IAMGOLD Corp (IAG) 2023 Q2 法說會逐字稿

Thank you for standing by. This is the conference operator. Welcome to the IAMGOLD Second 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。這是會議操作員。歡迎參加 IAMGOLD 2023 年第二季營運和財務業績電話會議和網路廣播。 （操作員指示）會議正在錄音。 （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.

Thank you, operator, and welcome, everyone, to the IAMGOLD Second Results -- Second Quarter 2023 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; Tim Bradburn, Senior Vice President, General Counsel and Corporate Secretary; and Jerzy Orzechowski, Executive Project Director, Cote Gold.

謝謝業者，歡迎大家參加 IAMGOLD 第二次業績－2023 年第二季業績電話會議。今天與我一起參加電話會議的是總裁兼執行長雷諾亞當斯 (Renaud Adams)； Maarten Theunissen，財務長； Bruno Lemelin，營運與專案資深副總裁； Tim Bradburn，資深副總裁、總法律顧問兼公司秘書；以及 Cote Gold 執行專案總監 Jerzy Orzechowski。

Before we begin, we are joining 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, the Anishinaabe, the Chippewa, the Haudenosaunee and the Wendat Peoples. At IAMGOLD, we believe respecting and upholding indigenous rights is founded upon relationships that foster trust, transparency and mutual respect.

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 included in 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 that is being 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.

在我們開始之前，我們今天是從IAMGOLD 多倫多辦事處加入的，該辦事處位於許多民族傳統土地上的313 領土上，包括信用省的密西沙加人、阿尼希納貝人、齊佩瓦人、豪德諾索尼人和溫達特人。在 IAMGOLD，我們相信尊重和維護原住民權利是建立在促進信任、透明度和相互尊重的關係的基礎上的。

I will now turn the call over to our President and CEO, Renaud Adams.

Thank you, Graeme, and good morning, everyone, and thank you for joining us. The second quarter for IAMGOLD was an important period for the company as our operating teams made significant stride at both Essakane and Westwood to bring our year-to-date attributable production to 220,000 ounces of gold at cash costs of $1,234 per ounce, while keeping a safe work environment.

謝謝格雷姆，大家早安，謝謝您加入我們。對於IAMGOLD 來說，第二季度對公司來說是一個重要的時期，因為我們的營運團隊在Essakane 和Westwood 都取得了重大進展，使我們年初至今的黃金產量達到220,000 盎司，現金成本為每盎司1,234美元，同時保持了安全的工作環境。

We will walk through the quarterly operating results in more detail in a moment, but I want to congratulate our Essakane team for their remarkable resilience to allow for the mine to resume both mining and milling at full capacity in a very complex environment. Secondly, we saw significant progress at the Cote Gold Project. In June, the site reached over 1,900 workers signed, working together to push the project to approximately 86% completion. We remain on track with the top end of our cost to complete guidance in line with the project planned capital. Further, we are now seeing activities begin the critical transition from bulk construction to finishing activities in our operational readiness. At Westwood, we continue to execute on optimization plan with the objective to turn the mine into a positive cash flow producer in the near term.

The second quarter was my first 4 quarters as CEO of IAMGOLD, and my conviction has only grown that this is a company poised -- position itself amongst our peers. We are entering a transformational period for the company, and I'm extremely pleased with the expertise, relevant experience and leadership in place at IAMGOLD. Our Zero Harm missions continue to be our priority #1, and we are looking at our corporate ESG strategy and execution.

我們稍後將更詳細地介紹季度經營業績，但我要祝賀我們的 Essakane 團隊，他們具有非凡的韌性，使礦山能夠在非常複雜的環境中滿負荷恢復採礦和銑削。其次，我們看到科特金礦計畫取得了重大進展。 6月份，該工地已有1,900多名工人簽約，共同努力推動工程完成約86%。我們仍按計劃完成成本上限，以完成與專案計劃資本相符的指導。此外，我們現在看到，在我們的營運準備中，活動開始從批量施工到完工活動的關鍵過渡。在 Westwood，我們繼續執行優化計劃，目標是在短期內將礦山轉變為正現金流生產商。

When we look ahead to 2024, once Cote comes online, and should Westwood take the next step -- the next step down in production post-rehabilitation, the company will have a significantly higher production base and lower cost profile, providing strong foundations of cash flow and growth opportunities in Canada. Yet, before we get there, the short-term goals for IAMGOLD are clear: Bring Cote online with a focus on achieving a steady and sustainable ramp-up of operations; and manage our operations at Essakane and Westwood to improve our margins, while ensuring the safety of the community in which we operate. Longer term, our goal is for IAMGOLD to become a high-margin intermediate gold producer with a strong operating base in Canada. Financially, we will prioritize returning our 70% position in Cote with our partner, Sumitomo, as well as use our cash flow to optimize our balance sheet and deliver the company to have a more efficient and balanced capital structure.

With that, we will now dive into the operating and financial results and highlights for the quarter. I'm on Slide 5. Starting with health and safety. The company has seen an improving trend year-over-year with a days away, restricted, transferred duty frequency rate of 0.39 and a total recordable injury rate of 0.66, based on 200,000 hours worked. Entering a safe work environment will always be our primary focus at IAMGOLD, and our goal continues to be Zero Harm.

第二季度是我擔任 IAMGOLD 執行長的前四個季度，我越來越堅信這是一家在同業中脫穎而出的公司。我們公司正在進入轉型期，我對 IAMGOLD 的專業知識、相關經驗和領導力感到非常滿意。我們的零傷害使命仍然是我們的第一要務，我們正在研究我們的企業 ESG 策略和執行。

On production, in Q2, the company produced 107,000 ounces of gold on an attributable basis, putting us well on the path for production guidance target of 410,000 to 470,000 ounces of gold this year. As we will get into a moment, the production results were driven by Essakane performing to plan and higher grades from recently rehabilitated underground zone at Westwood, which helped to mitigate the impact of some operating restructuring due to the poor air quality in the region of the forest fires in the quarter.

The second quarter saw IAMGOLD report cash costs of $1,372 an ounce sold and an all-in sustaining cost of $1,912 per ounce. Our cost increase over the year prior mainly due to increased cost of lending supplies, including fuel, higher power costs and previously forecasted lower grade at Essakane, as well as an increased rehabilitation cost, Westwood. As a result, we expect cost to come in at the top end of our annual guidance ranges.

當我們展望 2024 年時，一旦 Cote 上線，如果 Westwood 採取下一步措施——恢復後生產的下一步，該公司將擁有更高的生產基地和更低的成本狀況，從而提供堅實的現金基礎加拿大的流動和成長機會。然而，在我們實現這一目標之前，IAMGOLD 的短期目標很明確：讓 Cote 上線，重點是實現穩定、可持續的營運成長；管理我們在 Essakane 和 Westwood 的運營，以提高我們的利潤，同時確保我們運營所在社區的安全。從長遠來看，我們的目標是讓 IAMGOLD 成為一家在加拿大擁有強大營運基礎的高利潤中間黃金生產商。在財務上，我們將優先與我們的合作夥伴住友集團一起歸還 Cote 70% 的股份，並利用我們的現金流來優化我們的資產負債表，使公司擁有更有效率、更平衡的資本結構。

On Slide 6. Turning to Essakane. The mine reported Q2 attributable gold production of 88,000 ounces, bringing the year-to-date total to 180,000 ounces of gold. Mining activities totaled 13.5 million tonnes, a significant increase quarter-over-quarter as the mining fleet return operations to full capacity. Mining activity in the second quarter completed the transition to Phase 5, resulting in a higher strip ratio, in line with our plans as the operations moved to new mining phases and lower grades from the prior quarter when grades were positively influenced from the direct feed of material from the bottom of Phase 4 from the bet.

Mill throughput in the second quarter was 3.1 million tonnes at an average head grade of 1.11 grams a tonne, with throughput 42% higher than the first quarter as operations were able to resume at full capacity due to the improved ability to move necessary supply around the country. The mill reported an average recovery of 89%, which declined slightly from the prior quarter and the year prior due to lower grades, including higher concentration of graphitic carbon and sulfur.

接下來，我們將深入了解本季的營運和財務表現以及亮點。我在幻燈片 5 上。從健康和安全開始。該公司呈現逐年改善的趨勢，基於 20 萬小時的工作時間，休假天數、受限天數、調動工作頻率為 0.39，總可記錄工傷率為 0.66。進入安全的工作環境永遠是我們 IAMGOLD 的首要關注點，我們的目標仍然是零傷害。

On a comp basis, Essakane reported cash cost of [$473] an ounce, an increase from the first quarter, has head grades of [20], 30% from Q1 at the higher strip ratio. Additionally, we saw sustained higher price of consumer as inflation pressures peaked, but with flying -- with few signs of reversal, as well increase of the landed cost of fuel due to the impact of the security situation in the supply chain, higher labor costs to depreciation of the local currency, and an increase in power generation costs as heavy fuel normally used for power generation was periodically substitute with more expensive light fuel in order to maintain operations during the period where supplies was limited.

We are currently building additional tank at Essakane, which will increase the HFO head of storage capacity at (inaudible) by approximately 50%. We expect that the extra capacity will be in place in early Q4.

在生產方面，第二季度，公司權益產量為 107,000 盎司黃金，使我們順利實現今年 410,000 至 470,000 盎司黃金的產量指導目標。正如我們即將進入的，生產結果是由 Essakane 的計劃表現和最近修復的 Westwood 地下區域的更高等級推動的，這有助於減輕由於該地區空氣質量較差而進行的一些運營重組的影響。該季度發生森林火災。

On the all-in sustaining cost basis, stock increased to $1,587 per ounce due to the higher operating costs as well as a schedule higher volume with stripping as the mine enters the new phases.

Looking ahead, Essakane is on track for a production guidance range of 340,000 ounces to 380,000 ounces of down. Mining activity is expected to maintain normal operating levels in the second half of the year, including increased level of waste stripping to open phases for 2024 onwards. The mill feed will consist of a combination of direct feed and stockpile as the mine fleet sequences through the targeted phases of waste stripping.

第二季度，IAMGOLD 報告每盎司銷售現金成本為 1,372 美元，總維持成本為每盎司 1,912 美元。我們的成本較前一年增加主要是由於貸款供應成本增加，包括燃料、電力成本上漲和先前預測的 Essakane 等級較低，以及 Westwood 修復成本增加。因此，我們預計成本將達到我們年度指導範圍的上限。

Capital expenditure guidance for Essakane is unchanged at approximately $155 million with increased volume of capitalized waste in the second half of the year, while total tonnes moved are in line with the second quarter to provide access to mine areas in support of the 2024/2025 reduction plan. It is worth noting that the mining activity and stripping programs assume no significant disruptions in the supply chain resulting from the security situation in the country and the region.

The company plans to file an updated life of mine plan for Essakane and updated mineral reserve mineral resources during the fourth quarter of 2023. This will include the details of processing the 9.9 million tonnes of stockpile material through the CIL versus the prior plan to outline a capital-intensive heap leach scenario.

在幻燈片 6 上。轉向 Essakane。該礦報告第二季權益黃金產量為 88,000 盎司，使年初至今的黃金產量達到 180,000 盎司。隨著採礦隊恢復滿載運營，採礦活動總量為 1,350 萬噸，較上季大幅成長。第二季的採礦活動完成了向第5 階段的過渡，從而產生了更高的剝離率，這符合我們的計劃，因為作業已轉向新的採礦階段，並且品位較上一季度較低，當時品位受到直接進料的正面影響。來自下注第 4 階段底部的材料。

On Slide 7. Turning to Westwood. Gold production was 19,000 ounces in the quarter, 40,000 ounces in gold year-to-date. Westwood continues to be in a unique position as IAMGOLD has been essentially rebuilding the underground mine at the same time as active mining operations are being conducted. The mine has made significant stride over the year towards taking the next steps in production entering 2024.

Mining activity in the second quarter totaled 212,000 tonnes of ore, which was lower than the prior quarter due to the impact of heavy wildfire smoke in the vicinity of the mining operations requiring for multiple underground shifts to be cancelled to ensure the continued safety of our workforce. However, it is worth highlighting that underground mining activities returned 56,000 tonnes of ore at a grade of 7.6 grams a tonne, which is the highest grade mine from underground in over 5 years as we begin to see the benefit of preapplication activities reopening previously closed stopes.

第二季工廠吞吐量為 310 萬噸，平均麤品位為每噸 1.11 克，吞吐量比第一季度高出 42%，因為在工廠周圍運輸必要供應的能力得到改善，運營得以滿負荷恢復。國家。該廠報告平均回收率為 89%，由於品位較低（包括石墨碳和硫濃度較高），此回收率較上一季和上年略有下降。

Mill throughput in the second quarter was 251,000 tonnes at an average head grade of 2.52 grams a tonne and improved recoveries of 94% on the higher grade. Cash costs and all-in sustaining costs continued higher at Westwood with a very high sensitivity to mine output and due to the increased levels of ground support required for the development and reapplication work relative to the annual plan. Additionally, mining activity started at the satellite open pit, Fayolle, with minimal production in the quarter, yet adding $2.4 million of the Fayolle development capital to operating costs.

Looking ahead, Westwood is well on track with our guidance range of 70,000 to 90,000 ounces this year. Production levels and unit costs are expected to improve into the second half of the year, benefiting from the continued advancement of underground development providing access to more and higher grade stope sequence. Mill feed will continue to be supplemented from available satellite surface deposits, including increased proportion of ore feed from the Fayolle property in the second half of the year.

在比較基礎上，Essakane 報告現金成本為每盎司 [473 美元]，較第一季增加，在較高的剝離率下，其頭品級為 [20]，較第一季增加 30%。此外，隨著通膨壓力見頂，消費者價格持續走高，但飛行方面幾乎沒有逆轉的跡象，而且由於供應鏈安全局勢的影響，燃料到岸成本增加，勞動力成本上升當地貨幣貶值，以及發電成本增加，因為通常用於發電的重燃料定期以更昂貴的輕燃料替代，以便在供應有限期間維持運作。

On Slide 8, I just want to take a moment to dive a little deeper into our activities at Westwood. Underground development year-to-date is near record development rate with 2,875 meters of lateral development completed to secure safe access to multiple ore faces, including high grade pass producing areas, which would allow for increased operational flexibility and support into 2024 and beyond production plan.

We have increased the sustaining capital expenditure guidance for Westwood by $35 million as the underground rehabilitation and development has been progressing ahead of schedule due to better than planned productivity rates, moving some of the 2024 work into 2023 and reducing the work required in 2024, while some of the rehabilitation work requires more ground support, increasing costs. This work not only is allowing the return of mining into a higher grade area that were previously closed, but also open the door for potential mineral reserve increases should these areas be upgraded from resources as they are proven to be mineable. We will have an update at 43-101 for Westwood in the fourth quarter. As production volumes increases and rehabilitation work decrease, we expect to see costs step down with the goal of positioning the asset for positive free cash flow for a better and profitable 2024 and beyond.

我們目前正在 Essakane 建造額外的儲罐，這將使（聽不清楚）的 [HFL] 儲存容量增加約 50%。我們預計額外產能將在第四季初到位。

Slide 9. Turning to Cote Gold. I am pleased to have our Executive Project Director here with us today to walk us through the development and progress in the quarter. Jerzy?

Thank you, Renaud. The second quarter, considerable progress was made at Cote, achieving recently the milestones from earthworks, processing plants and operating readiness. It was a critical quarter as we started the quarter in the spring/fall for the [fresh hot] season. Water management systems that have been put in place handled the tasks of (inaudible). And I must compliment the teams for their planning and management.

謝謝你，雷諾。第二季度，Cote 取得了相當大的進展，最近實現了土方工程、加工廠和營運準備的里程碑。這是一個關鍵的季度，因為我們從[春季和秋季]開始本季度，迎接[新鮮的炎熱]季節。已到位的水管理系統負責處理礦物任務（聽不清楚）。我必須讚揚團隊的規劃和管理。

At the end of the quarter, the project was approximately 86% complete. And as Renaud mentioned, we are now seeing activities move from the bulk construction to the more detailed and very important finishing activities. The physical changes at the site have been remarkable, and I'll walk you through some pictures in a moment.

We currently have over 1,900 workers at the site with the count at peak capacity. Despite the counts, our construction teams, contractors and subcontractors have done a great job, and we have reached the 11.5 million hours' worth milestone.

截至本季末，該項目已完成約 86%。正如雷諾所提到的，我們現在看到活動從批量施工轉向更詳細和非常重要的收尾活動。現場的物理變化非常顯著，稍後我將帶您瀏覽一些圖片。

On earthworks, we completed Phase 1 on the TMF and have started to accumulate water in preparation for the plant startup. The primary and secondary crushing circuit made considerable achievements with the HPGR arriving on site and installation progressing at a fast pace. Inside plant, the installation of the ball mill liners was ongoing, and the motors have arrived to the site installation [early] in Q3.

We have deferred the completion of the leach tanks and installation of the agitators for approximately 6 to 8 weeks later than originally planned in order to prioritize the workforce on the critical installation of the crushing circuits.

目前，我們現場有超過 1,900 名工人，且處於高峰產能狀態。儘管有這樣的統計，我們的施工團隊、承包商和分包商都做得很好，我們已經達到了 1,150 萬小時的里程碑。

Finally, the power substation is now being commissioned with the connection to the provincial hydro grid scheduled for this month, which will allow the full electrification of sites and the deployment of electric shovel later in this quarter.

Moving to recent pictures. Let me walk you through the main project areas of the site. Moving left to right, on top to the bottom. Here, we can see the TMF as we are looking northeast of the plant. The first line that we see, the boundary was at 92 meter location, which was completed in Q1 in preparation for the fresh hot season. The second liner boundary at 396, which completes Phase 1 and allows for accumulation of water for the startup, as you can see, it was also done. The next phase, we'll see the dam rising from 409 elevation to allow for the full first 12 months of operations.

在土方工程方面，我們完成了 TMF 的第一階段，並已開始積水，為工廠啟動做準備。隨著高壓輥磨機抵達現場並快速安裝，初級和二級破碎迴路取得了可觀的成果。在工廠內部，球磨機襯板的安裝正在進行中，馬達已於第三季抵達現場安裝（聽不清楚）。

Next, in the middle top is the [high voltage] substation. And as I mentioned earlier, the substation focus has shifted from construction to the commissioning to prepare for (inaudible) and connection of 115 kV hydro grid.

Top right is the view of the primary crusher, where the steel and accelerators are complete, and we are now putting the (inaudible) in place to commission the bridge crane for the final [fuel lifts] of the crusher components.

我們將浸出罐和攪拌器安裝的完工時間比原計劃推遲了大約 6 至 8 週，以便優先安排勞動力進行破碎迴路的關鍵安裝。

Bottom left, we have an HPGR area illustrating very advanced mechanical installation, and the teams are focusing now on electrical installation.

The bottom middle is grinding with the bottom middle action very advanced. We are transitioning to the final stages of construction and early commissioning activities.

最後，該變電站現已投入運行，計劃於本月與省級水電電網連接，這將使站點全面電氣化，並在本季度稍後部署電鏟。

And on the bottom right, you see the leach tank front area, where we are concentrating on finalization of mechanical erection, electrical and completion of the piping installation.

Moving on to the time line. The Cote Gold continues to track well to the updated project schedule towards production in early 2024. We are working in close alignment with our partner, Sumitomo, and our contractors to ensure that Cote is both safe, on time and in the current area and scope. Our focus in Q3 will be on complementing the construction of the remaining portions of the plant and starting decommissioning activities. Q4 will be focused on finalization of recommissioning in preparation for the ore production early in the new year.

轉到最近的照片。讓我帶您了解網站的主要項目區域。從左到右、從上到下移動。在這裡，當我們向工廠東北方向看時，我們可以看到 TMF。我們看到的第一條線，邊界位於 92 公尺位置，該線在第一季完成，為新的炎熱季節做好準備。第二個內襯邊界位於 396，它完成了第一階段並允許在啟動時積聚水，如您所見，它也已完成。下一階段，我們將看到大壩在運作的前 12 個月內從 409 海拔升至（聽不清楚）。

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

Thank you. Thank you, Jerzy. And on Cote, I'd like to add that our goal is straightforward. We want the ramp-up of Cote to be among the most successful major gold project startups. That is not to say we are naive about the challenges ahead. With the team we have in place and continue to build, I've done this before. We are excited about the future of Cote and what it means for IAMGOLD.

謝謝。謝謝你，傑西。關於科特，我想補充一點，我們的目標很簡單。我們希望 Cote 能夠成為最成功的大型黃金專案新創公司之一。這並不是說我們對未來的挑戰很天真。憑藉我們已經就位並繼續建立的團隊，我以前已經這樣做過。我們對 Cote 的未來及其對 IAMGOLD 的意義感到興奮。

On Slide 12. Of course, when talking about the future, we need to continue to highlight Gosselin. We are continuing to drill at Gosselin with nearly 13,000 meters complete so far this year. The deposit has only been drilled with a fraction of the meters compared to Cote and to half the depth and remains open along strike in a depth. Our last batch of assays result earlier this year successfully intersected mineralization to the south to the sell-out and below the current resource boundary of the deposit.

The goal of the current drill program is 2-fold: continue to expand the mineralized envelope of Gosselin; as well as infill to support ongoing technical study to advance metallurgical testing and to support mining and infrastructure study to begin reviewing alternatives for potential inclusion of the Gosselin deposit into a future Cote Gold life of mine plan. We expect to have results for the ongoing drilling program in early Q4. We believe that Gosselin, with its initial resources of 3.4 million indicated ounces and 1.7 million ounces deferred, continue to be in the early stage of discovery. And considering this location admittedly adjacent to the Cote deposit, has the potential to add real value to the Cote project.

在投影片 12 上。當然，在談論未來時，我們需要繼續強調 Gosselin。我們將繼續在 Gosselin 進行鑽探，今年迄今已完成近 13,000 公尺。與 Cote 相比，該礦床僅鑽探了幾分之一米，深度僅為一半，並且沿著走向深度保持開放。我們今年稍早的最後一批化驗結果成功地將礦化區與南部的礦化區相交，直到礦床目前的資源邊界以下。

With that, I will pass the call over to our CFO who will walk us through Cote spending and a financial review. Maarten?

Thank you, Renaud, and good morning, everyone.

謝謝你，雷諾，大家早安。

Looking at project spending, the Cote Gold UJV incurred $270.1 million in project expenditures on a 100% basis, or $189.1 million on a 70% basis during the quarter. It is worth highlighting that for accounting purposes, the JV funding and amending agreement does not meet the requirements under IFRS to recognize the dilution of the company's interest in the Cote UJV sale. And so the company will continue into account for 70% of the assets and liabilities of the joint venture, as well as 70% of the incurred project expenditure.

The company has recognized the financial liability on the balance sheet that approximate the current repurchase price, representing the $250 million funding contribution that Sumitomo made on IAMGOLD's behalf that resulted in our interest being diluted to 60.3% as well as incremental funding that Sumitomo made due to their increased ownership and the good fee for the repurchase option. The liability will continue to increase with the 9.7% of incremental funding that Sumitomo provides until Cote achieves commercial production.

從專案支出來看，Cote Gold UJV 本季的專案支出以 100% 計算為 2.701 億美元，以 70% 計算為 1.891 億美元。值得強調的是，出於會計目的，合資企業融資和修訂協議不符合《國際財務報告準則》中確認公司在 Cote UJV 出售中權益稀釋的要求。因此，公司將繼續佔合資公司70%的資產和負債，以及70%的專案支出。

Since commencement of construction, $2.23 billion of the planned $2.965 billion of the project expenditure has been incurred. Looking ahead, the remaining costs to incur to complete Cote is estimated at $665 million to $735 million at 100%, or $465 million to $515 million at 70%. The higher range of the estimate to complete of $735 million will take us to the $2.965 billion for the August 2022 technical report. The table at the bottom outlines the progression of the quarterly cost to complete guidance with the actual spending amount incurred quarter-over-quarter.

In order to convert the expected incurred cost to complete at 70% to IAMGOLD's actual funding requirements at a 60.3% joint venture partner, the incurred costs adjust for changes in working capital, lease funding received, and the decrease in the required cash balance held by the UJV when the level of expenditures reduces after the completion of construction. IAMGOLD need to fund 60.3% of (inaudible) going forward, now that funding arrangement and dilution has been concluded. During Q2, Sumitomo funded the remaining $61 million of the $250 million total, as per the agreement, on behalf of the company and an additional $18 million due to increased ownership. Sumitomo funded all of the joint venture cash flows up to May, and the company commenced funding in June and funded approximately $60 million to the UJV during Q2. IAMGOLD will now fund 60.3% of the UJV cash calls that is approximately $425 million to $475 million during the construction phase.

本公司已在資產負債表上確認了與當前回購價格近似的金融負債，即住友代表 IAMGOLD 提供的 2.5 億美元融資，導致我們的權益被稀釋至 60.3%，以及住友因以下原因而增加的資金：他們增加的所有權和回購選擇的良好費用。隨著住友商事提供的9.7%的增量資金，該負債將繼續增加，直到Cote實現商業化生產。

Turning to the Q2 financials. Revenue from continuing operations totaled $238.8 million from sales of 111,000 ounces at an average realized price of $1,973 per ounce. Adjusted EBITDA from continuing operations was $63.8 million for the quarter, translating to an adjusted loss per share of $0.01.

In terms of our financial position, IAMGOLD ended the quarter with $747.7 million in cash and cash equivalents and $452.5 million available via the fully undrawn credit facility, which equates to total liquidity of approximately $1.2 billion. We are investing excess cash and funds in Canada at rates close to 5%. We note that within cash and cash equivalents, $91.3 million was helped by Cote Gold, and $170.1 million was held by Essakane.

自開工以來，計畫支出29.65億美元中的22.3億美元已發生。展望未來，完成 Cote 100% 所需的剩餘成本估計為 6.65 億至 7.35 億美元，70% 則為 4.65 億至 5.15 億美元。估計完成的 7.35 億美元的較高範圍將使我們在 2022 年 8 月的技術報告中達到 29.65 億美元。底部的表格概述了季度成本的進展，以完成指導以及每季度發生的實際支出金額。

For Cote, the Cote UJV requires its joint venture partners to fund in advance 2 months of future expenditures, and cash calls are made at the beginning of each such month, resulting in the month end cash balance approximating the following month's expenditure.

For Essakane, the company mainly uses dividends to repatriate funds, of which the company will receive 90% based on its ownership, net of dividend taxes. It's a time to give a dividend during the second quarter of $120 million, which was received by IAMGOLD subsequent to the quarter end, net of minority interest and withholding taxes.

為了將完成70% 的預計已發生成本轉換為IAMGOLD 在合資夥伴60.3% 的實際資金需求，已發生成本根據營運資金、收到的租賃資金的變化以及IAMGOLD 持有的所需現金餘額的減少進行調整.當建設完成後支出水準減少時，聯合合資企業。既然融資安排和稀釋已經結束，IAMGOLD 需要為未來的 60.3%（聽不清楚）提供資金。在第二季度，住友商事代表公司根據協議資助了 2.5 億美元總額中的剩餘 6,100 萬美元，並因所有權增加而額外資助了 1,800 萬美元。住友商事為合資企業截至 5 月的所有現金流提供了資金，該公司於 6 月開始融資，並在第二季向 UJV 提供了約 6,000 萬美元的資金。 IAMGOLD 現在將為 UJV 現金募集資金的 60.3% 提供資金，在建設階段約為 4.25 億至 4.75 億美元。

We note that the full extent of the credit facility availability is subject to a net debt to EBITDA run and interest coverage covenant. Therefore, the full extent of the additional liquidity of the facility is relied on the ability of our operations to generate sufficient EBITDA to support the debt load of the company. This is one of the reasons why we announced $400 million term loan in the quarter, which allowed the company to pay down the credit facility and use a term loan for the capital requirements of Cote, and therefore, delinking Cote funding from certain items in the macroeconomic environment and our other operations. The term loan improves IAMGOLD's balance sheet and strength and flexibility, allowing the credit facility to be available to support working capital requirements during a pivotal year where we are ramping up Cote as well as delivering the legacy Gold prepayment agreement and give us some measure of insurance in case of unforeseen challenges or changes in the operating or macroeconomic environment.

IAMGOLD will fund its remaining portion of the Cote UJV funding estimate of $425 million to $475 million from available cash balances and the remaining proceeds from the Bambouk asset sales. And as we noted at the beginning of the call, as Cote ramps up, we can then redirect our attention to key longer-term financial goals of returning to a 70% position in the Cote UJV and delevering our balance sheet towards a more optimal capital structure.

轉向第二季的財務狀況。持續經營業務的收入總計 2.388 億美元，銷售量為 111,000 盎司，平均實現價格為每盎司 1,973 美元。本季持續經營業務調整後 EBITDA 為 6,380 萬美元，調整後每股虧損為 0.01 美元。

With that, I will pass the call back to Renaud. Thank you, Renaud.

Thank you, Maarten, and I really want to take a moment here to thank everyone on the IAMGOLD team for their tireless efforts and dedications. This is an exciting time for this company. I should also note that we will be holding a Cote mine tour for investors and analysts in October, and I encourage you to reach out to Graeme and myself to save a spot on the trip. We expect it will be very well attended considering the progress at Cote to date.

謝謝你，Maarten，我真的想在這裡花一點時間感謝 IAMGOLD 團隊中的每個人的不懈努力和奉獻。對於這家公司來說，這是一個令人興奮的時刻。我還應該指出，我們將於 10 月為投資者和分析師舉辦科特礦之旅，我鼓勵您聯繫格雷姆和我本人，以在旅行中保留一個位置。考慮到科特迪瓦迄今為止的進展，我們預計這次會議將有很多人參加。

With that, I would like to pass the call back to the operator for the Q&A. Operator?

(Operator Instructions) Our first question is from Lawson Winder with Bank of America Securities.

（操作員說明）我們的第一個問題來自美國銀行證券公司的勞森·溫德爾（Lawson Winder）。

Renaud and team, and Bruno, it's very nice to hear from you. I wanted to just ask your -- get an idea for your long-term vision for IAMGOLD. Now that you've been in the role for about a quarter, a little over a quarter, particularly with respect to geographic focus and could IAMGOLD look to potential potentially exit Burkina Faso once Cote is ramped up. And yes, I guess, I'll leave it there for now and follow up after.

早安，雷諾和團隊以及布魯諾，很高興收到你的來信。我想問一下您對 IAMGOLD 的長期願景。現在你已經擔任這個職位大約四分之一，四分之一多一點了，特別是在地理重點方面，一旦 Cote 實力增強，IAMGOLD 是否會考慮退出布吉納法索。是的，我想，我會先把它留在那裡，然後再跟進。

Yes. I appreciate the questions. And as I mentioned on the call, our priority right now is definitely focused on Cote building a strong Canadian platform, continue to operate safely. Essakane is a significant mine for us as generate and continue to generate cash flow. We appreciate the situation right now in Burkina and the regions, but our effort and focus continue to make the mine work well for us and additional contributor. As we move forward in the future, we'll address on the step by step the building of this company. But I would say at this stage, while we continue to focus on the strong and the safe operation of Essakane, in parallel, as I mentioned, this is also to develop and grow a very strong base in Canada. This is as we see it again.

是的。我很欣賞這些問題。正如我在電話中提到的，我們現在的首要任務肯定是 Cote 建立一個強大的加拿大平台，繼續安全運作。 Essakane 對我們來說是一個重要的礦山，能夠產生並持續產生現金流。我們對布吉納法索和該地區目前的局勢表示讚賞，但我們的努力和專注將繼續使礦井為我們和其他捐助者提供良好的運作。今後，我們將一步步致力於公司的建設。但我想說，在現階段，我們繼續關注 Essakane 的強大和安全運營，同時，正如我所提到的，這也是為了在加拿大發展和發展一個非常強大的基礎。我們再次看到這一點。

I also wanted to ask about the plan to update the life of mine plan for Essakane. So just -- I know it's still early and you haven't released the study yet, but is the thinking that the mine life might be reduced as a result of the move away from the heap leach?

我也想問一下更新我的 Essakane 生活計劃的計劃。所以只是——我知道現在還為時過早，你們還沒有發布研究報告，但是否認為礦山壽命可能會因遠離堆浸而縮短？

No, we're definitely not seeing a reduction. There was obviously a question about those tonnes that were previously meant to be on the heap leach. But I believe the team has worked very hard and diligently to incorporate those. We've been capable as well to replace some ounces might. So no, we are not expecting a reduction of life of mine.

不，我們絕對不會看到減少。顯然，對於那些原本要進行堆浸的噸數存在疑問。但我相信團隊已經非常努力、勤奮地整合這些內容。我們也已經能夠更換一些盎司的能量。所以不，我們不希望我的壽命減少。

Okay. Great. And I wanted to touch on Westwood, just given that -- I mean, you've had knowledge of this asset for just about as long as anyone. You've kind of painted a picture of an improved outlook going forward in the -- in your prepared remarks and in the MD&A. I'm just curious, like what is the upside for this mine? And you would well know that when this mine was first conceived of, the thought was it could produce 200,000 ounces a year. We're far from that. But is even anything in the 100,000 ounce range potentially achievable, in your view?

好的。偉大的。我想談談韋斯特伍德，只是考慮到——我的意思是，你對這項資產的了解幾乎和任何人一樣長。您在準備好的演講和 MD&A 中描繪了一幅未來前景改善的圖景。我只是好奇，這個礦有什麼好處？您很清楚，當最初構想這座礦山時，我們的想法是每年可生產 200,000 盎司。我們離那還很遠。但您認為 100,000 盎司範圍內的任何產品都有可能實現嗎？

Well, we already in the guidance -- this year in the guidance, 70,000 to 90,000, which we feel pretty strong that we're going to meet well as we continue. But you mentioned the 200,000 ounces. That's definitely not the goal in the near future to push the mine to its limit. I would rather see this mine focused on quality, returning to a very strong and higher grade underground, which will really lead the economics of this mine. So in the short term, of course, we're using the satellite, the surface satellite. But the real game here as we continue to diligently prepare the mine is to return to the higher grade area and focused on quality as we move forward. So while we don't see this mine necessarily now returning to the 200,000, we definitely feel strong that it could be what 125,000 to 150,000 ounces producer at a much better margin.

嗯，我們已經在指導中了——今年在指導中，70,000 到 90,000 人，我們堅信，隨著我們的繼續，我們將很好地滿足這一要求。但你提到了20萬盎司。這絕對不是近期將礦場推至極限的目標。我寧願看到這個礦山專注於質量，回到非常堅固和更高品位的地下，這將真正引領這個礦山的經濟。所以，在短期內，我們當然會使用衛星，地面衛星。但當我們繼續努力準備礦場時，真正的遊戲是返回到更高品味的區域，並在前進時專注於品質。因此，雖然我們目前認為該礦產量不一定會恢復到 200,000 盎司，但我們絕對堅信，它的產量可能會達到 125,000 至 150,000 盎司，且利潤率要高得多。

And then if I could just ask about Cote, finally, and the autonomous truck haulage. Is the assumption that you will be operating at 100% autonomous truck haulage from day 1? Or is there some flexibility built in there to sort of allow for potential hiccups? And the reason I'm asking is we've seen other autonomous truck programs roll out and take quite a time -- quite amount of time to get up to sort of a full run rate. And obviously, it's great you started early this year, but would just love to get your thoughts on that sort of ups and downs.

最後，我能否詢問一下 Cote 以及自動卡車運輸的情況。是否假設您從第一天起就將採用 100% 自動卡車運輸？或者是否存在某種靈活性以應對潛在的問題？我問的原因是我們已經看到其他自動卡車項目的推出並且需要相當長的時間——相當長的時間才能達到某種程度的滿載運行。顯然，很高興你今年早些時候開始，但我很想聽聽你對這種起起落落的想法。

Well, I'm surely looking forward to the site tour in October to see the enormous progress and how it's been. But I'll ask Renaud to add a bit to that question.

嗯，我當然期待 10 月的現場參觀，看看所取得的巨大進展以及進展。但我會請雷諾對這個問題補充一點。

Hello, Lawson. It was part of the original assumption to start from the get-go with the autonomous fleet. And right now, what we see is we see a ramp-up that is on par as target. And again, there is no need for an operation of the fleet via operator. So actually, we are commissioning trucks one after the other, and they are fully utilized autonomously, and it works real good.

你好，勞森。從一開始就建立自主車隊是最初假設的一部分。現在，我們看到的是我們看到了與目標相當的成長。再次強調，無需透過營運商對車隊進行操作。所以實際上，我們正​​在一輛接一輛地調試卡車，它們完全是自主使用的，而且效果非常好。

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

下一個問題來自 CIBC 全球市場的 Anita Soni。

A few questions for me. Just in terms of Cote. Can you talk a little bit more about the process where you are -- the leach tanks and that you said you were optimizing just to look for the critical leach tanks or to get those up and running. Can you talk about like how many of the total leach tanks that you have that you're just -- those are the ones that are going to be running at the beginning? And how does that impact the ramp-up going into 2024?

有幾個問題問我。就科特迪瓦而言。您能否多談談您所在的流程 - 浸出罐，您說您正在優化只是為了尋找關鍵的浸出罐或讓它們啟動並運行。您能談談您擁有的總瀝濾罐中有多少是在開始時運行的嗎？這對 2024 年的成長有何影響？

I would ask Jerzy to give some details to it. But what I could tell you that overall, we are not seeing issues with the things that would impact the commissioning of the mine. Jerzy?

我會請 Jerzy 提供一些細節。但我可以告訴你的是，總的來說，我們沒有看到會影響礦山調試的問題。傑西？

Yes. Thank you, Renaud. Maybe if we can go back to the slide we have shown with the leach tanks. As you can see, the installation is quite advanced. We are in the piping, electrical installation work. Most of the additions have been installed. And we have to reshuffle the workforce to deal with critical areas, which is the crushing circuit. As I mentioned, we had at capacity right now, so we are making tactical decisions of where to shift the manpower to deal with the critical pieces of work to move forward with the pre-commissioning activities. As you see from that picture, the tonnes are in quite advanced stage, and we are basically getting them ready for the pre-commissioning work on the hydro tests. We will be starting with the first 4, 5 tonnes, and then we will be gradually introducing more tonnes into the circuit as the startup progresses.

是的。謝謝你，雷諾。也許我們可以回到我們展示的浸濾池幻燈片。正如您所看到的，安裝相當先進。我們從事管道、電氣安裝工作。大多數附加功能已安裝。我們必須重新調整勞動力來處理關鍵領域，也就是破碎迴路。正如我所提到的，我們現在產能充足，因此我們正在做出戰術決策，決定將人力轉移到哪裡來處理關鍵工作，以推進調試前活動。正如您從圖中看到的那樣，這些噸數已處於相當先進的階段，我們基本上正在為水力測試的預調試工作做好準備。我們將從最初的 4 噸、5 噸開始，然後隨著啟動的進展，我們將逐漸向迴路引入更多噸。

Okay. Can I get -- I have a second question with regards to the tailings facility. I think you gave us a little bit of color on that. But could you tell me how much capacity in the Phase 1? And then how much additional capacity were you looking for in the Phase 2 of the dam?

好的。我可以問一下——我還有關於尾礦設施的第二個問題。我想你在這方面給了我們一些啟發。但你能告訴我一期有多少容量嗎？那麼您希望大壩二期工程有多少額外容量？

Well, Phase 2 of the dam is the full 1-year capacity of production. Phase 1 is about 1.5 million cubic meters, which allows us to accommodate enough of the water for the startup and commission. And Phase 1 is complete. This is why some color on it, as you mentioned, because the best way to visualize it is to look at the liner lines. So what you see, the second line there is basically Phase 1 completion. As you can see, this picture is from July. So you can see there was actually -- if you look at the bottom of that picture, there's quite a bit of work which is already advanced in the Phase 2.

嗯，大壩二期工程已達到一年的全部生產能力。第一階段工程用水量約150萬立方米，足以滿足啟動和投產所需的用水量。第一階段已經完成。正如您所提到的，這就是為什麼它上面有一些顏色，因為可視化它的最佳方法是查看襯裡線。所以你看到的，第二條線基本上第一階段已經完成。如您所見，這張照片是七月的。所以你可以看到，如果你看看這張圖的底部，實際上有很多工作已經在第二階段進行了。

Okay. So the Phase 2 is the full-on -- my understanding is that you probably -- you would definitely want that completed by Q4, right? I mean, it's a central line dam, right? So you need the retention, the time for the beaching to occur. Is that the case?

好的。所以第二階段是全面的——我的理解是你可能——你肯定希望在第四季度完成，對吧？我的意思是，這是一個中央線大壩，對嗎？所以你需要保留時間，也就是擱淺發生的時間。是這樣嗎？

That's correct, yes.

這是正確的，是的。

Okay. Sorry, go ahead.

好的。抱歉，請繼續。

Yes, please repeat the -- we are okay for the startup. We have enough capacity to start up right now.

是的，請重複一遍——我們可以啟動。我們現在有足夠的能力啟動。

Sure. Okay. And then just in terms of when we think about next year, you said early 2024. With 6 months out, can you give us some color on what early means? Like when do you expect to have first gold pour? Is that like the beginning of the quarter in January, or is it the end of the quarter, or are we getting into Q2? I just want to try to get an idea of what 2024 would look like.

當然。好的。然後，就我們考慮明年的時間而言，您提到了 2024 年初。還有 6 個月的時間，您能給我們一些關於提前意味著什麼的資訊嗎？例如你預計什麼時候會出現第一次淘金？這是一月份的季度初，還是季度末，還是我們正在進入第二季度？我只是想嘗試了解 2024 年會是什麼樣子。

I don't think we're prepared to give you a much finer date than the first quarter. I think this is…

我認為我們不准備為您提供比第一季更好的日期。我認為這是——

Yes. I mean, one thing that is very important here, Anita, is we had the chance to discuss that previously as the focus is really on ramp-up and achieving and getting as close to the nameplate possible rather than focusing on the single item of the gold pour. We want the gold pour to be incorporated in the most efficient way to reach our nameplate. So having said that, we're still pretty confident that the gold pour would occur early in the Q1.

是的。我的意思是，安妮塔，這裡非常重要的一件事是我們之前有機會討論過這一點，因為重點實際上是在加速和實現並儘可能接近銘牌，而不是專注於單個項目黃金傾注。我們希望以最有效的方式將黃金倒入以達到我們的銘牌。話雖如此，我們仍然非常有信心黃金大量湧入將在第一季初發生。

Early in Q1. Okay. All right. And then I just wanted to circle back on Westwood. You talked about maybe getting to 125,000 to 150,000 ultimately there. And I think you said the Fayolle property should be adding -- contributing to the mix in the back half of the year. Could you remind me what the grades are at that one in the open pit?

第一季初期。好的。好的。然後我只想繞回韋斯特伍德。你談到最終可能會達到 125,000 到 150,000 人。我想你說的是安妮塔·索尼

Bruno?

布魯諾？

Hello, Anita. Fayolle is pegged at around 4 to 5 gram tonne. So we intend to have close to 100,000 tonnes this year for us from Fayolle.

你好，安妮塔。 Fayolle 的產量約為 4 至 5 克噸。因此，我們今年打算從法約勒獲得接近 10 萬噸的產量。

Okay. And how much have you done to date, or zero to date on Fayolle?

好的。到目前為止，你在 Fayolle 上做了多少工作，或者說到目前為止做了多少工作？

Just started.

剛開始。

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

（操作員說明）我們的下一個問題來自國家銀行的 Mike Parkin。

Can I just confirm the timing of the life of mine update for Essakane? When is that due at?

我可以確認一下 Essakane 的生命更新時間嗎？截止日期是什麼時候？

Did you say the technical report of Essakane, Mike?

麥克，你說的是 Essakane 的技術報告嗎？

Yes.

是的。

Yes. So Q4, probably somewhere like in mid-Q4. So we want to have everyone a chance to digest properly their report prior to our early 2024 guidance.

是的。第四季度，可能是第四季中期。因此，我們希望每個人都有機會在 2024 年初的指導之前正確消化他們的報告。

Okay. And then you've guided to higher costs. And obviously, that's again kind of your bigger asset. It's been a bit lumpy, but it's been kind of tracking around $110 million over the last 12 months with Q1 being a bit light given the lower throughput. Can you give us a sense of like what's going to drive? You were about $120 million of direct operating costs in Q2. To get in line with guidance and kind of have a sense that it's got to come down a bit in the second half, what changes there to get you into a slightly lower cost profile to get in line with guidance?

好的。然後你就導致了更高的成本。顯然，這又是你更大的資產。雖然有點不穩定，但在過去 12 個月裡一直在 1.1 億美元左右，考慮到吞吐量較低，第一季的收入有點少。您能為我們帶來什麼是駕駛的感覺嗎？第二季的直接營運成本約為 1.2 億美元。為了與指導保持一致，並感覺到下半年必須有所下降，有哪些變化可以讓您的成本狀況稍微降低以與指導保持一致？

Well, you would appreciate, of course, if you compare with the last couple of years, a big gap is, of course, the increased spending around the security. I mean, it is what it is. We need to do what needs to be done to keep everyone safe, and the team has done an awesome job on this. But one of the biggest ticket, of course, as mentioned, is fuel. And if you look at the Q2, for instance, the overrun and the LFO, using LFO to generate power is a very big ticket. This is basically a $100 an ounce on overall impact on the Q2.

好吧，當然，如果與過去幾年相比，您會很感激，一個很大的差距當然是圍繞安全性的支出增加。我的意思是，事情就是這樣。我們需要採取必要措施來確保每個人的安全，我們的團隊在這方面做得非常出色。但正如前面提到的，最大的問題之一當然是燃料。如果你看看 Q2，例如，溢出和 LFO，使用 LFO 來發電是一個非常大的問題。這對第二季的整體影響基本上是每盎司 100 美元。

So moving forward, having said that, even though the cost has increased, there was a significant decrease in the mining unit cost in Q2 compared to Q1 of almost $1 a tonne. So the mine is operating extremely well, but unfortunately, you have some inflation. So if we -- I think the extra capacity of storage as we move towards Q4 will be a big element of it, having more storage inventory and providing us with more chance to operate power 100%, which HFO will be a big, big, big ticket to it. But other than that, I am totally convinced this is not a performance and operating performance issue. It's a procurement issue. It's a security and it's a difficulty sometimes to provide HFO for power. As we advance, should we have better controls on the fuel supply and power generation with HFO, those will be the big, big tickets to return to level costs.

The next question is from Tanya Jakusconek with Scotiabank.

下一個問題來自豐業銀行的 Tanya Jakusconek。

Just wanted to know, when is the technical study of Gosselin coming out? You mentioned that you're working on that one as well.

只是想知道Gosselin的技術研究什麼時候出？你提到你也在做這件事。

Yes. I think at this stage is metallurgical studies is probably the priority. And as we mentioned, more we drill Gosselin, more we grow in. And I think it's relevant to say that at this stage, we need to have a pretty good idea of the size of Gosselin and what it needs before we dive too quick into studies and so forth. So I think 2023 and a part of 2024, we're going to continue to be very aggressive on the drilling and growing the deposit, doing our metallurgical studies. And we know you can have, but I definitely do not see the rush to any integration study, probably even late 2024/2025.

是的。我認為現階段冶金研究可能是首要任務。正如我們所提到的，我們對戈塞林的鑽探越多，我們成長的就越多。我認為，在這個階段，我們需要對戈塞林的規模以及它需要什麼有一個很好的了解，然後再過快地深入研究。學習等等。因此，我認為 2023 年和 2024 年的一部分時間，我們將繼續非常積極地進行鑽探和礦床開發，並進行冶金研究。我們知道你可以這樣做，但我絕對不認為急於進行任何整合研究，甚至可能在 2024/2025 年末進行。

Exactly. Hello, Tanya. This is [Kevin]. And in addition with the metallurgical testing, we have also the geotech testing to perform and obviously the initiation drilling that is currently ongoing.

確切地。你好，塔妮亞。這是[凱維奇]。除了冶金測試之外，我們還需要進行岩土測試，顯然目前正在進行的起始鑽探。

Okay. So all of this combined, maybe late 2024, 2025 until the market gets some sense?

好的。那麼，所有這些加起來，也許要到 2024 年底、2025 年，直到市場變得有意義？

Yes, that's correct. Yes.

對，那是正確的。是的。

That seems fair? Okay. All right. So that's helpful there. And just on Essakane, I know Mike asked about the cost. So should we just be thinking the rest of the year, because you mentioned Westwood, we're progressively getting better quarter-on-quarter and improvement in cost quarter-on-quarter. Is Essakane more evenly balanced for the rest of the year? So would that be a fair way of looking at that mine?

這看起來公平嗎？好的。好的。所以這很有幫助。就在 Essakane 上，我知道麥克詢問了費用。因此，我們是否應該考慮今年剩下的時間，因為你提到了韋斯特伍德，我們的季度環比逐步改善，成本環比改善。 Essakane 在今年剩餘時間是否更加平衡？那麼，這是看待該礦的公平方式嗎？

Hello, Tanya. We should see a forecast to be moderately lower in Q3 and Q4 as the situation with the fuel don't get normalized. We also expect capitalized waste stripping to pursue the current planned program as well. And for mining as well, overall to have relatively the same kind of cost pressure we see on the input and cases.

你好，塔妮亞。由於燃料狀況尚未正常化，我們應該會看到第三季和第四季的預測會適度降低。我們也預期資本化廢棄物剝離也將繼續實施目前計畫的計畫。對於採礦業來說，總體而言，我們在投入和案例中看到的成本壓力相對相同。

Okay. So production evenly split?

好的。那麼產量平均分配嗎？

No, the grade is going to be also relatively the same.

不，等級也會相對相同。

Okay. Okay. And then can I ask, because obviously, getting the cash flow -- getting cash flow from Essakane, we've got higher risks with the security issues in country. Can you just remind me what you're doing there to try and mitigate this risk as much as you can with inventories on site? Can you just remind me what you have there, so should something occur, which we hope doesn't, but just an idea of what you have on site and inventory levels.

好的。好的。然後我可以問嗎，因為顯然，從 Essakane 獲得現金流，我們在國家安全問題上面臨更高的風險。您能否提醒我您正在做什麼，以透過現場庫存盡可能地降低這種風險？您能否提醒我您那裡有什麼，如果發生什麼事情，我們希望不會發生，但只是了解您現場有什麼和庫存水平。

Of course, Tanya. As we are trying to secure supplies, we are increasing -- or working capital will have a slight impact relative to the additional capacity for fuel storage in Q4. We're doing -- trying to do the same for ammonium nitrate for explosives. Maybe you want to talk a bit more about that, Maarten?

當然，塔妮亞。當我們試圖確保供應時，我們正在增加——或相對於第四季度燃料儲存的額外容量，營運資金將產生輕微影響。我們正在嘗試對炸藥用硝酸銨做同樣的事情。也許你想多談談這個問題，Maarten？

Yes. Good morning, Tanya. So we are seeing an increase in the inventory at the site as we are trying to build more capacity when there's good opportunities to bring supplies in. So there was an increase in there. I think your question also asked about cash, getting cash out of the country. We -- Essakane declared a dividend of $120 million during the quarter. They had about $170 million of cash at the end of the quarter because of buildup. And we received that dividend after the close of the quarter. So we continue to be successful. No issues in moving funds from the country or having gold sales out of the country.

是的。早上好，塔妮亞。因此，我們看到現場的庫存增加，因為我們正在努力在有很好的機會引入供應時建立更多的產能。所以那裡的庫存有所增加。我認為你的問題也涉及現金，將現金帶出國外。我們—Essakane 宣布本季股息為 1.2 億美元。由於積累，他們在本季末擁有約 1.7 億美元的現金。我們在季度結束後收到了股息。所以我們繼續取得成功。從該國轉移資金或將黃金銷售出境沒有問題。

Okay. I was just wondering more like fuel, explosives, other consumables that you're carrying inventory the 6 months. Should I be thinking like that's sort of your inventory levels. 3, 6 months? Is that a fair…

好的。我只是想知道你們 6 個月內庫存的燃料、炸藥和其他消耗品。我該這樣想，這就是你們的庫存水準嗎？ 3、6個月？這樣公平嗎——

In fact for fuel, we usually have an inventory growth in between 15 days to 30 days. The expectation now is to increase that capacity close to 40 to 45 days.

對於燃料，我們的庫存通常會在 15 天到 30 天之間成長。現在的預期是將產能增加到接近 40 至 45 天。

Okay. Some reason I thought you had longer, sorry.

好的。出於某種原因，我認為你還有更長的時間，抱歉。

No, no, we -- no, unfortunately, this is very much in line with -- especially for field with best practices. So usually like when you said, like 20 days will be more than enough usually, and it has been in the past. Now because of the logistic of the convoy systems rather than frequent and periodically. So we accumulate trucks and then we can avoid them. So there is a need here to increase because we do not have, as previously, like a daily shipment and so forth. So we accumulate, we convoy, so we need to increase the capacity, but it is very much in line with -- in fact, in Canada, you would have less than that.

不，不，我們 - 不，不幸的是，這非常符合 - 特別是對於具有最佳實踐的領域。所以通常就像你說的，20 天通常就足夠了，而且已經過去了。現在由於車隊系統的後勤而不是頻繁和定期。所以我們累積卡車然後就可以避開它們。因此，這裡需要增加，因為我們沒有像以前那樣每天發貨等等。所以我們積累，我們護送，所以我們需要增加運力，但這非常符合——事實上，在加拿大，你的運力會比這個少。

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

是的。好的。偉大的。祝你好運。

Thank you very much, operator, and thank you to everyone for joining us this morning. As always, should you have any additional questions, please reach out to Renaud or myself via phone or e-mail. Thank you all, be safe, and have a great day.

今天電話會議的提問時間到此結束。我想將電話轉回給格雷姆·詹寧斯（Graeme Jennings）做總結發言。

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

非常感謝您，接線員，也感謝大家今天早上加入我們。像往常一樣，如果您有任何其他問題，請透過電話或電子郵件聯繫雷諾或我本人。謝謝大家，注意安全，祝你有美好的一天。