IAMGOLD Corp (IAG) 2023 Q1 法說會逐字稿

Thank you for standing by. This is the conference operator. Welcome to the IAMGOLD First Quarter 2023 Operating and Financial Results Conference Call and Webcast. (Operator Instructions) The conference is being recorded. (Operator Instructions)

謝謝你的支持。這是會議接線員。歡迎參加 IAMGOLD 2023 年第一季度運營和財務業績電話會議和網絡廣播。 （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, Vice President, Investor Relations and Corporate Communications for IAMGOLD. Please go ahead, Mr. Jennings.

此時，我想將會議轉交給 IAMGOLD 的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 First Quarter 2023 Operating and Financial Results Conference Call. Joining me today on the call are Renaud Adams, President and Chief Executive Officer; Maarten Theunissen, Chief Financial Officer; Bruno Lemelin, Senior Vice President, Operations and Projects; Craig MacDougall, Executive Vice President Exploration; Jerzy Orzechowski, Executive Project Director, Cote Gold; and Tim Bradburn, Senior Vice President, General Counsel and Corporate Secretary.

謝謝運營商，歡迎大家參加 IAMGOLD 2023 年第一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有總裁兼首席執行官 Renaud Adams； Maarten Theunissen，首席財務官； Bruno Lemelin，運營和項目高級副總裁； Craig MacDougall，勘探執行副總裁； Cote Gold 執行項目總監 Jerzy Orzechowski；高級副總裁、總法律顧問兼公司秘書蒂姆·布拉德伯恩 (Tim Bradburn)。

Before we begin, we are joined today from IAMGOLD's Toronto office, which is located on [313 territory] on the traditional lands of many nations, including the Mississaugas of the Credit, Anishnabeg, the Chippewa, the Haudenosaunee and the Wendat peoples. At IAMGOLD, we believe respecting and the holding indigenous rates is founded upon relationships that foster trust, transparency and mutual respect.

在我們開始之前，我們今天從 IAMGOLD 的多倫多辦事處加入我們，該辦事處位於許多國家的傳統土地上 [313 領土]，包括信貸的 Mississaugas、Anishnabeg、Chippewa、Haudenosaunee 和 Wendat 人民。在 IAMGOLD，我們相信尊重和持有本土利率是建立在促進信任、透明和相互尊重的關係之上的。

Please note that our remarks on this call will include forward-looking statements and refer to non-IFRS measures. We encourage you to refer to the cautionary statements and disclosures on non-IFRS measures, including the presentation and the reconciliations of these measures in our most recent MD&A, each under the heading non-GAAP financial measures. With respect to the technical information to be discussed, please refer to the information of the presentation under the heading qualified person and technical information. The slides referenced on this call can be viewed on our website.

請注意，我們對此次電話會議的評論將包括前瞻性陳述並參考非 IFRS 措施。我們鼓勵您參考非 IFRS 措施的警示性聲明和披露，包括在我們最近的 MD & A 中對這些措施的介紹和調節，每一項都在非 GAAP 財務措施的標題下。關於要討論的技術信息，請參閱“合格人員和技術信息”標題下的演示文稿信息。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 President and CEO, Renaud Adams.

我現在將把電話轉給我們的總裁兼首席執行官 Renaud Adams。

Thank you, Graeme, and good morning, everyone, and thank you for joining us today. First off, I want to thank and congratulate the IAMGOLD teams, including our Chair, Maryse Belanger, our Board of Directors and management, our operations, finance and business development teams and everyone in the organization for positioning the company to where it is today. The company reported a strong first quarter responding to challenges with 113,000 ounces of attributable gold production from continuing operation while diligently focusing on managing our cost input.

謝謝你，Graeme，大家早上好，感謝你今天加入我們。首先，我要感謝並祝賀 IAMGOLD 團隊，包括我們的主席 Maryse Belanger、我們的董事會和管理層、我們的運營、財務和業務開發團隊以及組織中的每個人，他們將公司定位為今天的位置。該公司報告第一季度表現強勁，持續運營的權益黃金產量為 113,000 盎司，同時努力專注於管理我們的成本投入。

I have been asked by many stakeholders since I joined the company, what brought me to IAMGOLD, and where do I see this company in the future? I can tell you before officially starting in the beginning of April, I spent several weeks behind the scenes, getting up to speed on the company and learning about the achievement and progress of the operations in Cote. It was clear to me then and even more so now that IAMGOLD is on the cost of turning the corner towards the goal of being a leading midterm, high-margin gold business.

加入公司以來，很多利益相關者問我，是什麼讓我來到IAMGOLD，我對這家公司的未來有何看法？我可以告訴你，在 4 月初正式開始之前，我在幕後花了幾週的時間，了解公司的最新情況，了解 Cote 運營的成就和進展。當時我很清楚，現在更是如此，IAMGOLD 正在為實現成為領先的中期、高利潤黃金企業的目標而付出代價。

Our Essakane mine has been performing well with the teams in country, demonstrating great initiative with resiliency. Our Westwood mine is starting to make real gains on completing underground rehabilitation work and development in support of the future mine plan that is highlighted by new and transformative initiatives. Then of course, all eyes are on Cote, where the project continues to advance rapidly towards initial production early next year. The project was approximately 80% complete at the end of March and is ramping up to its activity levels with a clear road map in front of us to achieve success. The impact of Cote Gold on this company will be absolutely substantial with the long life, low-cost assets shifting our production base to Canada.

我們的 Essakane 礦山在國內的團隊中表現良好，表現出極大的主動性和彈性。我們的 Westwood 礦山開始在完成地下修復工作和開發方面取得真正的成果，以支持以新的和變革性舉措為重點的未來礦山計劃。然後，當然，所有的目光都集中在 Cote 上，該項目將繼續快速推進到明年初的初始生產。該項目在 3 月底完成了大約 80%，並且正在逐步提高其活動水平，我們面前有一個清晰的路線圖以取得成功。隨著壽命長、成本低的資產將我們的生產基地轉移到加拿大，Cote Gold 對這家公司的影響絕對是巨大的。

I'm excited and eager to turn our and the market's focus from looking back to looking ahead of what is to come. We will soon be making the transition from fixing operations and managing constructions towards the real value drivers in our business and demonstrating execution success, operation optimization and unlocking growth potential, also the benefit of our stakeholders. With that, I will now walk us through the quarterly results and highlights.

我很興奮也渴望將我們和市場的注意力從回顧轉向展望未來。我們很快就會從固定運營和管理建設轉變為我們業務中的真正價值驅動因素，並展示執行成功、運營優化和釋放增長潛力，這也是我們利益相關者的利益。有了這個，我現在將向我們介紹季度業績和亮點。

I'm on Slide 5. Starting with health and safety. While our metrics in the first quarter as track above our internal targets, this year remains in line with our peers, with a days away restricted transferred duty rate of 0.6 and total recordable injury rates of 0.84 based on 200,000 hours worked. Ensuring that all our employees and contractors go home safely will always be the primary focus of IAMGOLD. As we like to say, every gold ounce produced has to be done safely, and we continue to amend our systems safety protocol to ensure we achieve Zero Harm.

我在幻燈片 5 上。從健康和安全開始。雖然我們第一季度的指標高於我們的內部目標，但今年仍與我們的同行保持一致，離職限制轉移率為 0.6 天，總可記錄工傷率為 0.84，基於 200,000 小時的工作時間。確保我們所有的員工和承包商安全回家將始終是 IAMGOLD 的首要關注點。正如我們喜歡說的，生產的每一盎司黃金都必須安全生產，我們將繼續修改我們的系統安全協議，以確保我們實現零傷害。

On production, in Q1, the company produced 113,000 ounces of gold on an attributable basis from continuing operations, putting us well on the path of our production guidance target of 410,000 to 470,000 ounces this year. As we will get into a moment, the production results were driven by higher-than-expected grades at Essakane and a continued ramp-up Westwood. The relatively strong production results and sales volume translated to cash costs of $1,094 per ounce sold. And all-in sustaining cost of $1,525 per ounce sold, lower than our guidance estimate of USD1,125 to USD1,175 per ounce for cash costs and USD1,625 to USD1,700 per ounce of all-in sustaining costs, mainly due to lower net planned stripping in this account.

在生產方面，在第一季度，公司通過持續經營以應佔權益為基礎生產了 113,000 盎司黃金，使我們順利實現了今年 410,000 至 470,000 盎司的生產指導目標。稍後我們將了解，生產結果是由 Essakane 高於預期的等級和 Westwood 的持續增長推動的。相對強勁的生產結果和銷售量轉化為每售出 1,094 美元的現金成本。售出的每盎司總維持成本為 1,525 美元，低於我們指導估計的每盎司現金成本 1,125 美元至 1,175 美元和每盎司總維持成本 1,625 美元至 1,700 美元，這主要是由於此帳戶中的淨計劃剝離較低。

Our costs were higher than in the same period of last year as the inflation in ourself, the industry experienced in the second half of last year brings a general cost of doing business and are unlikely to decrease at the same pace. While the first quarter costs were below guidance, I will note that we expect to see our cost increase in the second and third quarters of this year due to higher volume and of waste stripping planned during these periods.

我們的成本高於去年同期，因為我們自己的通貨膨脹，去年下半年經歷的行業帶來了一般的經營成本，不太可能以同樣的速度下降。雖然第一季度的成本低於指引，但我會注意到，由於這些時期計劃的廢物剝離量增加，我們預計今年第二和第三季度的成本會增加。

And now turning to Slide 6. Turning to Essakane. The mine reported attributable gold production of 92,000 ounces with higher-than-expected head grade due to continued positive grade reconciliation and a direct feed of material from the bottom of Phase I of the pit. Mining activity were impacted by ongoing disruption in the in-country supply chain with Essakane mining just over 1.6 million tons of ore and 4.6 million tons of waste for total material minus 6.3 million tons versus the 15.2 million tons in the same period last year. As we saw during the period last year, the mining fleet could not be operated at full capacity during January and February as a result of disruptions and the fuel supply resulting from the security situation. It should be noted though that the situation improved during March, and the mining fleet was operating at near full capacity during April.

現在轉向幻燈片 6。轉向 Essakane。該礦報告稱，歸因於 92,000 盎司黃金產量，原礦品位高於預期，原因是持續的正品位協調和來自礦坑第一階段底部的直接進料。採礦活動受到國內供應鏈持續中斷的影響，Essakane 開采了超過 160 萬噸礦石和 460 萬噸廢料，總材料減去 630 萬噸，而去年同期為 1520 萬噸。正如我們在去年同期看到的那樣，由於安全局勢導致的中斷和燃料供應，採礦船隊在 1 月和 2 月無法滿負荷運營。值得注意的是，3 月份情況有所改善，4 月份礦機隊幾乎滿負荷運轉。

Mill throughput in the first quarter was 2.2 million tons at an average head grade of 1.6 grams a ton, with throughput 31% lower than the same period -- the same prior year period. The decline in throughput and lower plant utilization during the quarter is primarily due to the fuel supply constraint discuss. The mill achieved recovery of 91% in the first quarter as the plant continues to benefit from recent improvement to ore blending practices and the gravity circuit. Recovery from the gravity continue to increase over historical levels, and we are planning on installing additional screen in the second half of the year to target even further potential improvement.

第一季度的工廠吞吐量為 220 萬噸，平均原礦品位為 1.6 克/噸，吞吐量比去年同期下降 31%。本季度吞吐量下降和工廠利用率下降主要是由於燃料供應限制的討論。該工廠在第一季度實現了 91% 的回收率，因為該工廠繼續受益於最近對礦石混合實踐和重力迴路的改進。從重力中恢復的速度繼續超過歷史水平，我們計劃在今年下半年安裝額外的屏幕，以實現進一步的潛在改進。

On a cost basis, Essakane reported cash cost of $964 per ounce, an increase from the $781 an ounce last year due to inflationary pressures being offset by lower mining and milling costs as a result of lower activity level at higher grades. All-in sustaining costs were $1,157 an ounce coming in the long estimate as we were unable to undertake the planned stripping program (inaudible).

在成本基礎上，Essakane 報告的現金成本為每盎司 964 美元，高於去年的每盎司 781 美元，原因是通貨膨脹壓力被較高品位的活動水平較低導致的採礦和銑削成本降低所抵消。由於我們無法進行計劃中的剝離計劃（聽不清），長期估計的總維持成本為每盎司 1,157 美元。

Looking ahead, Essakane is on track to achieve its gold production guidance range of 340,000 to 380,000 ounces of gold. Mining activity is trending towards normal operating levels in April and is expected that we will be able to operate near the normal levels during the remainder of the year, including the planned waste stripping in the second and third quarter to provide access to the required mining areas in order to meet the 2024, 2025 production plan. Mill throughput is expected to return to normal levels with head grades expected to decrease over the course of the year as the mill feed and corporates lower-grade material on stockpile.

展望未來，Essakane 有望實現 340,000 至 380,000 盎司黃金的黃金產量指導範圍。採礦活動在 4 月份趨於正常運營水平，預計我們將能夠在今年剩餘時間內接近正常水平運營，包括計劃在第二和第三季度進行的廢物剝離，以提供進入所需礦區的通道以滿足2024、2025的生產計劃。由於工廠進料和企業庫存中的低品位材料，工廠產量預計將恢復到正常水平，而原礦品位預計將在今年下降。

Turning to Westwood. Gold production was 21,000 ounces of gold (inaudible) as a result of higher volume in our grades from underground as well as the contribution from the Grand Duc open pit. Underground development in the first quarter experienced near record development rates with 1,494 meters of lateral development completed to secure safe access to multiple ore faces, including high-grade gas producing area, which will allow for increased operational flexibility and support of the 2023 production plan.

轉向韋斯特伍德。黃金產量為 21,000 盎司黃金（聽不清），這是由於我們的地下品位產量增加以及 Grand Duc 露天礦的貢獻。第一季度地下開發的開發速度接近創紀錄水平，完成了 1,494 米的橫向開發，以確保安全進入多個礦面，包括高品位天然氣產區，這將提高運營靈活性並支持 2023 年生產計劃。

I was on the ground at Westwood last month, spending in some of the [Keystones in the Central Zone]. And it is absolutely impressive what the teams have done to bring access back into this area. With a strong first quarter, Westwood is well on track to achieve its guidance range of 70,000 to 90,000 ounces of gold. And we expect to see an increasing proportion of our source from the underground mine as the year progresses. Mill feed will continue to be supplemented from available surface deposits, and we should know that our guidance includes supplemental mill feed from satellite deposits, including from the Fayolle property in the second half of the year.

上個月我在 Westwood 的地面上，在一些 [中央區的 Keystones] 消費。團隊為重新訪問該區域所做的工作絕對令人印象深刻。憑藉強勁的第一季度業績，Westwood 有望實現其 70,000 至 90,000 盎司黃金的指導範圍。隨著時間的推移，我們希望看到越來越多的資源來自地下礦山。工廠飼料將繼續從可用的地表礦床中補充，我們應該知道我們的指導包括來自衛星礦床的補充工廠飼料，包括今年下半年的 Fayolle 財產。

Cash costs and all-in sustaining costs continued to remain high at Westwood Complex, with a very high sensitivity to mine output. But as the production volume increase and the rehabilitation work decrease, we expect to see significant cost step down with the goal of positioning the asset for free cash flow starting towards the end of the year, on time for a better and profitable 2024 and beyond.

Westwood Complex 的現金成本和全部維持成本繼續居高不下，對礦產產量非常敏感。但隨著產量的增加和修復工作的減少，我們預計成本將大幅下降，目標是從年底開始為自由現金流定位資產，按時在 2024 年及以後實現更好的盈利。

Turning to Cote Gold. And I was mentioned by Graeme in the operating remarks, I am pleased to have our Executive Project Director with us today, and I will hand over the call to him in a moment. One of my first initiatives was when we started was to be a Cote, where I spent time at site with the team. It is very exciting to see the progress the team has made and see -- and I could see the project firsthand. Cote Gold, once up and running will be Canada's third largest gold mine and the impact that Cote will have in this company will be substantial. With the long life, low-cost assets shifting a significant proportion of our production base to Canada. Cote is now ramping up to peak activity. Now with the spring thaw is nearing completion, and there is a clear road map in front of us to achieve success.

轉向 Cote Gold。 Graeme 在運營評論中提到了我，我很高興今天有我們的執行項目總監和我們在一起，我稍後會把電話交給他。我的第一個舉措是當我們開始時成為 Cote，我在那裡與團隊一起在現場工作。看到團隊取得的進展非常令人興奮——我可以親眼看到這個項目。 Cote Gold 一旦投入運營，將成為加拿大第三大金礦，Cote Gold 將對該公司產生重大影響。隨著使用壽命長、成本低的資產將我們生產基地的很大一部分轉移到加拿大。 Cote 現在正逐漸達到活動高峰。現在春季解凍已接近尾聲，我們面前有一張清晰的路線圖來取得成功。

Looking at the project spending. In Q1, the Project UJV incurred $158.6 million in project expenditures on a 70% basis, bringing the project to date expanded due to $1.37 billion on a 70% basis or $1.96 billion on a 100% basis. Cote Gold remains on schedule and the estimated attributable cost to complete the construction on a 70% in incurred basis with $625 million to $700 million, assuming a U.S. cap rate of 1.32. Accounting for a Sumitomo funding agreement, which Maarten will go into more detail. IAMGOLD is expected from $460 million to $535 million during the remaining of 2023 to bring the project to production based on it's 60.3% ownership in the joint venture.

查看項目支出。第一季度，UJV 項目在 70% 的基礎上產生了 1.586 億美元的項目支出，使該項目迄今為止擴大到 70% 的 13.7 億美元或 100% 的 19.6 億美元。 Cote Gold 仍按計劃進行，假設美國資本化率為 1.32，預計可歸屬成本為 6.25 億至 7 億美元，以 70% 的已發生基礎完成建設。考慮 Sumitomo 資助協議，Maarten 將對此進行更詳細的介紹。 IAMGOLD 預計在 2023 年剩餘時間內投入 4.6 億美元至 5.35 億美元，以根據其在合資企業中的 60.3% 所有權將該項目投入生產。

With that, I will turn the call over to our Executive Project Director for additional remarks. Go ahead, Jerzy.

有了這個，我將把電話轉給我們的執行項目總監以徵求更多意見。去吧，耶日。

Thank you, Renaud. As mentioned, the first quarter saw important progress for the project, achieving significant milestones and efforts of [recent plant] and operation readiness. At the end of the quarter, the project was approximately 80% complete, having achieved 7% progress in the first quarter of this year during which was a cold winter season. We currently have over 1,700 workers on site, having recently added an additional 264 beds to support additional workforce for SMPEI construction activities, commissioning, operational resources this spring and summer.

謝謝你，雷諾。如前所述，第一季度該項目取得了重要進展，實現了[最近的工廠]和運營準備的重要里程碑和努力。截至本季度末，該項目已完成約 80%，比今年第一季度寒冷的冬季取得了 7% 的進度。我們目前在現場有 1,700 多名工人，最近又增加了 264 張床位，以支持今年春季和夏季 SMPEI 建設活動、調試和運營資源的額外勞動力。

On earthworks, we have achieved the first target of the TMF reaching the elevation of 392 in March in preparation for the spring freshet to allow for the water accumulation to support commissioning activities later this year. Having reached the freshet milestone with the scheduled float in the earthworks, we have used this opportunity to slow down a bit the earthworks progress to advance less ability progress on the process plant construction. Our focus in Q2 and Q3 will be on completing the construction of the portions of the plant and starting recommissioning activities. Q4 will be focused on finalization of recommissioning of preparations for the ore introduction to achieve first gold in Q1 and sustainable production next year.

在土方工程方面，我們已經實現了 TMF 的第一個目標，即 3 月份達到海拔 392 度，為春季的降水做準備，以便蓄水以支持今年晚些時候的調試活動。在土方工程中按計劃浮動達到了新的里程碑，我們利用這個機會稍微放慢了土方工程的進度，以推進加工廠建設的較少能力進展。我們在第二季度和第三季度的重點將是完成工廠部分的建設並開始重新調試活動。第四季度將重點完成重新投產準備工作，以實現明年第一季度的第一金和可持續生產。

Let me give you a quick commentary to the pictures on your screens. Taking it from the top left corner, this is the status of the high voltage incoming substation. We are planning to start early commissioning activities in this area early Q2 in preparation for utility collection of the primary power in August. Moving to our points. This is a grinding area. You can see the ball mill, which is from (inaudible) and vertimill progress. We had a very good progress in our fleet assembly and commissioning. All procurement is essentially complete and we have fourteen CAT 793F haul trucks, two, 994 loaders and four D10 dozers delivered with assembly quite unbalance on the first electric shovel.

讓我對屏幕上的圖片做一個簡短的評論。從左上角看，這是高壓進線變電站的狀態。我們計劃在第二季度初開始該地區的早期調試活動，為 8 月份收集主要電力做準備。轉到我們的觀點。這是磨削區。您可以看到球磨機，它來自（聽不清）和 vertimill 的進展。我們在機隊組裝和調試方面取得了很好的進展。所有採購基本完成，我們有 14 台 CAT 793F 運輸卡車、2 台 994 裝載機和 4 台 D10 推土機交付，第一台電鏟上的裝配非常不平衡。

We have started the autonomous operation in the pit on early January with 4 to 6 trucks operating depending on the material delivery target area. And we are running autonomous fleet during the day and are planning to start 24-hour operation in Q3. Finally, you can see in the bottom left corner the birds-eye view from the (inaudible) side. This is another area which we are pushing to start recommissioning activities.

我們已於 1 月初開始在坑內進行自主作業，根據物料運送目標區域，有 4 到 6 輛卡車在作業。我們在白天運行自主車隊，併計劃在第三季度開始 24 小時運營。最後，您可以在左下角看到（聽不清）一側的鳥瞰圖。這是我們正在推動啟動重新調試活動的另一個領域。

Moving to the time line. This is the high-level view. Cote Gold continues to track well to the updated project schedule towards initial production in early '24. We are welcome to close alignment with our parts in (inaudible) and our contractors to ensure that public move safely on time and on the current budget and scope. At this time, the critical part of the project continues to be through the processing funds as mining operations are well advance. A key event this summer will be collection of electrical substation to the power line. This will amount for electrification of the equipment in the plant as well as their own shovel in the pit.

移動到時間線。這是高級視圖。 Cote Gold 繼續很好地跟踪更新的項目時間表，以實現 24 年初的初始生產。歡迎我們與我們在（聽不清）中的部分和我們的承包商保持密切聯繫，以確保公眾在當前預算和範圍內按時安全移動。目前，該項目的關鍵部分繼續通過處理資金，因為採礦作業進展順利。今年夏天的一項重要活動是將變電站收集到電力線上。這將相當於工廠設備的電氣化以及他們自己在坑中的鏟子。

The Hydro One power lines have been completed to site and substation made significant progress in the quarter. We are very much reliant on our workforce and on a major employer in the region. So I want to [thank from heart] our human resources team, ensuring a project is well staffed up. We are all let as good as our people, and I'm impressed with the team on the ground.

Hydro One 電力線已完工，變電站在本季度取得了重大進展。我們非常依賴我們的勞動力和該地區的主要雇主。所以我想[發自內心地感謝]我們的人力資源團隊，確保項目配備齊全。我們都和我們的員工一樣優秀，我對實地團隊印象深刻。

With that, I will turn it back to you, Renaud. Thank you.

有了這個，我會把它還給你，雷諾。謝謝。

Thank you, Jerzy. Of course, we cannot talk about Cote without talking about Gosselin. Earlier in the quarter, we reported as a result from the 2022 drill campaign, which successfully intersected mineralization to [Tesaro and below] the current resource foundry of the deposit. Gosselin with main and resources of 3.4 million indicated ounces and 1.7 million ounces inferred continue to be in the early stage of discovery. The deposit has only been drilled with a fraction of the meters compared to Cote and to half the depth. It remains open along strike and I doubt.

謝謝你，耶日。當然，談科特就不能不談戈塞林。本季度早些時候，我們報告了 2022 年鑽探活動的結果，該活動成功地將礦化與 [Tesaro 及以下] 礦床的當前資源鑄造廠相交。 Gosselin 的主要資源量為 340 萬盎司，推斷資源量為 170 萬盎司，仍處於發現的早期階段。與 Cote 相比，該礦床只鑽了一小部分米，深度只有一半。它在罷工期間保持開放，我懷疑。

When you look at the Cote life of mine, there is a step down in production in year 2030 to 2033, which could be a logical fit to bring Gosselin into the mine plan. While there is still a lot of work to do in order to realize that. This year, we will be advancing technical studies to start reviewing alternatives of potential inclusion of Gosselin into a future Cote life of mine. We believe we are in the early days of the Cote district and believe that Cote Gold is not just a project, but the start of the mining camp with substantial upside to be covered within our nearly 600 square kilometers land package.

當你看一下我的 Cote 壽命時，2030 年到 2033 年產量會下降，這可能是將 Gosselin 納入礦山計劃的合乎邏輯的。雖然要實現這一點還有很多工作要做。今年，我們將推進技術研究，以開始審查可能將 Gosselin 納入我未來 Cote 生活的替代方案。我們相信我們正處於 Cote 區的早期階段，並且相信 Cote Gold 不僅僅是一個項目，而是採礦營地的開始，在我們近 600 平方公里的土地包中具有巨大的上升空間。

Now I will pass the call over to our CFO, to walk us through the financial review. Maarten?

現在我將把電話轉給我們的首席財務官，讓我們完成財務審查。馬丁？

Thank you, Renaud, and good morning, everyone. It was a busy quarter for the company following the strategic announcements at the end of last year. Before we look at the earnings, cash flows and liquidity picture, it is probably worth a moment to review the transactions and associated implications. Early in the first quarter, we closed the sale of the Rosebel mine, with total cash proceeds received of $386.4 million. We still expect to receive an additional $9.8 million by the end of the second quarter related to the cash still held at site and related working capital adjustments.

謝謝雷諾，大家早上好。在去年年底發布戰略公告後，本季度對公司來說是一個繁忙的季度。在我們查看收益、現金流和流動性情況之前，可能值得花點時間回顧一下交易和相關影響。第一季度初，我們完成了 Rosebel 礦的出售，收到的現金收益總額為 3.864 億美元。我們仍預計到第二季度末將額外收到 980 萬美元，這些資金與仍留在現場的現金和相關營運資金調整有關。

Subsequent to the quarter end, on April 26, we announced the closing side of our Bambouk assets for pretax gross proceeds of $197.6 million. The closing of the other assets of this deal, including the assets in Guinea and Mali are expected to close in the third quarter. The Sumitomo funding agreement announced at the end of last year began to take effect in the first quarter with Sumitomo contributing $189 million of total $250 million of the IAMGOLD funding obligations during the quarter. This effectively equated to a 7.5% transfer of interest in the project to Sumitomo.

在本季度結束後的 4 月 26 日，我們宣布結束 Bambouk 資產的稅前總收益為 1.976 億美元。這筆交易的其他資產的交割，包括幾內亞和馬里的資產預計將在第三季度完成。去年年底宣布的住友融資協議在第一季度開始生效，住友在本季度貢獻了 2.5 億美元 IAMGOLD 融資義務中的 1.89 億美元。這實際上相當於將項目 7.5% 的權益轉讓給住友。

Subsequent to the quarter end and as of May 1, Sumitomo has contributed the remaining $61 million to bring their project interest to 39.7% and IAMGOLD interest to 60.3%. As a result of the increased interest in the project, Sumitomo contributed $7.1 million in incremental funding for project construction. Over the remaining construction time line, Sumitomo will outplay approximately $82.8 million for a total of $90 million of incremental expenditures based on the increased 10% exposure to construction costs. As a reminder, IAMGOLD with the right to repurchase this 10% interest at 1 of 7 future dates up to November 2026, and we want to reinforce that it is ours and Sumitomo's intention for IAMGOLD to ultimately return to a 70-30 joint venture structure in the future.

本季度結束後，截至 5 月 1 日，住友已投入剩餘的 6100 萬美元，使其項目權益達到 39.7%，IAMGOLD 權益達到 60.3%。由於對該項目的興趣增加，住友商事為項目建設提供了 710 萬美元的增量資金。根據建築成本增加 10% 的風險，住友在剩餘的施工時間內將超過約 8280 萬美元，總計 9000 萬美元的增量支出。提醒一下，IAMGOLD 有權在 2026 年 11 月之前的 7 個未來日期中的 1 個日期回購這 10% 的權益，我們想強調的是，我們和住友希望 IAMGOLD 最終恢復到 70-30 的合資企業結構將來。

With regard to the accounting for the transaction, IAMGOLD will continue to account for 70% of the assets and liabilities of Cote on our balance sheet. And the transferred interest will not be recognized as a sale due to the existence of the repurchase option. We have recognized a repurchase option liability that represents the amount of Sumitomo contributed on behalf of IAMGOLD, that is also equal to the amount that IAMGOLD means to base Sumitomo to repurchase our transferred interest and eventually return to a 70% interest in the unincorporated joint venture, and this is as at March 31, 2023. After achieving commercial production, we will account for 60.3% of the revenue and costs in our income statement and receive 60.3% of the cash flows.

關於交易的會計處理，IAMGOLD 將繼續占我們資產負債表上 Cote 資產和負債的 70%。且轉讓的權益存在回購選擇權，不確認為出售。我們已確認代表 IAMGOLD 代表 Sumitomo 出資的金額的回購期權負債，這也等於 IAMGOLD 意味著讓 Sumitomo 回購我們轉讓的權益並最終返回非法人合資企業 70% 權益的金額，這是截至 2023 年 3 月 31 日的數據。實現商業化生產後，我們將佔損益表中收入和成本的 60.3%，並獲得現金流量的 60.3%。

Turning to the Q1 financials. Revenues from continuing operations totaled $226.2 million from sales of 119,000 ounces at an average realized price of $1,893 per ounce. Adjusted EBITDA from continuing operations was $83 million for the year, translating to an adjusted earnings per share of $0.05. Net cash flow in Q1 from operating activities was $28.1 million, and this includes investments in working capital related to the bottom of the stockpile in Cote and the reduction in accounts payables. Net cash from investing activities for the fourth quarter -- for the first quarter was $160.6 million and includes $386.4 million in proceeds received from the disposition of Rosebel, offset by capital expenditures of $215.1 million.

轉向第一季度的財務狀況。持續經營收入總計 2.262 億美元，銷售量為 119,000 盎司，平均實現價格為每盎司 1,893 美元。本年度來自持續經營業務的調整後 EBITDA 為 8300 萬美元，相當於調整後每股收益為 0.05 美元。第一季度來自經營活動的淨現金流為 2810 萬美元，其中包括與 Cote 庫存底部相關的營運資本投資和應付賬款的減少。第四季度投資活動產生的淨現金 - 第一季度為 1.606 億美元，其中包括從處置 Rosebel 獲得的 3.864 億美元收益，被 2.151 億美元的資本支出所抵消。

Net cash used in financing activities for the first quarter. After $2.1 million adjustment to foreign exchange rate impacts on cash and cash equivalents, was $64.4 million. This includes repayment of the credit facility of USD255 million, offset by proceeds received through the Sumitomo funding arrangement of USD196.1 million, of which USD189 million related to the funding obligation and USD7.1 million of incremental funding associated with Sumitomo's increased project interest.

第一季度籌資活動使用的現金淨額。在對現金和現金等價物的匯率影響進行 210 萬美元調整後，為 6440 萬美元。這包括償還 2.55 億美元的信貸額度，被通過住友商事融資安排收到的 1.961 億美元收益所抵消，其中 1.89 億美元與融資義務相關，710 萬美元與住友商事增加的項目利息相關的增量融資。

In terms of our financial position, we ended the quarter with USD532.1 million in cash and cash equivalents and USD257.3 million available under the credit facility after USD255 million repayment in the quarter. Taken together, this translates to approximately $789.4 million in available liquidity at the end of Q1. We note here that approximately $260 million of our cash and cash equivalents is held by the Cote UJV and Essakane. Essakane to UJV requires joint venture partners to fund and advance 2 months of future expenditures. And at Essakane, the company uses dividends and intercompany loans to repatriate funds from its operations and the timing of dividends is usually in the second and third quarter of every year.

就我們的財務狀況而言，在本季度還款 2.55 億美元後，我們在本季度結束時擁有 5.321 億美元的現金和現金等價物以及 2.573 億美元的可用信貸額度。總而言之，這相當於第一季度末的可用流動資金約為 7.894 億美元。我們在此註意到，我們的現金和現金等價物中約有 2.6 億美元由 Cote UJV 和 Essakane 持有。 Essakane 到 UJV 要求合資夥伴提供資金並墊付 2 個月的未來支出。而在 Essakane，公司使用股息和公司間貸款從其運營中匯回資金，股息的發放時間通常在每年的第二和第三季度。

We typically hold and guide on base just to account for between USD200 million and USD250 million of cash being held on our balance sheet for these normal course business purposes. As we discussed, we expect to see the Bambouk assets to close by Q3 this year for a total of $282 million of proceeds on a before-tax basis. And we are guiding this will translate to approximately $240 million to $250 million on an after-tax basis.

我們通常持有和指導基礎只是為了說明我們的資產負債表上為這些正常課程業務目的持有的 2 億美元至 2.5 億美元的現金。正如我們所討論的那樣，我們預計 Bambouk 資產將在今年第三季度結束，稅前收益總額為 2.82 億美元。我們指導這將在稅後基礎上轉化為約 2.4 億至 2.5 億美元。

The closing of the sale in Senegal asset was completed in April for $197.6 million. We received $165.7 million in cash with the remaining $32 million expected by the earlier 6 months and the closing of the remaining transactions, and we expect the remaining transactions to close during the third quarter. When we look at the funding picture for Cote, as Renaud outlined earlier, we estimate the remaining funding requirement by IAMGOLD to complete Cote of $460 million to $535 million, whereas the project still on schedule as outlined by Jerzy.

塞內加爾資產的出售於 4 月以 1.976 億美元的價格完成。我們收到了 1.657 億美元的現金，剩餘的 3200 萬美元預計將在前 6 個月完成，並完成剩餘交易，我們預計剩餘交易將在第三季度完成。正如 Renaud 之前概述的那樣，當我們查看 Cote 的資金情況時，我們估計 IAMGOLD 完成 Cote 所需的剩餘資金為 4.6 億至 5.35 億美元，而該項目仍在按 Jerzy 概述的計劃進行。

Based on prevailing market conditions, which could impact project expenditures and operating cash flows, the company believes that its available liquidity at March 31, 2023, combined with cashflows from operations, the Sumitomo funding arrangement and the expected proceeds from the sale of the Bambouk assets, is sufficient to complete construction and ramp-up of the Cote Gold project, based on the current estimated cost and schedule. We continue to advance additional financing initiatives to strengthen our balance sheet and improve liquidity in order to place the company in a strong position to return to 70% interest in the Cote Gold project.

根據可能影響項目支出和經營現金流的現行市場狀況，公司認為其截至 2023 年 3 月 31 日的可用流動性，結合經營現金流、住友融資安排和出售 Bambouk 資產的預期收益, 根據當前的估計成本和進度，足以完成 Cote Gold 項目的建設和擴產。我們繼續推進額外的融資計劃，以加強我們的資產負債表和改善流動性，以使公司處於有利地位，以恢復對 Cote Gold 項目 70% 的權益。

Thank you, Renaud.

謝謝你，雷諾。

Thank you, Maarten, and I want to take a moment here to thank everyone on the IAMGOLD team [for the facial thought] for our construction team at Cote for the tireless efforts and dedication as we continue to position the company for success. This is a real exciting time for this company.

謝謝你，Maarten，我想在這里花點時間感謝 IAMGOLD 團隊中的每個人 [對於面部的想法]，感謝我們在 Cote 的施工團隊的不懈努力和奉獻，因為我們繼續將公司定位為成功。對於這家公司來說，這是一個真正激動人心的時刻。

With that, I will pass the call back to the operator for the Q&A portion of this call. Operator?

這樣，我會將電話轉回給接線員，以進行此電話的問答部分。操作員？

(Operator Instructions) Our first question is from Mike Parkin with National Bank.

（操作員說明）我們的第一個問題來自國家銀行的 Mike Parkin。

Just with respect to Cote. Can you give us an idea of what the split is between mining overburden versus hard rock in the open pit? (inaudible)

就科特而言。您能否告訴我們露天礦開採覆蓋層與硬岩之間的區別是什麼？ （聽不清）

Don't have Michael, Renaud here. So I don't have those numbers right now in front of me, but I can tell you that in the overall strip ratio of the project is in the range of the 2 to 1 as we move forward. But I don't have the numbers in the detail with me now but it comes to over burden versus the waste rock and ore mining per periods, but I'll follow up that with you. Just hold on, just hold on, maybe Jerzy has some more detail on it.

不要讓邁克爾，雷諾在這裡。所以我現在沒有這些數字，但我可以告訴你，隨著我們的推進，項目的整體剝離率在 2 比 1 的範圍內。但我現在沒有詳細的數字，但它涉及到與每個時期的廢石和礦石開採相比的超負荷，但我會和你一起跟進。等一下，等一下，也許 Jerzy 有更多的細節。

We have (technical difficulty)

我們有（技術難度）

(technical difficulty) just really looking in terms of like how are you progressing with the pit? Is it going as expected? Are you coming across, especially with spring breakup, is there any kind of challenging parts of the pit? Or are you able to kind of stay in harder rock while things kind of dry up and then getting back into overburden? Any kind of color that you could share on that would be appreciated.

（技術難度）只是真的看看你在坑里的進展如何？進展順利嗎？你遇到過，尤其是春節期間，有沒有什麼比較有挑戰性的坑？或者你是否能夠在岩石乾涸時留在更堅硬的岩石中，然後重新覆蓋覆蓋層？您可以分享任何一種顏色，我們將不勝感激。

Sure. As you've seen from the picture, we've managed [for a shell] very well in the pit. There was some which worked very well. So we didn't really get affected this year at all [value differentiate] season. We have accumulated just shy of 1 million tons of the various ore stockpiles up to now. And obviously, the blend between the rock for construction over burdens now very little left. And the [core] is changing dramatically over time because we are transitioning out of construction and to do more into the mining activities. So it's a very dynamic situation, I would say, but that should give you the color where we are in the overall progress there.

當然。正如您從圖片中看到的那樣，我們在維修站中 [for a shell] 處理得很好。有一些效果很好。所以我們今年在所有 [value differentiate] 季節都沒有真正受到影響。截至目前，我們積累的各類礦石庫存量不足100萬噸。顯然，用於建造重物的岩石之間的混合物現在所剩無幾。隨著時間的推移，[核心]正在發生巨大變化，因為我們正在從建築業過渡到採礦活動中。所以這是一個非常動態的情況，我想說，但這應該讓你了解我們在那裡的整體進展情況。

So Michael, what I can add to this as well. I was there not a long time ago and obviously visited the mining operations. And as you know, I've been involved in previous lives with the early days and following freshets. And quite frankly, it looks extremely good, very impressive, very impressive to see this -- those autonomous trucks operating. It really looks like a solid operations. And quite frankly, even though after the recent pressures, it's looks pretty dry, and we're going to be continuing to happen. And what I'm seeing now is I'm saying all the operation making their objective and can wait for the [electric trouble and what you enjoying that the dance]. So now it looks very good.

邁克爾，我也可以補充一下。我不久前去過那裡，顯然參觀了採礦作業。如你所知，我在前世經歷過早年和後世。坦率地說，它看起來非常好，非常令人印象深刻，非常令人印象深刻 - 那些自動駕駛卡車正在運行。看起來真的很紮實。坦率地說，即使在最近的壓力之後，它看起來很乾燥，我們將繼續發生。我現在看到的是我說所有的操作都在實現他們的目標，可以等待[電力故障和你喜歡的舞蹈]。所以現在看起來非常好。

Okay. That's great. And then we're finding a lot of companies are kind of reporting an easing of inflationary pressures, especially on diesel, but kind of commenting that price pressures on steel, concrete are stabilizing. Are you seeing any wins like obviously, the weak Canadian dollar is helping you. But is there any wins that you're kind of seeing -- starting to materialize as we move into 2023 where pricing is actually improving or stabilizing that's giving you a bit of a tailwind.

好的。那太棒了。然後我們發現很多公司都在報告通脹壓力有所緩解，尤其是柴油，但也評論說鋼鐵、混凝土的價格壓力正在趨於穩定。你是否看到任何勝利，顯然，疲軟的加元正在幫助你。但是，你是否看到了任何勝利——隨著我們進入 2023 年，定價實際上正在改善或穩定，這給你帶來了一些順風。

Mike, it's Maarten. We are seeing inflationary pressures easing and certain costs are in line with what we experienced in Q4, but not necessarily lowering. The decrease in oil prices is not reflected in our Q1 costs due to the lagged impact of oil prices on the local pump prices, especially at Essakane. The impact of oil price changes also led due to our hedging program that already offsetted some of these increases previously recognized. We are seeing cost pressures on explosives at the mine. The cost of finite as well as grinding media, which is related to steel in line with what other people have seen.

邁克，我是馬丁。我們看到通脹壓力正在緩解，某些成本與我們在第四季度經歷的情況一致，但不一定會降低。由於油價對當地油價的滯後影響，尤其是在 Essakane，油價的下跌並未反映在我們的第一季度成本中。油價變化的影響也歸因於我們的對沖計劃，該計劃已經抵消了之前確認的部分增長。我們看到礦山炸藥的成本壓力。有限以及研磨介質的成本，這與其他人所看到的與鋼有關。

Maybe Jerzy, additional comment.

也許是 Jerzy，補充評論。

Yes. On the project, we have 100% procurement complete. We are 99-plus percent fabrication complete. So all these elements are not really affecting the purchase piece. There are inflationary pressures on the labor market, driven both by the wage raises and also by the tightness of the market. And I think that's for the biggest problems usually will be right now.

是的。在該項目上，我們已完成 100% 的採購。我們已完成 99% 以上的製造。所以所有這些因素並沒有真正影響購買件。受工資上漲和市場吃緊的推動，勞動力市場存在通脹壓力。我認為這是目前最大的問題。

Okay. And then just switching gears over to Essakane. Can you give us an idea of what your inventory capacity is there? Is it like how often do you need to, at a minimum, bring in delivery of fuel? And if you had to kind of lock down due to a potential security tightening situation there, could you kind of operate on an isolated basis for months to get through any kind of challenging kind of surrounding issues?

好的。然後就切換到 Essakane。你能告訴我們你們的庫存能力是多少嗎？是否像您至少需要多久運送一次燃料？而且，如果由於那裡潛在的安全收緊情況而不得不進行某種程度的封鎖，您是否可以在孤立的基礎上運行數月以解決任何具有挑戰性的周邊問題？

Yes. As I mentioned, Bruno, Bruno is with us in the room. So please, Bruno comment on that.

是的。正如我提到的，布魯諾，布魯諾和我們一起在房間裡。所以請 Bruno 對此發表評論。

Yes. For the fuel inventory, we've been seeing some tightness on the -- in terms of supply chain. However, in April, we were able to resume our (inaudible) to a site. And we were able to also replenish our stocks. So we have [4 big, less or more] and we're able now to operate close to full capacity for now. Obviously, when we have difficulty to get and secure these stocks, those reservoirs get depleted, and we have to slow down the mining or mining activities while privatizing our milling activities, and we have enough ore stockpiles close to the mill to be able to come in gold production.

是的。對於燃料庫存，我們一直看到供應鏈方面有些緊張。然而，在 4 月，我們能夠恢復我們（聽不清）到一個站點。我們還能夠補充我們的庫存。所以我們有[4大，更少或更多]，我們現在能夠接近滿負荷運轉。顯然，當我們難以獲得和確保這些庫存時，那些水庫就會枯竭，我們不得不放慢採礦或採礦活動的速度，同時將我們的研磨活動私有化，而我們在工廠附近有足夠的礦石庫存可以來在黃金生產中。

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

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

And firstly, Renaud, congratulations officially on your appointment of CEO at IAMGOLD. And then my first question, tailings dam, 1 and 2. I'm just looking at the chart at Cote. And it seems like those 2 particular aspects as well as a couple of the power projects are a little bit delayed. Can you talk about what the key like key, I guess, key items that you need to get those back on track? I would assume it's the rope shovel for the tailings dam. And once that's assembled, you can get moving a little bit more on tailings.

首先，Renaud，正式祝賀您被任命為 IAMGOLD 的首席執行官。然後是我的第一個問題，尾礦壩，1 和 2。我只是在看 Cote 的圖表。似乎這兩個特定方面以及幾個電力項目都有點延遲。你能談談關鍵是什麼，我想，你需要讓那些重回正軌的關鍵項目？我假設它是尾礦壩的繩鏟。一旦組裝完成，您就可以在尾礦上多做一些工作。

And I'll let Jerzy comment more on the critical path forward.

我會讓 Jerzy 對前進的關鍵路徑發表更多評論。

The power is under control, the collection of the power to the power grid in August is actually not on a critical path. The substation commissioning, as I said in my opening notes, was scheduled to start in early Q2 and did start this plan. So we don't see it as a risk piece. The TMF itself, we still have to finish raising the dam for the end of the year, but there was a float. And that's what I said, we defocus from this area and pushed harder the process plan, the critical path forward for the process plant current, which is the [dry infection] with crushing and then grinding and refines.

電力在掌控之中，8月份向電網的集電實際上並不在關鍵路徑上。正如我在開場白中所說，變電站調試計劃在第二季度初開始，並且確實開始了這個計劃。所以我們不認為它是一個風險部分。 TMF 本身，我們仍然需要在年底前完成大壩的加高，但有浮動。這就是我所說的，我們從這個領域轉移注意力，更加努力地推動工藝計劃，這是加工廠當前的關鍵前進道路，這是 [幹感染] 破碎，然後研磨和精煉。

Okay. So the TMF is not only critical -- sorry, the TMF is not on the critical path, but I mean how much capacity are you -- would you have by the end of this year for the tailwind dam?

好的。所以 TMF 不僅是關鍵 - 抱歉，TMF 不在關鍵路徑上，但我的意思是你有多少容量 - 到今年年底你有多少容量用於順風壩？

On the capacity. So basically, after this year, we'll be planning for execution of a raise next year. We're going to be operating like this on a phase-by-phase basis.

能力上。所以基本上，在今年之後，我們將計劃明年進行加薪。我們將在分階段的基礎上像這樣運作。

Okay. For the next year, okay. And sorry, remind me what kind of a tailings dam is it upstream -- sorry, downstream or central line?

好的。明年，沒問題。抱歉，請提醒我上游是什麼樣的尾礦壩——抱歉，是下游還是中線？

The current construction is downstream. The next year ranges are central line.

目前的施工在下游。明年的範圍是中心線。

So next year is a central line.

所以明年是一條中線。

Yes. Sure.

是的。當然。

All right. And then the second question on Essakane. I'm just trying to understand the sort of overall cost structure. This quarter, you adjusted out some supply chain, I guess, fuel disruption costs. So when you're guiding to what you're guiding to right now, like I'm trying to understand, it's going to go up over the next couple of quarters, I think, is what I saw in the commentary. And then you're also saying that it will be at the higher end of what you guided to this quarter, you came in at the lower end. So I guess I just want a little bit more color about all of these moving parts with where we should be on our -- like on our costs for Essakane. I just -- I'm trying to understand, would that like be prior to like the overall guidance, would that be prior to adjusting out fuel disruption costs? Or is that including the fuel disruption cost?

好的。然後是關於 Essakane 的第二個問題。我只是想了解那種總體成本結構。本季度，你調整了一些供應鏈，我猜，燃料中斷成本。因此，當你指導你現在正在指導的事情時，就像我試圖理解的那樣，它會在接下來的幾個季度內上升，我想，這就是我在評論中看到的。然後你還說它將處於你引導到本季度的高端，你進入了低端。所以我想我只想對所有這些移動部件有更多的顏色，以及我們應該在我們的位置上——比如我們對 Essakane 的成本。我只是 - 我想了解，這會先於總體指導，那會先於調整燃料中斷成本嗎？還是包括燃料中斷成本？

Yes. So the first comment on this is, obviously, when you look at the current cost structure and you look at the capital ways, the capital component that was not achieved. And if you would do the simple math and additional capital but not to forget that even though the operation was not at 100%, there is a significant part of the fixed costs that are still there. So it's not a direct math. So as we advance and we bring back the operations to its full capacity, there will be an adjustment here on the ratio fixed variable.

是的。因此，顯然，當您查看當前的成本結構並查看資本方式時，對此的第一個評論是未實現的資本部分。如果你會做簡單的數學計算和額外的資本，但不要忘記即使運營不是 100%，仍有很大一部分固定成本仍然存在。所以這不是一個直接的數學。因此，隨著我們的進步，我們將運營恢復到其全部能力，這裡將對比率固定變量進行調整。

Yes, there is a chance that by the end of the year, we might be more like towards the high end of the guidance. But -- but it's not like a direct math basically. So we're confident that our unit cost per instance on a per ton basis would lower as a highest volume and so forth. So we remain confident. But yes, there is a chance we're more on the high end on the Essa basis.

是的，到今年年底，我們可能會更接近指導的高端。但是 - 但它基本上不像直接數學。因此，我們有信心，我們的每噸實例單位成本會隨著數量的增加而降低，等等。所以我們還是有信心的。但是，是的，我們有可能在 Essa 的基礎上更高端。

(Operator Instructions) The next question is from Farooq Hamed with Raymond James.

（操作員說明）下一個問題來自 Farooq Hamed 和 Raymond James。

My question really was I just wanted to maybe contextualize and understand the additional Sumitomo funding that you had at the beginning of the year that's now reached $250 million. And well, I guess, by the end of this year, reached $340 million. So I'm just trying to understand kind of the cost of this funding. So based on the fee that you'll be paying, which is the SOFR plus 4%, does that work out to basically somewhere in the kind of high 8% range for the fee that you're paying on that funding. And so by the end of the year, are we looking at something like $30 million a year in funding costs for that Sumitomo funding? That's the first part of the question.

我的問題真的是，我只是想了解一下住友在今年年初獲得的額外資金，現在已經達到 2.5 億美元。好吧，我想，到今年年底，將達到 3.4 億美元。所以我只是想了解這筆資金的成本。因此，根據您將支付的費用，即 SOFR 加 4%，對於您為該資金支付的費用，這是否基本上處於 8% 的高範圍內。因此，到今年年底，我們是否會考慮每年為住友提供的資金支付 3000 萬美元的資金成本？這是問題的第一部分。

So yes, the funding that we -- that they've made, the $250 million, that is the cash goals that IAMGOLD was supposed to make, but they actually submitted our cash flow and the $250 million is the amount that then reduces our interest in the project. So that is not complete. So the 60.3% ownership won't change further as we continue on. Because they now own 9.7% extra on the project, they are actually contributing more to the project than what it was before. The reason we mentioned it is this approximate incremental contribution by them of $90 million is important to understand IAMGOLD's liquidity position because the -- on the 70% basis, the UJV required funding of $800 million to $875 million. And to the meantime, was effectively funding $340 million of that. From a cost perspective, the charge would be on the $340 million based on SOFR, it's between [8% to 9%]. So yes, we've had $2.6 million of a fee in Q1 on that. And then we expect that to be about $13 million, as you said, by the end of the year.

所以是的，我們 - 他們已經提供的資金，2.5 億美元，這是 IAMGOLD 應該制定的現金目標，但他們實際上提交了我們的現金流量，而 2.5 億美元是減少我們利息的金額在項目中。所以這還不完整。因此，隨著我們的繼續，60.3% 的所有權不會進一步改變。因為他們現在擁有該項目 9.7% 的額外股份，他們實際上為該項目做出了比以前更多的貢獻。我們提到它的原因是他們大約 9000 萬美元的增量貢獻對於了解 IAMGOLD 的流動性狀況很重要，因為在 70% 的基礎上，UJV 需要 8 億至 8.75 億美元的資金。與此同時，實際上為其中的 3.4 億美元提供了資金。從成本的角度來看，根據 SOFR，費用為 3.4 億美元，介於 [8% 至 9%] 之間。所以是的，我們在第一季度為此收取了 260 萬美元的費用。正如你所說，到今年年底，我們預計將達到 1300 萬美元左右。

Okay. So that's helpful. And then -- so that's -- the next question was really what's the frequency of the payment? Like will you have to pay that on a quarterly basis? Or kind of what's the cadence of how you'll be paying those fees.

好的。所以這很有幫助。然後 - 所以 - 下一個問題真的是付款的頻率是多少？比如你必須按季度支付嗎？或者你支付這些費用的節奏是什麼。

So during this year, the costs will be included in the repurchase price. So we have to pay [340-plus] this repurchase option fee that accrues during 2023. And then starting in next year, we'll be buying the option fee in cash. But the fee for '23 will only get paid once IAMGOLD exercises the repurchase option.

所以在今年，這些成本將計入回購價格中。因此，我們必須支付 [340+] 2023 年產生的回購期權費。然後從明年開始，我們將以現金購買期權費。但只有在 IAMGOLD 行使回購權後，才會支付 '23 的費用。

Okay. I see. So you're saying that 2023 fee will only get repaid when IAMGOLD exercise as the repurchase option. But 2024 through 2026 that will be an annual payment.

好的。我懂了。所以你說 2023 年的費用只有在 IAMGOLD 行使回購權時才會得到償還。但從 2024 年到 2026 年，這將是每年支付一次。

Correct on the '23 piece, in '24, it will be a quarterly payment.

23 年的正確，24 年將按季度付款。

On a quarterly basis. And that fee will basically be accrued and paid until you exercise the right to repurchase, correct?

每季度一次。在您行使回購權之前，該費用基本上會累計和支付，對嗎？

Yes. And also this is not seen as interest. So it does not part of our covenant calculations.

是的。而且這也不被視為興趣。所以它不是我們盟約計算的一部分。

It doesn't. Okay. And so then in terms of your ability to repay or your desire to kind of repurchase that 9.7% that you mentioned at the beginning of the call that it's your intent to repurchase it. I would assume that this source of financing is probably one of the higher cost of your capital structure. So when you talk about other financing alternatives, would you look at other financing alternatives to help finance the repurchase sooner rather than later?

它沒有。好的。因此，就您的償還能力或回購您在電話會議開始時提到的 9.7% 的意願而言，您打算回購它。我認為這種融資來源可能是您資本結構中成本較高的來源之一。因此，當您談論其他融資方案時，您會考慮其他融資方案來幫助儘早為回購融資嗎？

So when we negotiated this deal, we wanted to ensure that we have multiple options and time lines to repurchase it. And for us, it would make the most sense to repurchase it, once the project is profitable because then going forward, you're buying free cash, 9% extra free cash flow. So we will be basing it based on that. And then that is kind of what's driving the economics of this deal as well, because once Sumitomo retains the additional 9.7% of project economics going forward, repurchasing that makes the deal more cost effective for us.

因此，當我們談判這筆交易時，我們希望確保我們有多種選擇和時間表來回購它。對我們來說，回購它是最有意義的，一旦項目盈利，因為接下來，你將購買自由現金，9% 的額外自由現金流。所以我們將以此為基礎。然後這也是推動這筆交易的經濟性的原因，因為一旦住友保留了額外的 9.7% 的項目經濟性，回購使我們的交易更具成本效益。

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 I'll start by following up on Farooq's question. On the Sumitomo financing arrangement. I know you mentioned in the release last night and then again in your remarks that you're looking for other options to shore up your liquidity or maybe repay that sooner rather than later. Can you talk a little bit about what those options might look like in terms of where you see other sources of potential funding today?

也許我將從跟進 Farooq 的問題開始。關於住友的融資安排。我知道你在昨晚的新聞稿中提到，然後在你的評論中再次提到你正在尋找其他選擇來增加你的流動性，或者可能盡快償還。就您今天看到的其他潛在資金來源而言，您能談談這些選擇可能是什麼樣子嗎？

So Jackie, we're looking at a broad spectrum of options. And when we analyze our options, we consider that the 5 years of Cote's production is a lot higher than the life of mine production profile with significant cash flows coming from that period. So when we look at options, we would want to -- we would prefer something that helps us to get back to a 70% interest, but that we can reverse something that is less permanently [venture] because Cote can repay high levels of cash flow. So we don't necessarily want to further encumber the asset with permanent type transactions.

所以傑基，我們正在考慮廣泛的選擇。當我們分析我們的選擇時，我們認為 Cote 的 5 年生產遠高於礦山生產壽命，該時期產生大量現金流。因此，當我們考慮選擇方案時，我們希望——我們更喜歡能夠幫助我們恢復 70% 權益的東西，但我們可以扭轉一些不太永久的東西 [冒險]，因為 Cote 可以償還高額現金流動。因此，我們不一定希望通過永久性交易進一步阻礙資產。

Okay. And maybe a similar question. On Essakane, is there any thought at this point to selling Essakane in your portfolio? And I recognize that would probably not be possible today until Cote's up and running. But once Cote's up and running, do you think you will view Essakane as core to your operations still at that point?

好的。也許是一個類似的問題。關於 Essakane，此時是否有在您的投資組合中出售 Essakane 的想法？而且我認識到，在 Cote 啟動並運行之前，這在今天可能是不可能的。但是，一旦 Cote 啟動並運行，您認為您是否仍會將 Essakane 視為您運營的核心？

Well, I can say that any asset that produces this amount of ounces of that kind of margin and the free cash flow is absolutely welcome. To be very frank, what we're really busy now is to really looking at all kind of alternative to extend the life of mine. We look -- we have to look at the business profile goal today as 2 mega mine capacity of generating significant free cash flow for this company. We do appreciate that we have some security disruptions in so far in the last month. But the focus of the company right now is to make sure that the operations is back on track with 100% capacity generates the free cash flow that it has.

好吧，我可以說，任何產生這種保證金和自由現金流的資產都是絕對受歡迎的。坦率地說，我們現在真正忙的是真正尋找各種替代方案來延長我的壽命。我們看 - 我們必須將今天的業務概況目標視為 2 兆礦山能力，為該公司產生可觀的自由現金流。我們很感激上個月到目前為止我們遇到了一些安全中斷。但該公司目前的重點是確保運營重回正軌，100% 的產能產生其擁有的自由現金流。

And I'm sure in the opinion that the asset has a lot of capacity for extending the life of mine. And one thing that unfortunately has occurred in the last while has been the parking of our drill. So this is also one thing where we're looking at how could we get back the drill at play and how could we look at those -- this significant potential and so forth. What the future is going to bring to us as we advance in time is as we continue to design this company to become a long life company and high free cash flow, high margin. And so far, we'll see. I don't have a crystal ball on everything, but I can assure you that the focus of the company right now is to make all our portfolio working at its full capacity and potential.

而且我確信該資產具有很大的延長我的使用壽命的能力。不幸的是，最近發生的一件事是我們的演習停放。因此，這也是我們正在研究如何恢復演習以及我們如何看待這些——這一巨大潛力等等的一件事。隨著時間的推移，未來將帶給我們的是，我們將繼續設計這家公司，使其成為一家壽命長、自由現金流高、利潤率高的公司。到目前為止，我們拭目以待。我對所有事情都沒有水晶球，但我可以向你保證，公司目前的重點是讓我們所有的投資組合發揮其全部能力和潛力。

Congrats on a great quarter and Renaud congrats on your new appointment.

祝賀一個偉大的季度，雷諾祝賀你的新任命。

The next question is from Tanya Jakusconek with Scotiabank.

下一個問題來自加拿大豐業銀行的 Tanya Jakusconek。

And Renaud, again, congratulations on your new appointment, and I look forward to working with you. I'm sorry, I just got on the call as I was stuck on another call this morning. Maybe just circling back to a couple of things. One is just on this additional source of funding, so what I heard from the previous question is that you didn't want to impair the asset any further Cote within those first 5 years because of the significantly higher production coming out. So can I assume from that, that an additional royalty and/or stream on that asset is not something you're looking at.

Renaud，再次祝賀你的新任命，我期待著與你合作。抱歉，我剛接到電話，因為今天早上我被困在另一個電話上。也許只是繞回幾件事。一個是關於這個額外的資金來源，所以我從上一個問題中聽到的是，你不想在前 5 年內進一步損害 Cote 的資產，因為產量要高得多。所以我可以由此假設，該資產的額外特許權使用費和/或流不是你正在看的東西。

And then I'm just trying to understand like the priorities of your additional funding options, would it be selling of assets, maybe Westwood or Essakane first, and then it would be equity and then it would be streams. I'm just trying to understand the priorities of your options and what specifically the options would be?

然後我只是想了解你的額外資金選擇的優先級，它會是出售資產，可能首先是 Westwood 或 Essakane，然後是股權，然後是流。我只是想了解您的選擇的優先級以及具體的選擇是什麼？

A wide range of possibility you're giving me. First and foremost, thank you for your kind words. And as Maarten was highlighting, Cote is going to be the cornerstone asset of this company moving forward. And the 2 priorities obviously is first eventually being a possibility and the decisions to get back to our 70% is our joint venture. And as we see it as a cornerstone asset, I think the last thing we want at this stage is to add anything on top side of the current. So this is not really what we see for this asset. Now how exactly are we going to be capable over time to address the additional financial flexibility that Maarten was talking about, the 70%, there is a wide range. But I think the way we're looking at this company moving forward is to make sure to not make any move that will position us for the long term. And that's what I can say at this stage. I think the focus of this company is to make sure that as we move forward, we keep improving the product as we move forward and not at the early stage being in a position to maintain or to position this asset with anything that would remain in time.

你給我的可能性範圍很廣。首先，感謝您的客氣話。正如 Maarten 所強調的那樣，Cote 將成為這家公司向前發展的基石資產。顯然，這兩個優先事項首先是最終成為可能，而回到我們 70% 的決定是我們的合資企業。當我們將其視為基石資產時，我認為現階段我們最不想做的就是在當前的頂部添加任何東西。所以這並不是我們真正看到的這個資產。現在，隨著時間的推移，我們究竟將如何能夠解決 Maarten 所說的額外財務靈活性，即 70%，範圍很廣。但我認為我們看待這家公司向前發展的方式是確保不採取任何會使我們長期定位的舉措。這就是我現階段可以說的。我認為這家公司的重點是確保在我們前進的過程中，我們不斷改進產品，而不是在早期階段能夠用任何會及時保留的東西來維護或定位該資產.

Maarten, if you want to add anything to this?

Maarten，如果你想對此添加任何內容？

No, I think that's exactly the thing. So we look at our capital structure and future cash flows very closely when we make this assessment.

不，我認為正是這樣。因此，在進行此評估時，我們會非常密切地關注我們的資本結構和未來現金流量。

Okay. So I guess I get from that streams and royalties would be like the lowest down the pecking order of options and equity and asset sales would be higher. Would that be a fair statement?

好的。所以我想我從流和特許權使用費中得到的是期權和股權和資產銷售的最低順序。這是一個公平的聲明嗎？

We don't really want to say exactly. But yes, if we look at permanent stakes in our capital structure, [debt] is the least permanent. And then as you look at things like royalties if we can't buy it back, that would make it more permanent.

我們真的不想說得很清楚。但是，是的，如果我們看一下資本結構中的永久股權，[債務] 是最不永久的。然後，如果我們不能回購它，您會看到諸如特許權使用費之類的事情，這將使它更加永久。

Okay. That's great. And then maybe, Renaud, and I apologize, I was late on the call again. Maybe if you could just -- and I know you've just been on the role for 1.5 months or so. Maybe if you could just outline sort of your 3 key strategic focuses for IAMGOLD for, let's say, the next few months or the rest of 2023, just so that I can try and understand as you look at the year, what are your 3 priorities.

好的。那太棒了。然後，雷諾，我道歉，我又遲到了。也許如果你能——我知道你剛剛擔任這個角色 1.5 個月左右。也許如果你能概述一下 IAMGOLD 的 3 個關鍵戰略重點，比方說，在接下來的幾個月或 2023 年剩下的時間裡，這樣我就可以在你回顧這一年時嘗試理解，你的 3 個優先事項是什麼.

Well, the first one is of course, health and safety and I really don't want anyone to think that it's just a financial exercise this. And so sustainable in the ESG health and safety people would always remain. But I think your question goes more like to the business side. So the priority #1 is obviously, the completion -- the successful completions of Cote and the very successful ramp-up as we move into 2024. There is one objective is to achieve a very successful ramp-up. So completing the construction and the way that would allow together with the operating readiness of that is [what we're in] is the key on the business side of this company as priority #1.

好吧，第一個當然是健康和安全，我真的不想讓任何人認為這只是一項財務活動。因此，可持續發展的 ESG 健康和安全人員將永遠存在。但我認為你的問題更像是業務方面的問題。因此，第一要務顯然是完成——Cote 的成功完成以及我們進入 2024 年時非常成功的提升。有一個目標是實現非常成功的提升。因此，完成建設和允許的方式以及運營準備就緒是 [我們所處的] 是這家公司業務方面的關鍵，是優先事項 #1。

But equal to that, when you're looking at, as accounting for instance, like what this asset has provided to us over the past, yes, there's been some security, but I think we're turning slowly in the corner. I've seen significant progress. I see Bruno mentioned in the previous questions, our fuel inventory has increased the level that we haven't seen for a while. That kind of things you know is where like the team is focusing. So if there is one thing that I would like to achieve before the end of the year is to see the asset returning to his 100% capacity, generating the free cash flow that he was planned to see the drill if possible, being back at play as well and start working and extending the life of mine.

但與此同時，當你看到，例如會計，就像過去這種資產為我們提供的一樣，是的，有一些安全性，但我認為我們正在慢慢轉向。我看到了顯著的進步。我看到 Bruno 在前面的問題中提到，我們的燃料庫存增加了一段時間沒有看到的水平。你知道的那種事情是團隊關注的地方。因此，如果我想在年底前完成一件事，那就是看到資產恢復到 100% 的產能，產生他計劃在可能的情況下進行鑽探的自由現金流，重新投入使用也開始工作並延長我的壽命。

And I must say that I remain consciously optimistic to the Westwood. But [one last thing at] Westwood when I visited the asset, I think is an unprecedent like set of initiative. And whether it's how we look at the ground control, how we look at seismicity and the control of that, how we look at how we mine sequencing a bit. I've seen for the first time a team that is addressing the situation in a different way. Sometimes you need to stop and have the courage to stop and think and bring in all different views. And I think that remains a very, very important objective for us to work towards returning -- not returning, but positioning the asset to the free cash flow towards the end of the year. So we can start looking at a bright future for Westwood.

而且我必須說，我仍然有意識地對 Westwood 持樂觀態度。但是，當我訪問該資產時，[在] Westwood 的最後一件事，我認為這是一個前所未有的舉措。無論是我們如何看待地面控制，我們如何看待地震活動及其控制，我們如何看待我們如何挖掘排序。我第一次看到一個團隊以不同的方式解決問題。有時你需要停下來，鼓起勇氣停下來思考並引入所有不同的觀點。我認為這仍然是我們努力回歸的一個非常非常重要的目標——不是回歸，而是在年底前將資產定位到自由現金流中。因此，我們可以開始為韋斯特伍德展望光明的未來。

So those are really the 3 assets. Maarten talked about the financial piece of it. We're well funded. We have no concern on our ability to complete the construction of Cote, to ramp it up. We're good in that. But this is a cornerstone asset. I wouldn't tell our stakeholders and shareholders and that we're not going to be looking at alternatives to how we could improve our financial flexibility and eventually position this company for a successful return to the 70%. So this is all a lot of activities ongoing, but we have a strong team in every pieces of the puzzle. And my role is to make sure that we achieve all of them and working and supporting the team. I hope this answers your question.

所以這些確實是 3 項資產。 Maarten 談到了其中的財務部分。我們資金充足。我們不擔心我們是否有能力完成 Cote 的建設，並將其提升。我們擅長於此。但這是基石資產。我不會告訴我們的利益相關者和股東，我們不會尋找替代方案來提高我們的財務靈活性並最終使這家公司成功回歸 70%。所以這是很多正在進行的活動，但我們在拼圖的每一部分都有一個強大的團隊。我的職責是確保我們實現所有這些目標，並為團隊工作和提供支持。我希望這回答了你的問題。

Great. It gave me some clarity on that. And again, congratulations, and welcome.

偉大的。它讓我清楚地了解了這一點。再次祝賀和歡迎。

This concludes the time allocated for questions on today's call. I will now hand the call back over to Graeme Jennings for closing remarks.

今天的電話會議上分配給問題的時間到此結束。我現在將把電話轉回給 Graeme Jennings 以作結束語。

Thank you very much, operator. Thank you, everyone, for joining the call this morning. As always, should you have any additional questions, please reach out to Renaud or myself. With that, we will end the call. Be safe, and have a great day.

非常感謝你，接線員。謝謝大家今天早上加入電話會議。一如既往，如果您有任何其他問題，請聯繫 Renaud 或我本人。這樣，我們將結束通話。注意安全，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。您可以斷開線路。感謝您的參與，祝您度過愉快的一天。