IAMGOLD Corp (IAG) 2023 Q4 法說會逐字稿

Okay, 30%.

好吧，30%。

Okay.

好的。

In terms of existing investment, it's endemic to the business segment it we think, through thick.

就現有投資而言，我們認為這是該業務領域的特有投資。

Thanks, good.

謝謝，很好。

That Perfect.

那個完美。

Thanks.

謝謝。

And and you need to do that yes, thank you for standing by.

您需要這樣做，是的，謝謝您的支持。

This is the conference operator, and welcome to the IAMGold Fourth Quarter 2023 Operating and Financial Results Conference Call and Webcast.

我是會議操作員，歡迎參加 IAMGold 2023 年第四季營運和財務業績電話會議和網路廣播。

As a reminder, all participants are in listen-only mode and the conference is being recorded.

提醒一下，所有與會者都處於僅聽模式，並且正在錄製會議。

And after the presentation, there will be an opportunity to ask questions to join the question queue.

並且在演示結束後，將有機會提問以加入問題隊列。

You may press star, then one on your telephone keypad.

您可以按星號，然後按電話鍵盤上的一個。

Should you need assistance during the conference call, you may signal an operator by pressing star then zero.

如果您在電話會議期間需要協助，您可以按星號然後按零向操作員發出信號。

At this time, I'd like to turn the conference over to Graeme Jennings, Vice President, Investor Relations and Corporate Communications for IAMGold.

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。

Please go ahead, Mr. gentlemen.

請繼續，先生們。

Thank you, operator, and welcome, everyone, to the IAMGold Fourth Quarter and Year End 2023 operating and financial results conference call.

謝謝營運商，歡迎大家參加 IAMGold 2023 年第四季和年底營運和財務業績電話會議。

Joining me today on the call are Renaud Adams, President and Chief Executive Officer, Martin Houston, Chief Financial Officer, Bruno Lindemann, Chief Operating Officer, Tim Bradbury, and Senior Vice President, General Counsel and Corporate Secretary and Jersey, or the HLC executive project director at Côté Gold.

今天與我一起參加電話會議的有總裁兼首席執行官Renaud Adams、首席財務官Martin Houston、首席營運官Bruno Lindemann、首席營運官Tim Bradbury、高級副總裁、總法律顧問兼公司秘書和澤西島或HLC 主管Cé´té Gold 計畫總監。

Before we begin, we are drawing today from IAMGold Toronto office, which is located on three D 13 territory on the traditional lands of many nations, including the Mississauga.

在開始之前，我們今天從 IAMGold 多倫多辦事處進行抽籤，該辦事處位於包括密西沙加在內的許多國家的傳統土地上的 3 D 13 領土上。

As of the credits that honest topic, the Chippewa food Missoni and the wind at Peoples at IAMGold, we believe respecting and supporting indigenous rights is founded upon relationships that foster trust, transparency and mutual respect.

正如誠實的話題、齊佩瓦美食米索尼和 IAMGold 的 Peoples 的風一樣，我們相信尊重和支持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 so 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.

請注意，我們在本次電話會議上的發言將包括前瞻性陳述並提及非國際財務報告準則措施，因此鼓勵您參考有關非國際財務報告準則措施的警示性聲明和披露，包括我們最關心的這些措施的介紹和調節。最近的管理層討論與分析，每一項都在非公認會計準則財務指標的標題下。

With respect to the technical information to be discussed, please refer to the information in the presentation under the heading of qualified persons and technical information.

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資訊標題下的信息。

The slides referenced on this call can be viewed on our website.

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, our ground, and good morning, everyone, and thank you for joining us today.

謝謝你們，我們的場地，大家早安，謝謝你們今天加入我們。

Last year, IAMGold made significant strides towards our goal of becoming a leading mid-tier gold producer the bridging its asset to build a mining platform with a long-life cornerstone asset in Canada.

去年，IAMGold 在實現成為領先的中型黃金生產商的目標方面取得了重大進展，將其資產與加拿大的長期基石資產建立了一個採礦平台。

As we will get into more detail shortly, CodeXol saw remarkable progress in 2023 with a project starting the year with construction approximately 64% complete, but ending the year at 98% complete.

正如我們稍後將詳細介紹的那樣，CodeXol 在 2023 年取得了顯著進展，該項目年初的施工進度約為 64%，但到年底已完成 98%。

This progress included major milestone across the project scope, including the mechanical piping, electrical and instrumentation of the planned completion of the first stage of the tailing facility, electrification of the site to the provincial hydro grid and initiation of and successful ramp up of our autonomous mining fleet, making coated gold North America's first gold mine to be design and build for the usage of autonomous haulage, which is changing the face of mining today, Cody is poised to start production shortly with more than 5 million tonnes of stockpile in place commissioning activities ongoing and a full hands off of our primary asset of the project to the ownership team this quarter, our primary focus and efforts continue to be on positioning the project for a steady ramp-up of gold production through this year to achieve commercial production in Q3 as it has steady, a steady run rate.

這項進展包括整個專案範圍內的重要里程碑，包括尾礦設施第一階段計劃完成的機械管道、電氣和儀表、該地點到省水電電網的電氣化以及我們自主發電站的啟動和成功提升。採礦車隊，生產鍍金北美第一個金礦將採用自動運輸進行設計和建造，這正在改變當今採礦業的面貌，科迪準備很快開始生產，庫存量超過500 萬噸隨著活動的持續進行，以及本季度我們將該項目的主要資產完全移交給所有權團隊，我們的主要重點和努力仍然是定位該項目，以實現今年黃金產量的穩步增長，以實現商業生產第三季度，它的運行速度穩定。

Codexol will be the third largest gold mine in Canada, and it's critical for the repositioning of five-and-a-half as the ones online corded provides a higher production base, lower cost profile and a long life of cash flow generation in growth opportunities in Canada.

Codexol 將成為加拿大第三大金礦，這對於重新定位五座半金礦至關重要，因為在線有線金礦可提供更高的生產基礎、更低的成本狀況以及長期的現金流生成增長機會在加拿大。

Further, over the last 12 months, the Company has seen significant changes in leadership across the organization with a renewed focus on operational excellence and accountability while continuing to build on IAMGold strong and widely recognized sustainability practices.

此外，在過去 12 個月中，公司整個組織的領導層發生了重大變化，重新專注於卓越營運和問責制，同時繼續以 IAMGold 強大且廣泛認可的永續發展實踐為基礎。

Operationally, I'm very proud of the team with attributable gold production from continuing operations of 465,000 ounces, which was the top end of the guidance range of 410 to 470,000.

在營運方面，我為團隊感到非常自豪，其持續營運的黃金產量為 465,000 盎司，這是 410 至 470,000 盎司指導範圍的上限。

That's really want to congratulate the Essakane IT team who achieved their targets while facing considerable challenges within the region and the West with team will continue to execute on the plan to ramp up underground operation while employing industry-leading underground Sysmex monitoring and management.

我們真的要祝賀 Essakane IT 團隊，他們在該地區和西方面臨巨大挑戰的同時實現了目標，團隊將繼續執行擴大地下運營的計劃，同時採用行業領先的地下 Sysmex 監控和管理。

Last night, we also announced an update and an update to our year-end mineral reserves and resources within MAP increase after depletion of a second at Westwood reserves extending the mine life of this asset, Mineral Resources saw a significant increase as well driven by updates to quality and gotten as we grow our gold pipeline and future for the company.

昨晚，我們還宣布了年終礦產儲量和 MAP 內資源的更新，在 Westwood 儲量耗盡第二個後，延長了該資產的礦山壽命，礦產資源在更新的推動下出現了顯著增長隨著我們的黃金管道和公司未來的發展，品質和獲得。

Longer term, our goals for IAMGold remain to be a leading intermediate gold producer with a portfolio of asset centered around the corner asset in Canada that have a proven record and ability to generate strong, consistent free cash flows and attractive returns for shareholders, build on our pipelines of projects and strategic geographic geographies.

從長遠來看，我們對IAMGold 的目標仍然是成為領先的中間黃金生產商，其資產組合以加拿大的角落資產為中心，這些資產擁有良好的記錄，有能力為股東產生強勁、一致的自由現金流和有吸引力的回報，我們的專案管道和戰略地理區域。

Inorganically, grow and our inorganically grow parts, establish ourself as a leader amongst peers in health and safety, talent development and ESG, including biodiversity, tailing management, water stewardship and community health and education, and of course, to be recognized as a leader in applying leading proven technologies that drives performance and sustainability across our base financially, we will prioritize returning to the 70% position in Kerteh with our partner, Sumitomo, as well as use our cash flow to optimize our balance sheet and de-lever the Company to have a more efficient and balanced capital structure.

無機成長和我們的無機成長部分，使我們在健康和安全、人才發展和ESG（包括生物多樣性、尾礦管理、水資源管理以及社區健康和教育）方面成為同行中的領導者，當然，還要被公認為領導者在應用領先的、經過驗證的技術來推動我們整個基地的財務業績和可持續發展的過程中，我們將優先與我們的合作夥伴住友重回Kerteh 70% 的地位，並利用我們的現金流來優化我們的資產負債表並降低公司的槓桿率擁有更有效率、更平衡的資本結構。

With that, we will now dive into the operating and financial results and highlights quarter-quarter, starting with health and safety.

至此，我們現在將深入了解營運和財務業績，並重點介紹季度業績，從健康和安全開始。

The Company continues to perform extremely well with the days away restricted or transferred duty rate of 0.39 and total recordable injury rate of 0.69, both based on 200,000 hours.

公司繼續表現出色，限製或調職休假天數為 0.39，總可記錄工傷率為 0.69（均基於 200,000 小時）。

What I wanted to take a moment to congratulate us again with which achieved its best ever performance in health and safety with the days away restricted or transfer duty rate of 0.06.

我想花點時間再次祝賀我們，我們在健康和安全方面取得了有史以來最好的表現，休假天數受到限制，轉會稅率為 0.06。

This is a testament to the professionalism and commitment to our culture of safety for our people in Burkina Faso and train all of our employees and contractors go home safely will always be a primary focus for our end goals.

這證明了我們對布吉納法索人民安全文化的專業和承諾，培訓我們所有員工和承包商安全回家將始終是我們最終目標的首要重點。

As we like to say, a real bounce produce has to be done safely and our goal continues to be zero harm, Zero Harm for our people and the places where we operate on production.

正如我們想說的，真正的反彈產品必須安全地完成，我們的目標仍然是零傷害，對我們的員工和我們生產經營的地方零傷害。

In the fourth quarter, the Company produced 136,000 ounces, bringing total annual productions to 465,000 ounces on an attributable basis, which was near the top end of our guidance at 410 to 470,000 ounces.

第四季度，公司產量為 136,000 盎司，以權益計算，年度總產量達到 465,000 盎司，接近我們指導值 410 至 470,000 盎司的上限。

As we will get into a moment, production results were driven by Qatar kind of being able to operate without disruptions and benefiting from positive grade reconciliation and a continued ramp-up in the applications or find the ground zones at Westwood.

正如我們將要進入的時刻，生產結果是由卡達能夠不間斷地運作並受益於積極的品位協調和應用程式的持續增加或在韋斯特伍德找到地面區域所推動的。

Our cash costs and all-in sustaining costs declined in the fourth quarter to 1,197 an ounce and $1,735 an ounce, respectively.

我們的現金成本和整體維持成本在第四季分別下降至每盎司 1,197 美元和每盎司 1,735 美元。

This brings our year-to-date cash cost of 1,000 to $161 an ounce and an asset to $1,783 an ounce in line with our revised guidance estimates since here on a year-over-year basis, we have seen the step up of costs due to continued pressure pressures after a setback as well as sustained elevated price from the recent inflationary periods we are seeing we are seeing some sign of price easing on certain consumables, one on the whole.

這使得我們年初至今的現金成本為每盎司 1,000 美元至 161 美元，資產成本為每盎司 1,783 美元，符合我們修訂後的指導估計，因為與去年同期相比，我們看到由於成本上升受挫後持續的壓力以及近期通膨時期價格持續上漲，我們看到某些消費品的價格出現了一些放鬆的跡象，總體而言是如此。

There are several costs that are the long tail and then slow to decline.

有幾種成本是長尾的，然後緩慢下降。

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

這樣，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頭寸保證金。

Thank you know, Dave, and good morning, everyone.

謝謝你，戴夫，大家早安。

Looking at our Q4 financials, revenues from continuing operations totaled $297.6 million from sales of 147,000 ounces on 110 basis at an average realized price of $25 per ounce.

從我們第四季的財務數據來看，持續營運收入總計 2.976 億美元，銷售量為 110 盎司，平均實現價格為每盎司 25 美元，銷售量為 147,000 盎司。

Adjusted EBITDA from continuing operations was 110 million for the quarter and 315.1 million for the year.

來自持續經營業務的調整後 EBITDA 本季為 1.1 億美元，全年為 3.151 億美元。

Adjusted earnings per share from continuing operations was $0.06 for the quarter and $0.09 for the year.

持續經營業務調整後每股盈餘本季為 0.06 美元，全年為 0.09 美元。

In terms of our financial position on gold entered the year with cash and cash equivalents of $367.1 million and a fully undrawn credit facility equating to the total liquidity of approximately 754 million.

就我們的黃金財務狀況而言，進入今年以來，現金和現金等價物為 3.671 億美元，完全未提取的信貸額度相當於流動資金總額約 7.54 億美元。

As further described in MDA and the company into the one-year extension of its credit facility in November, extending the maturity to January 31st, 2026 from January 31st, 2025 as part of the extension, the credit facility was also reduced or rightsized to $425 million based on the Company's requirement for a senior revolving credit facility.

正如MDA 和該公司在11 月將其信貸安排延長一年，作為延期的一部分，將到期日從2025 年1 月31 日延長至2026 年1 月31 日一樣，信貸安排也減少或調整至425美元百萬是基於公司對高級循環信用額度的要求。

On its overall business, the extension of the house with the credit facility to be available and non-current during 2020 for future require additional liquidity during a ramp-up of Cotai and for working capital purposes, the company has received gross proceeds of 197, EUR46 million from the bamboo transactions and the remaining transactions related to the sale of the early-stage assets in Guinea mice are expected to close this year for gross proceeds of approximately $84.4 million.

就其整體業務而言，在2020 年期間，透過提供非流動信貸便利來延長房屋的期限，在路氹城的發展過程中需要額外的流動性，並且出於營運資金的目的，該公司已收到的總收益為197，來自竹子交易的 4,600 萬歐元以及與出售幾內亞小鼠早期資產相關的剩餘交易預計將於今年完成，總收益約為 8,440 萬美元。

We note that was in cash and cash equivalents and $1.7 million was held by Coca-Cola and 70.9 million was held by Osaka.

我們注意到，這是現金和現金等價物，可口可樂持有 170 萬美元，大阪持有 7,090 萬美元。

The caretaker of UJV. requires its joint venture partners to fund in advance two months of future expenditures and cash calls are made at the beginning of each month, resulting in a month in cash balance approximating the following months expenditure basically And normally pays a dividend in the second half of the year.

UJV 的看守人。合資夥伴被要求提前為未來兩個月的支出提供資金，並在每個月初進行現金催繳，導致一個月的現金餘額基本上接近下個月的支出，並且通常在下半年支付股息年。

As we will outline in a moment, the Company's remaining funding requirement to complete construction and commissioning of Carter Gould to bring the mine to first gold is estimated to be $142 million, which includes working capital adjustments.

正如我們稍後將概述的那樣，該公司完成 Carter Gould 的建設和調試以使礦場首次產出黃金所需的剩餘資金需求估計為 1.42 億美元，其中包括營運資本調整。

The Company believes that its available liquidity at December 31st, 2023 from Bank of cash flows from operations, the expected proceeds from the sale of the remaining land book assets and available liquidity provided by the credit facility is sufficient for the Company to fund its 60.3 interest of the CO2 unincorporated joint venture to complete the construction commissioning and ramp-up of the Boto Gold project.

公司認為，截至 2023 年 12 月 31 日，其來自銀行的經營現金流量的可用流動資金、出售剩餘土地資產的預期收益以及信貸安排提供的可用流動資金足以為公司提供 60.3 利息的資金CO2 非法人合資企業完成Boto Gold 專案的建設調試和產能提升。

It should be noted that the Company's ability to draw on the credit facility is impacted by certain covenant, including the net debt to EBITDA and interest coverage ratios of the Company that could be impacted by macroeconomic factors and the performance of the Company's existing operations.

值得注意的是，公司利用信貸額度的能力受到某些契約的影響，包括淨債務佔 EBITDA 的比例以及公司的利息覆蓋率，這些都可能受到宏觀經濟因素和公司現有業務績效的影響。

We also announced amendments to our gold prepay commitments.

我們也宣布了黃金預付承諾的修訂。

In December, we entered into a new four zone announcement and a partial amendment to one of our existing gold prepay arrangements that effectively transfers the coal delivery obligations out of the first quarter of this year into the first quarter of next year.

12月，我們發布了新的四區公告，並對現有的黃金預付安排進行了部分修改，有效地將煤炭交付義務從今年第一季轉移到明年第一季。

This is an important measure to improve the financial flexibility for the company for a reasonable cost.

這是公司以合理成本提高財務彈性的重要措施。

While we were also able to benefit from favorable gold for gold prices, particularly for the first quarter of this year, while we are commissioning SkyTeam head of production by the end of the quarter.

雖然我們也能夠從有利的黃金價格中受益，特別是在今年第一季度，同時我們將在本季末任命天合聯盟生產主管。

And with that, I will pass back to inner.

就這樣，我將回到內在。

Thank you, Bruno.

謝謝你，布魯諾。

Thanks, Martin.

謝謝，馬丁。

Turning now to our second, the mine reported attributable gold production of 108,000 ounces in the fourth quarter, which was the highest quarter of production for the year, bringing total attributable productions in 2023 to 372,000.

現在轉向第二個，該礦報告第四季度權益黃金產量為 108,000 盎司，這是今年產量最高的季度，使 2023 年權益總產量達到 372,000 盎司。

Mining activities totaled 12.9 million tons in the quarter, an increase from the third quarter as operations were less impacted by the security situation within the country with minimal disruptions in fuel supply.

本季採礦活動總量為 1,290 萬噸，較第三季度增加，因為該國安全局勢對營運的影響較小，燃料供應中斷程度也較小。

On an annual basis, mining operation moved 43 million tonnes, 13% lower than the prior year due to the impacts to the supply chain in the first and the third partners in our maritime mine.

由於我們海上礦山的第一和第三合作夥伴的供應鏈受到影響，採礦作業的年度運輸量為 4,300 萬噸，比上年減少 13%。

And then our time lines at 9.6 million tonnes were approximately 24% less than the year prior as a result of an increase in required waste stripping as mining activities move and to Phase five, six and seven of the pit in the second half of the year in support of the 24 and 2025 mine plan as grades increase in the quarter to one point 32 grams a tonne due to positive reconciliations for the deeper benches of phase five.

然後，我們的 960 萬噸時間表比前一年減少了約 24%，因為隨著下半年採礦活動轉移到礦坑的第五、六和七期，所需的廢物剝離量增加。為了支持24 日和2025 年採礦計劃，由於第五階段更深礦床的積極協調，品位在本季度增加到每噸32 克一個點。

This positive grade reconciliation at effect, Carmine is a trend that has continued in the early weeks of this year.

這種積極的成績調和實際上是胭脂紅的一種趨勢，這種趨勢在今年最初幾週一直持續著。

However, head grades are still expected to decline in line with the recent Life of Mine Plan as volume from phase phases six and seven increase and from increased proportion of stockpiled ore on a cost basis as accounting reported Q4 cash costs of 1,132 per ounce and an all-in sustaining cost to $1,548 an ounce, a significant improvement from the prior quarter yet year over year, the cost profile has increased with 2023 annual cash costs of 1,181 per ounce and a circa 1,521.

然而，隨著第六階段和第七階段的產量增加以及成本基礎上庫存礦石比例的增加，根據會計報告第四季度現金成本為每盎司 1,132 美元和總維持成本達到每盎司1,548 美元，較上一季度有顯著改善，但與去年同期相比，成本狀況有所增加，2023 年年度現金成本為每盎司1,181 美元，約為1,521 美元。

This increase in this account cost profile over the last 12 to 18 months is attributed to the combination of the lagging impact of deflation, higher volumes of operating waste from increased strip ratios as the mine enters new faces the impact of security situation, resulting in higher landed fuel prices, transportation and camp costs, as well as higher labor cost due to appreciation in the local currency.

過去 12 至 18 個月內該帳戶成本的增加是由於通貨緊縮的滯後影響、隨著礦山進入新階段、面臨安全局勢的影響、剝離率增加而產生的運營廢物量增加等綜合因素造成的。到岸燃料價格、運輸和營地成本，以及當地貨幣升值導致的勞動成本上升。

In addition, last year, we saw the government of Burkina Faso implement an updated royalty rate that we settle the in-country legal proceedings on the 2018 handling of carbon.

此外，去年，我們看到布吉納法索政府實施了更新的特許權使用費率，我們解決了有關 2018 年碳處理的國內法律訴訟。

Fine.

美好的。

Looking ahead, second is expected to produce 330,000 to 370,000 ounces at a cash cost of 1,300 to $1,400 an ounce and in a sector of 1,600, 75 and Asia $1,800 per ounce.

展望未來，第二家預計產量為 330,000 至 370,000 盎司，現金成本為每盎司 1,300 至 1,400 美元，區域價格為每盎司 1,600、75 和 1,800 美元。

These metrics are in line with the updated 43 one oh one and life of mine plan we announced for a second in December under the current mine plan, 2024 represents the last year of significant sustaining capital, which is expected to decline to decline, notably in the later years of the mine plan, assuming no further extension of mine life.

這些指標與我們在 12 月第二次宣布的最新礦山計劃 43 一哦一和礦山壽命計劃一致，根據當前礦山計劃，2024 年是重要維持資本的最後一年，預計將下降，特別是在礦山計劃的最後幾年，假設礦山壽命不再進一步延長。

The updated technical report we released in December demonstrated the successes of teams have add delineating additional ounces with the site security within the cyber security perimeter, which contributed to an increase in our mineral reserve and resources inventory and more than offset mine production depletions in 2023 as of December 31st, 2023, as our company has proven and probable reserves of 2.2 million ounces at an average grade of 1.1 grams, a tonne of which open pit reserves were estimated to be 1.8 million ounces, grading one 32 grams of gold.

我們在 12 月發布的更新後的技術報告表明，各團隊成功地在網路安全範圍內增加了站點安全，這有助於增加我們的礦產儲量和資源庫存，並足以抵消 2023 年礦山產量的枯竭：截至2023年12月31日，我們公司已探明及概算儲量為220萬盎司，平均品位為1.1克，其中每噸露天礦儲量估計為180萬盎司，黃金品位為32克。

As a result, we were able to extend the mine life of this economy and the addition of the year for mining visibility for the next five years of operations of the product of the project with considerable cash flow generation generating potential, particularly as stripping requirements decline in the later years.

因此，我們能夠延長該經濟體的礦山壽命，並為該項目產品的未來五年運營增加了採礦能見度，具有相當大的現金流產生潛力，特別是在剝離需求下降的情況下在後來的歲月裡。

We continue to seek opportunities for further extension of the mine life of mine as we continue to advance in 2021.

2021年，我們在繼續前進的同時，繼續尋求進一步延長礦山礦山壽命的機會。

Turning to Westwood, the fourth quarter represented the highest quarter of gold production since the mine restarted in 2021 with 28,000 ounces of gold produced, bringing the total annual production last year to 93,000 ounces.

至於 Westwood，第四季是該礦自 2021 年重啟以來黃金產量最高的季度，產量為 28,000 盎司，使去年的年總產量達到 93,000 盎司。

The higher production in Q4 is a result of the ramp up of underground operations supplying increased volumes of higher-grade ore for the mill feed and the introduction of higher-grade materials from the sale of composites.

第四季產量增加的原因是地下作業的增加，為磨機進料供應了更多的高品位礦石，以及透過銷售複合材料引入了高品位材料。

Ore mined from underground totaled 77,000 tonnes in the fourth quarter contributing to an average at grade from underground ore of seven point 92 grams a tonne, which is the highest grades from underground in nearly six years since Q1 2018.

第四季地下開採礦石總量為 77,000 噸，地下礦石平均品位為每噸 7 點 92 克，這是自 2018 年第一季以來近六年來地下礦石品位最高的。

As rehabilitation efforts have allowed access to previously closer close higher-grade underground stopes.

由於修復工作已允許進入以前較近的較高等級地下車站。

The mill throughput in the first quarter for the Q4 2023 was 245,000 tonnes at an average head grade of 3.3 at 2.9 grams.

2023 年第四季第一季的工廠吞吐量為 245,000 噸，平均麤品位為 3.3（2.9 克）。

Mill availability in the fourth quarter was rather low at 78%, which compared with 95% in the prior year period.

第四季工廠的可用性相當低，為 78%，而去年同期為 95%。

This was due to unplanned maintenance on the SAG mill liners and infant feeding.

這是由於對 SAG 磨機襯板和嬰兒餵食進行計劃外維護造成的。

The cost profile for Westwood continues to see improvements with the increase in production.

隨著產量的增加，Westwood 的成本狀況持續改善。

Cash costs averaged $1,434 an ounce in the fourth quarter, which was also a record since the restart of operations and notably includes an estimated $190 an ounce of cost related to the development in Canada for young that was expanded due to the short term of mining after departs on an all in sustaining cost basis, West would operate in a sector of $2,049 an ounce in Q4, which compare well with the realized gold price of $1,989 an ounce further, when adjusted for positive working capital movement, Westwood actually retain positive mine-site free cash flow into Q4, an important step and is return to profitability.

第四季的平均現金成本為每盎司1,434 美元，這也是自重啟營運以來的最高紀錄，尤其包括與加拿大年輕人發展相關的估計每盎司190 美元的成本，該成本因採礦業之後的短期採礦而擴大。在維持成本的基礎上，West 將在第四季度以每盎司2,049 美元的價格運營，這與每盎司1,989 美元的實際金價相比較，在根據積極的營運資金變動進行調整後，Westwood 實際上保留了積極的採礦-網站自由現金流進入第四季度的重要一步，就是恢復利潤。

Looking ahead to this year, Westwood gold production is expected to be in the range of 100,000 to 120,000 ounces.

展望今年，Westwood黃金產量預計將在10萬至12萬盎司之間。

In 2014 with an increasing proportion of ore sourced from the underground mine at higher grades.

2014年，來自地下礦場的高品位礦石比例不斷增加。

Production levels are expected to be higher in the first half of 24 due to mine sequencing in the underground mine as well as the supplementary mill feed from FE others replaced with lower grade material term rent due in the second half of the year cash costs at Westwood are expected to be in the range of 1,250 to 1,375 per ounce sold and a six per ounce sold are expected in the range of 800 to $2,000, with the decrease driven by the expected increase in production and reduced underground rehabilitation sustaining capital expenditure this year are expected to be essentially flat year over year at approximately 65 million as lower hesitation is offset with increased underground development as well as an increase in capital for the renewal of the mobile fleet fleet and fixed.

由於地下礦場的礦場排序以及來自 FE 其他公司的補充磨機進料被 Westwood 下半年現金成本所取代的較低品位材料定期租金，預計 24 年上半年的產量水準將更高預計每盎司銷售價格為1,250 至1,375 美元，每盎司銷售價格為6 美元，預計為800 至2,000 美元，下降的原因是預期產量增加和今年維持資本支出的地下修復減少預計同比基本持平，約為6500 萬，因為地下開發的增加以及移動車隊和固定車隊更新資本的增加抵消了猶豫的減少。

It's Brett.

是布雷特。

Looking at the long section of the mine here on the right, we can see the increase in underground mining activity in the central and west corridors region of the mine, which were essentially shut down prior to the rehabilitation program of the last two years.

觀察右側礦井的長段，我們可以看到礦井中部和西部走廊區域的地下採礦活動增加，這些區域在過去兩年的恢復計劃之前基本上已經關閉。

We currently have eight zones, but a total of 10 zones that we are targeting in 10 and 2024, utilizing a revised mining method to fill our last permit stope sequencing to deflect the systemic stresses to the outside of the operating areas since the reopening of the mine in 2021, we have now proven that we can mine and is higher grades now resulting in meaningful changes.

我們目前有8 個區域，但我們的目標是10 年和2024 年總共10 個區域，利用修訂後的採礦方法來填充我們最後的許可採場排序，以將自重新開放以來的系統壓力轉移到作業區域之外2021 年，我們現在已經證明我們可以開採，而且等級更高，現在會帶來有意義的變化。

The Westwood complex inventory was one mineral reserve, including the grand dark diagram, do open tech increased 109% from 582,000 ounces to 1.2 million ounces.

Westwood綜合體庫存是一項礦物儲量，包括大暗圖在內，開放技術增加了109%，從582,000盎司增加到120萬盎司。

Net of depletion with grades increasing 26% to 7.4 is 14 grams per tonne gold.

品位增加 26% 至 7.4 後，淨損耗為每噸黃金 14 克。

Excluding grinder, underground mineral reserves were estimated at 1.1 million ounces at an average grade of 10.6 grams a tonne gold in the second half of the year.

不包括研磨機，今年下半年地下礦產儲量估計為 110 萬盎司，平均品位為每噸 10.6 克黃金。

Iamgold plans to file an updated NI 43 one to 1 technical report detailing the results of ongoing mine optimization efforts and strategic assessments.

Iamgold 計劃提交一份更新的 NI 43 一對一技術報告，詳細說明正在進行的礦場優化工作和策略評估的結果。

I've done my of the Westwood complex.

我已經完成了韋斯特伍德綜合體的工作。

Turning to coal-to-gas.

轉向煤改氣。

All the projects are remarkable progress last year, though, when you look at these pictures, you may not see significant visual cash from last quarter, aside from the snow costs as at the end of the third quarter, all major infrastructure was in place and the focus were shifting to completion of piping, electrical and then instrumentation as well as demobilizing certain contractors and ramping up pre-commissioning and commissioning activities with first goal on the horizon, we're now executing and ramping up commissioning activities.

去年所有項目都取得了顯著進展，不過，當您查看這些圖片時，您可能看不到上季度的大量視覺現金，除了第三季度末的降雪成本外，所有主要基礎設施都已到位，並且重點轉向完成管道、電氣和儀表，以及遣散某些承包商並加大預調試和調試活動的力度，第一個目標即將實現，我們現在正在執行和加大調試活動。

We did obviously working through their fellowships starting on the dry side before bringing it together with the wet circuits.

顯然，我們確實從乾側開始研究他們的研究成果，然後將其與濕電路結合在一起。

Looking at the pictures, starting at the top left is a view of the processing facilities with four primary structures in the yellow off.

看圖片，從左上角開始是加工設施的視圖，四個主要結構以黃色顯示。

Now first is a primary crusher in the fire there, which you can also see in the photo beside of facilities following the tough metal.

首先是火災中的初級破碎機，您也可以在照片中看到堅韌金屬後面的設施旁邊。

This was commissioned in mid January where mined rock were delivered to the crusher via our autonomous haul trucks.

該項目於一月中旬投入使用，開採的岩石通過我們的自動運輸卡車運送到破碎機。

Crushed material was then conveyed and screened for size sort of screening building, which is a facility that facility is auto and the building in the upper left of the picture and located between the wet processing building ended Adele before being conveyed and deposited.

然後，粉碎後的物料被輸送到篩分大樓進行尺寸分類，該大樓是一個設施，設備是自動的，位於圖片左上方的建築物，位於阿黛爾末端的濕處理大樓之間，然後被輸送和存放。

It, of course, are known, which you can see at the top right of the page.

當然，它是已知的，您可以在頁面右上角看到。

We are now working on commissioning of the secondary crushing building, which comes NDHPG. are seen in the bottom left from there.

我們現在正在進行二級破碎大樓的調試，該大樓來自NDHPG。從那裡可以看到左下角。

The crushed ore is conveyed back and forth from the screening building before being deposited in the fine ore bin, which is the device silo.

破碎後的礦石從篩分樓來回輸送，然後存放在細礦倉中，即設備筒倉。

You can see the slide, the secondary crushing building seen in the upper left picture, this stack would account for a total of three of the four buildings in our conveyors.

大家可以看到幻燈片，左上圖看到的二級破碎建築，這一堆就佔了我們輸送機四棟建築中的三棟。

Having been commissioned after this, the fine ore is conveyed into the processing plant where it passes into the ball mill and the bottom center photo.

此後調試後，細礦被輸送到選礦廠，在那裡進入球磨機和底部中心照片。

And then through the remaining circuits of the plant, which is term as the web as far as order progress.

然後通過工廠的其餘電路，就訂單進度而言，這被稱為網路。

If note, as I mentioned, we are nearing a major milestone with the full hands off of all facets of the project to the ownership team.

如果注意的話，正如我所提到的，我們正在接近一個重要的里程碑，專案的所有方面都完全交給了所有權團隊。

Mining activities, which up with the first autonomous truck over a year ago, progress very well over a year with now over 5 million tonnes of stockpile available and in place final deliverable include the back end of the plan where final mechanical completion of the detox and electrowinning circuit and nearing completion.

採礦活動自一年多前推出第一輛自動卡車以來，一年多以來進展順利，目前可用庫存超過 500 萬噸，最終可交付成果包括計劃的後端，即最終機械完成排毒和電解沉積電路即將完成。

Taken together, we are ready and very excited to turn to chapter on Cortez and bring it online for the benefit of our shareholders.

總而言之，我們已經準備好並且非常高興地轉向 Cortez 章節並將其上線，以造福我們的股東。

Martin, you can walk us through the remaining project expenditure place and capital of a familiar.

馬丁，您可以帶我們了解剩餘的專案支出地點和熟悉的資金。

Thank you know, since commencement of construction and up to December 31st, 2023 on a 100% basis.

謝謝您知道，自開工起至 2023 年 12 月 31 日，以 100% 計算。

The total project has incurred 2.76 billion of EBITDA and 2.96 billion of project expenditures.

該項目總EBITDA為27.6億，項目支出為29.6億。

The remaining expenditures to achieve first gold is estimated to be $179 million for the project.

該項目實現第一批黃金的剩餘支出估計為 1.79 億美元。

As an all at 100%, which will bring the total cost to first gold in line with the 2.96 billion estimates.

如果全部達到 100%，這將使第一金的總成本與 29.6 億美元的估計值一致。

There is an estimated $40 million of expenditures that will be incurred post the first call date for additional required infrastructure and earthwork projects.

在首次徵集日期後，估計將產生 4000 萬美元的支出，用於額外所需的基礎設施和土方工程項目。

Our remaining funding obligation for the project expenditure up to first gold based on our 60.3% interest and incorporating changes of working capital leases and adjustment to the cash balance held by the UJV. is $142 million, which as I noted earlier, can be funded with the 367 million of cash on our balance sheet as well as operating cash flows and other sources of liquidity.

我們對專案支出的剩餘資金義務高達第一金，基於我們 60.3% 的權益，並納入營運資本租賃的變化以及對 UJV 持有的現金餘額的調整。是 1.42 億美元，正如我之前指出的，可以透過我們資產負債表上的 3.67 億美元現金以及營運現金流和其他流動資金來源來提供資金。

We discussed earlier.

我們之前討論過。

Turning to the high-level outlook for Cotai and everything I will be quoting year isn't 100% basis.

談到路氹城的高層展望，我今年引用的一切都不是 100% 的依據。

I will draw your attention to the top right?

我會提請您注意右上角？

We outlined an expectation for capital expenditure this year.

我們概述了今年資本支出的預期。

In addition to the construction related expenditures we just highlighted, we estimate that EUR40 million of operating expenditures relating to milling service cost administration and indirect costs that will be incurred during commissioning ramp-up and up to commercial production will be capitalized and reported as capital expenditure.

除了我們剛剛強調的與建設相關的支出外，我們估計與銑削服務成本管理和調試階段以及商業生產期間產生的間接成本相關的 4000 萬歐元運營支出將被資本化並報告為資本支出。

These coffee presents inefficiencies experienced by the project is ramping up and not operating at design capacity.

這些咖啡帶來了專案效率低下的問題，即專案正在加速運行，並且未按設計容量運行。

While the operational team has been fully hired, estimated capital expenditures related to operations for 2024, excluding capital waste stripping totaled $145 million.

雖然營運團隊已全部聘用，但不包括資本廢棄物剝離，預計 2024 年與營運相關的資本支出總計為 1.45 億美元。

These expenditures will be incurred through the year and includes 60 million for the expansion of the next stage of the tailings management facility, 50 million for equipment purchases, including additional haulage trucks, drills and other mobile equipment, and 35 million related to other onerous cost capital projects.

這些支出將全年支出，其中包括6000萬用於擴建下一階段的尾礦管理設施，5000萬用於設備採購，包括額外的運輸卡車、鑽機和其他移動設備，以及3500萬與其他繁重成本相關資本項目。

And finally, we estimate EUR50 million to be incurred for capitalized waste stripping that is worth highlighting that project capital expenditure in 2024 are expected to be higher than the life of mine average as the mine progresses with the completion of the construction of the two tailings dam footprint and increase the volume of material mined over to you.

最後，我們估計資本化廢物剝離將產生 5000 萬歐元，值得強調的是，隨著礦山的進展以及兩座尾礦壩建設的完成，2024 年的項目資本支出預計將高於礦山平均壽命足跡並增加您開採的材料量。

And I think here again, Martin production of CodeXol on 100% basis is expected to be between 220,000 to 190,000 ounces in 2024.

我再次認為，馬丁公司 CodeXol 的 100% 產量預計到 2024 年將在 22 萬至 19 萬盎司之間。

This estimate assumes that following initial VoLTE productions in late Q1 at the operations ramp up in the second quarter 2024 and commercial productions is achieved in the third quarter of 2020 for the company defines commercial production has an average throughput of the mill of 60% over a period of 30 days.

該估計假設，繼第一季末首次投產 VoLTE 後，營運將在 2024 年第二季度實現成長，並在 2020 年第三季實現商業生產，因為該公司定義商業生產的工廠平均吞吐量為 60%期限為30天。

We are targeting Cody to exit the year at a throughput rate.

我們的目標是科迪以高產出退出今年。

That's admittedly 90% during the ramp up of the project.

誠然，在專案啟動期間，這一數字達到了 90%。

And until commercial production is geez, it is rather difficult to provide a good indication of operating cost estimates.

在商業化生產實現之前，要提供營運成本估算的良好指示是相當困難的。

But as quality gold achieved 90% throughput exiting the year.

但優質黃金當年的出貨量達到了 90%。

We estimate cash costs.

我們估算現金成本。

It had the time to be in the range of approximately 700 to $800 an ounce and a stack of 1,100 to $1,200 an ounce sold with further decreases as volume as volumes increase and as we move to the lagging impacts of the recent inflations from contracts per consumer.

它曾經在每盎司大約700 至800 美元的範圍內，並以每盎司1,100 至1,200 美元的價格出售，隨著交易量的增加以及我們轉向近期通貨膨脹對每個消費者合約的滯後影響，價格進一步下跌。

This brings us to what is the future of coating.

這讓我們了解了塗層的未來。

We announced an updated mineral resource and reserve estimate for Cody and Gaston last night that some material increases in inventory at both of these deposits, our coating mineral reserves on 100% basis increased by 436,000 ounces to 7.6 million ounces with grades increasing 5% to 1.01 grams per tonne gold.

我們昨晚宣布了科迪和加斯頓的最新礦產資源和儲量估計，這兩個礦床的庫存有所增加，我們的塗層礦物儲量按100% 計算增加了436,000 盎司，達到760 萬盎司，品位增加了5%，達到1.01每噸黃金克數。

The increase in ounces was primarily driven by the increased grade of proven mineral reserves to 1.09 grams a tonne gold based on the increase in stockpile inventory and the ongoing grade control drilling program.

盎司數量的增加主要是由於庫存增加和正在進行的品位控制鑽探計劃導致探明礦產儲量黃金品位提高至每噸 1.09 克。

On a resource basis, CodeXol measured and indicated mineral resources increased 1.9 million ounces or 18% to 12.1 million ounces growth at Gosselin drilling completed since Maiden resources has been extremely effective with an updated mineral resource estimate on a 100% basis of 4.4 million indicated gold ounces and 3 million inferred ounces.

在資源基礎上，CodeXol 測量並表明，Gosselin 鑽探完成的礦產資源增加了 190 萬盎司，即 18%，達到 1,210 萬盎司，因為 Maiden 資源非常有效，更新後的礦產資源估算為 100% 的 440 萬黃金盎司和300 萬推斷盎司。

This represents an estimated increase of 1.1 million ounces in indicated and 1.3 million ounces and inferred representing a 32% and 74% increase respectively.

這意味著預計增加 110 萬盎司，推斷增加 130 萬盎司，分別增加 32% 和 74%。

This expansion of the gas and resource was the result of a 35,000 meter drill program completed over the last two years.

天然氣和資源的擴張是過去兩年完成的 35,000 公尺鑽探計劃的結果。

This year, we are planning an additional 35,000 a year targeting the central zone between the pit shells where we see indication of concentration of mineralization and hydrothermal branches as well as some deeper holes to understand the continuity of mineralization below the current pit shell.

今年，我們計劃每年額外進行35,000 個探測，目標是坑殼之間的中心區域，在那裡我們可以看到礦化和熱液分支的集中跡象，以及一些更深的孔，以了解當前坑殼以下礦化的連續性。

The updated resource at Gosselin is very exciting for the project.

Gosselin 的更新資源對該專案來說非常令人興奮。

Gosselin is a very large scale deposit sitting immediately adjacent to coating that when combined together have business estimated total measured and indicated mineral resources of 16.5 million ounces with an addition of 4.2 million ounces of inferred, putting the project an exclusive company of large-scale Canadian assets, the August 2022 life of mine plan model was built on mineable reserves up to 130 million tonnes of material for just over 7 million ounces.

Gosselin 是一個非常大型的礦床，緊鄰塗層，將其合併在一起後，企業估計總測量和指示礦產資源為1,650 萬盎司，另外還有420 萬盎司推斷礦產資源，使該項目成為加拿大大型礦產資源的獨家公司。資產方面，2022 年 8 月礦山壽命計劃模型是建立在可開採儲量高達 1.3 億噸、略高於 700 萬盎司的材料之上的。

However, when investors consider the combined global resource inventory of Dakota Gold project for the size and scope and for our mine that is effectively bill.

然而，當投資者考慮達科他金礦項目的規模和範圍以及我們的礦山的全球資源庫存總量時，這實際上是賬單。

This is a very compelling potential offer for our shareholders.

對於我們的股東來說，這是一個非常有吸引力的潛在要約。

As I've said before, what a goal today is a project, but we believe strongly that this is the start of a mining camp and but it will provide a strong foundations for IAMGold for many years to come.

正如我之前所說，今天的目標是一個項目，但我們堅信這是採礦營的開始，它將為 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.

這樣，我想將電話轉回給接線生進行問答。

Thank you, operator.

謝謝你，接線生。

We'll now begin the question and answer sessions to join the question queue, you may press star then one on your telephone keypad.

我們現在將開始問答環節以加入問題隊列，您可以按電話鍵盤上的星號，然後按一個。

You'll hear a tone acknowledging your request.

您會聽到確認您的要求的提示音。

If you're using a speakerphone, please pick up your handset before pressing any keys to withdraw your question, please press.

如果您使用免持電話，請在按任意鍵撤回問題之前拿起聽筒，請按。

And then first question comes from Wayne Lam with RBC.

第一個問題來自 RBC 的 Wayne Lam。

Please go ahead.

請繼續。

Yes, thanks.

對了謝謝。

Morning, guys.

早安，夥計們。

I'm just curious, I could say the cost guidance implies about 100 million towards sustaining CapEx and capitalized stripping.

我只是很好奇，我可以說成本指導意味著大約 1 億美元用於維持資本支出和資本剝離。

It seems to be a bit more spend post first school budget versus the 22 mine plan.

與第 22 個礦山計劃相比，第一個學校預算後的支出似乎更多一些。

Just wondering how much of the 145 million CapEx has been earmarked for sustaining versus nonsustaining?

只是想知道 1.45 億資本支出中有多少專門用於維持性支出和非維持性支出？

And then is there a potential for upward revision to a guidance if a greater proportion than that falls under this Any questions?

如果超過這個比例，是否有可能向上修訂指導意見？有問題嗎？

Good.

好的。

Good morning.

早安.

I'm so with the accounting guidelines changing where we after reports our revenue and cost of sales from First Call.

我對會計準則的改變感到非常滿意，我們在第一次通話後報告收入和銷售成本的位置。

And then you've got the impact of costs on being inefficient during the ramp-up period up to commercial production that that creates that additional $40 million that we have in there.

然後，在商業化生產的準備階段，成本會對效率低下產生影響，這將為我們帶來 4,000 萬美元的額外收入。

But what it also does is it's difficult for us to have exact measurements of what is construction capital or long-term capital and sustaining capital until we actually know these achievements so we cannot really give accurate estimates of sustaining capital.

但它的另一個作用是，在我們真正了解這些成就之前，我們很難準確衡量什麼是建立資本或長期資本和維持資本，因此我們無法真正給出維持資本的準確估計。

The 145 million that we've included in the capital guidance.

我們已將 1.45 億納入資本指引。

It is roughly in line with what we had in the technical report and then some level of sustaining capital.

這與我們在技術報告中的內容以及一定程度的維持資本大致一致。

And those one costs we expect to decrease as well over over the life of mine.

我們預計這些成本在我的使用壽命內也會減少。

So if you take out the construction capital, the accounting we will and the capital is in line with the technical report.

所以如果你把建設資金拿出來，我們會做會計，資金和技術報告是一致的。

Okay, great.

好的，太好了。

Thanks.

謝謝。

And then maybe at Westwood, can you talk about some of the rehabilitation and geotech work done underground that give you have greater confidence in ramping up the output rates there.

然後，也許在 Westwood，您能談談在地下進行的一些修復和岩土工程工作，這些工作讓您對提高那裡的產出更有信心。

And then just what proportion is budgeted from the main underground this year versus some of the satellites?

那麼，今年主要地下線路與部分衛星線路的預算比例是多少呢？

Yes.

是的。

With regards to with regards to West, what the the stability of the mine is a lot to do with the change of the mining the mining method sequencing.

對西方來說，礦山的穩定性與採礦方式的變化有很大關係。

There's no doubt it is not that it has eliminated systemic activities, but it has reduced it to the point of the energy is so low that it does not distort.

毫無疑問，它並不是消除了系統性活動，而是將系統性活動降低到了能量低到不扭曲的程度。

We still have.

我們還有。

Obviously, this is a systemic area like for mining, but the change and how we addressed the mining method.

顯然，這是一個像採礦一樣的系統領域，但是我們如何解決採礦方法的變化。

The sequencing has reduced the energy to a very, very low level.

測序已將能量降低到非常非常低的水平。

So this is the main key aspect, of course, depending on the area we have adopted like very specific approach to ground support and monitoring.

當然，這是主要的關鍵方面，取決於我們採用的領域，例如非常具體的地面支援和監控方法。

And so forth.

等等。

So this is like what I would call more like a global recipe than just live one actions in particular, but after likewise, nearly nearly two years now, without any event and a monitoring of the activities.

因此，這就像我所說的更像是一個全球配方，而不僅僅是具體的現場行動，但同樣，近兩年了，沒有發生任何事件，也沒有對活動進行監控。

And and we continue to see very low energy it depleted in order to resolve this matter.

而且我們繼續看到為了解決這個問題而消耗的能量非常低。

We believe that the recipe is successful and can and will work.

我們相信這個方法是成功的，並且能夠並且將會發揮作用。

So that's what I can say about that.

這就是我能說的。

With regards to the to the mine plans, per se, we'd like to say that we'd like to achieve probably in the range of 900 to 2000 tonnes a day from the underground as part of the of the of the planned for the year.

關於礦山計劃本身，我們想說的是，作為計劃的一部分，我們希望每天從地下開採 900 至 2000 噸。年。

Great.

偉大的。

That's good color and good to see the ramp up there.

顏色很好，很高興看到那裡的坡道。

And maybe let's just last one for me at Essakane.

也許讓我們在 Essakane 做最後一件事。

Can you just comment on the security situation in the region and the ongoing management of getting fuel and supplies to face.

您能否簡單評論一下該地區的安全局勢以及燃料和物資供應的持續管理。

I'd like to say that, as we mentioned in our remarks, is we've seen a quite stable for us.

我想說的是，正如我們在發言中提到的，我們已經看到了相當穩定的情況。

Of course, we're not pretending, you know, that the Security Exchange that point in Burkina Faso, it's a continuing monitoring.

當然，我們並不是假裝布吉納法索的安全交易所是一個持續的監控。

But when it comes to the mine when it comes to our activities, when it comes to to conveying our supplies to site.

但當談到礦山時，當談到我們的活動時，當談到將我們的物資運送到現場時。

We've put in place very, very strong security protocols.

我們已經制定了非常非常強大的安全協議。

As we've mentioned before, we do not use in own-brand transportations for laborers and workforce.

正如我們之前提到的，我們不會在自有品牌的勞工和勞動力運輸中使用。

We actually that's part of the higher costs, of course, when we referred to transportation costs, labor.

當然，當我們提到運輸成本和勞動力時，我們實際上這是較高成本的一部分。

So we fly people around.

所以我們讓人們到處飛。

We use shoppers are in there.

我們使用那裡的購物者。

So I think there, like we say you know everything is about, say, safety and about keeping our people.

所以我認為，就像我們說的，你知道一切都與安全和留住我們的員工有關。

So it has proven to be working for us so far, but has of the country per se.

因此，到目前為止，它已被證明對我們有效，但對國家本身也有效。

We're well aware you know that unfortunately and also some situations continue sometimes in and military and our activities.

我們很清楚，您知道，不幸的是，有些情況有時會在軍事和我們的活動中持續存在。

But so but in our case, we've been now pretty much the whole of the year you know, are proving that out.

但就我們而言，我們幾乎一整年都在證明這一點。

But our protocols in place works well and we keep everyone safe.

但我們現有的協議運作良好，我們保證每個人的安全。

Okay, perfect.

好的，完美。

Thanks for taking my questions and best of luck in the months.

感謝您回答我的問題，祝您這幾個月好運。

Ahead.

先。

Thank you.

謝謝。

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

您的下一個問題來自 CIBC 全球市場的 Anita Soni。

Please go ahead.

請繼續。

Good morning, winnowed and Martin from So few questions.

早安，風選和來自“問題很少”的馬丁。

Just on Westwood, I think you said that the reserves, excluding the grand the open pit reserves are from the underground stuff, is about 10 gram per tonne material.

就 Westwood 而言，我想您說過，不包括來自地下的大量露天礦儲量，儲量約為每噸材料 10 克。

So if I'm modeling like the additions, our life of mine ore and extending that?

那麼，如果我像添加物一樣建模，我們的礦石壽命並延長它？

Would I be using 10 grams or feed?

我會用 10 克還是飼料？

Or is there dilution that I should be thinking about?

或者我應該考慮稀釋嗎？

Well, I mean, like if our you know, the the updated 43 one outline will be based, of course, on the updated mineral reserve and resource, which was assumption of 1.1 million ounces.

嗯，我的意思是，如果我們知道的話，更新後的 43 號大綱當然將基於更新後的礦產儲量和資源量，假設為 110 萬盎司。

Our cost of underground material averaging about 10.5 grams a tonne.

我們的地下材料成本平均約為每噸 10.5 克。

Now you need to get to the to the ramp-up situations to leverage does.

現在您需要進入加速情況以發揮槓桿作用。

We're not pretending that this year will be necessarily at 10.6 grams a tonne because we still, you know, working and and positioning ourself in all those zones.

我們並不是假裝今年的產量一定會達到每噸 10.6 克，因為我們仍在所有這些區域中努力和定位。

But as we advance in time, it's fair to say that the underground mine should be performing at that reserve level?

但隨著時間的推移，可以公平地說，地下礦井應該達到那個儲備水準嗎？

Yes, I don't have it ramping up until about 2020.

是的，我要到 2020 年左右才會增加。

Yes.

是的。

So like I mentioned, like 900 to 11,000 tonnes tonnes a day where we see the mine down the road capable probably to be more like an 8,000 to 1,200 tons a day.

就像我提到的，每天大約 900 到 11,000 噸，我們看到附近的礦井每天的產能可能更像是 8,000 到 1,200 噸。

We've achieved 7.99 grams a tonne.

我們已經達到每噸 7.99 克。

So we're systematically moving up, you know, from the 21 to 23, we're now leveraging on all the eight grams a tonne, and we continue to try to to improve, you know, from the six or so we were at the start of the year.

因此，我們正在系統地提高，從 21 克到 23 克，我們現在正在利用每噸所有 8 克，並且我們繼續努力從大約 6 克每噸進行改進。年初。

So I'm very comfortable to say that as we advance in 24 should everything works well, we should start seeing those level of grade towards the end of the year.

因此，我可以很輕鬆地說，隨著 24 年級的進步，如果一切順利，我們應該會在年底開始看到這樣的成績水平。

Okay.

好的。

Thanks.

謝謝。

And then secondly, on S-16, I just wanted can you remind me what nameplate capacity that I modeled the technical report you guys delivered in a in mid-December, but the press release says that we were operating at nameplate.

其次，關於 S-16，我只是想請您提醒一下，我為你們在 12 月中旬交付的技術報告建模時的銘牌容量是多少，但新聞稿稱我們正在銘牌上運行。

I just want to make sure that's still left in the technical report.

我只是想確保技術報告中仍然保留了這一點。

Vr.

Vr。

So are now on an average basis.

現在平均而言也是如此。

The economy is capable to operate in the range of victory by Q2 this year.

今年第二季經濟有能力運作在勝利區間。

It doesn't stand today.

今天已經站不住腳了。

Okay.

好的。

And then just moving to two on CO2.

然後就轉向二氧化碳的兩個。

I just want to get an understanding of the cost.

我只是想了解一下費用。

So I guess there was $50 million cost that you said you would capitalize over and above what you would consider the normal run rate.

因此，我猜您所說的資本化成本為 5000 萬美元，超出了您認為的正常運行率。

So and if so, anything about the 700 and I guess you said seven to $800 per ounce and total cash costs.

如果是的話，關於 700 的任何事情，我猜你說的是每盎司 7 到 800 美元以及總現金成本。

So and if you've determined that, that's the that's the normalized sort of cost structure this 1st year.

因此，如果您確定了這一點，那麼這就是第一年的標準化成本結構。

Anything above that is what's going to get capitalized in the $50 million is not the case.

任何高於這個數字的 5000 萬美元資本化都不是這樣的。

Good morning, Anita.

早上好，安妮塔。

So that 40 million is is that sort of a abnormal bus portion?

那麼這 4 千萬是屬於異常匯流排部分嗎？

So yes, if we look at it on a per ton basis, but the guidance range that we gave for cargo for cash cost is what we expect at the end of the year.

所以，是的，如果我們以每噸為基礎來看的話，但我們為貨物現金成本給出的指導範圍是我們在年底的預期。

That's not on average for the year.

這不是今年的平均水準。

So at the beginning of the year, even after we've taken out the but as those capitalized inefficient costs, it will still be a little bit higher than that.

因此，在今年年初，即使我們去掉了那些資本化的低效率成本，它仍然會比這個高一點。

So I can't tell you what I can add that.

所以我不能告訴你我可以添加什麼。

Yes, I'm sorry, go ahead.

是的，對不起，請繼續。

So what I can what I can add to definitize one thing that I'm very, very pleased is, as Martin mentioned earlier, with the sustaining capital around the 401 hundred and $45 million, very much aligned with a 43 one oh one, we have capital capital ways.

因此，我可以補充一下，我非常非常高興的一件事是，正如馬丁之前提到的，維持資本約為 40100 萬美元，與 43 的 1 oh 1 非常一致，我們有資本有資本途徑。

Gralise weighs about 15 million.

Gralis重約1500萬。

Yes, that's compare maybe with a $30 million.

是的，這可能與 3000 萬美元相比。

But then as you ramp up, your costs are higher, but as we exit the year being now at the sustaining capital level, closer to 43 one oh one.

但隨著你的增加，你的成本會更高，但當我們結束這一年時，現在處於持續的資本水平，接近 43 一對一。

We're very we're very pleased with that.

我們對此非常滿意。

So it's up to us now like to put those extra cause behind complete the constructions, everything that it's kind of extra capital that is behind us and exit the year strong with them, you know, capital capital aligned with the 43 one oh one are nearby and it's all about, of course, getting operating unit costs, you know, in line as we ramp up the mill and the mine.

因此，現在我們需要將這些額外的原因放在完成建設的後面，一切都是我們身後的額外資本，並與他們一起強勁地退出這一年，你知道，與43 個一哦一一致的資本資本就在附近當然，這一切都是為了讓單位運作成本與我們擴大工廠和礦場的規模保持一致。

So we'll be in very good shape as we enter twenty five seconds and takes that.

因此，當我們進入二十五秒並接受它時，我們將處於非常好的狀態。

And then a couple of other things in terms of the end of one point I hope and I will take the releases that were coming through.

然後還有一些其他事情，就我希望的一點而言，我將接受即將發布的版本。

Is that now encapsulated in all of the CapEx guidance?

現在這是否已包含在所有資本支出指南中？

Or are we still thinking about?

還是我們還在思考？

I think the 120 to EUR140 million of leases starting in this year.

我認為今年將開始 1.2 至 1.4 億歐元的租賃。

So for leases, the amount that we are referring capital, that is on an incurred basis and excludes funding our lease program of 125 million U.S. at K. concluded.

因此，對於租賃而言，我們參考的資本金額是在已發生的基礎上計算的，不包括為我們在 K. 完成的 1.25 億美元租賃計劃提供的資金。

I will conclude shortly.

我很快就會得出結論。

So we don't have any estimates or assumptions in our 2024 plan for leases.

因此，我們在 2024 年的租賃計劃中沒有任何估計或假設。

Okay.

好的。

That means you're not incurring leases now in 2020 for either that.

這意味著您在 2020 年現在不會因此而產生租賃。

But we in the time we are not sharing that we are incurring additional leases in 2020.

但當時我們並沒有透露我們將在 2020 年產生額外的租賃。

No.

不。

And then the working capital is like is there something we should be thinking about in terms of working capital?

然後營運資金就像我們應該在營運資金方面考慮什麼？

Or is that encapsulated in the capitalization of some of these, it might have been just sort of the the typical stuff where, you know, it takes a while for the circuits to become saturated and then you get that back at the end of the life, but is there something that we would be thinking about there?

或者是封裝在其中一些的大寫字母中，它可能只是一種典型的東西，你知道，電路需要一段時間才能飽和，然後在壽命結束時恢復它，但是我們會在那裡思考一些事情嗎？

So I know it's an ongoing estimate and then we built up our buildup of sorry, consumables and things like that.

所以我知道這是一個持續的估計，然後我們累積了抱歉、消耗品和類似的東西。

So we have been purchasing consumables during 2023, and we face a lot of those orders and those are there.

因此，我們在 2023 年期間一直在採購消耗品，我們面臨著許多這樣的訂單，而這些訂單就在那裡。

So that we can operate.

這樣我們就可以操作了。

So in our two nine, six, five estimate that included buying first falls and then a lot of these consumables and spare parts.

因此，在我們的二九、六、五估計中，包括首先購買秋季產品，然後購買大量此類消耗品和備件。

And when we look at the $142 million, which is our 60.3% that we need to fund on that covers that project expenditures up to first gold and then also the pay down of the accounts payable, so that working capital component.

當我們看到 1.42 億美元時，我們需要提供資金的 60.3%，涵蓋了專案支出，包括第一筆黃金，然後還包括應付帳款的首付款，即營運資金部分。

And then as I mentioned, we bought purchased inventory in there and there's a small lease component in there as well.

正如我所提到的，我們在那裡購買了購買的庫存，並且那裡還有一個小的租賃部分。

So that's kind of that's the number that we need to fund from liquidity with our assumptions of building up inventory and paying down IP because our accounts payable balance will, of course, be a lot lower once we're in operation compared to where we were building the project.

因此，這就是我們需要從流動性中籌集資金的數字，假設我們建立庫存並支付知識產權，因為一旦我們投入運營，我們的應付賬款餘額當然會比我們原來的情況低很多建設該項目。

And then my final question pertains to the operating, the 210 to 90 on production guidance.

然後我的最後一個問題與操作有關，即生產指導中的 210 至 90。

Can you give us the parameters around which you are sort of like the ranges of we expect recovery rates to be X to X?

您能否給我們一些參數，您認為這些參數類似於我們預期回收率的範圍為 X 到 X？

We expect the grade that we're going to see to be X to Axiom expected, but tonnage over the course of the year to be act like that's the just how do you come up with those so that we can keep track of it as it as the year evolves in.

我們預計我們將看到的等級達到 Axiom 預期的 X，但一年中的噸位表現就像您如何得出這些結果，以便我們可以追蹤它隨著年份的演變。

We're not offside on either way on two 20 or the two 90 I can I can sure help you out a little bit here to make some clarifications around it.

我們在兩個 20 或兩個 90 上都沒有越位，我可以，我可以肯定可以在這裡幫助您對此進行一些澄清。

So so that first of all, in term of grade, you know, we have about over 5 million tons on stockpile, some of which about a million, a million tons is at two grams.

所以首先，就品位而言，我們有大約超過 500 萬噸的庫存，其中一些大約是 100 萬噸，100 萬噸是 2 克。

So that's what we call.

這就是我們所說的。

So as you know, we're segregating so we're separating the lower grade and within that with the direct feed days as segregations and million tonnes for the the two of them.

如您所知，我們正在進行隔離，因此我們將較低等級和其中的直接飼餵天數進行隔離，並將兩者的百萬噸級分開。

So we are seeing this working well.

所以我們看到這運作良好。

We're seeing the grade reconciliation working work very well in the high-grade zones.

我們看到高等級區域的等級調節工作進展順利。

So 1.5 grams a tonne achieved a mill for 2000 for 2024 appears to be in the neighborhood of what is achievable.

因此，工廠 2000 年至 2024 年實現的每噸 1.5 克似乎接近可實現的目標。

So getting to their ramp-up schedule as we're planning that could bring you towards around the 6.5 million tonnes mill, our recovery, we don't see any reason why would not be aligned with a 43 one oh one and about 91 91% to 92%.

因此，按照我們計劃的那樣，按照我們的計劃，他們的產能提升計劃可能會帶您走向大約650 萬噸工廠，我們的復甦，我們看不出有任何理由不與43 一對一和大約91 91保持一致% 至 92%。

So that's a green light at top, right.

所以頂部有綠燈，對吧。

So around 6.5 million, how many to everything below that could be more a factor of tons?

那麼大約 650 萬，低於這個數字的所有數字可能是多少？

You know, the timing of ramping up, I think gold grade we're still struggling, I think, to recalibrate.

你知道，提高黃金品味的時機，我認為我們仍在努力重新調整。

But everything else below depth and detail would be a matter of time to kind of feel very confident on the recovery.

但深度和細節之外的其他一切都只是時間問題，讓人們對復甦感到非常有信心。

So we're not going to see you guys keep low grade until that recovery gets up, like that's one of the factors that sometimes in the first quarter people, so a little bit less on grade because I don't want to waste it.

因此，在恢復之前，我們不會看到你們保持低等級，就像這是有時在第一季人們的因素之一，所以等級要低一些，因為我不想浪費它。

So we don't intend to stay very much in the lower grade once we achieved the first goal and we intend to ramp up if it would not, we do not.

因此，一旦我們實現了第一個目標，我們就不打算停留在較低的水平上，如果達不到，我們就打算提高水平，但我們不會。

We do not perceive any issues with a recovery.

我們認為復甦沒有任何問題。

And if we're satisfied what we see at the very early stage, we intend to ramp up take rate as soon as possible.

如果我們對早期階段所看到的情況感到滿意，我們打算盡快提高採用率。

Okay.

好的。

Thank you.

謝謝。

That's very helpful.

這非常有幫助。

That's it for me.

對我來說就是這樣。

Thank you.

謝謝。

Your next question is from Lawson Winder with Bank of America Merrill Lynch.

您的下一個問題來自美國銀行美林證券的勞森溫德 (Lawson Winder)。

Please go ahead.

請繼續。

Great.

偉大的。

Thanks, operator.

謝謝，接線生。

Good morning, everybody, and thanks for the presentation.

大家早安，感謝您的演講。

Can I ask about your overall inflation assumption for the two operating assets in 2024 versus 2023.

我能否詢問一下你們對 2024 年和 2023 年這兩項營運資產的整體通膨假設。

So that's the cost inflation I should specify on.

這就是我應該具體說明的成本通膨。

So between West, was there sort of an average between Westwood and Essakane?

那麼 Westwood 和 Essakane 之間是否有某種平均值？

Thanks.

謝謝。

Good morning, Lawson.

早安，勞森。

If we look at inflation for those two mines.

如果我們看看這兩個礦的通貨膨脹。

Energy remains a big impact for both of them.

能源對他們倆來說仍然有很大的影響。

Our assumptions is about $85.

我們的假設約為 85 美元。

So per barrel that we used in our guidance cost ranges, while of course, impacts other impacts like commodity linked and oil and commodities such as steel.

因此，我們在指導成本範圍中使用的每桶當然會影響其他影響，例如與大宗商品相關的石油和鋼鐵等大宗商品。

But we are seeing those costs kind of coming down in Burkina Faso.

但我們看到布吉納法索的這些成本有所下降。

There is a and maybe on oil as well as higher transportation cost.

可能還有石油以及更高的運輸成本。

We expect those to remain So overall on a per ton basis for Essakane, we actually see costs to be roughly flat with the ins and outs of the different things in inflation because there is certain items that we see are coming down from that perspective.

我們預計這些成本將保持不變。因此，對於Essakane 而言，總體而言，以每噸計算，我們實際上認為成本與通貨膨脹中不同因素的來龍去脈基本持平，因為從這個角度來看，我們看到某些項目正在下降。

And similarly at Westwood, if we look at the contracts that we entered into for 24, there is certain items where we see increases, but then but similar offsetting increases.

同樣，在 Westwood，如果我們看看我們簽訂的 24 份合同，我們會發現某些項目有所增加，但隨後也有類似的抵消增加。

So we don't expect to see a big increase in cost from what we saw at the back end of 2010, three going into 24 from an inflation perspective here.

因此，與 2010 年底相比，我們預計成本不會大幅增加，從通貨膨脹的角度來看，成本將增加 3 到 24。

And if I can, if I may add something.

如果可以的話，我可以補充一些東西。

If you look at Essakane in the last six months, right, we've seen that the beautiful fall off how it is when you're steady when you have no disruptions achieving as we said, you know, below the 6,100 doors at 1550 and we've seen as well, you know, like pressure on cost or to 80 and 100 you know, when we feel sometimes disruption.

如果你看看過去六個月的Essakane，對吧，我們已經看到，當你穩定時，當你沒有中斷實現時，美麗就會下降，正如我們所說，你知道，低於1550 的6,100 扇門，我們也看到過，例如成本壓力或 80 和 100，當我們有時感到混亂時。

So should we have likely a year of us bidding good productions and no issues with their reconciliations and no disruptions in our could we rather achieve towards the lower end of the cost top hand of the productions.

因此，如果我們可能有一年的時間來競標優質作品，並且他們的協調沒有問題，並且我們的製作沒有受到干擾，我們是否可以寧願實現製作成本的較低端。

But but you know, we've seen that is that currently operates sometimes in tough environments.

但你知道，我們已經看到，目前有時會在惡劣的環境中運作。

So so I think I think this is how you should look at it.

所以我認為你應該這樣看待它。

It's a bit of a balance weighted, you know, upsell the experience of the last six months.

這是一種平衡加權，你知道，追加銷售過去六個月的體驗。

I should say I've been saying with our Atlas would I mean, we've been consistently improving.

我應該說，我一直在對我們的 Atlas 說，我的意思是，我們一直在不斷改進。

We've seen, you know, like a Q4 achieving nearly $2,000 an ounce.

我們已經看到，第四季的價格接近每盎司 2,000 美元。

We're going to have we're going to continue to improve.

我們將繼續改進。

We're going to continue to improve, take rate and so forth.

我們將繼續改進，採取率等等。

So this is how it's both mines have been like with the West with continuously improving.

這就是這兩個礦場與西方國家的情況，不斷進步。

We feel that we feel strong that we overall can that can beat Q4 for the year.

我們感覺我們總體上可以擊敗今年第四季。

And the second is very depending on how stable will be, but should we be stable I think we'll have a great deal.

第二個很大程度上取決於穩定程度，但如果我們穩定的話，我認為我們會有很多好處。

Can you thank you both for those comments, it's very helpful.

謝謝你們兩位的評論，這非常有幫助。

And so overall, I mean, cost inflation in control or for 2024 versus 23, what was actually realized in 2023 in terms of year-over-year cost inflation?

總的來說，我的意思是，2024 年的成本通膨與 23 年相比，2023 年的年比成本通膨實際上實現了多少？

I will give Dr. Martin, sir.

我會給馬丁博士，先生。

And also we saw we did see a big impact on, especially in Burkina Faso and Petaquilla impacted by higher landed costs as well because of the cost of getting our kind of voice to site safely now.

我們也看到，我們確實看到了巨大的影響，特別是在布吉納法索和佩塔基拉，也受到了更高的到岸成本的影響，因為現在將我們的聲音安全到達現場的成本很高。

So I don't have a specific number for you right now to say what was the impact of inflation on, but the cost in the second half of 2024 have those inflation impacts impacted and you can see that compared to what we were doing in the first half of the year.

所以我現在沒有具體的數字可以告訴你通貨膨脹的影響是什麼，但 2024 年下半年的成本會影響通貨膨脹的影響，你可以看到，與我們在 2024 年所做的相比今年上半年。

Our Danka, I think one is the most obvious one, I guess you are right.

我們的丹卡，我覺得其中一個是最明顯的，我想你是對的。

When you look at the impact of fuel costs and address or comment, most most mine will say their labor costs is the higher cost.

當您查看燃料成本的影響並發表評論或評論時，大多數人會說他們的勞動成本是較高的成本。

The second is more like towards labor power and the use of fuel has a big impact.

第二個更像是對勞動力和燃料的使用有很大的影響。

And over the last two years, we've seen as high as probably like Dublin have double price and does so this was like this is from far the one that has impacted probably the most and can we see some reductions down the road?

在過去的兩年裡，我們看到像都柏林這樣的高價格已經翻了一番，這是否是迄今為止影響最大的一個，我們是否可以看到未來會出現一些下降？

We're not necessarily counting on that in the short term.

短期內我們不一定會指望這一點。

But just to give you a bit of an idea of what fuel power, you know, has been the main contributor to that over the last two years?

但只是為了讓您了解過去兩年哪種燃料動力是造成這種情況的主要因素？

Yes, that's really helpful.

是的，這確實很有幫助。

And then just one final question on costs really pertaining to Burkina Faso.

最後一個問題是關於布吉納法索真正相關的成本。

And when does the new sort of higher royalty regime take effect that that was at the 1st of this year, the new royalty regime is is in effect and that's included in our cost I need entered into in the back end of last year in Q4, we had Q4.

新的更高的特許權使用費制度何時生效（即今年 1 日），新的特許權使用費制度已生效，這已包含在我需要在去年第四季末簽訂的成本中，我們有第第四季。

Great.

偉大的。

And then one final question, I guess on on Westwood.

最後一個問題，我猜是關於韋斯特伍德的。

At the current gold price of about $2,000 per ounce and with the significant improvements you've seen at that asset, do you anticipate generating positive free cash flow in 2024?

目前金價約為每盎司 2,000 美元，並且您在該資產上看到了顯著改善，您預計 2024 年會產生正的自由現金流嗎？

And if not, what is kind of your benchmark that you think about internally that you need to get to before that asset is generating material, positive free cash flow to the overall business.

如果沒有，您在內部考慮的基準是什麼，在該資產為整體業務產生實質性的、正的自由現金流之前，您需要達到什麼樣的基準。

Thanks very much.

非常感謝。

There isn't any significant expansion CapEx at Westwood.

Westwood 沒有任何重大的資本支出擴張。

So the all-in sustaining cost range that we have in our guidance for Westwood is also an indication of free cash flow.

因此，我們對 Westwood 的指導中的整體維持成本範圍也顯示了自由現金流。

So if we if we meet our cost guidance and the gold price is higher, it should be generating on cash flow.

因此，如果我們達到成本指引並且金價較高，那麼它應該會產生現金流。

And that's kind of how we manage that as well.

這也是我們的管理方式。

What we always also debt is with those high cost ranges, we saw an opportunity to put in some gold hedges in Q1.

我們一直以來的債務是在這些高成本範圍內，我們看到了在第一季進行一些黃金對沖的機會。

And so the 60,000 ounces that we hedged and it was zero cost collars and the boots on those are between 1959 and 75.

因此，我們對沖的 60,000 盎司是零成本項圈，而靴子上的靴子是 1959 年至 75 年之間的。

So that's also how we just are making sure that we have that higher cost profile at risk with so that we can be breakeven or cash flow positive.

因此，這也是我們如何確保我們面臨更高的成本狀況的風險，以便我們能夠實現損益兩平或現金流為正。

Okay, fantastic.

好吧，太棒了。

Thank you so much for the responses and best of luck for 24.

非常感謝您的回复，祝您24歲好運。

Thank you.

謝謝。

Thank you.

謝謝。

The next question is from Carey MacRury with Canaccord Genuity.

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

Please go ahead.

請繼續。

Hey, good morning, guys.

嘿，早上好，夥計們。

On Martin, could you just remind us what sort of minimum cash balance you'd like to keep through the ramp up here like corporately and so the minimum cash balance is actually driven by one of the covenants in our credit agreements.

關於馬丁，您能否提醒我們，您希望像公司一樣在業務成長過程中保持什麼樣的最低現金餘額，因此最低現金餘額實際上是由我們信貸協議中的一項契約決定的。

So we have to maintain $150 million of cash on the balance sheet.

因此我們必須在資產負債表上保留 1.5 億美元的現金。

Our cash and cash equivalents are now because of the corporate structure.

由於公司結構的原因，我們現在擁有現金和現金等價物。

And there's always the cash balance at Essakane.

Essakane 總是有現金餘額。

And there's actually also a cash balance that needs to be maintained at a quota.

實際上還有現金餘額需要維持在一定的限額內。

So the $150 million covers that.

所以 1.5 億美元就夠了。

But so that's the amount that we need to maintain and it works well with the the cash out by those two entities.

但這就是我們需要維持的金額，而且它與這兩個實體的現金支出配合得很好。

Okay, great.

好的，太好了。

And then just on the mining side, we've got the 5 million tonnes stockpiled.

然後在採礦方面，我們已經儲備了 500 萬噸庫存。

Is that stockpile going to grow ahead of ramp up or is it sort of constrained?

庫存是否會在增加之前增加，或者是否受到限制？

And then just more broadly, like how does the mining ramp-up look like through this year?

然後更廣泛地說，今年的採礦業成長情況如何？

Carrie, can you speak up?

嘉莉，妳能說話嗎？

We can hear you very well, sorry, can you hear me now and you're either better?

我們可以很好地聽到你的聲音，抱歉，你現在能聽到我說話嗎？你感覺好些了嗎？

Yes, that's better off.

是的，這樣更好。

Yes.

是的。

Yes.

是的。

So I was asking you about Tom, the stockpile, you've got 5 million tonnes on the stockpile, is that going to continue to grow over the next couple of quarters as the mills ramping up for that constrain at 5 million tonnes?

所以我問你關於湯姆的庫存情況，你的庫存有 500 萬噸，隨著鋼廠為 500 萬噸的限製而增加，庫存在接下來的幾個季度會繼續增長嗎？

And secondly, just broadly like covers the mining ramp-up look in 2024?

其次，大致涵蓋了 2024 年採礦業的成長嗎？

No, definitely.

不，絕對是。

Definitely.

確實。

We will see that while they would be an in and out, of course in our as we ramp up the graders telling Anita earlier, you will be using, of course, some of them, but he has the mine plan and are now considers, of course, to to continue to do that segregation continue to add their high grade and super high grade to the stockpile and managing the Grade two that are that are roughly average about 1.5 at the mill for the year.

我們會看到，雖然它們會進出，當然在我們的階段，因為我們早些時候告訴安妮塔，你會使用其中的一些，但他有礦山計劃，現在正在考慮，當然，為了繼續進行分離，繼續將高品位和超高品位添加到庫存中，並管理當年工廠平均約為1.5 的二級品位。

It definitely the mine.

這絕對是我的礦。

The mine is ramping up quite well.

該礦的開採進展順利。

We are we now have a commission like towards like the 14 trucks.

我們現在有一個像 14 輛卡車這樣的委託。

We got the second shovel now in the pit.

我們現在在坑裡拿到了第二把鏟子。

So in term of mining capacity, were there if we achieve an overall 15 million tonnes mined for the years, that would allow us to, you know, to to properly or produce DR require and continue to to segregate stockpile and feed the mill at a copper copper head grade.

因此，就採礦能力而言，如果我們多年來的總開採量達到 1500 萬噸，這將使我們能夠正確滿足或生產 DR 需求，並繼續隔離庫存並以適當的速度為工廠提供原料。銅銅頭等級。

So that's roughly what I can say.

我能說的大概就是這些。

That's it for me.

對我來說就是這樣。

Thanks.

謝謝。

Thanks.

謝謝。

Our next question is from Tanya Jakusconek with Scotiabank.

我們的下一個問題來自豐業銀行的 Tanya Jakusconek。

Please go ahead

請繼續

and good morning, everyone.

大家早安。

Thank you so much for taking my questions and under him move, just to the accounting of all of this.

非常感謝您回答我的問題並在他的指導下移動，只是為了解釋這一切。

I think, Tom, thank you very much for all the detail on CO2 and maybe Martin over to you just to walk us through how all of this is going to show up through the income statement and cash flow for the year or so.

我想，湯姆，非常感謝您提供有關二氧化碳的所有詳細信息，也許馬丁也會向您介紹，只是為了向我們介紹所有這些將如何通過今年左右的損益表和現金流量顯示出來。

Maybe I'll start off with the first of the two 22 to 9,000 ounces on a 100% basis, what is going to be commercial and Datamark.

也許我會從兩個 22 至 9,000 盎司中的第一個開始，在 100% 的基礎上，這將是商業和 Datamark。

So after that every ounce that will be produced will be reported as revenue so the concept, but commercial production doesn't apparently separate day one.

因此，在此之後，將生產的每一盎司都將被報告為收入，這是這個概念，但商業生產顯然不會在第一天分開。

Everything will go through the revenue line.

一切都將通過收入線。

Okay.

好的。

Day one, everything goes through the revenue line and then you have to show the cost as well.

第一天，一切都通過收入線，然後你還必須顯示成本。

So on and adding deeds and software accounting, where the mining costs on comes off stockpiles that you have cost of sales in the beginning part of the year.

依此類推，添加契約和軟體會計，其中採礦成本來自年初銷售成本的庫存。

Of course, the cost of sales number would be elevated somewhat, but some of those costs land up on the balance sheet.

當然，銷售成本數字會有所上升，但其中一些成本會出現在資產負債表上。

And so up to commercial production on the call, you will add revenue and the cost to produce that revenue will be split between cost of sales and that 40 million that we mentioned in our capital guidance or we shouldn't double account dates, states that we are sharing some of our operating cost in capital and in our guidance numbers.

因此，在電話會議上進行商業生產之前，您將增加收入，而產生該收入的成本將在銷售成本和我們在資本指導中提到的4000 萬美元之間分配，否則我們不應該重複帳戶日期，聲明說我們正在以資本和指導數字的形式分擔一些營運成本。

Okay.

好的。

So if we were to think of it from a high level.

所以如果我們從高層次來思考的話。

So operating costs plus that $40 million, which is on 100% basis, that would come in through your op cost of sales and then the remaining amount of it will be under it.

因此，營運成本加上 4000 萬美元（以 100% 計算），將透過您的銷售營運成本計入，然後剩餘的金額將包含在其中。

Yes.

是的。

Okay.

好的。

Perfect.

完美的。

Okay.

好的。

So that's through the year, Annie and the reserves that you reported, which you're reporting on a 100% basis when you look at it, you know, put your 2023 attributable on on the website and because this statement is not there yet.

因此，安妮和您報告的這一年的儲備金，當您查看時，您是在 100% 的基礎上報告的，您知道，將 2023 年的歸屬放在網站上，因為該聲明尚未存在。

Will we be looking at it on a 60% is higher than the reported on a 60% basis, all the attributable versus 70% in 2022.

我們是否會以 60% 的比例來看待它，是否高於報告中的 60%，所有可歸因的比例與 2022 年的 70% 相比。

So I'm sorry, because of that option to repurchase our 9.7% interest, we will be showing the assets and liabilities at 70% on until the point where either we pre-purchased set for it expires.

所以我很抱歉，由於我們可以選擇回購 9.7% 的利息，我們將以 70% 的比例顯示資產和負債，直到我們預先購買的資產和負債到期為止。

If it expires things will go back to 60%.

如果過期的話，費用會恢復到 60%。

But the thing to keep things simple, the balance sheet will be at 70%, but revenue and cost of sales will be at 60% and our real cash flows is at 60% as well, Tom, and so to get it up to 70% is just an accounting adjustment.

但為了簡單起見，資產負債表將佔 70%，但收入和銷售成本將佔 60%，我們的實際現金流量也將佔 60%，湯姆，因此將其提高到 70 %只是一個會計調整。

It would only go to that 60%.

只會達到那 60%。

Should that option not be exercised is what you're saying?

你是說不應該行使這個選擇權嗎？

Yes, on the balance sheet, but the way that we think about it is we fund 60% and we Bob.

是的，在資產負債表上，但我們的想法是，我們出資 60%，而我們是鮑伯。

So we have to pay for 60% of the cost of our shredding costs as well as capital.

所以我們必須支付60%的粉碎成本以及資金成本。

And we get 60% of the gold.

我們得到了60%的黃金。

Yes, $0.09.

是的，0.09 美元。

Okay.

好的。

I was just wondering about the 70 60 for the reserves another.

我只是想知道另一個儲備金的 70 60 。

Okay.

好的。

That's fine.

沒關係。

And then just lastly, Martin, to confirm, there's another $84 million or is that about coming through to you this year.

最後，馬丁要確認一下，還有 8,400 萬美元，或者是今年會交給您的。

Is that from some of the asset sales on top of the cash flow?

這是現金流以外的一些資產出售嗎？

Yes.

是的。

Yes, there's the gross asset proceeds from this.

是的，這是由此產生的總資產收益。

The remaining sales of the bamboo transaction we expect to get during the remainder of this year phase.

我們預計竹子交易的剩餘銷售額將在今年剩餘時間內獲得。

There's two components of it.

它有兩個組成部分。

The first one we expect to be on in Q1 and then the second one later this year.

我們預計第一個將在第一季推出，第二個將在今年稍後推出。

We know how much we're getting into one.

我們知道我們對其中的投入有多大。

It's just them to make sure looking at the cash flows and then versus out just want to get those right.

他們只是要確保查看現金流，然後只是想把這些做好。

So yes, we expect that it's a little bit commercially sensitive, but it's about half of those transactions.

所以，是的，我們預計這會有點商業敏感，但這大約是這些交易的一半。

Yes.

是的。

Okay, that's helpful.

好的，這很有幫助。

Thank you.

謝謝。

Your next question is from Don DeMarco with National Bank Financial.

您的下一個問題來自國家銀行金融公司的唐·德馬科。

Please go ahead.

請繼續。

I think you're over on John.

我想你對約翰的看法已經結束了。

I think all my questions have been answered.

我想我所有的問題都已經得到解答。

Thank you.

謝謝。

Thanks, Facebook.

謝謝，臉書。

And we have a follow-up question from Anita Soni with CIBC World Markets.

CIBC 全球市場的 Anita Soni 向我們提出了後續問題。

Please go ahead.

請繼續。

Yes, just a question on that.

是的，只是一個問題。

Tom, you touched on it with Carrie's question, but the minimum 150 million liquidity covenant of the RCF.

湯姆，你在 Carrie 的問題中提到了 RCF 的最低 1.5 億流動性契約。

Can you explain what that means like or you can you fully draw the entire RCF and in our drive to zero?

你能解釋一下這意味著什麼嗎？或者你能完全繪製出整個 RCF 並在我們的歸零過程中嗎？

And then also And then so you have 100 or 50 million left on that RCF.

然後還有，那麼 RCF 上還剩下 100 或 5000 萬。

Can you drive down to zero and use that as cash?

你能把車開到零並將其用作現金嗎？

Yes, we can.

我們可以。

So our cash and cash equivalents, let's say we spend and we get down to EUR150 million being from there on we can draw on the credit facility up to the full amount so there's about 37, $38 million of letters of credit issued under it.

因此，我們的現金和現金等價物，假設我們支出減少到 1.5 億歐元，從此我們可以全額提取信貸額度，因此根據該額度簽發了大約 37、3800 萬美元的信用證。

So there's 387 million available.

所以有 3.87 億可用。

So of the EUR387 million.

3.87 億歐元中也是如此。

We can we can draw it fully that $150 million doesn't impact it, but let's say we draw the full amount and then we have the cash on the balance sheet, we can spend below 150.

我們可以全額支取，1.5 億美元不會對其產生影響，但假設我們全額支取，然後資產負債表上有現金，我們可以支出低於 150 美元。

So we always have to maintain the cash balance of 150 and there is other items impacting that as well, of course, other covenants on the credit facility, five based on what we're seeing now the facilities available.

因此，我們始終必須保持 150 的現金餘額，當然還有其他項目會影響這一點，當然還有信貸安排的其他契約，根據我們現在所看到的可用設施，有 5 個。

And then just to add just 10 and calculate time incentive.

然後只需添加 10 即可計算時間激勵。

And so about $80 million coming from the bamboo cassettes probably evenly split between Q1 and Q2 in terms of adds it receives that money?

那麼，大約 8000 萬美元來自竹盒的收入可能在第一季和第二季平均分配，就其收到的這筆錢而言？

Yes, approximately, yes, we are we really like to close gaming and Q. ARM.

是的，大約，是的，我們真的很想關閉遊戲和Q.ARM。

This is what we're laser focused on as we speak with our partner manager on this, that would be that would come first pressure and then male with follow somewhere in 2024.

這就是我們與合作夥伴經理討論此事時所關注的重點，這將是首先出現的壓力，然後是男性，並在 2024 年的某個地方出現。

So this is really our target, should we sleep were good.

所以這確實是我們的目標，我們應該睡得很好。

I mean, it's not, but that's that's our focus now to trying to close activity in Q1.

我的意思是，事實並非如此，但這就是我們現在的重點，試圖結束第一季的活動。

Okay.

好的。

So you're still trying to close the deal in Q1 and then you had in 2013, you had one sometime in 2024 and that and they are mostly male with Nollenberger, correct?

所以你仍在試圖在第一季完成交易，然後你在 2013 年，你在 2024 年的某個時候完成了一筆交易，而且他們大多是男性，諾倫伯格，對嗎？

Molly will follow after.

莫莉會跟在後面。

So our that's why we mentioned 24, so may take a little longer, but the priority right now.

這就是我們提到 24 的原因，因此可能需要更長的時間，但現在是首要任務。

The first one is to close given insurers find that in the when you're trying to close as 89 total minimum.

第一個是關閉給定的保險公司發現當你試圖關閉總最小值 89。

Now the FDA Guinea itself represents about half of it about half of this year on a gross basis.

現在，幾內亞 FDA 本身就佔了今年總量的一半左右。

Okay.

好的。

All right.

好的。

Thank you very much.

非常感謝。

Thanks.

謝謝。

Yes.

是的。

This concludes the question-and-answer session.

問答環節到此結束。

I'd like to hand the conference back over to Graeme Jennings for any closing closing remarks.

我想將會議交還給格雷姆·詹寧斯（Graeme Jennings）發表閉幕詞。

Thank you very much, operator, and thanks for everyone for joining us this morning.

非常感謝您，接線員，也感謝大家今天早上加入我們。

And if you have any further questions, please reach out to renewal or myself.

如果您還有任何其他問題，請聯絡續約或我本人。

Thank you all and be safe and have a great day.

謝謝大家，祝您安全，祝您有美好的一天。

This concludes today's conference call.

今天的電話會議到此結束。

You may disconnect your lines.

您可以斷開線路。

Thank you for participating and have a pleasant day AND over to you.

感謝您的參與，祝您有個愉快的一天。

Okay.

好的。

Yes.

是的。

And then open the meeting.

然後開始會議。