IAMGOLD Corp (IAG) 2024 Q2 法說會逐字稿

Welcome to the IAMGOLD second quarter 2024 for operating and financial results conference call.

歡迎參加 IAMGOLD 2024 年第二季營運與財務績效電話會議。提醒一下，所有參與者都處於僅聽模式，並且正在錄製會議。 （操作員說明）

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

(Operator Instructions)

At this time, I'd like to turn the conference over to Graeme Jennings, VP, 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。請繼續，詹寧斯先生。

Please go ahead, Mr. Jennings.

Thank you, operator, and welcome, everyone, to the second quarter of 2024 operating and financial results conference call.

謝謝營運商，歡迎大家參加 2024 年第二季營運和財務業績電話會議。今天與我一起參加電話會議的是總裁兼執行長雷諾亞當斯 (Renaud Adams)； Maarten Theunissen，財務長；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。

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.

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、阿尼什納貝人、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。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。

Please note that our remarks in this call will include forward-looking statements and refer to non-IFRS measures.

We encourage you to refer to the cautionary statements and disclosures on 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 措施的警示性聲明和揭露，包括我們最近的 MD&A 中這些措施的列報和調節，每項都在非 GAAP 財務措施標題下。

With respect to the technical information to be discussed, please refer to the information in the presentation under the heading qualified 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。本次電話會議引用的幻燈片可以在我們的網站上查看。

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

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

我現在將把電話轉給我們的總裁兼執行長雷諾亞當斯 (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。對於 IAMGOLD 來說，這是又一個令人興奮的季度，Cé´té 實現了第一個完整季度的運營，Essakane 和 Westwood 的營運表現也同樣強勁。

It was another exciting quarter for IAMGOLD with the first full quarter of operations at Côté and another strong operating performance from Essakane and Westwood.

Putting us in a position to increase our overall guidance for the year.

使我們能夠提高今年的整體指導。從高水準來看，我相信本季開始描繪出 IAMGOLD 最終的樣子。 Cé´té Gold 現在正在加速發展，提供更高的生產基地、更低的成本配置，並將我們的價值密度轉移到加拿大。按照穩定的運行速度，Cé´té Gold 將成為加拿大最大的金礦之一，並成為現代採礦業的典範，無論是正確的還是未來幾十年。

At a high level, I believe this quarter begins to paint a picture of what ultimately IAMGOLD will look like.

Côté Gold is now ramping up, providing for higher production base, lower cost profiles and shifting the density of our value to Canada.

At steady run rate, Côté Gold will be among the largest gold mines in Canada and a model for mining for modern mining done, right, and for many decades to come.

This is then coupled with strong and predictable productions and cash flow from Essakane, it was split.

再加上 Essakane 強大且可預測的生產和現金流，它被拆分了。此外，作為一家公司，我們看到我們的財務狀況逐季增長，明年當 Cété 全力履行我們的預付承諾時，我們的財務狀況有可能出現重大改善。這將為我們提供清晰的成功路線圖，強大的自由現金流產生對於最終實現資產負債表和推動股東價值增值至關重要。

In addition, as a company, we are seeing our financial position growing stronger quarter-over-quarter with the potential for a significant step change in improvement next year when Côté is running at full steam in our prepaid commitment are behind us.

This will position us with a clear roadmap for success with strong free cash flow generations will be essential to ultimately deliver the balance sheet and drive value accretion for our shareholders.

And next quarter, we continue to improve the business and get closer to our objective.

下個季度，我們將繼續改善業務並更接近我們的目標。接下來，我們將深入了解本季的營運和財務表現以及亮點。從健康和安全開始，IAMGold 繼續表現出對卓越安全的堅定承諾。

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

Starting with health and safety, IAMGold has continued to demonstrate an unwavering commitment to safety excellence.

At IAMGOLD is our priority to ensure everyone goes home safely.

在 IAMGOLD，我們的首要任務是確保每個人安全回家。第二季度，我們的總可記錄傷害頻率為零為 0.6，比上一季有所改善。我要讚揚並祝賀 [SANT]，它最近超越了健康和安全里程碑，即 500 萬小時的工作時間，沒有發生可記錄的安全事故。在這樣的時期內實現「三個零」是我們行業的一項巨大成就，也是對專業精神和對我們人民安全文化和良好財政的承諾的證明。

In the second quarter, our total recordable injury frequency rate of zero was 0.6, an improvement from the prior quarter.

I want to commend and congratulate the [SANT], which recently surpassed the record health and safety milestone of 5 million hours worked without a recordable safety incident.

Reaching Triple Zero over such a period is a monumental achievement in our industry and a testament to the professionalism and commitment to a culture of safety of our people and very kind of fiscals.

Looking at operation on an attributable basis, IAMGOLD produced 166,000 ounces of gold in the second quarter, bringing the year to date production to 317,000 ounces of gold.

從權益運營來看，IAMGOLD 第二季度生產了 166,000 盎司黃金，使年初至今的黃金產量達到 317,000 盎司。正如我們接下來要講的，第二季度的生產業績是由二級工廠能夠不間斷地運作並受益於持續的積極等級調節所推動的。

As we will get into a moment, the second quarter production results were driven by a secondary being able to operate without disruption and benefiting from continued positive grade reconciliations.

The continued ramp-up of Westwood as the mine benefits from their rehabilitation of the underground and opening of new mining faces.

Westwood 礦山的持續發展受益於地下修復和新採礦工作面的開放。當然，還有 Cé´té 第一季的製作。強勁的產量和銷售量導致現金成本和整體維持成本分別達到每盎司 1,071 美元和 1,617 美元。

And of course, the first quarter production at Côté.

Strong production and sales volume translated to cash costs and all-in sustaining costs of $1,071 an ounce and $1,617 an ounce, respectively.

Further capital expenditure continued to step down quarter-over-quarter totaling $119.7 million in the second quarter as Gordon transitions into operations and setting the stage for IAMGOLD to see growing free cash flow moving forward.

隨著 Gordon 過渡到營運階段，並為 IAMGOLD 看到自由現金流不斷增長奠定基礎，第二季資本支出繼續逐季減少，總計 1.197 億美元。

Looking at our guidance, the strong first half position the company to beat on operating guidance for the year.

從我們的指導來看，上半年的強勁表現使該公司能夠超越今年的營運指導。因此，我們提高了產量指導並降低了今年的生產成本估算，IAMGOLD 已將 Westwood 的 2024 年歸屬黃金產量指導第二次提高至 495,000 至 440,000 盎司黃金，從之前的 430,000 至 490,000 盎司增加。

Accordingly, we have increased our production guidance and lowered our cost estimate for the year on production and IAMGOLD has increased 2024 attributable gold production guidance for a second in Westwood to 495,000 to 440,000 ounces of gold, up from 430,000 to 490,000 ounces previously.

As both of this mine as a strong first half of the year.

由於這兩個礦山上半年表現強勁。但目前我們維持 130,000 盎司至 175,000 盎司的指導，增幅為 60%。但我們現在預計，隨著工廠可用性的提高，產量將處於該範圍的下限，但稍後我們將在瀏覽每項資產時對此進行更多討論。

But currently we are maintaining our guidance of 130,000 ounces to 175,000 ounces on a 60% basis.

But we now expect production to come in the lower end of this range as improvements are made to mill availability, but we will get more into this in a moment as we walk through each asset.

On a bearing on a borrowing and operating costs the 2025 forecast guidance for Essakane and Westwood combined is now expected to be in the range of $1,175 to $1,275 for cash cost per ounce sold and $1,700 to $1,825 for basic per ounce sold.

考慮到借貸和營運成本，Essakane 和 Westwood 2025 年的預測指引目前預計每盎司現金成本在 1,175 美元至 1,275 美元之間，每盎司基本成本在 1,700 美元至 1,825 美元之間。

This compared to the previous guidance estimate of cash cost per ounce sold of $1,280 to $1,400 per ounce and they said that earns all of $1780 to $1,940.

相比之下，先前每盎司銷售現金成本的指導估計為每盎司 1,280 美元至 1,400 美元，他們表示，盈利為 1780 美元至 1,940 美元。雖然我們今年降低了成本預期。更新後的指導範圍高於我們今年迄今為止的表現，因為增加的指導反映了我們在上半年看到的優異表現，並且成績預計會下降。當我們進入新的採礦工作面時，它就是會計。

While we have brought our cost expectation lower this year.

The updated guidance ranges are above our year to date performance as the increased guidance reflects the outperformance we saw in the first half and grades are expected to come down.

It is accounting as we enter new mining faces.

While inflationary pressures are easing.

同時通膨壓力正在緩解。包括 Fine Line 和研磨介質在內的某些消耗品的定價仍與 2023 年的水準保持一致。

Pricing for certain consumables, including Fine Line and grinding media remains in line with the level experienced in 2023.

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

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。馬丁？

Martin?

Thank you, Renaud, and good morning, everyone.

謝謝你，雷諾，大家早安。就我們的財務狀況而言，本季末黃金的現金和現金等價物為5.114 億美元，我們的信貸額度仍未提取，相當於流動性總額約為9.157 億美元，沒有債務和現金及現金等價物，Câ ´ 持有5,590 萬美元黃金和 1.882 億美元是我們的基本帳戶。

In terms of our financial position, gold ended the quarter with cash and cash equivalents of $511.4 million, and our credit facility remains undrawn equating to total liquidity of approximately $915.7 million with no debt and cash and cash equivalents, $55.9 million was held by Côté Gold and $188.2 million was our base accounts.

Basic line declared a dividend during the second quarter of $180 million for which the minority interest portion and withholding taxes paid during the second quarter 2024.

Basic Line 宣布第二季派發股息 1.8 億美元，其中少數股東權益部分和預扣稅於 2024 年第二季支付。然而，這取決於 Essakane 估計的未來營運現金流量，以便在該國留下足夠的營運現金餘額。任何未付金額將在 2025 年期間支付。

The net portion due to the corporation of $151.9 million is expected to be paid by the end of this year.

However, this is dependent on Essakane’s estimated future cash flow from operations to leave a sufficient working cash balance in country.

Any unpaid amounts will be paid during 2025.

We continue to see a risk on the ability to recoup all of the VAT receivables.

我們仍認為收回所有增值稅應收款的能力有風險。儘管該公司能夠向布吉納法索當地一家銀行出售少量資金。在第二季度，公司仍有相當大的義務和因素將影響我們未來 12 個月的流動性。

Although the company was able to sell a small amount to a local bank in Burkina Faso.

During the second quarter, the company still has considerable obligations and factors which will influence our liquidity during the next 12 months.

During May, the company completed a board deal equity financing for aggregate gross proceeds of approximately $300.2 million or $287.5 million net of fees.

5 月份，該公司完成了董事會交易股權融資，總收益約 3.002 億美元，扣除費用後為 2.875 億美元。該公司擬利用融資所得款項部分資助於 2024 年 11 月 30 日從住友商事回購 Cé´té Gold 9.7% 的權益，差額由可用流動資金提供。

The company intends to use the proceeds from the financing to partially finance the repurchase of the 9.7% interest in Côté Gold from Sumitomo on November 30, 2024, with the difference funded from available liquidity.

Additionally, the company has to deliver 150 ounces under its gold prepay arrangements from July 2024 to June 30, 2025.

此外，該公司必須在2024年7月至2025年6月30日期間根據其黃金預付款安排交付150盎司。該公司將在交付黃金預付款安排時收到一些現金付款，具體金額根據交付時黃金的市場價格計算，如下，對於今年 7 月至 12 月交付的 50,000 盎司，公司將獲得現貨價格與每盎司1,700美元之間的差價，上限為每盎司2,100 美元。

The prepay arrangements were funded at the time of entering into the arrangements.

The company will receive some cash payments at the time of delivering into the gold prepay arrangements based the amount that the market price of gold at the time of delivery as follows, for 50,000 ounces that will be delivered from July to December of this year, the company will receive the difference between the spot price and $1,700 per ounce, capped at $2,100 per ounce.

For 31,250 ounces that will be delivered during the second quarter in 2025 the company will receive the difference between the spot price and 2,100 per ounce, capped at $2,925 per ounce.

對於將於 2025 年第二季交付的 31,250 盎司，公司將獲得現貨價格與每盎司 2,100 盎司之間的差價，上限為每盎司 2,925 美元。最後，該公司預計將在 2024 年透過完成 Bambouk 剩餘資產出售所產生的剩餘交易獲得 8,440 萬美元的總收益。欲了解更多詳情，請參閱 MD&A 的流動性前景部分。

Lastly, the company expects to receive $84.4 million gross proceeds in 2024 in respect of the closing of the remaining transactions arising from the remaining Bambouk asset sales.

Please refer to the liquidity outlook section of the MD&A for further details.

Looking at our Q2 financial results, high production resulted in lower unit costs as our operating costs remain in line with costs incurred during Q4 2023 and Q1 2024.

從我們第二季的財務表現來看，高產量導致單位成本降低，因為我們的營運成本與2023 年第四季和2024 年第一季產生的成本保持一致。金價導致更高的利潤和更高的自由現金流。

With costs remaining in line with prior periods, the high realised gold price resulted in higher margins and higher free cash flow.

Revenues from continuing operations totaled $385.3 million from sales of 167,000 ounces on a 100% basis at a record average realized price of $2,294 per ounce.

持續經營業務的收入總計 3.853 億美元，銷售量為 167,000 盎司，以 100% 計算，平均實現價格創歷史新高，為每盎司 2,294 美元。已實現價格包括本季交付的黃金預付安排的影響，該安排使已實現價格降低了每盎司 60 美元。

The realized price includes the impact of the gold prepay arrangements delivered into during the quarter that reduced the realized price by $60 per ounce.

The strong second quarter operating results coupled with the high gold price resulted in an adjusted EBITDA amount of $191.1 million compared to $152.5 million in the previous quarter of the year, which is $127 million higher than $63.8 million adjusted EBITDA number in the second quarter of 2023.

強勁的第二季營運業績加上高漲的金價導致調整後EBITDA 金額為1.911 億美元，而今年上一季的調整後EBITDA 金額為1.525 億美元，比2023 年第二季調整後EBITDA 金額6,380 萬美元高出1.27 億美元。

Adjusted earnings per share was $0.16 for the quarter compared to $0.11 in the previous quarter and a $0.01 loss in the second quarter of 2023.

本季調整後每股收益為 0.16 美元，上一季為 0.11 美元，2023 年第二季虧損 0.01 美元。

Looking at mine site free cash flow, which is calculated as cash flow from mine site operating activities, less capital expenditures from operating mine sites Westwood and Essakane produced a recent high of $140 million, including Westwood, which returned its second quarter of positive mine site free cash flow since the restart after the June -- in June 2020.

從礦場自由現金流（以礦場經營活動產生的現金流量計算）來看，減去營運礦場的資本支出，Westwood 和Essakane 創造了1.4 億美元的近期高點，其中Westwood 的礦場第二季度實現了正值自2020年6月重啟後的自由現金流。

Bringing its year to date title for the mine to $32.3 million.

使今年迄今該礦的所有權達到 3,230 萬美元。在 Essakane，我們注意到第二季礦場自由現金流為 1.182 億美元，比 2023 年第二季的 3,640 萬美元高出 8,180 萬美元。

At Essakane, we note mine site free cash flow in the second quarter was $118.2 million, that is $81.8 million higher than the $36.4 million during the second quarter of 2023.

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

然後，我會將電話轉回給雷諾。謝謝你，雷諾。

Thank you, Renaud.

Thank you, Maarten.

謝謝你，馬丁。在深入科特迪瓦之前，我們將先介紹我們在 Essakane 和 Westwood 的營運績效。在 Essakane，該礦第二季的權益黃金產量為 111,000 盎司，比去年同期增加 26%，使今年迄今的總產量達到 229,000 盎司。這是 Essakane 營運另一個非常強勁的季度，使我們的採礦作業能夠在季度內按計劃執行，品位持續高於預期。

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

At Essakane, the mine reported attributable gold production of 111,000 ounces in the second quarter, up 26% from prior year periods and bringing the year to date total to 229,000 ounces.

This was another very strong quarter of operation for Essakane and made possible our mining operation being able to perform to plan in a quarter compound with continued higher than expected grade.

Mining activities total 11 million tonnes in a quarter with only 2.2 million tonnes of ore mined as mining worked through a higher strip sequencing of the mine, coupled with limited mining in a part of Phase 6 due to localised instability which required enforcing and has been addressed since then.

本季採礦活動總量為1100 萬噸，僅開採了220 萬噸礦石，因為採礦是透過對礦山進行更高的條帶排序進行的，加上由於局部不穩定導致第六階段部分採礦有限，需要強制執行並已解決自那時起。

Head grade remain high at 1.46 grams a ton due to the continued positive reconciliations of grade from the reserve model as we continue to mine deeper into the Phase 5.

隨著我們繼續深入開採第5 階段，由於儲量模型的品位持續正向調節，頭品位仍保持在每噸1.46 克的高水準。已經出現，並且第四階段繼續進行，第五階段繼續進行。壽命的下降而下降。

This positive grade reconciliation in the deeper portions of Essakane was seen previously in Phase 5 and is continuing in Phase 4 and continuing in Phase 5.

However, we are seeing head grades decline in line with the life of mine plan as volumes from Phases 6 and 7 increase and from increased proportion of stockpiles ore included in the mill fee.

On a cost basis Essakane reported second quarter cash cost of $1,081 per ounce and all-in sustaining costs of $1,481.

以成本計算，Essakane 報告第二季現金成本為每盎司 1,081 美元，整體維持成本為 1,481 美元。由於產量和黃金銷售強勁，較上一季略有成長，低於我們先前的指引。

The slight increase from the prior quarter went below our previous guidance due to strong productions and gold sales.

With a strong first half of operations in 2024, Essakane production guidance has been revised upwards with attributable production expected to be in the range of 380,000 ounces to 410,000 ounces.

鑑於 2024 年上半年營運強勁，Essakane 產量指引已上修，權益產量預計在 380,000 盎司至 410,000 盎司之間。相比之下，先前的指導值為 330,000 盎司至 370,000 盎司黃金。預計該廠將繼續按銘牌產能運營，但根據礦山計劃，平均原礦品位略低於上半年。

This compared to the prior guidance of 330,000 ounces to 370,000 ounces of gold.

The mill is expected to continue operating at nameplate capacity, though at average head grade slightly lower than in the first half of the year as per the mine plan.

The cost guidance for Essakane has also been revised downward and is expected to be in the range of $1,175 to $1,275 for cash cost per ounce sold and $1,575 to $1,675 for ASIC per ounce sold, approximately $100 per ounce to $125 per ounce improvement on both metrics due to the outperformance in the first half of the year.

Essakane 的成本指引也向下修訂，預計每盎司銷售現金成本為 1,175 美元至 1,275 美元，每盎司銷售 ASIC 成本為 1,575 美元至 1,675 美元，這兩個指標均改善約每盎司 100 美元至 125 美元由於上半年表現優異。

Capital expenditure guidance has been increased to approximately $175 million primarily due to an increase in the strip ratio, not total tonnes mined, resulting in more mining costs being included in capitalized waste and equipment replacement.

資本支出指引已增加至約 1.75 億美元，主要是由於剝離率增加，而不是開採總噸數增加，導致更多採礦成本計入資本化廢棄物和設備更換。

Essakane continue to be a significant cash flow contributor for IAMGOLD.

Essakane 仍然是 IAMGOLD 現金流的重要貢獻者。以目前的礦場壽命到 2028 年，以目前金價計算，該業務有能力產生超過 10 億美元的現金流。我們正在繼續研究延長 Essakane 地雷壽命的機會，以確保我們團隊的安全。

With the current mine life through 2028, this operation has the capability to generate over a $1 billion of cash flow at current gold prices.

We are continuing to examine the opportunities to extend the mine life of Essakane targeting options within defence to ensure the safety of our teams.

Turning to Westwood, I want to congratulate the team on another improvement in the quarter.

談到韋斯特伍德，我想祝賀球隊在本季度取得的另一個進步。自 2021 年礦山重新啟動以來，該礦山的地下品位和產量繼續測試新高和季度產量。

As the mine continues to test new highs and quarterly volumes from underground grades and production since the mine restarted in 2021.

This improvement has meant that Westwood has generated, as Maarten noted, positive mine-free cash flow of nearly $22 million in the second quarter, bringing the year to date total to just over $32 million.

正如 Maarten 指出的那樣，這種改善意味著 Westwood 在第二季度產生了近 2,200 萬美元的正無礦現金流，使今年迄今的現金流總額略高於 3,200 萬美元。 Westwood 本季生產了 35,000 盎司，比去年同期大幅增加 84%，使今年迄今的總產量達到 67,000 盎司。

On operation, Westwood produced 35,000 ounces in the quarter, a significant 84% over prior year period and bringing the year to date total to 67,000 ounces here today.

Our mines from underground continue to step up and at a higher grade with 89,000 tons in the second quarter contributing to an average head grade from undergrown ore of 9.2 grams a tonne.

我們的地下礦場持續增加產量並提高品位，第二季產量為 89,000 噸，使地下礦石的平均品位達到每噸 9.2 克。本季工廠吞吐量也增加至 302,000 噸，平均混合頭品位為每噸 3.92 克，回收率達 92%。

Mill throughput also increased in the quarter to 302,000 tonnes processed at an average blended head grade of 3.92 grams a tonne and 92% recovery.

The increase in throughput was driven by improved availability of 89% due to the ongoing maintenance program.

由於持續的維護計劃，可用性提高了 89%，從而推動了吞吐量的成長。隨著營運改善，Westwood 的成本狀況持續下降。第二季現金成本平均為 1,131 美元盎司，整體維持現金平均為 1,663 美元盎司，延續了季度環比成本改善的趨勢。

The cost profile for Westwood continues to decline as operations improve.

Cash cost averaged $1,131 ounce and all-in sustaining cash averaged a promising $1,663 ounce in the second quarter continuing the trend of quarter-over-quarter cost improvement.

Looking ahead, we have raised our guidance for this year, with Westwood now expected to produce between 115,000 ounces to 130,000 ounces of gold at lower cash costs of $1,200 per ounce to $1,300 per ounce and ASIC of $1,775 per ounce to $1,900 per ounce.

展望未來，我們提高了今年的指引，Westwood 目前預計將以每盎司 1,200 美元至 1,300 美元的較低現金成本和每盎司 1,775 美元至 1,900 美元的較低現金成本生產 115,000 盎司至 130,000 盎司黃金。

In the fourth quarter, we will be issuing an updated technical report and mine plan for Westwood, which will provide an updated mineral resource and reserve estimate and life of mine based on the last 2.5 years of mine optimizations efforts at Westwood.

在第四季度，我們將發布 Westwood 的最新技術報告和採礦計劃，其中將根據 Westwood 過去 2.5 年的礦山優化工作提供最新的礦產資源和儲量估算以及礦山壽命。

Turning to Côté Gold, we couldn't be more impressed with the work of our teams on the ground as they brought Côté to commercial productions only four months after the initial gold pour on March 31, '24, which was achieved within 90 days of first pre-commissioning activity.

談到 Cé´té Gold，我們對我們團隊在當地的工作印象深刻，因為他們在 2024 年 3 月 31 日首次澆水僅四個月後就將 Cé´té 投入了商業製作，這首次預調試活動後90 天內實現了這個目標。

The ramp up of Côté has seen the project hit significant milestones in its first few steps as of mine.

隨著 Cété 的發展，該專案在我的前幾步中就達到了重要的里程碑。我們首先測試了驅動最終銘牌目標的主要設備的容量，然後隨著我們的增加而建立可用性。

We took the path of testing first the capacity of the main equipment that drives the ultimate nameplate objective, and then build availability as we ramp up.

From early on, the primary components of the processing circuits, primary and secondary crushing, HPGR, conveyors, ball mill, leaching, et cetera, all have proven their capability to operate on their design load when provided with stable conditions.

從早期開始，加工迴路的主要組件、初級和二級破碎、高壓輥磨機、輸送機、球磨機、浸出等都已證明在穩定的條件下能夠在其設計負載下運作。

During the same period, we also took the time to all of the team to stop and correct several deficiencies as it is usually the case at early days of ramping up a large scale facility.

在同一時期，我們也花時間讓所有團隊停止並糾正一些缺陷，因為在大規模設施建設的早期通常會出現這種情況。第一週大約佔據了第二季的整個前半段，45 天過得很快。在本季度的下半年，我們努力緩慢但堅定地啟動發動機，測試處理設施的穩定性和整體可用性，同時確定所有潛在的限制因素，以實現今年目標的 90% 目標。

The first week took about the whole first half of the second quarter, where 45 days go fast.

In the second half of the quarter, efforts were made on slowly but surely cranking up the engine and testing the stability and the overall availability of the processing facility, while identifying all potential limiting factor to objective of exiting the year at 90% nameplate.

In early July, the team pushed a commercial production button and reached our objective 30 days later, with nameplate production of 36,000 tonnes achieved on August 1, as the last day.

7月初，團隊按下了商業生產按鈕，並在30天後達到了我們的目標，在最後一天的8月1日實現了銘牌產量36,000噸。在乾燥方面，我們可以報告說，我們對 HPG​​R 的性能非常滿意，並相信它將在未來帶來巨大的價值。

On the dry side, we can report that we are very pleased with the performance of our HPGR and believe that it will bring great value down the road.

During the ramp-up phase, we have identified some improvement required on the dry side in order to achieve design availability and performance.

在啟動階段，我們已經確定了乾側所需的一些改進，以實現設計可用性和效能。第一個與減輕磨損部件的磨損影響有關。藝術 Cé´té 具有高度磨蝕性，這是眾所周知的，但實際效果卻需要體驗。

The first one has to do with mitigating the effect of abrasiveness on wear parts.

The art Côté is highly abrasive, which was always known, but with actual effect to be experienced.

Availability of the crushing and screening circuit in the second quarters was somewhat impacted by accelerating wear on the liners, feeders, and chute due to this abrasiveness.

由於磨損，襯板、給料機和溜槽加速磨損，第二季破碎和篩分迴路的可用性受到一定影響。新的襯裡材料已經過鑑定和測試，在一些關鍵領域中取得了良好的效果。

The new lining material has been identified and tested with good results in some critical area.

Second, the continued core screening performance was also limited during ramp up.

其次，在產能提升期間，持續的核心篩選性能也受到限制。正在提議一種新的面板設計。最後，粉塵管理在早期非常具有挑戰性，特別是在放映大樓中。

A new panel design are being proposed.

Finally, dust management was challenging in the early days, and in particular, in the screening building.

And while significant improvement has been made, more corrective action needs to be made.

雖然已經取得了重大改進，但仍需要採取更多糾正措施。我們已經在關鍵區域測試了添加抑制物、水和界面活性劑系統，並取得了很好的效果。所以總而言之，一切都是可以解決的。

We have tested additions of suppressions, both water and surfactants system in critical area with great results.

So all in all, everything is solvable.

We have identified corrective actions and we have initiated implementation of that.

我們已經確定了糾正措施，並已開始實施。該公司計劃在 9 月進行為期多天的停產，屆時我們將部署關鍵優化措施來解決所有問題並提高工廠的長期可用性。一旦解決了這些問題，我們對 Cété 今年的良好發展能力充滿信心。

The company is planning a multi-day shutdown in September, at which time we will deploy key optimizations to address all of the issues and improve the long-term availability of the plant.

We are very confident in the ability of Côté to ramp up well this year once we address these issues.

Further, the power requirement of the plant has been lowered and unsuspended, providing important available capacity for down the road.

此外，工廠的電力需求已降低且未暫停，為未來提供了重要的可用容量。第二季度，採礦活動開採總量達 1,050 萬噸，再創新高。

In the second quarter, mining activities achieve a new high of 10.5 million tonnes of total material mined.

Further, grade mined are continuing to come largely in line with our grade control block model in the current life of mine.

此外，在當前礦山壽命中，開採的品位繼續在很大程度上符合我們的品位控制區塊模型。儘管尚未滿載運行，但本季的採礦成本與加拿大露天礦同行相當，每噸略低於 4 美元。

Mining costs in the quarter, despite not yet running at full run rate, were comparable to Canadian open pit peers at just under the $4 a tonne.

An increase from the prior quarter due to temporary optimization activities on blasting patterns and production drilling, as well as some power curtailments experienced in June due to unseasonal heat wave.

由於爆破模式和生產鑽探的臨時優化活動，以及由於非季節性熱浪而在 6 月經歷了一些限電，因此比上一季度有所增加。在加工方面，第二季工廠吞吐量為 834,000 噸，平均精餾品位為每噸 1.4 克，100% 生產總量為 34,000 盎司。

On processing, mill throughput in the second quarter was 834,000 tonnes at an average head grade of 1.4 grams a tonne for a total of 34,000 ounces produced on a 100% basis.

Revenue circuit would successfully commissioned toward the end of the quarter and recovery has responded well to the ramp up of the operations, averaging 90%.

收入電路將在本季度末成功投入運行，並且復甦對營運的成長做出了良好的反應，平均達到 90%。 7 月份，Cé´té Gold 加工了超過 62 萬噸礦石，生產了近 26,000 盎司黃金。

In July, Côté Gold processed over 620,000 tonnes of ore with productions of nearly 26,000 ounces of gold.

We have maintained our guidance at Côté for this year, though we have guided to the lower end of the range of 220,000 ounces to 290,000 ounces on a 100% basis.

儘管我們在 100% 的基礎上將指導量控制在 220,000 盎司至 290,000 盎司範圍的下限，但我們仍維持今年對 Cé´té 的指導。由於在營運期間對郵件可用性進行了改進，因此在完成這些解決方案之前減少了異常情況。我們相信，以接近銘牌的價格結束這一年將使 Cété 和 IAMGOLD 從 2025 年初開始取得巨大成功。

As improvements to mail availability are made during the ramp up of operations, reducing excepting prior to completing those solutions.

We believe that exiting the year at nearly nameplate will set Côté and IAMGOLD for huge success starting early 2025.

I will now hand the call back to Martin for a brief update on projects ending this year.

我現在將把電話轉給馬丁，以簡要介紹今年結束的項目的最新情況。

Thank you, Renaud.

謝謝你，雷諾。我想指出的是，當我們討論項目支出時，所有成本都是以 100% 的基礎報價的。第二季的項目和資本支出為 9,260 萬美元，年初至今為 2.889 億美元。這些支出包括3,070萬美元的專案支出，用於支援完成調試以及某些範圍的非關鍵路徑土方工程和基礎設施。

I want to note that as we discuss project expenditures, all costs are being quoted on a 100% basis.

Project and capital expenditures were $92.6 million in the second quarter and $288.9 million year to date.

The expenditures include project expenditures of $30.7 million to support the completion of commissioning and certain scopes of non-critical path earthwork and infrastructure.

Prior to the first goal pour on March 31, project expenditures were $151.7 million, totaling $182.4 million for the year, $24.5 million of operating expenditures related to milling and surface costs have been capitalized in the second quarter and $51.5 million year-to-date in support of the commissioning and ramp up efforts in advance of achieving commercial production.

在 3 月 31 日實現第一個目標之前，項目支出為 1.517 億美元，全年總計 1.824 億美元，第二季與銑削和表面成本相關的營運支出為 2,450 萬美元，今年迄今為 5,150 萬美元。支援調試並加大力度，以實現商業化生產。

Capital expenditures related to operations for the second quarter were $37.4 million and $55 million year to date.

迄今為止，第二季與營運相關的資本支出分別為 3,740 萬美元和 5,500 萬美元。與指導相比，資本化廢物剝離和資本化運營成本預計較高，但由於透過我們增加的租賃設施購買了一些設備，因此與營運相關的資本減少所抵消。

Capitalized waste stripping and capitalized operating costs are expected to be higher when compared to guidance, which is offset by lower capital related to operations due to some of the equipment being purchased through our increased leasing facility.

The total of all of our capital expenditures of $454 million as well as the timing of the expenditures. are in line with the forecast and guidance for the year.

我們所有資本支出總額為 4.54 億美元以及支出時間。符合今年的預測和指導。

Back to you, Renaud.

回到你身上，雷諾。

Thank you, Maarten.

謝謝你，馬丁。所以說，我們今年的目標是非常明確的。我們需要提高計劃的可用性和利用率，以便以銘牌上約 90% 的吞吐率結束今年，並以非常強勁的基礎開始 2025 年。

So that is that, our goal this year is very clear.

We need to ramp up the plan availability and utilization to exit the year at a throughput rate of approximately 90% of nameplate and start 2025 on a very strong footing.

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。我們正在繼續加深對 Gosselin 的影響和該專案潛力的了解。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。

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

At year end of 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.

This year itself, we are conducting a 35,000 metre drill program targeting the central zone between the pit shell where we see indication of continuation of mineralization hydrothermal breccias, as well as some deeper holes to understand the continuity of the mineralization below the current pit shelf.

今年，我們正在進行一項35,000 公尺的鑽探計劃，目標是礦坑外殼之間的中心區域，在那裡我們看到了礦化熱液角礫岩的延續跡象，以及一些更深的鑽孔，以了解當前礦坑架下方礦化的連續性。

When we look at the resource and reserve statement, the Côté deposit has estimated mineral reserve on a 100% basis of 7.6 million ounce.

當我們查看資源和儲量表時，Cété 礦床 100% 估計礦產儲量為 760 萬盎司。這些儲量構成了該專案當前經濟性的基礎（根據測量和指示的資源量），Cété 礦坑目前估計總儲量為 1,210 萬盎司。

These reserves form the basis of the current economics of the project on a measured and indicated resource basis, the Côté pit is currently estimated at a total of 12.1 million ounces.

The adjacent Gosselin pit has an additional 4.4 million ounces of measured and indicated resources and nearly 3 million ounces of inferred, bringing the project to a total of 16.5 million ounces of measured and indicated and an additional 4 million ounces of inferred.

鄰近的 Gosselin 礦坑擁有額外 440 萬盎司測量和指示資源量以及近 300 萬盎司推斷資源量，使該項目的測量和指示資源量總計達 1,650 萬盎司，另外還有 400 萬盎司推斷資源量。

The size of Côté and Gosselin together put the project and the mine in a very exclusive company amount large-scale producing Canadian assets.

Cé´té 和 Gosselin 的規模加在一起，使該項目和礦山成為一家非常獨特的公司，擁有大規模的加拿大生產資產。我們預計今年稍後會得到該計劃的結果，這將極大地幫助我們了解如何將戈瑟林納入我的計劃的潛在未來中並保持衡量和指示。

We expect to have the result of this program later this year, which will greatly inform our understanding of how to incorporate Gosselin and remaining measured and indicated into a potential future of my plan.

So thank you, all.

所以謝謝大家。這樣，我想將電話轉回給接線生進行問答。操作員？

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

Operator?

(Operator Instructions)

（操作員說明）

Anita Soni, CIBC Capital Markets.

安妮塔·索尼，CIBC 資本市場。

Good morning, winnowed, everyone.

早安，大家好。我的第一個問題是關於成交率以及哪些因素，哪些主要因素導致表明您將接近以吞吐量等級回收率進行塗層的生產指導範圍的底端。第二個問題可能與九月的停工將持續多久有關？

And my first question is with respect to close rates and what factors are, what are the main factors that drove the indication that you're going to be near the bottom end of the production guidance range at coated at throughput grade recovery rate.

And then the second one probably related, how long will that shutdown lasts in September?

Okay.

好的。感謝您的提問。因為你也是今年早些時候問我我們如何制定最初指導的人。我想說，這主要是研磨總噸數的問題。因此，如果您還記得的話，我們在年初就設定了220,000 至290,000 的指導，具體說明我們對正在發生的高品位充滿信心，但也基本上說，在完美的調試中，無需進一步停機，到目前為止如果加工量為 650 萬噸左右，我們將設定為 29 萬噸。

Thanks for your questions.

And as you're also the one that asked me early in the year how we set the original guidance.

I would say that it's mostly a matter of the total tonnes milled.

So if you recall, we set the guidance early in the year of 220,000 to 290,000, specifying that we were confident in the high grade, which is happening, but also basically saying that at a perfect commissioning without any need for further downtime and so far with a 6.5 million tonne process or so, we'll set the 290,000.

As I explained in my comments, we really did take the time in Q2 to properly stop and correct things as we move forward.

正如我在評論中所解釋的那樣，我們確實在第二季度花了時間在前進的過程中適當地停止和糾正問題。從第一天起，這就是我們的理念，我對它的痛苦感到非常高興，也許短期內總盎司量會有點痛苦，但我們肯定會從 2025 年開始改變這一狀況。

This has been our philosophy since day one and I'm very pleased in its pain maybe a little pain in the short term on the total ounces, but we're definitely going to shift the profile starting in 2025.

So we did that in Q2 and as I mentioned, so to your point is, originally speaking, we were probably thinking of five days in September, but we're prepared to go further.

因此，我們在第二季度就這樣做了，正如我所提到的，所以就您的觀點而言，最初我們可能考慮在 9 月進行五天的活動，但我們準備更進一步。因此，如果需要再額外停機 5 天、7 天，總共 10 天、15 天，則無論需要採取什麼措施來糾正所有這些問題。如果需要的時間更少，我們可能會比低端的表現更好，但我們只是想確保我們準備好花時間並為自己設定目標

So, if it takes additional downtime another five, seven days for total of 10, 15, whatever it takes to correct all those issues.

If it takes less, we may perform better than the lower end, but we just want to make sure that we're prepared to take the time and set ourselves

So let's call for a 10 to 15 max and we'll see how it goes for the remaining

因此，我們要求最多 10 到 15 個，然後我們將看看其餘的情況如何（聽不清楚）。很大程度上是這個過程，我們在前進的過程中正在糾正它。

(inaudible).

So largely that ton process, and we're correcting that as we move forward.

Okay.

好的。謝謝。然後我注意到您提供了第二季每噸的採礦成本。謝謝你。我知道，我也知道，自從你們8月7日宣布商業化生產以來，時間相對較短，但您能否告訴我們現階段的加工成本如何？

Thank you.

And then I noticed you provided mining cost per tonne for the Q2.

Thank you for that.

I know and I also know that relatively short period of time since you've declared commercial production on August 7, but can you give us an indication how the processing costs are going at this stage?

Maarteen?

馬丁？

Good morning, Anita.

早上好，安妮塔。整體處理成本實際上完全在我們的預期和計劃之內。當然，在修復或更換某些東西時會產生一些額外費用。但當我們審視目前的情況時，我們預計到年底時每噸美元成本將處於我們先前指導和揭露的範圍內。

The processing cost on a total basis is actually well within our expectation and our plans.

There is of course, some additional costs being incurred as they are fixing or replacing certain things.

But when we look at where we are, we expect the dollar per tonne cost when we get to the end of the year to be in the ranges that we guided and disclosed previously.

So in line with the 43-101 with slight increases because of inflation, but also just we won't be at a 100% yet, but our expectation on the cost of the mill have not reduced at this or have not changed at this point.

因此，與 43-101 一致，由於通貨膨脹而略有增加，但我們還不會達到 100%，但我們對工廠成本的預期此時沒有減少或沒有改變。

I think Maarteen and it's fair to say that in all the range of 10 to 15 is through some matter of the tonnes milled guys.

我認為 Maarteen 可以公平地說，在 10 到 15 噸的範圍內，是通過銑削的噸數來確定的。因此，我們現在在全球銷售的工廠第二季為 839,000 噸，但一個月僅為 62 萬噸。因此，當我們退出年度目標時，我們預計會更接近 10 到 11 個目標，這實際上只是時間問題。

So with where we're selling now globally now with 839,000 tonnes of mill in the second quarter, but with only one month of 620,000.

So we're expecting to get closer to the 10 objective of 10 to 11 objective as we exit the year buckets it's really a matter of time.

And that power the as you mentioned that you're using less power or is that factoring into that lower, I guess, benefit on costs.

正如您所提到的那樣，您使用的功率較少，或者是考慮到成本效益較低的因素。

Yeah, but also power, even though it's a massive, it's a big operation.

是的，還有力量，儘管它是一個巨大的，也是一個大手術。由於我們管理費用，Cété 的每千瓦電力成本將非常低，我們預計將成為業內每千瓦成本最低的國家之一。

Power cost per kilowatt would be extremely low at Côté as we manage fees and we're expecting one of the lowest cost per kilowatt pretty much in the industry.

Yes, this is, but the real benefit beyond potentially saving is the opportunity of using this extra power down the road.

是的，確實如此，但除了潛在的節省之外，真正的好處是以後有機會使用這種額外的電力。正如我們詳細記錄的那樣，有一些類似於 72 兆瓦，所以您可以按照自己的意願使用它，對嗎？這是我們最興奮的是，我們覺得西側的主要設備可能會沿著銘牌上的道路行駛更多的噸位。

As we well-documented, there's some like the 72 megawatts, so you use it how you want, right?

And this is what we're the most excited about is, we feel that the main equipment on the west side may drive more tons down the road that's the nameplate.

It has to be proven on a steady basis, but what we've seen so far is we're definitely using less power for the same throughput.

它必須在穩定的基礎上得到證明，但到目前為止我們所看到的是，我們在相同的吞吐量下肯定使用了更少的功率。

And then just an idea in terms of the build-out in the summertime and I noticed there might be mining rates on over were similar to last quarter.

然後，只是關於夏季擴建的一個想法，我注意到採礦率可能與上個季度相似。所以我只是假設你們在夏季更專注於建造尾礦壩。這是正確的嗎？第三季你們什麼時候需要運送多少噸到尾礦壩？

So I'm just assuming you guys are a little bit more focused on building the tailings dam over the summer months.

Is that correct?

And when how much how much and how many tonnes do you have to deliver to the tailings dams in Q3?

I don't have the details of the tons, but if you recall, and as described as well in the 43-101, so we're basically executing the whole Phase 2, right.

我沒有大量的細節，但如果你還記得的話，正如 43-101 中所描述的那樣，所以我們基本上正在執行整個第二階段，對吧。結合吞吐量這一事實，增量將定位於 18 個月的產能。

And this will combined with the fact of the throughput, the ramp up will position towards the 18 months of capacity.

And then summer will add.

然後夏天就會增加。但是，是的，我們正在完成去年啟動的第二階段。我們今年就要完成它。到目前為止，我們應該還有至少 18 個月的時間，然後我們將繼續每年籌集資金。我們的目標是至少在未來 24 個月內舒適地坐著。

But yes, we're completing the Phase 2 that we've initiated last year.

We're completing it this year.

And then by far, we should have minimum of 18 months ahead of us, and then we'll continue on the yearly basis to raise.

And our objective is to be comfortably sitting at least under 24 months beyond ahead.

And my last question, just in terms of stockpile levels, can you tell us how many how many tonnes of ore you have stockpiled ahead of the mill right now and what the average grade is there?

我的最後一個問題，就庫存水準而言，您能告訴我們您現在在工廠之前庫存了多少噸礦石以及平均品位是多少嗎？

Bruno, you get this.

布魯諾，你明白了。

Yes.

是的。早上好，安妮塔。到目前為止，我們有 800 萬噸品位為 0.75 的礦石。我們有不同類別的庫存，包括直接進料的高品位礦石和低品位礦石。因此，到目前為止，我們對庫存水準以及高品位類別的調節非常滿意。

Good morning, Anita.

So far we have 8 million tonnes grading at 0.75. We have different categories of stockpiles with direct feed high grade ore and low grade ore.

So, so far we are pretty satisfied with the level of stockpile and also with the reconciliation on the high grade category.

And then you mentioned, I think in now that you're directing more higher grade from the U.S. from the pit to the mill.

然後你提到，我認為現在你正在將更多更高品位的產品從美國從礦坑運送到工廠。那麼這個高分平均是多少呢？

What would that high grade be on average?

We define high grade whatever is above the 0.7 gram per tonne, 0.8 gram per tonne category.

我們將高於 0.7 克/噸、0.8 克/噸的產品定義為高品位。因此，目前我們面前有大量庫存，每噸 1.6 克。我們還有一些 [1.14] 的礦石。

So right now we have a good fair amount of stockpile at 1.6 gram per tonne in front of us.

And we have also some run of ore mine at

[1.14].

We'll try to keep the mill towards the [1.5] till the end of the year.

我們將努力將工廠保持在 [1.5] 直到今年年底。我們七月的表現也很好。因此，沒有任何問題或理由相信我們不會提供成績。因此，這實際上是為了提高噸位或吞吐量，但到目前為止，該礦的表現一直非常好。

We did very well in July as well.

So there is no issues or reason to believe we won't deliver the grade.

So it's really about cranking up the tonnage or throughput, but the mine has been doing very well so far.

Thank you.

謝謝。這就是我的問題，並祝賀您實現商業化生產。

That's my questions and congratulations on hitting commercial production.

Thank you so much.

太感謝了。

Wayne Lam, RBC.

韋恩林，加拿大皇家銀行。

Yes, thanks.

是的，謝謝。大家早安。我只是想知道您是否可以談談迄今為止自主運作、運輸和鑽井的表現，以及挑戰在哪裡，以及您如何減輕這種風險？

Good morning, everyone.

I'm just wondering maybe a could say if you might be able to speak to the performance of the autonomous operations to date and the haulage and drilling and just where the challenges have been and how are you mitigate this risk?

I wouldn't call too many risks to be mitigated.

我不會認為太多風險需要減輕。我認為隨著每個季度的過去，我們對自治學院越來越滿意，它一直運作得很好，雷諾剛剛提到了庫存和處理過的所有東西。

I think more every quarter that goes by, we get more comfortable with autonomous college and it has been operating very well and Renaud just mentioned the stockpile and everything that's been processed.

So basically every single ton that has been put on the stockpile has been with autonomous trucks.

因此，基本上庫存中的每一噸都是由自動卡車完成的。它在非常高的可用性等方面表現得非常好。所以，老實說，我不認為它們有任何問題，希望隨著時間的推移，我們的鑽井自動化也能變得更好。

And it's been performing extremely well at a very high availability and so forth.

So, I honestly do not see any issues with them and hopefully over time we could be even better and with our drilling automation as well.

So working hard on both, but autonomous is absolutely working beautifully and not to underestimate as well the health and safety aspect of not having operators behind the steering.

因此，在這兩方面都努力工作，但自動駕駛絕對工作得很好，不要低估沒有操作員在方向盤後面的健康和安全方面。這不是要裁員，而是要改善我們的運營，使其現代化並使其更安全。但到目前為止，一切都很好，非常好。我會給自動運輸的實施打很高的分數。我會隨時重做。

It's not about cutting job, it's really about improving, modernizing our operations and make it safer.

But so far, so good, excellent.

I'll give a very high score to the implementation of autonomous haulage.

I will redo it anytime.

It sounds like things are going pretty well.

聽起來事情進展得很順利。也許搬到韋斯特伍德，只是那裡的成績相對於保護區似乎相當積極。您認為這些成績全年都會持續嗎？然後，根據即將發布的技術報告，您認為地下目標運行速度超過每天 900 噸有什麼好處嗎？

Maybe moving to Westwood, just on the grades there which seem pretty positive relative to the reserve.

Do you see those grades continuing through the year?

And then with the upcoming technical report, do you see upside to the targeted run rate from the underground beyond the 900 tonnes per day?

And given the strong performance of the mine now with the underground now rehabilitated, do you envision that asset as one to keep in the portfolio longer term or could it potentially be classified more as non-core?

鑑於該礦現在的強勁表現以及地下現已修復，您是否認為該資產可以長期保留在投資組合中，或者是否有可能被歸類為非核心資產？

I’ll go in other.

我會去其他地方。我的關鍵績效指標是在每個季度我都看到地下資產的噸數增加，整體品位從地下提高。我們的儲備量約為每噸 10.4 克。

My KPI is in every quarter I've seen the asset ramping up with more tons from underground, the overall grade improving from underground.

We're sitting on a reserve of roughly 10.4 grams a tonne reserve.

And that's the ultimate objective you need to position yourself at some point where you start mining at the reserve grade at Westwood and this is where you're going to feel that you have reached a certain stability and sustainable so pretty close too.

這就是您需要將自己定位在韋斯特伍德的儲備品位開始採礦的某個點上的最終目標，在這裡您會感到自己已經達到了一定的穩定性和可持續性，非常接近。一旦你明白了，就像我說的那樣，我們基本上距離達到目標還有四分之一的距離，繼續沿著這些路線運作。

We could be basically one quarter away of reaching once you get that, you want like I said, to continue to operate along these lines.

We're extremely pleased to how Westwood has performed and continue to perform in the cash flow.

我們對 Westwood 的現金流表現及其持續表現感到非常高興。可以很輕鬆地說，在現階段，我們對 Essakane 和 Westwood 都非常滿意。如果你願意的話，我們肯定可以看到這兩個人繼續成為我們故事的貢獻者的重要合作者。

So comfortable to say that at this stage, we're very pleased with both Essakane and Westwood.

And we definitely can see these two minds continue being a big collaborator, if you will, to our contributor to our story.

Having said that, I don't think so we've seen the end of the optimization of Westwood.

話雖如此，我不認為我們已經看到了 Westwood 優化的結束。所以我們要放置 42-101。我們想看看我們能做什麼，我們能取得什麼成果。正如我所說，強大的生產狀況以及不斷改善的自由現金流，所以我們非常非常高興。就總噸數而言，我們看到布魯諾在這裡有點濕了。那麼你在路上看到了什麼？

So we're going to put the 42-101.

We want to see what we could do, where we could get.

And as I said, strong production profile and improving and free cash flow so we're very, very pleased.

On the total tons, we see Bruno getting wet a bit here.

So what do you see down the road?

Thank you, Renaud.

謝謝你，雷諾。事實上，由於我們過去[兩年半]所做的工作，地下表演變得越來越好。事實證明，這對我們實現每天 900 噸目標的能力非常有利。

Actually the performance from underground is getting better and better due to the work we've done over the last

[two year and a half].

It's proved to be very beneficial for us in our ability to reach our targets at 900 tonnes per day.

Of course, we have vision to increase this closer to the 1,100 hose are the kind of targets we're looking at.

當然，我們的願景是將其增加到接近 1,100 根軟管，這正是我們正在考慮的目標。再次，透過新的 43-101，我們將能夠更清楚地表達這些目標是什麼，以及新塊模型的礦井壽命範圍。因此到那時我們將能夠提供與該採礦計劃相關的更多見解。

Again with the new 43-101 we'll be able to express with more clarity what those targets are going to be and also the extent of the life of mine with the new block model.

So at that time we'll be able to give more insight related to that mining plan.

Okay, great, thanks.

好的，太好了，謝謝。然後也許只是最後一個，就 Bambouk 資產而言，您能否更清楚地說明最終付款以及是否存在與之相關的任何信用風險？只是似乎有點延遲了，想知道最終付款的風險是什麼。

And then maybe just last one, just on the Bambouk assets, can you provide a bit more clarity on the final payment and whether there's any credit risk associated with that?

Just seems like it's been a bit delayed and wondering what the risk is to that final payment coming in.

Yeah, it's a fair comment that it's been a bit long and I can assure you it's been a bit long for us as well.

是的，這是一個公平的評論，它有點長，我可以向你保證，這對我們來說也有點長。但老實說，我認為我們正在取得巨大進展。所以我們仍然對下半場幾內亞的終結感到滿意。

But I think we're making great progress, honestly.

So we're still comfortable of the closing of Guinea in the second half.

And following that, we'll address another closing in [Mali. So can we close both? No, we're still saying that. We're still saying that they're both, were working towards closing both remaining, talking about roughly $80 million] of growth proceeds for both.

接下來，我們將討論在[馬裡。那我們可以關閉兩者嗎？不，我們仍然這麼說。我們仍然說他們正在努力關閉剩餘的兩個項目，談論兩者的成長收益約為 8000 萬美元。

So it's meaningful, it's important.

所以這很有意義，很重要。這對人們也很重要，因為正如你所提到的，我們必須繼續前進，並讓每個人都繼續前進。因此，我們非常積極，並且仍然有信心今年將完成這兩項工作。

It's important for people as well, because as you mentioned, we've got to move on here and allow everyone to move on.

So we're very active and remain confident we're going to close both this year.

Okay.

好的。偉大的。感謝您回答我的問題。

Great.

Thanks for taking my questions.

Thanks.

謝謝。

Mike Parkin, National Bank Financial.

麥克‧帕金 (Mike Parkin)，國家銀行金融部門。

Hi, guys.

嗨，大家好。恭喜季度業績穩定。我的大部分問題都得到了解答。只是幾個後續行動。您為我們提供了有關預期停工和二氧化碳排放的詳細資訊。您能為我們提供有關 Westwood 或 Essakane 計劃關閉的任何指導嗎？

Congrats on the solid quarter.

Most of my questions have been answered.

Just a couple of follow-ups.

You gave us good color on expected shutdowns and CO2.

Can you give us any guidance around shutdowns planned at Westwood or Essakane.

Definitely nothing extraordinary beyond the regular, so you're looking at the average availability of Essakane and Westwood.

除了常規之外，絕對沒有什麼特別的，所以您會看到 Essakane 和 Westwood 的平均可用性。我們達到了 89%，所以我認為可以公平地認為，我們將努力將這一水平維持到年底。

We achieve 89% so I think it's fair to think that we're going to try to maintain around that level to the end of the year.

And this is basically done through plant shutdown, a little bit of on plan, but we don't have anything struggling.

這基本上是透過工廠關閉來完成的，有一點按計劃進行，但我們沒有遇到任何困難。我認為同樣的評論也適用於 Essakane。當然，總是有一些事情需要解決，但我們不會計劃超出常規可用性的事情。所以我的這兩個應該是可用的，或者比你在第二季度看到的更好。

And I think the same comment goes for Essakane as well.

There's always, of course, things to be addressed, but we're not planning beyond the regular availability.

So both mine should be in the availability or better of what you've seen in Q2.

Okay.

好的。然後，Cé´té 的目標是到年底達到銘牌的 90%，就像，顯然你最近剛剛發布了每日數字，而且它很好，就在銘牌上。但這90%的依據是什麼？這就像過去四周的平均值嗎？

And then the target at Côté to be at 90% of nameplate by year end, is that -- like, obviously you put out a daily number just recently and it's well on it, it's at nameplate.

But what's the 90% based on?

Is that like a trailing four-week average?

I'll be very, very happy by accumulating four weeks away.

累積四個星期的時間我會非常非常開心。比方說，如果我們在 12 月重複使用 60% 的銘牌在商業中所做的事情，我們感覺非常強烈，這就是我們所說的退出一年。謝謝你的提問。

Let's say if what we've done in commercial using 60% of nameplate if we repeat that in December, and we feel very strong this is what we call exiting the year.

So thanks for asking.

But internally, this is how we feel and it's not about a few days.

但在內部，這就是我們的感受，而且不是幾天的事。我們知道有一天我們已經做到了。我們知道這是有能力做到的。但隨著你的進步，你要確保你牢牢地坐在馬鞍上，你知道，舒適地坐著，然後在 12 月底之前進行樣品測試。所以我們稱之為 30 天，平均 90% 將是我們的主要目標。

We know we've done it one day.

We know it's capable to be done.

But as you ramp up, you want to make sure that you're solidly on the saddle, you know, and comfortably sit and then the sample by the end of December.

So let's call it 30 days, averaging 90% will be our key objective in this.

That's it from me.

這就是我說的。

Thanks.

謝謝。

Carey MacRury, Canaccord Genuity.

凱裡·麥克魯裡 (Carey MacRury)，Canaccord Genuity。

Hi, good morning.

嗨，早安。只要對工廠產量進行跟踪，顯然您已經達到了商業生產。我們是否應該假設工廠到 8 月為止的運轉率都在 60% 左右，直到關閉，或者因為工廠的表現比現在好一點而關閉？

Just a follow up on the mill throughputs obviously you've hit commercial production.

Should we be assuming that the mill is kind of going to run at around 60% through August up until the shutdown or has come because the mill is performing a bit better than that now?

Yeah.

是的。不，肯定是從你達到 60% 的那一刻起。我會排除九月，因為就像我說的，九月是我們將取得許多成果的重要月份。但是，如果現在達到了60%，就成為基線了。

No, definitely from the moment you hit the 60%.

I would exclude September, because like I said, September is the big month where we're going to be making a lot.

But, if 60% has been reached and becomes the baseline now.

So from that point on, we need to continue to improve.

所以從那時起，我們需要不斷改進。 8 月、9 月將是修復時間，但肯定是某種穩定的增長，9 月略有下降，允許關閉，但 60% 仍然是新的基準。

August, September will be for the time of fixing, but definitely it's some kind of a steady ramp up with a little bit of a dip in September allowing for the shutdown, but 60% is and will remain the new baseline.

Okay.

好的。然後可能是馬丁的一個問題，並假設 Tomo 回購。我看到了這個選項。考慮到成長，我認為有 3.8 億美元。或多或少它會在這裡嗎？您希望它的變化是正值還是負值？

And then just maybe a question for Martin and assuming Tomo buyback.

I see the option.

There's, I think $380 million given the ramp up.

Is that more or less where it's going to be here?

Is that do you expect that to move around plus or minus?

Good morning, Carey.

早上好，凱裡。我們預計該數字不會發生重大變化，但它取決於 8 月成本和 8 月銷售額，因為這仍然包含 7 月和 8 月成本和銷售額。因為這仍然被納入其中，並且金價也會產生影響，但我們預計金價不會比之前預期的 3.8 億美元發生重大變化。

We don't expect that number to change significantly, but it is dependent on the August cost and the August sales, because that still gets the July and August cost and sales.

Because that still gets incorporated into that and the gold price has an impact, but we don't expect it to change materially from the $380 million expected previously as well.

Great.

偉大的。對我來說就是這樣。

That's it for me.

Thanks.

謝謝。

Steven Green, TD Securities.

史蒂文‧格林，道明證券。

Good morning, everyone.

大家早安。只是向您提出一個簡單的會計問題。到目前為止，您一直在利用您對 Cété 的興趣。我們是否可以預期這些費用將在 8 月 2 日之後開始成為費用？

Just a quick accounting question for you.

Up until now you've been you've been capitalizing your interest on Côté.

Can we expect that will all start being expenses after the August 2 date?

Yes, we will start depreciating the asset and we will stop capitalizing of our end cost after achieving commercial production, which it would be either beginning August or beginning September, but probably beginning August.

是的，我們將開始對資產進行折舊，並且在實現商業生產後我們將停止資本化最終成本，商業生產要么從八月開始，要么從九月開始，但可能從八月開始。

Okay, great.

好的，太好了。這就是我所擁有的一切。

That's all I had.

Tanya Jakusconek, Scotiabank.

Tanya Jakusconek，豐業銀行。

Great.

偉大的。早安.非常感謝您回答我的問題，並祝賀 Cé´té 商業化。我只是想回來。我知道從 Cété 開始，已經有人提出了很多問題，並且非常需要這些問題。

Good morning.

Thank you very much for taking my questions and congrats on getting Côté commercial.

I just wanted to come back.

I know a lot of questions have been asked and needed it quite a bit on that starting off on Côté.

Can I just go back to starting on the just on the pit that you said them the grade mix, the block model, just remind me on right now and the availability of some of your trucks, what are they operating availability wise?

我可以回到剛開始的時候，你說他們的等級組合、塊模型，現在就提醒我你們的一些卡車的可用性，他們的營運可用性如何？

We are definitely on the and the and the spec.

我們絕對符合和規範。所以 85% 就是，你知道，只是確認 85% 左右。這就是您希望看到的新版本的方式。

So 85% is, you know, just confirm 85% or so.

So this is how you want to see a new build.

Okay.

好的。然後我可以問一下，只看一些，然後回到加工設施——抱歉，在加工設施之前，只是庫存？你們給我們的 800 萬噸是 0.75。您能否告訴我每噸 1.6 克的庫存噸位是多少？因為我知道這就是您短期內將透過加工設施餵養的東西。那麼每噸 1.6 克有什麼呢？

And then can I ask just looking at some so going back to the processing facility -- sorry, before the processing facility, just the stockpiles?

You gave us the 8 million tonnes for the 0.75. Can you just give me what the stockpile tonnages for the 1.6 grams per tonne?

Because I know that's what you're going to be feeding in the short term through the processing facility.

So what do we have in 1.6 grams per tonne?

Hello, Tanya.

你好，塔妮亞。我們現在談論的是 50 萬噸，我們面前的礦坑裡直接有包裹。

We're talking about 0.5 million tonnes right now, and we have packets in front of us directly in the pit.

We use a bit of stockpile of course during the ramp up and the mine was getting new facing prepared and so forth.

當然，我們在加速過程中使用了一些庫存，而礦場正在準備新的面層等等。所以我們現在已經進入了良好的成績和長時間連續的板凳狀態。所以預計到年底會有很好的成績。

So we've entered now much like good grades and long and continuous benching.

So expecting pretty good grades till the end of the year.

End of the year.

年底了。是的，你提到了 1.4。好的，完美。然後當我們——

Yeah, and you mentioned the 1.4. Okay, perfect.

And then as we

--

Yeah, we did 1.4. Sorry, just to clarify.

是的，我們做了1.4。抱歉，只是為了澄清一下。所以我們在第二季度做了 1.4，但現在我們已經準備好了，如果你願意的話，所以我們希望在年底之前保持更多的 1.5 的進展。

So we did 1.4 in Q2, but now that we're primed if you will, so we'll like to maintain more towards the 1.5 through the end of the year.

Okay.

好的。那麼您還打算多拿一點更高等級的庫存文件嗎？

So you are going to take a bit more of that higher grade stock file through as well?

No, we just well, maybe, but also the mine will be producing more until the end of the year of that higher grade.

不，我們只是好吧，也許，而且該礦也會在年底前生產更多更高品位的產品。

Okay, that's helpful.

好的，這很有幫助。然後，當我們進入加工設施時，我們會停工 10 到 15 天，只是想確保您將襯墊釘在了螢幕上。我們現在現場是否有所有這些庫存，還是我們仍然需要購買或將其送到現場？

And then as we get into the processing facility and we're down for that 10 to 15 days, just wanted to make sure like you're tacking the liners on the screens.

Do we have all of this inventory on site right now or are we still having to purchase or have this come to site?

A lot of that already, Tanya, the some will come later on in August some of the latest will be kind of very early September.

已經有很多了，Tanya，有些會在 8 月晚些時候到來，有些最新的會在 9 月初到來。因此，我們認為我們將完全有能力解決所有這些問題。所以我們預計不會有任何問題。

So we feel that we're going to be fully equipped to address all those issues.

So we're not expecting any issues on period.

Okay.

好的。然後就你談到的灰塵而言，你必須對抗許可證的大量灰塵，或者你需要的一般灰塵是什麼，我知道你需要控制灰塵，但我只是想知道這是一個許可證還是只是一個正常的操作灰塵問題。

And then just on the dust that you talked about, was that just a lot of dust that you're having to fight against the permit, or what was it about the dust in general that you needed, I understand you need to control dust, but I'm just wondering if it was a permit or if it was just a normal operating dust issue.

I would say more operating things.

我想說的更多的是營運方面的事情。我的意思是，目標非常明確。您訪問了很多資產並且知道它是什麼。並且在篩選大樓和破碎大樓中，使用口罩應該是第二層防護而不是主要層。

I mean, like, the objective is very clear.

You visited a lot of assets and know what it is.

And in the screening building and the crushing building, using a mask should be a second layer of protection and not the main layer.

So that's the bar it's like our commitment to health and safety, rules are very strict as well of course in Ontario as it should be.

這就是我們對健康和安全的承諾，規則也非常嚴格，當然在安大略省也應該如此。因此，我們將使其基本上為零，即零粉塵逸散和粉塵等。因此，我們一開始並沒有進行很多調整，但隨著八月的推進，我們現在有一些部門看起來確實是零灰塵。所以這基本上就是要做的事情。

So we're going to bring this to basically the zero, the zero dust fugitive and dust and so forth.

So we were not there at the beginning, of course, a lot of adjustment but as we advance in August we have some sectors now that really look like zero dust.

So this is basically what has to do.

So most likely we're just going to extend to every single critical area, the suppression system.

因此，我們很可能只會擴展到每個關鍵區域，也就是抑制系統。我們也正在與製造商合作，使除塵系統更加高效，並進行更多優化。因此，兩者的結合非常非常有信心，我們將在 9 月解決問題。

We're working with the manufacturer as well to make the dust collecting system more efficient as well, more and some optimization.

So the combinations of both were very, very confident that we'll solve the problem once we're get in September.

Okay.

好的。僅就報價的加工成本而言，每噸 10 至 15 美元，我只是想確保這是美元？

And just on the processing costs that were quoted, the $10 to $15 a tonne, I just want to make sure that's USD?

Yes.

是的。

Okay.

好的。然後謝謝你。我所有的問題都已解決，恭喜你解決了這個問題。看起來進展順利。我可以轉到我的最後一個問題嗎？是慢慢出現，即 Q3 低於 Q2，然後 Q4 更低？或者我們已經處於低年級，並且在兩個季度中情況基本持平。

And then thank you for that.

All my questions on, and congrats on getting this up.

It looks like it's coming along nicely.

Can I just move to my final question, which is just on the guidance for the remaining portion of the year for the company as a whole, we do have the lower grades coming in at Essakane?

Is that coming in like slowly, i.e., Q3 is lower than Q2 and then a lower Q4?

Or are we already in the low grade and it's sort of even in the two quarters.

Yeah, the first part, like July was somewhat like a transitions and remain good.

是的，第一部分，就像七月一樣，有點像一個過渡，並且保持良好。我認為，從那時起，就像我們進入八月一樣，我們會看到這種情況慢慢下降，但這並不像第二季末的干砍。我們度過了一個美好的七月，我們繼續前進，現在我們正在緩慢過渡。

And I think, from there, like as we enter August, like slowly we see this ramping down, but it wasn't like a dry cut at the end of Q2.

So we had a good July and we continue and now we're transitioning slowly.

And on that, I know when you're looking at the guidance, as I mentioned, it looks like we're performing better the year-to-date and how we look at Essakane as well as we set the guidance there is some sort of risk adjusted effect as well there.

在這一點上，我知道當您查看指導時，正如我所提到的，看起來我們今年迄今為止的表現更好，我們如何看待 Essakane 以及我們設定的指導有某種形式風險調整效應也在那裡。

So we all understand the situations and it would take only a month of interruptions of supply or LFO being used for power, so there's a bit of a risk adjustment and just like happened in the first half, if the second half is very stable, you have no disruptions and the mine operates according to his plan, there is no reason to believe that we will not perform extremely well under those new updated guidance.

所以我們都了解情況，停電或用低頻振盪器供電一個月就可以了，所以有一點風險調整，就像上半年一樣，如果下半年非常穩定的話，你如果沒有發生任何中斷，並且礦場按照他的計劃運營，沒有理由相信我們不會在這些新的更新指導下表現得非常好。

Okay.

好的。所以看起來 Q3 有點低，然後 Q4 會是最低的。然後，對於 Westwood 的修訂後的數據，我們是否仍在關注季度環比的改善、第三季度的改善以及第四季度在等級方面的更好改善。

So looks like Q3 a bit lower and then Q4 will be the lowest.

And then for Westwood with the revised numbers, are we still looking at quarter-over-quarter improvement, Q3 over and then better improvement in Q4 on the grade side.

Yeah, but as I mentioned, we're almost now already at the reserve grade, right?

是的，但正如我所提到的，我們現在幾乎已經達到了預備級，對吧？所以會有一個點你不想 所以你會跟隨所以我們快到了。因此，如果一切順利，那麼（聽不清楚）就結束了。因此，今年上半年大約有 10,000 盎司來自 Fayolle。

So there would be a point where you don't want to So you're going to be following so we're almost there.

So if everything goes as well, well (inaudible) is over.

So there's about 10,000 ounces of the first half of the year that came from Fayolle.

So this one is so we had a very good grade in the Grand-Duc as well in kind of the second half of Phase 1.

因此，我們在 Grand-Duc 中取得了非常好的成績，在第一階段的後半段也是如此。所以所有這些元素可能不會在一秒鐘內出現。

So that's also.

So all those elements will maybe not be there in a second.

So when you're looking at, I think the underground will continue to improve, but you may lose a bit of grade towards the Grand-Duc, and you won't benefit the answers from Fayolle.

所以當你看的時候，我認為地下會繼續改善，但你可能會失去一些對大公的等級，並且你不會從法約勒的答案中受益。因此，我們是否可以重複 H1 和 H2，這更具挑戰性，但如果礦場繼續在地面上順利發展，我們也可以在這項新指導下處於有利位置。

So could we repeat H1 and H2, a little more challenging, but if the mine continues to ramp up well on the ground, we could be well positioned as well under this new guidance.

Okay, it kind of looks like you're almost there on grade, so mainly evenly distributed for the second half.

好吧，看起來你已經差不多達到等級了，所以下半場的分配基本上是均勻的。

Yeah.

是的。

Okay.

好的。非常感謝您回答我所有的問題。我真的很感激，並再次祝賀。

Thank you so much for taking all my questions.

I really appreciate it, and congrats again.

Thank you so much.

太感謝了。

This concludes your time allocated for questions on today's call.

今天的電話會議問題分配時間到此結束。現在我想將電話轉回給格雷姆·詹寧斯（Graeme Jennings）做總結演講。

I'd now like to hand the call back over to Graeme Jennings for closing remarks.

Thank you very much, operator, and thanks to 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。像往常一樣，如果您有任何其他問題，請聯繫雷諾或我本人。謝謝大家注意安全，祝大家有美好的一天。

As always, should you have any additional questions, please reach out to Renault or myself.

Thank you all be safe and have a great day.

This brings to close today's conference call, you may disconnect your lines.

今天的電話會議到此結束，您可以斷開線路了。感謝您的參與，祝您有個愉快的一天。

Thank you for participating, and have a pleasant day.