IAMGOLD Corp (IAG) 2024 Q3 法說會逐字稿

Thank you for standing by. This is the conference operator. Welcome to the IAMGOLD third-quarter 2024 operating and financial results conference call and webcast. (Operator Instructions) The conference is being recorded. (Operator Instructions) At this time, I would like to turn the conference over to Graeme Jennings, VP, Investor Relations and Corporate Communications for IAMGOLD. Please go ahead, Mr. Jennings.

感謝您的支持。這是會議主持人。歡迎參加 IAMGOLD 2024 年第三季營運和財務業績電話會議和網路廣播。（操作員指示）會議正在錄音。（操作員指示）現在，我想將會議交給 IAMGOLD 投資者關係和企業傳播副總裁 Graeme Jennings。請繼續，詹寧斯先生。

Thank you, operator, and welcome everyone to our conference call today. Joining us on the call are Renaud Adams, President and Chief Executive Officer; Marthinus Theunissen, Chief Financial Officer; Bruno Lemelin, Chief Operating Officer; Timothy Bradburn, Senior Vice President, General Counsel, and Secretary; and Dorena Quinn, Senior Vice President, People.

謝謝接線員，歡迎大家參加我們今天的電話會議。參加電話會議的還有總裁兼執行長 Renaud Adams； Marthinus Theunissen，財務長； Bruno Lemelin，營運長；提摩西‧布拉德伯恩 (Timothy Bradburn)，資深副總裁、總法律顧問兼秘書；以及人力資源高級副總裁多雷娜奎因 (Dorena Quinn)。

We are joining today from IAMGOLD's Toronto office, which is located on Treaty 13 territory on the traditional lands of many nations, including the Mississaugas of the Credit, Anishnaabeg, Chippewa, Haudenosaunee, and the Wendat peoples. At IAMGOLD, we believe respecting and upholding Indigenous rights, founded upon relationships that foster trust, transparency, and mutual respect.

今天，我們從 IAMGOLD 的多倫多辦事處參加此次活動，該辦事處位於第 13 號條約領土上，是許多國家的傳統土地，包括 Credit 的密西沙加人、阿尼什納貝格人、奇珀瓦人、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，建立在促進信任、透明和相互尊重的關係之上。

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

請注意，我們在本次電話會議上的評論將包括前瞻性陳述並參考非國際財務報告準則指標。我們鼓勵您參閱本報告中包含的非國際財務報告準則 (IFRS) 指標的警示聲明和披露，以及我們最新的管理層討論與分析 (MD&A) 中對這些指標的調節表，均列於非公認會計準則 (GAAP) 財務指標標題下。

With respect to the technical information to be discussed, please refer to the information in the presentation with the heading, qualified person and technical information. The slides referenced on this call can be viewed on our website. I'll now turn the call over to President and CEO, Renaud Adams.

有關要討論的技術信息，請參閱簡報中有關標題、合格人員和技術資訊的資訊。本次電話會議中引用的幻燈片可以在我們的網站上查看。現在我將把電話轉給總裁兼執行長雷諾亞當斯（Renaud Adams）。

Thank you, Graeme. And good morning, everyone. Thank you for joining us. The third quarter was another exciting quarter for IAMGOLD, as our operations performed well, demonstrating safe, stable production and strong cash flow growth. Gold production year to date for the company totaled 490,000 gold ounces, driven by the strong year-to-date performance at Essakane and the turnaround of Westwood, both assets, which are poised to achieve the upper end of the production guidance estimate.

謝謝你，格雷姆。大家早安。感謝您加入我們。第三季度對IAMGOLD來說又是令人興奮的一個季度，因為我們的營運表現良好，表現出安全、穩定的生產和強勁的現金流成長。今年迄今為止，該公司的黃金產量總計為 490,000 盎司，這得益於 Essakane 今年迄今為止的強勁表現以及 Westwood 的好轉，這兩項資產均有望達到產量指導預估的上限。

Côté Gold, meanwhile, is taking significant strides as the mine continued its ramp-up and achieved multiple milestones in the quarter, including reaching commercial productions on August 2, demonstrating the capability to operate at or above nameplate throughput levels, completing key maintenance to improve the availability of the plant, and achieving its first quarter of a positive free cash flow production. Côté remains on track towards our goal of the mine, achieving 90% nameplate throughput exiting the year.

同時，Côté Gold公司取得了重大進展，該礦繼續擴大產量並在本季度實現了多個里程碑，包括於8月2日實現商業化生產、展示達到或超過額定產量水平的運營能力、完成關鍵維護以提高工廠的可用性，並實現其第一個季度的正自由現金流生產。Côté 礦井的產量仍在穩定推進中，年底產量將達到額定產量的 90%。

With 2025 just around the corner, a surprising seven weeks away, IAMGOLD is rapidly moving closer to our goal of becoming a leading modern Canadian gold producer with a strong balance sheet and assets that are poised to generate significant value for our stakeholders, partners, and investors, further enhanced by the backdrop of today's gold price action.

2025 年即將到來，令人驚訝的是，還有七週的時間，IAMGOLD 正在迅速接近我們的目標，即成為一家領先的現代加拿大黃金生產商，擁有強大的資產負債表和資產，可以為我們的利益相關者、合作夥伴和投資者創造巨大價值，並在當今黃金價格走勢的背景下進一步增強。

By the middle of the next year, we anticipate we will have our gold prepayment facility behind us. Côté will be nearing nameplate production, and Essakane and Westwood will be capable of generating near-records cash flows. This will conceptually position IAMGOLD uniquely amongst the mid-tier (inaudible) space, with significant cash flow generation and some very valuable near-term growth to uncover at Côté Gold.

到明年年中，我們預計我們的黃金預付款機制將得以實施。Côté 將接近額定產量，而 Essakane 和 Westwood 將能夠產生接近創紀錄的現金流。從概念上講，這將使 IAMGOLD 在中端（聽不清楚）領域中佔據獨特的地位，並具有顯著的現金流產生能力以及 Côté Gold 有待發掘的一些非常有價值的短期增長潛力。

Looking at the highlights from the quarter, starting with health and safety, which is a fundamental pillar of IAMGOLD's vision of Zero Harm and our commitment to people and the places in which we operate. In the third quarter, our total recordable injury frequency rate was 0.46, an improvement from the prior quarter, led once again by Essakane team, who achieved triple zero for safety incident in September, a testament to the professionalism and commitment to a safety culture by our people in Burkina Faso.

回顧本季的亮點，首先是健康和安全，這是 IAMGOLD 零傷害願景的基本支柱，也是我們對人們和經營所在地的承諾。第三季度，我們的總可記錄傷害頻率為 0.46，較上一季度有所改善，這再次由 Essakane 團隊領先，該團隊在 9 月份實現了三零安全事故，證明了我們布吉納法索員工的專業精神和對安全文化的承諾。

In the third quarter, IAMGOLD produced 173,000 attributable gold ounces from all three of its operations, well above the 109,000 ounces achieved in the same period last year. This year-over-year production growth was driven by continued stable operation at Essakane, the successful turnaround at Westwood, and the ramp-up of Côté.

第三季度，IAMGOLD 的三項業務共生產了 173,000 盎司黃金，遠高於去年同期的 109,000 盎司。產量年增的動力源自於 Essakane 持續穩定營運、Westwood 成功扭虧為盈以及 Côté 產能提升。

On a cost basis, IAMGOLD reported third-quarter cash costs and all-in sustaining costs of $1,165 per ounce and $1,756 per ounce, respectively. While costs were lower than the prior year period, the cost increase quarter over quarter was in line with expectation and our guidance, as we will discuss in a moment. Sustaining capital expenditure increased in the third quarter to $84.7 million, up from $50.4 million the year prior, as Côté achieved commercial production in August, which allowed for the relocation of capital expenditure related to operation to sustaining for the mine.

從成本角度來看，IAMGOLD 報告第三季現金成本和總維持成本分別為每盎司 1,165 美元和每盎司 1,756 美元。雖然成本低於去年同期，但成本環比成長符合預期和我們的指導，我們稍後將討論。第三季維持性資本支出從去年同期的 5,040 萬美元增至 8,470 萬美元，原因是 Côté 在 8 月實現了商業化生產，這使得與礦山運營相關的資本支出得以轉移至維持性資本支出。

Looking at our targets for the year, IAMGOLD reiterated its guidance estimates in the third quarter. As you will recall, last quarter, the company increased its production guidance and lowered the cost guidance targets, following a very strong first-half performance from our Essakane and Westwood mine.

回顧我們今年的目標，IAMGOLD 重申了第三季的指導估計。您可能還記得，上個季度，由於我們的 Essakane 和 Westwood 礦山上半年表現非常強勁，公司提高了生產指導並降低了成本指導目標。

Essakane and Westwood are well positioned to achieve the upper end of their production guidance ranges this year, with combined production year to date of 428,000 ounces versus guidance of 495,000 to 540,000 ounces. The 2024 cost guidance for Essakane and Westwood combined is unchanged and is expected to be on the low end of the range of $1,175 to $1,275 for cash cost per ounce sold and $1,700 to $1,825 for AISC per ounce sold.

埃薩卡尼和韋斯特伍德今年很有可能實現其生產指導範圍的上限，今年迄今為止的總產量為 428,000 盎司，而指導產量為 495,000 至 540,000 盎司。2024 年 Essakane 和 Westwood 的總成本指引價格保持不變，預計每盎司現金成本將處於 1,175 美元至 1,275 美元區間的低端，而每盎司總營運成本則預計處於 1,700 美元至 1,825 美元區間的低端。

Costs are expected to be higher in the fourth quarter at Essakane, as Essakane is expected to report a lower head grade from an increased production of stockpile material in the mill. And Westwood conduct a scheduled maintenance planned shutdown in the quarter, both in line with our expectations.

預計 Essakane 第四季的成本將會更高，因為 Essakane 預計會報告由於工廠庫存材料產量增加而導致原礦品位下降。並且 Westwood 在本季度進行了按計劃的維護停工，均符合我們的預期。

On a macro level, inflationary pressures have continued to ease, though key input, including labor, remains elevated, as well pricing for certain consumables, including cyanide and grinding media, are in line with the levels experienced in 2023. With that, I will pass the call over to our CFO to walk us through our financial results and position. Maarten.

從宏觀層面來看，通膨壓力持續緩解，但勞動力等關鍵投入仍然很高，而且氰化物和研磨介質等某些消耗品的價格與 2023 年的水平一致。說完這些，我將把電話轉給我們的財務官，讓他向我們介紹我們的財務表現和狀況。馬丁。

Thank you, Renaud, and good morning, everyone. In terms of our financial position, IAMGOLD ended the quarter with cash and cash equivalents of $553.4 million, and our credit facility remains undrawn, equating to total liquidity of approximately $959.3 million.

謝謝你，雷諾，大家早安。就我們的財務狀況而言，IAMGOLD 本季末的現金和現金等價物為 5.534 億美元，我們的信貸額度仍未提取，相當於總流動資金約為 9.593 億美元。

We note that within cash and cash equivalents, as of September 30 of this year, $83.4 million was held by Côté Gold and $135.3 million was held by Essakane. Notably, Essakane declared a dividend during the second quarter of $180 million, for which the minority interest portion and withholding taxes were paid during the second quarter. And $136.3 million was received by the company in the third quarter, and the balance of $15.6 million was received in October, for a total dividend received by IAMGOLD of $151.9 million.

我們注意到，在現金和現金等價物中，截至今年 9 月 30 日，Côté Gold 持有 8,340 萬美元，Essakane 持有 1.353 億美元。值得注意的是，Essakane 在第二季宣布派發 1.8 億美元的股息，其中少數股權部分和預扣稅已在第二季支付。該公司在第三季度收到了 1.363 億美元的股息，10 月份收到了餘額 1560 萬美元，IAMGOLD 收到的總股息為 1.519 億美元。

On September 30, 2024, the company provided Sumitomo with the required 60 days formal notice to exercise the right to repurchase the 9.7% interest in Côté Gold. And the transaction is expected to close on November 30, 2024, which will return IAMGOLD to its full 70% interest in Côté Gold.

2024 年 9 月 30 日，該公司向住友發出了必要的 60 天正式通知，以行使回購 Côté Gold 9.7% 權益的權利。該交易預計將於 2024 年 11 月 30 日完成，屆時 IAMGOLD 將恢復其在 Côté Gold 的全部 70% 的權益。

The repurchase price is approximately $377 million and includes $23.7 million for the repurchase of option fee accrued during 2023. The payment will be funded using the proceeds from the $300 million Board deal completed during the second quarter 2024 and with available liquidity.

回購價格約為 3.77 億美元，其中包括 2023 年累計的 2,370 萬美元的回購選擇權費。該筆付款將使用 2024 年第二季完成的 3 億美元董事會交易所得收益以及可用流動資金來支付。

Additionally, as of today, the company has completed a third of its gold prepaid obligations, having delivered 37,500 ounces in the third quarter and 12,500 ounces in October. The company received $13.3 million in cash as part of the delivery of the obligation. The company has remaining 100,000 ounces to deliver on its gold prepay arrangements from November 2024 to June 30, 2025.

此外，截至今日，該公司已完成三分之一的黃金預付義務，第三季交付了 37,500 盎司，10 月交付了 12,500 盎司。作為該義務履行的一部分，該公司收到了 1,330 萬美元現金。該公司還有剩餘的 10 萬盎司黃金需按照 2024 年 11 月至 2025 年 6 月 30 日的預付款安排交付。

The prepay arrangements were funded at the time of entering into the arrangements, too. Though the company will receive certain cash payments at the time of delivering into the gold prepay arrangements, based on the market price of gold at the time of delivery as follows: in Q4, of the 37,500 ounces that will be delivered, 22,500 ounces will receive the difference between the spot price and $1,700 per ounce, capped at $2,100 per ounce, with the remaining 15,000 ounces prefunded; then in Q2 of next year, of 31,250 ounces that will be delivered through the period of April to June, the company will receive the difference between the spot price and $2,100 per ounce, capped at $2,925 per ounce. Please refer to the Liquidity Outlook section of the MD&A for further details.

預付款安排也在達成協議時獲得資金。雖然公司在交付黃金預付安排時將收到一定的現金支付，但根據交付時的黃金市場價格如下：第四季度，在交付的 37,500 盎司中，22,500 盎司將獲得現貨價格與每盎司 1,700 美元之間的差額，上限為每盎司 2,100 美元，剩餘的 15,000 盎司將獲得預付款；那麼在明年第二季度，4 月至 6 月期間交付的 31,250 盎司黃金中，該公司將獲得現貨價格與每盎司 2,100 美元之間的差價，上限為每盎司 2,925 美元。請參閱 MD&A 的流動性展望部分以了解更多詳細資訊。

Looking at our third-quarter results, we saw the impact of strong production at near-record realized gold prices, resulting in the company realizing higher margins, generating higher operating cash flows, and adjusted EBITDA at an important time for the company. The higher gold price is helping set up the company to potentially expedite its plan to reduce debt levels and debt carrying costs. Revenues from operations totaled $438.9 million from sales of 184,000 ounces on a 100% basis, at a record average realized price of $2,391 per ounce.

縱觀我們的第三季度業績，我們看到了在接近歷史最高水平的金價下強勁生產的影響，導致公司在重要時刻實現了更高的利潤率，產生了更高的經營現金流和調整後的 EBITDA。金價上漲有望幫助該公司加快實施降低債務水準和債務承擔成本的計畫。以 100% 計算，營業收入總計 4.389 億美元，銷售量為 184,000 盎司，平均實現價格創歷史新高，為每盎司 2,391 美元。

The realized price includes the impact of gold prepay arrangements in place during the quarter that reduced the realized price by $107 per ounce from $2,498 per ounce. Net earnings was $598.1 million during the quarter and includes a reversal of a previous impairment on Westwood of $462.3 million. The impairment reversal mainly results from the update to the long-term gold price assumptions. The strong third quarter operating results and gold price resulted in an adjusted EBITDA of $221.7 million, which was a record quarter for the company. This brings the year-to-date EBITDA to $565.2 million, with Côté still in the early stages of its ramp-up.

實現價格包括本季實施的黃金預付安排的影響，該安排使實現價格從每盎司 2,498 美元降低每盎司 107 美元。本季淨利潤為 5.981 億美元，其中包括對 Westwood 先前提列的 4.623 億美元減損準備。減損轉回主要源自於長期金價假設的更新。強勁的第三季經營業績和金價使得調整後的 EBITDA 達到 2.217 億美元，這是該公司創紀錄的一個季度。這使得年初至今的 EBITDA 達到 5.652 億美元，而 Côté 仍處於成長的早期階段。

Adjusted earnings per share was $0.18 for the quarter, compared to $0.16 in the previous quarter, and a $0.01 loss in the third quarter of 2023. Operating cash flow before working capital changes was $161 million in the third quarter. Operating cash flow does not include the prefunded cash flow received as part of the gold prepay arrangement and is $64.4 million lower than what it would have been without the impact of the deferred revenue recognized as part of delivering into the gold prepay. 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. Essakane reported third quarter mine site free cash flow of $76.6 million and Westwood of $20.8 million.

本季調整後每股收益為 0.18 美元，上一季為 0.16 美元，2023 年第三季虧損 0.01 美元。第三季營運資本變動前的營運現金流為 1.61 億美元。經營現金流不包括作為黃金預付安排的一部分收到的預付現金流，比沒有作為黃金預付交付一部分確認的遞延收入的影響時的經營現金流低 6,440 萬美元。查看礦場自由現金流，其計算方法是礦場營運活動的現金流減去營運礦場的資本支出。Essakane 報告第三季礦場自由現金流為 7,660 萬美元，Westwood 報告第三季礦場自由現金流為 2,080 萬美元。

It is worth highlighting again, as Renaud mentioned in his introductory comments, that this was the first quarter for Côté to contribute positively to mine site free cash flow, with $23.3 million in the quarter, which represents IAMGOLD's 60.3% portion of the cash flow. And with that, I will pass the call back to Renaud. Thank you, Renaud.

值得再次強調的是，正如雷諾在其介紹性評論中提到的那樣，這是 Côté 首次對礦場自由現金流做出積極貢獻的季度，本季度貢獻為 2,330 萬美元，佔 IAMGOLD 現金流的 60.3%。說完這些，我會把電話轉回雷諾。謝謝你，雷諾。

Thank you, Maarten. We will start with Côté, which you can see here on the left image on the slide, with a view of active mining activity early in the summer. Last month, we announced the Côté's preliminary Q3 operating result, ahead of what was a well-attended mine tour by analysts and institutions. I want to take this moment to once again thank all the attendees for the great turnout and thank our Côté team for hosting what was a very engaging tour. Looking at the quarter, a highlight for Côté was the first quarter of positive free cash flow, as Maarten just highlighted, from productions of 68,000 ounces on a 100% basis.

謝謝你，馬丁。我們將從 Côté 開始，您可以在幻燈片左側的圖片中看到，這裡是夏初活躍的採礦活動。上個月，我們在眾多分析師和機構參加的礦場參觀之前宣布了 Côté 的第三季初步營運表現。我想藉此機會再次感謝所有與會者的熱情參與，並感謝我們的 Côté 團隊組織了這次非常有趣的旅行。縱觀本季度，Côté 的一大亮點是第一季度實現了正自由現金流，正如 Maarten 剛才強調的那樣，這來自 100% 產量 68,000 盎司。

However, I believe the real advancements were on the progress of the ramp-up and improved understanding of the operation. I am very proud about the progress we achieved in the third quarter, as we saw a definitive signs that the improvements that were deployed throughout the quarter and during the shutdown in September are having a measurable and meaningful positive impact on operation. Mining activity totaled 10.4 million tonnes in the third quarter of 2024, in line with the prior quarter, and ore tonne mined increased to 3.2 million tonnes during the period, with an associated decrease in the strip ratio to 2.3:1 waste to ore. The average grade of mined ore was 1.02 grams a tonne, in line with the mine plan. The reconciliations between the grade control and reserve model is also in line with the expected tolerance.

然而，我相信真正的進步在於提升的進程和對操作的理解的提升。我對我們在第三季度取得的進展感到非常自豪，因為我們看到了明確的跡象，表明整個季度以及 9 月停工期間部署的改進措施對營運產生了可衡量且有意義的積極影響。2024 年第三季的採礦活動總量為 1,040 萬噸，與上一季持平，在此期間開採的礦石噸數增加至 320 萬噸，剝離比相應下降至廢料與礦石的 2.3:1。開採礦石的平均品位為每噸1.02克，符合礦山計畫。品位控制和儲量模型之間的協調也符合預期的容忍度。

Within the pit, the mine currently has 2 CAT 6060 electric shovels and 18 CAT 793 autonomous haul trucks in operation, with an additional 3 haul trucks to be commissioned before the end of the year. Utilization rates of the primary mining equipment has been improving. Drilling and blasting activity has seen month-over-month improvement from enhanced drill fleet performance with better blast pattern preparations, resulting in a higher level of in-pit blasted ore inventory available for loading and hauling.

目前，該礦井內共有 2 台 CAT 6060 電鏟和 18 台 CAT 793 自動駕駛自卸卡車投入運行，另外 3 台自卸卡車將於年底前投入使用。主要採礦設備的利用率不斷提高。由於鑽井隊性能的提高和爆破模式準備的改善，鑽井和爆破活動逐月改善，從而增加了可供裝載和運輸的礦坑爆破礦石庫存。

The current mine plan is using multiple stockpiles segregated by grade, with the 43-101 estimating a total of 78 million tonnes of rehandled ore mill feed over the life of mine. This strategy is proving to date to require higher-than-expected amount of rehandling, which are seeing indication of flowing through to mining costs. Year-to-date, mining costs have averaged $3.77 per tonne. This is higher than expectation due to the rehandling, as well as higher contractor costs to support the ramp-up of the mine. We expect to see unit mining costs decline as we bring in the full fleet and reduce the need for external support.

目前的礦山計劃是使用按等級劃分的多個庫存，其中 43-101 估計在礦山壽命期間總共將有 7800 萬噸重新處理的礦石磨機進料。迄今為止，事實證明該策略需要比預期更高數量的重新處理，並且有跡象表明這會影響採礦成本。今年迄今為止，採礦成本平均為每噸 3.77 美元。由於重新處理以及為支持礦井產量提升而增加的承包商成本，這一數字高於預期。我們預計，隨著我們投入全部採礦車隊並減少對外部支援的需求，單位採礦成本將會下降。

Further, we are looking at refining some aspects of the mining strategy to optimize ore handling and move towards more of a bulk mining scenario when economically possible and as the mill continues to increase its overall throughput. The ramp-up of the plant was the primary technical focus of our efforts in the quarter, with a headline milestone of achieving commercial production midway through the quarter, as well as multiple days of achieving above nameplate production. Mill throughput in the third quarter totaled 1.6 million tonnes, a notable improvement quarter-over-quarter, though throughput was impacted by the mid-September planned shutdown and an unplanned shutdown at the end of the month from an electrical failure in a motor control center. Head grade of 1.41 grams a tonne were in line with the mine plan, which required feed material from a combination of higher grade direct feed ore and higher-grade stockpile. Recoveries in the plant averaged a wonderful 93% in the quarter.

此外，我們正在研究改進採礦策略的某些方面，以優化礦石處理，並在經濟允許的情況下以及隨著工廠的總體產量不斷提高時轉向更多的批量採礦方案。工廠的產能提升是我們本季的主要技術重點，其中一個重要里程碑是在本季中期實現商業化生產，並連續數天實現超額產量。第三季工廠產量總計 160 萬噸，環比大幅改善，但產量受到了 9 月中旬計劃停工和月底因電機控制中心電氣故障導致的非計劃停工的影響。每噸 1.41 克的原礦品位符合礦山計劃，該計劃要求原料來自高品位的直接進料礦石和高品位的庫存礦石的組合。本季該工廠的平均回收率達到了驚人的 93%。

As we noted on the last call, the main component of the processing plant, including primary, secondary crushing, HPGR, conveyors, ball mill, leaching, et cetera, all have now proven their capability to operate at or above design load when provided with stable conditions. During the ramp-up, the primary areas of our focus for the plant were: one, the crushing circuit before the coarse ore dome; and twp, everything else after the coarse ore dome, or the downstream circuit, which is the HPGR tube to the west side of the plant. With the coarse ore dome full, the downstream processing circuits demonstrate very strong performance and availability and capacity, so we have focused on the crushing circuit to improve the availability and capacity. In September, the company completed an 8-day mill shutdown at Côté to deploy key optimization and improve the operating availability of the plant in support of the goal to ramp up throughput to 90% of nameplate by the end of the year and achieve nameplate in 2025.

正如我們在上次電話會議中提到的，加工廠的主要組成部分，包括初級、二次破碎、高壓輥磨機、輸送機、球磨機、浸出等，現在都已證明，在穩定條件下，它們有能力在設計負載或以上運行。在產能提升期間，我們重點關注的工廠區域有：一是粗礦倉前的破碎迴路；以及粗礦穹頂或下游迴路（即工廠西側的 HPGR 管道）之後的所有其他東西。在粗礦庫滿載的情況下，下游加工迴路表現出非常強大的性能和可用性及產能，因此我們專注於破碎迴路，以提高可用性和產能。9 月份，該公司在 Côté 的工廠完成了為期 8 天的停工，以部署關鍵優化並提高工廠的運營可用性，支持實現到年底將產量提高到額定產量的 90% 並在 2025 年達到額定產量的目標。

The priority of the work performed during the shutdown was to stabilize the crushing circuit and attend to the primary causes for low availability in the second quarter, which included replacing 90% of the chute with higher abrasive-resistant material to reduce the level of wear and using new type of and sizes of screen in the coarse ore screening area. These improvements have made a difference, and the plant has seen further increases in availability and performance of the secondary crusher and screening over the last few weeks, achieving multi-day performance above 40,000 tonnes per day in the crushing plant. We are now well positioned to ramp up the overall processing facility to our 90% of nameplate objective as we exit the year. In October, we averaged just under 80% of the nameplate as daily throughput. Achieving the additional 10% at Côté is primarily about stability.

停機期間的工作重點是穩定破碎迴路，並解決第二季度可用率低的主要原因，包括將90%的溜槽更換為耐磨性更高的材料以降低磨損程度，並在粗礦篩分區域使用新型和新尺寸的篩網。這些改進已發揮了重要作用，在過去幾週內，該工廠二級破碎和篩分機的可用性和性能進一步提高，破碎廠連續多天的日產量均超過 40,000 噸。現在，我們已做好準備，在年底前將整體加工設施提升至銘牌目標的 90％。十月份，我們日均吞吐量略低於額定吞吐量的80％。Côté 實現額外的 10% 主要是為了穩定。

The objective is to eliminate daily variances in processing as we already know that we can meet nameplate capacity of 36,000 tonnes per day and potentially more. Every downtime brought new information and an opportunity to further improve. It is really now about achieving stability, more consistency. This is how we will earn the additional 10%. Furthermore, we will be installing a second cone crusher in the second half of next year at low capital requirement to provide additional capacity and redundancy in support of the operation and throughput maximization.

我們的目標是消除每日加工差異，因為我們已經知道我們可以達到每天 36,000 噸的額定產能，甚至可能更高。每次停機都會帶來新的資訊和進一步改進的機會。現在真正要實現的是穩定、更加一致。這就是我們賺取額外 10% 的方式。此外，我們將在明年下半年以較低的資本需求安裝第二台圓錐破碎機，以提供額外的產能和冗餘，以支援營運和產量最大化。

Lastly, and as we noted previously, Côté Gold added a mobile crusher unit and conveying system that act as a dome refeed system. This addition provides flexibility and redundancy in time of shutdown by delivering up to 1,000 tonnes per hour to the dome and can operate in parallel with the crushing circuit for extra daily capacity when sporadically required. Based on the year-to-date ramp-up progress, we maintain our guidance set last quarter for annual production to be at the lower end of the previous guidance range of closer to 220,000 ounces on a 100% basis. At the exit rate of 90% throughput, we estimate that cash costs will, at that time, average approximately $700 to $800 per ounce and all-in sustaining cost to be approximately $1,100 to $1,200 per ounce. We know, though, that costs may exceed these ranges depending on the timing and the onetime cost of initiatives and improvement implemented to achieve the ramp-up target.

最後，正如我們之前提到的，Côté Gold 增加了一個移動破碎機組和輸送系統，作為圓頂再進料系統。此附加裝置每小時可向圓頂輸送多達 1,000 噸物料，從而在停機時提供靈活性和冗餘度，並且可以與破碎迴路並行運行，以便在偶爾需要時提供額外的每日產能。根據今年迄今的成長進度，我們維持上個季度設定的預期，即年產量將處於先前預期範圍的低端，即以 100% 計算接近 220,000 盎司。在 90% 的吞吐量退出率下，我們估計當時的現金成本平均約為每盎司 700 至 800 美元，總維持成本約為每盎司 1,100 至 1,200 美元。然而，我們知道，成本可能會超出這些範圍，具體取決於為實現提升目標而實施的措施和改進的時間表以及一次性成本。

Looking into 2025, we will advance Côté towards the nameplate throughput rate of 36,000 tonnes per day while looking for easy win to increase the processing plant capacity. As we have noted in the past, several components of the plant have been designed for 42,000 tonnes per day, and we have seen multiple days above 40,000 tonnes per day early on in the life cycle of the project. The addition of the second cone crusher next year is aligned with our strategy of unlocking maximum value by monetizing at low capital requirement, a maximum number of tonnes of ore mined as they become available for processing. Alongside this, as mentioned, we are evaluating the potential to adjust certain aspects of our mining plan at Côté to potentially shift over time to a more bulk mining approach as the mill throughput capacity is unlocked which offers numerous efficiencies advantages, including reduced rehandling, improved pit sequencing, and less reliance on segregations for the mine plan and more on maximizing mill throughput and monetizations of gold mine. Over the current life of mine, the mining rate of ore was estimated to average approximately 50,000 tonnes per day, and this compared to our processing rate of 36,000 tonnes per day.

展望 2025 年，我們將推動 Côté 實現標稱日吞吐率 36,000 噸的目標，同時尋求輕鬆提高加工廠產能的方法。正如我們過去所指出的，該工廠的幾個組件的設計產量為每天 42,000 噸，並且在專案生命週期的早期，我們已經看到多天的產量超過每天 40,000 噸。明年新增第二台圓錐破碎機符合我們的策略，即以較低的資本要求，在可加工的礦石數量達到最大噸數的情況下，實現最大價值的貨幣化。除此之外，如上所述，我們正在評估調整 Côté 採礦計劃某些方面的可能性，以便隨著時間的推移，隨著磨礦機吞吐能力的釋放，有可能轉向更大規模的採礦方式，這將提供許多效率優勢，包括減少重新處理，改善礦坑排序，減少對礦山計劃隔離的依賴，更多地最大化磨礦機的吞吐量和金礦的貨幣化。在目前的礦場壽命內，估計礦石開採率平均約為每天 50,000 噸，而我們的加工率為每天 36,000 噸。

The Côté deposit has estimated mineral reserves of 7.6 million ounces that form the basis of the current economics of the project. On a measured and indicated resources basis, the Côté zone is currently estimated at a total of 12.1 million ounces, as seen here in the dark blue pit shell at the bottom left. This does not include mineralization outside of the pit shell, highlighted in red, in what we will unofficially call the Côté Northeast Zone. Further to the adjacent Gosselin zone 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. The size of Côté and Gosselin together put the project in a very exclusive category amongst large-scale producing Canadian assets.

Côté 礦床的礦產儲量估計為 760 萬盎司，這構成了該計畫當前經濟效益的基礎。根據測量和指示資源量，Côté 區目前估計總資源量為 1,210 萬盎司，如左下角深藍色礦坑外殼所示。這不包括坑殼外的礦化區域（以紅色突出顯示），我們將其非正式地稱為 Côté 東北區。鄰近的 Gosselin 區還擁有額外的 440 萬盎司測量和指示資源以及近 300 萬盎司的推斷資源，使該項目的總測量和指示資源量達到 1650 萬盎司，以及額外的 400 萬盎司推斷資源量。Côté 和 Gosselin 計畫的規模使其在加拿大大型生產資產中名列前茅。

We need to consider what Côté will be when it grows up. And that is to say we need to consider Côté not as a 7.6 million ounces project, but as a significantly bigger deposit and how to bring this value to the -market. Our exploration program on Gosselin and at depth under the Côté and Gosselin Zone progressed well this year, demonstrating extensions of mineralizations outside of the resource pit shell.

我們需要考慮 Côté 長大後會變成什麼樣子。這就是說，我們需要將 Côté 視為一個不僅僅是 760 萬盎司的項目，而是一個更大的礦藏，以及如何將這一價值推向市場。今年，我們在 Gosselin 以及 Côté 和 Gosselin 區域深處的勘探計畫進展順利，顯示出礦化作用在資源坑殼之外的延伸。

Next year, we will plan to further increase our drilling efforts to upgrade the mineralization in Gosselin and the Côté Zone in support of a potential updated study intended for the latter part of 2026. Turning to Westwood, our other Canadian asset.

明年，我們計劃進一步增加鑽探力度，以升級 Gosselin 和 Côté 區的礦化程度，以支持計劃於 2026 年下半年進行的潛在更新研究。談到我們的另一項加拿大資產—韋斯特伍德 (Westwood)。

It was another strong quarter for the mine as underground activities are now able to focus on operations and less on legacy rehabilitation. It may surprise some to say, but Westwood so far this year has generated $53.1 million in mine free cash flow and the third quarter had a cost profile below Essakane.

這是該礦又一個表現強勁的季度，因為地下活動現在可以專注於運營，而不是遺留的修復。這可能會讓一些人感到驚訝，但今年迄今為止，Westwood 礦場已產生 5,310 萬美元的自由現金流，第三季的成本狀況低於 Essakane。

Looking at operations, Westwood produced 32,000 ounces in the quarter for a total of 99,000 ounces year-to-date. Ore mined from underground continued to play a more pivotal role and a higher grade, with 84,000 tonnes in the third quarter at an average head grade of 9.09 grams a tonne. The mill throughput was relatively flat quarter-over-quarter at 289,000 tonnes processed at an average blended head grade of 3.67 grams a tonne and 93% recovery.

從營運情況來看，Westwood 本季生產了 32,000 盎司，年初至今總產量為 99,000 盎司。地下開採的礦石繼續發揮更關鍵的作用，且礦石品位更高，第三季地下開採的礦石為 84,000 噸，平均礦石品位為每噸 9.09 克。該廠的產量與上一季相比相對持平，為 289,000 噸，平均混合原礦品位為每噸 3.67 克，回收率為 93%。

The plant availability in the quarter of 90% was higher than the same prior year period of 86%, with plans to further improve availability through an ongoing maintenance program in addition to an annual mill shutdown plan in November. The margin for Westwood continued to improve with a strong gold price and stabilizing costs. Cash costs averaged $1,150 an ounce and all-in sustaining costs averaged $1,617 an ounce in the third quarter. Looking ahead, Westwood production is expected to be at the top of the guidance range of 115,000 to 130,000 ounces, while costs are expected to be at the lower end of the range of $1,200 to $1,300 for cash cost per ounce sold and $1,775 to $1,900 for AISC per ounce sold.

本季工廠可用性為 90%，高於去年同期的 86%，除了 11 月的年度工廠停工計劃外，還計劃透過持續的維護計劃進一步提高可用性。隨著金價走強和成本穩定，Westwood 的利潤率持續提高。第三季度，現金成本平均為每盎司 1,150 美元，總維持成本平均為每盎司 1,617 美元。展望未來，Westwood 的產量預計將達到指導範圍 115,000 至 130,000 盎司的上限，而成本預計為每盎司現金成本 1,200 至 1,300 美元和每盎司 AISC 成本 1,775 至 1,900 美元的下限。

Fourth-quarter unit costs are expected to be higher than the third quarter due to the scheduled mill shutdown in November. This is to better position the operations for next year. Later this month, we will be issuing an updated technical report and mine plan based on reserve only for Westwood, which should demonstrate the value that has been created by the Westwood teams over the last three years of rehabilitation, redesign, and operation.

由於工廠計劃於十一月份停產，預計第四季的單位成本將高於第三季。這是為了更好地做好明年的營運準備。本月晚些時候，我們將發布一份基於 Westwood 儲備的最新技術報告和礦山計劃，這將能夠展示 Westwood 團隊在過去三年的修復、重新設計和營運中創造的價值。

Finally, looking at Essakane. It was a steady quarter at the mine with operations being able to perform effectively to plan in the quarter. Essakane reported attributable gold production of 100,000 ounces in the third quarter, bringing the year-to-date total to 329,000 ounces.

最後，看向 Essakane。本季度，礦場生產穩定，生產能夠按照計畫有效進行。埃薩卡內報告稱，第三季黃金產量為 100,000 盎司，年初至今總產量達到 329,000 盎司。

Mining activity totaled 12.2 million tonnes in the quarter, with only 1.9 million tonnes of ore mined, as mining prioritized waste stripping sequences in support of the 2025 production plan, including the opening of the upper benches of Phase 7.

本季度採礦活動總計 1220 萬噸，但僅開採了 190 萬噸礦石，因為採礦業優先考慮廢料剝離順序以支持 2025 年生產計劃，包括開採第 7 階段的上部台階。

Head grades were 1.26 grams a tonne, in line with estimates. Average head grades decreased in the third quarter from the level in the first half of the year and are expected to continue to trend towards reserve grade in the fourth quarter as the volume from Phases 6 and 7 increase and from increased proportion of stockpile are included in the mill feed. On a cost basis, Essakane reported third quarter cash cost of $1,223 per ounce and all-in sustaining costs of $1,730 per ounce, an increase quarter-over-quarter on lower ounces sold, with both cash cost and AISC on track to be at the low end of our cost guidance range. Looking ahead, Essakane attributable production is expected to be at the top end of the guidance range of 380,000 to 410,000 ounces. The mill is expected to continue operating at nameplate capacity and the positive reconciliation of Phase 5 is expected to continue.

黃金品位為每噸 1.26 克，與預估相符。第三季平均原礦品位較上半年下降，預計第四季將繼續趨向儲備品位，因為第 6 階段和第 7 階段的產量增加，以及工廠進料中包含的庫存比例增加。從成本角度來看，Essakane 報告第三季現金成本為每盎司 1,223 美元，總維持成本為每盎司 1,730 美元，由於銷售量較低，環比增長，現金成本和 AISC 均有望達到我們成本指導範圍的低端。展望未來，Essakane 礦的產量預計將達到指導範圍 380,000 至 410,000 盎司的上限。預計該工廠將繼續按額定產能運營，並且在第 5 階段的積極協調預計將繼續進行。

However, the average pit grades are expected to decrease during the fourth quarter as mining activities continue to transition into the next phases of the pit, resulting in a lower level of ore mined requiring ore feed to be supplemented with low-grade stockpile material.

然而，隨著採礦活動繼續過渡到礦坑的下一階段，預計第四季度礦坑平均礦石品位將下降，導致開採出的礦石量較低，需要用低品位的庫存材料來補充礦石原料。

The focus in the fourth quarter will be to further enhance the phase positioning in the pit for a strong start next year. As we begin to look into next year, Essakane continues to be a significant cash flow contributor for IAMGOLD. With the current mine life through 2028, this operation has the capability to generate over $1 billion of cash flow at current gold price and is a significant part of our long-term plan to delever the company.

第四季的重點將是進一步加強場內階段性定位，為明年的強勁開局做好準備。展望明年，Essakane 將繼續成為 IAMGOLD 的重要現金流貢獻者。以目前礦場的開採壽命至 2028 年計算，以目前的金價，該業務能夠產生超過 10 億美元的現金流，也是我們長期降低公司槓桿率計畫的重要組成部分。

Looking beyond the mine plan, we are continuing to examine opportunity to extend the mine life at Essakane, targeting options within the fence to ensure the safety of our teams. So thank you all, and I look forward to an exciting year ahead. With that, I would like to pass the call back to the operator for the Q&A portion of the call. Operator.

除了礦場計畫之外​​，我們還在繼續尋找延長 Essakane 礦場壽命的機會，並針對圍欄內的選項確保我們團隊的安全。所以感謝大家，我期待著令人興奮的新一年。因此，我想將電話轉回給接線員，以便進行電話的問答部分。操作員。

(Operator Instructions) Lawson Winder, Bank of America.

（操作員指令）勞森溫德，美國銀行。

Could I actually just start off with a pretty basic cash flow question on working capital? Maarten, there's been a moderate headwind to free cash flow in 2024 year-to-date, something like $90 million from working capital build. First of all, at what point do you expect that to stabilize? And then, assuming flat gold prices from here, what does the working capital build look like for Q4? And then, what about '25?

我實際上可以從一個關於營運資本的非常基本的現金流問題開始嗎？Maarten，從 2024 年至今，自由現金流面臨中等阻力，營運資本建設約 9,000 萬美元。首先，您預計什麼時候會穩定下來？然後，假設金價從現在起持平，第四季的營運資本建設狀況如何？那麼，'25 怎麼樣？

Lawson, a big part of the working capital this year was at Côté. We had considerable accounts payable balances due to the construction still outstanding, and we've been paying those down over the course of the year as we are closing out those contracts and paying back holdbacks. That will continue in Q4, but then we will be at the back end of that. Part of the working capital is also some of the taxes that's building up, and then we are accruing taxes at Essakane that is increasing because of higher gold prices. But other than that, we expect it to -- our accounts payable still to decrease, specifically at Côté, and then stabilize after that from next year onwards.

勞森，今年營運資金的很大一部分都在科特迪瓦。由於尚未完工的工程，我們有相當多的應付帳款餘額，我們在年內一直在償還這些餘額，因為我們正在結清這些合約並償還保留金。這種情況將在第四季度繼續，但屆時我們將處於其後端。部分營運資本也是一些正在累積的稅收，然後我們在 Essakane 累積的稅收由於金價上漲而不斷增加。但除此之外，我們預計我們的應付帳款仍將減少，特別是在科特迪瓦，並從明年開始趨於穩定。

And then, just thinking about your net debt. So look, at spot gold, I think IAMGOLD could be in a net cash position by year-end of 2025. How are you thinking about what is a sufficient debt reduction target? At what point is your net debt level sufficient? First question, yes.

然後，考慮一下你的淨債務。所以，從現貨黃金來看，我認為到 2025 年底，IAMGOLD 可能處於淨現金狀況。您如何看待足夠的減債目標？你的淨債務水準在什麼情況下才算足夠？第一個問題，是的。

Yes. So we'll be looking at our debt as it comes due when we look at that and using excess cash and liquidity to deal with that. But we've restarted paying debt this quarter already by delivering into the gold prepay, and we'll continue doing that over the course of this year and the first half of next year. Based on spot gold prices, that has a significant impact on cash. So getting that off our balance sheet is important for us.

是的。因此，我們將關注到期的債務，並使用多餘的現金和流動性來處理它。但本季我們已經透過交付黃金預付款重新開始償還債務，並將在今年和明年上半年繼續這樣做。根據現貨黃金價格，這對現金有重大影響。因此，將其從我們的資產負債表中剔除對我們來說很重要。

Then in the middle of next year, our second lien notes become callable, and we have an opportunity to pay that back at $20 million increments with excess liquidity when we can. So that would be our next target, using excess liquidity. And then, after that, the biggest portion of our debt that remains is our high-yield notes, and that is a 5.75% coupon. We won't be in a rush to pay that down off of our balance sheet.

然後到明年年中，我們的第二留置權票據將變為可贖回票據，並且我們有機會在有能力時利用過剩的流動資金以 2000 萬美元的增量償還票據。因此，利用過剩流動性將是我們的下一個目標。然後，在那之後，我們剩下的最大部分債務都是高收益票據，其票面利率為 5.75%。我們不會急於從資產負債表中償還這些債務。

And then, lastly, the leases that we have, about $133 million or $130 million, at the moment, and we expect to increase that slightly still. We will pay that down just based on the scheduled payments. So that's our way that we look. And based on the debt agreements we have, without needing to make amendments, that's what we can do.

最後，我們目前的租賃額約為 1.33 億美元或 1.3 億美元，我們預計這一數字還會略有增加。我們將按照預定的付款方式償還。這就是我們的看法。根據我們現有的債務協議，無需做任何修改，我們就能做到這一點。

So looking beyond that repayment, which it will be mostly wrapped up by at some point in the second half of next year, what would be the capital priority considerations at that point? And at what point do you start thinking about a dividend or share buybacks?

那麼除了償還債務以外（債務大部分將在明年下半年某個時候完成），那時的資本優先考慮因素是什麼？什麼時候開始考慮股利或股票回購？

Before we go to the share buyback, the most important thing once we put the prepay behind us is to really turn the company into a net positive cash flow. So that's the priority number one. So this would allow -- '25 for us is a rather continuing the ramp-up of Côté and, quite frankly, Westwood and Essakane, should be in a pretty steady state type of year, maximizing cash flow. As we enter '26, as I mentioned, there could be some opportunity of extending the life of mine at Essakane, so where you would remain always positive cash flow, but maybe you could take a little bit less [than 600,000, 700,000 ounces] and extend the life of mine. So I think once we turn the company on the positive cash flow side, we'll be capable to first look at unlocking additional organic growth at Eagle Ford assets as everyone will be capable to take care of themselves, and that's what would be -- I've mentioned opportunities at Côté as well, at the low capital requirement, the crusher.

在我們進行股票回購之前，最重要的事情就是在完成預付款之後真正讓公司實現淨正現金流。所以這是首要任務。因此這將允許——‘25’對於我們來說是 Côté 持續增長的一年，坦率地說，Westwood 和 Essakane 應該處於相當穩定的狀態，最大化現金流。正如我所提到的那樣，當我們進入26年時，可能會有機會延長Essakane礦的使用壽命，這樣您的現金流就會始終為正，但也許您可以少用一點[少於60萬到70萬盎司]並延長礦山的使用壽命。因此，我認為，一旦我們讓公司實現正現金流，我們將能夠首先考慮釋放 Eagle Ford 資產的額外有機增長，因為每個人都有能力照顧好自己，這就是——我也提到了 Côté 的機會，在資本要求較低的破碎機方面。

We'd eventually look back after that on the wet side, if there's any some opportunities. But net-net, this company should not be entering any additional important capital allocation more than benefiting from the free cash flow at each asset to further unlock some potential and continue to improve on the balance sheet. Even though Côté is poised with some opportunity to increase, we do not see this as a potential important capital allocation, but rather benefit just from the free cash flow. Hope this clarifies.

如果還有機會，我們最終會回顧潮濕的一面。但總體而言，該公司不應該進入任何額外的重要資本配置，而應該從每項資產的自由現金流中獲益，以進一步釋放一些潛力，並繼續改善資產負債表。儘管 Côté 擁有一些成長機會，但我們並不認為這是潛在的重要資本配置，而只是受益於自由現金流。希望這能澄清。

Yes. No, that's very clear. And then just one final thought. At some point, it might really benefit IAMGOLD shareholders to consider increasing IAMGOLD's ownership of Côté Gold. Are there certain milestones or timelines or preestablished economic considerations that would allow IAMGOLD to even marginally increase that position from 70% at some point in the future?

是的。不，這很清楚。最後再說一個想法。在某種程度上，考慮增加 IAMGOLD 對 Côté Gold 的所有權可能真的會讓 IAMGOLD 股東受益。是否存在某些里程碑、時間表或預先設定的經濟考慮，使得 IAMGOLD 能夠在未來某個時間點將該地位從 70% 稍微提高？

I would say at this stage, the main limiting factor is this whole thing was designed at a 70:30, right? So we do have a partner, and we're very happy in the partnership we have. Should it be any opportunity down the road with our partner, Sumitomo, for sure, we would be considering to increase. But at this stage, that was designed at a 70-30, which we should be back soon. But Côté is by far our best opportunity, right?

我想說，在這個階段，主要的限制因素是整個東西的設計比例是 70:30，對嗎？所以我們確實有一個合作夥伴，並且我們對現有的合作關係感到非常高興。如果未來與我們的合作夥伴住友有任何合作機會，我們肯定會考慮增加合作。但現階段，設計比例是 70-30，我們應該很快就會恢復。但塞塔無疑是我們最好的機會，對吧？

So any opportunity we would seize that makes a lot of sense and generate return, we'll be looking at improving our positions or the NAV or any unlocking any organic growth. That would be always our priority number one at Côté Gold.

因此，我們會抓住任何非常有意義並能產生回報的機會，我們會考慮改善我們的部位或資產淨值或釋放任何有機成長。這永遠是 Côté Gold 的首要任務。

Anita Soni, CIBC World Markets.

加拿大帝國商業銀行全球行銷部 (CIBC World Markets) 的安妮塔‧索尼 (Anita Soni)。

A couple of questions. So just firstly on Westwood, you said there was a mill shutdown in November. Could you tell us how long that mill shutdown would be for? How many days?

幾個問題。首先關於韋斯特伍德，您說 11 月有一個工廠關閉了。你能告訴我們該工廠將停工多久嗎？多少天？

Yes. We're targeting five. If we see a further opportunity, we'll do it. I would say five to seven, but hopefully, we do it in five.

是的。我們的目標是五個。如果我們看到進一步的機會，我們就會去做。我想說的是五到七年，但希望我們能在五年內完成。

Okay. And then next on Essakane. Just trying to understand what Q4 and 2025 look like there. In Q4, you indicated that you're going to be pulling more stockpiles as you are focusing on stripping waste. Could you just give us an indication of what the strip ratios would be, both the operating and the capitalized strip ratio?

好的。接下來是 Essakane。只是想了解第四季和 2025 年的情況。在第四季度，您表示將會撤出更多庫存，因為您正專注於清除浪費。您能否向我們介紹剝離比率，包括營業剝離比率和資本化剝離比率？

Yes. So next year, we'll be back to more standard. So I could already tell you that. It's a year where we should see reductions of total capital as well as aligned with the 43-101. In the Q4, we should normally increase.

是的。因此明年我們將恢復更加標準化的水平。所以我已經可以告訴你這一點了。今年我們應該會看到總資本的減少以及與 43-101 保持一致。在第四季度，我們通常會增加。

It's going to be like a much lower ore grade mine. So we could go probably as far as probably 4:1 or 5:1, depending on how it goes and the opportunity and the phase positioning. But in 2025, we would be back to a more regular in line probably with what we've done this year or even lower.

它將像一個礦石品位低得多的礦山。因此，我們可能可以達到 4:1 或 5:1，這取決於進展、機會和階段定位。但到 2025 年，我們的產量可能會恢復到與今年相當的水平，甚至更低。

So around 2, is that correct or --?

那麼大約 2，這是正確的嗎？--？

Between 2 and 3, always seizing the opportunity. Like this year, what we've done, considering the very positive year, the free cash flow, so we took advantage to push, improve the positioning in the pit, do more waste. But you can start towards maybe a 2:5 plan, and you could go a little bit higher. So follow the mine to 43-101, which I think remains very relevant for '25.

在2和3之間，總是抓住機會。就像今年，我們所做的，考慮到非常積極的一年，自由現金流，所以我們利用優勢去推動，改善在坑中的定位，做更多的浪費。但是您可以從 2:5 計劃開始，並且可以稍微高一點。因此，沿著礦井走到 43-101，我認為這與 '25 仍然非常重要。

Okay. And then the last question on Essakane would be the grade reconciliation. I know you tried to do work on it in the past, but it's clearly beating and continuing to beat. I think the plan for Q2 was lower grade, plan for Q3 was lower grade, and it's still hanging in there well above the reserve grade. So how should we think about that on a go-forward basis?

好的。關於 Essakane 的最後一個問題是成績核對。我知道你過去曾經嘗試過解決這個問題，但它顯然還在繼續困擾著你。我認為 Q2 的計劃等級較低，Q3 的計劃等級也較低，而且仍然遠高於儲備等級。那我們今後該如何思考這個問題呢？

I know you'll probably tell me to use the reserve grade, but is that realistic at this point?

我知道您可能會告訴我使用備用等級，但這現實嗎？

Well, as I mentioned in my opening comment, one of the big contributors is the Phase 5, and we've seen some extension that's going to prolong in '25. So on that point of the Phase 5s alone, it would bring normally opportunity beyond the 43-101. So we'll look at this for next year. Now, we're not at the beginning of the Phase 5, but we should benefit at least another quarter, if not more, from the Phase 5. So yes, we should normally -- should the Phase 5 continue, as I mentioned, we should normally be able to improve beyond the 43-101 in terms of grades for next year.

嗯，正如我在開場白中提到的，其中一個重要貢獻者是第 5 階段，而且我們已經看到了一些將在 25 年延長的延期。因此，僅從第 5 階段這一點來看，它通常會帶來 43-101 以外的機會。所以我們明年會再研究這個問題。現在，我們還沒有進入第五階段，但我們應該能從第五階段中受益至少另一個季度，甚至更多。所以是的，我們通常應該——如果第 5 階段繼續下去，正如我所提到的那樣，我們通常應該能夠在明年的成績方面超越 43-101。

(Operator Instructions) Tanya Jakusconek, Scotiabank.

(操作員指示) Tanya Jakusconek，加拿大豐業銀行。

Renaud, maybe just to circle back on Lawson's question on capital allocation. Did I understand correctly that the priorities for you in 2025 are obviously paying down the prepaid and the notes and some of the leases, et cetera, et cetera, dealing with the debt side? And then you have some capital that you put into Côté on the plant side. And is it safe to assume that you want to extend the mine life at Essakane. So that's 2025.

雷諾，也許只是回到勞森關於資本配置的問題。我是否理解正確，2025 年您的首要任務顯然是償還預付款、票據和部分租賃款等等，處理債務問題？然後您將一些資本投入到 Côté 的工廠方面。並且可以肯定地說，您想要延長 Essakane 礦場的礦井壽命嗎？那就是 2025 年。

And so as we go into 2026, do you think, at that point, you will have any additional free cash flow to look for returns to shareholders? I'm just trying to see whether returns to shareholders via dividend and/or share buyback is a 2026 part of your review. It's not 2025 is what I'm understanding.

那麼，當我們進入 2026 年時，您是否認為到那時您將擁有任何額外的自由現金流來為股東帶來回報？我只是想知道透過股息和/或股票回購向股東回報是否是你 2026 年審查的一部分。據我所知，這不是 2025 年。

Thanks for your questions, because our shareholders obviously means a lot, and we'll always be taking into account. So my capital allocation answer was really focusing more on what we see as real mine site capital needs, which we still see within the -- but as you mentioned, and as we have mentioned in previous quarter, as we turn this company positive cash flow and address property level of debt reductions, we'll continue to generate excess free cash flow. And we have mentioned in the past that we will be looking down the road to how could we find a better way to reward our shareholders. This is not for '25. We will see how the gold market goes, but I'm expecting this company to be in excess of cash flow as we advance '26, '27, and beyond, and which will represent some opportunity. We don't have any decision made.

感謝您的提問，因為我們的股東顯然對我們意義重大，我們會一直考慮到這一點。因此，我的資本配置答案實際上更關注我們所看到的真正的礦場資本需求，我們仍然看到這一點——但正如您所提到的，正如我們在上一季度所提到的，隨著我們將這家公司的現金流轉變為正值，並解決房地產水平的債務削減問題，我們將繼續產生過剩的自由現金流。我們過去曾提到，我們將研究如何找到更好的方式來回報我們的股東。這不是‘25’。我們將關注黃金市場的發展，但我預計，隨著 26 年、27 年及以後的發展，這家公司的現金流將過剩，這將代表著一些機會。我們尚未做出任何決定。

This is all part of strategic approach as we advance in time. But I'm looking at '24, looking how we are advancing. I'm very excited about what this company could be next year towards the Q3. There are some big priority that would make a difference for the shareholders. As you know, the second lien is very expensive, and we must find a way to reduce cost of that.

這些都是我們與時俱進的策略方針的一部分。但我正在展望24年，看看我們將如何前進。我對這家公司明年第三季的業績感到非常興奮。有一些重大優先事項會對股東產生影響。如你所知，第二留置權的成本非常高，我們必須找到降低其成本的方法。

But after that, down the road, once you adjust your balance sheet, I think, there would be opportunity for the shareholders. So thank you for this question.

但在那之後，一旦你調整了資產負債表，我認為，股東就會有機會。感謝您提出這個問題。

Okay. Looking at '26 and beyond for that opportunity.

好的。展望26年及以後尋找此機會。

Yes, that cannot really be before that because we do have that. So I think as we advance '26 and beyond, looking at the needs, the excess cash flow, we'll be looking at what could be done, yes.

是的，那不可能早於那，因為我們確實有那個。因此，我認為，隨著我們邁向 26 年及以後，我們會考慮需求、過剩現金流，並研究可以做些什麼，是的。

And then, Renaud, my second question is just on Westwood. I know the 43-101 technical study is coming. And I think Anita asked this on one of the other calls, but can you just remind me what you have set as a long-term production target and cost target for this asset? Was that 150,000 ounces or (technical difficulty).

然後，雷諾，我的第二個問題是關於韋斯特伍德的問題。我知道 43-101 技術研究即將到來。我認為 Anita 在另一個電話中問過這個問題，但您能否提醒我一下，您為這項資產設定的長期生產目標和成本目標是什麼？那是 15 萬盎司還是（技術難度）。

Thanks for your question, because we will be filing the 43-101. But, but in all fairness, the 43-101, by the nature of the mine, it's a deep mine. There is quite a bit of ounces, not quite in the reserve category. So you've seen the reserve at the end of December, about 1 million ounce and the 43-101 is based on reserve only. But there is quite a significant amount of other ounces that, of course, part of the life of mine and so forth.

感謝您的提問，因為我們將提交 43-101。但是，平心而論，43-101，就礦井的性質而言，是一個深礦。有相當多的盎司，但不完全屬於儲備類別。因此，您已經看到了 12 月底的儲備，約為 100 萬盎司，而 43-101 僅基於儲備。但還有相當多的其他盎司，當然，是我生命的一部分等等。

So an average of 130,000, 140,000 ounces. So I'd like to say, I see this mine down the road that is a steady 125,000 to 150,000 ounces type of range. And this is just with the current life of mine. But once the Grand Duc is done, there will be further opportunity and extra capacity at the mill, down the road, that could be. So I would say as a base case, it's probably 125,000, 140,000 ounces.

所以平均是130,000到140,000盎司。所以我想說，我看到這條路上的礦井的產量穩定在 125,000 到 150,000 盎司的範圍內。這只是我現在的生活。但是一旦大公爵工廠完工，工廠未來將會有更多的機會和額外的產能。因此，我認為基本情況是，它可能是 125,000 至 140,000 盎司。

And in terms of cost, I would wait for the 43-101 to highlight a little bit more of that. So I don't want to be ahead of my ski here. So a few weeks will be a better answer to these questions. But you will see a drop from the current range just because of the level of rehabilitations that would ease down, so that would lower some costs. So if we do $1,600 today, you should expect down the road the mine to be capable to do better than that.

而在成本方面，我會等待 43-101 來進一步突出這一點。所以我不想在這裡領先我的滑雪者。因此幾週後我們就能更好地回答這些問題。但是，由於康復程度的降低，你會看到當前範圍有所下降，從而降低一些成本。因此，如果我們今天的利潤為 1,600 美元，那麼您應該預期，未來礦的利潤將能夠超過這個數字。

Okay. Look forward to [getting]. And then maybe my final question, I just wanted to circle back, Renaud, on something you said earlier, which was on inflation, very focused on this. I think that 35% of your cost structure is labor, correct me if I'm wrong. Can I just understand, number one, what is your labor inflation currently?

好的。期待[得到]。然後也許我的最後一個問題，雷諾，我只是想回到你之前所說的事情，即關於通貨膨脹的問題，非常關注這一點。我認為您的成本結構的 35% 是勞動力，如果我錯了，請糾正我。我能了解一下嗎，第一，你們那裡目前的勞動通膨率是多少？

And how are you thinking about that into 2025? That's my first question. So is 35%, Maarten, the right number as a percentage of cost for labor and then the inflation?

那麼您對於 2025 年的情況有什麼看法呢？這是我的第一個問題。那麼，Maarten，35% 是勞動成本和通貨膨脹的百分比嗎？

I'll pass it to Maarten for more further detail.

我會將其轉交給 Maarten 以獲取更多詳細資訊。

Tanya, so 35% is still the amount for labor and contractors in our cost structure. That will change slightly as Côté becomes a bigger part of our organization now going forward because Côté has less labor than Essakane, for example. When we look at our budget, which we're still working on, and we look at what the industry is doing, as well as CPI, we're seeing like 3% to 3.5% increases for labor on average. And I think that's in line with what other people are seeing as well.

塔妮婭，因此 35% 仍然是我們成本結構中勞動力和承包商的金額。隨著 Côté 成為我們組織中更重要的一部分，這種情況會略有改變，因為 Côté 的勞動力比 Essakane 少。當我們查看仍在製定的預算並觀察行業表現以及消費者物價指數 (CPI) 時，我們發現勞動成本平均上漲 3% 至 3.5%。我認為這也與其他人的看法一致。

And as we go forward, would that 35% move to 40% in labor, or would it be higher, like with the contractor? I'm just trying to understand what that 35% would move to.

而隨著我們的前進，勞動力的比例從 35% 變成 40%，還是會更高，就像承包商一樣？我只是想知道那 35% 會轉移到哪裡。

I think that 35% would maybe decrease because of the labor component, higher labor component in Essakane than at Côté. But we're just working through those numbers as well, so --

我認為 35% 可能會下降，因為 Essakane 的勞動成分比 Côté 的勞動成分要高。但我們也在研究這些數字，所以--

It should not increase.

它不應該增加。

It should not change.

它不應該改變。

Maybe there should be a slight decrease.

也許應該稍微減少。

So you're saying that 35% includes your employees and your contractors in that 35% --?

所以您的意思是說，這 35% 包括了您的員工和承包商—？

Correct.

正確的。

Okay. Can you give me the split of what that is now? So what is (technical difficulty) and what is contractors in that 35%?

好的。您能告訴我現在這個數字的分配狀況嗎？那麼那 35% 中的（技術難度）是什麼以及承包商是什麼？

So based on our plan for this year, I've not checked the actuals recently, but it was about 25% of the 35% and then 10%. So labor 25%, contractors 10% of that 35%.

因此，根據我們今年的計劃，我最近沒有檢查實際情況，但它大約是 35% 的 25% 然後是 10%。因此勞動力佔 25%，承包商佔 10%，佔 35%。

And then that 10% should decrease as Côté comes on next year, is that how I understood it.

我的理解是，隨著科特迪瓦明年的到來，這 10% 應該會下降。

Yes.

是的。

Yes. Okay. And still within the 35%, it's just the shift of contractors increasing versus your employees. And then, Renaud, you mentioned --

是的。好的。在這 35% 之內，承包商的變動只是相對於僱員的變動而增加。然後，雷諾，你提到--

Sorry, Tanya. It's more that our total percentage of labor of our cost structure, the 35%, we expect to maybe slightly decrease as Côté becomes a bigger part of our overall cost structure. The split between labor and contractors may not change, but it depends on how we operate the business.

對不起，Tanya。我們成本結構中勞動力的總百分比，即 35%，預計可能會略有下降，因為 Côté 在我們的整體成本結構中所佔的比例越來越大。勞動力和承包商之間的分工可能不會改變，但這取決於我們如何經營業務。

And so when you look at overall, and I think, Renaud, you mentioned that consumables is in line with (technical difficulty) of the cost structure. Obviously, the higher gold price impacts royalties, that you see. So as you think about 2025, and you have this labor inflation at that 3%, 3.5%, and let's say, flattish on some of the other stuff, plus you have a higher gold price for the royalties, would we be thinking like 5% would be a reasonable assumption for year-over-year change '25 to '24?

因此，當你從整體來看時，我認為，雷諾，你提到消耗品與成本結構（技術難度）相符。顯然，金價上漲對特許權使用費有影響。所以當您想到 2025 年時，您的勞動力通膨率為 3%、3.5%，並假設其他一些因素持平，再加上特許權使用費的黃金價格上漲，我們是否會認為 5% 是 2025 年至 2024 年同比變化的合理假設？

Tanya, there's lots of other price inputs as well, like we need to look at oil, and that's been changing, energy costs. So we will be providing our guidance early next year, and we're still working through our budgets and plans as well. So it's hard to confirm that number at this point.

塔妮婭，還有很多其他的價格輸入，例如我們需要關注石油，以及一直在變化的能源成本。因此，我們將在明年初提供指導，同時我們也正在製定預算和計劃。因此目前很難確認這個數字。

Yes. And the thing is that you may have some -- like Côté, for instance, right? Côté is a good example. The first year is a ramp-up, so you're looking at your consumptions that are not optimized. So you may face some increase in and some unit price paid, but you have further possibilities.

是的。事實是，您可能有一些——例如 Côté，對嗎？Côté 就是一個很好的例子。第一年是成長期，因此你會看到尚未優化的消耗。因此，您可能會面臨一些單價的上漲和支付，但您還有進一步的可能性。

So I think '24, '25, we'll do anything possible to offset any possible increase. But as Maarten highlighted, so we'll be more specific at the start of the year, but I definitely do not -- because Côté has so much of improvement and opportunities, I think we still can target to offset most of the increase, other than the labor.

所以我認為，24、25年，我們會盡一切可能抵銷任何可能的成長。但正如 Maarten 所強調的那樣，我們將在年初更加具體，但我絕對不會——因為科特迪瓦有如此多的改進和機會，我認為我們仍然可以瞄準抵消勞動力以外的大部分增長。

Simon Wildsmith, Canaccord Genuity.

Canaccord Genuity 的 Simon Wildsmith。

Maybe for Maarten, with strong gold prices, and what seems to be an improving balance sheet, is there an opportunity to refinance the relatively high-cost term loan early?

也許對馬丁來說，在金價強勁、資產負債表似乎不斷改善的情況下，是否有機會提前為相對高成本的定期貸款進行再融資？

Simon, that loan becomes callable -- we can start repaying it now, but there is a prepayment penalty that's quite large at the moment. So in May of next year, that reduces to 104%. So to do anything before then, if you look at the cost of new debt and all of those costs, we don't believe that, that is the best way to increase value and reduce our debt-carrying cost. But by middle of next year, that's when there would be an opportunity to do that. And we are still delivering into the gold prepay now as well. So that is using a lot of the extra free cash flow and high gold price.

西蒙，那筆貸款可以提前償還了——我們現在可以開始償還，但目前的提前還款罰金相當高。那麼到明年 5 月，這個數字將降至 104%。因此，如果您考慮新債務的成本和所有這些成本，我們不認為在此之前採取任何行動是增加價值和降低債務成本的最佳方法。但到明年年中，就有機會實現這一點。我們現在仍在進行黃金預付款的交付。因此，這需要使用大量額外的自由現金流和高昂的金價。

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

這就是我們今天在電話會議中回答問題的時間。現在我將把電話轉回給格雷姆‧詹寧斯 (Graeme Jennings)，請他作結束語。

Thank you very much, operator. Thank you, everyone, for joining us this morning. As always, if you should have any questions, please reach out to Renaud or myself. Thank you all. Be safe, and we will see you next quarter in 2025.

非常感謝，接線生。感謝大家今天早上加入我們。像往常一樣，如果您有任何疑問，請聯繫 Renaud 或我本人。謝謝大家。注意安全，我們將於 2025 年下個季度與您見面。

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。您可以斷開您的線路。感謝您的參與並祝您有愉快的一天。