IAMGOLD Corp (IAG) 2024 Q1 法說會逐字稿

Thank you for standing by.

謝謝你的支持。

This is the conference operator.

這是會議操作員。

Welcome to the IAMGOLD first quarter 2024 operating and financial results conference call and webcast.

歡迎參加 IAMGOLD 2024 年第一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，所有參與者都處於僅聽模式，並且正在錄製會議。

(Operator Instructions)

（操作員說明）

At this time, I would like to turn the conference over to Graeme Jennings, VP, Investor Relations for IAMGOLD.

現在，我想將會議交給 IAMGOLD 投資者關係副總裁 Graeme Jennings。

Please go ahead, Mr. Jennings.

請繼續，詹寧斯先生。

Thank you, operator, and welcome, everyone, to our first quarter 2024 operating and financial results conference call.

謝謝營運商，歡迎大家參加我們的 2024 年第一季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; Maarten Theunissen, Chief Financial Officer; Bruno Lemelin, Chief Operating Officer; and Tim Bradburn, Senior Vice President, General Counsel and Corporate Secretary.

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；布拉德伯恩 (Tim Bradburn)，資深副總裁、總法律顧問兼公司秘書。

We are joining today from IAMGOLD's Toronto office, which is located on Treaty13, territory on the traditional lands of many nations, including the Mississauga’s of the Credit, The Anishinaabe, Chippewa, Haudenosaunee, and the Wendat peoples.

我們今天從IAMGOLD 的多倫多辦事處參加會議，該辦事處位於條約13，這是許多國家傳統土地上的領土，包括信用社的密西沙加人、阿尼希納貝人、齊佩瓦人、豪德諾索尼人和溫達特人。

At IAMGOLD, we believe respecting and upholding Indigenous rights is founded upon relationships that foster trust, transparency, and mutual respect.

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 in this call will include forward-looking statements and refer to non-IFRS measures.

請注意，我們在本次電話會議中的言論將包括前瞻性陳述並參考非國際財務報告準則措施。

We encourage you to refer to the cautionary statements and disclosures on the 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.

我們鼓勵您參考非 IFRS 指標的警示性聲明和揭露，包括我們最近的 MD&A 中這些指標的列報和調節，每項都在非 GAAP 財務指標標題下。

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.

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。

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

我現在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.

謝謝格雷姆，大家早安，謝謝您加入我們。

It is an exciting time at IAMGOLD.

這是 IAMGOLD 激動人心的時刻。

As a company, we are gaining momentum towards our goal of becoming a leading, mature, and modern gold producer.

作為一家公司，我們正在朝著成為領先、成熟、現代化黃金生產商的目標邁進。

The highlight of the quarter was, of course, the first [four] of Côté Gold.

當然，本季度的亮點是 Cé´té Gold 的前四場比賽。

With this achievement, we have brought online a key cornerstone producing asset, and our third producing mine alongside of our operations at Essakane and Westwood.

憑藉這一成就，我們已經上線了一個關鍵的基石生產資產，以及我們在 Essakane 和 Westwood 的業務之外的第三個生產礦山。

At a steady run rate, Côté Gold will be among the largest gold mines in Canada and is critical for the repositioning of IAMGOLD, as Côté provides a higher production base, lower cost profile, and a longer life of cash generation and growth opportunity in Canada.

如果運作穩定，Cété Gold 將成為加拿大最大的金礦之一，對於 IAMGOLD 的重新定位至關重要，因為 Cété Gold 提供了更高的生產基地、更低的成本和更多加拿大的現金壽命的一代和成長機會。

We believe that Côté will be a model of modern mining done right here in Canada and for many decades to come.

我們相信，科特礦區將成為加拿大乃至未來幾十年現代採礦業的典範。

To the whole Côté Gold team and partner, I really want to express my congratulations and appreciation for a job well done, but a special thanks to our resilient project and commissioning team.

對於整個 Cété Gold 團隊和合作夥伴，我真的想對他們出色的工作表示祝賀和讚賞，但要特別感謝我們堅韌的專案和調試團隊。

This extends as well to operating teams in Quebec and Burkina Faso, as IAMGOLD started this year with strong performance at both Essakane and Westwood, positioning the company well on the path towards our guidance targets for the year.

這也適用于魁北克和布吉納法索的營運團隊，因為 IAMGOLD 今年伊始在 Essakane 和 Westwood 均表現強勁，使公司在實現我們今年的指導目標的道路上處於有利地位。

Looking ahead, our primary target is on the safe and steady ramp-up of Côté.

展望未來，我們的首要目標是安全、穩定地提高 Cété 的產量。

As we will discuss in a moment, the ramp-up has been progressing well-- with all key equipment proving itself to be able to operate near nameplate.

正如我們稍後將討論的那樣，產能提升進展順利——所有關鍵設備都證明自己能夠在銘牌附近運作。

And this compared to our targets of exiting the year at 90% plus of nameplate.

相較之下，我們今年的目標是完成目標的 90% 以上。

We remain very confident to achieve commercial production in the third quarter of this year.

我們對今年第三季實現商業化生產仍然非常有信心。

On the finance side, we will continue to prioritize the options to return to our 70% interest in Côté, as we believe that the value of this project is well above the current market sentiment and repurchase price.

在財務方面，我們將繼續優先考慮恢復我們在 Câté 70% 權益的選擇，因為我們相信該專案的價值遠高於當前的市場情緒和回購價格。

Longer term, we have a clear roadmap for IAMGOLD with strong free cash flow generation and will-- which will be essential to ultimately improve our balance sheet and deliver value to our shareholders.

從長遠來看，我們為 IAMGOLD 制定了清晰的路線圖，具有強大的自由現金流產生能力和意願，這對於最終改善我們的資產負債表並為股東創造價值至關重要。

With that, we will now dive into the operating and financial results and highlights for the quarter.

接下來，我們將深入了解本季的營運和財務表現以及亮點。

Starting with health and safety, IAMGOLD is committed to our guiding principle of zero harm in every aspect of our business, putting the health and safety of the company's employee, contractor, and consultant first.

從健康和安全開始，IAMGOLD 在業務的各個方面都致力於零傷害的指導原則，將公司員工、承包商和顧問的健康和安全放在第一位。

IAMGOLD started the year with a good performance on safety with the days away restricted transfer duty rate of 0.53 and the total recordable injury rate of 0.61, tracking below where we were last year.

IAMGOLD 年初在安全方面表現良好，缺勤限制轉會稅率為 0.53，總可記錄傷害率為 0.61，低於去年的水平。

I want to take a moment to congratulate Essakane, which once again achieved a remarkable performance in health and safety with the total recordable injury days away, restricted transfer duty rate of 0.06. This is among the best health and safety performance in our industry and is a testament to the professionalism and commitment to a culture of safety of our people in Burkina Faso.

我想花一點時間祝賀 Essakane，它在健康和安全方面再次取得了驕人的表現，總可記錄傷病天數、限制轉會稅率為 0.06。這是我們行業中最好的健康和安全表現之一，證明了布吉納法索人民的專業精神和對安全文化的承諾。

On production, IAMGOLD started the year with strong attributable productions of 151,000 ounces, including a solid production of 150,000 ounces from the Essakane in Westwood, which positioned us well for annual guidance of 430,000 ounces to 490,000 ounces on an attributable basis and excluding quality production.

在產量方面，IAMGOLD 年初的權益產量為 151,000 盎司，其中包括來自 Westwood 的 Essakane 的穩定產量為 150,000 盎司，這使我們在權益產量（不包括優質產量）的基礎上實現 430,000 盎司至 490,000 盎司的年度指導。

As we will get into a moment, the first quarter production results were driven by Essakane being able to operate without disruptions and benefiting from positive rate reconciliation, coupled with a continuing ramp up at Westwood as the mine benefits from the rehabilitation of the underground and opening a few mining areas.

正如我們即將進入的，第一季的產量結果是由Essakane 能夠不間斷地運作並受益於積極的費率調節所推動的，再加上Westwood 的產量持續增加，因為該礦受益於地下和開放的恢復一些礦區。

The strong productions in sales volume translated to a decline in our cash costs and all in sustaining costs in the first quarter, excluding Côté to $1,053 an ounce and $1,493 an ounce respectively, proving-- providing a major benefit to operating cash flow.

銷售的強勁生產導致第一季我們的現金成本和所有維持成本下降，不包括 Cété 成本分別下降至每盎司 1,053 美元和每盎司 1,493 美元，這證明——為營運現金流帶來了重大好處。

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

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。

Maarten?

馬丁？

Thank you, Renaud, and good morning.

謝謝你，雷諾，早安。

In terms of our financial position, IAMGOLD ended the quarter with cash and cash equivalents of $291.2 million and our credit facility remains undrawn, equating to total liquidity of approximately $603.8 million.

就我們的財務狀況而言，IAMGOLD 截至本季末的現金和現金等價物為 2.912 億美元，我們的信貸額度仍未動用，相當於流動資金總額約為 6.038 億美元。

We know that within cash and cash equivalents, $76.4 million was held by Côté Gold and the $99.7 million was held by Essakane.

我們知道，在現金和現金等價物中，Cété Gold 持有 7,640 萬美元，Essakane 持有 9,970 萬美元。

The Côté Gold unincorporated joint venture agreement 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.

Cé´té Gold 非法人合資協議要求其合資夥伴提前為兩個月的未來支出提供資金，並在每個月初進行現金催繳。

Resulting in the month-end cash balance approximating the following month's expenditure.

導致月末現金餘額接近下個月的支出。

Essakane normally pays the dividend in the second half of the year and the size of the dividend is dependent on the cash held by Essakane in Burkina Faso and its working capital requirements, which is impacted by the ability of the company to receive value-added tax, or VAT, reimbursements from the government of Burkina Faso or to sell the VAT receivable to local banks.

Essakane通常在下半年支付股息，股息的大小取決於Essakane在布吉納法索持有的現金及其營運資金需求，而營運資金需求則受到公司收取增值稅的能力的影響，或增值稅，布吉納法索政府的報銷或將應收增值稅賣給當地銀行。

We are seeing an emerging risk where the ability to recoup these receivables is declined and the company has not received VAT reimbursements in Q2 '2023, Q4 '2023 or Q1 '2024.

我們看到一個新的風險，即收回這些應收帳款的能力下降，而該公司在 2023 年第二季、2023 年第四季或 2024 年第一季尚未收到增值稅退稅。

Further, the company still expects the remaining bamboo transactions related to the sales of assets in Guinea and Mali to close this year for gross proceeds of approximately $84.4 million.

此外，該公司仍預計與幾內亞和馬利資產銷售相關的剩餘竹子交易將於今年完成，總收益約為 8,440 萬美元。

Subsequent to quarter end, we announced another amendment to our gold prepayment commitments that included a new forward sale arrangement and a partial amendment to one of our existing gold prepayment arrangements.

季度末後，我們宣布了對黃金預付款承諾的另一項修訂，其中包括一項新的遠期銷售安排以及對我們現有黃金預付款安排之一的部分修訂。

The arrangements will effectively increase cash flow by more than $73.6 million during the second quarter of 2024 at current gold prices.

以目前金價計算，這些安排將在 2024 年第二季有效增加超過 7,360 萬美元的現金流。

The forward sale arrangement is for 31,250 ounces and includes a gold collar, where the company will also participate in the gold price from $2,100 up to [$2,925] per ounce at the time of delivery.

遠期銷售安排為 31,250 盎司，包括金項圈，該公司還將參與交割時每盎司 2,100 美元至 [2,925 美元] 的黃金價格。

Therefore, ensuring gold price participation in the second quarter of 2025 should the gold price remain above $2,100 per ounce.

因此，如果金價維持在每盎司2100美元以上，則確保2025年第二季金價參與。

These arrangements are similar to the amendments we made previously to transfer the cash impact of the gold delivery obligations out of the first quarter this year into the first quarter of next year.

這些安排與我們先前所做的修改類似，即將黃金交割義務的現金影響從今年第一季轉移到明年第一季。

These gold forward arrangements allow for improved financial flexibility for the company at a reasonable cost, while also benefiting from favourable forward gold prices, particularly in the first half of the year while we are commissioning and ramping up Côté.

這些黃金遠期安排可以以合理的成本提高公司的財務靈活性，同時也受益於有利的遠期黃金價格，特別是在今年上半年，當我們正在調試和擴大 Cété 時。

Looking at our Q1 financials, revenue from continuing operations totaled $338.9 million from sales of 163,000 ounces on a 100% basis at a record average price of $2,077 per ounce.

從我們第一季的財務數據來看，持續營運收入總計 3.389 億美元，銷售量為 163,000 盎司（以 100% 計），平均價格創紀錄的每盎司 2,077 美元。

The relaunched price includes the impact of the gold prepay arrangement that was delivered into during Q1 '2024.

重新推出的價格包括 2024 年第一季交付的黃金預付安排的影響。

The strong operating results coupled with the high gold price translated to an adjusted EBITDA of $152.5 million compared to $110.6 million in the first quarter of 2023 and $83 million in the first quarter of 2023.

強勁的經營業績加上高漲的金價，調整後的 EBITDA 為 1.525 億美元，而 2023 年第一季為 1.106 億美元，2023 年第一季為 8,300 萬美元。

Adjusted earnings per share was $0.11 for the quarter compared to $0.06 in the fourth quarter of 2023 and $0.05 in the first quarter of 2023.

本季調整後每股收益為 0.11 美元，而 2023 年第四季為 0.06 美元，2023 年第一季為 0.05 美元。

Looking at mine site free cash flow, which is calculated as cash flow from mine site operating activities, less capital expenditures from the operating mine sites, Westwood returns its first quarter of positive mine site free cash flow since the restart of operations of $10.5 million.

從礦場自由現金流（計算為礦場營運活動的現金流減去營運礦場的資本支出）來看，Westwood 自恢復營運以來第一季的正礦場自由現金流為 1,050 萬美元。

At Essakane, we note mine site free cash flow in the first quarter of $35.7 million compared to $18.4 million during the first quarter of 2023.

在 Essakane，我們注意到第一季礦場自由現金流為 3,570 萬美元，而 2023 年第一季為 1,840 萬美元。

The Q1 '2024 mine site free cash is net of working payments of $58.9 million, including the impact of the increase in the VAT receivables referred to earlier of $11.1 million.

2024 年第一季礦場自由現金扣除工作付款 5,890 萬美元，包括先前提及的 1,110 萬美元增值稅應收款增加的影響。

It also includes $13.4 million in tax payments, which are normally paid in the first quarter.

它還包括 1,340 萬美元的稅款，通常在第一季繳納。

And with that, I pass back the call to Renato.

說完，我把電話轉回給雷納托。

Thank you, Renaud.

謝謝你，雷諾。

Thank you, Maarten.

謝謝你，馬丁。

We will now walk through our operating performance at Essakane and Westwood before we dive into Côté.

現在，我們將先介紹我們在 Essakane 和 Westwood 的營運表現，然後再深入科特。

At Essakane, the mine reported a tributal gold production of 118,000 ounces in the first quarter, which was the highest quarter of productions on record, a high watermark in the nearly 14 years of operation.

在 Essakane，該礦第一季的黃金產量為 118,000 盎司，這是有史以​​來最高的季度產量，是近 14 年運營以來的最高水平。

This was made possible by our mining operation being able to perform to plan in the quarter without disruptions in fuel supplies to the site, compounded by higher-than-expected grades.

這是因為我們的採礦作業能夠在本季度執行計劃，而不會中斷現場的燃料供應，而且品位高於預期，從而使情況變得更加複雜。

Mining activity totaled 11.3 million tons in a quarter with 3.5 million tons of Ore.

第一季採礦活動總量為 1,130 萬噸，其中礦石量為 350 萬噸。

The rates which are generally in line with our updated mine plan.

這些費率通常與我們更新的採礦計劃一致。

Head grades increased from the prior quarter to 1.52 grams a ton due to the positive reconciliation upgrade from the reserve model as we mine deeper into Phase 5.

隨著我們深入開採第 5 階段，由於儲備模型的積極調節升級，原礦品位較上一季增加至每噸 1.52 克。

This positive grade reconciliation in the deeper portions of Essakane was seen previously in Phase 4 of the pit and the influence has continued in the early weeks of this quarter.

Essakane 較深部分的這種積極的品位調節之前在礦坑第四階段就已經出現過，並且這種影響在本季度的前幾週仍在繼續。

However, we are seeing head grades decline in line with the life of mine as volumes from Phase 6 and 7 increase and from increased proportion of stockpile.

然而，隨著第六階段和第七階段的產量增加以及庫存比例的增加，我們看到頂部品位隨著礦山壽命的下降而下降。

On a cost basis, Essakane reported first quarter cash costs of $1,002 per ounce and an all-in sustaining cost of $1,312 per ounce, an improvement from the prior quarter on the higher productions in sales volume.

以成本計算，Essakane 報告第一季現金成本為每盎司 1,002 美元，總維持成本為每盎司 1,312 美元，由於產量和銷量較高，較上一季有所改善。

While on a unit basis, cost came down, our total cost spending in a quarter was in line with plans and reflects the increase in this Essakane cost profile over the last 12 to 18 months due to the updated royalty rates implemented at the end of the last year, coupled with sustained higher realized prices for inputs such as landed fuel prices, transportations, and chem costs.

雖然按單位計算，成本有所下降，但我們一個季度的總成本支出符合計劃，並反映了過去12 至18 個月內Essakane 成本概況的增加，這是由於在2017 年末實施了更新的特許權使用費率。

As a result of the security situation in country.

由於該國的安全局勢。

With a strong start of the year, Essakane is positioned well to achieve our guidance target of 330,000 ounces to 370,000 ounces of attributable production at a cash cost of between $1,300 and $1,400 an ounce and an all-in sustaining cost of $1,675 to $1,800 an ounce.

憑藉今年的強勁開局，Essakane 預計將以每盎司 1,300 至 1,400 美元的現金成本和每盎司 1,675 至 1,800 美元的總體維持成本實現我們 330,000 盎司至 370,000 盎司的指導目標。

We are continuing to examine opportunities to extend the mine life of Essakane, which is currently defined out to the end of 2028, with drill campaigns ongoing within the fence to ensure the safety of our teams.

我們正在繼續尋找延長 Essakane 礦山壽命的機會，目前礦山壽命已確定為 2028 年底，並在圍欄內進行鑽探活動，以確保我們團隊的安全。

Turning to Westwood, the first quarter was a major milestone for the operation as the mine not only returned the highest quarter of production since the mine restarted in 2021, but also produced, as Maarten noted, positive mine-free cash flow of $10.5 million.

談到Westwood，第一季是該礦運營的一個重要里程碑，因為該礦不僅實現了自2021 年礦井重啟以來最高的季度產量，而且正如Maarten 指出的那樣，還產生了1,050 萬美元的正無礦現金流。

On operations, Westwood produced 32,000 ounces as the ramp-up of underground operations provided increased volumes of higher-grade underground material for the mill, supplemented with material from the satellite open pits of Grand Duc and Fayolle.

在營運方面，Westwood 產量為 32,000 盎司，地下營運的增加為工廠提供了更多的更高品位的地下材料，並補充了來自 Grand Duc 和 Fayolle 衛星露天礦坑的材料。

Our mine from underground totals 83,000 tons in the first quarter, contributing to an average head grade from underground of 8.8 grams a ton, which is the highest grade from underground in over five years.

第一季度，我們的地下礦場總量為 83,000 噸，地下平均品位為每噸 8.8 克，這是五年多以來地下的最高品位。

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

由於修復工作已允許使用先前關閉的較高等級的地下爐灶。

The mill throughput in the first quarter was 249,000 tons, at an average blended head grade of 4.27 grams a ton, and a 94% recovery.

一季工廠吞吐量24.9萬噸，平均混合頭品位4.27克/噸，回收率94%。

The mill availability averaged 85% in the quarter, which is roughly about 5% below where we would like to be, as the plan team managed unplanned maintenance requirements on the SAG mill liners.

本季磨機可用性平均為 85%，比我們希望的水平低約 5% 左右，因為計劃團隊管理了 SAG 磨機襯板的非計劃性維護需求。

Though the plans are in place to further improve availability through an ongoing maintenance program.

儘管計劃已經到位，但透過持續的維護計劃進一步提高可用性。

The cost profile for Westwood continues to see improvement 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 $1,236 an ounce, and the all-in sustaining costs averaged $1,836 an ounce in the first quarter, which was also a record since the restart of operations, and down nearly 30% from the high water mark from last year.

現金成本平均為每盎司1,236美元，第一季綜合維持成本平均為每盎司1,836美元，也是重啟營運以來的最高紀錄，比去年的高水位下降了近30%。

Looking ahead, there is no change to our guidance for the year, with Westwood expected to produce between 100,000 ounces and 120,000 ounces, at a cash cost of $1,250 to $1,375 an ounce, and an AISC between $1,800 and $2,000 an ounce.

展望未來，我們對今年的指引沒有變化，Westwood 預計產量在 100,000 盎司到 120,000 盎司之間，現金成本為每盎司 1,250 美元到 1,375 美元，AISC 為每盎司 1,800 美元到 2,000 美元之間。

Work has begun on the plan updated technical report and the mine plan for Westwood, which will be announced later this year and will provide details of the result of the last 2.5 years of mine optimization efforts and strategic assessment of the Westwood complex.

計劃更新技術報告和 Westwood 礦山計劃的工作已經開始，該計劃將於今年稍後公佈，並將提供過去 2.5 年礦山優化工作和 Westwood 綜合體戰略評估結果的詳細資訊。

So, congratulations to the Westwood team for a very special and successful turnaround story, an example of resilience in team efforts, and I'm sure more to come.

因此，恭喜 Westwood 團隊創造了一個非常特別且成功的扭虧為盈的故事，這是團隊努力的韌性的一個例子，我相信還會有更多。

Turning to Côté Gold, and with a big smile on everyone's face, this is the slide and images we have all been long waiting for.

轉向 Cé´té Gold，每個人的臉上都洋溢著燦爛的笑容，這就是我們期待已久的幻燈片和圖像。

Before the first goal at the end of the first quarter, but the image refers to a subsequent

在第一節結束時第一個進球之前，但圖像指的是隨後的進球

[Ore].

[礦石]。

Mining activity totaled 7.6 million tons in the first quarter, including 1.9 million tons of water, combined with the 4.9 million tons of previously stockpiled to start the year, 6.7 million tons of material was available at the end of the quarter for the ramp up of the processing plant.

第一季採礦活動總量為 760 萬噸，其中包括 190 萬噸水，加上先前為年初儲備的 490 萬噸，截至季末可用於增加開採量的材料為 670 萬噸。

As we mine through the early benches in the pit, we are seeing that the great control model supports our current reserve model.

當我們在礦坑中挖掘早期的長凳時，我們發現偉大的控制模型支持我們目前的儲備模型。

Additionally, as mines raise ramp up, we are getting visibility on our actual mining costs, which were $3.32 a ton in the first quarter, with further cost improvement expected for the year.

此外，隨著礦場開採量的增加，我們開始了解實際採礦成本，第一季為每噸 3.32 美元，預計今年成本將進一步改善。

An exceptional performance at this very early stage of mining operation.

在採礦作業的早期階段表現出色。

The mining team continues to improve efficiencies of the mining operation, with new daily records achieved in April in excess of 160,000 tons hauled per day.

採礦團隊不斷提高採礦作業效率，4 月創下每日開採量超過 16 萬噸的新紀錄。

The mining rates improvements include the commissioning of two additional autonomous haul trucks, the deployment of the second hydraulic electric shovel, and the commencement of double side loading in the pit.

採礦率的提高包括調試另外兩輛自動運輸卡車、部署第二台液壓電鏟以及開始礦坑雙面裝載。

On processing, the first quarter was primarily focused on commissioning and buildup of the in-circuit inventory, which allowed the company to complete its first floor.

在加工方面，第一季主要集中在電路庫存的調試和建立上，這使得公司能夠完成一樓的建設。

Subsequent to this, the ramp up of the plant has been progressing well.

此後，該工廠的產能擴張進展​​順利。

Throughout March and April, the crushing and milling circuits utilization rates progressively increased, and the mill throughput capacity is in line with our expectations at this stage of the ramp up.

整個3月和4月，破碎和磨粉循環利用率逐漸上升，磨機產能符合我們現階段成長的預期。

The primary and secondary crushers have been operated up to 1,900 tons per hour. and our HPGR and ball mill operated up to 1,600 tons per hour during April.

初級和二級破碎機的運行速度高達每小時 1,900 噸。 4 月份，我們的高壓輥磨機和球磨機的運行速度高達每小時 1,600 噸。

In other words, together representing over 95% of nameplate capacity, meaning the primary components of the processing plant have demonstrated their ability to operate near nameplate capacity.

換句話說，它們合計佔銘牌產能的 95% 以上，這意味著加工廠的主要組件已證明其能夠在接近銘牌產能的情況下運作。

This means it is all about increasing mill availability and stability in order to ramp up the processing circuit's-- utilization rates towards the goal of achieving commercial production in the third quarter

這意味著一切都是為了提高工廠的可用性和穩定性，以提高加工迴路的利用率，以實現第三季實現商業生產的目標

[odyssey].

[奧德賽]。

Recovery in the plant has been steadily improving, and I will note this is prior to startup of the gravity circuit, which will be commissioned later this quarter.

工廠的恢復一直在穩步改善，我要指出的是，這是在重力迴路啟動之前，該迴路將於本季稍後投入運作。

I will now hand the call back to Maarten for quick discussions on project expenditure.

我現在將把電話轉回給 Maarten，以便快速討論專案支出問題。

Thank you, Renaud.

謝謝你，雷諾。

Before we get into the capital numbers, I want to remind everyone that under the latest IFRS guidelines, revenue and cost of sales are to be recognized from the first sale.

在我們討論資本數字之前，我想提醒大家，根據最新的國際財務報告準則準則，銷售收入和銷售成本應從首次銷售開始確認。

We shipped and sold our first gold bars in April, and so we will be recognizing revenue and cost in the second quarter.

我們在四月發貨並出售了第一批金條，因此我們將在第二季度確認收入和成本。

Further, it is worth reinforcing that IAMGOLD will continue to fund operating and capital expenditures through cash calls at its 60.3% interest and will receive 60.3% of the gold production.

此外，值得強調的是，IAMGOLD 將繼續以 60.3% 的利息透過現金催繳為營運和資本支出提供資金，並將獲得黃金產量的 60.3%。

Now, with that said, as we discuss project expenditures, please note that all the costs being quoted are on a 100% basis.

話雖如此，當我們討論項目支出時，請注意，所有報價均以 100% 計算。

Project and capital expenditures in the first quarter totaled $196.3 million and includes the incurred project expenditures up to first gold of $151.7 million, which also includes the cost of consumer goods and supplies inventory purchased during the first quarter 2024.

第一季的項目和資本支出總計 1.963 億美元，包括已發生的項目支出高達 1.517 億美元，其中還包括 2024 年第一季購買的消費品和供應品庫存的成本。

This brings the total project expenditures incurred for Côté Gold since the commencement of construction to first gold to $2.935 billion of the plan $2.965 billion.

這使得 Cé´té Gold 自第一批金礦開工以來的專案總支出達到計劃中的 29.65 億美元的 29.35 億美元。

In addition to the project expenditures, approximately $27 million of operating expenditures were capitalized related to money, service costs, administration, and indirect costs that will be incurred during commissioning, ramp-up, and up to commercial production.

除專案支出外，約 2,700 萬美元的營運支出被資本化，涉及資金、服務成本、管理以及調試、啟動和商業生產期間產生的間接成本。

Further, there were capital expenditures related to ongoing operations of $17.6 million, including $8.1 million of capitalized stripping, $8 million for tailings and earthworks, and other projects of $1.5 million.

此外，與持續營運相關的資本支出為 1,760 萬美元，其中包括 810 萬美元的資本化剝離、800 萬美元的尾礦和土方工程以及 150 萬美元的其他項目。

The total and timing of these expenditures are in line with our forecast and guidance for the year.

這些支出的總金額和時間安排符合我們今年的預測和指導。

If we look at the bottom of the Côté 2024 output slide, we can see the construction to capital of first gold is finalized at $151.7 million.

如果我們看一下科特 2024 年產出幻燈片的底部，我們可以看到第一批黃金的資本建設最終確定為 1.517 億美元。

Accordingly, we have revised our project constructed related capital outlook post-first gold upwards to $67 million, and the total construction capital for the year therefore remains guided at $219 million.

因此，我們已將首金後專案建設相關資本前景上調至 6,700 萬美元，因此今年的建設資本總額仍維持在 2.19 億美元。

The construction post-first gold is for the additional ancillary infrastructure and earthworks projects that were outlined in the project scope but not required for first gold.

建設後第一金用於項目範圍中概述但第一金不需要的額外輔助基礎設施和土方工程項目。

The other guidance estimates for Côté capital expenditures related to operations and capitalized waste stripping are also unchanged.

與營運和資本化廢物剝離相關的 Cété 資本支出的其他指導估計也沒有變化。

I would also like to note that the Côté Gold capital expenditures related to operations this year are expected to be higher than the life of mine average as the mine extends to the full tailings dam footprint to support the life of mine.

我還想指出，隨著礦場延伸到整個尾礦壩佔地面積以支持礦場的壽命，Cété Gold 今年與營運相關的資本支出預計將高於礦場平均壽命。

The classification of capital expenditures as either sustaining or expansion prior to commercial production will be dependent on the timing of achieving production and the nature of expenditure.

在商業生產之前將資本支出分類為維持性支出還是擴張性支出，將取決於實現生產的時間和支出的性質。

Back to you, Renaud.

回到你身上，雷諾。

Thank you, Maarten.

謝謝你，馬丁。

So, our goal this year is very clear.

所以，我們今年的目標是非常明確的。

We need to ramp up the plan availability and utilization to reach commercial productions in the third quarter of this year, which will position us very well to achieve our goals of exceeding the year at a throughput rate of approximately 90% of nameplate.

我們需要提高計劃的可用性和利用率，以便在今年第三季度實現商業化生產，這將使我們能夠很好地實現以銘牌吞吐量約 90% 的吞吐量超越全年的目標。

Based on this timeline, our production guidance for this year at Côté Gold on a 100% basis is unchanged at between 220,000 ounce and 290,000 an ounce for the year.

根據這一時間表，我們對 Cé´té Gold 今年的產量指導在 100% 的基礎上保持在每盎司 220,000 盎司至 290,000 盎司之間。

We continue to estimate that as Côté achieves 90% throughput exceeding the year, cash costs at that time are expected to be in the range of approximately $700 to $800 per ounce sold.

我們繼續估計，隨著 Cé´té 的吞吐量超過當年的 90%，屆時的現金成本預計將在每盎司銷售約 700 至 800 美元之間。

And all in sustaining costs of $1,100 to $1,200 per ounce sold.

每盎司銷售的維持成本為 1,100 至 1,200 美元。

This brings us to the slide we always like to finish on, and this is what the future is for Côté.

這讓我們看到了我們總是喜歡結束的幻燈片，這就是 Cété 的未來。

As a reminder, the Côté deposit has estimated mineral reserve on a 100% basis of 7.6 million ounces.

提醒一下，Cé´té 礦床 100% 估計礦產儲量為 760 萬盎司。

These reserves are constrained by permitted tailings capacity and form the basis of the current economics of the project.

這些儲量受到允許的尾礦容量的限制，並構成了該項目當前經濟性的基礎。

But on a measured and indicated resource basis, the Côté pit is currently estimated at a total of 12.1 million ounces.

但根據測量和指示的資源量，目前 Cété 礦坑的總儲量估計為 1,210 萬盎司。

The adjacent Gosselin pit has an additional 4.4 million ounces of measured and indicated resources and nearly 3 million ounces of inferred.

鄰近的 Gosselin 礦坑還有另外 440 萬盎司的測量和指示資源量以及近 300 萬盎司的推斷資源量。

So bringing the project to a total of 16.5 million ounces of measured and indicated and an additional 4 million ounces of inferred.

因此，該專案的測量和指示產量總計為 1,650 萬盎司，另外推斷產量為 400 萬盎司。

The size of Côté and Gosselin together puts the project in a very exclusive category among the large scales producing Canadian assets.

Câté 和 Gosselin 的規模加起來使該項目在加拿大大型生產資產中處於非常獨特的類別。

We are continuing to advance our understanding of the impact of Gosselin and potential of the project.

我們正在繼續加深對 Gosselin 的影響和該專案潛力的了解。

At year-end 2023, we updated the Gosselin mineral reserve and resources estimate with an additional 35,000 meters of drilling, which was drilled over the two years prior.

到 2023 年底，我們更新了 Gosselin 礦產儲量和資源估算，在兩年前鑽探了 35,000 公尺。

This year itself, we are conducting a 35,000 meters of drill program targeting the central zone between the pit shells where we see indication of consummations of mineralizations and hydrothermal breaches, as well as some deeper holes to understand the continuity of mineralizations below the current pit shell.

今年，我們正在針對坑殼之間的中心區域進行35,000 米的鑽探計劃，在那裡我們看到了礦化和熱液裂口的完善跡象，以及一些更深的鑽孔，以了解當前坑殼以下礦化的連續性。

We expect to have the result of this program later in the year, which will greatly inform our understanding of how to incorporate Gosselin into a potential future mine.

我們預計將在今年稍後獲得該計劃的結果，這將極大地幫助我們了解如何將戈斯林納入未來潛在的礦場。

As I said before, Côté Goal 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.

正如我之前所說，今天的 Cété Goal 是一個項目，但我們堅信這是挖礦陣營的開始，並將為 IAMGOLD 未來許多年提供堅實的基礎。

So, thank you all, and I look forward to an exciting year ahead.

所以，謝謝大家，我期待著激動人心的未來一年。

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。

Operator?

操作員？

(Operator Instructions) Anita Soni, CIBC Capital Markets.

（操作員指令）Anita Soni，CIBC 資本市場。

Hi.

你好。

Good morning, everyone.

大家，早安。

Firstly, on Essakane, you mentioned that the grades are declining to life of mine.

首先，在 Essakane 上，您提到我的成績正在下降。

How does that decline look over the course of the year?

這一年的下降情況如何？

Thanks, Anita, for your questions.

謝謝安妮塔提出的問題。

If you look at the 43-101, which reflect the first year of 2024 of the plan, we originally estimated the grade at about 1.1. Of course, in Q1, we massively beaded on the Phase 5.

如果你看一下 43-101，它反映了該計劃的第一年 2024 年，我們最初估計的等級約為 1.1。當然，在第一季度，我們大力推進了第五階段。

The reason why we're saying that we see a potential decrease, and remember as well, back in 2023-- as we entered the Phase 5, we also had some negative reconciliation at the start.

我們之所以說我們看到了潛在的下降，也請記住，早在 2023 年，當我們進入第五階段時，我們一開始也有一些負面的調節。

Eventually, we're not far enough.

最終，我們還不夠遠。

Same behavior as Phase 4.

與階段 4 相同的行為。

We will be entering Phase 6 and 7 as we advance in the year.

隨著今年的進展，我們將進入第六和第七階段。

There was no reason at the time, to believe that we will not return to the more, but we will obviously benefit the Q1 ahead.

當時沒有理由相信我們不會回到更多，但我們顯然將使未來的第一季受益。

As we said, so far in Q2, we've seen the same behavior from the Phase 5, but eventually, we'll have to transition to 6 and 7.

正如我們所說，到目前為止，在第二季度，我們已經看到了與第五階段相同的行為，但最終，我們將不得不過渡到第六階段和第七階段。

Okay.

好的。

Then also a good turnaround at Westwood after some challenges over the last decade.

在經歷了過去十年的一些挑戰之後，韋斯特伍德也實現了良好的轉變。

Moving to Côté, Can--I was wondering, what is your mill utilization rate?

搬到坎特，我想知道，你們的工廠利用率是多少？

What are they right now?

他們現在是什麼情況？

Obviously, you're trying to get to 60% of throughput for the commercial production in Q3, but I just wanted to get an idea of-- how many days on, days off, or is the plant operating daily, consistently, and then it's just a matter of small starts and stops, or is there a big shutdown still at this stage?

顯然，您正試圖在第三季度實現商業生產的 60% 吞吐量，但我只是想了解——有多少天工作、休息天數，或者工廠每天持續運行，然後這只是小幅啟動和停止的問題，還是現階段仍存在大規模關閉？

Yeah.

是的。

Thanks for your questions.

感謝您的提問。

We're not discussing on a week-by-week basis, but we definitely remain.

我們不會每週都進行討論，但我們肯定會留下來。

As we said, it's not about the throughput.

正如我們所說，這與吞吐量無關。

I think we're already extremely well positioned.

我認為我們已經處於非常有利的位置。

We just came out of a five-day shutdown where we had the opportunity to improve some aspects that we've seen.

我們剛剛結束了為期五天的停工，我們有機會改善我們所看到的某些方面。

We know that [DR] is abrasive, so we needed some adjustment around shoots and elbows and lining and stuff.

我們知道[DR]具有磨蝕性，因此我們需要對芽、肘部、襯裡等進行一些調整。

This is done.

這個做完了。

We feel now that from, let's call where we are now, to the Q3, we'll move this up over the 60% average throughput.

我們現在認為，從現在的情況到第三季度，我們將把平均吞吐量提高到 60% 以上。

So, it's tough to say where we are now because we've been systematic and disciplined to correct as we go.

因此，很難說我們現在處於什麼位置，因為我們一直在有系統地、自律地進行修正。

So, when we see some bottlenecks, we remove, and we go.

因此，當我們看到一些瓶頸時，我們會消除並繼續。

So, we don't really judge, but we're very comfortable that from now to as we execute to enter Q3, that we'll be achieving objectives.

因此，我們並沒有真正做出判斷，但我們非常放心，從現在到進入第三季度，我們將實現目標。

Okay.

好的。

And both, like 100% of the flotation tanks are working now, right?

兩者，就像 100% 的浮選罐現在都在工作，對嗎？

I remember, I think it was about six, nine months ago.

我記得，我想那是大約六、九個月前的事。

Yeah.

是的。

Correct.

正確的。

But the first goal was achieved with the first half of the circuit.

但第一個目標是在賽道上半段實現的。

And for the first goal, we started the second half.

為了第一個進球，我們從下半場開始。

Okay.

好的。

All right.

好的。

And then these questions are for Maarten.

這些問題是問 Maarten 的。

The CapEx number, I'm a little confused on.

資本支出數字，我有點困惑。

I think if you look in the financial statements, it says around $153 million.

我想如果你看一下財務報表，你會發現它大約有 1.53 億美元。

And you just mentioned that Côté alone was about $151 million.

您剛才提到，光是 Cété 就價值約 1.51 億美元。

So, is this still Sumitomo term financing coming through or what's the differential there?

那麼，這仍然是住友定期融資嗎？

Anita, -- we of course, really like our partnership deal with Sumitomo, but it does make the accounting a little bit complicated.

安妮塔，--我們當然非常喜歡與住友的合作關係，但這確實使會計有點複雜。

So, for IFRS, we have to recognize everything on our balance sheet at 70%.

因此，對於 IFRS，我們必須以 70% 的比例確認資產負債表上的所有內容。

So, that means the additions that you see in the financial statements is stated at 70% as well.

因此，這意味著您在財務報表中看到的增量也為 70%。

So, what we've tried to do to help with that is if you look at our segmented notes, we then provide a breakdown of the capital in there that excludes the right of use assets, as well as the borrowing costs.

因此，我們試圖幫助解決這個問題的方法是，如果您查看我們的分段註釋，我們會提供其中的資本細目，其中不包括使用權資產以及借款成本。

So, we show a total for the company of $188 million.

因此，我們顯示該公司的總額為 1.88 億美元。

And then in our non-GAAP reconciliation at the back of the MD&A, we take that $188 million converted to 60% for Côté and show the Côté number there.

然後，在 MD&A 後面的非 GAAP 調節中，我們將這 1.88 億美元轉換為 Cété 的 60%，並在那裡顯示 Cété 數字。

So, hopefully, that's helpful.

所以，希望這會有所幫助。

But we are, of course, more than happy to jump on a call with you to go through the details.

但我們當然非常樂意與您通電話以了解詳細資訊。

I will pick you up on that.

我會接你的。

You might need to clear an hour.

你可能需要清理一個小時。

And then secondly, -- also on all the collar and the hedges or the prepay and how that's working.

其次，還有所有的項圈和對沖或預付款以及它是如何運作的。

So, I was going to take more than this call to answer the question, but I guess I was looking at it.

所以，我本來想透過這個電話來回答這個問題，但我想我正在考慮這個問題。

Is all of it coming through in-- some of it comes through in the interest and non-financial, like the interest and derivative instruments, and some of it comes through in the revenue line?

是否所有這些都來自——其中一些來自利息和非金融領域，例如利息和衍生工具，而其中一些來自收入線？

is that how works?

是這樣的嗎？

So for revenue on the dollar prepays-- it still, we still have to deliver 75,000 ounces this year into the collar structure.

因此，對於預付的美元收入來說，今年我們仍然必須向領結構交付 75,000 盎司。

Those ounces, the revenue will basically be recognized at $2,100 if the gold price remains above $2,100 because we hit the top of that collar.

如果金價保持在 2,100 美元以上，那麼收入基本上將以 2,100 美元確認，因為我們已經達到了該領子的頂部。

And then for the ounces this year that we have to deliver-- on the fix rates, which would be about 12,500 ounces, that would be recognized at a price of $1,753.

然後，對於今年我們必須交付的盎司——按照固定利率，約為 12,500 盎司，將以 1,753 美元的價格確認。

Then for next year in Q1, we deliver another 75,000 ounces over Q1 and Q2.

然後，在明年第一季度，我們將在第一季和第二季再交付 75,000 盎司。

It's 31,000 ounces that we will get revenue of $2,135.

如果是 31,000 盎司，我們將獲得 2,135 美元的收入。

That's for the fixed portion in Q1.

這是第一季的固定部分。

And then in Q2, the same 31,000 ounces, we will participate between $2,100 and $2,925.

然後在第二季度，同樣的 31,000 盎司，我們將在 2,100 美元到 2,925 美元之間參與。

If the gold price is in between those ranges, we will effectively recognize revenue at spot.

如果金價在這些範圍之間，我們將有效地當場確認收入。

So, maybe this is also another one for us to go through in detail, but it comes down to for the ones on the collar, revenue is recognized at spot.

所以，也許這也是我們需要詳細討論的另一項，但歸根結底，對於領子上的收入，收入是當場確認的。

And for the fixed term or the forward ones, we would be recognizing revenue at the forward price.

對於固定期限或遠期期限，我們將以遠期價格確認收入。

Okay, thanks.

好的謝謝。

And I definitely would want to talk to you offline on that.

我肯定想在線下與您討論這個問題。

Thanks.

謝謝。

That's it for my questions.

我的問題就這樣。

Thank you.

謝謝。

Mike Parkin, National Bank.

麥克·帕金，國家銀行。

Hi, guys.

嗨，大家好。

Congrats on the strong quarter.

恭喜季度表現強勁。

Nice to hear everything at Côté is going well.

很高興聽到 Cé´té 一切進展順利。

Just following up on your earlier comments around getting money out of Burkina Faso, can you give us a sense of the cash reported, how much of that is in country versus in your accounts in, I assume, Canada?

繼您之前關於從布吉納法索取出資金的評論之後，您能否讓我們了解一下報告的現金情況，其中有多少是在國內，而不是在您在加拿大的帳戶中？

Thanks.

謝謝。

And first of all, Mike, nice to have you back.

首先，麥克，很高興你回來。

So, Maarten, can you answer this?

那麼，Maarten，你能回答這個問題嗎？

So, in our disclosures, if we break out our cash balance between Essakane, Côté, and corporate, the cash balance for Essakane, which was $99 million or around $100 million for Q1, that is all in Burkina Faso.

因此，在我們的揭露中，如果我們細分 Essakane、Câté 和企業之間的現金餘額，Essakane 的現金餘額為 9,900 萬美元，第一季約為 1 億美元，全部都在布吉納法索。

And thanks, Renaud.

謝謝，雷諾。

It's good to be back.

回來真好。

That's it for me.

對我來說就是這樣。

Tanya Jakusconek, Scotiabank GBM.

Tanya Jakusconek，豐業銀行 GBM。

Good morning, everyone, and thank you so much for taking my questions and congrats on a good operating quarter and that Côté is on track.

大家早安，非常感謝你們回答我的問題，並祝賀本季運作良好，Cété 步入正軌。

A couple of questions I have.

我有幾個問題。

I'm going to start with just understanding, I mean, that realized gold price, Maarten, was amazing given the fact that it includes the prepaid in there.

我首先要了解，我的意思是，考慮到其中包含預付金，Maarten 的實際黃金價格是驚人的。

It looks like you realized $2,091 without the prepaid.

看起來您在沒有預付款的情況下實現了 2,091 美元。

I mean, I have to believe it was just like $20 an ounce higher than the quarterly average, just the way you sold your gold through the quarter or was there anything else I should be aware of?

我的意思是，我必須相信每盎司比季度平均水平高出 20 美元，就像您在整個季度出售黃金的方式一樣，或者還有什麼我應該注意的嗎？

There's nothing else that you need to be aware of.

您沒有什麼需要注意的。

We try to sell our gold equally over the month, every month.

我們嘗試每個月平均出售我們的黃金。

It doesn't get delivered and shipped equally, but we've got some sales strategies just to try to hit the peaks, but no instruments or anything, just trying to sell, meet the market, and sometimes we're lucky and we hit the peaks, but that's all that it was.

它並沒有得到平等的交付和運輸，但我們有一些銷售策略只是為了試圖達到頂峰，但沒有工具或任何東西，只是試圖銷售，滿足市場，有時我們很幸運，我們達到了頂峰山峰，但僅此而已。

Yeah.

是的。

It's just the first company I saw that I cover that had such a delta to the gold price, given your prepaid.

鑑於您的預付款，這只是我所報道的第一家與黃金價格有如此大的差異的公司。

The second question I have is just following up on Anita's questions on the profile for this year.

我的第二個問題是跟進安妮塔關於今年簡介的問題。

I just wanted to confirm that it looks like Westwood is evenly distributed during the year, and Essakane would be Q1, Q2 stronger, and then lower with the grades in Q3, Q4.

我只是想確認一下，看起來 Westwood 在這一年中分佈均勻，而 Essakane 在 Q1、Q2 上會更強，然後在 Q3、Q4 中成績會下降。

Would that be a safe assumption to model?

這是一個安全的建模假設嗎？

Definitely for the Westwood, and because Phase 5 has been behaving the way it is, and it's kind of continuing to Q2, I would also agree with your assessment.

絕對是針對 Westwood，因為第五階段的表現一直如此，而且它會持續到第二季​​度，我也同意你的評估。

Originally, of course, it was more some sort of a flat type of same H1, H2 Essakane, but we're very pleased with the positive reconciliation, so you could assume a higher, stronger H1 over H2, as you said.

當然，最初它更像是 H1、H2 Essakane 的某種扁平類型，但我們對積極的協調非常滿意，所以你可以假設 H1 比 H2 更高、更強，正如你所說。

Okay, so that's very helpful.

好的，這非常有幫助。

Thank you.

謝謝。

And then if I can move over to Côté, and just to finish off some of Anita's questions on that.

然後我可以轉到科特，來解決安妮塔就此提出的一些問題。

Can you give us an idea how April and May have gone, like in some of the stats, so much more on the processing side.

您能否告訴我們四月和五月的情況如何，例如一些統計數據，以及處理方面的更多資訊。

You mentioned that the recovery is 81%.

你提到恢復率為81%。

We have the gravity circuit coming in in Q2, so that should move your recoveries up.

我們在第二季度引入了重力迴路，因此這應該會提高你的恢復速度。

So can you just walk me through how April, May is, and sort of where you see this recovery moving at once we get the gravity circuit in?

那麼，您能否向我介紹一下四月、五月的情況，以及一旦我們進入重力迴路，您會看到復甦的進展？

I guess what I can say, and that I really like the approach of the team is to kind of understanding the next milestones ahead of time.

我想我能說的是，我真的很喜歡團隊的方法，那就是提前了解下一個里程碑。

So when we entered the pre-commissioning, we obviously are positioning ourselves to be able to do this like in a relatively short, so all the prep behind.

因此，當我們進入預調試階段時，我們顯然將自己定位為能夠在相對較短的時間內完成此任務，因此所有準備工作都已完成。

So about the same thing in April and May.

四月和五月的情況也是如此。

So yes, it was about stabilization, but it was also to understand at the very early stage, if the capacity was installed-- was there.

所以，是的，這與穩定性有關，但也需要在很早的階段就了解是否已安裝容量。

And so I think April, May was really about understanding a few bottlenecks, which we've done a lot of corrections in the last shutdown, but it was really at the very early stage to understand that the next milestones of the 90% nameplate was achievable.

因此，我認為 4 月、5 月實際上是為了了解一些瓶頸，我們在上次關閉中對此做了很多修正，但真正了解 90% 銘牌的下一個里程碑是在非常早期的階段可以實現的。

So that was largely the focus of April and May.

所以這主要是四月和五月的焦點。

So now we know that it's about now to ramp up the availability and stability until we reach the commercial.

所以現在我們知道現在要提高可用性和穩定性，直到我們實現商業化。

But that's what I could say has been the focus in April and May.

但這就是我可以說的四月和五月的焦點。

At the same time of ramping up and improving the mining operation, which is now basically very close to the plan, -- sustaining a full capacity mill.

在加強和改善採礦作業的同時（現在基本上非常接近計劃）——維持工廠的滿載運作。

Okay.

好的。

And so the mining is now, -- ramping up with the mill for sustainability there.

因此，採礦業現在正在與工廠一起加強，以實現那裡的可持續發展。

What about this recovery once we get this circuit in the gravity?

一旦我們在重力中得到這個迴路，這種恢復會怎麼樣呢？

81% is I think what you have right now.

我想你現在擁有的就是81%。

Yeah.

是的。

Renaud?

雷諾？

Yes.

是的。

So, so far, we're seeing like a very good result in terms of recovery despite that the gravity circuit is not fully commissioned yet.

因此，到目前為止，儘管重力迴路尚未完全投入使用，但我們在恢復方面看到了非常好的結果。

It's right away at target, -- if not above.

它馬上就達到目標了——如果不是高於目標的話。

But again, be careful because we're still ramping up.

但再次強調，要小心，因為我們仍在加速。

So the residence times in our tank is greater than when we're going to be processing at full capacity.

因此，在我們的罐中的停留時間比我們滿載處理時要長。

But so far, we're pretty pleased with what we're seeing.

但到目前為止，我們對所看到的情況非常滿意。

Okay.

好的。

So what should I be thinking about when you go commercial this recovery?

那麼，當你在這次復甦中進行商業化時，我該考慮什麼？

Still at 91%

仍為91%

Sorry, about 81%

抱歉，大約81%

91%

91%

91%,

91%,

Okay.

好的。

Thank you.

謝謝。

And then maybe over to Maarten again, my final question is just a reminder.

然後也許又回到 Maarten，我的最後一個問題只是一個提醒。

When I look at the prices for today and I look at your ability, let's assume everything goes positively.

當我查看今天的價格和您的能力時，我們假設一切都進展順利。

And in terms of buying back your option back from Sumitomo, would it be fair to assume that looking at current spot prices, assuming everything goes well, that that would be achievable in the first half of '25?

就從住友商事回購選擇權而言，假設一切順利的話，從目前的現貨價格來看，這在 25 年上半年是可以實現的，這是否公平？

Is that what you have in your model?

這就是你的模型中的內容嗎？

So, Tanya, there's a lot of -- different factors that, of course, come into that to say that we can generate enough free cash flow to buy it back in the first half of 2025.

所以，Tanya，有很多不同的因素，當然，我們可以產生足夠的自由現金流來在 2025 年上半年回購它。

Going through all the inputs and outputs and risk, it's hard to say we're 100% confident.

考慮到所有的投入、產出和風險，很難說我們有 100% 的信心。

But for us, we continue to see that the value of what we're paying and for the underlying asset to make sense for us to buy it back.

但對我們來說，我們繼續看到我們所支付的費用和基礎資產的價值對我們回購它來說是有意義的。

And we continue to look at all the options that's available to us to realize that value.

我們將繼續尋找所有可以實現這一價值的選項。

Okay.

好的。

Well, all right-- I mean-- I assume you have a model that would show some, -- if you assume everything goes well, there's a timeline.

好吧，我的意思是，我假設你有一個模型可以顯示一些，如果你假設一切進展順利，就會有一個時間表。

And I understand things-- come and go and this Burkina Faso money and country, but assuming you can't access it, would it be fair to have it in the first half?

我理解事情——布吉納法索的金錢和國家來來去去，但假設你無法獲得它，那麼在上半年擁有它是否公平？

Or should I be thinking later in the year?

或者我應該在今年晚些時候考慮？

You're talking about later in the year.

你說的是今年晚些時候。

2025?

2025 年？

2025.

2025 年。

Yeah, I mean, there's two ways to look at it.

是的，我的意思是，有兩種看待它的方法。

Of course, I mean it depends on the gold price you're using and so forth.

當然，我的意思是這取決於你使用的黃金價格等等。

We will see how we go.

我們將看看我們的進展如何。

Yeah, I mean, -- Yeah.

是的，我的意思是，——是的。

I guess if you assume, if you assume that, -- at some point in time, the cash flow of the company will be sufficient, of course, to prepay.

我想如果你假設，如果你假設，在某個時間點，公司的現金流量當然足以預付款。

It's just a matter of timeline, timing.

這只是一個時間軸、時間問題。

Okay.

好的。

Thank you.

謝謝。

Thanks.

謝謝。

This concludes the question-and-answer session.

問答環節到此結束。

I would like to turn the conference back over to Graeme Jennings for any closing remarks.

我想將會議轉回格雷姆·詹寧斯（Graeme Jennings）發表閉幕詞。

Please, please go ahead.

請，請繼續。

Thank you very much, operator.

非常感謝您，接線生。

And thank you everyone for joining us this morning.

感謝大家今天早上加入我們。

As always, if you have any further questions, please reach out to renewal and myself.

像往常一樣，如果您有任何其他問題，請聯繫更新和我本人。

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.

感謝您的參與並祝您有個愉快的一天。