IAMGOLD Corp (IAG) 2024 Q3 法說會逐字稿

Welcome to the IAMGOLD second quarter 2024 operating and financial results conference call and webcast. As a reminder, all participants are in listen-only mode and the conference is being recorded. (Operator Instructions) I'd like to turn the conference over to Graeme Jennings, VP, Investor Relations and Corporate Communications for IAMGOLD. Please go ahead, Mr. Jennings. (Operator Instructions)

歡迎參加 IAMGOLD 2024 年第二季度營運和財務業績電話會議和網路廣播。提醒一下，所有與會者都處於僅聽模式，並且正在錄製會議。 （操作員說明）我想將會議轉交給 IAMGOLD 投資者關係和企業傳播副總裁 Graeme Jennings。請繼續，詹寧斯先生。 （操作員說明）

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

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。

We are joining today from IAMGOLD's Toronto Office, which is located on 2013 territory on the traditional lands of many nations including the Mississaugas of the Credit, Anishnabeg, Chippewa, Haudenosaunee, and the Wendat peoples. At IAMGOLD, we believe respecting and upholding Indigenous rights is founded upon relationships that foster trust, transparency and mutual respect.

我們今天從IAMGOLD 多倫多辦事處參加會議，該辦事處位於2013 年的領土上，位於許多民族的傳統土地上，包括米西索加人、阿尼什納貝格人、齊佩瓦人、豪德諾索尼人和溫達特人。在 IAMGOLD，我們相信尊重和維護原住民權利是建立在促進信任、透明度和相互尊重的關係的基礎上的。

Please note that our remarks on this call will include forward-looking statements and refer to non-IFRS measures. We encourage you to refer to the cautionary statements on disclosures on non-IFRS measures including the presentation and the reconciliation of these measures in our most recent MD&A, each under the heading non-GAAP financial measures. 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.

請注意，我們對本次電話會議的評論將包括前瞻性陳述並參考非國際財務報告準則措施。我們鼓勵您參考有關非 IFRS 措施揭露的警示性聲明，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。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 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, Graham, and good morning, everyone, and thank you for joining us.

謝謝格雷厄姆，大家早上好，謝謝您加入我們。

It was another exciting quarter for IAMGOLD, with the first full quarters of operations at Cote and another strong operating performance from Essakane and Westwood, putting us in a position to increase our overall guidance for the year. At a high level, I believe this quarter begins to paint the picture of what ultimately IAMGOLD would look like.

對於 IAMGOLD 來說，這是另一個令人興奮的季度，Cote 實現了第一個完整季度的運營，Essakane 和 Westwood 的運營業績也表現強勁，使我們能夠提高今年的整體指導。從較高的層面來看，我相信本季開始描繪出 IAMGOLD 最終的樣子。

Cote Gold is now ramping up providing for higher production base, lower cost profile, and shifting the density of our value to Canada. At city run rate, Cote 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 in cash flow from Essakane and Westwood.

Cote Gold 現在正在加強提供更高的生產基地、更低的成本，並將我們的價值密度轉移到加拿大。按照城市運行速度，Cote Gold 將成為加拿大最大的金礦之一，並成為未來幾十年現代採礦業的典範。再加上 Essakane 和 Westwood 強勁且可預測的現金流產出。

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 Cote is running at full steam and our prepaid commitment are behind us. This will position us with a clear road map for success with strong free cash flow generations will be essential to ultimately deliver a balance sheet and drive value accretion for our shareholders. And next quarter, we continue to improve the business and get closer to our objective.

此外，作為一家公司，我們看到我們的財務狀況逐季走強，明年 Cote 全力運轉且我們的預付承諾得到落實時，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交付資產負債表並推動股東價值增值至關重要。下個季度，我們將繼續改善業務並更接近我們的目標。

With that, we will not dive into the operating and financial results and highlights for the quarter. Starting with health and safety. IAMGOLD has continued to demonstrate a nonwavering commitment to safety accident. At IAMGOLD, it is our priority to ensure everyone goes home safely.

因此，我們不會深入探討本季的營運和財務表現以及亮點。從健康和安全開始。 IAMGOLD 繼續表現出對安全事故堅定不移的承諾。在 IAMGOLD，確保每個人都安全回家是我們的首要任務。

In the second quarter, our total recordable injury frequency rate was 0.6, an improvement from the prior quarter. I want to commend and congratulate the team which recently surpassed the record health and safety milestone of 5 million hours work with 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 in Burkina Faso 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.

第二季度，我們的總可記錄傷害頻率為 0.6，比上一季有所改善。我要讚揚和祝賀這個團隊，他們最近超越了500 萬小時工作時間的記錄健康和安全里程碑，並發生了一次可記錄的安全事件，在這段時間內達到了三個零，這是我們行業的一項里程碑式的成就，也是對專業精神和承諾的證明。的黃金產量達到317,000 盎司。

As we will get into a moment, the second quarter production reserve were driven by ISSA kind of being able to operate without disruption and benefiting from continued positive grade reconciliation. The continued ramp up of Westwood as the mine benefits from the rehabilitation of the underground and opening of new mining phases.

正如我們即將進入的，第二季度的生產儲備是由國際社會保障協會（ISSA）推動的，它能夠不間斷地運營，並受益於持續的積極品味調節。 Westwood 礦山的持續發展受益於地下修復和新採礦階段的開放。

And of course the first quarter of production at KTE, the strong production in 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 it transitions into operations and setting the stage for iron goal to see growing free cash flow. Moving forward.

當然，KTE 第一季的生產、銷售的強勁生產轉化為現金成本和所有維持成本，分別為每盎司 1,071 美元和 1,617 美元。第二季資本支出繼續逐季下降，總計 1.197 億美元，因為該公司過渡到營運階段，並為自由現金流成長的目標奠定了基礎。繼續前進。

Looking at our guidance, the strong first half positioned the company to be on our operating guidance for the year accordingly. We have increased our production guidance and lowered our cost estimate for the year on production. Iron gold has increased 2024 attributable gold production guidance for a second. It was what to 495,000 to 440,000 ounces of gold up from 430,000 to 490,000 ounces. Previously, as both of this mine has a strong first half of the year at Cote. We are maintaining our guidance of 130,000 to 175,000 ounces on a 60% basis.

從我們的指導來看，上半年的強勁表現使該公司相應地符合我們今年的營運指導。我們提高了生產指導並降低了今年的生產成本估算。鐵金第二次上調了2024年權益黃金產量指引。黃金價格從 430,000 至 490,000 盎司上漲至 495,000 至 440,000 盎司。此前，這兩個礦區在科特迪瓦上半年表現強勁。我們維持 130,000 至 175,000 盎司的指導，比例為 60%。

But we now expect productions to come in the lower end of this range as improvements are made to male availability. But we will get more into this in a moment as we walk through each asset on a paring on operating costs. The 2024 cost guidance for Essakane, Westwood combined is now expected to be in the range of $1,175 to $1,275 for cash cost per arm and $1,700 to $1,825 for Essakane per ounce sold. This compared to the previous guidance estimate of cash cost per in all of $1,280 to $1400 in Essakane per INSO of $1,780 to $1,940 in it.

但我們現在預計，隨著男性可用性的改善，產量將處於該範圍的低端。但我們稍後會詳細討論這一點，因為我們會根據營運成本來遍歷每項資產。目前，Essakane 和 Westwood 的 2024 年成本指引預計每臂現金成本在 1,175 美元至 1,275 美元之間，Essakane 每盎司銷售現金成本在 1,700 美元至 1,825 美元之間。相比之下，先前指引估計 Essakane 的現金成本為 1,280 至 1400 美元，每 INSO 為 1,780 至 1,940 美元。

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 at Essakane as we enter new mining phases.

雖然我們今年降低了成本預期，但更新後的指導範圍高於我們今年迄今的表現，因為增加的指導反映了我們在上半年看到的優異表現，並且隨著我們進入新的階段，Essakane 的成績預計會下降。

While inflationary pressures are easing pricing for certain consumables including finite and grinding media remains in line with the level of experience in 2023. With that, I will pass the call over to our CFO to walk us through our financial results and position Maarten.

雖然通膨壓力正在緩解某些消耗品的定價，包括有限的和研磨介質，但仍符合2023 年的經驗水平。 Maarten 的定位。

Thank you, Rena and Good morning everyone in terms of our financial position EOL 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.

謝謝 Rena，大家早安，就我們的財務狀況而言，EOL 本季末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，流動資金總額約為 9.157 億美元。

We know that with cash and cash equivalents, 55.9 million was held by Cote gold and 188.2 million was held by Alan declared a dividend during the second quarter of 180 million for which the minority interest portion and withholding taxes were paid.

我們知道，就現金和現金等價物而言，科特黃金持有5,590萬美元，艾倫持有1.882億美元，第二季宣布派發股息1.8億美元，其中支付了少數股東權益部分和預扣稅。

During the second quarter, 2024 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 is A's estimated future cash flows from operations to leave a sufficient working cash balance in country.

2024 年第二季度，應付公司淨額為 1.519 億美元，預計今年底支付。然而，這取決於 A 估計的未來經營現金流量，以便在該國留下足夠的營運現金餘額。

Any unpaid amount will be paid during 2025. We continue to see a risk on the ability to recoup all of the VAT receivables though the company was able to sell a small amount to a local bank in Burkina Faso.

任何未付金額將在 2025 年期間支付。

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.

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。 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。

The company intends to use the process from the financing to partially finance the repurchase of the 9.7 interest in Cote gold from Sumitomo on November 30, 2024. With the difference funded from available liquidity. Additionally, the company has to deliver 150 ounces under his goal prepay arrangements from July 2024 to June 30, 2025. The prepay arrangements were funded at the time of entering into the arrangements.

該公司打算利用融資過程為2024年11月30日從住友商事回購9.7% Cote黃金權益提供部分資金。此外，根據其目標預付款安排，該公司必須在 2024 年 7 月至 2025 年 6 月 30 日期間交付 150 盎司。

The company will receive some cash payments at the time of delivering into the gold prepay arrangements based on the amount that the market price of gold at the time of delivery. As follows for 50,000 ounces that will, 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 $2100 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 29 or 2,925 per ounce.

公司將根據交割時黃金的市場價格在交割時收到一些現金預付款安排。如下為今年 7 月至 12 月交付的 50,000 盎司。該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。第二季將交付 31,250 盎司。到 2025 年，該公司將收到現貨價格與 2,100 每盎司之間的差價，上限為 29 或 2,925 每盎司。

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 back bamboo asset sales. Please refer to the liquidity outlook section of the MD&A for further details.

最後，該公司預計將在 2024 年因剩餘背竹資產出售而完成的剩餘交易中獲得 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。

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. With cost remaining in line with prior periods. The higher realized gold prices resulted in higher margins and higher free cash flow revenues from continuing operations totaled 385.3 million from sales of 167,000 ounces on 100% basis at a record average realized price of $2,294 per ounce.

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。較高的已實現黃金價格導致較高的利潤率和較高的自由現金流，來自持續經營業務的收入總計3.853 億美元，銷售量為167,000 盎司（按100% 計），平均已實現價格創歷史新高，為每盎司2,294 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 evident amount of 191.1 million compared to 152.5 million in the previous quarter of the year, which is 127 million higher.

實現價格包括本季交付的黃金預付安排的影響，該安排使實現價格降低了每盎司 60 美元。第二季強勁的營運業績加上金價高企，導致調整後的明顯金額為 1.911 億美元，較上年同期的 1.525 億美元增加了 1.27 億美元。

Then the 63.8 million adjusted EBITA number in the second quarter of 2023 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.

那麼，2023 年第二季調整後每股收益 6,380 萬美元為 0.16 美元，而上一季為 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 minesite operating activities. There's 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 after the in June 2020 bringing its year-to-date title for the mine to $32.3 million.

查看礦場自由現金流，其計算為礦場經營活動的現金流。營運礦場會產生資本支出。 Westwood 和 Essakane 的產量創下近期新高，達到 1.4 億美元，其中 Westwood 恢復了自 2020 年 6 月重啟以來第二季度礦區自由現金流正值，使該礦年初至今的所有權達到 3,230 萬美元。

At Essakane, we note mindsight free Castro 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.

在 Essakane，我們注意到第二季 Mindsight Free Castro 的銷售額為 1.182 億美元，比 2023 年第二季的 3,640 萬美元高出 8,180 萬美元。

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

然後，我會將電話轉回給雷諾。謝謝你，雷諾。

Thank you Maarten .We will walk through our brain performance at the second in Westwood before we dive into Cote at the mine reported a tribal gold production of 111,000 ounces in the second quarter, up 26% from prior year period and bringing the year-to-date total to 229,000 ounces.

謝謝 Maarten。 229,000 盎司。

This was not a very strong quarter of operation for a second, made possible that our mining operate operation being able to perform decline in the quarter compound with continued higher than expanded grades.

這並不是一個非常強勁的季度運營，這使得我們的採礦業務能夠在本季度複合下滑，但品位繼續高於擴張後的水平。

Mining activities totaled 11 million tons in a quarter with only 2.2 million tons of ore mine as mining worked through a higher strip sequencing of the mine coupled with limited mining in a part of phase six due to localized instability which require enforcement and has been addressed since that, that grade remained high at 1.46 g a ton due to the continued positive reconciliations of grade from the reserve model.

本季採礦活動總量為1,100 萬噸，其中礦石產量僅為220 萬噸，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而導致第六階段的部分採礦量有限，需要強制執行，並且自此以來已得到解決由於儲備模型中品位的持續積極調節，該品位仍保持在每噸 1.46 克的高位。

As we continue to mine deeper into the phase five, this positive grade reconciliation and the deeper portions of EAC was seen previously in phase five and is continuing in phase five in phase four and continuing in phase five. However, we are seeing head grades decline in line with the life of mine plan as volumes from phases six and seven increase and from increased portion proportion of stockpile are included in the mill feed on a cost basis is Essakane reported second quarter, cash cost of $1,081 per ounce and all in sustaining cost of $1,481.

隨著我們繼續深入第五階段的挖掘，這種積極的品味調節和 EAC 的更深部分以前在第五階段就已經出現，並且在第五階段、第四階段和第五階段繼續。然而，我們看到，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，根據Essakane 第二季度報告，按成本計入工廠飼料中的原料品位會隨著礦山計劃的壽命而下降，現金成本為每盎司 1,081 美元，維持成本為 1,481 美元。

A slight increase from the prior quarter way below our previous guidance to the strong production and gold sales with a strong first half of operations in 2024. As a kind of production guidance has been revised upwards with a trial production expected to be in the range of 380,000 to 410,000 ounces. This compared to the prior guidance of 330,000 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.

與上一季相比略有成長，遠低於我們先前的指導，因為 2024 年上半年營運強勁，產量和黃金銷售強勁。 。相比之下，先前的黃金指引為 33 萬至 37 萬盎司。預計該廠將繼續按銘牌產能運營，但平均原品位略低於上半年。

As per the mine plan, the cost guidance for Essakane has also been revised only and it is expected to be in the range of the $1,175 to $1,275 for cash cost per ounce salt and $1,575 to $1,675 for a six per ounce salt, approximately $100 to $125 per ounce improvement on both metrics due to the outperformance in the first half of the year, capital expenditure guidance has been increased to approximately 175 million. Primarily due to an increase in the strip ratio, not total tons mine resulting in more mining costs being included in capitalized waste and equipment replacement.

根據採礦計劃，Essakane 的成本指導也僅進行了修訂，預計每盎司鹽的現金成本為1,175 美元至1,275 美元，每盎司6 鹽的現金成本為1,575 美元至1,675 美元，每盎司鹽的現金成本約為100 美元至100 美元。主要是由於剝採率的增加，而不是礦山總噸數的增加，導致更多的採礦成本被計入資本化廢棄物和設備更換。

If I can continue to be a significant cash flow contributor for iron go with the current mine life through 2028. This operation has the capability to generate over a billion dollars of cash flow at current gold price.

如果我能繼續成為鐵礦現金流的重要貢獻者，就按照目前的礦山壽命到 2028 年。

We are continuing to examine the opportunities to extend the mine life of Essakane targeting options within the defense to ensure the safety of our teams turning to Westwood. I want to congratulate the team on another improvement in the quarter as the mine continues to test new highs and quarterly volumes from underground grades and production. Since the mine restarted in 2021.

我們正在繼續研究延長 Essakane 地雷壽命的機會，目標是防線內的選擇，以確保我們轉向 Westwood 的球隊的安全。我要祝賀該團隊在本季度取得的另一項進步，因為該礦場繼續測試地下品位和產量的新高和季度產量。自2021年該礦重新啟動以來。

This improvement has meant that what, what has generated has Maarten noted positive minere cash flow of nearly $22 million in the second quarter, bringing the year-to-date total to just over $32 million on operation was we produced 35,000 ounces in the quarter. A significant 84% over prior year period in bringing the year-to-date total to 67,000 ounces a year.

這項改善意味著，Maarten 指出，第二季礦廠現金流量接近 2,200 萬美元，使年初至今的營運總額略高於 3,200 萬美元，我們在該季度生產了 35,000 盎司。較上年同期大幅成長 84%，使年初至今的總產量達到 67,000 盎司。

Today, ore mined from underground continued to step up and at higher at a higher grade with 89,000 tons in the second quarter, contributing to an average head grade from underground ore of 9.2 g. A ton mill throughput also increased in the quarter to 302,000 tons per at an average blend, blended head grade of 3.92 g a ton and 92% recovery. The increase in throughput was driven by improved availability of 89% due to the ongoing maintenance program.

如今，地下礦石開採量持續增加，品位更高，第二季產量為 8.9 萬噸，地下礦石平均品位達 9.2 克。本季，噸磨機吞吐量也增加至每噸 302,000 噸，平均混合量為每噸 3.92 克，混合頭品位為 3.92 克，回收率為 92%。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。

The cost profile for Westwood continues to decline as operations improve cash cost. Average $1,131 an ounce and all in sustaining cash are very promising. $1,663 an ounce in the second quarter continuing the trend of quarter over quarter cost improvement.

隨著營運改善現金成本，Westwood 的成本狀況持續下降。平均價格為每盎司 1,131 美元，所有現金都非常有前景。第二季成本為每盎司 1,663 美元，延續了季度較上季成本改善的趨勢。

Looking ahead, we have raised our guidance for this year with what we're now expected to produce between 115,000 to 130,000 ounces of gold. At lower cash costs of $400 to $1300 per ounce and a set of $1,775 to $1,900 per ounce.

展望未來，我們上調了今年的指導，目前預計黃金產量將在 115,000 至 130,000 盎司之間。現金成本較低，為每盎司 400 至 1300 美元，一組為每盎司 1,775 至 1,900 美元。

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 optimization efforts at Westwood turning to coal, we couldn't be more impressed with the work of our teams on the ground as they brought Coty to commercial production only four months after the initial Gulf War on March 31st 24 which was achieved within 90 days. Our first precommissioning activity.

在第四季度，我們將發布 Westwood 的最新技術報告和採礦計劃，該報告將根據 Westwood 過去 2.5 年轉向煤炭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，我們可以我們團隊在實地的工作給我們留下了深刻的印象，他們在3 月31 日24 日海灣戰爭爆發後僅四個月就將科蒂投入商業生產，並在90 天內實現了這一目標。我們的第一個預調試活動。

The rampup of Gode has seen the project hit significant milestone in its first few steps as a mine, we took the path of testing first, the capacity of the main equipment that drive the ultimate nameplate objective and then build availability as we ramp pass from early on the primary components of the processing circuits, primary and secondary crushing HBDR conveyors, ball mill, leaching, et cetera.

Gode 的升級見證了該項目作為礦山的前幾步就達到了重要的里程碑，我們首先採取了測試的方式，主要設備的容量驅動最終的銘牌目標，然後隨著我們從早期的斜坡通過，建立可用性處理迴路的主要組件、初級和二級破碎HBDR 輸送機、球磨機、浸出等。

All have proven their capability to operate on their design load when provided with stable conditions during the same period, we also took the time to all the team to stop and correct several deficiencies that it is usually the case that early days of ramping up a large scale facility.

所有人都證明了在同一時期提供穩定條件時，他們有能力在其設計負載下運行，我們還花時間讓所有團隊停止並糾正一些缺陷，通常情況下，早期的大型專案規模設施。

The first big took about the whole first half, the second quarter for 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 in the overall availability of the processing facility while identifying all potential limiting factor to objective of exiting the year at 90% nameplate.

第一場大戲大約花了整個上半場，第二節則花了45天的時間走得快。在本季的下半年，我們努力緩慢但堅定地啟動引擎並測試處理設施整體可用性的穩定性，同時確定所有潛在的限制因素，以實現今年 90% 的目標。

In early July, the team pushed the commercial production button and reach our objective 30 days later with nameplate production of 36,000 tons of cheese on August 1st. As the last day on the draft 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.

7月初，團隊按下了商業化生產按鈕，並在30天後達到了我們的目標，8月1日生產了36,000噸起司。作為選秀的最後一天，我們可以報告說，我們對 HPG​​R 的表現非常滿意，並相信它將在爬坡階段帶來巨大的價值。我們已經確定了乾側需要進行一些改進，以實現設計可用性和效能。

The first one has to do with mitigating the effect of abrasiveness of on wear parts. The ARTCO is highly abrasive which was always known but with actual effect to be experienced availability of the crushing and screening circuit. In the second quarter was somewhat impacted by accelerating wear on the liners, heaters and shoot due to this abrasiveness. The new lining material has been identified and tested with good results in some critical area.

第一個與減輕磨損部件的磨損影響有關。 ARTCO 具有高度磨蝕性，這一點眾所周知，但實際效果是透過破碎和篩選迴路的可用性來體驗的。由於這種磨蝕性，第二季度受到襯裡、加熱器和噴射加速磨損的影響。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。

Second, the continued core screening performance was also limited during ramp up. A new, a new panel design are being proposed. Finally, thus, 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, we have tested additions of suppressions, both water and surfactant system in critical area with great result. So all in all everything is solvable. We have identified corrective actions and we have initiated implementation of that.

其次，在產能提升期間，持續的核心篩選性能也受到限制。一種新的、新的面板設計正在被提出。最後，因此，早期的管理非常具有挑戰性，特別是在放映大樓中。雖然已經取得了顯著的改進，但還需要採取更多的糾正措施，我們已經在關鍵區域測試了添加水和界面活性劑系統的抑製作用，並取得了很好的效果。所以總而言之一切都是可以解決的。我們已經確定了糾正措施，並已開始實施。

The company is planning a multi day shutdown in September. At which time, we will deploy key optimization to address all the issues and improve the long term availability of the plant. We are very confident in the ability of co to ramp up well this year, once we address these issues further, the power requirement of the plant has been lowered and anticipated providing important available capacity for down the road and the second quarter. Mining activities achieve a new high of 10.5 million tons of total material mine.

該公司計劃在 9 月停工多天。屆時，我們將部署關鍵優化來解決所有問題並提高工廠的長期可用性。我們對今年的產能提升能力非常有信心，一旦我們進一步解決這些問題，工廠的電力需求就會降低，預計將為未來和第二季提供重要的可用產能。採礦活動創出礦料總量1050萬噸的新高。

Further. Great mine are continuing to come largely in line with our grade control block model in the current life of mine mining causing a quarter. Despite not yet running at full run rates were comparable to Canadian Open Pier at just under the $4 a ton an increase from the prior quarter due to temporary optimization activities and blasting patterns and production. Drilling as well as some powers. Curtailments experience in June due to unseasonal heatwave on processing mill throughput in the second quarter was 834,000 tons at an average head grade of 1.4 g a ton for a total of 34,000 ounces produced at 100% basis.

更遠。在目前礦山開採壽命中，大型礦山繼續在很大程度上符合我們的品位控制塊模型，導致四分之一。儘管尚未滿載運行，但由於臨時優化活動以及爆破模式和生產，運行速度與加拿大開放碼頭相當，比上一季度增長了近 4 美元/噸。鑽孔以及一些力量。由於非季節性熱浪，6 月加工廠產量出現減產，第二季加工量為 834,000 噸，平均原品位為每噸 1.4 克，以 100% 基準生產的總產量為 34,000 盎司。

Revay circuit was successfully commissioned toward the end of the quarter and recovery has responded well to the ramp to the ramp up of the operations. Averaging 90% in July Cote processed over 620,000 tons of ore with productions of nearly 26,000 ounces of gold.

Revay 電路在本季末成功投入運行，並且恢復對營運的提升做出了良好的反應。 7 月份，Cote 平均加工了 90% 的礦石超過 62 萬噸，生產了近 26,000 盎司黃金。

We have maintained our guidance at code for this year though we have guided to the lower end of the range of 220 to 290,000 ounces on 100% basis as improvement to mill availability are made during the ramp up of a raising during reducing expectant on prior to completing the solutions.

我們維持了今年的指導方針，儘管我們在 100% 的基礎上指導了 220 至 290,000 盎司範圍的下限，因為在減少之前的預期期間提高了工廠的可用性。

We believe that exiting the year at nearly nameplate will set (Kte and Im) go for huge success. Starting early 2025. I will now hand the call back to Marteen for a brief update on projects ending this year.

我們相信，以接近銘牌的價格退出這一年將讓（Kte 和 Im）取得巨大成功。從 2025 年初開始。

Thank you, Rena. I want to note that as we discuss project expenditures, all costs are being quoted on 100% basis. Project and capital expenditures were 92.6 million in the second quarter and 288.9 million year-to-date.

謝謝你，蕾娜。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。

The expenditures include project expenditures of [30.7] million to support the completion of commissioning and certain scopes of noncritical path earthwork and infrastructure. Prior to the first goal for on March 31 project expenditures were 151.7 million, totaling 182.4 million for the year.

這些支出包括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的專案支出[3,070]萬元。 3 月 31 日確定的第一個目標之前，專案支出為 1.517 億美元，全年總計 1.824 億美元。

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.

第二季與銑削和表面成本相關的 2,450 萬營運支出已資本化，年初至今已資本化 5,150 萬營運支出，用於支援調試和在實現商業生產之前加大力度。

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

年初至今，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，資本化廢棄物剝離和資本化營運成本預計將高於指導值，但由於與營運相關的資本減少而被抵銷。一些設備是透過我們增加的租賃設施購買的。

The total of all of our capital expenditures of 454 million as well as the timing of the expenditures are in line with our forecastings guidance for the year back to you on our.

我們所有資本支出總計 4.54 億美元以及支出時間均符合我們向您回饋的今年預測指引。

Thank you Martin. So, 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 Cote. We are continuing to advance in our understanding of the impact of Gosselin and potential of the project.

謝謝馬丁。因此，我們今年的目標非常明確，我們需要提高計劃的可用性和利用率，以大約 90% 的吞吐率結束這一年，並以非常強勁的基礎開始 2025 年。這讓我們看到幻燈片，我們總是喜歡結束，這就是 Cote 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。

At year end 2023 we updated the Gosselin and mineral reserve and resources estimate with an additional 35,000 m of drilling which was drilled over the two years prior this year itself. We are conducting a 35,000 m drill program targeting the central zone between the pit shells where we see indication of continuation of mineralizations and put ethermal bretches as well as some deeper holes to understand the continuity of the mineralization below the current pit shell.

2023 年底，我們更新了 Gosselin 以及礦產儲量和資源估算，增加了 35,000 m 的鑽探，這些鑽探是在今年前兩年進行的。我們正在進行一項35,000 m 鑽探計劃，目標是坑殼之間的中心區域，在那裡我們看到了礦化延續的跡象，並放置了熱液裂縫以及一些更深的孔，以了解當前坑殼下方礦化的連續性。

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

當我們查看資源和儲量表時，鱈魚礦床的 100% 礦產儲量估計為 760 萬盎司。

This reserve formed the basis of the current economics of the project on a measured and educated resource basis. The cod that is currently estimated at a total of 12.1 million ounces.

該儲備構成了該項目目前在測量和教育的資源基礎上的經濟基礎。目前估計鱈魚總量為 1,210 萬盎司。

The adjacent Gosselin pit has an additional 4.4 million ounces of me and dedicated resources and nearly 3 million ounces of infer bringing the to the project to a total of 16.5 million ounces of me and dedicated and an additional 4 million ounces of infer the size of Cody and Gosselin together put the project in the mine in a very exclusive company amounts large scales producing Canadian assets.

鄰近的Gosselin 礦坑擁有額外440 萬盎司的原油和專用資源以及近300 萬盎司的推斷資源，使該項目的原油和專用資源總量達到1,650 萬盎司，另外還有400 萬盎司的推斷資源，與Cody的規模相當。

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

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 Gosselin 和剩餘措施納入未來潛在的採礦計劃中。

So, thank you all and I look forward to a very exciting year ahead with that. I would like to pass the call back to the operator for the Q&A operator.

所以，謝謝大家，我期待接下來非常激動人心的一年。我想將電話轉回給問答接線生。

(Operator Instructions) Anita Soni, CIBC World Markets.

（操作員指示）Anita Soni，CIBC 全球市場。

Good morning Renaud everyone. My first question is with respect to Cote. 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, at COTE is its three put grade recovery rate. And then the second one probably relates that is how long will that shut down last in September?

大家早安雷諾。我的第一個問題是關於科特的。有哪些因素，有哪些主要因素推動了您將接近生產指引範圍下限的跡象，在 COTE 是其三級回收率。第二個可能涉及的是，九月的關閉會持續多久？

Very 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 to mail. So if you recall, we, we set the guidance early in the year of the [220 to 290] specifying that we were confident in the high grade, which is happening.

非常感謝您的提問。正如您在今年早些時候問我的那樣，我們如何制定最初的指導方針。我想說這主要是郵件總數的問題。因此，如果您還記得，我們​​在 [220 至 290] 年初制定了指導，具體說明我們對高等級充滿信心，而這種情況正在發生。

But also basically saying that at a perfect commissioning without any need, you know, for further down employment so far with the 6.5 million to process or so, we'll set the 2.290.

但基本上也說，在完美的調試中，您知道，為了進一步減少到目前為止需要處理的 650 萬個左右的就業量，我們將設定 2.290。

As I explained in my, in my comments, we, we really did take the time in Q2 to properly stop and correct things as we move forward. This has been our philosophy since day one. And and I'm very pleased that it's been maybe a little pain in the short term on the total announces, but we're definitely going to shift the profile starting in 25.

正如我在我的評論中所解釋的，我們確實在第二季度花了時間在我們前進的過程中適當地停止和糾正事情。從第一天起，這就是我們的理念。而且我很高興的是，短期內發布的總數可能會有點痛苦，但我們肯定會從 25 開始改變個人資料。

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 but we're prepared to go further. So if it takes if it takes additional downtime another 57 days, a total of 1,015, 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 in September. So let's call for 10 to 15 max. And and we'll see how it goes for the remaining of that, so largely the term process and as we correct this emotionally.

因此，我們在第二季度就這樣做了，正如我所提到的，就您最初的觀點而言，我們可能會考慮在 9 月進行五天的活動，但我們準備走得更遠。因此，如果需要額外的停機時間 57 天，總共 1,015 天，無論採取什麼措施來糾正所有這些問題，如果需要的時間更少，我們的表現可能會比低端的更好，但我們只是想確保我們準備好九月份的時間了。所以我們要求最多 10 到 15 個。我們將看到剩下的部分如何進行，主要是術語過程以及我們在情感上糾正這一點。

Okay, thank you. And then I noticed you provided mining cost per ton for the Q2. Thank you for that. I know and I also know that, you know, relatively short period of time since you've declared commercial production on August 7th. But can you give us an indication how the processing costs are going at this stage?

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 8 月 7 日宣布商業生產以來，時間相對較短。但您能否告訴我們現階段的處理成本如何？

Good morning, Anita, 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 expect the dollar per ton 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 100% yet. But our expectation on the cost of the mill have not reduced at this or have not changed at this point.

早上好，安妮塔，整體處理成本實際上很好，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的成本。但是，當我們看到年底時每噸成本的美元成本預計將處於我們先前指導和揭露的範圍內。因此，與因通貨膨脹而略有增加的 43,101 人一致，但我們還沒有達到 100%。但我們對工廠成本的預期此時並沒有降低或沒有改變。

I think Maarten it's fair to say that, you know, the range of the 10 to 15 is just a matter of the tons mil, right. So we, we were still low, globally low with 839,000 tons of mil in the second quarter, but with only one month of 620. So what we're expecting to get closer or, you know, to the 10 objective, 10 to 11 objective as we exit the year. But it's really a matter of time now.

我認為 Maarten 可以公平地說，你知道，10 到 15 的範圍只是噸·百萬的問題，對吧。因此，我們仍然處於低位，全球低位，第二季度產量為 839,000 噸，但僅一個月為 620 噸。今年結束時的目標。但這現在確實是時間問題了。

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

正如您所提到的那樣，您使用的功率較少，或者是否考慮到較低的功率，我想成本效益？

Yeah, but also power, even though it's a massive, it's a big operation. Power cost per kilo water would be extremely low at coating as we manage peaks. And we're expecting one of the lowest costs in our kilo water, you know, pretty much in the industry. So, yes, this is, but the real benefit beyond potentially saving is the opportunity of using this extra power down the road.

是的，還有力量，儘管它是一個巨大的，也是一個大手術。當我們管理高峰時，每公斤水的電力成本將非常低。我們預計我們的公斤水成本將是業內最低的之一。所以，是的，確實如此，但除了潛在的節省之外，真正的好處是有機會在未來使用這種額外的電力。

As, as we well documented, there's some, you know, certain that, you know, like the 72 megawatt. 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 in the web on the website and may drive more tons down the road, not the main, like it has to be proven on a daily basis. But what we've seen so far is we're definitely using less power for the same throughput.

正如我們詳細記錄的那樣，有一些，你知道，可以肯定，你知道，例如 72 兆瓦。所以你想怎麼用就怎麼用吧？這是我們最興奮的事情，我們覺得網站上的主要設備可能會在路上推動更多噸，而不是主要設備，就像它必須每天證明一樣。但到目前為止我們所看到的是，在相同的吞吐量下，我們肯定使用了更少的功率。

And then just an idea of, in terms of the cons the build out in the summer time, I noticed that in mind the mining rates on or were similar to last quarter. 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, how many tons do you have to deliver to the Tailings Dam in Q3?

然後，就夏季建設的缺點而言，我注意到，考慮到上季的採礦率或與上季相似。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、多少、多少、多少噸要運送到尾礦壩？

I don't have the details of the, the tons, but if you recall and as described as well in the 43,101, so we're basically executing the whole phase two, right? And this will combine with the fact, you know, of the truth of the ramp up will position towards the 18 months of capacity.

我沒有大量的細節，但如果你還記得，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？這將結合事實，你知道，產能提升的真相將定位在 18 個月的產能。

And then as we move forward this summer, we will add. But yes, we're, we're completing the phase two that we've initiated last year. We're completing it this year. And and then by fall, we should have minimum of 18 months ahead of us. And then we'll continue on the, on a yearly basis to raise. And our objective is to be comfortably sitting at least on the 24 months beyond ahead of us.

然後，當我們今年夏天繼續前進時，我們將添加。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。到秋天，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接下來的 24 個月安然度過。

And my last question, just in terms of stockpile levels, can you tell us how many tons of more 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，您能否告訴我們您現在在工廠之前還庫存了多少噸，以及那裡的平均品位是多少。

You got this. Yes.

你得到了這個。是的。

Good morning. Any time. So, far we have 8 million tons grading at 0.75. We have different category of stockpiles with direct feed I grade or, and I grade or, and low grade So far, we are pretty satisfied with the level of stockpile and also with the reconciliation of the high grade category.

早安.任何時間。到目前為止，我們有 800 萬噸品位為 0.75。我們有不同類別的庫存，包括直接飼料 I 級或、I 級或、低品級 到目前為止，我們對庫存水準以及高品位類別的協調非常滿意。

And then you mentioned, I think in the that you're directing more higher grade from the from the pit to the mill, what would that high grade be on average?

然後你提到，我認為你正在指導從礦坑到工廠的更高品位，那麼高品位的平均水平是多少？

We define our grade, whatever is above the 0.7 0.8 g per ton category. So right now, we have a good fair amount of spec tile at 1.6 g per ton in front of us. And we have also some run of our mind at 114.

我們定義我們的等級，無論是高於每噸 0.7 0.8 克類別。所以現在，我們面前有大量的規格瓷磚，每噸 1.6 克。我們在 114 也有一些想法。

So we'll try to keep the mail to, you know, the 15 till the end of the year. We did very well in July as well. So, so there is no issues or reason to believe, you know, we won't deliver the great. So it's really about cranking up the ton that through, but the mine has been doing very well so far.

所以我們會盡量將郵件保留到 15 號直到今年年底。我們七月的表現也很好。因此，沒有任何問題或理由相信，我們不會實現偉大的目標。因此，這實際上是為了提高產量，但到目前為止，該礦的表現一直非常好。

Okay, thank you. That's my questions and congratulations on hitting a commercial production.

好的，謝謝。這就是我的問題，並祝賀您成功商業化製作。

Thank you so much.

太感謝了。

Wayne Lam, RBC.

韋恩林，加拿大皇家銀行。

Yeah, thanks guys, morning, everyone. Just wondering maybe a co day if you might be able to speak to the performance of the autonomous operations date on the haulage and drilling and just where the challenges have been and how you've mitigated those risks.

是的，謝謝大家，早安。只是想知道也許有一天您可以談談自主操作日期在運輸和鑽井方面的表現，以及挑戰在哪裡以及您如何減輕這些風險。

I wouldn't call the too many risk to be mitigated. I think more every quarter that goes by, we get more comfortable with autonomous haulage and it's been operating very well. And Renaud just mentioned the stockpile and everything that's been processed.

我不會認為太多的風險需要減輕。我認為隨著每個季度的過去，我們對自動運輸越來越滿意，而且它運作得很好。雷諾剛剛提到了庫存和所有已處理的東西。

So basically, every single ton that's been put on the stockpile, you know, has been with with autonomous trucks. And it's been performing extremely well at a very high availability and so forth. So 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.

所以基本上，你知道，庫存中的每一噸都是由自動卡車存放的。它在非常高的可用性等方面表現得非常好。所以說實話，他們沒有看到任何問題。希望隨著時間的推移，我們的鑽井自動化也能變得更好。所以兩方面都要努力。

But autonomous is absolutely working beautifully and not to underestimate as well, the health and safety aspect of not having operators behind the steering. It's not about cutting jobs. It's really about improving modernizing operations and make it safe safer, but so far, so good. Excellent. I'll give a very high score to the implementation of autonomous college. I will redo it anytime.

但自動駕駛絕對運作得很好，也不要低估沒有操作員操縱的健康和安全方面。這不是為了裁員。這實際上是為了改善現代化營運並使其更加安全，但到目前為止，效果還不錯。出色的。對於自治學院的實施我會給很高的評價。我會隨時重做。

Great. Sounds like things are going pretty well. Maybe moving to Westwood just on the grades there which seem, you know, pretty positive relative to 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 909 100 tons per day and given the strong performance of the mine. Now, with the underground now rehabilitated, do you envision that asset is one to keep in the portfolio longer term or could it potentially be classified more as a non core?

偉大的。聽起來事情進展得很順利。也許搬到韋斯特伍德只是因為那裡的成績，你知道，相對於保護區來說，這似乎相當積極。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，考慮到該礦的強勁表現，您認為地下目標開採量是否有上升空間，超過每天 909 100 噸？現在，隨著地下設施的恢復，您是否認為該資產是一種可以長期保留在投資組合中的資產，還是有可能被歸類為非核心資產？

The although in order, my KPI is in every quarter, I've seen the acid ramping up with Morton from underground, the overall grade improving from underground, we're sitting on a reserve of roughly 10.4 g a ton reserve. And that's the ultimate objective. You need to position yourself at some point where you start mining at the reserve rate at Westwood. And this is where you're going to feel that you have reached a certain stability and sustainable. So pretty close to we could be basically one quarter away of reaching once you get that you want, like I said, you know, to, to continue to operate along these lines.

雖然按順序，我的 KPI 是在每個季度，但我看到莫頓的酸從地下逐漸增加，總體品位從地下提高，我們的儲備量約為每噸 10.4 克。這就是最終目標。您需要將自己定位在某個點，以 Westwood 的儲備率開始採礦。在這裡你會感覺到你已經達到了一定的穩定性和可持續性。因此，一旦你得到你想要的東西，我們基本上就可以達到四分之一的目標，就像我說的，你知道，繼續沿著這些路線運作。

We're extremely, extremely pleased to how Westwood has performed and continue to perform in, in the cash flow. So comfortable to say that at this at this stage, you know, we're very pleased with the, with both the Essakane in Westwood and we definitely can see these two mines continue in a big collaborator if you have, you know, to our and contributor to our story.

我們對韋斯特伍德在現金流方面的表現以及繼續表現感到非常非常高興。可以很輕鬆地說，在這個階段，我們對 Westwood 的 Essakane 感到非常滿意，如果您知道我們的情況，我們肯定可以看到這兩個礦山繼續成為一個大合作者。貢獻。

Having said that I don't think so. We've seen the end of the optimization of the, of Westwood. 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, you know, strong production profile and improving and free cash flow. So we're very pleased on the total times. We see Bruno getting wet a bit here. So, what do you see down the road?

話雖如此，我不這麼認為。我們已經看到 Westwood 優化的結束。因此，我們將放置 42 101 我們想看看我們能在哪裡得到什麼。正如我所說，您知道，強勁的生產狀況以及不斷改善的自由現金流。所以我們對總時間感到非常滿意。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？

Thank you note. Actually the performance from underground is getting better and better due to the all the lab work we've done over the last two years and a half. It's proved to be very beneficial for us in our ability to reach our targets 900 tons per day. Of course, we have vision to increase this closer to the 11 number and those are the kind of targets we're looking at.

謝謝您的注意。實際上，由於我們在過去兩年半中所做的所有實驗室工作，地下的表現變得越來越好。事實證明，這對我們實現每天 900 噸的目標非常有利。當然，我們的願景是將這一數字增加到接近 11 個數字，而這些正是我們正在考慮的目標。

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 my implant.

再次透過新的 43 101，我們將能夠更清晰地表達這些目標。以及新區塊模型的礦井壽命範圍。因此到那時，我們將能夠提供與我的植入物相關的更多見解。

Okay, great, thanks. And then maybe just last one just on the bamboo 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 that final payment coming in?

好的，太好了，謝謝。然後也許只是關於竹子資產的最後一項。您能否更清楚地說明最終付款的情況，以及是否存在與之相關的任何信用風險，這似乎有點延遲，並且想知道最終付款的風險是什麼？

Yeah, I 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, 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 will address, you know, the closing in Mali. So can we close both? Y

是的，我的評論有點長，這是一個公平的評論。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。接下來，我們將討論馬裡的閉幕事宜。那我們可以關閉兩者嗎？是

OU know, we're still saying that we're still saying that they're both we were working towards closing both remaining talking about roughly 80 million of growth per seat. And for both. So it's meaningful. It's important, it's important for our, for, for our people as well because as you mentioned, we gotta move on here and allow everyone to move on. So, we're very active and remain confident we're going to close out this year.

你知道，我們仍然在說，我們仍然在說，我們正在努力結束這兩個剩下的談論每個席位大約 8000 萬的增長。對於兩者來說。所以這是有意義的。這很重要，對我們、對我們的人民也很重要，因為正如你所提到的，我們必須繼續前進，讓每個人都繼續前進。因此，我們非常積極，並對今年的結束充滿信心。

Okay, great. Thanks. Thanks for taking my questions.

好的，太好了。謝謝。感謝您回答我的問題。

Okay.

好的。

Mike Parkin, National Bank Financial.

麥克‧帕金 (Mike Parkin)，國家銀行金融部門。

Hi guys. Congrats on the solid quarter. Most of my questions have been answered just a couple follow ups. You gave us good color on expected shutdowns at Cote.

嗨，大家好。恭喜季度業績穩定。我的大部分問題僅通過幾次跟進就得到了解答。你給了我們關於科特迪瓦預計關閉的資訊。

Can you give us any guidance around shutdowns planned at Westwood or ICAN?

您能為我們提供有關 Westwood 或 ICAN 計劃關閉的任何指導嗎？

I definitely nothing extraordinary beyond the regulars. So, you're looking at the average availability of Essakane and Westwood, 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 plan shutdown a little bit of on plan, but we don't have anything extraordinary. And I think the same comment goes for, for Zane as well. There's always of course, things to be addressed, but we, we're not planning beyond the regular availability. So, so both mine should be in the availability or better of what you've seen in Q2.

除了常客之外，我絕對沒有什麼特別的。所以，你看看 Essakane 和 Westwood 的平均可用性，我們達到了 89%。因此，我認為我們將努力將這一水平維持到年底是公平的。這基本上是透過按計劃關閉一點點來完成的，但我們沒有任何特別的事情。我認為同樣的評論也適用於贊恩。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，我的兩個都應該是可用的，或者比你在第二季看到的更好。

Okay. And then the target I quoted to be at 90% of nameplate by year end. Is that like obviously you put out a daily number just recently and that it's, well, you know, it's at nameplate, but what's the 90% based on, is that like a trailing four week average?

好的。然後我提出的目標是到年底達到銘牌的 90%。很明顯，您最近剛剛發布了每日數據，並且它在銘牌上，但是 90% 的基礎是什麼，這是否類似於過去 4 週的平均值？

I'll be very happy by accumulating four weeks. Like let's say if what we've done in commercial using 50% of nine plane, if we repeat that in December and we feel very strong. This is what we call exiting the year. So, so thanks for asking. But internally, this is how we would feel. It's not about a few days. 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 sitting on the saddle by the end of December. So let's call it 30 days. Averaging 90% will be our key objective in December.

累積四個星期我會很開心。比方說，如果我們使用 50% 的九架飛機在商業中所做的事情，如果我們在 12 月重複這一點，我們感覺非常強大。這就是我們所說的退出年。所以，非常感謝您的提問。但在內部，這就是我們的感覺。這不是幾天的事。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，你要確保你能牢牢地坐在馬鞍上，你知道，並在 12 月底之前舒適地坐在馬鞍上。所以我們稱之為 30 天。平均 90% 將是我們 12 月的主要目標。

Great. That's it for me.

偉大的。對我來說就是這樣。

Carey MacRury, Canaccord Genuity.

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

Hi, good morning. Just to follow up on the, the mail throughputs. Obviously, you 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 is the mill performing a bit better than that now?

嗨，早安。只是為了跟進郵件吞吐量。顯然，你已經實現了商業化生產。我們是否應該假設工廠在 8 月直至關閉之前的運轉率約為 60%，還是工廠的表現比現在好一點？

Yeah. No, definitely. From the moment you hit the 60% I would exclude Sec September because like I said, September is a big month, you know, where we're going to be making a lot.

是的。不，絕對是。從你達到 60% 的那一刻起，我就會排除九月中段，因為就像我說的，九月是一個重要的月份，你知道，我們將在其中取得很多成果。

But yeah, so 60% has been reached and becomes the baseline now. So from that month, from that point on, we need to continue to improve August. September will be, for the time of fixing, but definitely it's some kind of a steady ramp up with, with a little bit of a dip in September allowing for the shutdown but but 60% is and will remain the new baseline.

但是，是的，60% 已經達到並且成為現在的基線。所以從那個月開始，從那個點開始，我們需要繼續改進八月。 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。

Okay. And then just maybe a question for Martin and the Sumatomo buyback. I see the option there is, I think 380 million given the ramp up. Is that more or less where it's going to be or is that, do you expect that to move around? Plus or minus?

好的。接下來可能是馬丁和 Sumatomo 回購的問題。我看到了這個選擇，考慮到成長，我認為 3.8 億。這或多或少是它將會出現的地方，或者是，你期望它會移動嗎？加還是減？

Good morning Kerry. 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 digit of July and August cost and sales because that still gets incorporated into that and the gold price has an impact. But, but we don't expect it to change materially from the 380 million expected previously as well.

早上好，克里。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，因為仍然包含 7 月和 8 月成本和銷售的數字，因為它仍然被納入其中，並且金價會產生影響。但是，我們預計這一數字不會比先前預期的 3.8 億發生重大變化。

Okay, great. That's it for me.

好的，太好了。對我來說就是這樣。

Steven Green, TD Cowen.

史蒂文·格林，TD·考恩。

Yeah, good morning everyone. Just a quick accounting question for you. Up until now you've been, you've been capitalizing your, your interest on Cote. Can we expect that will all start being expensed after the August 2nd date?

是的，大家早安。只是向您提出一個簡單的會計問題。到目前為止，你一直在利用你對科特的興趣。我們是否可以預期所有這些費用都會在 8 月 2 日之後開始計入費用？

Yes, we will start depreciating the asset and we will stop capitalizing our borrowing cost after achieving commercial production, which we, 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借貸成本，我們將在八月開始或九月開始，但可能從八月開始。

Okay, great. That's all I had.

好的，太好了。這就是我所擁有的一切。

Tanya Jakusconek, Scotiabank.

Tanya Jakusconek，豐業銀行。

Great, good morning. Thank you very much for taking my questions and congrats on getting Kake commercial. I just wanted to come back. I know a lot of questions have been asked. I needed it quite a bit on the, you know, starting off on Kake. Can I just go back to starting on the just on the pet? You said the grade meets the, the block model? Just remind me on right now on the availability of the, of your truck. What are they operating at availability wise?

太好了，早安。非常感謝您回答我的問題，並祝賀您獲得 Kake 廣告。我只是想回來。我知道有人問了很多問題。我非常需要它，你知道，從 Kake 開始。我可以回到從寵物身上開始嗎？你說等級符合，塊模型？請立即提醒我您的卡車的可用性。他們在可用性方面進行了哪些操作？

We're we're definitely in the in the, in the spec. So 85% you know -- just confirm 85% or so. So this is how you want to see a new behavior.

我們絕對符合規範。所以 85% 你知道——只需確認 85% 左右即可。這就是您希望看到的新行為。

Okay. And then can I ask just looking at so going back to the processing facility? Oh, sorry for the processing facility. Just the stockpile you gave us the 8 million tons for the 0.75. Can you just give me what the stockpile tonnage is for the 1.6 g per ton? Because I know that's what you're going to be feeding in the short term to the the processing facility. So what do we have in on 1.6 g per ton?

好的。然後我可以問一下，只要看看就可以回到處理設施嗎？哦，對不起處理設施。就是你給我們的 800 萬噸庫存，價格是 0.75。可以告訴我每噸1.6克的庫存噸位是多少嗎？因為我知道這就是您短期內將向加工設施提供的原料。那麼每噸 1.6 克中有什麼呢？

Hello, Tanya, we're talking about right now and we have packets in front of us, directly at the, in the pit.

你好，Tanya，我們現在正在談論的是，我們面前有資料包，就在坑裡。

Yeah, we use a bit of a stockpile, of course during the ramp up and the mine was getting in on new facing, prepare and so forth. So we've entered, we've entered now much like good grades and long and continuous benching. So expecting pretty good grade until the end of the year.

是的，我們使用了一些庫存，當然在產能提升期間，礦場正在使用新的面層、準備等等。所以我們已經進入了，我們現在已經進入了，就像良好的成績和長時間連續的板凳一樣。因此，預計到年底都會取得不錯的成績。

End of the year. Yes. But, and you mentioned the 1.4. Okay, perfect. And then as.

年底了。是的。但是，你提到了 1.4。好的，完美。然後作為。

We did 1.4 sorry Tanya just to clarify. So we did 1.4 in Q2. But now that we're primed if you will. So we'll like to maintain more to a 1.5 in the end of the year.

我們做了 1.4 抱歉 Tanya 只是為了澄清。所以我們在第二季做了 1.4。但現在我們已經準備好了，如果你願意的話。因此，我們希望在年底將這一數字維持在 1.5 左右。

Okay. So you are going to take a bit more of that higher grade stock pile through as well.

好的。因此，您還需要多購買一些更高等級的庫存。

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

不，我們只是，也許，但也因為該生產線將在年底前生產更多更高等級的產品。

Okay. That's helpful. 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 know, you're attacking the liners 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.

好的。這很有幫助。然後，當我們進入處理設施時，我們會停工 10 到 15 天，只是想確保，你知道，你正在攻擊螢幕的襯墊。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。

A lot of that already, Tanya, the some will come later on in August, some and the latest will be kind of very early September. So, we feel that we're going to be fully equipped to address all those issues. So we're not expecting any issues on the material.

已經有很多了，Tanya，有些會在八月晚些時候到來，有些會在九月初到來。因此，我們認為我們將完全有能力解決所有這些問題。因此，我們預計材料不會出現任何問題。

Okay. And then just on the dust that you talked about was that just some, you know, a lot of dust that you're, you know, having to fight against a permit or what was it about? The dust in general that you needed to, you know, 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.

好的。然後就你所說的灰塵而言，只是一些，你知道，很多灰塵，你知道，必須與許可證作鬥爭，或者是關於什麼的？一般來說，你需要的灰塵，你知道，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。

I would say more operating things. I mean, like the objective is very clear. You visited a lot of assets and know what it is. And the screening building in a 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.

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。而在破碎建築中使用口罩的篩分建築應該是第二層防護而不是主要層。這就是酒吧。這就像我們對健康和安全的承諾。規則也非常嚴格。當然，在安大略省應該如此。

So we're going to bring this to basically the zero dos fugitive and dos 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 looks like zero dust. So, this is basically what has to do.

所以我們將把它基本上變成零劑量逃脫和劑量等等。所以，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 most likely we're just going to extend to every single critical area, the suppression system, we're working with the manufacturer as well to make the dust collecting system. And, and more efficient as well, more and some optimization. So the combinations of both, we're very confident that we'll solve the problem once we're good in August and September.

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製造集塵系統。而且，更多的優化也更有效率。因此，將兩者結合起來，我們非常有信心，一旦八月和九月情況良好，我們就能解決問題。

Okay. And just on the processing cost that was quoted the $10 to $15 a ton. I just want to make sure that's us. C Yes and then thank you for that. All of my questions on and congrats on getting this up. It looks like it's coming along nicely.

好的。僅就加工成本而言，報價為每噸 10 至 15 美元。我只是想確定那是我們。 C 是的，謝謝你。我所有的問題都在這，恭喜你解決了這個問題。看起來進展順利。

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 ICAN. Is that coming in like, you know, slowly IEQ three 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?

我可以轉向我的最後一個問題嗎？ ICAN 確實有較低的成績。是不是，你知道，慢慢地，IEQ 3 低於 Q2，然後 Q4 更低，或者我們已經處於低等級了嗎？兩季的情況基本上持平？

Yeah, the first part like July was somewhat like a transition and remain good. And I think, you know, from there, like as we enter August, like slowly, we see this ramping down, but it has, 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.

是的，像七月這樣的第一部分有點像一個過渡並且保持良好。我認為，你知道，從那時起，就像我們進入八月一樣，我們看到這種情況慢慢地下降，但它確實如此，這並不像第二季度末的干切。所以，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。

So, and and, and on that, I know when you're looking at the guidance, as I mentioned, you know, looks like we're performing better, the year-to-date and and, and how we look at it, Ian as well as we set the guidance, there is some sort of a risk adjusted effect as well there. So we all understand the situations and, and it would take only a month of interruptions of supply or LSO being used for power.

因此，關於這一點，我知道當您查看指導時，正如我所提到的，您知道，看起來我們今年迄今的表現更好，以及我們如何看待它，伊恩以及我們設定的指導，在那裡也存在某種風險調整效應。所以我們都了解情況，並且只需要一個月的供電中斷或使用 LSO 供電即可。

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 disruption 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 linings.

所以，有一點風險調整，就像上半年發生的那樣，如果下半年非常穩定，就沒有中斷，礦井按照他的計劃運作。沒有理由相信我們在這些新的更新襯裡下不會表現得非常好。

Okay. 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, and then better improvement in Q4 on the grade side?

好的。所以看起來 Q3 有點低，然後 Q4 會是最低的。然後，對於修改後的 Westwood 數據，我們是否仍在考慮第三季的季度改進，以及第四季度在成績方面的更好改進？

Yeah, but yeah, but as I mentioned, you know, we're almost now already at the reserve grade, right? So, there would be a point where you don't want to over, you know, mind is. So, you're going to be following. So we're almost there. So if everything goes as well while FAY is over, so there's about 10,000 ounces of the first half of the year that came from f So this one is, so we had a very good, a very good grade in the grams as well and kind of the second half of H1.

是的，但是，是的，但正如我所提到的，你知道，我們現在幾乎已經達到了預備級，對吧？所以，會有一個你不想結束的時刻，你知道，頭腦就是這樣。所以，你會跟隨。所以我們快到了。因此，如果 FAY 結束時一切順利，那麼今年上半年大約有 10,000 盎司來自 f 所以這個是，所以我們在克數方面也取得了非常好的成績上半年下半年。

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 ground and you won't benefit the answers from fail. 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.

所以所有這些元素可能在一秒鐘內都不存在。因此，當你觀察時，我認為地下將繼續改進，但你可能會向地面失去一點等級，並且你不會從失敗中獲得答案。那我們可以重複一下 H1 和 H2 嗎？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地位。

Okay. So it kind of looks like, you know, you're almost there on grade, so mainly evenly distributed for the second half. Okay. Thank you so much for taking all my questions. I really appreciate it and congrats again.

好的。所以看起來，你知道，你幾乎已經達到了等級，所以下半場的分佈基本上是均勻的。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.

太感謝了。

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

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

Thank you very much operator. Thanks to everyone for joining us this morning. As always, should you have any additional questions, please reach out to RNA or myself? Thank you all, be safe and have a great day.

非常感謝運營商。感謝大家今天早上加入我們。像往常一樣，如果您還有任何其他問題，請聯絡 RNA 或我本人？謝謝大家，注意安全，祝你有美好的一天。

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

今天的電話會議到此結束。您可以斷開線路。感謝您的參與並祝您有個愉快的一天。