IAMGOLD Corp (IAG) 2023 Q3 法說會逐字稿

Thank you for standing by. This is the conference operator. Welcome to the IAMGOLD Third 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 年第三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, VP, Investor Relations and Corporate Communications for IAMGOLD. Please go ahead, Mr. Jennings.

這次，我想將會議交給 IAMGOLD 投資者關係和企業傳播副總裁 Graeme Jennings。請繼續，詹寧斯先生。

Thank you, operator, and welcome, everyone, to our call this morning. Joining me today on the call are Renaud Adams, President and Chief Executive Officer; Maarten Theunissen, Chief Financial Officer; Bruno Lemelin, Chief Operating Officer; Tim Bradburn, Senior Vice President, General Counsel and Corporate Secretary; and Jerzy Orzechowski, Executive Project Director, Cote Gold.

謝謝接線員，歡迎大家今天早上撥打我們的電話。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；布魯諾·萊梅林，營運長； 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 joined today from IAMGOLD's Toronto office, which is located on Treaty 13 territory on the traditional lands of many nations, including the Mississaugas of the Credit, the Anishnaabe, 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.

在我們開始之前，今天我們從IAMGOLD 多倫多辦事處加入我們，該辦事處位於許多民族傳統土地上的第13 條條約領土上，其中包括信用區的密西沙加人、阿尼什納貝人、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。

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.

請注意，我們對本次電話會議的評論將包括前瞻性陳述並參考非國際財務報告準則措施。我們鼓勵您參考我們最近的 MD&A 中的簡報中包含的關於非 IFRS 措施的警示性聲明和揭露以及這些措施的調整表，每項都在非 GAAP 財務措施標題下。

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

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

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

現在我將把電話轉給我們的總裁兼執行長雷諾亞當斯 (Renaud Adams)。

Thank you, Graeme, and good morning, everyone, and thank you for joining us today. This is really an exciting time for IAMGOLD. Over the summer, we saw the Cote Gold project make significant strides to where it is now. With our owners' team taking over the project, the modernization of construction teams and pre-commissioning activities ramping up towards production early next year. As we approach the production start at Cote, our intention is laser focused on managing the ramp-up of the operation with the goal in mind to make Cote one of the most successful large-scale mining start-up to date in our industry.

謝謝格雷姆，大家早安，謝謝你們今天加入我們。對於 IAMGOLD 來說，這確實是一個令人興奮的時刻。今年夏天，我們看到 Cote Gold 計畫取得了重大進展，達到了現在的水平。隨著我們的業主團隊接管該項目，施工團隊的現代化和預調試活動將在明年初投入生產。隨著 Cote 投產的臨近，我們的目的是集中精力管理營運的提升，目標是使 Cote 成為我們行業迄今為止最成功的大型採礦新創公司之一。

The importance of Cote Gold to IAMGOLD is clear. This is a project that is critical for the repositioning of this company. As once online, IAMGOLD will have a higher production base, lower cost profile with a strong foundation and long life of cash flow generation and growth opportunities in Canada.

Cote Gold 對 IAMGOLD 的重要性顯而易見。這是一個對於該公司重新定位至關重要的項目。一旦上線，IAMGOLD 將在加拿大擁有更高的生產基地、更低的成本、堅實的基礎、長久的現金流生成和成長機會。

Turning to the quarter itself, I'm proud of the work that was achieved this year. To date, attributable production from continuing operations of 329,000 ounces, putting the company well on track to meet its annual production guidance of 410,000 to 470,000 ounces. We continued to see the resiliency and professionalism of our Essakane team, with the mine on track for guidance this year despite the complexities within the region, and at Westwood, where our team's efforts to rebuild the mine underground has begun to show key improvements.

談到本季本身，我對今年取得的工作感到自豪。迄今為止，持續經營業務的權益產量為 329,000 盎司，使公司預計將實現 410,000 至 470,000 盎司的年產量指引目標。我們繼續看到 Essakane 團隊的彈性和專業精神，儘管該地區內部情況複雜，但今年礦場仍有望獲得指導，而在 Westwood，我們團隊重建地下礦場的努力已開始顯示出重大改進。

We will walk through the quarter and operating results in more detail in a moment, I want to be clear that our short-term goals for IAMGOLD are the following: Bring Cote online with a focus on achieving a steady and sustainable ramp up operations; second, manage our preparation at Essakane and Westwood with a focus on improving profitability while ensuring the safety of people and the community in which we operate.

我們稍後將更詳細地介紹本季度和營運業績，我想明確的是，我們對 IAMGOLD 的短期目標如下： 讓 Cote 上線，重點是實現穩定和可持續的提升運營；其次，管理我們在 Essakane 和 Westwood 的準備工作，重點是提高獲利能力，同時確保我們經營所在的人員和社區的安全。

In the longer term, our goal remains that we want to become a low-cost, 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 flows to optimize our balance sheet and deliver the company to have a more efficient and balanced capital structure.

從長遠來看，我們的目標仍然是成為一家低成本、高利潤的中間黃金生產商，在加拿大擁有強大的營運基礎。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。

With that, we will now dive into the operating and financial results and highlights for the quarter. Starting with health and safety. The company has seen an improving trend year-over-year, with days away restricted transfer duty rate of 0.36 and a total recordable injury rate of 0.66. This is all based on 200,000 hours work. Ensuring all of our employees and contractors go home safely would always be the primary focus for IAMGOLD. As we like to say, every gold ounce produced has to be done safely, and our goal continues to be 0 harm, 0 harm for the people, but also the places where we operate.

接下來，我們將深入了解本季的營運和財務表現以及亮點。從健康和安全開始。該公司呈現逐年改善的趨勢，限制轉會天數率為 0.36，總可記錄工傷率為 0.66。這都是基於20萬小時的工作。確保我們所有員工和承包商安全回家始終是 IAMGOLD 的首要關注點。正如我們想說的那樣，生產的每一盎司黃金都必須安全地完成，我們的目標仍然是零傷害，對人民以及我們經營的地方都是零傷害。

On production, in the third quarter, the company produced 109,000 ounces of gold on an attributable basis, slightly higher than the previous quarter, bringing our year-to-date production to 329,000 ounces of gold. As we will get into a moment, the production results were driven by Essakane performing effectively to plan despite continued pressures on the supply chain and an increase in tons from recent rehabilitation of underground performed at Westwood. Despite these achievements, the third quarter saw a further increase in cost with IAMGOLD reporting third quarter cash cost of $1,400 an ounce sold, and an all-in sustaining cost of $1,975 an ounce.

在產量方面，第三季度，公司權益產量為 109,000 盎司，略高於上一季度，使我們今年迄今的黃金產量達到 329,000 盎司。正如我們即將進入的，生產結果是由 Essakane 有效地執行計劃推動的，儘管供應鏈持續面臨壓力，並且最近在 Westwood 進行的地下修復導致產量增加。儘管取得了這些成就，但第三季成本進一步增加，IAMGOLD 報告第三季銷售現金成本為每盎司 1,400 美元，總維持成本為每盎司 1,975 美元。

On guidance. This brings our year-to-date cash cost to $1,288 an ounce and an all-in sustaining cost to $1,803 an ounce, sitting above our prior guidance targets you see here on the bottom. As a result, we have revised our cost guidance higher with cash costs now forecasted to be between $1,250 and $1,335 an ounce and an all-in sustaining cost to be between $1,750 and $1,825 an ounce. This increase on cost trend and forecast is due to continued cost pressures at Essakane, resulting from the security situation, of which we will go more in just a moment.

關於指導。這使得我們今年迄今為止的現金成本達到每盎司 1,288 美元，總維持成本達到每盎司 1,803 美元，高於您在底部看到的之前的指導目標。因此，我們上調了成本指引，目前預計現金成本在每盎司 1,250 美元至 1,335 美元之間，整體維持成本在每盎司 1,750 美元至 1,825 美元之間。成本趨勢和預測的增加是由於安全局勢導致 Essakane 持續面臨成本壓力，我們稍後將對此進行更多討論。

Furthermore, we have seen sustained elevated profits from the recent inflationary periods. And on that, we are seeing now some sign that prices are beginning to see some easing. However, the rate of easement never matches the pace of increase. Looking at our order guidance revisions, we have reduced our sustaining capital forecast for Essakane and Westwood. For Essakane, if you will recall, in the first quarter, we were unable to complete the planned stripping program to the supply chain issues, which was rectified in the second quarter where the stripping program was in line with plan.

此外，我們也看到近​​期通膨時期的利潤持續上升。就此而言，我們現在看到一些跡象表明價格開始放緩。然而，地役權的緩減速度始終趕不上成長的速度。從我們的訂單指導修訂來看，我們降低了對 Essakane 和 Westwood 的持續資本預測。對於Essakane來說，如果你還記得的話，在第一季度，我們因供應鏈問題而無法完成計劃的剝離計劃，這在第二季度得到了糾正，剝離計劃符合計劃。

This last quarter, we were able to start to recoup the shortfall in Q1. However, it does not appear we will be able to do so in time for calendar year-end. This spending will come in 2024 in support for our 2024-25 production plan. Likewise, at Westwood, we have reduced our sustaining capital as a result of the increased visibility into end of the year, underground development and rehabilitation rate.

上個季度，我們能夠開始彌補第一季的缺口。然而，我們似乎無法在年底前及時完成這項工作。這筆支出將於 2024 年到位，以支持我們 2024-25 年的生產計劃。同樣，在 Westwood，由於年底地下開發和修復率的可見度提高，我們減少了維持資本。

With that, I will pass the call over to our CFO to walk us through our financial results and position. Maarten?

接下來，我會將電話轉給我們的財務官，向我們介紹我們的財務表現和狀況。馬丁？

Thank you, Renaud, and good morning, everyone. Looking at our Q3 financials, revenues from continuing operations totaled $224.5 million from sales of 116,000 ounces at an average realized price of $1,937 per ounce. Adjusted EBITDA from continuing operations was $57.8 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 cash and equivalents of $548.9 million and a fully undrawn credit facility, equating to total liquidity of approximately $1 billion.

謝謝你，雷諾，大家早安。從我們第三季的財務數據來看，持續經營業務的收入總計 2.245 億美元，銷售量為 116,000 盎司，平均實現價格為每盎司 1,937 美元。本季持續經營業務調整後 EBITDA 為 5,780 萬美元，調整後每股虧損為 0.01 美元。就我們的財務狀況而言，IAMGOLD 截至本季末的現金及等價物為 5.489 億美元，以及完全未提取的信貸額度，相當於流動資金總額約為 10 億美元。

As noted in our MD&A, the company entered into a 1-year extension of its credit facility yesterday, extending the maturity to January 31, 2026 from January 31, 2025. As part of the extension, the credit facility was reduced or rightsized to $425 million based on the company's requirement for a senior revolving facility on its overall business. The extensions allow for the credit facility to be available as well as noncurrent during 2024 should we require additional liquidity when Cote has been commissioned and ramping up.

正如我們在MD&A 中所指出的，該公司昨天將其信貸額度延長了1 年，將期限從2025 年1 月31 日延長至2026 年1 月31 日。作為延期的一部分，信貸額度減少或調整至425 美元萬元，基於公司整體業務對高級週轉設施的需求。如果我們在 Cote 投入使用並增加流動性時需要額外的流動性，則延期允許在 2024 年期間提供信貸便利以及非流動信貸便利。

We note that within cash and cash equivalents, $70.68 million was held by Cote Gold and $54.6 million was held by Essakane. The company declared a dividend from Essakane of $120 million in the second quarter, which was received in the third quarter, net of minority interest and withholding taxes. The company has to fund an estimated $325 million of the Cote project expenditures during the remainder of '23 and into 2024 as the project is completed and commissioned and plans to use the available cash and cash equivalents, undrawn amount under the revolving credit facility and the remaining proceeds from the sale of the Bambouk Assets.

我們注意到，在現金和現金等價物中，Cote Gold 持有 7,068 萬美元，Essakane 持有 5,460 萬美元。該公司宣布第二季從 Essakane 派發股息 1.2 億美元，扣除少數股東權益和預扣稅後，股息於第三季收到。隨著該項目的完成和調試，該公司必須在 23 年剩餘時間和 2024 年期間為 Cote 項目支出估計 3.25 億美元提供資金，併計劃使用可用現金和現金等價物、循環信貸安排下的未提取金額以及出售Bambouk 資產的剩餘收益。

As we look forward to 2024, the gold prepayment is coming into focus. As for the arrangement, the company has to physically deliver 150,000 ounces over the course of 2024 with a collar range of $1,700 to $2,100 per ounce on 100,000 of the gold ounces that will be delivered and where the company will participate in the gold price within the collar range. The company does not participate in gold price upside with the remaining 50,000 ounces of gold ounces that we need to deliver.

展望2024年，黃金預付成為焦點。至於安排，該公司必須在 2024 年期間實物交割 150,000 盎司，每盎司 1,700 美元至 2,100 美元的上限範圍將交付 100,000 盎司黃金，並且該公司將在 2024 年期間參與黃金價格的定價。衣領範圍。公司需要交付的剩餘 50,000 盎司黃金不參與金價上漲。

While the gold arrangement reduces operating cash flow in 2024, the company could potentially roll forward a portion or all of the arrangement should the need arise.

雖然黃金安排減少了 2024 年的營運現金流，但如果需要，該公司可能會展期部分或全部安排。

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

然後，我會將電話轉回給雷諾。謝謝你，雷諾。

Thank you, Maarten. Turning to Essakane. The mine reported third quarter attributable gold production of 84,000 ounces of gold, bringing the year-to-date total to 264,000. This was down slightly from the 88,000 ounces produced in the second quarter on modestly lower throughput and grades. Mining activity totaled 10.6 million tons in the quarter, down from the prior quarter as the mining fleet did not operate at full capacity during August due to the disruptions in fuel supply resulting from the regional geopolitical issues, including the coup in Nigeria as well as the continued challenges on the ongoing security situation within the country.

謝謝你，馬丁。轉向艾薩卡恩。該礦第三季權益黃金產量為 84,000 盎司，使年初至今的總產量達到 264,000 盎司。由於產量和品位略有下降，較第二季的 88,000 盎司略有下降。本季採礦活動總量為 1,060 萬噸，較上一季度有所下降，原因是尼日利亞政變等地區地緣政治問題導致燃料供應中斷，導致 8 月份採礦隊未滿負荷運轉。該國當前的安全局勢持續面臨挑戰。

The situation improved towards the end of the quarter with the mining fleet operating at capacity during September and October. Head grades remained effectively flat in the quarter at 1.1 grams a tonne, which is below the reserve model grade as mining activities were through the upper benches of Phase 5 of the pit and mine ore is -- were blended with lower grade stockpiles. We are seeing potential indications of great improvement in the pit through September and October as activity began to advance into lower branches of the Phase 5.

隨著採礦隊在 9 月和 10 月滿載運行，情況在本季末有所改善。本季的主要品位實際上保持在每噸 1.1 克，低於儲備模型品位，因為採礦活動是透過礦坑第五階段的上部台階進行的，並且礦礦石與較低品位的庫存混合在一起。隨著活動開始推進到第五階段的較低分支，我們看到九月和十月礦坑有巨大改善的潛在跡象。

On a cost basis, Essakane reported cash cost of $1,370 an ounce, approximately $100 an ounce increase from the prior quarter due to higher volumes of operating waste resulting from increased strip ratio as the mine enters new phases. The impact of the security situation resulting in higher landed fuel prices, transportation and camp cost as well as higher labor costs due to appreciation in local currency. In addition to the fuel pricing pressures, power generation cost increased as heavy fuel normally was periodically substituted with more expenses light fuel to maintain operations when supply was limited.

以成本計算，Essakane 報告現金成本為每盎司 1,370 美元，比上一季每盎司增加約 100 美元，原因是隨著礦場進入新階段，剝離率增加，導致營運廢棄物量增加。安全局勢的影響導致陸地燃料價格、運輸和營地成本上漲，以及當地貨幣升值導致勞動成本上漲。除了燃料價格壓力外，發電成本也有所增加，因為在供應有限時，重質燃料通常會定期被成本更高的輕質燃料取代以維持營運。

As mining activities improved into the fourth quarter, it is worth noting that at quarter end, there was sufficient fuel on hands to maintain normal levels of operating activity. Further, IAMGOLD is expanding its fuel storage facilities by approximately 50% to mitigate the impact of potential limited fuel supplies in the future.

隨著第四季採礦活動有所改善，值得注意的是，截至季度末，現有燃料充足，可以維持正常的營運活動水準。此外，IAMGOLD 還將其燃料儲存設施擴大約 50%，以減輕未來潛在的燃料供應有限的影響。

Despite the disruptions in August, Essakane was able to increase sustaining capital expenditures quarter-over-quarter, spending $36.6 million in the third quarter in support of the ['24-2025] production plan. While we revive our sustaining capital expenditure downwards to $125 million following the challenging first quarter and disruptions in August, we are encouraged to see that capital spending program was able to be deployed over the last 2 quarters. As a result, our all-in sustaining costs for the quarter were relatively high at the $798 an ounce sold, reflecting the higher production cost and expanded capital program. The company continues to plan to file an updated technical report for Essakane that will also include an updated mineral reserve and mineral resources before the end [of the quarter].

儘管 8 月出現中斷，Essakane 仍能夠逐季增加維持資本支出，在第三季支出 3,660 萬美元來支持 ['24-2025] 生產計畫。儘管在經歷了充滿挑戰的第一季和 8 月的干擾後，我們將持續性資本支出下調至 1.25 億美元，但我們很高興看到資本支出計畫能夠在過去兩個季度部署。因此，我們本季的整體維持成本相對較高，為每盎司 798 美元，反映出生產成本較高和資本計畫擴大。該公司繼續計劃在[本季]結束之前提交 Essakane 的更新技術報告，其中還將包括更新的礦產儲量和礦產資源。

Turning to Westwood. Gold production was 25,000 ounces in the quarter, bringing the total production year-to-date to 65,000 ounces. This was an interesting quarter at Westwood as we saw mining rates from underground take a step up, which resulted in a step-down in cash costs. After the last 18 months of essentially rebuilding the underground mine, there are signs that Westwood can take the next step in production and cost reduction as we exit the year.

轉向韋斯特伍德。本季黃金產量為 25,000 盎司，使年初至今的總產量達到 65,000 盎司。這是 Westwood 一個有趣的季度，因為我們看到地下採礦率上升，導致現金成本下降。經過過去 18 個月對地下礦井的基本重建後，有跡象表明，隨著今年的結束，Westwood 可以在生產和降低成本方面採取下一步措施。

Mining activity in the third quarter totaled 310,000 tons of ore, while underground contributing with 79,000 tonnes, which was the highest level we have seen since the reopening of the mine in 2021. This increase in underground tonnes is attributed to the continued progress in rehabilitation and the development of underground activities, which has resulted in an increase in production still available. The mill throughput in the third quarter was 283,000 tons, an increase from the prior quarter when the operation was impacted from the early summer forest fires. The head grade increased to 2.94 grams a ton, benefiting from the increased proportion of a higher grade ore feed from underground in addition to the introduction of a higher grade material from the Fayolle deposit.

第三季的採礦活動總量為 310,000 噸礦石，其中地下礦石量為 79,000 噸，這是自 2021 年礦山重新開放以來的最高水準。地下噸數的增加歸因於恢復和恢復工作的持續進展。地下活動的發展，導致現有產量增加。第三季工廠吞吐量為283,000噸，較上一季增加，當時營運受到初夏森林火災的影響。頭部品位增加至每噸 2.94 克，這得益於來自地下的較高品位礦石原料比例的增加以及來自 Fayolle 礦床的較高品位材料的引入。

Accordingly, cash costs stepped down in the quarter to $1,506 an ounce sold, which notably includes an estimated $127 an ounce of cost related to the development incurred at the Fayolle that was expensed due to the short life of the deposit. Our all-in sustaining cost of $2,138 an ounce remained above the spot gold price as sustaining capital program continues to include development and rehabilitation work in support of the '24-2025 plan.

因此，本季現金成本下降至每盎司 1,506 美元，其中特別包括與 Fayolle 開發相關的估計每盎司 127 美元的成本，該成本由於礦床壽命短而被費用化。我們的整體維持成本為每盎司 2,138 美元，仍然高於現貨金價，因為維持資本計畫繼續包括支持「24-2025」計畫的開發和復原工作。

But as we noted in our MD&A, in September, Westwood reported a major achievement, breaking even on an all-in sustaining cost basis. Looking ahead, Westwood is well on track to achieve the upper end of our 70,000 to 90,000 ounces of guidance this year. Production level and unit costs are expected to continue to improve into the fourth quarter, benefiting from the continued advancement of underground development, providing access to more and higher grade stuffs.

但正如我們在 MD&A 中指出的那樣，Westwood 在 9 月報告了一項重大成就，在總體維持成本的基礎上實現了盈虧平衡。展望未來，Westwood 有望實現今年 70,000 至 90,000 盎司指導上限。由於地下開發的持續推進，提供了更多、更高品位的原料，預計第四季度生產水準和單位成本將繼續改善。

We are really excited to see the progress at Westwood. I will note that we have deferred the release of our updated life of mine plans for Westwood into 2024 as the plan needs to be optimized based on the performance of the operation now that we're able to start mining in previously closed area of demand.

我們很高興看到 Westwood 的進展。我要指出的是，我們已將 Westwood 礦山更新壽命計劃的發布推遲到 2024 年，因為現在我們能夠在先前關閉的需求區域開始採礦，因此需要根據營運績效對該計劃進行優化。

Turning to Cote Gold. I will pass the mic to our Executive Project Director in a moment to provide some highlights on the current status of the project. But first, I would like to draw your attention to bottom of the slide. In the commencement of the construction of Cote Gold and up to the end of September, $2.54 billion of the planned $2.965 billion of project, a signature has been incurred with $425 million left to be incurred on a 100% basis. The project remains in line with the budget. It is important to note that this total is for project completion, which includes demobilization post initial production.

轉向科特金。我稍後會將麥克風交給我們的執行專案總監，以提供有關該專案目前狀態的一些重點內容。但首先，我想請您注意幻燈片的底部。從Cote Gold開工到9月底，計畫的29.65億美元項目中的25.4億美元已經簽字，剩餘4.25億美元以100%的基準支付。該項目仍符合預算。值得注意的是，這個總數是專案完成後的總數，其中包括初始生產後的復員。

Accordingly, we have noted that a portion of the project expenditures are expected to be incurred during commissioning and ramp-up next year. After accounting for the Sumitomo amendment agreement to 60.3%, the working capital and leases, IAMGOLD has a remaining funding reform into Cote Gold of $325 million. As a reminder, Cote Gold ended the quarter with cash and cash equivalents of approximately $549 million and total liquidity of near $1 billion. So the company is sure well positioned to fund the remainder of the construction, commissioning and ramp-up.

因此，我們注意到部分項目支出預計將在明年的調試和投產期間產生。在考慮住友商事修改協議至 60.3%、營運資金和租賃後，IAMGOLD 對 Cote Gold 的剩餘資金改革為 3.25 億美元。需要提醒的是，本季末，Cote Gold 的現金和現金等價物約為 5.49 億美元，流動性總額接近 10 億美元。因此，該公司肯定有能力為剩餘的建設、調試和產能提升提供資金。

With that, I will hand it over to Jerzy.

這樣，我就把它交給 Jerzy。

Thank you, Renaud. The third quarter once again saw considerable progress at Cote with great advancements in construction. But what was the most noticeable is the change in tone in the [comeback] as activity began to shift from major construction to finalization, pre-commissioning and commissioning.

謝謝你，雷諾。第三季度，科特迪瓦再次取得了重大進展，施工取得了巨大進展。但最引人注目的是，隨著活動開始從主要建設轉向最終確定、預調試和調試，[捲土重來]的基調發生了變化。

At the end of quarter, the project was estimated to be 90.6% complete and the construction at approximately 92%. I believe we could peak capacity in the quarter. And since then, we have seen our numbers decline as certain contractors are being demobilized. Despite the (inaudible), our construction teams, contractors and subcontractors continue to do a great job as evidenced by the 13.2 million hours worked with total recordable injury frequency rate of only 0.68.

截至本季末，該工程預計已完成 90.6%，施工進度約 92%。我相信我們可以在本季達到產能高峰。從那時起，隨著某些承包商的復員，我們的人數有所下降。儘管如此（聽不清楚），我們的施工團隊、承包商和分包商仍然表現出色，工作時間達 1,320 萬小時，總可記錄工傷頻率僅為 0.68。

Looking at the slide and moving from left to right, top to bottom, we have a bird's-eye view with the open pit mining operation in the top right figure and the stockpile builds are just below the bottom (inaudible) slide. During the third quarter, the primary earthworks contractor was demobilized, successfully handling off pit, dewatering pioneer drilling and overburden stockpile activities to IAMGOLD operations and mining teams. We are now 14 CAT 793 autonomous haul trucks commissioned and the autonomous drilling began in the quarter with the four pit Vipers now in operation.

觀察幻燈片並從左到右、從上到下移動，我們可以鳥瞰右上圖的露天採礦作業，而庫存建築就在底部（聽不清楚）幻燈片的下方。第三季度，主要土方工程承包商復員，成功為 IAMGOLD 營運和採礦團隊處理了坑外、排水先鋒鑽探和表土堆放活動。目前，我們有 14 輛 CAT 793 自動運輸卡車投入使用，自動鑽井已於本季度開始，四台 Viper 礦井現已投入運作。

Owner mining has progressed well with nearly 1.6 million tonnes mined in the third quarter of (inaudible). Stockpile surpassed 4 million tons at the end of October and well on track to target buildup of 5 million tonnes by the end of the year. In the top center is the southwest view of the tailing management facility. As you can see, the second phase of the TMF is well on track with the bulk fill material in place and the target elevation with sand bedding and liner work done. At the end of October, we now have 1 million cubic meters of water accumulated in the TMF, approaching our target of 1.1 million to 1.5 million required for commissioning.

業主採礦進展順利，第三季開採了近 160 萬噸（聽不清楚）。 10 月底庫存超過 400 萬噸，並預計在年底實現 500 萬噸的目標。頂部中央是尾礦管理設施的西南視圖。正如您所看到的，TMF 第二階段進展順利，散裝填充材料就位，沙層和襯管工作也已完成目標標高。截至10月底，TMF已積水100萬立方米，接近調試所需110萬至150萬立方米的目標。

Next, in the top right is the view of the north side of the plant, the high-voltage substation in the center. The primary power substation is operational and organization is moving to the (inaudible) distribution network to for (inaudible) electrification.

接下來，右上角是工廠北側的視圖，中間是高壓變電站。主變電站已投入運行，組織正在轉向（聽不清楚）配電網路以實現（聽不清楚）電氣化。

Bottom left is the conveyors and the crusher section. These are complete with the first equipment testing started in October. At the middle is [Grand Duc]. Installation of the ball mill liners is complete, motors and soleplates are set. The mill has been turned on, but during testing to determine that the alignment on the ring gear of the ball mill was out of tolerance. So we had the OEM service team on site to address the problem. And finally, bottom right is the thickener and leach tank farm. Completion of the leach tanks is making progress following some delays. Leach testing commenced last month and we are working through the progress of hydro testing of this facility.

左下角是輸送機和破碎機部分。這些工作已於 10 月開始進行首次設備測試。中間是【大公】。球磨機襯板的安裝已完成，馬達和底板已安裝完成。磨機已啟動，但在測試過程中確定球磨機齒圈的對準超出公差。因此我們派了 OEM 服務團隊到現場來解決這個問題。最後，右下角是濃縮機和浸出罐區。在經歷了一些延誤後，浸出池的竣工工作正在取得進展。浸出測試已於上個月開始，我們正在研究該設施的水力測試進度。

Turning to the final timeline, Cote Gold continues to track well to the updated project schedule towards initial production in the first quarter of '24. Our focus this quarter is completion of the processing plant and the ramp-up of the pre-commissioning and commissioning activities. We are working in close alignment with our partners Sumitomo and our contractors ensure that Cote move safely on time and on the current budget and scope.

談到最終的時間表，Cote Gold 繼續很好地追蹤更新的專案時間表，爭取在 24 年第一季進行初步生產。我們本季的重點是完成加工廠以及加快預調試和調試活動。我們正在與我們的合作夥伴住友商事和承包商密切合作，確保 Cote 在當前預算和範圍內按時安全移動。

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

說到這裡，我會把它轉回給雷諾。謝謝。

Thank you, Jerzy. And I would like to add that our focus is last on pushing to get the first gold mark out of Cote as early as possible, but right now ensuring that all the elements in preparation are in place for a smooth ramp-up of the project in the first half of next year. Our goal is straightforward. We want the ramp up of Cote to be among the most successful project startup.

謝謝你，傑西。我想補充一點，我們最後的重點是推動科特島儘早獲得第一個金標，但現在要確保準備中的所有要素都已到位，以便該項目能夠順利推進明年上半年。我們的目標很簡單。我們希望 Cote 的崛起成為最成功的專案啟動之一。

We hosted an analyst and investor tour at the end of last month, and I believe it showed that we have hired people with the right experience and technical expertise for the commissioning ramp-up and operation of Cote. This is a thing that we have done it before, and I think we are well positioned to take the next step of the project.

我們在上月底舉辦了一次分析師和投資者之旅，我相信這表明我們已經聘請了具有適當經驗和技術專長的人員來進行 Cote 的調試和營運。這是我們以前做過的事情，我認為我們已經做好了採取該專案下一步的準備。

Of course, when we're talking about the future, we need to continue to highlight Gosselin. At the end of last month, we announced the results of an additional 21 diamond drill holes at Gosselin that targeted the expansion potential with the deposited depth, specifically below the East and West bridges body that a gap between this area.

當然，當我們談論未來時，我們需要繼續強調戈塞林。上個月底，我們公佈了在Gosselin 額外21 個鑽石鑽孔的結果，這些鑽孔的目標是隨著沉積深度的擴展潛力，特別是在東橋體和西橋體下方，即該區域之間的間隙。

The results confirmed the extension of gold mineralization and numerous drill holes up to 400 meters vertically below the previous resource pit shall over an approximate 1 kilometer strike rate. The value accretive potential of Gosselin is clear. The deposit is right next to the Cote pit with mineral resources estimate of 3.4 million ounces of indicated and amount of 1.7 million ounces of inferred and a high potential to grow this resource further.

結果證實，金礦化範圍和先前資源坑垂直下方 400 公尺處的大量鑽孔的延伸範圍將超過約 1 公里。戈斯林的增值潛力是顯而易見的。該礦床緊鄰 Cote 礦坑，預計礦產資源量為 340 萬盎司，推斷資源量為 170 萬盎司，進一步開發該資源的潛力很大。

Next year, as Cote ramps up production, we will continue to push the testing of Gosselin, including the advances of metallurgical testing, mining and infrastructure studies in order to begin reviewing alternatives for potential inclusion of the Gosselin deposit into a future Cote Gold life of mine plan. Cote Gold today is a project, but we believe strongly that this is the start of the mining camp and will provide a strong foundation for IAMGOLD for many years to come.

明年，隨著 Cote 產量的增加，我們將繼續推動 Gosselin 的測試，包括冶金測試、採礦和基礎設施研究的進展，以便開始審查可能將 Gosselin 礦床納入未來 Cote Gold 壽命的替代方案。礦山計劃。今天的 Cote Gold 是一個項目，但我們堅信，這是採礦陣營的開始，並將為 IAMGOLD 未來許多年提供堅實的基礎。

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

這樣，我想將通話轉回接線生以進行通話的問答部分。操作員？

(Operator Instructions) Our first question comes from Anita Soni with CIBC World Markets.

（操作員說明）我們的第一個問題來自 CIBC 全球市場的 Anita Soni。

So, firstly, at Essakane, you're talking about processing the stockpiles that you built up there, I think it was 9.9 million tonnes over the life of the mine, and you're going to release a study on that. Could you remind me what kind of grades that you would see there? I know in the original heap leach, it was probably 4x as much tonnage but at lower grades. So I was wondering if you were going to be high grading that 9.9x stockpiles.

因此，首先，在 Essakane，您談論的是處理在那裡建立的庫存，我認為在礦山的生命週期內，庫存量為 990 萬噸，您將發布一項有關該庫存的研究。您能提醒我您在那裡會看到什麼樣的成績嗎？我知道在最初的堆浸中，噸位可能是原來的 4 倍，但品位較低。所以我想知道您是否會對 9.9 倍庫存進行高評級。

I'll ask Renaud to comment on that one.

我會請雷諾對此發表評論。

Yes. The stockpile for the heap leach was to be between 0.4 and 0.6 gram per tonne. We're actually studying the capacity to process that material to the CIL. That's the reason why we want to rejuvenate the technical report taking this into account.

是的。堆浸的庫存量為每噸 0.4 至 0.6 克。我們實際上正在研究 CIL 處理該材料的能力。這就是我們考慮到這一點而希望使技術報告煥發活力的原因。

Okay. Wasn't that material, though? It was like 43 million tonnes I thought at 0.4 gram per tonne material. And you're only taking 10 million tons of it. So I was wondering if you were going to selectively upgrade it.

好的。但這不是物質嗎？以每噸材料 0.4 克計算，我認為大約有 4300 萬噸。而你只拿走了 1000 萬噸。所以我想知道你是否要選擇性地升級它。

I can come back to you after this call. Yes, I'm not sure, but the intention, of course, as would be highlighted, is to process all this more in a conventional way rather than building capacity.

這次通話後我可以再聯絡您。是的，我不確定，但正如要強調的那樣，其目的當然是更多地以傳統方式處理所有這一切，而不是建立能力。

And it is the higher grade parts of the stockpile that is separated that will be processed.

將被處理的是分離出來的庫存中的較高品位部分。

Okay. Or could it be that the 43 million tonnes is now just 10 million tons that you used some of it over time? Anyway, we can take that off-line.

好的。或者說，4300萬噸現在只是你們隨著時間的推移使用了其中的1000萬噸？無論如何，我們可以讓它離線。

So in terms of Westwood, I was just wondering about the underground mining costs. Could you tell me what they were on a unit cost basis this quarter? I did notice a significant improvement in unit costs, and I wanted to get that (inaudible).

所以就韋斯特伍德而言，我只是想知道地下採礦成本。您能告訴我本季的單位成本是多少嗎？我確實注意到單位成本有了顯著的改善，我希望得到這一點（聽不清楚）。

Maarten?

馬丁？

The mining cost was about $28 per tonne for the total tonnes before stripping, and it's about $90 per tonne after you take out the development tonnes.

剝採前總噸數的採礦成本約為每噸 28 美元，除去開發噸數後，採礦成本約為每噸 90 美元。

So, $90, is that just the underground portion?

那麼，90 美元，這只是地下部分嗎？

Yes.

是的。

Okay. And then the full CapEx at Westwood...

好的。然後是 Westwood 的全部資本支出...

Sorry, Anita. I need to apologize. That is the total mining cost, including for the other areas. I don't have that separated right in front of me, but we can get back to you on that as well.

對不起，安妮塔。我需要道歉。這是總採礦成本，包括其他地區的成本。我面前沒有這個分離的東西，但我們也可以就此與您聯繫。

Okay. The deferrals of CapEx at Westwood and Essakane, would those move into 2024? Or -- I think you said at Westwood, there might be savings. But Essakane, I'm not sure what's going to happen there considering the shortened mine life. Is there thoughts that you probably won't do that stripping? Or is that ultimately going to be done in 2024 and 2025?

好的。 Westwood 和 Essakane 的資本支出延期，會延到 2024 年嗎？或者——我想你在韋斯特伍德說過，可能會節省開支。但是 Essakane，考慮到礦山壽命的縮短，我不確定那裡會發生什麼。有沒有想過你可能不會做那種脫衣舞？還是最終會在 2024 年和 2025 年完成？

Yes. I think that's what we're going to be addressing. If you really look at the last 3 years, Anita, I mean, the mine has been systematically more on the strip ratio towards like between the 2 and 3. And as we mentioned in the (inaudible) there is effort now to increase that and catch up on some. So yes, you should expect '24 and '25 to come up more in the higher strip ratio to cash up. So, we could unlock further years the full reserves in the mine.

是的。我認為這就是我們要解決的問題。如果你真的看看過去3 年，Anita，我的意思是，該礦的剝離比已經更加系統地接近2 和3 之間。正如我們在（聽不清）中提到的，現在正在努力提高剝採比，並且趕上一些。所以，是的，您應該預期「24」和「25」在較高的剝離比率中會出現更多的現金兌現。因此，我們可以在未來幾年內釋放該礦的全部儲量。

Okay. So what was the strip ratio like? Overall life of mine supposed to be and it was lower. I guess you said 2 to 3. So should have been more like a 4 or 5. Is that what it is?

好的。那麼剝離率是怎樣的呢？我的整體壽命應該是，但它更低。我猜你說的是 2 到 3。所以應該更像是 4 或 5。是這樣嗎？

Yes, correct. So we intend to be more in the 4, 5 over the next 2 years.

是，對的。所以我們打算在未來 2 年內在 4、5 年內做得更多。

Okay. So now moving to --

好的。所以現在轉向——

Anita, just note that before the end of the year, we'll be having -- coming up with an updated 43-101, which includes the full life of mine plan.

安妮塔，請注意，在今年年底之前，我們將提出更新的 43-101，其中包括礦山計劃的整個生命週期。

Okay. All right. Now moving to coating -- my apologies to my colleagues, but there are a few questions I want to get down. So maybe this is a question for Jerzy that the CapEx guide for the remainder of completion, I know this went from $825 million to $875 million, up to $875 million plus or minus 5%, which would imply a high end of the range at now $919 million. So I'm wondering why that increase, if it is indeed an increase, and what are the components of that? And the second part of that question, and this will be the last one, what -- how should we think about -- first off, what remains in 2024 to be spent, like the breakout between Q4 and then 2024 for initial capital of that $875 million? And secondly, what kind of sustaining capital are we looking at at Cote in 2024?

好的。好的。現在轉向塗層—我向我的同事道歉，但有幾個問題我想問下。因此，也許這對 Jerzy 來說是一個問題，即剩餘完成的資本支出指南，我知道這從 8.25 億美元到 8.75 億美元，最高為 8.75 億美元正負 5%，這意味著目前該範圍的高端9.19 億美元。所以我想知道為什麼會增加，如果確實增加的話，其中的組成部分是什麼？這個問題的第二部分，這將是最後一個部分，我們應該如何思考，首先，2024 年還需要花費什麼，例如第四季度和 2024 年初始資本之間的突破8.75 億美元？其次，我們希望 Cote 在 2024 年能獲得什麼樣的維持資本？

I think we'll pass it to Maarten for that.

我想我們會把它交給 Maarten。

Anite, when we guided at the beginning of the year, we had a range, and the $875 million was the high end of the range. And that amount based on what we've spent up to the end of 2022 would have gotten us to the $2.965 billion at 100% that we had in the technical report. Now that we are in November and close to the end of the year, we are indicating that we are still trending in line with the budget of $2.965 billion, and that $875 million gets us there. So we've now just updated because we're closer to the end of the project.

Anite，當我們在年初進行指導時，我們有一個範圍，8.75 億美元是該範圍的高端。根據我們截至 2022 年底的支出計算，這筆金額以 100% 計算，將達到技術報告的 29.65 億美元。現在已經是 11 月，接近年底，我們表明我們的趨勢仍然符合 29.65 億美元的預算，而 8.75 億美元可以幫助我們實現這一目標。所以我們現在剛剛更新，因為我們已經接近專案的結束。

We still have to incur $425 million at 100% to get to the $2.965 billion. If you look at the amount that we incurred in Q3, it was $317 million. So we will continue to incur at that rate. But as we get closer to 100% construction, that tapers off, and that's why we are seeing costs being incurred in Q4 at around this level as Q3, maybe slightly lower and then the remainder tapers off into Q1 of next year.

我們仍需 100% 承擔 4.25 億美元才能達到 29.65 億美元。如果你看一下我們第三季產生的金額，那就是 3.17 億美元。因此，我們將繼續以這個速度進行投資。但隨著我們接近100% 的建設，這種情況會逐漸減少，這就是為什麼我們看到第四季度的成本與第三季度的水平大致相同，可能會略低，然後剩餘的成本會逐漸減少到明年第一季。

Okay. Sustaining half of the question? Did you -- can we get an idea of what that's going to look like in 2024 now?

好的。維持一半的問題？您能否讓我們了解一下 2024 年的情況？

So, we are working through our budgets on sustaining capital for next year. So we are still guiding towards the technical reports with adjustments for inflation, but we will provide a detailed update on the production cost and sustaining capital early next year when we provide our 2024 guidance.

因此，我們正在製定明年維持資本的預算。因此，我們仍在對通貨膨脹調整的技術報告進行指導，但我們將在明年初提供 2024 年指導時提供有關生產成本和維持資本的詳細更新。

All right. I'll leave it at that.

好的。我就這樣吧。

(Operator Instructions) And now I'll hand the call back over to Graeme Jennings for closing remarks.

（操作員指示）現在我將把電話轉回格雷姆·詹寧斯（Graeme Jennings）進行結束語。

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.

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。謝謝你們。請注意安全，祝您有美好的一天。

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，祝您有個愉快的一天。