IAMGOLD Corp (IAG) 2022 Q2 法說會逐字稿

Thank you for standing by. This is the conference operator. Welcome to the IAMGOLD Second Quarter 2022 Operating and Financial Results Conference Call and Webcast. (Operator Instructions) And the conference is being recorded. (Operator Instructions)

謝謝你的支持。這是會議接線員。歡迎來到 IAMGOLD 2022 年第二季度運營和財務業績電話會議和網絡直播。 （操作員說明）會議正在錄製中。 （操作員說明）

At this time, I'd like to turn the conference over to Graeme Jennings, VP, Investor Relations and Corporate Communications for IAMGOLD. Please go ahead, Mr. Jennings.

在這個時候，我想把會議交給 IAMGOLD 投資者關係和企業傳播副總裁 Graeme Jennings。請繼續，詹寧斯先生。

Thank you, operator, and welcome, everyone, to the IAMGOLD Second Quarter 2022 Operating and Financial Results Conference Call. Joining me today on the call are Maryse Belanger, Chair of the Board and Interim President and CEO; Daniella Dimitrov, Chief Financial Officer and Executive Vice President, Strategy and Corporate Development; Craig MacDougall, Executive Vice President, Growth; and Bruno Lemelin, Senior Vice President, Operations and Projects.

謝謝運營商，歡迎大家參加 IAMGOLD 2022 年第二季度運營和財務業績電話會議。今天和我一起參加電話會議的是董事會主席兼臨時總裁兼首席執行官 Maryse Belanger； Daniella Dimitrov，首席財務官兼戰略與企業發展執行副總裁； Craig MacDougall，增長執行副總裁；以及運營和項目高級副總裁 Bruno Lemelin。

Our remarks on this call will include forward-looking statements. Please refer to the cautionary statement included in the presentation under the heading Cautionary Statement regarding forward-looking information, and be advised that the same cautionary language applies to our remarks during the call. Non-GAAP measures will also be referenced on the call, and we direct you to review the cautionary statements included in the presentation and the reconciliations of these measures included in our most recent MD&A, each under the heading Non-GAAP Financial Measures.

我們對此次電話會議的評論將包括前瞻性陳述。請參閱演示文稿中關於前瞻性信息的警告聲明標題下的警告聲明，並註意相同的警告語言適用於我們在電話會議期間的言論。電話會議中還將提及非 GAAP 措施，我們指示您查看演示文稿中包含的警示性聲明以及我們最近的 MD&A 中包含的這些措施的對賬，每一項都在非 GAAP 財務措施標題下。

With respect to the technical information to be discussed, please refer to the information in the presentation under the heading Qualified Person and Technical Information. The slides referenced on this call can be viewed on our website.

關於要討論的技術信息，請參閱演示文稿中“合格人員和技術信息”標題下的信息。可以在我們的網站上查看本次電話會議中引用的幻燈片。

I will now turn the call over to our Chair and Interim President and CEO, Maryse Belanger.

我現在將把電話轉給我們的主席兼臨時總裁兼首席執行官 Maryse Belanger。

Thank you, Graeme. Good morning, everyone, and thank you for joining us this morning. Last night, we reported our second quarter operating and financial results as well as announcing the results of the Côté Gold project update. We had a lot of information to cover on this call, so we will try to expedite matters in order to allow for enough time for questions and answers at the end.

謝謝你，格雷姆。大家早上好，感謝您今天早上加入我們。昨晚，我們報告了第二季度的運營和財務業績，並宣布了 Côté Gold 項目更新的結果。我們有很多信息要在這次電話會議上介紹，因此我們將努力加快處理速度，以便在最後留出足夠的時間進行問答。

As you will see, IAMGOLD had another strong quarter, benefiting from recent productivity initiatives at our operations. We are on track to achieve the upper end of our production guidance for the year, and there are many positive developments expected in the second half. But our operations are in challenging jurisdiction, and we see cost pressure throughout the organization. It is, therefore, essential to mitigate this impact through a strong focus on the operational excellence programs to uncover improvement opportunities in productivities, process optimization, cost control and capital allocation.

正如您將看到的，IAMGOLD 又一個強勁的季度，受益於我們運營部門最近的生產力舉措。我們有望實現今年生產指導的上限，預計下半年會有許多積極的發展。但我們的業務處於具有挑戰性的管轄範圍內，我們看到整個組織都面臨成本壓力。因此，必須通過大力關注卓越運營計劃來減輕這種影響，以發現生產力、流程優化、成本控制和資本分配方面的改進機會。

The Côté update represents a significant milestone for the company. This was the culmination of months of in-depth analysis by the company's management and project teams, EPCM contractors and technical experts. Côté Gold is transformational for IAMGOLD, offering a robust cash flow generation once in production. We truly believe that what we are building at Côté Gold is not just a project, but the stock of a district with significant opportunities for growth. I'd like to think of it as the start of a new mining camp.

Côté 更新是公司的一個重要里程碑。這是公司管理和項目團隊、EPCM 承包商和技術專家數月深入分析的成果。 Côté Gold 對 IAMGOLD 來說具有變革性，一旦投入生產，就會產生強勁的現金流。我們堅信，我們在 Côté Gold 建造的不僅僅是一個項目，而是一個具有重大增長機會的地區的存量。我想把它想像成一個新的採礦營地的開始。

The project today is over 57% complete. And the updated schedule and project costs give us much improved visibility towards completion. Given the strategic importance of Côté to achieve our goal of becoming a leading high-margin gold producer, we are actively pursuing various alternatives to increase liquidity to deliver Côté on its updated schedule. I am confident we will address the near-term challenges in order to advance Côté and better position IAMGOLD as a more resilient, agile company for the current environment.

今天的項目已完成超過 57%。更新的時間表和項目成本使我們大大提高了完成的可見性。鑑於 Côté 在實現我們成為領先的高利潤黃金生產商的目標方面的戰略重要性，我們正在積極尋求各種替代方案來增加流動性，以按更新的時間表交付 Côté。我相信我們將應對近期的挑戰，以推動 Côté 的發展，並更好地將 IAMGOLD 定位為在當前環境下更具彈性、更敏捷的公司。

Now turning to the quarter. On the health and safety. Ensuring all of our employees go home safe continues to be a key focus as every gold ounce produced has to be done safely. And we applaud our teams for their continued commitment to Zero Harm and also the Côté construction team for achieving an impressive 5.7 million hours with no lost time injuries to date.

現在轉向季度。關於健康和安全。確保我們所有的員工安全回家仍然是重點，因為生產的每一盎司黃金都必須安全生產。我們讚揚我們的團隊對零傷害的持續承諾，也讚揚 Côté 施工團隊實現了令人印象深刻的 570 萬小時，迄今為止沒有誤工工傷。

IAMGOLD delivered another strong quarter, with attributable gold production of 170,000 ounces on continued strong performance from Essakane and improvements at Rosebel. And that's bringing our year-to-date production to 344,000 ounces, positioning us on track to achieve the top end of our guidance range of 570,000 to 640,000 ounces.

由於 Essakane 的持續強勁表現和 Rosebel 的改善，IAMGOLD 實現了另一個強勁的季度，應佔黃金產量為 170,000 盎司。這使我們年初至今的產量達到 344,000 盎司，使我們有望實現 570,000 至 640,000 盎司指導範圍的上限。

The strong production results and same-sales volume translated to cash costs of $1,119 per ounce sold and all-in sustaining costs at $1,604 per ounce sold. On a unit cost basis, we are seeing impacts from inflation on mining and processing costs, though these have been partially mitigated through higher grades and other operational improvement at the mine -- the mines, sorry. Cost guidance for 2022 is unchanged as it stands, with cash costs expected to be between $1,100 and $1,150 per ounce sold and all-in sustaining costs expected to be between $1,650 and $1,690 per ounce sold. These estimates issued in January included an inflation adoption of 5% to 7% on key consumables.

強勁的生產結果和相同的銷量轉化為每盎司售出 1,119 美元的現金成本和每售出 1,604 美元的全部維持成本。在單位成本的基礎上，我們看到了通貨膨脹對採礦和加工成本的影響，儘管通過提高品位和礦山的其他運營改進已經部分緩解了這些影響——礦山，對不起。 2022 年的成本指導保持不變，現金成本預計在每盎司 1,100 美元至 1,150 美元之間，全部維持成本預計在每盎司 1,650 美元至 1,690 美元之間。 1 月份發布的這些估計包括對主要消耗品的 5% 至 7% 的通貨膨脹率。

Additional cost pressures are continuing from systemic inflation, constrained global supply chains and other global events, further increasing the average cost of consumables, such as oil, ammonium nitrate, grinding media, lime and cyanide. We note that continued external cost pressures may result in an increase to costs and capital expenditures.

系統性通脹、受限的全球供應鍊和其他全球事件繼續帶來額外的成本壓力，進一步增加了消耗品的平均成本，例如油、硝酸銨、研磨介質、石灰和氰化物。我們注意到持續的外部成本壓力可能導致成本和資本支出增加。

We continue to see benefits from our oil hedges. This year, we have an 80% hedge ratio on WTI contracts and a 71% ratio on brand at between $38 and $65 per barrel. For reference, a $10 per barrel increase in the oil price equates to approximately a $6 per ounce increase in our cash costs. Without our hedging contracts, the same $10 per barrel increase in the oil price will translate into a $15 per ounce increase in cash costs.

我們繼續看到我們的石油對沖帶來的好處。今年，我們對 WTI 合約的對沖比率為 80%，對品牌的對沖比率為 71%，在每桶 38 至 65 美元之間。作為參考，油價每桶上漲 10 美元相當於我們的現金成本每盎司增加約 6 美元。如果沒有我們的套期保值合約，同樣每桶 10 美元的油價上漲將轉化為每盎司 15 美元的現金成本增加。

Now Essakane. Turning to Essakane. It continued to deliver, reporting gold production of 107,000 ounces, benefiting from higher head grades and strong recoveries. Mining activity totaling 11.4 million tonnes in the second quarter was lower than the prior quarter, primarily due to lower waste stripping activities because of constraints in consumables from supply chain challenges in country and abroad. We will work to rebalance this stripping shortfall. But as of today, the reduction in stripping activities is not expected to materially impact production in 2022 and 2023.

現在埃薩坎。轉向埃薩坎。它繼續交付，報告黃金產量為 107,000 盎司，受益於更高的黃金品位和強勁的複蘇。第二季度的採礦活動總量為 1140 萬噸，低於上一季度，這主要是由於國內和國外供應鏈挑戰導致消耗品受限，廢料剝離活動減少。我們將努力重新平衡這一剝離缺口。但截至今天，剝離活動的減少預計不會對 2022 年和 2023 年的生產產生重大影響。

Mill throughput was 2.7 million tonnes at an average head grade of 1.5 grams per tonne of gold, and plant availability of 86% with recovery of 90%. Mill feed rate and availability were lower during the second quarter due to higher volumes of hard rock in the mill feed as well as annual planned maintenance and supply chain challenges.

軋機產量為 270 萬噸，平均每噸黃金品位 1.5 克，工廠可用性為 86%，回收率為 90%。由於磨機進料中硬岩量增加以及年度計劃維護和供應鏈挑戰，第二季度磨機進料率和可用性較低。

The security situation in Burkina deteriorated during the second quarter and impacted the in-land supply chain, resulting in delays in the delivery of consumables. The company continues to take proactive measures to ensure the safety and security of in-country personnel and managed to limit the impact on production in the second quarter. We continue to adjust our protocols and the activity levels at the site according to the security situation. The company is furthering some additional investment in security infrastructure in the region and at the mine site, and that is with the support of the government.

第二季度布基納安全局勢惡化，影響內陸供應鏈，導致消耗品交付延遲。公司繼續採取積極措施，確保國內人員的安全和保障，並設法限制第二季度對生產的影響。我們將繼續根據安全情況調整我們的協議和站點的活動級別。在政府的支持下，該公司正在對該地區和礦區的安全基礎設施進一步投資。

Looking ahead, attributable gold production at Essakane in 2022 is expected to approximate the top end of the range of 360,000 to 385,000 ounces, reflecting the higher-than-expected grade in the first half of the year and the potential for further positive reconciliation between mine grade and the reserve block model.

展望未來，預計 2022 年 Essakane 的應佔黃金產量將接近 360,000 至 385,000 盎司範圍的上限，這反映了上半年品位高於預期以及礦山之間進一步積極調節的潛力品位和儲備塊模型。

Turning to Rosebel now. We were very proud for the second quarter, which historically sees lower production due to the impacts of the rainy season. The operation reported second quarter attributable production of 49,000 ounces, benefiting from improved recovery and head grades, bringing the year-to-date total to 95,000 ounces.

現在轉向羅斯貝爾。我們對第二季度感到非常自豪，由於雨季的影響，歷史上產量較低。該業務報告第二季度應佔產量為 49,000 盎司，受益於回收率和原品等級的提高，使年初至今的總產量達到 95,000 盎司。

Mining activities have returned to prepandemic levels, mining 15.5 million tonnes in the quarter with a ramp on stripping program as required in the updated mine plan we released earlier this year, which, by the way, are paving the path for Rosebel to return to being a plus 300,000 ounce per year producer.

採礦活動已恢復到大流行前的水平，本季度開采了 1550 萬噸，並按照我們今年早些時候發布的更新採礦計劃的要求進行了剝離計劃，順便說一句，這正在為 Rosebel 恢復生產鋪平道路每年增加 300,000 盎司的生產商。

Mill throughput achieved 2.2 million tonnes at an average head grade of 0.88 grams per tonne. And throughput was lower due to mill maintenance work required on the SAG mill feed chute and refurbishment of the apron feeders. Mill recovery of 92% continues to benefit from the ADR circuit improvement put in place at the end of 2021. Looking ahead, attributable gold production guidance for 2022 at Rosebel remains unchanged at 155,000 to 180,000 ounces.

軋機產量達到 220 萬噸，平均原品品位為 0.88 克/噸。由於需要對 SAG 磨機進料槽進行磨機維護工作以及對板式餵料機進行翻新，因此產量較低。工廠 92% 的回收率繼續受益於 2021 年底實施的 ADR 電路改進。展望未來，Rosebel 的 2022 年歸屬黃金產量指引保持不變，為 155,000 至 180,000 盎司。

In the first half of the year, additional cost pressures emerged through rising oil prices, and they continue to be partially mitigated by the existing hedge program. The company also expects higher power costs compared to 2021, which we know have led to the price of gold and oil. We note that the collective labor agreement at Rosebel expires in August 2022, and negotiation for new agreement have commenced and have been cordial and professional. The strategic review process of Rosebel is active and ongoing, and we will provide updates when appropriate.

今年上半年，油價上漲帶來了額外的成本壓力，現有的對沖計劃繼續部分緩解了這些壓力。該公司還預計，與 2021 年相比，電力成本會更高，我們知道這已導致黃金和石油價格上漲。我們注意到，Rosebel 的集體勞動協議將於 2022 年 8 月到期，新協議的談判已經開始，並且是親切而專業的。 Rosebel 的戰略審查過程是積極和持續的，我們將在適當的時候提供更新。

Now with Westwood. Gold production was 14,000 ounces in the quarter as the underground development continues in order to support the full ramp-up of the mine. Importantly, in June, mining activities recommenced in the higher-grade West and Central Zones, and the main ramp broke through the 180 level in the lower part of the mine, which will allow for additional flexibility and development of high grade zones, including on zone 230.

現在和韋斯特伍德在一起。隨著地下開發的繼續，本季度黃金產量為 14,000 盎司，以支持礦山的全面增產。重要的是，6 月份，高品位西部和中部地區的採礦活動重新開始，主坡道在礦山下部突破了 180 層，這將為高品位區提供更多的靈活性和開發，包括230區。

Gold production guidance at the Westwood Complex in 2022 remains unchanged in the range of 55,000 to 75,000 ounces, and in the view that the safe and stable result of the Central and West underground zones can continue throughout the year.

Westwood Complex 2022 年黃金產量指導保持在 55,000 至 75,000 盎司範圍內不變，並認為中西地下帶的安全穩定結果可以持續全年。

Now turning to Côté Gold. Activity at site has accelerated dramatically this summer following this strike action by crane operators and construction labors in May, which reduced headcount at site by approximately 250 people over that month. We currently have approximately 1,200 workers on site. Work inside the plant is progressing with the ball mill foundation being set and preparation ongoing for mechanical, electrical and piping installation.

現在轉向 Côté Gold。在 5 月起重機操作員和建築工人的罷工行動之後，今年夏天現場的活動急劇加速，當月現場人數減少了約 250 人。我們目前在現場有大約 1,200 名工人。工廠內部的工作正在進行中，球磨機基礎正在設置中，機械、電氣和管道安裝的準備工作正在進行中。

Last night, we announced our updated estimate of cost to complete, project economics and life-of-mine plan for Côté. The results will be included in a new NI 43-101 technical report to be filed on SEDAR before on or September 17. This project update concludes the Côté Gold schedule and cost, execution strategy and risk review, or Supertrend, initiated by the company earlier this year.

昨晚，我們公佈了對 Côté 完成成本、項目經濟性和礦山壽命計劃的最新估算。結果將包含在新的 NI 43-101 技術報告中，該報告將於 9 月 17 日或 9 月 17 日之前在 SEDAR 上提交。該項目更新結束了公司早些時候發起的 Côté Gold 時間表和成本、執行策略和風險審查或 Supertrend今年。

Looking at the life-of-mine plan highlights, there are a few key changes from the previous technical report. We have higher production extended over the first 6 years versus 5 years previously. And also, we have lower waste tonnes translating into an improved strip ratio. Both of which helped to mitigate an increase in unit and cash costs on updated costs and operating assumptions.

縱觀礦山壽命計劃亮點，與之前的技術報告相比，有一些關鍵變化。與之前的 5 年相比，我們在前 6 年的產量增加了。此外，我們的廢品噸數減少，從而提高了剝離比。這兩者都有助於減輕因更新成本和運營假設而增加的單位成本和現金成本。

The net result is a project that continues to be transformational for IAMGOLD. Côté Gold is a project with an 18-plus-year mine life, producing nearly 500,000 ounces per year in the first 6 years of operation and offering significant growth potential with the addition of Gosselin and historically underexplored land package.

最終結果是一個繼續為 IAMGOLD 轉型的項目。 Côté Gold 是一個礦山壽命超過 18 年的項目，在運營的前 6 年中每年生產近 500,000 盎司，並通過增加 Gosselin 和歷史上未充分開發的土地包提供顯著的增長潛力。

We will not quickly step through key component of the operation and highlight changes of assumption in the new mine plan. First, online design and pit sequencing. We saw some opportunities to add value to the project and maximize early cash flows. Through this work, the pit phasing was modified to target high-grade zone early in the life-of-mine plan, moving to 5 phases with an extended phase 1 pit design. Additional opportunities for value creation included the adjustment of the ramp gradient, which allows for shortened haulage distances and the extension of mining activities in phase 1.

我們不會快速介紹運營的關鍵組成部分，並強調新礦山計劃中假設的變化。一是在線設計和坑序。我們看到了一些為項目增加價值和最大化早期現金流的機會。通過這項工作，在礦山生命週期計劃的早期階段，對礦井階段進行了修改，以針對高品位區，將一期礦井設計延長至 5 個階段。創造價值的其他機會包括斜坡坡度的調整，這可以縮短運輸距離並在第一階段擴大採礦活動。

Further, we have lowered our ramp-up and utilization assumption for the mining equipment to increase the allowance for learning of operation and maintenance of the autonomous haulage system, with increased windows for operating alongside our contractors to achieve better knowledge transfer. Also to de-risk the first year of operation, we are executing only a 48,000-meter grade control drill program on a 10-by-10 drill spacing, which covers 78% of the tonnes to be mined in the first 12 months of operation.

此外，我們降低了採礦設備的產能提升和利用率假設，以增加學習自主運輸系統的操作和維護的餘地，增加與承包商一起操作的窗口，以實現更好的知識轉移。此外，為了降低運營第一年的風險，我們僅執行 48,000 米的等級控制鑽孔計劃，鑽孔間距為 10×10，覆蓋了運營前 12 個月將開采的噸數的 78% .

The new mine plan includes updated assumptions and input for the ramp-up of the processing plant of [June] nameplate capacity. Based on updated modeling and analysis of OEM data for plant equipment, we revised the mill operating time or utilization rate to 92.6% from 94% previously. Further, we have extended the ramp-up period to steady state to 20 months from 10 months previously to account for an increased frequency of inspection, shutdowns and also improve learnings.

新的礦山計劃包括對 [6 月] 銘牌產能加工廠提升的最新假設和投入。基於工廠設備 OEM 數據的更新建模和分析，我們將工廠運行時間或利用率從之前的 94% 修改為 92.6%。此外，我們已將啟動期從之前的 10 個月延長至穩定狀態至 20 個月，以解決檢查、停機和改進學習的頻率增加的問題。

The HPGR tertiary crushing unit is a major focus for our plant and operational readiness team. We have revised our HPGR operating assumption for additional downtime in the early years and overall maintenance activities. Preparation is well underway with our team, visiting where HPGR's operations globally, to exchange best practices for ramp-up and operations. Feed spare parts are being procured with an extra set of roll already purchased. We are very fortunate that Côté Gold is located only a couple of hours from the Weir facility in Sudbury, where essential maintenance and roll resurfacing will be supported. Our teams will be working alongside Weir engineers during commissioning ramp-up and operations.

HPGR 三次破碎裝置是我們工廠和運營準備團隊的主要關注點。我們已針對早年的額外停機時間和整體維護活動修改了 HPGR 運營假設。我們的團隊正在進行準備工作，參觀 HPGR 在全球的運營地點，以交流提升和運營的最佳實踐。正在採購飼料備件，並已購買了一套額外的輥。我們非常幸運，Côté Gold 距離薩德伯里的 Weir 工廠只有幾個小時的路程，那裡將支持必要的維護和軋輥表面重修。在試運行和運營期間，我們的團隊將與偉爾工程師一起工作。

Now on operating costs. Over the life of mine, total cash costs are expected to average $693 per ounce of gold sold, and all-in sustaining costs are expected to average $854 per ounce sold. Mining unit costs are estimated at $2.62 per tonne of material mined, or if accounting for capitalized with restripping, $6.20 per tonne of processed ore. Mining costs increased by 15% from the 2021 technical report due to increased headcount, extended ramp-up and updated cost models. Processing costs increased 8% to $7.97 per tonne related to higher maintenance costs and shutdown assumptions during ramp-up, including with the HPGR, as I mentioned before. And we also have an increase in TNF operation and monitoring activities.

現在談談運營成本。在我的整個生命週期內，預計每售出黃金的總現金成本平均為 693 美元，預計全部維持成本平均為每盎司售出 854 美元。採礦單位成本估計為每噸開採材料 2.62 美元，或者如果考慮資本化並重新剝離，則為每噸加工礦石 6.20 美元。由於員工人數增加、產能擴大和成本模型更新，採礦成本較 2021 年技術報告增加了 15%。正如我之前提到的，加工成本增加了 8% 至每噸 7.97 美元，這與提升期間的維護成本和停機假設有關，包括 HPGR。我們還增加了 TNF 操作和監測活動。

As the plant is connected to Hydro One, we are classified as a classic customer, and power cost only accounts for 14% of processing cost. The highest component of reagents, spares and maintenance, which combined together accounts for nearly 50% of the processing cost. As estimated in the updated technical report, as of May 1, 2022, the remaining costs attributable to IAMGOLD to complete Côté and achieve initial production is estimated at just over $1.3 billion. This, by the way, includes $185 million in contingency and $80 million for escalation.

由於工廠與一號水電相連，我們被歸類為經典客戶，電力成本僅佔加工成本的14%。試劑、備件和維護的最高組成部分，加起來佔處理成本的近 50%。據更新的技術報告估計，截至 2022 年 5 月 1 日，IAMGOLD 完成 Côté 並實現初始生產的剩餘成本估計略高於 13 億美元。順便說一句，這包括 1.85 億美元的應急費用和 8000 萬美元的升級費用。

As announced in our second quarter results, we estimate that the remaining spend to complete Côté as of July 1, 2022, is $1.2 billion to $1.3 billion after incurring approximately $100 million in May and June. The project today is over 57% complete, and the updated schedule and project costs provide us with improved visibility towards completion.

正如我們在第二季度業績中宣布的那樣，我們估計，在 5 月和 6 月產生約 1 億美元後，截至 2022 年 7 月 1 日，完成 Côté 的剩餘支出為 12 億至 13 億美元。今天的項目已完成 57% 以上，更新的時間表和項目成本為我們提供了更好的完成可視性。

In the last number of months, the Côté Gold project has seen several changes in leadership and oversight, both at the project level and corporate level. Since the appointment of the new Executive Project Director, teams have been strengthened to target deficiencies while leveraging knowledge, experience and team integration between the owner's team, EPCM contractor and the various other project contractors.

在過去的幾個月裡，Côté Gold 項目的領導層和監督層發生了幾次變化，無論是在項目層面還是在公司層面。自任命新的執行項目總監以來，團隊已得到加強，以解決缺陷，同時利用業主團隊、EPCM 承包商和各種其他項目承包商之間的知識、經驗和團隊整合。

The update also represents the conclusion of the Supertrend process initiated earlier this year. It is important to note that the Côté Gold project is being developed with the background of COVID-19, inflation and other global events and their impact, including on the global supply chain, labor availability, productivity and rates, cost of material, commodities and consumables. As discussed in our May announcement, the estimated remaining spend to completion resulted from additional cost and schedule impact in the general project cost category that you can see on our slide, and includes estimated impacts related to delays due to COVID-19, recent labor action in Ontario and inflation.

該更新還代表了今年早些時候啟動的 Supertrend 流程的結束。值得注意的是，Côté Gold 項目是在 COVID-19、通貨膨脹和其他全球事件及其影響的背景下開發的，包括對全球供應鏈、勞動力可用性、生產力和費率、材料成本、商品和消耗品。正如我們在 5 月的公告中所討論的，預計完成的剩餘支出是由於您可以在我們的幻燈片上看到的一般項目成本類別中的額外成本和進度影響，並包括與 COVID-19 造成的延誤相關的估計影響，最近的勞工行動在安大略省和通貨膨脹。

Outside of the Supertrend process, a study by independent capital project management service company estimated direct and indirect COVID-related impacts to the project just for IAMGOLD to be in the range of approximately $200 million to $400 million.

在 Supertrend 流程之外，獨立資本項目管理服務公司的一項研究估計，僅 IAMGOLD 對項目的直接和間接 COVID 相關影響就在 2 億至 4 億美元之間。

Looking at the schedule, Côté Gold is expected to commence production in early 2024. This year is critical for project advancement as project activities are ramping up through the summer and into the fall with the coordination of earthworks, concrete, (inaudible) structural, mechanical, piping work and power installation, and they all being very, very important. The increase in the oversight team, managing contractors and contracting packages will facilitate the expected increase in the number of contractors as the headcount increased to -- over 1,500 people is expected during this construction season.

從時間表來看，Côté Gold 預計將於 2024 年初開始生產。今年對於項目推進至關重要，因為項目活動在整個夏季和秋季都在增加，同時土方工程、混凝土、（聽不清）結構、機械，管道工程和電力安裝，它們都非常非常重要。隨著員工人數的增加，監督團隊、管理承包商和承包一攬子計劃的增加將促進承包商數量的預期增加——預計在這個施工季節將有超過 1,500 人。

The company cautions that potential further disruptions, including, without limitation, caused by COVID-19, Ukraine war, weather, potential labor disruption and the tight labor market could continue to impact the timing of activities, availability of workforce, productivity and supply chain and logistics, and consequently, could further impact the timing of actual commercial production and project costs. Taken together, the Côté Gold project, while being developed in a challenging environment, offers robust economics for IAMGOLD.

該公司警告說，潛在的進一步中斷，包括但不限於 COVID-19、烏克蘭戰爭、天氣、潛在的勞動力中斷和勞動力市場緊張，可能會繼續影響活動的時間安排、勞動力的可用性、生產力和供應鍊和因此，物流可能會進一步影響實際商業生產的時間安排和項目成本。總而言之，Côté Gold 項目雖然是在充滿挑戰的環境中開發的，但為 IAMGOLD 提供了強勁的經濟效益。

On a go-forward basis, from May 1, 2022, the after-tax NPV at a discount rate of 5% of the Côté Gold project was estimated at $1.1 billion with an implied after -- sorry, implied after-tax IRR of 13.5% under the base case gold price assumption. At spot metal prices of $17.75 per ounce gold, over the life of mine, the Côté Gold project has an estimated after-tax NPV of $1.56 billion and implied after-tax IRR of 16.5%.

展望未來，從 2022 年 5 月 1 日起，Côté Gold 項目以 5% 的折現率計算的稅後 NPV 估計為 11 億美元，隱含的稅後內部收益率（對不起，隱含的稅後 IRR 為 13.5） % 在基本情況下的黃金價格假設。以每盎司黃金 17.75 美元的現貨金屬價格計算，在我的整個生命週期內，Côté Gold 項目的稅後 NPV 估計為 15.6 億美元，隱含的稅後 IRR 為 16.5%。

Following the project review and risk analysis, the Board retained an independent technical consultant to assist with the Board's review of the results. This independent review supported the updated estimates as presented, confirming key project areas to focus on, aligning with those we outlined today while offering insights into further optimization opportunities.

在項目審查和風險分析之後，董事會聘請了一名獨立技術顧問來協助董事會審查結果。該獨立審查支持所提供的更新估計，確認要關注的關鍵項目領域，與我們今天概述的領域保持一致，同時提供對進一步優化機會的見解。

Now let's talk a little bit about Gosselin. So we believe that Côté Gold is not just a project, but it's part of a new mining district. The Côté Gold life-of-mine plan as defined in the technical report is based on mineral reserve of 7.2 million ounces at the Côté deposit. The Gosselin deposit is located immediately adjacent to Côté and contains 3.4 million ounces of measured and indicated resource, with an additional 1.7 million ounces of inferred. Gosselin has only been drilled to at the depth of Côté and is open along strike and at depth.

現在讓我們談談Gosselin。因此，我們相信 Côté Gold 不僅僅是一個項目，而是一個新礦區的一部分。技術報告中定義的 Côté Gold 礦山壽命計劃基於 Côté 礦床 720 萬盎司的礦產儲量。 Gosselin 礦床緊鄰 Côté，包含 340 萬盎司的已測量和指示資源，另外還有 170 萬盎司的推斷資源。 Gosselin 僅在 Côté 深度鑽探，沿走向和深度開放。

Taken together, Côté and Gosselin has a total of 13.5 million ounces in measured and indicated. And we believe there is significant upside to be uncovered as there has been minimal historical exploration targeting these Côté-Gosselin style intrusion-hosted deposits within our 596-square-kilometer land package.

合計起來，Côté 和 Gosselin 的測量和指示總量為 1350 萬盎司。而且我們認為，在我們 596 平方公里的土地包中，針對這些 Côté-Gosselin 風格的侵入式礦床進行的歷史勘探很少。

With that, I will turn over the call to Daniella for the financial review.

有了這個，我將把電話轉給 Daniella 進行財務審查。

Thank you, Maryse. The following are some key highlights of our second quarter and year-to-date financial results. Revenues in the second quarter totaled $334 million and $691 million year-to-date. The average realized gold price for the quarter was $1,799 per ounce, reflecting the physical delivery of 37,500 ounces at $1,500 per ounce under our 2019 prepay arrangement as we close monthly contracts. The average gold price in the second half of 2022 will continue to be impacted by the completion of physical deliveries of 75,000 ounces at $1,500 per ounce as we close out the remainder of the 2019 prepay arrangement.

謝謝你，瑪麗絲。以下是我們第二季度和年初至今財務業績的一些主要亮點。第二季度的收入總額為 3.34 億美元，年初至今為 6.91 億美元。本季度的平均實現黃金價格為每盎司 1,799 美元，這反映了在我們關閉月度合約時，根據我們 2019 年的預付款安排，實物交割 37,500 盎司，每盎司 1,500 美元。隨著我們結束 2019 年預付款安排的剩餘部分，2022 年下半年的平均黃金價格將繼續受到以每盎司 1,500 美元完成 75,000 盎司實物交割的影響。

Adjusted EBITDA came in at $110 million for the quarter and $247 million year-to-date. Higher income taxes for the second quarter that included withholding taxes on the repatriation of funds from Essakane impacted net earnings, resulting in a net loss per share of $0.02. Adjusting for noncash items, adjusted net loss per share was $0.01 in the second quarter. Year-to-date net earnings and adjusted net earnings per share were $0.03 and $0.04, respectively.

本季度調整後的 EBITDA 為 1.1 億美元，年初至今為 2.47 億美元。第二季度更高的所得稅，包括從 Essakane 匯回資金的預扣稅，影響了淨收益，導致每股淨虧損 0.02 美元。調整非現金項目後，第二季度調整後的每股淨虧損為 0.01 美元。年初至今的淨收益和調整後的每股淨收益分別為 0.03 美元和 0.04 美元。

We have updated our income taxes paid guidance for 2022 to between $69 million and $79 million from $55 million to $65 million set out in our previous guidance released in January to primarily account for withholding taxes on the additional repatriation of funds from Essakane that we expect in the second half of 2022. Operating cash flow before changes in working capital was $94 million for the quarter and $228 million year-to-date, and mine site free cash flow was $42.8 million in the quarter and $130 million year-to-date.

我們已將 2022 年的所得稅支付指南從 1 月份發布的先前指南中的 5,500 萬美元至 6,500 萬美元更新至 6,900 萬美元至 7,900 萬美元之間，主要考慮了我們預計在 Essakane 額外匯回資金的預扣稅2022 年下半年。本季度營運資本變動前的營運現金流為 9400 萬美元，年初至今為 2.28 億美元，本季度礦場自由現金流為 4280 萬美元，年初至今為 1.3 億美元。

In terms of our financial position, we ended the quarter with $453 million in cash, cash equivalents and short-term investments. And we had approximately $349 million available under our credit facility after drawing down $150 million in the quarter. Our current available drawdown under the credit facility is approximately $250 million as we drew down $80 million subsequent to quarter, primarily to manage the timing of the receipt of a dividend from Essakane, and we issued a $19 million letter of credit under the credit facility in support of our surety bond.

就我們的財務狀況而言，我們在本季度末擁有 4.53 億美元的現金、現金等價物和短期投資。在本季度提取 1.5 億美元後，我們的信貸額度約有 3.49 億美元可用。我們目前在信貸額度下的可用提取約為 2.5 億美元，因為我們在下一季度提取了 8000 萬美元，主要是為了管理從 Essakane 收到股息的時間，我們在信貸額度下簽發了 1900 萬美元的信用證支持我們的保證金。

Based on the recently updated cost estimate and schedule of construction of the Côté Gold project, information currently available and prevailing market prices, we note that IAMGOLD will require additional liquidity to complete the construction of the project. We are working to implement a fully funded financing plan by the end of the year and prior to the necessity to make any potential adjustments to the timing of the advancement of Côté based on the updated schedule.

根據最近更新的 Côté Gold 項目的成本估算和建設時間表、當前可用信息和現行市場價格，我們注意到 IAMGOLD 將需要額外的流動性來完成項目的建設。我們正在努力在年底前實施一項資金充足的融資計劃，在必要之前根據更新的時間表對 Côté 的推進時間進行任何潛在的調整。

We are actively pursuing various alternatives to increase liquidity and capital resources, including disposition of one or more of the company's assets and/or interest therein and/or joint venture partnerships, additional secured debt, which could be provided by banks; private capital providers and/or institutional investors; additional unsecured debt, including unsecured and/or convertible notes; sales of common shares; and the extension of the 2022 prepay arrangements.

我們正在積極尋求各種替代方案來增加流動性和資本資源，包括處置公司的一項或多項資產和/或其中的權益和/或合資夥伴關係、銀行可能提供的額外擔保債務；私人資本提供者和/或機構投資者；額外的無抵押債務，包括無抵押和/或可轉換票據；出售普通股；以及 2022 年預付款安排的延期。

In January 2022, we announced that we were commencing a strategic review process to evaluate options for the Rosebel/Saramacca mining complex, including a potential sale of this complex. We advanced this process in the second quarter of 2022.

2022 年 1 月，我們宣布開始一項戰略審查流程，以評估 Rosebel/Saramacca 採礦綜合體的選擇，包括該綜合體的潛在出售。我們在 2022 年第二季度推進了這一流程。

In addition, we just announced that we are evaluating strategic alternatives for certain development and exploration assets in West Africa, excluding Essakane; and in South America, that may include the disposition of all foreign interest in one or more of such assets. These processes are well advanced, and we will provide an update when warranted.

此外，我們剛剛宣布，我們正在評估西非某些開發和勘探資產的戰略替代方案，不包括 Essakane；在南美洲，這可能包括處置一項或多項此類資產中的所有外國利益。這些流程非常先進，我們將在必要時提供更新。

Back to you, Maryse.

回到你身邊，瑪麗斯。

Graeme?

格雷姆?

I guess at this point, we will open it up for questions.

我想在這一點上，我們將打開它的問題。

(Operator Instructions) Our first question is from Fahad Tariq with Credit Suisse.

（操作員說明）我們的第一個問題來自瑞士信貸的 Fahad Tariq。

Maybe first for Daniella. Can you -- from what you can tell on your forecast, what is the funding gap right now between the end of this year, the cash flow generated and what is needed for Côté?

也許首先是丹妮拉。你能 - 從你的預測中看出，今年年底之間的資金缺口是多少，產生的現金流和 Côté 需要什麼？

So we've disclosed that the remaining spend for Côté Gold is $1.2 billion to $1.3 billion from July 1, 2022, to production. We disclosed our cash balance at year-end -- sorry, at quarter end and following the drawdowns at the end of July that we have about $250 million available under our credit facility. We've also disclosed that not all cash is readily available. Some of the cash is held within our operating subsidiaries and operations need working capital. We've also disclosed that our Côté joint venture under our joint venture agreement, we need to stay ahead 2 months of construction costs in cash. And until the end of July, that period was 3 months. And we also have hedges that do require growth settlement rather than net settlement, which impacts the total cash that we need to have on hand at any one time.

因此，我們披露了從 2022 年 7 月 1 日到生產的 Côté Gold 剩餘支出為 12 億至 13 億美元。我們在年底披露了我們的現金餘額——抱歉，在季度末以及 7 月底的提款之後，我們的信貸額度下約有 2.5 億美元可用。我們還透露，並非所有現金都是現成的。部分現金由我們的運營子公司持有，運營需要營運資金。我們還透露，根據我們的合資協議，我們的 Côté 合資企業需要提前 2 個月以現金支付建設成本。直到 7 月底，這段時間是 3 個月。而且我們還有需要增長結算而不是淨結算的對沖，這會影響我們隨時需要手頭的總現金。

We've also talked about in the past that taking all of these factors into consideration, we view that at any point in time, our minimum cash balance that we would need to maintain would be somewhere around $200 million. So that and the gold price and, of course, our operating performance all go into the range of additional liquidity that the company needs to go into production.

我們過去也談到，考慮到所有這些因素，我們認為在任何時候，我們需要維持的最低現金餘額將在 2 億美元左右。因此，黃金價格，當然還有我們的經營業績，都屬於公司投產所需的額外流動性範圍。

Okay. And then just as a follow-up, I know there's a number of alternatives available. Is there a preference that you can highlight, whether it's an asset sale, additional debt, diluting the 70% ownership? Any color there would be really helpful.

好的。然後作為後續行動，我知道有許多替代方案可用。您是否可以強調一種偏好，無論是資產出售、額外債務還是稀釋 70% 的所有權？那裡的任何顏色都會很有幫助。

We are looking at various options, as we've disclosed. And we do expect that the financing package will have several components considering the cost of capital, maximizing shareholder value and providing the necessary additional liquidity to get Côté to production.

正如我們所披露的，我們正在研究各種選擇。我們確實預計融資方案將包含幾個要素，考慮到資本成本、最大化股東價值並提供必要的額外流動性以使 Côté 投入生產。

Okay. And then maybe just the last question. In the press release, you mentioned like one potential option if the financing isn't secured by -- in time that potentially the Côté time line could be extended and this would "significantly increase" project costs. Can you just maybe give some clarity on what that means?

好的。然後也許只是最後一個問題。在新聞稿中，您提到瞭如果融資沒有得到保障的一種潛在選擇 - 及時可能會延長 Côté 時間線，這將“顯著增加”項目成本。您能否澄清一下這意味著什麼？

We are working to implement a fully funded solution by year-end, and that is our focus. We talked about the fact that the processes are well advanced, and we are cautiously optimistic that we will get to that fully funded solution by year-end.

我們正在努力在年底前實施一個資金充足的解決方案，這是我們的重點。我們談到了流程非常先進的事實，我們謹慎樂觀地認為我們將在年底前獲得資金充足的解決方案。

The next question is from Josh Wolfson with RBC Capital Markets.

下一個問題來自加拿大皇家銀行資本市場的 Josh Wolfson。

A couple of quick questions for Côté. For the updated study, what was the oil price assumption included either short term and long term?

幾個關於 Côté 的快速問題。對於更新的研究，包括短期和長期的油價假設是什麼？

I believe that the -- for the second half of 2022, it was $93; for 2023, was $82; and from 2024 onwards is about $70.

我相信 2022 年下半年的價格是 93 美元； 2023 年為 82 美元；從 2024 年開始，大約是 70 美元。

Okay. And looking at the updated plans which incorporated, I guess, a bit of breathing room with the scheduling and the ramp-up period, where would you see the risk now with development either in terms of the bottleneck or critical path items?

好的。看看更新的計劃，我猜想，在調度和加速期中加入了一點喘息的空間，你認為現在在瓶頸或關鍵路徑項目方面的風險在哪裡？

Thanks, Josh. Thanks for the question. Considering that detailed engineering is done at 99.6%, that most of our contracts have been led, procurement is -- all of the equipment is at site at the laydown area. I do not expect any major issues. The plan is to deliver on what we say we're going to do. And in fact, the team is targeting mechanical completion as soon as possible. So I don't see a lot of risk. And if you consider what we've disclosed that at the 1.3 -- $1.2 billion to $1.3 billion cost remaining, that we have more than $235 million in contingency and escalation in there. At this stage of the project, it's quite unusual to -- up to 12% contingency built-in cost estimate. So my job, Josh, is to deliver on this project on schedule and on budget.

謝謝，喬希。謝謝你的問題。考慮到詳細工程已完成 99.6%，我們的大部分合同都已完成，採購是——所有設備都在鋪設區域的現場。我預計不會出現任何重大問題。該計劃是兌現我們所說的我們將要做的事情。事實上，該團隊的目標是盡快完成機械設備。所以我認為風險不大。如果你考慮到我們披露的 1.3 - 12 億到 13 億美元的剩餘成本，我們有超過 2.35 億美元的應急和升級費用。在項目的這個階段，高達 12% 的應急內置成本估算是非常不尋常的。所以，喬希，我的工作是按時按預算完成這個項目。

Okay. And then maybe a final question for Côté. Has there been any feedback or discussion with your joint venture partner either about views on the updated economics or about coming in as a party that could assist with funding here?

好的。然後也許是 Côté 的最後一個問題。與您的合資夥伴是否有任何反饋或討論，無論是關於對最新經濟學的看法，還是作為可以協助在這裡籌集資金的一方？

I'll take that. Josh, Sumitomo is very supportive. As noted in our MD&A, we made an amendment to the Côté joint venture. And we are in a regular contact, we work closely with Sumitomo, their people integrated with the team at site. So I would say that we are actively pursuing various alternatives to increase liquidity and capital resources. But at this point, we will not discuss specific alternatives.

我會接受的。喬希，住友非常支持。正如我們的 MD&A 中所述，我們對 Côté 合資企業進行了修訂。我們保持定期聯繫，我們與住友密切合作，他們的人員與現場團隊整合在一起。所以我想說，我們正在積極尋求各種替代方案來增加流動性和資本資源。但在這一點上，我們不會討論具體的替代方案。

The next question is from Jackie Przybylowski with BMO Capital Markets.

下一個問題來自 BMO Capital Markets 的 Jackie Przybylowski。

Maybe to start, I'll just follow up on that last question that Josh asked on Sumitomo. The company Sumitomo put out a press release, I guess, overnight, which it says really briefly that it's continuing to review the estimates for the Côté project and will -- it doesn't -- I mean the way that it's written, it doesn't sound like Sumitomo is entirely committed even to funding its existing portion of the project. So is there a formal commitment in place that Sumitomo was going to fund its commitment? Or is that still something that you guys are in negotiations with Sumitomo on?

也許開始，我會跟進喬希在住友上提出的最後一個問題。我猜住友公司在一夜之間發布了一份新聞稿，它非常簡短地說它正在繼續審查 Côté 項目的估算，並且將 - 它沒有 - 我的意思是它的編寫方式，它沒有聽起來住友商事甚至不完全致力於為其現有的項目部分提供資金。那麼，住友是否有正式承諾為其承諾提供資金呢？或者這仍然是你們正在與住友商討的事情？

Thank you. Thanks for the question. And I think what we say at this point is that what we've seen last year when the -- in July 2021 when there was an increase in capital cost that was announced, as far as normal process for Sumitomo, it took -- the company -- close to probably the end of October, early November, to go through their approval process internally. So in this case, we have been told that the normal process would take its course, and I don't see anything unusual about this. Just normal course of business for Sumitomo internally.

謝謝你。謝謝你的問題。我認為我們在這一點上所說的是，我們在去年看到的——在 2021 年 7 月，宣布資本成本增加，就住友的正常流程而言，它採取了——公司——可能接近 10 月底，11 月初，在內部完成他們的審批程序。所以在這種情況下，我們被告知正常流程會順其自然，我認為這沒有什麼不尋常的地方。住友內部只是正常的業務過程。

That's really helpful. Yes, it's good color. And maybe -- sorry, another question on Côté. I know the full study is coming out in September. So I'm sure we'll get more detail then. But just for modeling purposes, can you give us some color in terms of the cadence for spending on the project like the capital spending? And specifically, I guess I'm asking for -- maybe for this year and next year, can you just talk about like how much you're anticipating you'll spend at Côté?

這真的很有幫助。是的，顏色很好。也許——對不起，關於 Côté 的另一個問題。我知道完整的研究報告將於 9 月發布。所以我相信我們會得到更多的細節。但僅出於建模目的，您能否就項目支出的節奏（如資本支出）給我們一些顏色？具體來說，我想我要問的是——也許今年和明年，你能談談你預計在 Côté 會花多少錢嗎？

Yes, we expect -- Jackie, we expect our spend to be somewhere between $60 million to $70 million per month.

是的，我們預計——傑基，我們預計我們每月的支出將在 6000 萬美元到 7000 萬美元之間。

Okay. That's really helpful. And maybe if I could just ask one other question. Just with respect to the commentary about the process on the review for Rosebel and potential sales, how would that impact, if at all, your debt covenants? Do you have commitments to maintain a certain sort of cash flow level? Or is it easy for you to sell an asset like Rosebel without tripping those debt covenants?

好的。這真的很有幫助。也許我可以問另一個問題。僅就關於 Rosebel 審查過程和潛在銷售的評論而言，這將如何影響（如果有的話）您的債務契約？您是否承諾維持某種現金流水平？或者你很容易在不違反債務契約的情況下出售像 Rosebel 這樣的資產？

So we are -- certain of the asset sales that we are looking at, including the sale of Rosebel, are part of the security package under our credit facility. We have been working closely with our lead lenders who are aware of the process and the ultimate necessity to release the security on a successful completion of a sale. And we're comfortable that as part of working with our lenders, we have a good handle on it.

因此，我們確定我們正在考慮的資產銷售，包括 Rosebel 的銷售，是我們信貸額度下安全包的一部分。我們一直與我們的主要貸方密切合作，他們了解成功完成銷售的過程以及釋放證券的最終必要性。我們很高興作為與貸方合作的一部分，我們可以很好地處理它。

The next question is from Mike Parkin with National Bank.

下一個問題來自國家銀行的 Mike Parkin。

With respect to Côté, can you just give us an update on the dike that you're putting in? How is that progressing? And have you got to the point where you're starting to dewater the site that you need to dewater? Or if not, when does that start?

關於 Côté，您能告訴我們您正在修建的堤壩的最新情況嗎？進展如何？您是否已經到了開始對需要脫水的場地進行脫水的地步？或者如果沒有，那什麼時候開始？

Thanks, Mike, for the question. The dewatering is ongoing, and we have dealt with a pretty intense pressure, but we are through. And no issues with dewatering whatsoever at this point. In fact, I think we have really good visibility to the first benches of the pit.

謝謝，邁克，這個問題。脫水正在進行中，我們已經處理了相當大的壓力，但我們已經完成了。在這一點上沒有任何脫水問題。事實上，我認為我們對維修區的第一個長凳有很好的能見度。

Okay. So you're not getting kind of surprised by excessive water penetration?

好的。所以你不會對過度的水滲透感到驚訝嗎？

No, not at all.

一點都不。

Excellent. And then just in terms of cash flow, your exploration spend still remains fairly high. Is that anything that you're considering trimming back in the near term just to help preserve the balance sheet?

出色的。然後就現金流而言，您的勘探支出仍然相當高。您是否正在考慮在短期內削減這些以幫助保護資產負債表？

So we're through, I guess, more than 50% of our exploration spend. Part of that spend is -- was focused on Gosselin. And we've got a spend on Karita. We put out some pretty great drilling results recently on that. We are going to continue with the completion of that program specifically. We think that is important to get that across the line that give us better visibility in terms of [unit] value, particularly on that asset. That is part of the West Africa sale process.

所以我猜，我們已經完成了超過 50% 的探索支出。部分支出是 - 專注於 Gosselin。我們已經在 Karita 上花錢了。我們最近在這方面發布了一些非常棒的鑽探結果。我們將繼續具體完成該計劃。我們認為重要的是要讓我們在[單位]價值方面獲得更好的可見性，特別是在該資產上。這是西非銷售過程的一部分。

And what about into 2023, is there any -- is it too early? You haven't really kind of worked on budgets yet?

那麼到 2023 年呢，有沒有——是不是太早了？你還沒有真正在預算上工作過嗎？

It is too early to comment, yes, on 2023.

是的，在 2023 年發表評論還為時過早。

The next question is from Anita Soni with CIBC Capital Markets.

下一個問題來自 CIBC Capital Markets 的 Anita Soni。

So firstly, can we talk about the life-of-mine plan? A couple of things that you mentioned were steeping up the pit walls and also the ramps from 10% -- sorry, 8% to 10%. Can I ask, did you have an independent third-party review, those technical assumptions, from a geotechnical standpoint?

那麼首先，我們可以談談我的終身計劃嗎？您提到的幾件事是使坑壁和坡道從 10% 陡峭——對不起，從 8% 到 10%。我可以問一下，您是否從岩土工程的角度對這些技術假設進行了獨立的第三方審查？

Anita, in fact, there has been extensive geotech work done. And originally, the assumption was that we needed to be more prudent with the pit design and the ramp because of the autonomous haul trucks. But those constraints now have been removed in the sense that actually -- and that's really good news. Last weekend, the first fully autonomous truck was operating on our calibration path, and we feel really confident we can achieve those ramp gradients and design parameters.

事實上，安妮塔已經完成了廣泛的岩土工程。最初的假設是，由於自動運輸卡車，我們需要更加謹慎地設計維修坑和坡道。但實際上，這些限制現在已經被消除了——這真的是個好消息。上週末，第一輛全自動卡車在我們的校準路徑上運行，我們非常有信心可以實現這些坡道坡度和設計參數。

All right. Considering all weather factors that you have there?

好的。考慮到那裡的所有天氣因素？

Yes.

是的。

Okay. Second question, the assumption to go to 5% over nameplate capacity when doing this life-of-mine plan, what was the genesis of that? I mean why go higher? And I noticed you guys commented, this was a 1 on the McNulty curve, and I -- given that you've got HPGR and autonomous haulage, I'm not sure that I would classify it as a 1 on the McNulty curve.

好的。第二個問題，假設在做這個生命週期計劃時超過銘牌容量 5%，這是什麼原因？我的意思是為什麼要更高？我注意到你們評論說，這是 McNulty 曲線上的 1，而我 - 鑑於您有 HPGR 和自動運輸，我不確定我是否會將其歸類為 McNulty 曲線上的 1。

Okay. I think the comment was more related to the capacity overall of the equipment, what we have is a plant with oversight pumps and cyclone feed pumps and overall capacity. And as we've seen in the industry, it's not uncommon. Once you get mills going, it's not uncommon to get an extra 10%, 15% tonnage of throughput. So we feel very, very confident we can reach that throughput. It's going to take some time. But considering the size and, really, the oversight equipment in that plant, I don't see any issues with quoting that [1 in 5].

好的。我認為評論更多地與設備的整體容量有關，我們擁有的是一個帶有監督泵和旋風進料泵以及整體容量的工廠。正如我們在業內看到的那樣，這種情況並不少見。一旦你讓工廠運轉起來，獲得額外 10% 到 15% 的吞吐量並不少見。所以我們感到非常非常有信心我們可以達到這個吞吐量。這需要一些時間。但考慮到該工廠的規模，實際上，還有監督設備，我認為引用 [1 in 5] 沒有任何問題。

Okay. So then let's just move on to the capital cost estimate. I just wanted to circle back. The updated estimate is the same number that you guys put out 3 months ago, right? And you've spent $172 million in the quarter. So by my math, I think that's about 15% or 16% escalation in 3 months. How do we -- can we talk about how that went up and why it went up by so much in 3 months? Just in context of now you've got $185 million contingency and trying to figure out whether that's enough when your cost just escalated in 3 months by $172 million.

好的。那麼讓我們繼續進行資本成本估算。我只是想繞回去。更新後的估計與你們 3 個月前發布的數字相同，對吧？你在本季度花費了 1.72 億美元。所以根據我的數學，我認為這在 3 個月內上升了大約 15% 或 16%。我們如何——我們能否談談它是如何上升的，以及為什麼它在 3 個月內上升了這麼多？就目前而言，您有 1.85 億美元的應急費用，當您的成本在 3 個月內增加了 1.72 億美元時，您試圖弄清楚這是否足夠。

Okay. First of all, I would like to mention the strike, that caused some delays. And that was first -- well, there was a number of strikes, the first one the crane operators followed by laborers. And as you know, costs are largely driven, anyway, in the indirect categories by schedule. So what we've seen is actually a delay -- because of the strikes of 5 to 6 weeks, and that does impact not only our schedule, but also the timing of first revenues that we can realize.

好的。首先，我想提一下罷工，這造成了一些延誤。那是第一次——嗯，有很多次罷工，第一次是起重機操作員，其次是工人。如您所知，無論如何，成本在很大程度上是按計劃在間接類別中驅動的。所以我們所看到的實際上是延遲——因為罷工 5 到 6 週，這不僅影響了我們的日程安排，而且影響了我們可以實現的第一筆收入的時間。

And Daniella, if you want, you can add to this, but...

丹妮拉，如果你願意，你可以添加到這裡，但是...

Sure. So the number that -- the estimate that we issued on May 1 was on a preliminary basis and we did caution that we had not fully completed our work. In the first week of May, as Maryse noted, there were a number of strikes. We thought -- we had hoped and expected that those strikes would be avoided. They did result in approximately a 6-week plus extension to the schedule as we had to demobilize quite a number of workers and then remobilized following the completion of the strikes. And I always takes longer to get back to where you were than it takes to demob. So that really were the primary factors that drove that increase. That resulted in a slightly extended schedule with a slight increase to indirect primarily. And more of those operating costs now being part of project costs because our production -- initial production and commercial production were extended from the schedule that we were assuming back on May 1.

當然。因此，我們在 5 月 1 日發布的估計數字是初步的，我們確實警告說我們還沒有完全完成我們的工作。正如瑪麗斯所說，在五月的第一周，發生了多次罷工。我們認為——我們曾希望並期望避免這些罷工。由於我們不得不遣散相當多的工人，然後在罷工完成後重新動員，因此他們確實使時間表延長了大約 6 週以上。而且我回到原來的位置總是比復員要花更長的時間。所以這確實是推動這一增長的主要因素。這導致時間表略有延長，主要是間接略有增加。更多的運營成本現在成為項目成本的一部分，因為我們的生產——初始生產和商業生產比我們在 5 月 1 日假設的時間表延長了。

Okay. I'm just looking -- okay. All right. And then I just wanted to circle back to a question that Fahad asked, and it was about the minimum cash balances that you referenced. You said you -- keeping everything in mind, you would need $200 million as a minimum cash balance. Did that include the 2 months lead for the construction capital? So is it $200 million flat? Or should we be thinking more along the lines of $320 million to $340 million when you include to $60 million to $70 million per month of spend in a 2-month lead on it?

好的。我只是在看——好吧。好的。然後我只想回到 Fahad 提出的一個問題，即您提到的最低現金餘額。你說你——記住一切，你需要 2 億美元作為最低現金餘額。這是否包括建設資金的 2 個月提前期？那麼它是2億美元嗎？或者我們應該更多地考慮 3.2 億到 3.4 億美元的範圍，當你在兩個月的時間裡包括每月 6000 萬到 7000 萬美元的支出？

It's plus or minus $200 million, including the -- staying ahead by 2 months.

它是正負 2 億美元，包括 - 領先 2 個月。

The next question is from Tanya Jakusconek with Scotiabank.

下一個問題來自豐業銀行的 Tanya Jakusconek。

I just wanted to follow back. Thank you for the oil assumptions on Côté. Do you have the sensitivity for a $10 move barrel, what it would do to the cost, so that we can just have an idea on that front?

我只是想追回來。感謝您對 Côté 的石油假設。您是否對 10 美元的移動桶有敏感度，它會對成本產生什麼影響，以便我們可以在這方面有一個想法？

We'll follow up and provide that. We do have some oil hedges we have done for our own account rather than at the project level, and so we'll provide that information as well.

我們將跟進並提供。我們確實為我們自己的賬戶而不是在項目層面進行了一些石油對沖，因此我們也會提供這些信息。

Okay. And just following back to this funding gap. Just looking out, and I appreciate there's a lot of moving parts, but for us trying to figure out what this funding gap is, and we know we need to have that minimum $200 million in cash on the balance sheet. As we look into next year, I mean, is it safe to assume or we're assuming similar production and cost overall for the company as we have in 2022? And on that basis and the spend that we're seeing at Côté of that $70 million a month or thereabout, is it safe to assume with that minimum $200 million in cash on your balance sheet plus, let's say, spot gold prices, that $600 million, $700 million of the funding gap is -- are we within a reasonable range?

好的。回到這個資金缺口。只是看看，我很欣賞有很多活動的部分，但對於我們試圖弄清楚這個資金缺口是什麼，我們知道我們需要在資產負債表上至少有 2 億美元的現金。當我們展望明年時，我的意思是，是否可以安全地假設，或者我們假設公司的總體生產和成本與 2022 年相似？在此基礎上，以及我們在 Côté 看到的每月 7000 萬美元左右的支出，假設你的資產負債表上至少有 2 億美元的現金加上，比方說現貨黃金價格，那 600 美元是否安全？萬，7億美元的資金缺口是——我們在合理的範圍內嗎？

I would think about the -- depending on whether ultimately Rosebel is in our portfolio or not, and I would take that into consideration as well. And I would think about that range being -- the lower end of the range being your high end of the range.

我會考慮 - 取決於最終 Rosebel 是否在我們的投資組合中，我也會考慮到這一點。我會認為該範圍是-範圍的低端是您的範圍的高端。

Okay. So about $600 million. I appreciate. I mean, obviously, I have to include Rosebel in there because it's not sold yet, but just trying to understand. So assuming Rosebel is in, assuming the assumptions I gave you with that minimum cash, $600 million gap would be something, thereabout at, spot pricing?

好的。所以大約6億美元。我很感激。我的意思是，顯然，我必須將 Rosebel 包括在內，因為它還沒有售出，但只是想了解一下。因此，假設 Rosebel 參與其中，假設我以最低現金給你的假設，6 億美元的缺口將是什麼，大約在現貨定價？

Yes. Rosebel, I think we noted when we released the updated technical report back in January that, again depending on what gold price you're using as we ramp up to that 300,000 ounce production range in 2024, we were still expecting and are seeing Rosebel be a user of capital, both in 2022 and in 2023.

是的。 Rosebel，我想我們在 1 月份發布更新的技術報告時已經註意到，再次取決於您使用的黃金價格，因為我們在 2024 年將產量提高到 300,000 盎司的範圍，我們仍然期待並且看到 Rosebel 2022 年和 2023 年的資本使用者。

Yes. Okay. And can I circle back to -- obviously, maybe Rosebel is going to be sold, maybe it's not. We've got 2 mines otherwise that are going to need to generate cash flow for us to get us through this period. Can we talk about Essakane, just in general? Like it's a bit concerning about the security issues. So can you just talk a little, it's a big cash flow generator for you, like what exactly is going on there? And how has July looked? Like are we getting material to site here? Did we have a decent July? And what are we doing there to make sure we keep this mine going?

是的。好的。我可以回到 - 顯然，也許羅斯貝爾會被出售，也許不是。我們有 2 座礦山，否則需要產生現金流才能讓我們度過這段時期。我們可以談談 Essakane 嗎？就像它有點擔心安全問題。所以你能談談嗎，這對你來說是一個很大的現金流發生器，比如那裡到底發生了什麼？七月看起來怎麼樣？就像我們在這裡獲取材料一樣？我們有一個體面的七月嗎？我們在那裡做了什麼來確保我們繼續這個礦山？

Yes. Okay. Let's talk a little bit about Essakane because it's a very interesting one. Some challenges around security, but working very closely with the government on some security measures. And we're also working on things like extending the airstrip at the site to have more flexibility. We have found ways to organize convoys where we have a very large number -- you can just imagine hundreds of -- 100 large trucks going to this site all at once. We are taking measures also to increase our capacity of storage -- storage capacity at site as well so that we are not dependent as much on those convoys. And so -- and there's a number of measures that are being put in place.

是的。好的。讓我們稍微談談 Essakane，因為它非常有趣。一些圍繞安全的挑戰，但在一些安全措施上與政府密切合作。我們還在努力擴展現場的簡易機場，以提供更大的靈活性。我們已經找到了方法來組織我們擁有大量車隊的車隊——你可以想像成百上千——100輛大卡車同時前往這個站點。我們也在採取措施增加我們的存儲容量——現場的存儲容量，這樣我們就不會那麼依賴這些車隊了。所以 - 並且正在採取一些措施。

Essakane is an interesting one because we have a very -- we have a positive grade reconciliation. And what Essakane provides is very steady production, where we also have 53% average gravity recovery. And what we've seen is a depth and increase in grade, and also an increase in quartz gold to some extent, which has led the team to decide to go back, build a new block model, which will be implemented, I expect, in September or early in the fall. So Essakane, despite the challenges, we've had a higher grade than expected. We're looking at it. We're going to implement new block model and redo our mine plan and forecast.

Essakane 是一個有趣的人，因為我們有一個非常 - 我們有一個積極的成績和解。 Essakane 提供的是非常穩定的生產，我們的平均重力恢復率為 53%。而我們看到的是深度和品位的提升，石英金也在一定程度上有所提升，這導致團隊決定回去，建立一個新的區塊模型，我預計會實施，九月或初秋。所以 Essakane，儘管面臨挑戰，但我們的成績比預期的要高。我們正在研究它。我們將實施新的區塊模型並重做我們的礦山計劃和預測。

So more to come on Essakane. But so far, it's been a very solid producer. And it's been a very, very steady producer also. So that's a bit of color on Essakane challenges, but we've been -- our team have done enough some job managing around the security issues.

Essakane還有更多內容。但到目前為止，它是一個非常可靠的製作人。它也是一個非常非常穩定的製作人。所以這對 Essakane 挑戰有點色彩，但我們一直 - 我們的團隊已經完成了足夠多的工作來管理安全問題。

Maryse, what -- like on site, what sort of inventory levels do we have on fuel, cyanide, other consumables? Should we have to close down and -- because of uncertainty around the mine site? What do we have on site that we can keep going?

Maryse，什麼——比如現場，我們的燃料、氰化物和其他消耗品的庫存水平如何？我們是否應該關閉——因為礦場周圍的不確定性？我們在現場有什麼可以繼續前進的？

We keep close to a month of the supplies on site.

我們在現場保留了將近一個月的供應品。

Okay. That's helpful. And so far in July, things have gone okay?

好的。這很有幫助。到 7 月為止，一切都還好嗎？

Yes. Absolutely. July was, in fact, a great month at Essakane.

是的。絕對地。事實上，七月在 Essakane 是一個很棒的月份。

Okay. Perfect. And Maryse or Daniella, just on the financing package, and I'll leave it to somebody else because it's gone over time. I just wanted to understand that we're going to get some sort of financing package by year-end. It appears that it's just not going to be one thing, i.e., not just debt, it could be components of it. Is it something that we're going to see just come through like bit by bit from now until year-end? Or are you looking to put one big package together? Like I'm just trying to understand how you're going attack this line and package it. Is this -- I understand it's a sale of an asset that happens when it happens, but everything else, is it you want to get something in place and then, potentially, we see a CEO coming in? I'm just trying to understand how this is all going to work.

好的。完美的。還有 Maryse 或 Daniella，就在融資方案上，我會把它留給其他人，因為它已經隨著時間的推移而消失了。我只是想了解我們將在年底前獲得某種融資方案。似乎它不會是一回事，即不僅僅是債務，它可能是它的組成部分。從現在到年底，我們會一點一點地看到它嗎？或者你想把一個大包裹放在一起？就像我只是想了解你將如何攻擊這條線並打包它。這是 - 我知道這是出售資產，當它發生時，但其他一切，你是否想要得到一些東西，然後，潛在地，我們看到一位首席執行官進來？我只是想了解這一切將如何運作。

We are working to implement a fully funded package with the various components.

我們正在努力實施一個包含各種組成部分的資金充足的一攬子計劃。

Okay. So one package, fully funded, and then Maryse would help us with the CEO, trying to finalize the CEO for the company?

好的。所以一攬子計劃，資金充足，然後 Maryse 會幫助我們與 CEO 聯繫，試圖最終確定公司的 CEO？

Yes. So the CEO search is ongoing, and the Board wants to ensure that we are doing it right, that we have the right person. So stay tuned on this one.

是的。因此，CEO 的尋找工作正在進行中，董事會希望確保我們做得對，我們有合適的人選。所以請繼續關注這個。

The next question is from Carey MacRury with Canaccord Genuity.

下一個問題來自 Canaccord Genuity 的 Carey MacRury。

Maybe just back on the Côté CapEx, the $1.2 billion to $1.3 billion to complete. How much of that is now fixed price versus how much of it is really still exposed to either price or volume changes?

也許只是回到 Côté CapEx，完成 12 億至 13 億美元。現在有多少是固定價格，而有多少仍然受到價格或數量變化的影響？

That's a good question. I may have to go back to you to provide more details. But one way to look at it is all of the large contracts have been flat. And right now, it's -- the work -- what's remaining is all common material. I'm not sure if that's what...

這是個好問題。我可能不得不回過頭來提供更多細節。但看待它的一種方式是所有大合同都持平。而現在，它是——工作——剩下的都是普通材料。我不確定那是不是...

Okay. Fair enough. And then -- maybe I'll follow up. Maybe on just the sales processes. I know you said that they're well advanced. I'm just wondering if you can give a bit of color on how long it's been. Is there any sort of expected time line to complete that process?

好的。很公平。然後——也許我會跟進。也許只是銷售流程。我知道你說他們很先進。我只是想知道你是否可以對它已經有多久了。是否有任何預期的時間線來完成該過程？

So we are very active on both of those processes, and we'll update the market where we have an update.

因此，我們在這兩個過程中都非常活躍，我們將更新我們有更新的市場。

The next question is from Lawson Winder with Bank of America Securities.

下一個問題來自美國銀行證券公司的 Lawson Winder。

A couple of questions. Maybe just quickly on Côté. One would be, what percent of the CapEx is in Canadian dollars so we can just think about the sensitivity there?

幾個問題。也許很快就在 Côté。一個是，CapEx 的百分之幾是加元，所以我們可以考慮那裡的敏感性？

90% to 95% of the CapEx is in Canadian dollars. The -- we've used $1.25 as the FX rate for the remaining spend. The previous estimate was done at $1.3. The average at which we've incurred the expenses is somewhere around $1.27. And we have a number of FX hedges at $1.30 and slightly above, all of which are listed in a table in the MD&A.

90% 到 95% 的資本支出以加元計算。 - 我們使用 1.25 美元作為剩餘支出的外匯匯率。之前的估計是 1.3 美元。我們產生的平均費用約為 1.27 美元。我們有許多 1.30 美元或略高於 1.30 美元的外匯對沖，所有這些都列在 MD&A 的表格中。

Got you. And then with regards to Sumitomo, what does the JV agreement? I was just kind of curious, what kind of rights Sumitomo has? Do they have the right to decline additional funding?

得到你。然後關於住友，合資協議是什麼？我只是有點好奇，住友有什麼樣的權利？他們是否有權拒絕額外的資金？

They have the ability not to contribute to cash flow, in which case, they would be diluted. There are 2 different dilution mechanisms, depending on how much of the costs have been spent. We can share with you that we're cash calling on the updated schedule and costs, and the cash contribution for -- that was due August 1 was made.

他們有能力不為現金流做出貢獻，在這種情況下，他們將被稀釋。有兩種不同的稀釋機制，具體取決於花費了多少成本。我們可以與您分享，我們正在對更新的時間表和成本進行現金調用，並且已經支付了 8 月 1 日到期的現金捐款。

Okay. That's very helpful. And then just coming back to your existing operations. We definitely touched a lot on Essakane, but maybe just on Rosebel as well. So number one question would be on the labor contract expiring in August. Do you have any insight into when that could be resolved? And I mean I'm coming from the point of view of both risk to possible disruptions impacting your cash flow, but also a potential buyer or a partner for that asset may want to see that result. That would be my first question.

好的。這很有幫助。然後回到您現有的業務。我們確實在 Essakane 上接觸了很多，但也許只是在 Rosebel 上。所以第一個問題是關於八月份到期的勞動合同。你知道什麼時候可以解決這個問題嗎？我的意思是，我是從影響您的現金流的可能中斷風險的角度出發的，而且該資產的潛在買家或合作夥伴可能希望看到這一結果。那將是我的第一個問題。

Okay. I'll try to address that, but obviously, it's going to be based on past years' experience and past negotiations. What we have seen in the past was some 1- to 2-month delay in signing final agreements. And in terms of disruptions, we have seen in the past really just 1 week of, what do you call that, [virtual], for example. But I would say 1 week is a good estimate at this point of possible delays in production.

好的。我會嘗試解決這個問題，但顯然，這將基於過去幾年的經驗和過去的談判。我們過去看到的是簽署最終協議延遲了 1 到 2 個月。就中斷而言，我們在過去只看到了 1 週，例如，你稱之為什麼，[虛擬]。但我會說 1 周是一個很好的估計，此時生產可能會延遲。

Okay. That's helpful. And then maybe just asking about your guidance. So to be honest with you, given how strong the first half was, I would have expected you to increase the guidance. I mean the implied for H2 is 55,000 to 85,000 ounces, which would be a substantial decline from Q1. Are you factoring in disruptions from the labor negotiations? Or is this particularly grade, tonnage or operational -- operationally related?

好的。這很有幫助。然後也許只是詢問您的指導。所以說實話，考慮到上半場的強勁表現，我希望你會增加指導。我的意思是 H2 的隱含量是 55,000 到 85,000 盎司，這將比第一季度大幅下降。您是否考慮到勞資談判的中斷？或者這是特別等級，噸位或操作 - 操作相關？

Yes. And thanks for the question because I said in my remarks that we've had a great quarter, good half of the year, and I expect even some improvement in the second half of the year. I understand there's a bit of a disconnect. We decided to simply reiterate guidance, not increase it, to be a bit conservative. And then we'd say that with the team here, we really want to focus on meeting and beating expectations, okay? So decided to reiterate guidance. That allows us to take into account some of the risk around production, but definitely being conservative from my perspective. So no, we don't expect a bad second half of the year. It's not the case, no.

是的。謝謝你的提問，因為我在發言中說我們有一個很棒的季度，今年上半年很好，我預計下半年甚至會有所改善。我知道有一點脫節。我們決定簡單地重申指導，而不是增加指導，有點保守。然後我們會說，對於這裡的團隊，我們真的想專注於滿足和超越期望，好嗎？所以決定重申指導。這使我們能夠考慮到生產方面的一些風險，但從我的角度來看絕對是保守的。所以不，我們預計下半年不會有糟糕的表現。不是這樣的，不。

Okay. Great. That's helpful. Maybe just one follow-up, Burkina Faso, if I might. Are you currently relying strictly on sort of government military support from a security point of view? Or have you hired a private security team? And if not, is that something that you're seriously considering?

好的。偉大的。這很有幫助。如果可以的話，也許只是一個後續行動，布基納法索。從安全的角度來看，您目前是否嚴格依賴政府的軍事支持？還是您聘請了私人安保團隊？如果沒有，那是你在認真考慮的事情嗎？

We are working with the government and their military people, and we do not use private military support in-country, no.

我們正在與政府及其軍人合作，我們不使用國內的私人軍事支持，不。

This concludes the time allocated for today's questions. I will now hand the call back to Maryse Belanger for closing remarks.

分配給今天問題的時間到此結束。我現在將把電話交還給 Maryse Belanger 做結束語。

Thank you very much, operator, and thanks to everyone for joining us this morning and for your continued engagement with IAMGOLD. There's no doubt that we have hard work ahead of us, but myself, the Board and the management team are entirely focused on advancing Côté to production, addressing our capital needs and continuing on the solid operational performance at our operating mines.

非常感謝您，運營商，並感謝大家今天早上加入我們並繼續與 IAMGOLD 互動。毫無疑問，我們面臨著艱苦的工作，但我本人、董事會和管理團隊完全專注於推動 Côté 的生產、滿足我們的資本需求並繼續保持我們運營礦山的穩健運營業績。

I look forward to directly engaging with you, our investor and analyst community. So please reach out to myself or Graeme Jennings or -- and if you would like to set up a meeting. Thank you all. Goodbye. Have a great day.

我期待與您、我們的投資者和分析師社區直接互動。因此，請聯繫我本人或 Graeme Jennings 或 -- 如果您想安排一次會議。謝謝你們。再見。祝你有美好的一天。

This concludes today's conference call. You may disconnect your lines. Thank you for participating, and have a pleasant day.

今天的電話會議到此結束。你可以斷開你的線路。感謝您的參與，祝您有愉快的一天。