Alamos Gold Inc. (AGI) 2026 Q2 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.

早安。接下來我將把電話會議交給 Alamos 企業發展與投資人關係資深副總裁 Scott Parsons。

Thank you, operator, and thanks, everybody, for attending Alamos' Second 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; Luc Guimond, Chief Operating Officer; and Scott R.G. Parsons, Senior Vice President of Exploration. 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，也謝謝各位出席 Alamos 2026 年第二季電話法說會。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；營運長 Luc Guimond；以及勘探資深副總裁 Scott R.G. Parsons。我們將在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。也提醒各位，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 Vice President of Technical Services and a qualified person.

由於我們在本次電話會議中將發表前瞻性陳述，請參閱簡報、新聞稿與管理階層討論與分析（MD&A）中所載之警示說明，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、具資格人士 Chris Bostwick 審閱並核准。

Also, please bear in mind that all of the dollar amounts mentioned in this conference call are in US dollars unless otherwise noted. Now John will provide you with an overview.

另外請記得，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。現在由 John 為各位提供概覽。

Thank you, Scott. I'll start with slide 3. During the second quarter, we produced 130,600 ounces of gold, in line with our revised quarterly guidance and 5% higher than the first quarter. The Island Gold District continues to perform well with a strong overall quarter, offsetting lower-than-expected production from Young-Davidson and Mulatos. Total cash costs increased 6% from the first quarter, while all-in sustaining costs of $1,728 per ounce were 7% lower, driven by the timing of sustaining capital spending.

謝謝你，Scott。我先從第 3 張投影片開始。第二季我們生產黃金 130,600 盎司，符合我們修訂後的季度指引，且較第一季增加 5%。Island Gold 礦區持續表現良好，本季整體表現強勁，抵銷了 Young-Davidson 與 Mulatos 產量低於預期的影響。總現金成本較第一季上升 6%，而每盎司全維持成本（AISC）為 1,728 美元，較第一季下降 7%，主要受維持性資本支出時點影響。

Financially, we continue to generate strong free cash flow of $144 million, net of our reinvestment in high-return growth and exploration. Consistent with our balanced approach to capital allocation, we returned $67 million to shareholders through share buybacks and dividends in the second quarter.

在財務方面，我們在持續投入高報酬的成長與勘探之後，仍持續產生強勁的自由現金流 1.44 億美元。秉持我們均衡的資本配置策略，第二季我們透過庫藏股回購與股利向股東回饋 6,700 萬美元。

Through the first half of 2026, our shareholder returns increased to $84 million, already exceeding total returns in 2025. Turning to slide 4. As previously disclosed, the seismic event that occurred in June at Young-Davidson has impacted our near-term operations and is the main driver of the revision to our full-year production and cost guidance.

2026 年上半年累計，我們對股東的回饋提高至 8,400 萬美元，已超過 2025 年全年的回饋總額。接著看第 4 張投影片。如先前揭露，6 月在 Young-Davidson 發生的地震事件已影響我們短期營運，並且是我們修訂全年產量與成本指引的主要原因。

There were no injuries, but there was localized damage to underground infrastructure at Young-Davidson, limiting access to higher-grade stopes in the 9410 level that were scheduled to be mined this year. This is expected to result in lower-than-planned mining rates and grades for the rest of the year, which Luc will touch on in more detail later in the call.

事件未造成任何人員受傷，但 Young-Davidson 的地下基礎設施出現局部損壞，限制了進入原定今年開採、位於 9410 水平的較高品位採場。預期這將導致今年剩餘期間的採礦速率與品位低於原計畫；Luc 稍後會在電話會議中更詳細說明。

In addition to the challenges, we experienced at Young-Davidson, a slower-than-expected leach pad cycle at La Yaqui Grande is delaying the recovery of ounces previously stacked on the leach pad. As a result, we've updated our 2026 full-year consolidated production guidance to between 510,000 and 560,000 ounces, a 12% reduction from the previous guidance. Despite this temporary setback, we expect stronger production in the second half of the year, driven by higher underground mining rates and grades at Island Gold.

除了 Young-Davidson 所面臨的挑戰外，La Yaqui Grande 的浸出墊循環速度低於預期，延後了先前堆置於浸出墊上的金屬盎司回收。因此，我們已將 2026 年全年合併產量指引更新為 510,000 至 560,000 盎司，較先前指引下調 12%。儘管這是暫時性的挫折，我們預期下半年產量將更強勁，主要由 Island Gold 地下採礦速率與品位提升所帶動。

Our full year all-in sustaining cost guidance has increased 18%. This is due to lower production, higher costs at Young-Davidson for rehabilitation work and enhanced ground support as well as increased labor inflation and contractor costs in Canada.

我們全年全維持成本（AISC）指引上調 18%。原因包括產量下降、Young-Davidson 的復原工程與加強地層支護所致成本增加，以及加拿大勞動通膨與承包商成本上升。

Greg will provide more detail on these changes in his financial review. All growth projects are advancing well, including the expansion of the Island Gold District, which is the key engine of our strong long-term outlook. We expect significant improvements in both our production and costs in each of the next several years and remain on track to achieve our target of producing 1 million ounces of gold annually by the end of the decade.

Greg 將在他的財務回顧中就這些變動提供更多細節。所有成長專案進展順利，包括 Island Gold 礦區的擴建，這是支撐我們強勁長期展望的關鍵引擎。我們預期未來數年在產量與成本方面都將顯著改善，並仍按計畫在本十年末達成每年生產 100 萬盎司黃金的目標。

Turning to slide 5. We significantly increased our shareholder returns in the second quarter with $50 million in share buybacks and our quarterly dividend of $17 million, which was increased in the first quarter. We also eliminated all the remaining 2026 gold hedges inherited from the Argonaut Gold transaction at a cost of $92 million, all funded by ongoing free cash flow.

接著看第 5 張投影片。第二季我們大幅提高股東回饋，包括 5,000 萬美元的庫藏股回購，以及在第一季已調升的季度股利 1,700 萬美元。我們也以 9,200 萬美元的成本，清除自 Argonaut Gold 交易承接而來的所有剩餘 2026 年黃金避險部位，資金全數來自持續產生的自由現金流。

On the exploration front, we increased another series of exceptional high-grade results across multiple targets within the Island Gold District. These results highlighted the ongoing evolution of the Island Gold District and significant upside potential to what was outlined at -- in the Island Gold District expansion study earlier in the year.

在勘探方面，我們在 Island Gold 礦區內多個目標區再度取得一系列卓越的高品位成果。這些結果凸顯 Island Gold 礦區持續演進的態勢，以及相較於今年稍早 Island Gold 礦區擴建研究所揭示內容的顯著上行潛力。

Now looking at slide 6. We have a clear path outlined to grow our annual production and decrease our costs over the remainder of the decade to reach 1 million ounces by 2030. This growth is expected to be internally funded from ongoing free cash flow generation and a strong balance sheet with $1.2 billion in available liquidity. The completion of the Phase 3 plus shaft expansion at Island Gold is within sight. Our Magino mill expansion is well underway and construction activities continue to ramp up at Lynn Lake and PDA.

現在看第 6 張投影片。我們已明確規劃在本十年剩餘期間提升年產量並降低成本的路徑，以在 2030 年達到 100 萬盎司。預期此成長將由持續的自由現金流與強健的資產負債表內部支應，目前可用流動性達 12 億美元。Island Gold 第三期加上豎井擴建工程即將完成。Magino 選礦廠擴建正順利推進，Lynn Lake 與 PDA 的施工活動也持續加速。

These are high-return projects, all lower cost and largely derisked, underpinning one of the best growth profiles in the sector. I'll now turn the call over to our CFO, Greg Fisher, to review our financial performance. Greg?

這些都是高報酬專案，成本更低且大多已去風險化，支撐本產業中最優異的成長曲線之一。接下來我把電話會議交給我們的財務長 Greg Fisher，請他回顧財務表現。Greg？

Thank you, John. Moving to slide 7. We sold 130,800 ounces of gold in the second quarter at an average realized price of $4,504 per ounce for quarterly revenues of $594 million. Total cash costs were $1,303 per ounce and all-in sustaining costs were $1,728 per ounce. Operating cash flow before changes in noncash working capital was $287 million in the second quarter or $0.68 per share.

謝謝你，John。請看第 7 張投影片。第二季我們以每盎司 4,504 美元的平均實現價格售出黃金 130,800 盎司，季度營收為 5.94 億美元。總現金成本為每盎司 1,303 美元，全維持成本（AISC）為每盎司 1,728 美元。第二季在非現金營運資金變動前的營運現金流為 2.87 億美元，或每股 0.68 美元。

This was down from the previous quarter, reflecting the lower realized gold price and $92 million or $0.22 per share of cash that was used to repurchase and eliminate the remaining 35,000 ounces of legacy Argonaut Gold hedges maturing in 2026.

這較上一季下降，反映實現金價較低，以及我們動用 9,200 萬美元（或每股 0.22 美元）的現金，用於回購並清除剩餘 35,000 盎司、於 2026 年到期的 Argonaut Gold 歷史避險部位。

These hedges were scheduled to mature in the second half of this year and by eliminating them, we have increased upside to higher gold prices. To date, we repurchased approximately 280,000 out of the 330,000 ounces hedged by Argonaut prior to maturity, including 50,000 ounces repurchased this year. We will continue to monitor opportunities to repurchase and eliminate the remaining 50,000 ounces of gold forward contracts maturing in the first half of 2027.

這些避險原定於今年下半年到期；透過清除它們，我們提高了對金價上漲的上行曝險。截至目前，我們在到期前已回購約 330,000 盎司中約 280,000 盎司的 Argonaut 避險部位，其中包含今年回購的 50,000 盎司。我們將持續留意機會，回購並清除剩餘 50,000 盎司、於 2027 年上半年到期的黃金遠期合約。

Our reported net earnings were $270 million in the second quarter or $0.64 per share. This included after-tax gains on commodity derivatives of $27 million, an after-tax inventory net realizable value adjustment of $7 million, unrealized foreign exchange gains recorded in deferred taxes of $4 million and other losses of $1 million.

第二季我們申報的淨利為 2.70 億美元，或每股 0.64 美元。其中包含商品衍生性金融工具稅後收益 2,700 萬美元、存貨可變現淨值（NRV）調整稅後 700 萬美元、於遞延所得稅中認列的未實現外匯收益 400 萬美元，以及其他損失 100 萬美元。

Excluding these items, our adjusted net earnings were $248 million or $0.59 per share. Capital spending in the quarter totaled $181 million and included $36 million of sustaining capital, $130 million of growth capital and $15 million of capitalized exploration. We continue to fund our high-return growth internally while generating strong free cash flow. This included $144 million of free cash flow generated in the second quarter.

扣除上述項目後，我們的調整後淨利為 2.48 億美元，或每股 0.59 美元。本季資本支出合計 1.81 億美元，其中包括 3,600 萬美元的維持性資本、1.30 億美元的成長資本，以及 1,500 萬美元的資本化勘探支出。我們持續以內部資金支應高報酬成長，同時產生強勁的自由現金流。其中包括第二季產生的 1.44 億美元自由現金流。

During the first half of the year, we generated $245 million in free cash flow, of which nearly 90% was used to return capital to shareholders and reduce our gold hedge exposure. We were active on our share buyback in the second quarter, repurchasing 1.4 million shares at a cost of $50 million. Including our quarterly dividend payments, we have now returned $84 million to our shareholders and spent $135 million on repurchasing hedges for a combined spending of $219 million this year.

在上半年，我們產生了2.45億美元的自由現金流，其中近90%用於向股東返還資本並降低我們的黃金避險曝險。我們在第二季積極進行庫藏股回購，以5,000萬美元的成本回購了140萬股。連同我們的季度股利支付在內，今年迄今我們已向股東返還8,400萬美元，並花費1.35億美元回購避險部位，合計支出2.19億美元。

As John noted, the $84 million returned year-to-date already exceeds our total shareholder returns from last year. We are focused on delivering increasing returns to our shareholders, including evaluating opportunities to continue to be active on our buyback while also balancing our other capital allocation priorities.

如John所指出，年初至今返還的8,400萬美元已超過我們去年的股東回饋總額。我們專注於為股東提供持續增加的回報，包括評估在兼顧其他資本配置優先事項的同時，繼續積極進行回購的機會。

This includes reinvesting in our high-return growth projects and capitalizing on opportunities to repurchase the remaining gold hedges set to mature in 2027. We ended the quarter with a healthy cash position of $637 million and net cash of $437 million. We expect continued free cash flow generation through the remainder of the year with significant growth starting in 2027 while continuing to self-fund our organic growth plans.

這包括再投資於我們高報酬的成長專案，並把握機會回購剩餘、將於2027年到期的黃金避險部位。本季末我們持有健康的現金部位6.37億美元，淨現金為4.37億美元。我們預期今年剩餘期間將持續產生自由現金流，並自2027年起出現顯著成長，同時持續以自有資金支應我們的內生成長計畫。

Turning to slide 8. Following the seismic event at Young-Davidson and due to a longer leach cycle at La Yaqui Grande, we revised our 2026 production guidance to between 510,000 and 560,000 ounces. This is the largest driver of our increase in cost guidance this year with an expected $190 per ounce impact on all-in sustaining costs given the similar level of gross costs spread over lower production.

接著看第8頁投影片。由於Young-Davidson發生地震事件，以及La Yaqui Grande的浸出週期較長，我們將2026年產量指引修訂為51萬至56萬盎司。在今年成本指引上調的因素中，這是最大的驅動因素；在總毛成本水準相近但產量較低的情況下，預期對全維持成本（AISC）的影響為每盎司190美元。

On the labor front, we are seeing increased contractor costs in Northern Ontario as well as ongoing labor inflation, which is expected to increase our all-in sustaining costs by approximately $90 per ounce. However, this also reflects a new compensation and retention program that was implemented midyear at all our Canadian operations, which is expected to improve recruitment and retention to further support our ramp-up at Island Gold and overall productivity at our operations.

在人力方面，我們看到北安大略地區承包商成本上升以及持續的勞動力通膨，預期將使我們的全維持成本增加約每盎司90美元。不過，這也反映我們在年中於所有加拿大營運據點導入的新薪酬與留任計畫，預期可改善招募與留任，進一步支持Island Gold的爬坡增產以及整體營運生產力。

Additionally, required rehabilitation work and enhanced ground support underground at Young-Davidson are expected to increase consolidated all-in sustaining costs by an additional $15 per ounce. These increases are expected to be partially offset by a $20 per ounce benefit due to the weaker Canadian dollar.

此外，Young-Davidson所需的復原工程以及井下加強地層支護，預期將使合併全維持成本再增加每盎司15美元。上述增幅預期可由加幣走弱帶來的每盎司20美元效益部分抵銷。

As a result of these factors, our 2026 total cash cost guidance has increased 14% to a midpoint of $1,225 per ounce and all-in sustaining cost guidance is 18% higher to a midpoint of $1,825 per ounce. This is a temporary increase in costs, in large part driven by the lower production and higher costs expected from Young-Davidson in the second half of the year.

因此，受這些因素影響，我們2026年總現金成本指引上調14%，中位數為每盎司1,225美元；全維持成本指引上調18%，中位數為每盎司1,825美元。這是暫時性的成本上升，主要由於下半年Young-Davidson預期產量較低且成本較高所致。

We expect a significant decrease in our costs in 2027 and over the next several years, driven by improvements at Young-Davidson and low-cost growth at the Island Gold District. I will now turn the call over to our COO, Luc Guimond, to provide an overview of our operations. Luc?

我們預期2027年以及未來數年成本將顯著下降，主要受Young-Davidson改善以及Island Gold礦區低成本成長所帶動。接下來我將把電話會議交給我們的營運長（COO）Luc Guimond，請他概述我們的營運狀況。Luc？

Thank you, Greg. Over to slide 9. The Island Gold District had a solid quarter with record production of 67,500 ounces, up 10% from the first quarter. The operation remains on track to achieve its original full-year production guidance with further growth expected into the second half of the year, reflecting higher underground mining rates and grades. Underground mining rates averaged a record 1,550 tonnes per day, consistent with our ramp-up schedule.

謝謝你，Greg。請看第9頁投影片。Island Gold礦區本季表現穩健，產量創新高達67,500盎司，較第一季增加10%。該營運仍按計畫達成原先的全年產量指引，且預期下半年將進一步成長，反映井下採礦速率與品位提升。井下採礦速率平均達到創紀錄的每日1,550噸，符合我們的爬坡時程。

Grades mined at 9.15 grams per tonne were in line with guidance and are expected to increase slightly in the third quarter with a further increase in the fourth quarter. Open pit operations continue to perform well with mining rates averaging 55,000 tonnes per day, including 13,000 tonnes per day of ore during the quarter.

開採品位為每噸9.15克，符合指引；預期第三季將小幅上升，第四季將進一步提高。露天礦作業持續表現良好，採礦速率平均每日55,000噸，其中本季礦石量為每日13,000噸。

Total milling rates from the Island Gold District averaged a new high of over 10,000 tonnes per day in the second quarter. This included nearly 8,900 tonnes per day from the Magino mill and 1,230 tonnes per day from the Island Gold mill. Second quarter total cash costs and mine site all-in sustaining costs were $1,304 and $1,715 per ounce, respectively.

第二季Island Gold礦區的總磨礦處理量平均超過每日10,000噸，創下新高。其中包括Magino選礦廠每日近8,900噸，以及Island Gold選礦廠每日1,230噸。第二季總現金成本與礦場全維持成本分別為每盎司1,304美元與1,715美元。

Both are expected to decrease in the second half of the year, reflecting the increase in underground mining rates and grades as well as higher mill throughput at Magino. However, given increased labor and contractor costs reflecting the more competitive labor environment in Northern Ontario as well as energy -- as well as increased energy costs, the 2026 total cash costs and mine site all-in sustaining cost guidance has been revised higher.

兩者預期在下半年下降，反映井下採礦速率與品位提升，以及Magino更高的選礦處理量。然而，鑑於北安大略更具競爭性的勞動市場導致勞工與承包商成本上升，以及能源——以及能源成本上升，2026年總現金成本與礦場全維持成本指引已上修。

The Island Gold District generated record mine site free cash flow of $100 million in the second quarter, net of the significant capital investment related to the Phase 3 plus shaft project, 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 significant exploration program. Moving to slide 10.

Island Gold礦區第二季創下礦場自由現金流1億美元的新高，已扣除與Phase 3 plus豎井專案、Magino選礦廠擴建及勘探相關的大量資本投資。在目前金價水準下，Island Gold礦區預期將在資助其擴建計畫與大規模勘探計畫的同時，持續產生強勁的自由現金流。接著看第10頁投影片。

The ramp-up of underground mining rates at Island Gold is a key driver of our production growth in the second half of 2026 and over the next several years. During the second quarter, mining rates steadily increased every month and averaged a record 1,550 tonnes per day.

Island Gold井下採礦速率的爬坡，是我們在2026年下半年以及未來數年產量成長的關鍵驅動因素。第二季期間，採礦速率每月穩步提升，平均達到創紀錄的每日1,550噸。

With an increase in personnel, equipment and mining fronts, our mining rates have continued to increase into the third quarter. We remain on track to reach a year-end rate of 2,000 tonnes per day with a further increase to 2,400 tonnes per day in the first quarter of 2027 following the commissioning of the shaft. Moving to slide 11.

隨著人員、設備與採礦工作面增加，我們的採礦速率在第三季持續提升。我們仍按計畫在年底達到每日2,000噸，並在豎井投產後於2027年第一季進一步提升至每日2,400噸。接著看第11頁投影片。

Magino's milling rates also increased to a new quarterly record of 8,900 tonnes per day, an 18% increase over the first quarter. This included steady improvements on a monthly basis with June averaging a monthly record of 9,800 tonnes per day. The increase is being driven by improving performance and reliability of the overall circuit as well as the addition of supplemental ore feed from the temporary crusher.

Magino的磨礦處理量也提升至每日本季新高8,900噸，較第一季增加18%。其中包括按月穩定改善，6月平均達到每月新高每日9,800噸。這項提升主要由整體流程的效能與可靠性改善所帶動，並加上臨時破碎機提供的補充礦石進料。

This improvement has continued into July with milling rates on pace to average approximately 10,000 tonnes per day. Given the substantial increase in milling rates over the last several months and greater overall consistency of the operation, the mill is on track to average similar milling rates through the remainder of the year.

此改善在7月仍持續，磨礦處理量可望平均約每日10,000噸。鑑於過去數月磨礦處理量大幅提升且營運整體一致性更高，選礦廠可望在今年剩餘期間維持類似的平均處理量。

Moving to slide 12. During the quarter, we spent $66 million in growth capital at the Island Gold District, advancing both the shaft and mill expansion. Substantially, all capital for the Phase 3 plus shaft expansion has been spent or committed.

接著看第12頁投影片。本季我們在Island Gold礦區投入6,600萬美元的成長資本，推進豎井與選礦廠擴建兩項工程。Phase 3 plus豎井擴建所需資本已大致支出或承諾到位。

Since the shaft sinking was completed late in the first quarter, progress has been made on shaft equipping and the shaft bottom infrastructure with commissioning expected to be completed in the first quarter of 2027. This is an important catalyst to increase underground mining rates to 2,400 tonnes per day in the first quarter of 2027 and ultimately to 3,000 tonnes per day in 2029.

自第一季末完成豎井下沉後，豎井設備安裝與井底基礎設施已取得進展，預期於2027年第一季完成投產試運轉。這是重要的催化劑，可在2027年第一季將井下採礦速率提升至每日2,400噸，並最終於2029年提升至每日3,000噸。

The Island Gold District expansion is also well underway with 33% of the growth capital spent or committed. As shown on the slide, cladding and roofing activities for the new mill building are now complete with all 8 leach tanks and two detox tanks erected. With all the earthworks, concrete foundation and steel erected, the key elements of the mill expansion have been significantly derisked.

Island Gold礦區擴建也進展順利，成長資本已有33%支出或承諾到位。如投影片所示，新選礦廠建築的外牆包覆與屋頂工程現已完成，8座浸出槽與2座解毒槽均已立起。隨著土方工程、混凝土基礎與鋼構皆已完成，選礦廠擴建的關鍵要素已大幅降低風險。

The Island Gold District remains on track for completion in the first quarter of 2028 and will turn the operation into one of Canada's largest, lowest cost and most profitable gold mines. Over to slide 13. Young-Davidson produced 33,000 ounces of gold in the second quarter, 10% higher than the previous quarter, but below plan.

Island Gold 礦區仍按計畫於 2028 年第一季完工，並將使該營運成為加拿大規模最大、成本最低且最具獲利能力的金礦之一。接著看第 13 頁投影片。Young-Davidson 第二季產金 33,000 盎司，較前一季高 10%，但低於計畫。

Production was impacted by the seismic event in June and weather-related power outages in May. The seismic event in June impacted access to higher-grade stopes that were supplying approximately 2,500 tonnes per day. This contributed to lower-than-planned mining rates of 7,132 tonnes per day and grades of 1.75 grams per tonne. As previously disclosed, we are expecting lower mining rates through the remainder of the year as well as lower grades.

產量受到 6 月地震事件以及 5 月天候相關停電影響。6 月的地震事件影響了通往較高品位採場的進出，該等採場原本供應約每日 2,500 噸。這導致採礦速率低於計畫，為每日 7,132 噸，品位為每噸 1.75 克。如先前揭露，我們預期今年剩餘期間採礦速率將較低，品位亦將較低。

As a result, our full year production guidance for Young-Davidson has been reduced to between 110 -- sorry, 100,000 and 115,000 ounces with a corresponding increase in our cost guidance. Despite what was a challenging quarter for Young-Davidson, the operation generated strong mine-site free cash flow of $67 million. At current gold prices, we expect the operation will continue generating positive free cash flow through the second half of 2026. Turning to slide 14. I'll now provide more detail on the seismic event and impact.

因此，我們將 Young-Davidson 全年產量指引下修至 100,000 至 115,000 盎司（抱歉，原先說 110），並相應上調成本指引。儘管 Young-Davidson 本季面臨挑戰，該營運仍產生強勁的礦場自由現金流 6,700 萬美元。在目前金價水準下，我們預期該營運於 2026 年下半年仍將持續產生正向自由現金流。接著看第 14 頁投影片。我將進一步說明地震事件及其影響。

Seismicity is a normal part of underground mining and seismic events are not uncommon. Our ongoing focus is to extract our mineral reserves with a disciplined and geotechnically sound approach that manages and mitigates stress underground in order to ensure the safety of our workforce and minimize any disruptions. We experienced two seismic events in June, one of which had no impact. The other caused damage to the drift access on the 9410 level. In both cases, there were no injuries given the systems and protocols we have in place.

地震活動是地下採礦的正常現象，地震事件並不罕見。我們持續的重點，是以嚴謹且符合岩土工程原則的方法開採礦產儲量，管理並緩解地下應力，以確保員工安全並將任何干擾降至最低。我們在 6 月經歷兩起地震事件，其中一起沒有造成影響。另一起則造成 9410 水平巷道通行受損。在兩起事件中，因我們既有的系統與作業規程，均無人員受傷。

Seismic event near the 9410 level has delayed access to higher-grade stopes that were supplying approximately 2,500 tonnes per day and scheduled to be mined during the second half of this year. As a result, our mining rates are expected to average 5,000 tonnes per day for the remainder of the year, and we expect mine grades to average similar levels as the 1.75 grams per tonne mined in the second quarter.

9410 水平附近的地震事件延後了通往較高品位採場的進出；該等採場原本供應約每日 2,500 噸，並排定於今年下半年開採。因此，我們預期今年剩餘期間的採礦速率平均約為每日 5,000 噸，且礦石品位預期將維持與第二季開採的每噸 1.75 克相近水準。

We have not lost any reserves in the impacted area, and we will be completing rehabilitation work to reestablish access to the 9410 level during the second half of 2026. We also will be implementing enhanced ground support and other measures, which are all expected to support higher mining rates beyond 2026. These include longer primary support through the use of eight-foot dynamic ground support bolts, additional cable bolting, use of heavier-gauge screen and optimization of the extraction sequence to manage and mitigate stress as underground mining moves deeper.

受影響區域並未損失任何儲量，我們將於 2026 年下半年完成復修工程，以重新建立通往 9410 水平的通行。我們也將導入強化地層支護及其他措施，預期可在 2026 年之後支撐更高的採礦速率。措施包括：使用 8 英尺動態地層支護螺栓以延長主要支護、增加鋼索錨固、採用更厚規格的鋼網，並最佳化採掘順序，以在地下採礦逐步加深時管理並緩解應力。

The rehabilitation work and additional ground support is expected to add approximately $10 million of sustaining capital. Combined with the lower production rates, Young-Davidson's costs are expected to temporarily increase in the second half of the year with total cash costs averaging $2,100 per ounce and mine site all-in sustaining costs averaging $3,300 per ounce.

復修工程與額外地層支護預期將增加約 1,000 萬美元的維持性資本支出。再加上較低的產量，Young-Davidson 的成本預期在今年下半年將暫時上升，總現金成本平均約每盎司 2,100 美元，礦場全維持性成本（AISC）平均約每盎司 3,300 美元。

Looking beyond 2026, we expect the rehab work, optimized mine plan and enhanced ground support will drive mining and production rates higher and costs considerably lower. We are currently working on an updated mine plan, and we'll provide further detail with our three-year guidance release in early 2027. Over to slide 15.

展望 2026 年之後，我們預期復修工程、最佳化的礦山計畫與強化地層支護將推動採礦與產量提升，並使成本顯著下降。我們目前正著手更新礦山計畫，並將於 2027 年初發布三年期指引時提供更多細節。接著看第 15 頁。

Production from the Mulatos District totaled 30,100 ounces, including 25,100 ounces from La Yaqui Grande. Production was 8% lower than the previous quarter, driven by lower tonnes and grade stacked as well as slower-than-expected recoveries at La Yaqui Grande. Due to a longer leach cycle and increasing pad height, it is taking longer to recover ounces previously stacked on the leach pad.

Mulatos 礦區總產量為 30,100 盎司，其中 La Yaqui Grande 為 25,100 盎司。產量較前一季下降 8%，主因為堆浸的入堆噸數與品位較低，以及 La Yaqui Grande 的回收率低於預期。由於浸出週期較長且堆墊高度增加，先前堆置於浸出墊上的金屬回收所需時間更長。

As a result, we have reduced our production guidance for Mulatos to between 120,000 and 135,000 ounces with a corresponding increase in costs. Our overall recovery expectations for La Yaqui Grande remains unchanged, and the 2026 production guidance revision only reflects the impact of timing.

因此，我們將 Mulatos 的產量指引下修至 120,000 至 135,000 盎司，並相應上調成本。我們對 La Yaqui Grande 的整體回收率預期維持不變，而 2026 年產量指引的調整僅反映時點影響。

The Mulatos District generated strong mine-site free cash flow of $61 million, consistent with the first quarter, while funding construction of the PDA project, a significant exploration program and paying $27 million in cash taxes during the quarter. Over to slide 16.

Mulatos 礦區產生強勁的礦場自由現金流 6,100 萬美元，與第一季一致，同時為 PDA 專案建設、規模可觀的探勘計畫提供資金，並於本季支付 2,700 萬美元現金稅款。接著看第 16 頁。

The PDA project remains within budget and on schedule for first production in mid-2027. Work during the quarter included portal construction, underground mine development and structural steel and concrete foundation work for the mill. A total of $21 million of development capital was spent at PDA during the quarter.

PDA 專案仍在預算內並按進度推進，預計於 2027 年年中首次投產。本季工作包括：坑口（portal）施工、地下礦山開發，以及選礦廠的結構鋼與混凝土基礎工程。本季 PDA 共支出 2,100 萬美元的開發資本。

We expect capital spending to increase in the second half of the year as construction activities ramp up. PDA is the future of Mulatos and just a starting point as the operation transitions to processing higher-grade sulfide mineralization. The addition of a mill for PDA is opening up a number of new near-mine and regional exploration opportunities for additional higher-grade mineralization within the district. Over to slide 17.

隨著施工活動加速，我們預期今年下半年資本支出將增加。PDA 是 Mulatos 的未來，也只是起點，因為該營運正轉型以處理品位更高的硫化物礦化。為 PDA 增設磨礦／選礦廠，正為礦區內近礦與區域性探勘開啟多項新機會，以尋找更多品位更高的礦化。接著看第 17 頁。

At Lynn Lake, we spent $36 million in development capital during the quarter, advancing several key construction milestones. Major achievements included completing the temporary camp expansion, progressing work on the permanent camp and continuing site preparation and earthworks for the mill area and other site-wide infrastructure.

在 Lynn Lake，我們本季投入 3,600 萬美元開發資本，推進多項關鍵施工里程碑。主要成果包括完成臨時營地擴建、推進永久營地工程，以及持續進行選礦廠區域與其他全場基礎設施的場地整備與土方工程。

We also began the MacLellan starter pit, visible in the top left corner of this photo taken earlier in July. The project remains on budget and on schedule for completion in the first half of 2029, will be a key contributor to achieving our goal of producing 1 million ounces annually by the end of the decade. With that, I will turn the call over to our Senior Vice President of Exploration, Scott R.G. Parsons, to discuss our recent exploration results at the Island Gold District.

我們也已啟動 MacLellan 起始露天礦坑（starter pit），可在這張 7 月稍早拍攝的照片左上角看到。該專案仍在預算內並按進度推進，預計於 2029 年上半年完工，將是我們在本十年末達成每年產金 100 萬盎司目標的重要貢獻者。接下來我將把電話會議交給我們的探勘資深副總裁 Scott R.G. Parsons，請他說明 Island Gold 礦區近期的探勘成果。

Thank you, Luc. Turning to slide 18. In June, we provided an exploration update at Island Gold District, which outlined why we have confidence the operation will continue growing well beyond what was detailed in Island Gold District expansion study.

謝謝你，Luc。接著看第 18 頁投影片。我們在 6 月提供了 Island Gold 礦區的探勘更新，說明了為何我們有信心該營運的成長將遠超過 Island Gold 礦區擴建研究所揭示的範圍。

In addition to ongoing success in the main Island Gold structure, we have continued to define high-grade mineralization across several other targets in the district. These targets are being evaluated as potential sources of additional higher-grade mill feed that would allow us to increase the proportion of high-grade ore to be processed with an expanded Magino mill and push production rates well above the 534,000 ounce annual average outlined in the study.

除主 Island Gold 構造帶持續取得成果外，我們也持續在礦區內其他多個目標區界定高品位礦化。這些目標正被評估為額外高品位磨礦入料的潛在來源，可讓我們在擴建後的 Magino 選礦廠中提高高品位礦石的處理占比，並將產量推升至研究中所列 534,000 盎司年均值之上。

These target areas include the Island Gold West extension, Island Gold West Up-plunge located in proximity to existing underground infrastructure as well as the past-producing Cline, Pick and Edwards mines located seven kilometers from the Magino mill. Turning to slide 19. One of the highlights of the release was the discovery of a new high-grade zone located between 250 and 500 meters west of existing underground reserves and resources.

這些目標區包括 Island Gold West 延伸帶、靠近既有地下基礎設施的 Island Gold West 上傾延伸（Up-plunge）區，以及距離 Magino 選礦廠 7 公里的過去生產礦山 Cline、Pick 與 Edwards。接著看第 19 頁投影片。本次發布的亮點之一，是發現一個新的高品位帶，位置在既有地下儲量與資源以西 250 至 500 公尺之間。

This new zone is along strike from Island Gold deposit, measures 200 by 300 meters based on drilling completed to date and remains open down-plunge and to the west. We also further expanded high-grade mineralization closer to surface within Island Gold West Up-plunge area.

此新區帶沿著 Island Gold 礦床走向延伸，依目前完成的鑽探結果，其規模約為 200 乘 300 公尺，且在下傾方向與向西仍為開放狀態。我們也在 Island Gold West 上傾延伸區內，進一步將靠近地表的高品位礦化範圍擴大。

The West Up-plunge area is accessible via the existing ramp, offering a low-cost near-term opportunity to further increase underground mining rates beyond the planned 3,000 tonnes per day to be skipped via the shaft. Additional high-grade underground ore would boost the district's future annual production by displacing lower-grade Magino open-pit feed in the expanded mill.

West Up-plunge 區域可透過現有斜坡道進入，提供一個低成本、短期內的機會，可將地下採礦速率進一步提高至計畫中的每日 3,000 噸以上，而該 3,000 噸/日原本預計將由竪井來承接（並取代斜坡道運輸）。額外的高品位地下礦石將透過在擴建後的磨礦廠中取代品位較低的 Magino 露天礦供料，進而提升該礦區未來的年產量。

Turning to slide 20. Looking regionally, drilling in the past-producing Cline, Pick and Edwards mine continues to extend high-grade mineralization beyond the limits of previous mining. Earlier this year, we reported the best hole drilled to date at Cline, Pick, having intersected 178 grams per tonne gold over 3.5 meters.

接著看第 20 頁投影片。從區域角度來看，在過去曾生產的 Cline、Pick 與 Edwards 礦山持續鑽探，正將高品位礦化延伸至先前採礦範圍之外。今年稍早，我們在 Cline、Pick 報告了迄今最佳的鑽孔結果，於 3.5 公尺厚度內見到每噸 178 克金的交會。

Step-out drilling from this hole continues to successfully intersect and extend additional higher-grade mineralization. This included another highlight hole announced in June, which intersected 68 grams per tonne over 3.1 meters. Over to slide 21. Taking a step back, this 10-kilometer long section highlights the significant potential across the district.

以該鑽孔為基礎的外延（step-out）鑽探持續成功交會並延伸更多較高品位的礦化。其中包括我們於 6 月公布的另一個亮點鑽孔，在 3.1 公尺厚度內交會每噸 68 克。接著看第 21 頁投影片。退一步來看，這段長達 10 公里的剖面凸顯了整個礦區的重大潛力。

The Island Gold main structure has grown in each and every year that we've owned it from less than 2 million ounces of reserves and resources in 2017 to what is now approaching 7 million ounces, net of the 1.7 million ounces produced.

自 2017 年我們取得 Island Gold 主構造以來，其規模每一年都在成長，從當時不到 200 萬盎司的儲量與資源量，成長到目前接近 700 萬盎司（已扣除已生產的 170 萬盎司）。

High-grade mineralization at Island Gold has so far been defined to a depth of 1,600 meters, and the deposit remains open laterally and at depth. Over to the east, the deepest hole drilled to date at Cline, Pick is to a vertical depth of 540 meters and the target remains open in multiple directions, including at depth. By comparison, underground mines within the Canadian Shield are being mined beyond depths of three kilometers, highlighting the significant potential for growth.

Island Gold 的高品位礦化目前已界定至 1,600 公尺深度，且礦床在走向與深部仍為開放。往東側看，Cline、Pick 迄今最深的鑽孔垂直深度達 540 公尺，該目標在多個方向（包括深部）仍為開放。相較之下，加拿大地盾內的地下礦山採礦深度已超過 3 公里，凸顯其顯著的成長潛力。

Additionally, limited drilling has been completed within a seven-kilometer gap between Island Gold and Cline, Pick and further along strike to the Northeast across our broader 60,000-hectare land package. We have no shortage of high-quality, higher-grade targets and believe we are only starting to scratch the surface of exploration across the district.

此外，在 Island Gold 與 Cline、Pick 之間長達 7 公里的空白帶，以及沿走向往東北延伸、涵蓋我們更廣泛的 60,000 公頃土地包內，完成的鑽探仍相當有限。我們不缺高品質、較高品位的目標，並相信我們才剛開始觸及該礦區勘探的表層潛力。

As we further define these targets and additional sources of high-grade ore, we see excellent potential for this to support further production growth by leveraging our existing and planned infrastructure. With that, I'll turn the call back to John.

隨著我們進一步界定這些目標與更多高品位礦石來源，我們看到極佳的潛力，可透過運用既有與規劃中的基礎設施來支持進一步的產量成長。接下來我把電話交回給 John。

Thank you, Scott. I'll turn the call over to the operator and open the call for your questions.

謝謝你，Scott。我把電話交給接線員，並開放大家提問。

(Operator Instructions)

(接線員指示)

Satish Kasinathan, Bank of America.

Satish Kasinathan，美國銀行。

My first question is on the cost guidance for the year. Thanks for all the details that you provided. Can you provide a bit more color on the $90 per ounce increase in costs related to labor inflation? More specifically, what assumptions were embedded in your original guidance at the start of the year? And what changed over the last six months? And how much of this increase should we see as structural as you move into 2027?

我的第一個問題是關於今年的成本指引。謝謝你們提供的所有細節。能否再多說明一下與勞動力通膨相關、每盎司成本增加 90 美元的部分？更具體地說，你們在年初原始指引中納入了哪些假設？過去六個月發生了哪些變化？以及當你們邁向 2027 年時，這項增加有多少應被視為結構性（長期性）的？

Sathish, it's Greg here. The $90 per ounce is a combination of contractors and labor, like our internal labor. So it's not all our internal labor. But our assumption at the beginning of the year was about a 4% increase in labor rates and contractor rates. We've seen more profound increases on the contractor side, especially with respect to underground development.

Satish，我是 Greg。每盎司 90 美元是承包商與勞工成本的組合，包括我們內部的人力成本。所以並不全是我們內部人力。但我們在年初的假設大約是勞動力薪資與承包商費率上調 4%。我們看到承包商端的漲幅更為顯著，特別是在地下開發方面。

And as we've -- as we're ramping up Island Gold, we're relying a little bit more heavily on contractors, and we've seen that cost pressure there. So it's a little bit on that side. It's also on the open-pit side with our mechanics and on the contractors that help with the big open-pit equipment. That we've seen a little bit of pressure as well and also just a higher reliance on it this year. But as we move to put the truck shop in place by the end of this year, we'll wind that reliance down.

而且隨著我們逐步提升 Island Gold 的產能，我們對承包商的依賴稍微提高，也因此在那裡看到成本壓力。所以有一部分來自那一端。另外在露天礦端，我們的維修技師，以及協助大型露天設備的承包商也有影響。那裡我們也看到一些壓力，同時今年對其依賴也更高。不過，隨著我們在今年底前完成卡車維修車間（truck shop）的建置，我們將降低這方面的依賴。

But then the last piece is just we implemented, what we call, a retention program for our Canadian operations midyear. And that had a cost impact of about $30 per ounce at our Canadian operations. And it's something that is much more retention focused. So it will be payable in future years, but we need to accrue that cost over the next couple of years. And that's just something that we had not budgeted, but we implemented midyear just in response to the competitive market environment that we're seeing in Canada.

最後一部分是，我們在年中為加拿大營運導入了我們所稱的留任計畫（retention program）。這對我們加拿大營運的成本影響約為每盎司 30 美元。這項計畫更偏向留任導向。因此未來年度也會支付，但我們需要在接下來幾年攤提（提列）這項成本。這是我們原先未編列預算的項目，但因應我們在加拿大看到的競爭性市場環境，我們在年中加以實施。

Okay. Maybe my second question is on the underground mining rates at Island Gold. Second quarter saw solid improvement to 1,550 tonnes per day. As you think about reaching 2,000 tonnes per day by year-end, can you walk us through the key operational milestone required over the next six months? What are the primary gating factors today?

好的。我第二個問題可能是關於 Island Gold 的地下採礦速率。第二季提升明顯，達到每日 1,550 噸。當你們思考在年底達到每日 2,000 噸時，能否帶我們了解未來六個月所需達成的關鍵營運里程碑？目前主要的限制因素是什麼？

Yes, Sathish, it's Luc here. So it's a continuation of our ramp-up. Certainly, it's been tracking quite well in the first half of the year. And as we continue to advance with our development rates in the second half of the year to support additional mining fronts, we'll continue to be able to meet the second-half expectation with regards to the ramp-up. So it will be a gradual ramp-up over the next six months, but our plan is to exit at the end of the year at 2,000 tonnes per day.

好的，Satish，我是 Luc。這就是我們持續推進的爬坡增產（ramp-up）。當然，今年上半年進度追蹤得相當好。隨著我們在下半年持續提升開發（development）速率，以支援更多採礦工作面，我們將能持續符合下半年對爬坡增產的預期。因此未來六個月會是逐步、漸進的提升，但我們的計畫是在年底退出時達到每日 2,000 噸。

Okay. My final question is on the capital allocation side. With $1.2 billion in liquidity, strong free cash flow and a portfolio of organic projects already underway, how are you thinking about M&A today? Has the recent disruption at Young-Davidson changed your appetite for acquisitions as a way to diversify your portfolio?

好的。我最後一個問題是關於資本配置。在擁有 12 億美元流動性、強勁自由現金流，以及一系列已在推進中的內生成長專案之下，你們目前如何看待併購（M&A）？Young-Davidson 最近的干擾是否改變了你們透過收購來分散投資組合的意願？

We're not really that focused on M&A right now. We have a watching brief across the market, as you can appreciate, all mining companies do. But I think we outlined for you in the presentation on the call so far that we've got plenty of things to focus on over the next six months in terms of getting our Young-Davidson operation back on track, completing the -- all the development work we need to achieve over the course of the balance of this year and into next year to sustain higher mining rates at Island Gold. We are -- we've moved underground now at Mulatos.

我們目前其實不太把重心放在併購上。如你所理解的，所有礦業公司都會對市場保持關注，我們也有持續觀察。但我想我們在簡報與目前的電話會議中已向你說明，未來六個月我們有很多事情需要專注，包括讓 Young-Davidson 的營運回到正軌、完成今年剩餘期間以及延伸到明年所需的所有開發工作，以維持 Island Gold 更高的採礦速率。我們也已在 Mulatos 轉入地下採礦。

We've got two drifts going underground. We've got a mill under construction there. And we've got a full-blown construction project at Lynn Lake. That's basically a $920 million project, building a brand-new mine. So we've got plenty of organic growth underway as we speak and there's plenty of things to focus on. And I think for Alamos at the moment, while we see the market as being fairly attractive, especially with gold prices having pulled back so strongly over the last number of months. It's just not a focus for us right now.

我們有兩條平巷（drifts）正在向地下推進。那裡也有一座磨礦廠正在興建中。此外，我們在 Lynn Lake 還有一個全面展開的建設專案。那基本上是一個 9.2 億美元的專案，正在建造一座全新的礦山。所以我們目前正進行大量內生成長，確實有很多事情需要專注。我認為就 Alamos 目前而言，雖然我們覺得市場相當具吸引力，尤其是金價在過去幾個月大幅回落。但這並不是我們現在的重點。

Fahad Tariq, Jefferies.

Fahad Tariq，Jefferies。

Sorry if I missed this, but on La Yaqui Grande, the longer leach cycles, is that expected to -- like can you just provide a bit more detail as to what's causing that? I saw that it was related to the height of the pad. Is there any way to kind of resolve that? And does it impact, I guess, 2027?

抱歉如果我漏掉了這點，但關於 La Yaqui Grande，浸出週期變長，這是預期之內的嗎——能否再多提供一些細節，說明是什麼原因造成的？我看到這與堆浸墊的高度有關。有沒有什麼方法可以解決？以及這是否會影響——我想——2027 年？

Yes, it's Luc here. It's two things. It's just the ore characteristic itself that's being stacked as well as the height of the leach pad, which is resulting in the longer leach cycle. But overall recoveries are still expected to be 85%, just taking a bit longer to come through over the course of the plan that we expected for 2026. So no loss of ounces.

是的，我是 Luc。有兩個原因。一是所堆置礦石本身的礦性特徵，二是堆浸墊的高度，這兩者導致浸出週期變長。但整體回收率仍預期為 85%，只是相較於我們對 2026 年計畫的預期，回收進度會在整個計畫期間稍微延後一些。所以不會少掉盎司數。

The ounces will just end up being deferred into the 2027 plan, and we'll provide further clarity on that as well once we certainly update our three-year guidance at the end of the year with regards to our mine plans moving forward for Mexico, including PDA.

這些盎司只會被遞延到 2027 年的計畫中，我們也會在年底更新三年期指引時，針對未來墨西哥（包含 PDA）的礦山計畫提供更進一步的說明。

And I think it's important to note that the mine is right at the very end of its life. I mean we'll continue stacking ore into Q1 of next year. But by that time, it's pretty much done. And after that, it's residual leaching. So it's not like this is some sort of an ongoing issue for us over many years to come or something -- we're talking about a number of months, additional months to get out the balance of the gold that we stacked on the leach pad.

而且我認為重要的是要指出，這座礦山已經接近壽命末期。我的意思是，我們會持續堆置礦石到明年第一季。但到那時基本上就結束了。之後就是殘餘浸出。所以這並不是什麼會在未來很多年持續困擾我們的問題——我們談的是多幾個月、額外幾個月，把堆浸墊上已堆置的黃金餘量浸出來。

Yes. The other thing I would add there is just given our experience with the Mulatos operation as well, we stopped mining there a couple of years ago, and we've been still residual leaching. But from the point of view of the number of ounces that we stacked at the Mulatos District over the life of that mine, it would take that amount of time to be able to get all the ounces out, but we've been actually getting all the ounces, and we expect to recover all the ounces that we had in inventory.

是的。我還想補充一點，基於我們在 Mulatos 營運上的經驗，我們在那裡兩年前就停止採礦了，但仍在進行殘餘浸出。但從 Mulatos 礦區在礦山全壽命期間所堆置的盎司數來看，要把所有盎司都取出來確實需要那麼長的時間；不過我們實際上一直都能把盎司取出來，而且我們預期能回收庫存中的所有盎司。

So we don't see anything different with regards to La Yaqui Grande. Obviously, it's not a similar scale to what we did at Mulatos from a point of view of height of the leach pad and the amount of tonnes that we stack. But at the end of the day, we still expect to get all of the ounces in a shorter time frame over the course of 2027.

因此，就 La Yaqui Grande 而言，我們看不出有任何不同。當然，從堆浸墊高度以及堆置噸數的角度來看，它的規模不像我們在 Mulatos 做的那麼大。但歸根結底，我們仍預期在 2027 年期間、以較短的時間框架把所有盎司回收出來。

Okay. That's helpful. And then maybe just switching gears to Island Gold. Obviously, a prolific kind of exploration upside there, really high grade, lots of kind of other additional deposits that are being explored. Can you just remind us theoretically, if we think about the underground rates, I recall that it's not constrained, but that 3,000 tonnes per day could be kind of the upper limit or close to the upper limit.

好的。這很有幫助。那接著可能換個話題談 Island Gold。顯然那裡的勘探上行潛力很大，品位很高，也有許多正在勘探的其他新增礦床。你能否提醒我們，理論上如果我們看地下採礦速率，我記得它不是受限的，但 3,000 噸/日可能是上限或接近上限。

Can you just remind us how the ore feed could theoretically change if there's additional high-grade ounces that are discovered underground and that can be mined?

如果地下又發現了更多可開採的高品位盎司，理論上礦石供給可能會如何改變？能否提醒我們一下？

Sorry, could you just repeat that question for me?

抱歉，你可以把那個問題再重複一次嗎？

I'm just trying to get a sense of what -- Island Gold underground, what could be the theoretical kind of upside to the 3,000 tonnes per day because there seems to be a lot of underground ounces that are high grade that are being discovered, additional deposits, more upside. I'm just trying to understand like how much higher than 3,000 tonnes per day could be mined underground at Island Gold.

我只是想了解——Island Gold 的地下礦，對於 3,000 噸/日這個數字，理論上的上行空間可能有多大，因為看起來地下正在發現很多高品位盎司、更多礦床、更多上行。我想理解的是，在 Island Gold 地下採礦方面，能夠開採到多高於 3,000 噸/日？

Yes. Well, there's certainly opportunities with regards to the infrastructure that we have in place. I mean, ultimately, with the shaft infrastructure we're putting in place, we'll have capacity to be able to handle 5,500 tonnes a day of ore and waste through that infrastructure.

是的。就我們已建置的基礎設施而言，確實有一些機會。我的意思是，最終以我們正在建置的豎井基礎設施來看，該系統將具備每天可處理 5,500 噸礦石與廢石的能力。

Certainly, we're embarked on -- the first step is getting us to 2,400 tonnes a day when we move into 2027 and ultimately 3,000 tonnes a day once we move into 2029. Regionally, there are a number of targets within the Island Gold District that provide opportunities for additional mill feed at higher grade, displacing some of the lower grade that we get out of Magino.

當然，我們目前正在推進——第一步是在進入 2027 年時把產能提升到 2,400 噸/日，並在進入 2029 年時最終達到 3,000 噸/日。在區域層面，Island Gold 礦區內有多個目標，提供以更高品位增加磨礦供料的機會，從而取代我們從 Magino 取得的一部分較低品位礦石。

Certainly, in the Upper West area, where we're starting to have some success there with regards to exploration as well as within the region itself with Cline, Pick and Edwards. Those are other independent access points for infrastructure requirements that would provide additional mill feed to be able to support higher grade over the long term for that district.

當然，在 Upper West 區域，我們在勘探方面開始取得一些成果；此外在該區域內的 Cline、Pick 和 Edwards 也一樣。這些是其他獨立的進入點，對基礎設施有其需求，能提供額外的磨礦供料，以在長期支撐該礦區更高的品位。

And really, that's one of the big visions that we have for that camp and which was really the driver for overall -- looking at that overall mill expansion as well to 20,000 tonnes per day.

而實際上，這正是我們對該礦區的一個重要願景，也是推動我們整體——同時把整體磨礦擴建至 20,000 噸/日——的主要驅動因素之一。

In the time frame Luc is referring to, 3,000 tonnes a day is -- that's a pretty good rate for that shaft to handle. And you've got to realize it's as much a function of having enough phases open across the mine in order to supply that 3,000 tonnes a day.

在 Luc 所提到的時間框架內，3,000 噸/日——對那座豎井來說是相當不錯的處理速率。而你必須理解，這同樣取決於礦山內是否有足夠多的採礦分期（採場）同時開啟，以供應每天 3,000 噸。

Where the opportunity lies is utilizing the ramp, where we're having success in the Upper West extension, that's at a much shallower level than where we're mining underground right now. It's up around the 700-meter level. And we would envision with the operations shifting from ramp to shaft, we'd open up the possibility to bring us as much as 1,000 tonnes a day up from the Upper West zone, utilizing the ramp.

機會所在是利用斜坡道（ramp）。我們在 Upper West 延伸帶取得了成果，那裡的深度比我們目前地下採礦的位置淺得多。大約在 700 公尺水平。我們設想，隨著營運從斜坡道轉向豎井，我們將有可能利用斜坡道從 Upper West 礦帶額外運出最多約 1,000 噸/日。

So that's where I think the immediate opportunity lies for us to increase mining rates from underground at Island.

所以我認為，這就是我們在 Island 地下礦提高採礦速率的近期機會所在。

That's really clear. Thank you so much.

這非常清楚。非常感謝。

Ovais Habib, Scotiabank

Ovais Habib，豐業銀行（Scotiabank）

Just a couple of questions from me. Just starting off with the Island Gold District. In terms of -- mining rates seem to be improving at Island Gold, milling rates and mining rates seem to be improving at Magino as well. I was just wondering in terms of you brought the upper end of the guidance down a little bit on the Island Gold District. Any color on that front?

我這邊有幾個問題。先從 Island Gold 礦區開始。就——Island Gold 的採礦速率似乎在改善，Magino 的磨礦速率和採礦速率也似乎在改善。我只是想問，就你們把 Island Gold 礦區指引的上緣稍微下調了一點而言，這方面有沒有什麼補充說明？

And what's the plan kind of going into then 2027? Is that what we should be expecting going into 2027? Or this is just the ramp-up period that we should be kind of considering?

以及進入 2027 年的計畫大概是什麼？這就是我們在 2027 年應該預期的情況嗎？還是說這只是我們應該視為爬坡期（ramp-up）的狀況？

So Ovais, it's Greg here. I mean we've kept the original guidance. I mean, ultimately, our low end previously was 290,000 ounces. That stays the same. So we have strong confidence that we're going to hit our guidance as a starting point.

所以 Ovais，我是 Greg。我的意思是，我們維持原先的指引。最終來說，我們先前的下緣是 290,000 盎司。這一點不變。因此，我們非常有信心至少能達成指引。

As you pointed out, the mining rates are ramping up exactly as we expected. Q1 was over 1,400 tonnes per day. Q2 was 1,550. We're starting to see that improve even into July as we expected. So mining rates are going very well.

如你所指出，採礦速率正如我們預期地在爬坡提升。第一季超過 1,400 噸/日。第二季是 1,550 噸/日。我們也開始看到如預期般在 7 月進一步改善。所以採礦速率進展非常順利。

On the Magino side, Q1 was a slower start. But since then, we've seen a significant improvement with June being at 9,800 tonnes per day and into July, we're at 10,000 tonnes per day. So the mine is performing very well as expected. I think where we just viewed it as we were in a position that we were revising our guidance overall given the seismic event at Island -- sorry, the seismic event at Young-Davidson. So we just took the opportunity to tighten the range.

在 Magino 方面，第一季起步較慢。但自那之後，我們看到顯著改善，6 月達到每日 9,800 噸，進入 7 月則達到每日 10,000 噸。因此，礦山如預期般表現非常好。我認為我們之所以這樣看待，是因為鑑於 Island 的地震事件——抱歉，是 Young-Davidson 的地震事件——我們當時正處於整體修訂指引的情況。所以我們就趁這個機會把區間收緊。

Ultimately, it was a 40,000 ounce range. And given the first half has already been completed, we just felt that 40,000 ounces was a big range for the second half. So we just tightened that down to 20,000 ounces, but it's not indicative of our view on this asset meeting its production guidance for 2026 and no impact into 2027 onwards.

最終那是一個 40,000 盎司的區間。而且考量到上半年已經結束，我們覺得 40,000 盎司對下半年來說是個很大的區間。所以我們把它收緊到 20,000 盎司，但這並不代表我們認為該資產無法達成 2026 年的產量指引，且對 2027 年及之後也沒有影響。

Got it. And then just a follow-up to Fahad's question in terms of increasing mining rates and taking more from Island to displace some of the ore from Magino. I mean, John, you talked about the West side, and that's been showcasing fairly well in terms of what Scott is doing on the exploration side. When would you be in some sort of position to start talking about or start including that into your mine plan? And just how should we look at it? Is that more of a 2027 situation? Or do you think it's more longer term?

了解。接著就 Fahad 的問題再追問一下，關於提高採礦速率、從 Island 多取一些以取代部分來自 Magino 的礦石。我是說，John，你談到西側，而就 Scott 在勘探方面所做的工作來看，那邊的表現相當不錯。你們大概什麼時候會處於可以開始討論、或開始把那部分納入礦山計畫的狀態？我們應該怎麼看待它？這比較像是 2027 年的事情嗎？還是你認為是更長期？

Just a second, I'll go get my crystal ball. That's -- we're in the exploration phase there right now. It's going very, very well. We started the year with roughly 300,000 ounces of inferred. I'd like to see it grow into that 0.5 million-ounce range because that's when it makes sense to start putting a mine plan around the zone and really focus on the effort that it's going to take to develop it as a -- call it, a theoretical 1,000 tonne per day ramp operation.

等一下，我去拿我的水晶球。那邊我們目前正處於勘探階段。進展非常、非常順利。我們在年初大約有 300,000 盎司的推斷資源量。我希望看到它成長到約 50 萬盎司的區間，因為到那個規模，才有意義開始圍繞該礦帶制定礦山計畫，並真正聚焦於把它開發成——姑且稱之為——理論上每日 1,000 噸的斜坡道作業所需投入的工作。

And we -- obviously, this is a real focus for us. It's such an immediate -- it's very low CapEx and a very, very quick payback, utilizes existing infrastructure, all falls within our permits. I mean there's very little that we would have to do and very little capital required in order to get that all rolling. So you can imagine it's a real high priority for us. But precisely when -- I'd love to see it come in by 2029.

而我們——顯然，這是我們的重點。它非常即時——資本支出非常低、回收期非常、非常快，並可利用既有基礎設施，且全部都在我們的許可範圍內。我的意思是，我們幾乎不需要做太多事情，也只需要非常少的資本就能讓它運轉起來。所以你可以想像，這對我們而言是非常高的優先事項。但確切何時——我希望能在 2029 年前導入。

That would be a big win. If we get any earlier than that, it would be a massive win. But we're throwing everything at it right now, and that started with a big portion of our exploration budget. Thankfully, the numbers are coming in very, very nicely. And I think we're going to start putting some shapes around those resources at the end of the year and see if we can expand on the reserve.

那會是一個很大的勝利。如果能更早，那將是巨大的勝利。但我們現在正全力以赴，而這從我們勘探預算中相當大的一部分開始投入。幸好，數據回來得非常、非常漂亮。我認為我們會在年底開始為這些資源量勾勒一些形狀，看看能否擴增儲量。

And then from there, we would be working on mine plans and so forth.

然後從那裡開始，我們會著手進行礦山計畫等等。

Cosmos Chiu, CIBC.

Cosmos Chiu，CIBC。

Maybe my first question is on CapEx, especially growth CapEx. I see that in Q2 for Island Gold District, for example, growth CapEx decreased from Q1. And Lynn Lake, on the other hand, increased. But if I were to look at those two assets, if I took a look at first half spend, still below 50% of your full year guidance. So I guess my question is the Q2 spending, was it as planned?

我第一個問題可能是關於資本支出，特別是成長型資本支出。我看到例如 Island Gold District 在第二季的成長型資本支出較第一季下降。而 Lynn Lake 反而增加。但如果我看這兩個資產，上半年支出仍低於你們全年指引的 50%。所以我想問的是，第二季的支出是按計畫進行的嗎？

And if that's the case, what's the plans in terms of increasing that velocity of spend in the second half to get to your guidance?

如果是的話，下半年要如何提高支出速度以達到你們的指引？

Cosmos, it's Greg here. It's timing related. And with Lynn Lake, it's obviously a ramp-up. So as we continue on with the project, we're going to be spending a little bit more. So Q2 was a little bit lower, but as we get -- move into Q3 and Q4, we're going to see that continue to step up, and that's going to continue to step up even further into '27, as part of that ramp-up.

Cosmos，我是 Greg。這與時點有關。而 Lynn Lake 顯然是在爬坡期（ramp-up）。所以隨著我們持續推進專案，我們會花得更多一些。因此第二季稍微低一些，但當我們——進入第三季與第四季時，會看到支出持續上升，而且作為爬坡的一部分，到了 2027 年還會進一步上升。

On Island Gold, it was just simply timing. Ultimately, we still plan to spend what we had put in our guidance for the year, and that's going to put us on track for the shaft being completed in the first quarter, and it's setting ourselves up well for the Magino mill expansion to be completed in the first quarter of 2028.

至於 Island Gold，純粹就是時點問題。最終我們仍計畫按全年指引所列的金額支出，這將使我們按計畫在第一季完成豎井，並為 Magino 選礦廠擴建於 2028 年第一季完成做好準備。

Great. Maybe talking about guidance here. As you mentioned, you increased your cost guidance for all three assets. And I understand Young-Davidson, the reasons behind it; Mulatos, the reason behind it. Island Gold, you talked about inflation as well.

很好。也許談談指引。如你提到的，你們上調了三個資產的成本指引。我理解 Young-Davidson 背後的原因；Mulatos 背後的原因。Island Gold 方面，你也提到通膨。

But as you mentioned, Greg, production really didn't change -- production guidance didn't really change for Island Gold. And so even on that cost guidance went up by about 17%. So again, is that really pure inflation in terms of Island Gold, that cost increase? And would you say Q2-wise, did you see a lot of the inflationary pressure come through in Q2 versus Q1? Was there any kind of impact on Q1?

但如你提到的，Greg，Island Gold 的產量其實沒有改變——產量指引並沒有真正改變。即便如此，成本指引仍上調了約 17%。所以再確認一次，Island Gold 的成本上升真的是純粹通膨造成的嗎？就第二季而言，你是否看到相較第一季有更多通膨壓力在第二季反映出來？第一季有任何影響嗎？

Did they all come through in Q2? And if that's the case, what have you factored in, in terms of further inflationary pressures as you formulated your full year guidance for cost? Like are you seeing another straight line in terms of did you factor in even more inflation into Q3 and Q4 to come up with your new guidance for Island Gold in terms of cost for the year?

是否都在第二季才反映？如果是這樣，在你們制定全年成本指引時，對於後續通膨壓力你們納入了哪些假設？例如，你們是否假設第三季與第四季還會有更多通膨、以此推導出 Island Gold 全年新的成本指引？

Cosmos, yes, so breaking down that, I mean, you're right, production hasn't changed. So it's not a production driver. It is what I'd call inflation and a little bit of scope change on the contractors. And I touched on this earlier in the call.

Cosmos，是的，拆解來看，你說得對，產量沒有改變。所以不是產量驅動。這是我所稱的通膨，加上一點承包商工作範疇的變動。我在電話會議前面也提到過。

We are relying -- given the fact that we're going from 8,000 meters of development to 10,000 meters of development this year to -- we're ultimately getting up to 15,000 meters of development over the longer run at Island Gold, we're hiring, but at the same time, we need to bring contractors in to support that extra development.

我們正在依賴——鑑於今年我們把開發進尺從 8,000 公尺提高到 10,000 公尺——而從長期來看在 Island Gold 最終要提升到 15,000 公尺的開發進尺，我們在招募人員，但同時也需要引入承包商來支援額外的開發工作。

Those contractors are costing more money than what we had anticipated. We've seen that more profoundly in Q2 than in Q1, and we expect that to continue through the rest of the year. The other piece is in, as I mentioned, midyear, we put in a new compensation structure, really a retention program for our Canadian operations. That was implemented in June.

這些承包商的成本高於我們原先預期。我們在第二季比第一季更明顯地看到這點，且預期這種情況會在今年剩餘時間持續。另一部分是，如我提到的，我們在年中為加拿大營運導入了新的薪酬結構，實際上是一個留任計畫。該計畫於 6 月實施。

So that is having an impact on the second half of the year, and that will continue into 2027 as something that's impacting the cost structure at Island Gold, but it's also critically important to making sure that we hit our ramp-up to achieve what we want to achieve this year and moving into higher -- even higher mining rates in 2027.

因此，這會影響下半年的成本，並且會延續到 2027 年，成為影響 Island Gold 成本結構的因素；但這也對確保我們達成爬坡、實現今年想達成的目標，以及在 2027 年邁向更高——甚至更高的採礦速率，至關重要。

Okay. And maybe one last question. Earlier this month, we're all kind of suffocating from those forest fires or the remnants of the forest fires in Northern Ontario, even in Toronto. Any kind of impact on your Northern Ontario operations, both of them, in terms of the forest fires up north?

好的。也許最後一個問題。本月稍早，北安大略的森林火災或其餘燼，甚至在多倫多，讓我們大家都有點喘不過氣。北方的森林火災對你們在北安大略的兩個營運據點有任何影響嗎？

Cosmos, it's Luc here. No, nothing significant. Young-Davidson had no interruptions at all due to any sort of forest fires in the region. Actually, it's been pretty quiet in that region. The Island District had more -- was not necessarily fires in close proximity to the mining operation, it was more related to smoke.

Cosmos，我是Luc。沒有，沒有任何重大影響。Young-Davidson 完全沒有因該地區任何類型的森林火災而中斷。事實上，那個地區一直相當平靜。Island District 的情況比較多——不一定是火災在礦場附近，而是更多與煙霧有關。

We did have some -- a couple of minor interruptions with a couple of shits, but nothing significant and really had no effect on our performance through the second quarter. At Lynn Lake, we were evacuated for 1 week. It was a fire evacuation that was provided notice to the community as well as our project.

我們確實有一些——有幾次輕微的中斷，涉及幾個班次，但不算重大，且對我們第二季的表現沒有影響。在 Lynn Lake，我們撤離了一週。那是一次火災撤離，社區以及我們的專案都收到了通知。

But we were only out of the project for a week and remobilized within about a week after that. So probably about a two-week effect overall from the notice of evacuating to getting back to full-scale construction activities. Other than that, nothing. It's been noneventful for the year.

但我們只離開專案一週，並在之後大約一週內重新進場。因此，從收到撤離通知到恢復全面施工活動，整體影響大概約兩週。除此之外，沒有其他影響。今年一直都很平順，沒有什麼事件。

Don DeMarco, National Bank

Don DeMarco，加拿大國家銀行

Luc, I'll just -- first question is to you. So you mentioned that in H2 at Young-Davidson, the rehabilitation work in the 9410 levels to be completed and you expect to get back into the stope and continue mining. With this, do you expect just a step change right back up to 2,500 tonnes per day? Or will it be more of a progressive ramp-up in mining rates?

Luc，我先問你第一個問題。你提到 Young-Davidson 在下半年將完成 9410 水平的復修工作，並預期能回到採場繼續採礦。在此之後，你們預期會直接階躍式回到每日 2,500 噸嗎？還是採礦速率會是逐步爬升？

Yes. I mean our focus is certainly to look at providing the additional enhanced ground support on 9410, but also a couple of other levels within that Western mining front area. And to your point, it was providing about 2,500 tonnes per day of a mining rate through that district. Once we get the rehabilitation completed through the second half of the year, we will look -- our expectation is to get above 7,000 tonnes a day moving forward. But part of this is also just reviewing the overall extraction sequence of the ore body at depth below 9410.

是的。我們的重點當然是為 9410 提供額外、加強的地層支護，同時也會涵蓋西部採礦前緣區域內的其他幾個水平。如你所說，該區域先前的採礦速率約為每日 2,500 噸。一旦我們在今年下半年完成復修，我們將——我們的預期是未來把產能提升到每日 7,000 噸以上。但其中一部分工作也包括檢視 9410 以下深部礦體的整體採掘順序。

And that's part of the work that's ongoing right now, and we'll be looking to provide further clarity to that by the end of the year as part of our three-year guidance. But our full expectation is to ramp up certainly as we move forward into 2027 and for the longer term and with the expectation of being above 7,000 tonnes per day.

這也是目前正在進行的工作之一，我們將在年底、作為三年期指引的一部分，提供更進一步的清晰說明。但我們完全預期，隨著邁向 2027 年以及更長期的發展，產能將確實逐步提升，並以每日 7,000 噸以上為目標。

Okay. Just continuing with Young-Davidson, you mentioned that maybe some of the other levels might require some additional support. Is -- the higher-level ground support, is it mine-wide? Or is it just the 9410 level or in the vicinity of that area? And how much of the increase in costs are just one-time versus those that might be structural? Like do you foresee requiring an indefinite level of higher ground support in some areas?

了解。繼續談 Young-Davidson，你提到其他一些水平可能也需要額外支護。這種較高等級的地層支護，是全礦區都需要嗎？還是只限於 9410 水平或其周邊區域？另外，成本上升中有多少屬於一次性、多少可能是結構性（長期）？例如，你是否預期某些區域需要無限期維持較高等級的地層支護？

Yes. It's primarily in the lower levels, below 9410, Don, that we're talking about with regards to the enhanced ground support. So the areas that we've already developed, certainly, we'll look to apply that enhanced ground support, which, as I mentioned on the call, refers to a longer embedded dynamic support, some cable bolting requirements as well as the gauge of the mesh that we're using as part of that enhanced ground support.

是的。Don，我們談到的加強地層支護主要是在較低的水平，也就是 9410 以下的區域。因此，對於我們已經完成開發的區域，我們當然會套用這套加強支護；如我在電話會議中提到的，這包括更長的嵌入式動態支護、一些纜索錨桿（cable bolting）的需求，以及我們在加強支護中所使用的網片規格（mesh gauge）。

So that will occur, like I said, over the rest of the year. The other advantage we have, just to be aware of is there's a lot of the developments that's not actually in place in the lower mine. So that's -- those are areas that we just hadn't brought into the mine plan yet. But over the course of the next number of years, we would be bringing into the mine plan. So that will be brand-new development. And as part of that brand-new development, it will have the enhanced ground support that we're implementing currently with what we're upgrading in the areas that we've already developed.

因此，如我所說，這會在今年剩餘時間內進行。另外一個優勢是，需要注意的是，下部礦區其實有相當多的開發工程尚未到位。也就是——那些是我們尚未納入礦山計畫的區域。但在未來幾年期間，我們會逐步把它們納入礦山計畫。因此那將是全新的開發。而在這些全新開發中，將會採用我們目前正在導入的加強地層支護，同時也會把已開發區域升級到相同標準。

So I mean, just adding that, it will be the standard going forward in the lower mine. We will have added costs associated with that, but it might be $10 million -- $10 million to $15 million a year that is added to sustaining capital. It's not a bigger number than that.

所以補充來說，這將會成為下部礦區未來的標準作法。我們會因此增加一些成本，但大概是每年增加 1,000 萬到 1,500 萬美元，計入維持性資本支出。不會比這個數字更大。

Okay. And maybe just as a final question and sticking with Young-Davidson, can you provide some color on the frequency and magnitude of seismic events over Young-Davidson's operating life. Just trying to get a sense of the probability of something like this reoccurring. I mean you mentioned seismicity is a normal part of mining. Have you noticed trends at Young-Davidson?

了解。最後一個問題，同樣關於 Young-Davidson：你能否補充一些關於 Young-Davidson 營運期間地震事件的發生頻率與規模的資訊？我想了解類似事件再次發生的機率。你提到地震活動是採礦的正常一部分。你們在 Young-Davidson 有觀察到任何趨勢嗎？

Are the events occurring at a higher frequency as the mine deepens? If you could just provide a little bit more color on the history and looking forward on these type of events.

隨著礦山加深，事件是否以更高頻率發生？如果可以的話，請再多補充一些這類事件的歷史情況以及未來展望。

Yes. I think we've touched on this before. It is a normal part of mining activity. Once you're underground mining, you are going to create seismic activity. It is just normal course of business once we start extracting the ore body.

是的。我想我們之前也談過這點。這是採礦活動的正常一部分。一旦進行地下採礦，就會產生地震活動。當我們開始採出礦體時，這就是正常的營運常態。

But as far as the frequency or the magnitude of the events, it's not that we're seeing more events overall or higher events overall. It's just a function of, obviously, the extraction sequence and what we're doing from an underground perspective.

但就事件的頻率或規模而言，我們並不是看到整體事件變多或事件變得更大。這只是顯然取決於採掘順序，以及我們在地下作業面所進行的工作。

And as part of this review that I'm talking about with regards to the overall extraction sequence in the lower mine and the development plan that we're putting in place with regards to the enhanced ground support in the existing development as well as where we're going to be in the new sections that we haven't developed yet, we fully expect with what we're going to put in place from a ground support point of view and the point of view of reviewing the mining sequence that we'll be able to effectively manage seismicity and manage the seismicity and extract the ore body responsibly as we've continued to do all along and be more reliant on a consistent mining plan to deliver on.

而作為我所提到的這項檢討的一部分——關於下部礦區的整體採掘順序，以及我們正在制定的開發計畫，包含在既有開發區域導入加強地層支護，以及在尚未開發的新區段將採取的作法——我們完全預期，透過我們在地層支護方面將要導入的措施，以及對採礦順序的檢視，我們將能有效管理地震活動，並一如既往以負責任的方式管理地震性、開採礦體，同時更依賴一個一致且可交付成果的採礦計畫。

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

目前沒有其他問題。本次上午的電話會議到此結束。若您仍有任何尚未獲得解答的問題，請隨時聯絡 Scott Parsons 先生，電話 (416) 368-9932 分機 5439。