 萬盎司。

This growth was incorporated into the Island Gold District expansion study, which was also released in the first quarter. The study outlined a large, long-life, low-cost operation that is expected to be one of Canada's most profitable mines.

這項成長已納入 Island Gold 區域擴建研究中，而該研究也於第一季發布。研究勾勒出一座規模大、壽命長、低成本的營運體，預期將成為加拿大最具獲利能力的礦山之一。

At a $4,500 per ounce gold price, the Island Gold District is expected to generate over $1 billion in annual free cash flow and has a $12 billion after-tax NPV, making it one of the most valuable gold mines in Canada. Based on the ongoing exploration success we are seeing across the district, we believe there is further upside to come.

在金價每盎司 4,500 美元的情境下，Island Gold 區域預期每年可創造超過 10 億美元的自由現金流，稅後淨現值（NPV）為 120 億美元，使其成為加拿大最具價值的金礦之一。基於我們在整個區域持續看到的勘探成功，我們相信仍有進一步上行空間。

Toward the end of the first quarter, the shaft sink at Island Gold reached its planned depth of 1,381 meters. We expect to complete the commissioning of the shaft early in 2027, which will be a key catalyst, driving a further increase in production and decrease in costs. With strong ongoing free cash flow generation at current gold prices and significant growth expected ahead, we announced a 60% increase in our dividend in February, and we'll continue evaluating opportunities for additional shareholder returns.

在第一季接近尾聲時，Island Gold 的豎井下沉已達到計畫深度 1,381 公尺。我們預期將於 2027 年初完成豎井試運轉，這將是關鍵催化劑，推動產量進一步提升並降低成本。在目前金價下持續強勁的自由現金流創造能力，以及未來可觀的成長預期之下，我們於 2 月宣布股利提高 60%，並將持續評估進一步回饋股東的機會。

Turning to slide 5. We have previously outlined a clear path to 800,000 ounces of annual production by 2028 with costs expected to decrease 18% relative to 2025. We expect our annual production to continue increasing to 1 million ounces by 2030 with a further decrease in costs. This growth is expected to be internally funded by ongoing free cash flow generation and a strong balance sheet with $1.2 billion in available liquidity.

接著看第 5 頁投影片。我們先前已清楚說明，到 2028 年年產量達 800,000 盎司的明確路徑，且成本預期相較 2025 年下降 18%。我們預期年產量將持續增加，到 2030 年達到 100 萬盎司，並進一步降低成本。這些成長預期將由持續的自由現金流創造能力與強健的資產負債表內部支應，目前可用流動性為 12 億美元。

Our team is making strides towards our long-term plans across our asset portfolio. The completion of the Phase 3+ Expansion at Island Gold is less than a year away. Our larger Magino mill expansion is well underway and construction activities are ramping up at Lynn Lake and PDA. These are high-return projects, all lower cost, and largely derisked, underpinning one of the best growth profiles in the sector.

我們的團隊正於整體資產組合上，朝向長期計畫持續取得進展。Island Gold 的第三期+擴建（Phase 3+ Expansion）距離完成已不到一年。我們更大型的 Magino 磨礦廠擴建正順利推進，Lynn Lake 與 PDA 的施工活動也正在加速。這些都是高報酬專案，成本更低，且多已大幅去風險化，支撐本產業中最優異的成長輪廓之一。

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

接下來我把電話交給我們的財務長 Greg Fisher，請他回顧我們的財務表現。Greg？

Thank you, John. Moving to slide 6. We sold 122,000 ounces of gold in the first quarter at an average realized price of $4,829 per ounce for record quarterly revenues of $597 million. Total cash costs were $1,230 per ounce and all-in sustaining costs were $1,862 per ounce. As previously disclosed, first-quarter costs were expected to be above the first-half guidance range.

謝謝你，John。請看第 6 頁投影片。第一季我們售出 122,000 盎司黃金，平均實現價格為每盎司 4,829 美元，季度營收創新高，達 5.97 億美元。總現金成本為每盎司 1,230 美元，全維持成本為每盎司 1,862 美元。如先前揭露，第一季成本預期將高於上半年指引區間。

We are continuing to monitor the impact of ongoing inflationary pressures across our cost structure, including higher labor, contractor, diesel, and electricity costs. We expect to manage any cost pressures with ongoing productivity improvements through the year, which are expected to drive costs lower and significant margin expansion at current gold prices.

我們持續監控通膨壓力對成本結構的影響，包括較高的人力、承包商、柴油與電力成本。我們預期將透過全年持續的生產力改善來管理任何成本壓力，這些改善預期將推動成本下降，並在目前金價水準下帶來顯著的利潤率擴張。

Operating cash flow before changes in non-cash working capital increased to a record $338 million in the first quarter or $0.80 per share. This included a reduction of $43 million or $0.10 per share for cash utilized to buy out an additional 15,000 ounces of the legacy Argonaut Gold hedges prior to maturity.

第一季在非現金營運資金變動前的營運現金流增加至創紀錄的 3.38 億美元，或每股 0.80 美元。其中包含 4,300 萬美元（或每股 0.10 美元）的減項，係用於在到期前以現金買回額外 15,000 盎司的歷史 Argonaut Gold 避險部位。

Our reported net earnings were $191 million in the first quarter or $0.46 per share. This included after-tax losses on commodity hedge derivatives of $20 million, adjustments for unrealized foreign exchange losses of $19 million, and other adjustments of $1 million. Excluding these items, our adjusted net earnings were $232 million or $0.55 per share.

我們第一季公告的淨利為1.91億美元，或每股0.46美元。其中包含商品避險衍生性商品稅後損失2,000萬美元、未實現外匯損失調整1,900萬美元，以及其他調整100萬美元。排除上述項目後，我們的調整後淨利為2.32億美元，或每股0.55美元。

Capital spending in the quarter totaled $184 million and included $45 million of sustaining capital, $127 million of growth capital, and $11 million of capitalized exploration. We continue to fund our high-return growth internally, while generating strong free cash flow. This included $102 million of free cash flow generated in the first quarter, net of $82 million in cash taxes paid.

本季資本支出合計1.84億美元，包括4,500萬美元的維持性資本、1.27億美元的成長性資本，以及1,100萬美元的資本化勘探支出。我們持續以內部資金投入高報酬的成長，同時創造強勁的自由現金流。其中包括第一季產生的1.02億美元自由現金流（已扣除支付的8,200萬美元現金稅款）。

In the first quarter, we repurchased and eliminated an additional 15,000 ounces of gold-forward contracts ahead of their maturity in the second half of 2026. These hedges were inherited as part of the Argonaut Gold acquisition in 2024. Existing cash of $43 million was used to eliminate these hedges, providing further upside to higher gold prices.

第一季，我們在2026年下半年到期前，額外回購並註銷15,000盎司的黃金遠期合約。這些避險部位是我們於2024年收購Argonaut Gold時承接而來。我們使用4,300萬美元的既有現金來消除這些避險，進一步提升金價上漲所帶來的上行空間。

To date, we have eliminated 245,000 out of the 330,000 ounces that were hedged by Argonaut prior to maturity. We will continue to monitor opportunities to repurchase and eliminate the remaining contracts, which totaled 85,000 ounces across the second half of 2026 and first half of 2027.

截至目前，我們已在到期前消除Argonaut原先避險的330,000盎司中的245,000盎司。我們將持續留意回購並註銷剩餘合約的機會；該等合約合計85,000盎司，分布於2026年下半年及2027年上半年。

Our ongoing free cash flow drove a further increase in our cash position to $660 million at the end of the first quarter. We expect growing production and declining costs to drive stronger free cash flow through the remainder of the year and into the next several years, while continuing to self-fund our organic growth plans.

我們持續的自由現金流帶動現金部位進一步增加，第一季末達6.60億美元。我們預期產量成長與成本下降將在今年剩餘期間及未來數年推動更強勁的自由現金流，同時持續以自有資金支持我們的內生成長計畫。

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

接下來我把電話會議交給我們的營運長（COO）Luc Guimond，為各位概述我們的營運情況。Luc？

Thank you, Greg. Over to slide 7. First-quarter production from the Island Gold District totaled 61,200 ounces, in line with plan and an improvement from the previous quarter. Underground mining rates averaged a record 1,423 tonnes per day, a 23% increase from the fourth quarter and in line with our ramp-up schedule. Grades mined of 9.4 grams per tonne were also consistent with guidance.

謝謝你，Greg。請看第7頁投影片。第一季Island Gold District的產量合計61,200盎司，符合計畫，且較上一季改善。地下採礦速率平均達到創紀錄的每日1,423噸，較第四季增加23%，並符合我們的爬坡進度。採出品位為每噸9.4克，也與指引一致。

We expect a gradual ramp-up of mining rates to 2,000 tonnes per day by the end of 2026 and higher grades into the second half of the year to drive growing production through the rest of 2026. Open pit operations continue to perform well with mining rates averaging 50,000 tonnes per day, including nearly 12,000 tonnes per day of ore mined during the quarter. Grades mined and milled were in line with guidance.

我們預期採礦速率將逐步爬坡，至2026年底達到每日2,000噸，且今年下半年品位提高，將帶動至2026年其餘期間產量持續成長。露天礦作業持續表現良好，採礦速率平均每日50,000噸，其中本季採出礦石接近每日12,000噸。採出與磨礦品位均符合指引。

Total milling rates from the Island Gold District averaged close to 8,800 tonnes per day in the first quarter, with the Magino mill averaging 7,500 tonnes per day and the Island Gold Mill averaging 1,260 tonnes per day. Magino's milling rates are expected to increase in the second quarter and through the second half of the year, driven by recent improvements to the crushing circuit.

第一季Island Gold District的總磨礦處理量平均接近每日8,800噸，其中Magino磨礦廠平均每日7,500噸，Island Gold磨礦廠平均每日1,260噸。受近期破碎迴路改善帶動，Magino的磨礦處理量預期將在第二季及今年下半年提高。

Total cash costs and mine site all-in sustaining costs were above annual guidance, but expected to decrease significantly in the second half of the year. This is expected to be driven by higher mill throughput at Magino as well as an increase in underground mining rates and grades at Island Gold.

總現金成本與礦場端的全維持成本（AISC）高於全年指引，但預期在今年下半年將顯著下降。預期主要受Magino磨礦處理量提升，以及Island Gold地下採礦速率與品位提高所帶動。

The Island Gold District generated mine site free cash flow of $58 million in the first quarter, net of the significant capital investment related to the Phase 3+ project, larger Magino mill expansion, and exploration. At current gold prices, the Island Gold District is expected to continue generating strong free cash flow, while funding its expansion plans and a large exploration program.

Island Gold District第一季產生礦場端自由現金流5,800萬美元，已扣除與Phase 3+專案、較大型的Magino磨礦廠擴建及勘探相關的重大資本投資。在目前金價水準下，Island Gold District預期將持續產生強勁自由現金流，同時為其擴建計畫與大型勘探計畫提供資金。

Moving to slide 8. In the latter part of February, a temporary crusher was added to the Magino mill, providing supplementary crushed ore feed into the processing plant. The addition of the crusher has contributed to a substantial improvement in milling rates, which averaged 9,200 tonnes per day over the past six weeks.

接著看第8頁投影片。2月下旬，我們在Magino磨礦廠增設一台臨時破碎機，為處理廠提供補充的破碎礦石進料。新增破碎機已促成磨礦處理量大幅改善，過去六週平均達每日9,200噸。

Milling rates are expected to remain at similar levels in the second quarter with the SAG and ball mill liner changes and conveyor replacements scheduled for the quarter. Consistent with guidance, milling rates are expected to increase to steady-state levels of 10,000 tonnes per day by the third quarter. Combined with the Island Gold Mill, the District is expected to process in excess of 11,000 tonnes per day of ore in the second half of the year and into 2027.

第二季預計進行半自磨機（SAG）與球磨機襯板更換，以及輸送帶更換；磨礦處理量預期將維持在相近水準。依指引，磨礦處理量預期將在第三季提升至每日10,000噸的穩態水準。結合Island Gold磨礦廠後，該區預期在今年下半年並延續至2027年，礦石處理量將超過每日11,000噸。

Over the long-term, a number of initiatives currently underway are expected to support higher milling rates and greater operational consistency. Connecting the Magino mill to grid power will provide a more reliable source of power at substantially lower costs into 2027. Additionally, the construction of the gyratory crusher, new truck dump configuration, and ore bins will greatly improve the performance of the existing circuit by reducing rehandling of ore and ensuring a more consistent flow of ore into the mill. All of these improvements will be in place by early 2028 as part of the larger mill expansion to 20,000 tonnes per day.

從長期來看，目前進行中的多項措施預期將支撐更高的磨礦處理量與更佳的營運一致性。將Magino磨礦廠接入電網，將在2027年前提供更可靠且成本顯著更低的電力來源。此外，建置旋迴式破碎機、新的卡車卸料配置與礦石料倉，將透過降低礦石二次搬運並確保更穩定的入磨礦流，大幅改善既有迴路的表現。作為磨礦廠擴建至每日20,000噸的整體計畫之一，以上改善將於2028年初前全部到位。

Moving to slide 9. Growth capital for the Phase 3+ Expansion has been largely all spent or committed. Shaft sinking to a planned depth of 1,381 meters was completed in the first quarter and paste plant construction is on track for completion in the second quarter. Commissioning of the shaft and other surface infrastructure is expected to be completed by early 2027. This is an important catalyst to increase underground mining rates to 2,400 tonnes per day in 2027 and ultimately, 3,000 tonnes per day in 2029.

接著看第9頁投影片。Phase 3+擴建的成長性資本支出大多已支出或已承諾。第一季已完成井筒下沉至規劃深度1,381公尺，且膏體廠（paste plant）建置進度符合預期，將於第二季完工。井筒及其他地表基礎設施的試運轉預期將於2027年初完成。這將成為重要催化劑，使地下採礦速率於2027年提升至每日2,400噸，並最終於2029年達到每日3,000噸。

Over to slide 10. In February, we announced the results of the larger Island Gold District expansion study. The study included an expansion of the Magino mill to 20,000 tonnes per day, accelerated underground development to support mining rates of 3,000 tonnes per day, and other infrastructure investments. The larger expansion is well underway with 11% of the growth capital spent or committed, primarily related to the expansion of the Magino mill to 20,000 tonnes per day.

請看第10頁投影片。2月，我們公布了更大型的Island Gold District擴建研究結果。該研究包含將Magino磨礦廠擴建至每日20,000噸、加速地下開發以支援每日3,000噸的採礦速率，以及其他基礎設施投資。更大型擴建已進入全面推進階段，成長性資本中已有11%完成支出或承諾，主要與Magino磨礦廠擴建至每日20,000噸相關。

As shown on the slide, construction of the mill building is well advanced, including structural steel and exterior cladding and all eight leach tanks erected. With all the earthworks, concrete foundations, and steel erected, the key elements of the larger expansions have been significantly derisked.

如投影片所示，磨礦廠房建設已大幅推進，包括結構鋼與外部覆板，且八座浸出槽已全數立起。隨著所有土方工程、混凝土基礎與鋼構完成架設，較大型擴建的關鍵要素已顯著降低風險。

The expansion remains on track for completion in early 2028 and will be a game changer for the operation, with production expected to increase to average 534,000 ounces per year at $1,025 per ounce all-in sustaining cost starting in 2028. The Island Gold District is expected to evolve into one of Canada's largest, lowest cost, and most profitable gold mines.

擴建案仍按計畫於2028年初完工，並將為營運帶來重大改變；預期自2028年起，年均產量將提升至534,000盎司，且每盎司全維持成本（AISC）為1,025美元。預期Island Gold礦區將發展成為加拿大規模最大、成本最低且獲利能力最強的金礦之一。

Over to slide 11. Young-Davidson produced 30,000 ounces in the first quarter, lower than planned, primarily due to lower mining and milling rates. Milling rates of 6,800 tonnes per day were below guidance, reflecting longer-than-anticipated downtime to complete scheduled maintenance as well as an unscheduled repair to a transformer in the mill.

接著看第11頁投影片。Young-Davidson第一季產量為30,000盎司，低於計畫，主要因採礦與磨礦處理率較低。每日6,800噸的磨礦處理率低於指引，反映為完成例行維護所需停機時間長於預期，以及磨礦廠一台變壓器的非計畫性維修。

Underground mining rates were also 5% lower than planned due to longer-than-expected timeline to complete rehabilitation work on one of the three ore passes as well as delays in commissioning a newly constructed pass. This resulted in more rehandling of ore, reducing productivity during the quarter.

地下採礦率亦較計畫低5%，原因是三條礦石溜井之一的復修工程完成時程長於預期，以及新建溜井試運轉（commissioning）延遲。這導致礦石需要更多次的重新搬運，降低了本季生產力。

With two passes now fully operational, the total number of active ore passes has increased to four. This is expected to provide greater operational flexibility and support increased mining and milling rates of approximately 8,000 tonnes per day in the second quarter and through the remainder of the year.

目前已有兩條溜井全面投入運作，使得在用礦石溜井總數增加至四條。預期這將提供更高的營運彈性，並支援第二季及今年剩餘期間採礦與磨礦處理率提升至約每日8,000噸。

Mine grades were also below the low end of annual guidance, reflecting higher-than-planned mining dilution. Grades are expected to return to guided levels in the second quarter and combined with higher milling rates, we expect a substantial improvement in both production and costs through the rest of the year.

礦山品位亦低於年度指引下緣，反映採礦稀釋高於原先規劃。預期第二季品位將回到指引水準；配合更高的磨礦處理率，我們預期今年其餘期間產量與成本都將大幅改善。

Young-Davidson continues to deliver strong mine site free cash flow with $72 million generated in the first quarter. At current gold prices, higher production and lower costs are expected to drive further free cash flow growth through the rest of the year.

Young-Davidson持續展現強勁的礦場自由現金流，第一季產生7,200萬美元。在目前金價水準下，更高產量與更低成本預期將推動今年其餘期間自由現金流進一步成長。

Over to slide 12. Production from Mulatos District totaled 32,700 ounces, including nearly 27,000 ounces from La Yaqui Grande. Costs were at the low end of annual guidance, reflecting the higher grade stacked. Grades stacked are expected to decrease in the second and third quarters towards the lower end of guidance, and costs increased through the remainder of the year to be consistent with annual guidance.

接著看第12頁投影片。Mulatos礦區總產量為32,700盎司，其中La Yaqui Grande貢獻近27,000盎司。成本位於年度指引下緣，反映堆浸堆置的礦石品位較高。預期第二、第三季堆置品位將下降至指引下緣附近，而今年其餘期間成本將上升，以符合年度指引。

The Mulatos District generated strong mine site free cash flow of $61 million, while funding the construction of the PDA project, a robust exploration program and paying $51 million in cash taxes during the quarter.

Mulatos礦區在本季產生強勁的礦場自由現金流6,100萬美元，同時為PDA專案建設、強勁的探勘計畫提供資金，並於本季支付5,100萬美元現金稅款。

Over to slide 13. Construction activities on the PDA project are well underway. Earthworks on key surface infrastructure is now substantially complete. The mill foundation work is progressing. And last week, we collared the portals and will continue underground development through the rest of the year. The PDA project remains on budget and on schedule for first production in mid-2027.

接著看第13頁投影片。PDA專案的施工活動正順利推進。關鍵地表基礎設施的土方工程目前已大致完成。磨礦廠基礎工程正在進行中。此外，上週我們已完成坑口（portal）開挖定位（collar），並將在今年其餘時間持續進行地下開發。PDA專案仍在預算內並按進度推進，預計於2027年年中實現首次投產。

PDA is the future of the Mulatos operation. Based on the PDA deposit alone, this is a low-cost, high-return project, which will extend the Mulatos mine life by at least nine years. We believe this is just the starting point as the operation transitions to processing higher-grade sulfide mineralization and expect there is a significant upside to come. The addition of the mill for PDA is opening up a number of new opportunities for additional higher-grade mineralization within the district, such as Cerro Pelon and Halcon, where we are continuing to see strong ongoing exploration results.

PDA是Mulatos營運的未來。僅以PDA礦床而言，這是一個低成本、高報酬的專案，將使Mulatos礦山壽命至少延長九年。我們認為這只是起點；隨著營運轉向處理更高品位的硫化物礦化，我們預期仍有顯著上行空間。為PDA新增的磨礦廠正開啟礦區內更多額外高品位礦化的新機會，例如Cerro Pelon與Halcon；我們在這些區域持續看到強勁且持續的探勘成果。

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

接下來，我把電話交回給John。

Thank you, Luc. I'll now turn the call over to the operator, who will open the line for your questions.

謝謝你，Luc。我現在把電話交給接線員，請他開放線路讓各位提問。

(Operator Instructions) Ovais Habib, Scotiabank.

(接線員指示) Ovais Habib，豐業銀行（Scotiabank）。

Just a couple of questions from me. My first question is on Island Gold. Really great to see mining rates averaging 1,400 tonnes per day, and those are expected to grow over the next couple of quarters. So looking forward to that.

我這邊只有幾個問題。第一個問題關於Island Gold。很高興看到採礦率平均達到每日1,400噸，而且預期未來幾季還會成長。我很期待。

In regards to the area, which you had the seismic issue, how much more work is required to completely rehabilitate that area? And second part of that is, do you need this area to achieve the 2,000 tonnes per day that you're targeting by the end of the year?

關於先前發生地震事件的那個區域，若要完全復修該區域，還需要做多少工作？第二部分是：要在年底達到你們目標的每日2,000噸，是否需要依賴該區域？

Ovais, it's Luc here. Yeah, with regards to the Island Gold mining front that we had to reestablish the escapeway, we completed that at the beginning of the year. So the escapeway is being reestablished so that allows us to actually continue mining in that area. But as far as the overall ramp-up for this year in 2026 with what we're expecting, there's not a lot of production actually coming out of that area.

Ovais，我是Luc。是的，關於Island Gold採礦前線那邊我們必須重新建立逃生通道（escapeway）的部分，我們已在年初完成。逃生通道已重新建立，這讓我們能夠在該區域持續採礦。但就今年2026年的整體爬坡（ramp-up）與我們的預期而言，實際上該區域貢獻的產量不多。

So we will see some production starting in the second half of the year. And we're just continuing with some minor rehabilitation in this area since we've completed the escapeway, which allows us to continue activities in that region, but not critical to the overall ramp-up for 2026 and as we move into 2027.

我們會在下半年開始看到一些產量。由於逃生通道已完成，我們僅在該區域持續進行一些小幅復修，這使我們能在該區域持續作業；但對2026年的整體爬坡，以及邁向2027年的進展而言，並非關鍵。

And then just moving to YD. Good to hear mining rates are expected to now increase to average around 8,000 tonnes per day Q2 onwards as both ore passes are now fully operational. In regards to underground grades, they got hit in Q1 due to some mining (technical difficulty). How should we look at grades into Q2 and then in the second half?

接著談到YD。很高興聽到由於兩條礦石溜井現在都已全面運作，第二季起採礦率預期將提升，平均約每日8,000噸。關於地下品位，第一季因為一些採礦因素而受到影響(技術問題)。我們應該如何看待第二季以及下半年的品位走勢？

Yeah. As I mentioned on the read, the issue that we had with Q1 was certainly some dilution from a couple of stopes. But as we move through the rest of the year, we expect to be within our guidance of that 1.9 to 2.05 grades from underground. And we're on track as we move forward through certainly into Q2 and as we follow the rest of the mine plan for the rest of the year.

是的。如我在說明中提到，第一季的問題確實是來自幾個採場（stope）造成的一些稀釋。但隨著今年其餘時間的推進，我們預期地下品位將落在指引範圍內，也就是1.9到2.05。而且隨著我們往前推進，無論是第二季，或依照今年其餘期間的礦山計畫，我們都在正軌上。

So grades should be kind of around that 2 gram per tonne then kind of going into Q2?

所以品位應該大概會在每噸2克左右，然後進入第二季也是這樣嗎？

Yeah, within our guidance that we provided, which was between 1.9 and 2.05.

是的，在我們先前提供的指引範圍內，也就是1.9到2.05之間。

Perfect. Okay. And then just moving on to exploration and maybe this question is for Scott. Can you give us just a brief overview of where you are currently focused on and especially if you continue to have any success at Cline-Pick?

太好了。好的。接著談到勘探，這個問題可能是問Scott的。你能否簡要概述一下你們目前的重點在哪裡，尤其是在Cline-Pick是否仍持續有任何進展？

Yeah, absolutely. Our 2026 exploration programs are well underway across the board at all sites. We're just concluding a -- starting with Lynn Lake, just concluding a program there focused on testing underground potential below MacLellan and Gordon deposits. And that was executed on time, just in time for spring breakup.

當然可以。我們2026年的勘探計畫在所有據點都已全面展開。先從Lynn Lake說起，我們剛結束那邊的一個計畫，重點是測試MacLellan與Gordon礦床下方的地下潛力。該計畫按時完成，剛好趕在春季解凍期之前。

Hopping over to Island Gold. The focus there is on continued expansion of Island Gold deposits. So we're drilling from surface, extending -- focus on extending mineralization to the east and to the west and then also at depth below the bottom of the reserves and resources, and that program is well underway.

再到Island Gold。那邊的重點是持續擴張Island Gold礦床。我們從地表進行鑽探，延伸——重點是將礦化向東、向西延伸，同時也在儲量與資源底部以下的深部進行測試，該計畫也在順利進行中。

The other aspect, as you mentioned, was Cline-Pick. We're drilling there and excited in what we're seeing as we follow up on the -- some of the results that we had issued earlier in the quarter and really looking at some of the controls on mineralization in that system and testing it down plunge and in and around existing mine workings with the intention of having a resource estimate by the end of 2026. So we're -- that's well underway as well.

另外一個面向，如你提到的，是Cline-Pick。我們正在那裡鑽探，對於我們所看到的情況感到振奮；我們正在跟進——本季稍早發布的一些結果，並且真正著眼於該系統中礦化的控制因素，沿傾向延伸方向（down plunge）以及在既有礦山巷道工程周邊進行測試，目標是在2026年底前完成資源量估算。所以我們——那邊也在順利推進。

Hopping over to Young-Davidson, the underground program is focused on continuing to define the hanging wall zones that we have really put out some release -- results on earlier in the quarter. So both the mid-mine conglomerate zone and the south syenite zone, and that program is well underway, as well as testing from surface some of the regional targets.

再到Young-Davidson，地下計畫的重點是持續界定上盤（hanging wall）帶，我們在本季稍早已發布——一些結果。也就是中礦段礫岩帶（mid-mine conglomerate zone）與南正長岩帶（south syenite zone），該計畫也在進行中，同時也從地表測試一些區域性目標。

So looking at -- we completed a program at Otisse Northeast, which is the potential opportunity for additional open pit material can define a resource there. And that was successful in terms of that program as well as some of the other regional targets in the district.

再來——我們在Otisse Northeast完成了一個計畫，這裡可能有機會界定出額外的露天礦物料並形成資源量。就該計畫本身以及該區域內其他一些區域性目標而言，成果是成功的。

And then Mulatos, that program is well underway. We're really focused at the start of the year at Halcon and Cerro Pelon. We're excited about what we're seeing at Cerro Pelon with the 200,000 ounces we've defined at the end of 2025. I think that will be just the starting point for that target as we continue stepping out on that sulfide mineralization, both in and around the pod we've defined, but also within the broader Cerro Pelon region.

接著是Mulatos，那邊的計畫也在順利進行。我們在年初主要聚焦於Halcon與Cerro Pelon。對於Cerro Pelon我們所看到的情況感到振奮，因為我們在2025年底已界定出20萬盎司。我認為那只是該目標的起點；隨著我們持續向外延伸該硫化物礦化，不僅在我們已界定的礦體（pod）內及其周邊，也包括更廣泛的Cerro Pelon區域。

And Halcon as well. It's a new discovery in 2025, and we're still defining the extent of that system. That's an exciting opportunity as well for additional sulfide mineralization in the Mulatos District. And then the last point I'll make, we're currently ramping up for our Qiqavik program, which is our project in Nunavik in Northern Quebec, and that will be underway later in the second quarter.

Halcon也是。它是在2025年的新發現，我們仍在界定該系統的延伸範圍。這同樣是Mulatos礦區內新增硫化物礦化的一個令人振奮的機會。最後一點，我們目前正在為Qiqavik計畫加速準備，這是我們位於魁北克北部Nunavik的專案，將在第二季稍晚開始進行。

Good stuff, Scott. That's a lot going on. Looking forward to some results from these programs. That's it for me, guys. Again, looking forward to Q2 for improvement in production and costs and then looking forward to the site trip in summer as well.

很棒，Scott。事情很多。期待這些計畫的一些成果。我這邊就到這裡，各位。再次期待第二季在產量與成本方面有所改善，也期待夏天的現場參訪。

Fahad Tariq, Jefferies.

Fahad Tariq，Jefferies。

There was a comment in the press release talking about managing cost pressures with productivity improvements. Can you talk about what specific productivity improvements there are across the portfolio?

新聞稿裡有一段提到透過提升生產力來管理成本壓力。你能談談在整個資產組合中，有哪些具體的生產力提升措施嗎？

Yeah, Fahad, it's Greg here. That's referencing what we've already identified as part of our plan in 2026 and even moving into 2027. But I mean, the critical thing is obviously ramping up our mining rates at Island Gold from 1,400 tonnes per day, which we achieved in Q1 up to 2,000 tonnes per day by the end of the year. And as we increase our production from the underground at Island, that is critical for us because it's our lowest cost structure that we have across our portfolio. So that's obviously a focus.

是的，Fahad，我是Greg。那指的是我們已在2026年的計畫中、甚至延伸到2027年所辨識出的事項。不過關鍵當然是把Island Gold的採礦速率從每日1,400噸（我們在第一季已達成）提升到年底每日2,000噸。隨著我們提高Island地下礦的產量，這對我們非常關鍵，因為它是我們整個資產組合中成本結構最低的。所以這顯然是重點。

The other piece would be ramping up the Magino mill from 7,500 tonnes per day in Q1 to closer to 10,000 tonnes through at least the second half of the year. That's obviously going to bring down our cost structure in the second half of the year.

另一個部分是把Magino選礦廠的處理量從第一季每日7,500噸提升到更接近每日10,000噸，至少在下半年達成。這顯然會在下半年降低我們的成本結構。

And then the last would be the mining rates at Young-Davidson getting back up to 8,000 tonnes per day. So all of those things are items that are going to manage those cost pressures in 2026. And then as we move into 2027, there's the, obviously, moving from ramp mining to shaft mining or skipping up the shaft is going to have a significant impact on our cost structure moving forward.

最後一個是讓Young-Davidson的採礦速率回升到每日8,000噸。所有這些事項都將在2026年幫助我們管理成本壓力。而進入2027年，顯然從斜坡道採礦轉為豎井採礦，或透過豎井提升（skipping up the shaft），將對我們未來的成本結構產生重大影響。

And then the last is the hooking up the grid power at the Magino mill, and that's something that we'll have -- we plan to have in place by early 2027 as well. So all of those are things that we've outlined previously, but they go a long way to managing any inflationary pressures that we're seeing.

最後一點是Magino選礦廠接入電網電力，我們也計畫在2027年初前完成。所以這些都是我們先前已概述過的事項，但它們對於管理我們所看到的任何通膨壓力都有很大幫助。

Okay. Great. And then maybe just to follow up on that. Can you just talk about what pressures you're seeing, I think, I guess, April 1 onwards in terms of diesel? I think the press release even talked about labor, which might be like a second or third order effect, but just what you're seeing across the board on cost inflation?

好的。很好。那再追問一下。你能談談你們看到的壓力是什麼嗎？我想，從4月1日之後，就柴油而言？我想新聞稿甚至提到勞動力，可能是第二或第三層的影響，但整體來看你們在成本通膨方面看到什麼？

Yeah. And you do highlighted the two primary ones. So diesel, obviously, that's a cost pressure that the entire industry is seeing. We're fortunate in that diesel isn't a big part of our cost structure. It's about 5%. And if you break it down, about two-thirds of that is in Canada and one-third in Mexico.

是的。你點出了兩個主要項目。柴油方面，顯然這是整個產業都在面對的成本壓力。我們比較幸運的是，柴油在我們的成本結構中占比不大。大約是5%。如果再拆分，其中約三分之二在加拿大，三分之一在墨西哥。

And in Mexico, it's a regulated system. So you don't see the same effects of the higher diesel price in Mexico that we do in Canada. And then in Canada, it's about 20% of our diesel has been hedged at much lower rates than what we're seeing right now. So all to say, very manageable because it's a small component of our cost structure and it being less than 5%.

而在墨西哥，這是一個受監管的體系。因此，你不會在墨西哥看到像我們在加拿大所面臨的那種柴油價格上漲所帶來的同樣影響。另外在加拿大，我們約有 20% 的柴油已以遠低於目前所見水準的價格進行避險。總之，這非常可控，因為柴油在我們的成本結構中占比很小，且低於 5%。

On labor, I'd say that the bigger pressure is more on contractor labor. We have put in place our increases for the year, all very manageable, all built into our budget. What we're seeing a little bit of is pressure from contractors to make sure that they can fill their roles and some increased costs there. But again, something that is manageable based on our cost guidance that we have for the rest of the year.

就勞動力而言，我會說較大的壓力更多來自承包商勞工。我們已經把今年的加薪措施落實到位，都很可控，也都已納入我們的預算。我們看到的是承包商為了確保能補足人力而帶來的一些壓力，以及相關成本的上升。但同樣地，依據我們對今年剩餘期間的成本指引，這仍是可控的。

Ralph Profiti, Stifel.

Ralph Profiti，Stifel。

Yes. My question is firstly on Young-Davidson, and within the context of this strong recovery that we're going to see through 2026. There is some discussion around stope overbreak leading to a review of the blasting design.

是的。我的問題首先是關於 Young-Davidson，並放在我們將一路看到至 2026 年的強勁復甦這個背景之下。目前有一些討論提到採場（stope）超挖（overbreak）導致需要檢視爆破設計。

And just wondering, is this something new that we're dealing with? Was this identified as a risk when we encountered some of the headwinds in the back half of '25? Just wondering, is the blasting review part of just where we're having these stope overbreak issues? Or is this part of a broader all-stope encompassing plan?

想請問，這是我們現在才遇到的新問題嗎？在我們於 25 年下半年遭遇一些逆風時，這是否已被辨識為一項風險？再請問，這次的爆破檢討是僅針對我們出現採場超挖問題的區域？還是這是更廣泛、涵蓋所有採場的整體計畫的一部分？

Yeah, it's Luc here. I mean the drilling and blasting review is always an ongoing process with regards to the mining, I guess, close out of the reconciliation of each of our stopes. So this is nothing new. We continue to review that on an ongoing basis.

是的，我是 Luc。我的意思是，鑽孔與爆破的檢討一直都是採礦作業的持續流程之一，尤其是在每個採場完成後進行對帳（reconciliation）結案時。所以這不是新事情。我們會持續、定期地檢視。

I mean and historically, the performance has been good at Young-Davidson, we've been mining there now for the better part of 13 years. And actual results from a grade perspective usually reconcile quite well to the model, and we've got a good history of that.

而且從歷史來看，Young-Davidson 的表現一直不錯，我們在那裡採礦已經將近 13 年了。從品位角度來看，實際結果通常與模型對帳得相當好，我們在這方面有良好的歷史紀錄。

In this specific quarter, we did have a couple of stopes that underperformed from a dilution aspect where we typically model around 10% to 12% dilution, and we had some higher dilution on the basis of a couple of stopes that we mined in the quarter. But really, the process of closing out the reconciliation is also looking at the drilling and blasting design and seeing if there's some improvements there based on that reconciliation to any modifications that we may need to make.

在這一季的特定情況下，我們確實有幾個採場在稀釋（dilution）方面表現不如預期；我們通常在模型中假設約 10% 到 12% 的稀釋，但本季因為我們開採的其中幾個採場，稀釋率較高。不過，結案對帳的流程也會檢視鑽孔與爆破設計，並根據對帳結果看看是否有可改進之處，以及我們可能需要做哪些調整。

And it could be specific to certain regions, maybe some geological structures within those regions that are adding to the dilution. And maybe we need to change our drill and blasting patterns as a result of that. So we take all that into consideration and basically do a full analysis and part of it is certainly the drill and blast design as well.

而這可能是特定區域所致，例如那些區域內的一些地質構造正在增加稀釋。因此我們可能需要相應地改變鑽孔與爆破的布孔/爆破模式。所以我們會把這些因素都納入考量，基本上做完整分析，其中當然也包括鑽孔與爆破設計。

Got you. Okay. And just as a minor follow-up. As it stands right now, do you envision the supplementary temporary crushing at Magino to be in place until the 20,000 tonne per day expansion is commissioned? Or does the existing secondary crusher, once it's optimized, get you to meet the plan? Or do you envision weaning off the temporary?

了解。好的。再追問一個小問題。以目前情況來看，你們是否預期 Magino 的補充性臨時破碎會一直維持到 2 萬噸/日擴建完成投產為止？或者現有的二段破碎機在最佳化後就能達成計畫？還是你們預期會逐步停止使用這套臨時設備？

Yeah. We currently still have it in place. I mean we commissioned that mid-February. And really, initially, it was to help us to get through, certainly, through the winter conditions, some of the challenges that we have operating in the winter and provided consistency for more supplemental feed into the mill grinding circuit. So we still have it in place currently, but we -- I would say we would rely less on it through the summer months than we need to do in the winter months.

是的。我們目前仍然保留這套設備。我們是在 2 月中旬投運（commissioned）它的。一開始主要是為了幫助我們度過冬季條件——我們在冬季營運確實有一些挑戰——並為磨礦迴路提供更穩定的補充入料。所以目前仍在使用，但我會說在夏季我們對它的依賴會比冬季少。

But when we do have scheduled maintenance, it allows us to continue to provide -- if we have scheduled maintenance on the crushing circuit, it allows us to continue to provide mill feed into the grinding circuit. So that's the advantage of it. So periodically, it will get used -- continue to get used through the summer months as well.

但當我們有計畫性維修時，它能讓我們持續提供——如果破碎迴路有計畫性維修，它能讓我們仍可持續向磨礦迴路提供磨機入料。這就是它的優勢。因此在夏季期間也會不時使用——並會持續使用。

But keep in mind, and I think we've discussed this, is once we do complete that larger mill expansion to 20,000 tonnes per day, we are going to change some of that crushing circuit. And primarily adding a gyratory crusher will eliminate some of the winter challenges that we had certainly with regards to the front end of that crushing circuit that we currently operate with. So come 2028, certainly, we would not require that, but periodically, we will continue to use it, yes.

但請記住，而且我想我們也討論過，一旦我們完成更大的磨礦廠擴建至 2 萬噸/日，我們將會改造部分破碎迴路。主要是新增一台旋迴式破碎機（gyratory crusher），將可消除我們目前這套破碎迴路前端在冬季所面臨的一些挑戰。因此到了 2028 年，我們當然就不需要它了，但在某些時候我們仍會繼續使用它，是的。

Don DeMarco, National Bank.

Don DeMarco，National Bank。

Great to see the growth trajectory affirmed. First question, going back to the discussion on diesel. We see that costs are expected to decrease by 5% in Q2. Does this assume that diesel prices remain flat?

很高興看到成長軌跡獲得確認。第一個問題，回到柴油的討論。我們看到成本預期在第二季下降 5%。這是否假設柴油價格維持持平？

Correct. It's based on the spot prices that were in place at March 31. So the higher rates that we're seeing now is what we've assumed when we talked about that 5% reduction in cost.

正確。這是以 3 月 31 日當時的即期價格為基礎。所以我們現在看到的較高水準，就是我們在談到成本下降 5% 時所採用的假設。

Okay. And as Luc has mentioned, the Island mining rates continue higher in Q1 on their way to 2,000 by the end of the year. Are you stockpiling this ore the delta between the nameplate at Island Gold? Or are you putting it through the Magino mill?

好的。另外如 Luc 所提到，Island 的採礦速率在第一季持續提高，並將在年底達到 2,000。你們是否會把這些礦石在 Island Gold 的名義產能（nameplate）與實際產出之間的差額部分先行堆存（stockpiling）？還是會送到 Magino 的磨礦廠處理？

Yeah. No stockpiling that's occurring there, Don. I mean the additional tonnes that come up from Island underground outside of what can be milled at the Island mill itself and up over at the Magino mill and we process it through the Magino mill. And we'll continue that as we move through the -- certainly, the rest of the year with the ramp-up, any additional tonnes that cannot be fed into the Island mill will go into the Magino mill.

是的。那邊沒有在進行堆存，Don。我的意思是，從 Island 地下礦額外提升上來、超出 Island 磨礦廠本身可處理量的噸數，會運到 Magino 磨礦廠並在那裡處理。隨著我們推進——當然在今年剩餘期間的爬坡過程中——任何無法送入 Island 磨礦廠的額外噸數都會送到 Magino 磨礦廠。

Okay. And then finally, do you plan to continue to settle the legacy Argonaut hedges each quarter? And are you looking at it more tactically? Or are you thinking maybe the same amount that we saw in Q1 each quarter going forward?

好的。最後，你們是否計畫每一季都持續結算 Argonaut 遺留的避險部位？你們會以更戰術性的方式來處理嗎？或者你們在想，未來每一季都維持像第一季那樣的結算金額？

I think we'll be opportunistic based on where we see the gold price going. So I think we've been tactical all along in taking out 250,000. That was the 330,000 ounces that we originally inherited, and we'll look to continue doing that as we approach the remaining 85,000 ounces.

我認為我們會根據我們對金價走勢的判斷，採取機會主義的策略。所以我認為我們一路以來在減少25萬盎司方面一直採取戰術性作法。那是我們最初承接的33萬盎司，而隨著我們接近剩餘的8.5萬盎司，我們也會持續這麼做。

Okay. Great. Good luck with Q2.

好的。很好。祝第二季順利。

Lauren McConnell, Paradigm Capital.

Lauren McConnell，Paradigm Capital。

Just on the Phase 3+ Expansion, it's good to see the shaft sink complete and 100% of the growth capital spend are committed with commissioning expected early next year. What are the remaining critical path items? Is it that base plant that's currently on track for completion in Q2? And what are the next key milestones that we should continue to watch to make sure we keep seeing that on track for early 2027?

關於第三階段以上（Phase 3+）擴建，很高興看到竪井下沉已完成，且成長資本支出已100%承諾，預計將於明年初進行試車投產。剩下的關鍵路徑項目有哪些？是目前仍按計畫在第二季完工的基礎選廠（base plant）嗎？另外，接下來我們應該持續關注哪些關鍵里程碑，以確保我們仍能如期在2027年初保持進度？

Yeah. It's Luc here. Things are tracking well with regards to the -- certainly the Phase 3+ Expansion. I mean the two critical items, I guess, right now is, as you mentioned, we've completed all of the rock work in the shaft. So now we're actually -- we're refurbishing the shaft.

是的。我是Luc。就——當然是第三階段以上擴建而言——各項進度追蹤良好。我的意思是，目前兩個關鍵項目，我想是，如你提到的，我們已完成竪井內所有的岩石工程。所以現在我們其實——正在翻修竪井。

So we're putting all of the structural steel in the shaft, separating the compartments for skipping, personnel travel and services. So that will occur over the rest of this year. Timeline is that would be completed early in the first quarter of 2027.

我們正在把所有結構鋼材安裝到竪井內，並分隔出用於提升運礦（skipping）、人員通行以及各項服務管線的隔間。這項工作將在今年剩餘時間內進行。時程上，預計會在2027年第一季初完成。

And then the second component of that is away from the shaft, which is actually the ore and waste handling infrastructure that's required to be able to feed the shaft. We're well embarked on that as well. So we're in the process of doing some rock work in relation to one of the bins, one of the large bins for the underground loading pocket, and we'll be establishing our grizzly station as well as the loading pocket at 1,350.

第二個部分則不在竪井本體，而是為了能夠向竪井供料所需的礦石與廢石處理基礎設施。我們在這方面也已經進展順利。因此，我們正在就其中一個料倉——地下裝載口用的一個大型料倉——進行一些岩石工程，並將建立我們的格篩站（grizzly station）以及在1,350水平的裝載口（loading pocket）。

That work is also expected to be completed in early 2027 in the first quarter as well. So that will all kind of tie in together. So I'd say by mid-Q1, we should have the ore waste handling components commissioned as well as the shaft commissioned to be able to start utilizing the shaft ore and waste movement and personnel movement as well.

這項工作也預計在2027年第一季初完成。因此這些將會彼此銜接。所以我會說，到第一季中段，我們應該能完成礦石與廢石處理組件的試車投產，以及竪井的試車投產，從而開始利用竪井進行礦石與廢石運輸，以及人員運輸。

Okay. Great. That's really helpful. And then just on the overall larger expansion, I think that it said that about 11% of the growth capital has been spent or committed. And so I was just wondering how much of that remaining, I think it was $542 million is still exposed to inflation and procurement risk and any kind of scope changes at this point?

好的。很好。這非常有幫助。另外就整體更大型的擴建而言，我想資料上寫到約11%的成長資本已支出或已承諾。因此我想請教，剩餘的——我記得是5.42億美元——目前還有多少仍暴露在通膨與採購風險之下，以及此時是否還存在任何範疇（scope）變更？

Yeah. On that front, I mean, a bunch of that is development. So development is subject to labor inflation basically. The other piece would be the core components of the mill. And we've got contracts in place for some of that, but we're still working through contracts. So technically, there is some inflationary pressure there, although we're not hearing right now that we're expecting much from that. So I'd say it would be normal course inflationary pressures of 4% to 5%.

是的。就這方面而言，其中很大一部分是開發工程（development）。所以開發工程基本上會受到勞動成本通膨的影響。另一部分是磨礦廠（mill）的核心組件。我們已就其中一部分簽訂合約，但仍在推進其他合約。因此嚴格來說，確實存在一些通膨壓力，儘管我們目前沒有聽到預期會有太大影響。所以我會說，大致就是一般性的通膨壓力，約4%到5%。

Sathish Kasinathan, Bank of America.

Sathish Kasinathan，美國銀行。

My first question is on capital allocation. We saw strong free cash flow generation in the first quarter, but there were no share buybacks. Given the free cash flow is expected to improve throughout the remainder of the year, how should we think about the potential for getting more active in buybacks?

我的第一個問題是關於資本配置。我們看到第一季自由現金流產生強勁，但沒有進行庫藏股回購。鑑於預期自由現金流在今年剩餘期間將持續改善，我們應該如何看待回購可能變得更積極的機會？

Sathish, this is John speaking. We've always taken a very opportunistic approach to share buybacks. And we had -- what do you call it -- we had a focus in the first quarter on increasing the dividend and the buyback of -- we spent $45 million buying back part of the legacy Argonaut hedges.

Sathish，我是John。我們一向對股票回購採取非常機會主義的方式。而且我們在第一季——怎麼說——我們的重點是提高股利，以及回購——我們花了4,500萬美元回購部分歷史遺留的Argonaut避險部位。

But if you take an opportunity like you see now with our shares underperforming in the market, probably a good guess would be that we're being opportunistic on that front. We expect to be more active with the share buyback in Q2 and for the remainder of the year.

但如果你把握像現在這樣的機會、看到我們的股價在市場上表現落後，那麼合理的推測是，我們會在這方面採取機會主義策略。我們預期在第二季以及今年剩餘時間，會更積極進行股票回購。

Okay. And most of my other questions have been asked and answered. Maybe one on Magino. You expect meaningful cost savings from connecting the Magino mill to the grid power. Can you maybe quantify the dollar per ounce impact once it is fully online?

好的。我其他大多數問題都已經被問過並得到回答。也許再問一個關於Magino的問題。你們預期將Magino磨礦廠接入電網供電後會帶來顯著的成本節省。能否量化一下在完全上線後，對每盎司成本的美元影響？

Yeah, it's about $5 a tonne, correct?

是的，大約每噸5美元，對嗎？

Yeah. It's $5 a tonne.

是的。每噸5美元。

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 at extension 5439. That is (416) 368-9932 extension 5439. This concludes today's conference call. You may now disconnect.

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