IAMGOLD Corp (IAG) 2024 Q4 法說會逐字稿

Thank you for standing by. This is the conference operator. Welcome to the IAMGold fourth quarter and year-end 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)

感謝您的支持。我是會議主持人。歡迎參加 IAMGold 第四季和 2024 年年末營運和財務業績電話會議和網路廣播。提醒一下，所有參與者都處於只聽模式，會議正在錄音。（操作員指示）

At this time I would like to turn the conference over to Graham Jennings, Vice President, Investor Relations and Corporate Communications for IAMGold. Please go ahead, Mr. Jennings.

現在，我想將會議交給 IAMGold 投資者關係和企業傳播副總裁 Graham 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; Maarten Theunissen , Chief Financial Officer; Bruno Lemelin, Chief Operating Officer; Dorena Quinn, Chief People Office Officer; and Annie Torkia Lagacé, Chief Legal and Strategy Officer.

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； Maarten Theunissen，財務長； Bruno Lemelin，營運長；多雷娜‧奎因 (Dorena Quinn)，人力資源長；以及首席法律與策略長 Annie Torkia Lagacé。

We are covering today from IAMGOLD's Toronto office in Canada which is located on 313 territory on the traditional lands of the many nations, including the Mississauga of the Credit, the Anishinaabe, The Chippewa, Haudenosaunee and the Wendat peoples.

我們今天在加拿大多倫多的 IAMGOLD 辦事處進行報道，該辦事處位於 313 個領土上，這些領土是許多民族的傳統土地，包括密西沙加族、阿尼希那比族、奇珀瓦族、豪德諾索尼族和溫達特族。

At IAMGOLD, we believe respect in upholding Indigenous rights, founded upon relationships that foster trust, transparency, and mutual respect. Please note that our remarks on this call will include forward-looking statements and refer to non-IFRS measures.

在 IAMGOLD，我們相信尊重維護原住民權利，並建立在建立信任、透明和相互尊重的關係之上。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措施。

I encourage you to refer to the cautionary statements and disclosures on non-IFRS measures, inclination and the reconciliations of these measures in our most recent MD&A, each under the heading non-GAAP financial measures.

我鼓勵您參考我們最近的 MD&A 中關於非國際財務報告準則衡量指標、傾向和這些指標的調節的警示性聲明和披露，每個都在非 GAAP 財務指標標題下。

With respect to the technical information to be discussed, please refer to the information and the presentation under the heading qualified person and technical information. The slides referenced on this call can be viewed on our website.

關於要討論的技術信息，請參閱合格人員和技術資訊標題下的資訊和介紹。本次電話會議中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.

現在我將把電話轉給我們的總裁兼執行長雷諾亞當斯 (Renaud Adams)。

Thank you, Graham, and good morning, everyone, and thank you for joining us. Last year was a monumental year for IAMGOLD. The company achieved critical milestones that have positioned the company as a dynamic, modern, multi-asset, mid-tier gold producer with significant potential for free cash flow growth and expansion.

謝謝你，格雷厄姆，大家早安，謝謝你們加入我們。去年對 IAMGOLD 來說是個里程碑式的一年。該公司實現了關鍵的里程碑，使公司成為一家充滿活力、現代化、多元資產、中型黃金生產商，具有巨大的自由現金流成長和擴張潛力。

IAMGOLD finished 2024 with total attributable gold production of 667,000 gold ounces, a 43% increase from the prior year and in line with our previously raised guidance estimates. This performance was driven by the successful start-up of Côté Gold, as well as an exceptional operational and output from Essakane and Westwood.

截至 2024 年，IAMGOLD 的黃金總產量為 667,000 盎司，比上一年增長 43%，符合我們先前上調的指導估計。這一業績得益於 Côté Gold 的成功啟動，以及 Essakane 和 Westwood 的出色營運和產出。

Financially, the company took a significant step to improve its financial position and capitalize on the strong operating results and robust gold market. Highlights in the year include the completion of the repurchase agreement to return to the 70% interest level at Côté Gold, the successful net delivery and completion of half the legacy gold prepayment arrangement all while still generating a total adjusted EBITDA for the year of approximately $781 million.

在財務方面，該公司邁出了重要一步，改善了財務狀況，並利用強勁的經營業績和強勁的黃金市場。本年度的亮點包括完成回購協議，將 Côté Gold 的利息水準恢復到 70%、成功淨交付以及完成一半的遺留黃金預付款安排，同時仍產生了本年度約 7.81 億美元的調整後 EBITDA。

And further strengthening our balance sheet and financial flexibility with the bolster credit facility resulting in us ending the year with total liquidity of approximately $767 million and the expectation of increasing free cash flow this year.

透過加強信貸安排，我們的資產負債表和財務靈活性進一步增強，到年底我們的總流動資金將達到約 7.67 億美元，預計今年的自由現金流將會增加。

Additionally, last night, alongside our financial results, we disclose our updated mineral resources and reserve estimates. The highlights of which were a significant increase in ounces and grades at our Nelligan project located in the Chibougamau region.

此外，昨晚，除了財務表現外，我們還披露了最新的礦產資源和儲量估算。其中的亮點是位於 Chibougamau 地區的 Nelligan 項目的盎司數和品味顯著提高。

With the update, Nelligan is now among the top largest gold deposits in Canada and is expected to continue to grow all while being located in the top-tier mining jurisdiction. Another highlight of the narrow resources update was at Essakane, where the teams were able to increase the mineral reserve after accounting for depletion suggesting another potential year of mine life for the strong cash lowering asset.

隨著更新，內利根現已成為加拿大最大的金礦之一，並且預計將繼續增長，同時位於頂級採礦管轄區內。狹窄資源更新的另一個亮點是在 Essakane，團隊在考慮到資源枯竭之後能夠增加礦產儲量，這表明該強勁的現金降低資產的礦山壽命可能還有一年。

Over the last few years, IAMGOLD has seen a rapid growth of value production and mineral resources within Canada. We're now today, approximately 80% of our measured and indicated ounces and 90% of global inferred ounces are located in Canada in well-established mining jurisdiction.

過去幾年，IAMGOLD 見證了加拿大的價值生產和礦產資源的快速成長。目前，我們測量和指示的盎司約有 80% 以及全球推斷的盎司約有 90% 位於加拿大完善的採礦管轄區內。

In the near term, our goal is clear to ramp up Côté Gold to a steady sustainable state operating at the nameplate throughput level of 36,000 tonnes per day in the fourth quarter of this year, while maximizing our mineral, measured and indicated resources at Côté in Gosselin in support of a technical report in 2026 that would outline a unified mine plan based on Côté and Gosselin.

短期內，我們的明確目標是在今年第四季度將 Côté Gold 的產量提升至穩定可持續的狀態，達到標稱的每天 36,000 噸的產量水平，同時最大限度地利用我們在 Gosselin 的 Côté 的礦產、測量和指示資源，以支持 2026 年的技術報告概述，該礦報告表的統一計劃，© 2026 年。

Meanwhile, we will continue safe mining activities at Essakane and Westwood to maximize production while managing our cost drivers with a focus on cash flow margin preservation. Should the current gold price environment remain in place, by the middle of this year, we anticipate we will have our gold prepayment facility behind us with Côté, Essakane and Westwood capable of generating record cash flow and conceptually well positioning IAMGOLD to begin the process of delivering its balance sheet, starting with our high-cost dense vehicles to further refine our capital structure and moving closer to our goal of becoming a leading modern Canadian gold producer with a strong balance sheet, an asset that are poised to generate significant value for our stakeholders, partner and investor.

同時，我們將繼續在 Essakane 和 Westwood 進行安全採礦活動，以最大限度地提高產量，同時管理成本驅動因素，並專注於現金流利潤率的維持。如果目前的黃金價格環境保持不變，到今年年中，我們預計我們的黃金預付款機制將得以實施，Côté、Essakane 和 Westwood 將能夠產生創紀錄的現金流，並在概念上為 IAMGOLD 做好充分的定位，開始交付其資產負債表，從我們的高成本成本工具開始，完善我們的資產資產夥伴和投資者創造巨大價值。

Looking at highlights from the year and the fourth quarter. At IAMGOLD, we strive to be among the leaders in health and safety, talent development in SSG -- ESG, including tailings management, water stewardship and community well-being.

回顧今年和第四季的亮點。在 IAMGOLD，我們致力於成為健康和安全、SSG——ESG 人才發展領域的領導者，包括尾礦管理、水資源管理和社區福祉。

Looking at last year as a whole. Our total recordable injury frequency rate was 0.63, an improvement from the prior year ensuring all of our employees and contractors go home safely would always be the primary focus for IAMGOLD and to succeed every gold ounce produced has to be done safely.

縱觀去年全年。我們的總可記錄傷害頻率為 0.63，比上一年有所改善，確保我們所有的員工和承包商安全回家始終是 IAMGOLD 的主要關注點，並且要取得成功，必須安全地生產每一盎司黃金。

On production, in the fourth quarter, the company produced 177,000 ounces, bringing total annual production to 667,000 ounces on an attributable basis in line with our guidance, which was raised midyear to 625,000 ounces to 715,000 ounces.

在產量方面，第四季度，該公司生產了 177,000 盎司，使年度總產量達到 667,000 盎司（按可歸屬基礎），符合我們的預期，該預期在年中上調至 625,000 盎司至 715,000 盎司。

Total annual production in 2024 was 43% higher than '23 driven by a strong first half at Essakane, a near record year at Westwood and the start of Côté Gold, which produced 124,000 ounces to our account in the first nine months of operation.

2024 年的年總產量比 2023 年高出 43%，這得益於 Essakane 上半年的強勁表現、Westwood 接近創紀錄的一年以及 Côté Gold 的啟動，Côté Gold 在運營的前九個月為我們生產了 124,000 盎司黃金。

Cash cost per ounce sold, excluding Côté, was $1,176 for the year, at the low end of our guidance range of $1,175 to $1,275 and $1,393 per ounce for the first quarter. All in sustaining cost per ounce sold, excluding Côté was $1,725 for the year, trending towards the low end of our guidance range of $1,700 to $1,825 million and $2,071 for the fourth quarter.

全年每盎司銷售現金成本（不包括 Côté）為 1,176 美元，處於我們第一季度每盎司 1,175 美元至 1,275 美元和 1,393 美元的指導範圍的低端。不包括 Côté 在內的全年每盎司銷售維持成本為 1,725 美元，趨向於我們指導範圍 1,700 萬美元至 1,825 萬美元的低端，第四季度為 2,071 美元。

Cash cost in ASIC increased quarter over quarter through 2024. This was primarily associated to rising waste stripping and lower relative grades at Essakane as the mine opened up and started mining of new phase as per the mine plan.

到 2024 年，ASIC 的現金成本將逐季增加。這主要與 Essakane 礦場開採和按照採礦計劃開始新階段開採時廢料剝離增加和相對品位降低有關。

On an annual basis, while costs are in line with the prior year. They remain relatively high due to continued pressure on supply chains within Burkina Faso as well as sustained elevated price on certain consumables and labor.

以年度計算，成本與前一年持平。由於布吉納法索境內供應鏈持續承壓，以及某些消耗品和勞動力價格持續上漲，價格仍相對較高。

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

說完，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, at the end of the year, IAMGOLD had $347.5 million in cash and cash equivalents and net debt of $859.3 million. The company has $220 million drawn on the credit facility and approximately $418.5 million remains available resulting in liquidity at December 2024 of approximately $767 million.

謝謝你，雷諾，大家早安。就我們的財務狀況而言，截至年底，IAMGOLD 擁有 3.475 億美元的現金和現金等價物，淨債務為 8.593 億美元。該公司已從信貸額度中提取了 2.2 億美元，剩餘可用資金約為 4.185 億美元，因此 2024 年 12 月的流動資金約為 7.67 億美元。

We note that written cash and cash equivalents, $46 million was helped by the Côté Gold UJV, $130.2 million was held by Essakane and $160 million was held in the corporate treasury. As we highlighted last quarter about words reiterating, is a candidate dividend during the second quarter of $180 million, for which the minority interest portion and withholding taxes were paid during the second quarter, and the company received a total dividend of $151.9 million.

我們注意到，書面現金和現金等價物中，4600 萬美元由 Côté Gold UJV 提供，1.302 億美元由 Essakane 持有，1.6 億美元由公司財務部門持有。正如我們上個季度強調的重申的那樣，第二季度的候選股息為 1.8 億美元，其中少數股東權益部分和預扣稅已於第二季度支付，公司共收到 1.519 億美元的股息。

On November 30, 2024, the company issued a payment of $377.7 million to complete the repurchase of the 9.7% interest of the Côté Gold mine that was transferred to Sumitomo Mine through the Côté Gold joint venture amending and funding agreement, returning on gold through its full 70% interest in Côté.

2024年11月30日，公司支付3.777億美元，完成對通過Côté黃金合資企業修訂和融資協議轉讓給住友礦山的Côté金礦9.7%權益的回購，並通過其在Côté的全部70%權益的全部回報。

The repurchase payment was funded through available cash balances and amounts available under the credit facility. On December 23, 2024, the company announced that a closed sale of its 100% interest in the Karita gold project associated exploration assets in need for gross proceeds of $35.5 million.

回購付款透過可用現金餘額和信貸額度下的可用金額提供資金。2024 年 12 月 23 日，該公司宣布以封閉方式出售其在 Karita 金礦專案 100% 的權益以及所需的勘探資產，總收益為 3,550 萬美元。

The definitive agreement to sell the Diakha-Siribaya gold project in Mali, expired on December 31, 2024, and was not extended. The company is pursuing alternative options for the sale of this asset.

出售馬利 Diakha-Siribaya 金礦計畫的最終協議於 2024 年 12 月 31 日到期，且未延長。該公司正在尋求出售該資產的替代方案。

Finally, as of today, the company has completed over half of its gold prepay obligations, having delivered 75,000 ounces into the 2022 gold prepay arrangement of which 37,500 ounces were delivered in the fourth quarter and a further 12,500 ounces during January 2025, reducing the outstanding balance of all prepaying arrangements to 62,500 ounces as of January 31, 2025.

最後，截至今天，該公司已完成一半以上的黃金預付義務，已按2022年黃金預付安排交付了75,000盎司，其中第四季度交付了37,500盎司，2025年1月又交付了12,500盎司，使截至2025年1月31日所有預付安排的未償餘額

The company received $10 million in cash in the fourth quarter and $38.9 million for the year as part of the delivery of the obligation. Please refer to the liquidity outlook section of the MD&A for further details.

作為履行義務的一部分，該公司在第四季度收到了 1000 萬美元現金，全年收到了 3,890 萬美元現金。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 annual financial results for 2024, we saw the impact of strong gold production at record real gold prices, resulting in the company realizing higher margins and generating higher operating cash flows during a critical year for the company.

縱觀我們2024年的年度財務業績，我們看到了創紀錄的實際金價下強勁的黃金產量的影響，使得公司在關鍵的一年裡實現了更高的利潤率並產生了更高的經營現金流。

Revenues from operations stood at $1.6 billion for the year, from sales of 699,000 ounces at a record average gold price of 230 -- $2,330 per ounce after accounting for the impact of the gold prepaids.

全年營業收入為 16 億美元，銷售量為 699,000 盎司，平均黃金價格達到創紀錄的每盎司 230 至 2,330 美元（扣除黃金預付款的影響）。

The strong operating results and gold price resulted in another year of increased adjusted EBITDA, which totaled $780.6 million in 2024, double the 2023 value, while Côté is still in the early stages of ramp-up. Net earnings were $819.6 million for the year and includes a reversal of prior impairment on Westwood of $455.5 million as a result of the improvement of the value of the operation, compounded by an update to the long-term gold price assumptions.

強勁的經營績效和金價使得調整後 EBITDA 再度成長，2024 年總額達到 7.806 億美元，是 2023 年的兩倍，而 Côté 仍處於成長的早期階段。全年淨利潤為 8.196 億美元，其中包括對 Westwood 先前減值的 4.555 億美元逆轉，這是由於營運價值的提高以及長期黃金價格假設的更新。

Adjusted earnings were $296 million. On a per share basis, adjusted earnings per share for the year totaled $0.55, a notable increase from the prior year of $0.09. Looking at the cash flow reconciliation for the year offers a good visualization of the major drivers of our available liquidity to the end of 2024.

調整後收益為 2.96 億美元。以每股計算，全年調整後每股收益總計 0​​.55 美元，較前一年的 0.09 美元大幅成長。查看全年的現金流量調節表，可以很好地直觀地了解到 2024 年底我們可用流動性的主要驅動因素。

Operating activities, fueled by strong operations at Essakane Westwood and the start of the production of Côté were adjusted for the impact of the gold prepay deferred revenues and prepaid proceeds in the first half of the year.

受 Essakane Westwood 強勁營運和 Côté 開始生產的推動，經營活動已根據上半年黃金預付遞延收入和預付收益的影響進行了調整。

Investing activities in 2024 were primarily driven by the completion of construction of Côté, Zijin Capital spend in our projects. Financing activities were bolstered by the share issuance in May 2024 at a price of USD4.17 per share combined with a drawdown on the credit facility to fund the repurchase of the 10% interest in Côté from Sumitomo and working capital requirements.

2024 年的投資活動主要受到 Côté 建設的完成以及紫金資本對我們專案的支出的推動。2024 年 5 月以每股 4.17 美元的價格發行股票，並提取信貸額度，為從住友手中回購 Côté 的 10% 權益和營運資金需求提供資金，從而促進了融資活動。

As we look to 2025, we believe we have a good opportunity to further improve the strength of our balance sheet should the gold market remains strong. As we saw on the prior page, the current company currently has a $400 million term loan which carries relatively higher interest.

展望2025年，我們相信，如果黃金市場保持強勁，我們就有很好的機會進一步提高資產負債表的實力。正如我們在上一頁看到的，該公司目前有一筆 4 億美元的定期貸款，其利息相對較高。

This year offers an important milestone as the term loan can be repaid in $20 million tranches at any time. And after May 2025, at 104% repayment premium followed by 101% premium if paid after May 2026 and 100% thereafter.

今年是一個重要的里程碑，因為這筆定期貸款可以隨時分期償還 2000 萬美元。2025 年 5 月後，償還保費為 104%，2026 年 5 月後償還保費為 101%，之後償還保費為 100%。

Once a gold prepays are behind us, the strong expected cash flows could well position the company to reduce our debt carrying costs and levels.

一旦黃金預付款到賬，強勁的預期現金流將使公司能夠降低債務成本和水平。

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

說完這些，我就把電話轉回給你，雷諾。謝謝。

Thank you, Maarten. And congratulations again on your team's achievement last year. Starting with Côté Gold, I want to congratulate the team for their commitment and dedication to the safe ramp-up of Côté Gold. Also, and since first gold, the mine has shown a systematic increase quarter over quarter in throughput and gold production.

謝謝你，馬丁。再次恭喜貴團隊去年的成就。首先從 Côté Gold 開始，我要祝賀團隊對 Côté Gold 安全提升的承諾和奉獻。此外，自首次開採出金礦以來，該礦的產量和黃金產量逐季呈現系統性成長。

In the first year of operation, Côté Gold produced 199,000 ounces on a 100% basis. Looking at the fourth quarter, Côté produced 96,000 ounces on a 100% basis which was a 41% increase from the prior quarter. A year ago on this call, we call for an initial production in late first quarter.

在營運的第一年，Côté Gold 的產量為 199,000 盎司，產量達到 100%。縱觀第四季度，科特迪瓦黃金產量為 96,000 盎司（100%），較上一季成長 41%。一年前，在這次電話會議上，我們要求在第一季末進行初步生產。

Commercial production achieved in the third quarter 2024 and set the target for Côté to exit the year at a throughput rate of approximately 90% of nameplate. We were able to achieve the first two of this [semester], with the mine achieving among the quickest ramp-up new to commercial production for large scale of in pit gold mine in Canada.

2024 年第三季實現商業化生產，Côté 的目標是在今年年底實現額定產量的約 90% 的產量。我們能夠實現本學期的前兩個目標，該礦是加拿大大型露天金礦中實現商業化生產速度最快的礦場之一。

Despite these successes, Côté was unable to sustainably exit the year at 90% throughput and orally missed production guidance of 220,000 ounces due to lower tonnes processed during the fourth quarter as a result of higher than expected downtime in order to come back on plane repair.

儘管取得了這些成功，但科特迪瓦未能在年底保持 90% 的產量，並且由於第四季度為進行飛機維修而停工時間超過預期，導致加工噸位較低，未能達到口頭承諾的 220,000 盎司產量目標。

Mining activity totaled 10.8 million tonnes in the fourth quarter of 2024, modestly higher than the prior quarter and bringing the total tonnes mined for the year to 39.3 million tonnes with an average strip ratio of 2.6:1, resulting in our tonnes mined for the year of 10.8 million tonnes.

2024 年第四季的採礦活動總計 1,080 萬噸，略高於上一季度，使全年開採的總噸數達到 3,930 萬噸，平均剝採比為 2.6:1，導致全年開採噸數達到 1,080 萬噸。

The average grade of mine ore was 0.97 grams a tonne with the reconciliation between the grade control and reserve models in line with expected tolerances. Within the pit, the mine currently has two CAT 60, 60 electric shovel and 21 CAT autonomous haul truck now commissioned.

礦山礦石平均品位為每噸 0.97 克，品位控制與儲量模型之間的調節符合預期公差。目前，該礦礦井內已投入使用兩台 CAT 60、60 電鏟和 21 CAT 自動運輸卡車。

Utilization rates of the primary mining equipment has been improving with the mine achieving a weekly average high operating rate of 150,000 tonnes per day in December.

主要採礦設備的利用率不斷提高，12 月該礦的周平均開採率達到每天 15 萬噸。

The current mine plan is using multiple stocks power segregated by grade as made evidenced by the head grade of tonnes processed in the fourth quarter of 1.34 grams a tonne gold, substantially higher than the mine grade.

目前的礦場計畫是使用按品位劃分的多種庫存電源，正如第四季度加工的黃金原礦品位為每噸 1.34 克黃金所證明的那樣，大大高於礦山品位。

As we discussed last quarter, this strategy is proving to require higher than expected amounts of rehandling, which are flowing through our mining cost. Last year, mining costs averaged $3.90 per tonne. This is higher than expectation due to the rehandling in addition to higher contractor cost to support the ramp-up of the mine.

正如我們上個季度所討論的那樣，事實證明，這項策略需要比預期更高的重新處理量，這將影響我們的採礦成本。去年，採礦成本平均為每噸 3.90 美元。這一數字高於預期，因為需要重新處理，為了支持礦井的擴張，承包商的成本也更高。

We expect to see unit mining costs decline as we operate with the full haulage fleet for 2025, coupled with the implementation of an optimized Batman plan and a reduced need for external support.

我們預計，隨著 2025 年我們運營完整的運輸車隊，再加上實施優化的蝙蝠俠計劃和減少對外部支援的需求，單位採礦成本將會下降。

Mill throughput in the fourth quarter totaled 2.4 million tonnes. This is a 50% increase from Q3 as the plant continued to see improvement quarter over quarter. As the mine transitions from commissioning to production, at the end of Q1 of last year, our teams took the strategy of, first, testing the capacity of the main equipment and a plan to handle the diesel great loss followed by building availability and stability has the ramp-up progress.

第四季工廠產量總計 240 萬噸。由於工廠的業績逐季改善，這一數字較第三季增長了 50%。隨著礦井從調試過渡到生產，在去年第一季末，我們的團隊採取的策略是，首先測試主要設備的容量，並製定應對柴油巨大損失的計劃，然後隨著產能提升而建立可用性和穩定性。

From early on, the primary components of the processing circuit, primary, secondary crushing, HPGR, conveyors, ball mail, leaching, et cetera, prove their capability to operate at or above design loan when provided with stable condition. Further, we saw the recoveries of the plan come in line with expectation of ranging 92% for the first year of operation, a critical achievement for our new mines.

從一開始，處理迴路的主要部件，包括初級、二次破碎、高壓輥磨機、傳送帶、球磨機、浸出等，就證明了它們在穩定條件下能夠達到或超過設計值運作。此外，我們發現該計劃的回收率與營運第一年的 92% 的預期相符，這對我們的新礦來說是一項關鍵成就。

As Côté continued to ramp up through the year, we were able to deploy key optimizations to stabilize a crushing circuit to the replacement of wear parts with higher abrasive resistant material to reduce the level of wear and using new types and sizes of screens in the coarse ore screening area.

隨著 Côté 全年產量不斷增加，我們能夠部署關鍵優化措施，以穩定破碎迴路，用更耐磨的材料更換磨損部件以降低磨損程度，並在粗礦篩分區域使用新型和新型尺寸的篩網。

These improvements allow for further improvement in availability and performance of the secondary crusher and screening circuit, allowing for the plan to achieve multiday performance above 40,000 tonnes per day in the fourth quarter.

這些改進進一步提高了二次破碎機和篩選迴路的可用性和性能，使該計劃能夠在第四季度實現每天超過 40,000 噸的多日性能。

As the operating rate of the plant increases over longer periods of time, we require on schedule yet not entirely unexpected equipment maintenance. For example, in December, the plan was operated at an average of 87% of design throughput level over a two weeks period prior to an unscheduled shutdown to splice conveyor belt associated with design issue. Repairs were made to the belt and replacement with the modified design was completed in January 2025.

隨著工廠的運作率在較長時間內不斷提高，我們需要按時但並非完全出乎意料地進行設備維護。例如，12 月份，該計劃在兩週內平均以設計吞吐量水準的 87% 運行，之後因設計問題而導致傳送帶意外停機。皮帶進行了維修，並於 2025 年 1 月完成了採用改進設計的更換。

Subsequent to the quarter end, the HPGR roller demonstrated accelerated work necessitating a changeover ahead of schedule and limiting the crushing -- the secondary crushing capacity in January. The changeover of the HPGR role was completed in February '25 with operating and maintenance procedures adjusted to maximize lifespan and optimize future changeover windows.

本季末之後，HPGR 輥表現出加速工作，需要提前轉換並限制破碎——1 月份的二次破碎能力。HPGR 角色的轉換於 2025 年 2 月完成，操作和維護程序進行了調整，以最大限度地延長使用壽命並優化未來的轉換視窗。

Inside the plant, the grinding circuit was also impacted in the -- early in the quarter due to repair required to one of the Vertimill following a falter of pause maintenance. Prevention and mitigation procedures have been put in place and the second Vertimill is expected to be online later this month.

在工廠內部，本季初研磨迴路也受到了影響，因為在暫停維護後，其中一台 Vertimill 需要維修。預防和緩解程序已經到位，第二座 Vertimill 預計將於本月稍後投入使用。

Taken together, at a higher level, it is not unusual or uncommon to encounter these types of equipment issues during the first year of a ramp-up of the large-scale mining operations where the equipment is operating at an efficient level at firing rates and stress, all while maintenance schedules are being adjusted to real world conditioned.

綜合起來，從更高的層面來說，在大規模採礦作業開始的第一年遇到這些類型的設備問題並不罕見或不常見，此時設備在燃燒率和壓力下以高效的水平運行，同時維護計劃也根據現實世界的情況進行調整。

What is important is that we are seeing continuous improvement at Côté with increasing stability, availability and operating milestones quarter over quarter. In 2025, we are forecasting production of 360,000 ounces to 400,000 ounces of gold on 100% basis, which means that Côté Gold would essentially double its ounces this year.

重要的是，我們看到 Côté 的持續改進，穩定性、可用性和營運里程碑逐季度提高。到 2025 年，我們預測黃金產量將達到 360,000 盎司至 400,000 盎司（100%），這意味著 Côté Gold 今年的產量將翻倍。

Cash costs are expected to be between $950 ounce to $1,100 per ounce, and all-in sustaining costs to be between $1,350 ounce to $1,500 per ounce. The cash cost guidance reflect the cost experience in the first year of operations, including higher levels of maintenance contractor support and continued to improve in consulting. Costs are expected to lower in the second half of the year as targeted improvements are deployed and as production increases.

預計現金成本在每盎司 950 美元至 1,100 美元之間，總維持成本在每盎司 1,350 美元至 1,500 美元之間。現金成本指導反映了營運第一年的成本經驗，包括更高水準的維修承包商支援和持續改進的諮詢。隨著有針對性的改進措施的實施和產量的增加，預計下半年成本將會降低。

The operating guidance assumes planned throughput of approximately 12 million tonnes in 2025, equating to an average of 3 million tonnes per quarter comparing well with the Q4 throughput of 2.4 million tonnes, which was 50% above Q3.

營運指南假設 2025 年的計畫吞吐量約為 1,200 萬噸，相當於平均每季 300 萬噸，與第四季的吞吐量 240 萬噸相比，成長了 50%，而第三季的吞吐量為 50%。

So yes, we are confident in the next step. And the next step up after the first quarter, which we have advised will be lower after which we'll step up into Q4. The end goal for Côté this year is to achieve nameplate throughput of 36,000 per day in the fourth quarter. This target will be paid by the installation of the second cone crusher, which will provide additional capacity and redundancy to the primary crushing circuit, removing the bottleneck from this area.

所以是的，我們對下一步充滿信心。我們建議，第一季之後的下一步成長將會降低，之後我們將進入第四季。Côté 今年的最終目標是在第四季實現每天 36,000 人的額定吞吐量。該目標將透過安裝第二台圓錐破碎機來實現，這將為初級破碎迴路提供額外的容量和冗餘，消除該區域的瓶頸。

Longer term, we will continue to pursue improvement in mining and processing activities, looking for low capital-intensive opportunity to increase processing plant capacity. As we have noted in the past, several components of the plan have been designed for 42,000 tonnes per day.

從長遠來看，我們將繼續追求採礦和加工活動的改進，尋找低資本密集的機會來提高加工廠的產能。正如我們過去所指出的，該計劃的幾個組成部分的設計產量為每天 42,000 噸。

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 later this year is aligned with our strategy of unlocking maximum value by monetizing the maximum number of tons of ore mined as they become available for processing.

在專案生命週期的早期，我們已經多次看到產量超過 40,000 噸/天。今年稍後增加的第二台圓錐破碎機符合我們的策略，即透過將開採出的最大噸數礦石進行加工，從而實現價值最大化。

This strategy includes evaluating the potential to adjust certain aspect of our mining plan at Côté to shift over time from selective blasting and separation to a more bulk mining approach as the mill throughput capacity is unlocked.

該策略包括評估調整我們在 Côté 的採礦計劃某些方面的可能性，隨著工廠生產能力的釋放，隨著時間的推移，從選擇性爆破和分離轉向更大規模的採礦方法。

As currently designed, Côté over the life of mine is expected to average an annual ore mining rate of approximately 50,000 tonnes per day versus our current nameplate processing rate of 36,000 tonnes per day.

按照目前的設計，Côté 在礦山壽命期間預計年平均礦石開採率約為每天 50,000 噸，而我們目前的額定加工率為每天 36,000 噸。

So if we are able to find the right balance of increased processing rates and minimize stockpiles, we expect numerous efficiencies advantages, including reduced rehandling, improved pit sequencing and less reliance on the aggregation for the mine plan and more on maximizing mill throughput and monetization of gold mine.

因此，如果我們能夠在提高加工率和減少庫存之間找到適當的平衡，我們預計會獲得許多效率優勢，包括減少重新處理、改善礦坑排序、減少對礦山計劃聚合的依賴，更多地最大化工廠產量和金礦的貨幣化。

Optimizing the processing and mining balance at Côté Gold is even more important as we investigate the potential options to bring into the mine plan to full resource base estimate of the Côté and Gosselin zone, which combined for over 16.2 million ounces of measured and indicated resources and 4.2 million ounces of inferred resources to define Côté Gold goals amongst Canada's largest gold mine in operation.

優化 Côté Gold 的加工和採礦平衡變得更加重要，因為我們正在研究將 Côté 和 Gosselin 區域的全部資源基礎估計納入採礦計劃的潛在選項，這兩個區域加起來擁有超過 1620 萬盎司的測量和指示資源以及 420 萬盎司的推斷資源，使 Côté 礦之一的在黃金

Our exploration program on Côté Gold and Gosselin are ramping up this year, targeting resource conversion at Gosselin in support of our technical report in 2026 that outline and unified mine plan in Côté and Gosselin Gulf.

我們今年正在加大對科特金礦和戈瑟蘭金礦的勘探計劃，目標是將戈瑟蘭金礦的資源轉化為支持我們 2026 年技術報告的成果，該報告概述了科特金礦和戈瑟蘭灣金礦的統一開採計劃。

Turning to Quebec. The transformation of Westwood has been among the best mining success story in 2024 as the last few years of redevelopment and rehabilitation resulted in a successful turnaround of the mine, building safe and stable production and culminating in a generation of $94.4 million in mine site free cash flow for the year.

轉向魁北克。韋斯特伍德的轉型是 2024 年最成功的採礦案例之一，因為過去幾年的重建和修復使礦場成功扭虧為盈，建立了安全穩定的生產，並最終在當年產生了 9,440 萬美元的礦場自由現金流。

Looking at operations. Westwood produced 134,000 ounces in 2024, above the top end of this increased revised production target of 150,000 ounces to 130,000 ounces.

查看操作。2024 年，Westwood 的產量為 134,000 盎司，高於此上調的 150,000 盎司至 130,000 盎司的修訂產量目標的最高值。

Production in the fourth quarter of 2021 was 35,000 ounces, higher by 7,000 or 25% compared with the same prior year period, primarily due to higher grades and an increased proportion of ore feed from the underground mine.

2021 年第四季的產量為 35,000 盎司，比去年同期增加 7,000 盎司，增幅為 25%，這主要是由於品位提高和地下礦給礦比例增加。

Mining activity for the year totaled 1.02 million tonnes of ore, in line with the prior year. In the fourth quarter, the underground mine averaged 98,000 tonnes or just over 1,000 tonnes per day, a record volume from underground since the mine restart at an average underground grade of 9.65 grams a tonne.

全年採礦活動共開採礦石 102 萬噸，與前一年持平。第四季度，該地下礦場平均產量為 98,000 噸，即每天略高於 1,000 噸，創下該礦重啟以來地下產量的最高紀錄，平均地下品位為每噸 9.65 克。

The improved volume from underground are a result of the completion of the underground rehabilitation and development work program, which has provided increased operational flexibility with multiple stop sequences available to mine from currently at different level in sector of the mine.

地下開採量的增加是由於地下修復和開發工作計劃的完成，該計劃提供了更大的營運彈性，目前礦井不同層面的採礦可以使用多種停車順序。

Mill throughput in the fourth quarter 2024 was 267,000 tonnes at an average head grade of 4.34 grams a tonne and an average recovery of 93%, with grades 11% higher than the prior year period due to the higher proportion of underground material.

2024 年第四季度，工廠產量為 267,000 噸，平均原礦品位為每噸 4.34 克，平均回收率為 93%，由於地下材料比例較高，品位比去年同期高出 11%。

Plant availability in the quarter was 88%, a 10% higher than the same prior year period with the successful completion of the analog mill shutdown in November. The margins for Westwood continue to improve with a strong gold price and stabilizing costs.

本季工廠利用率為 88%，由於 11 月模擬工廠關閉成功完成，比去年同期高出 10%。隨著金價走強和成本穩定，Westwood 的利潤率持續提高。

Cash costs averaged $1,148 an ounce, and all interest costs averaged $1,688 an ounce in the fourth quarter, positioning the mine in the middle of our asset cost curve. Looking ahead to this year, Westwood production is expected to be in the range of 125,000 ounces to 140,000 ounces in '25 as mining activities continue the underground ramp-up towards achieving 1,000 tonnes per day at a stable, steady state while targeting multiple active mining areas and minimizing dilution.

第四季度，現金成本平均為每盎司 1,148 美元，所有利息成本平均為每盎司 1,688 美元，該礦處於我們資產成本曲線的中間位置。展望今年，隨著採礦活動繼續在地下進行，目標是穩定地實現每天 1,000 噸的產量，同時瞄準多個活躍的採礦區並最大限度地減少稀釋，預計 2025 年 Westwood 的產量將在 125,000 盎司至 140,000 盎司之間。

Open pit activity from the Grand Duc are currently planned to be completed by the fourth quarter of 2025, though Grand Duc stockpile material would continue to be melted into 2027. However, should the gold price remain where they are, I believe there is a strong potential for further expansion and extension of the Grand Duc pit, which will be investigator this year.

目前，Grand Duc 的露天開採活動計劃於 2025 年第四季完成，但 Grand Duc 的庫存材料將繼續熔化至 2027 年。然而，如果金價維持在目前的水平，我相信大公爵礦坑還有進一步擴大和延伸的巨大潛力，今年將對其進行調查。

[South] this year are expected to be generally flat with cash cost guidance for Westwood of $1,175 ounce to $1,325 per ounce. So an ASIC of $1,675 to $1,825 per tonne sold. Capital expenditure guidance is for approximately $70 million, mainly consisting of underground development and rehabilitation in support of the 2020 plan.

[南部]今年預計基本持平，Westwood 的現金成本指導價為每盎司 1,175 美元至 1,325 美元。因此，每噸 ASIC 的售價為 1,675 美元至 1,825 美元。資本支出指導價約為 7,000 萬美元，主要用於支持 2020 年計畫的地下開發和修復。

The continued renewal of the mobile fleet and equipment overhauls and certain asset integrity project at the Westwood mill.

韋斯特伍德工廠的移動車隊和設備大修以及某些資產完整性項目的持續更新。

Finally, looking at Essakane. It was a lighter quarter at the mine with production of 80,000 ounces in Q4. Yet Essakane still achieved the top end of its guidance range, which was increased midyear. With the mine producing total annual production of 409,000 ounces versus a guidance of 380,000 ounces to 410,000 ounces.

最後，請看看 Essakane。該礦季產量較少，產量為 80,000 盎司。然而，Essakane 仍然達到了其指導範圍的最高值，該指導範圍在年中有所提高。該礦年總產量為 409,000 盎司，而預期產量為 380,000 盎司至 410,000 盎司。

Mining activities totaled 12.4 million tonnes in the quarter with 2.2 million tonnes of ore mine, resulting in a strip ratio of 4.7, which is relatively high versus recent history as the mine fleet targeted capital stripping activity intended to secure access to ore on deeper benches of Phase 7 in support of the 2025 and 2026 mining plan.

本季採礦活動總計 1,240 萬噸，其中礦石 220 萬噸，剝採比為 4.7，與近期歷史相比相對較高，因為礦山隊的目標是資本剝離活動，旨在確保在第 7 階段更深的礦層中獲得礦石，支持 2025 年和 2026 年的採礦計劃。

Mill throughput in the quarter was 2.9 million tonnes at an average head grade of 1.07 grams per tonne. Throughput was slightly lower in Q4 due to the scheduled maintenance during December, average head grade decreased in the fourth quarter compared to the first half of the year, in line with the mine plan as mining activity prior tried waste stripping, secrets resulting in increased supplementation of the mill feed from available or stockpiles.

本季工廠產量為 290 萬噸，平均品位為每噸 1.07 克。由於 12 月的計劃維護，第四季度的吞吐量略有下降，與上半年相比，第四季度的平均品位有所下降，這符合礦山計劃，因為採礦活動之前嘗試了廢料剝離，從而增加了從可用或庫存中補充的磨機進料。

On a cost basis, Essakane reported relatively high Q4 costs with cash costs of $1,501 per ounce, an ASIC of $2,118 per ounce. This came in relatively high due to the planned lower quarterly production and a scheduled maintenance activity higher realized fuel price and higher supply chain and transportation costs impacted by the security situation.

從成本角度來看，Essakane 報告第四季成本相對較高，現金成本為每盎司 1,501 美元，ASIC 為每盎司 2,118 美元。這一數字相對較高，是因為計劃中的季度產量較低、定期維護活動導致燃料價格上漲、以及受安全局勢影響的供應鏈和運輸成本上升。

Despite this, total annual cash costs were $1,179 in ASIC were $1,625, both within guidance range of $1,175 ounce to $1,275 per ounce and $1,575 ounce to $1,675 per ounce, which were lowered in the midyear. Looking ahead, this account is expected to produce 360,000 ounces to 400,000 ounces on an attributable basis at a cash cost of $1,400 ounce to $1,550 per ounce and an ASIC of $1,675 ounce to $1,825 per ounce.

儘管如此，ASIC 的年度現金成本總額為 1,179 美元，為 1,625 美元，均在每盎司 1,175 美元至 1,275 美元和每盎司 1,575 美元至 1,675 美元的指導範圍內，該指導範圍在年中有所降低。展望未來，預計該帳戶的產量為 360,000 盎司至 400,000 盎司（以可歸屬基礎計算），現金成本為每盎司 1,400 美元至 1,550 美元，ASIC 為每盎司 1,675 美元至 1,825 美元。

Mining activities are expected to complete mining in Phase 5 in the first half of the year, with the bulk of the mine material coming from Phase 6 and Phase 7 with mining moving into the primary zones of Phase 6 and 7, capitalized waste stripping is expected to be relatively lower in 2025 with a total capital expenditure guidance this year of $115 million.

預計採礦活動將於今年上半年完成第 5 階段的開採，大部分礦料來自第 6 階段和第 7 階段，採礦將進入第 6 階段和第 7 階段的主要區域，預計 2025 年資本化廢料剝離將相對較低，今年的總資本支出指導為 1.15 億美元。

The plant is expected to operate at throughput and head rate in line with the current life of mine plan as per the December 2023 43-101 technical report. While the cost of operations in country have risen over the last two years. Essakane is positioned to generate strong cash flow with an expected decrease in waste stripping expenditure year over year.

根據 2023 年 12 月 43-101 技術報告，該工廠預計將按照目前礦場壽命計畫的吞吐量和產量運作。而過去兩年，該國的營運成本有所上升。Essakane 預計將產生強勁的現金流，預計廢物剝離支出將逐年減少。

I also want to congratulate the exploration team as we announced an updated mineral reserve and resource estimate yesterday in which is Essakane replaced is reserve deflation with current estimated reserve of 2.3 million ounces and managed to grow majeure and gated ounces by 15% to nearly 100 million tonnes grading 1.24 grams a tonne for a total of nearly 4 million ounces.

我還要祝賀勘探團隊，因為我們昨天公佈了最新的礦產儲量和資源估算，其中 Essakane 的儲量縮減被目前的估計儲量 230 萬盎司取代，並且成功地將不可抗力和門控盎司增加了 15%，達到近 1 億噸，品位為每噸 1.24 克，總計近 400 萬盎司。

Taken together, this strong result from the drill bit suggests the potential for further mine life extension within the secure parameter of our operation at Essakane. Finally, and on the topic of notable mineral resources change, yesterday, we also announced an updated mineral resources estimate for our 100% on Nelligan project located approximately 45 kilometers Southwest or Chibougamau, Quebec.

綜合起來，鑽頭的這一強勁結果表明，在 Essakane 礦場的安全作業範圍內，礦山壽命有可能進一步延長。最後，關於顯著的礦產資源變化，昨天我們也公佈了位於魁北克省奇布加莫西南約 45 公里處的 Nelligan 項目的 100% 礦產資源的最新估算。

The update estimated mineral resource of 3.1 million indicated gold ounces in 103 million tonnes, grading 0.5 grams per tonne and 5.2 million inferred ounces with 166 million tonnes, grading 0.6 grams per tonne. This represents a 56% increase in indicated resources or 1.1 million ounces with an increase in grade of 13% as well as a 13% increase in inferred resources or 1.3 million ounces with a similar 14%.

最新估計礦產資源為 1.03 億噸 310 萬指示金盎司，品位為每噸 0.5 克，以及 1.66 億噸 520 萬推斷金盎司，品位為每噸 0.6 克。這意味著指示資源量增加了 56%，即 110 萬盎司，品位增加了 13%；推斷資源量增加了 13%，即 130 萬盎司，品位也增加了 14%。

This update demonstrate a remarkable prospectivity of this asset, demonstrating rapid growth in ounces and an improvement in grade from a relatively conservative drill program that total only 23,400 meter over the last two years.

此次更新證明了這項資產的顯著前景，顯示盎司數量快速增長，品位也從過​​去兩年相對保守的鑽探計劃（總計僅 23,400 公尺）提高。

When combining Nelligan with a high-grade satellite Monster Lake deposit, they are nearing 9 million ounces of resources in this mining camp already, positioning Nelligan at a relatively early stage among the largest gold products in Canada with significant potential for further growth.

當將 Nelligan 與高品位衛星 Monster Lake 礦床結合時，他們已經在這個採礦營地中獲得了接近 900 萬盎司的資源，這使得 Nelligan 處於加拿大最大的黃金產品之一的相對早期階段，並具有巨大的進一步增長潛力。

This year, we are increasing the scope of our Chibougamau module program with a plan for 30,000 meters of diamond drilling, testing the extension of mineralization at Nelligan as mineralization remains open along strike and adapt.

今年，我們擴大了 Chibougamau 模組計劃的範圍，計劃進行 30,000 公尺的鑽石鑽探，以測試 Nelligan 礦化的延伸，因為礦化沿著走向和適應方向仍然開放。

Further, a drill program will be conducted, targeting high-grade structure underground at Monster Lake, which has seen minimal modern experience in the last few years. It is definitely early stage, but there is no question the value that Nelligan can offer as a growing large scale gold asset in a very mining-friendly jurisdiction in Canada. So thank you all, and I look forward to an exciting year ahead.

此外，還將實施鑽探計劃，目標是怪物湖地下的高品位結構，該區域在過去幾年中幾乎沒有現代鑽探經驗。這無疑是一個早期階段，但毫無疑問的是，作為加拿大一個採礦業非常友好的司法管轄區內不斷增長的大型黃金資產，內利根金礦能夠提供的價值。謝謝大家，我期待著激動人心的一年。

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

這樣，我想將電話轉回給接線員，以便進行問答部分通話。操作員？

(Operator Instructions)

（操作員指示）

Anita Soni, CIBC World Markets.

加拿大帝國商業銀行全球市場部的安妮塔·索尼（Anita Soni）。

Good morning, Renaud and team. A question on the -- some of the challenges that you've had in January with the HPGR and some of the other crushers. You did issue guidance in January. Can you let us know whether or not your January end guidance would have encompassed some of the issues you're encountering? I'm just trying to understand the timing of these issues and whether or not we should be a little bit more conservative than what you had previously put out?

早上好，雷諾和團隊。一個關於您在一月份使用 HPGR 和其他一些破碎機時遇到的一些挑戰的問題。您確實在一月份發布了指導。您能否告訴我們，您一月底的指導是否涵蓋了您遇到的一些問題？我只是想知道這些問題出現的時機，以及我們是否應該比您之前提出的更保守一些？

No. I mean like when we issued our guidance, we were absolutely in possession of all the information. We knew that about the repair on the bell. When you on the repair of the Vertimill so that was all accounted for, we knew that we will change. It was already planned and a way to do a changeover of the rules on the HPGR.

不。我的意思是，當我們發布指導意見時，我們絕對掌握了所有資訊。我們知道有關鐘的修復事宜。當你修復 Vertimill 時，一切都已解決，我們知道我們將會改變。這已經是計劃好的，也是改變 HPGR 規則的一種方法。

So it was just advanced, but it's the same. So as a result and as I just mentioned, we see Q1 a little bit lower than the rest, but we're going to pick up and increase with more tonnes processed in the second half. But no change, and we remain very confident about our guidance.

所以它只是先進了一點，但其實是一樣的。因此，正如我剛才提到的，我們認為第一季的產量比其他季度略低，但隨著下半年處理更多噸位，產量將會回升並增加。但沒有變化，我們對我們的指導仍然非常有信心。

Okay. That's good to hear. I just have the Q1 lower with the changeovers happening. Yeah. And then in terms of the -- sorry, the -- what was my question? Oh, sorry, the mining rates. How do you see that evolving over the course of the year?

好的。聽到這個消息真好。隨著轉換的發生，我的 Q1 剛剛下降。是的。那麼就——抱歉，——我的問題是什麼？哦，抱歉，採礦率。您認為這情況在今年會如何發展？

We actually -- as I mentioned, we were roughly in the [$40 million market] for the 2024. The first year successful in commission through the three additional. We've already seen a pickup in the time line, had a well week in 2000 December at 150,000 tonnes.

事實上 — — 正如我所提到的，到 2024 年，我們的市場規模大約是 [4000 萬美元]。第一年就順利通過了三項附加調試。我們已經看到產量在時間線上有所回升，2000 年 12 月的一個星期產量達到了 15 萬噸。

And -- so to achieve 48 million tonnes this year, like moving from the previous average, it's about [$10 million to about $12 million per quarter]. We absolutely see this achievable.

因此，要達到今年 4800 萬噸的產量，與之前的平均值相比，大約需要[每季約 1000 萬到 1200 萬美元]。我們絕對認為這是可以實現的。

So we'll see in the Q1 because it's still like a ramp-up in the commissioning of the -- full commissioning of the extractor truck. But definitely, we see -- we have the capacity and the equipment, of course, to achieve our 48 million tonnes this year.

因此，我們將在第一季看到這一點，因為它仍然像是在加速調試——挖掘機卡車的全面調試。但可以肯定的是，我們有能力和設備實現今年 4,800 萬噸的產量。

Okay. That's it for my questions. Thank you.

好的。我的問題就這些。謝謝。

Thanks.

謝謝。

Tanya Jakusconek, Scotiabank.

加拿大豐業銀行的 Tanya Jakusconek。

Good morning, everybody. Thank you for taking my questions, and I'm just going to follow up from Anita's question on Côté. So I just wanted to circle back, Renaud. Just as we think about -- and maybe just a bit more detail as we go through the quarter.

大家早安。感謝您回答我的問題，我只是想跟進一下 Anita 關於 Côté 的問題。所以我只是想回到原點，雷諾。正如我們所想的——也許隨著本季的推進，我們會得到更多細節。

So Q1 is weaker because of the changeover that happened at the mill. Was anything else planned or is planned for downtime in Q2, Q3, Q4 as you do some additional repairs and or turnover? I think there was something being coming in later in the year as well. It may have some downtime.

因此，由於工廠發生的轉變，第一季表現較弱。由於您進行了一些額外的維修和/或週轉，那麼在第二季度、第三季度和第四季度，是否還有其他計劃或計劃停機？我認為今年晚些時候也會發生一些事情。它可能會出現一些停機時間。

So I'm just trying to understand, should I be thinking you had mentioned 3 million tonnes per quarter, but how would I be thinking of each quarter and some of the critical aspects that we move in this ramp up during the year?

所以我只是想了解一下，我是否應該認為您提到了每季度 300 萬噸，但是我該如何考慮每個季度以及我們在一年內實現這一增長的一些關鍵方面？

Yeah. I'll ask Bruno to add a bit of color to this. But obviously, like as per the HPGR per se that was an advanced maintenance from Q2 to Q1. So more real difference, but Bruno you could add to this.

是的。我會讓布魯諾給它一點色彩。但顯然，就像 HPGR 本身一樣，這是從 Q2 到 Q1 的高級維護。因此存在更多實際差異，但 Bruno，你可以補充這一點。

Thank you, Renaud. Good morning, Tanya. Exactly what Renaud just mentioned, the roles replacement for the HPGR were scheduled to be taken place in May in the Netherlands like now we are understanding the wear pattern better.

謝謝你，雷諾。早上好，Tanya。正如雷諾剛才提到的，HPGR 的角色替換計劃於 5 月在荷蘭進行，現在我們對磨損模式有了更好的了解。

The other major shutdown is going to the one in August, the annual shutdown. But with the wear pattern that we're seeing at the ball mill, it -- very likely it's going to be shorter than expected also because we're seeing a wear pattern that is less aggressive than expected.

另一次重大停工將於八月進行，即年度停工。但是，根據我們在球磨機上看到的磨損情況，很可能磨損時間會比預期的要短，因為我們看到的磨損情況沒有預期的那麼嚴重。

So this is where we are right now, Tanya, like we are understanding and learning there wear patterns at all our primary components. So the HPGR was a little bit faster, and the ball mill seems to be holding very well right now. Other than that --

這就是我們現在所處的階段，Tanya，就像我們正在了解和學習所有主要部件的磨損模式。因此，HPGR 的速度稍微快了一點，而且球磨機現在似乎保持得很好。除此之外--

So if you were to think about the quarter, would so Q1 is the weakest, Q4 is going to be the strongest. And do we see a progression upward? Or is Q3 and Q2 equal? I'm just trying to understand with this downtime in August.

因此，如果您考慮這個季度，那麼第一季是最弱的，而第四季度將是最強的。我們是否看到了向上的進展？或 Q3 和 Q2 相等？我只是想了解八月的停機時間。

Yeah, because in Q2, you won't have to do the HPGR roles replacement. So definitely, Q2 is going to be higher than Q2 and after Q1. And after that, Q3 will also pick up in speed.

是的，因為在第二季度，您不必進行 HPGR 角色替換。因此，第二季度的業績肯定會高於第一季度，並且高於第二季度。此後，Q3 的速度也將加快。

Okay. So you will -- are going despite all of these changes and things, you will see quarter over quarter improvements is what you're saying.

好的。所以你將會——儘管有這些變化和事情，你仍然會看到季度環比的改善，這就是你所說的。

That's correct.

沒錯。

Probably Q2, Q3 flows to each dollar for different, but definitely Q1 the lowest and Q4 the best. And as you say, like Q2, Q3, hopefully Q3 a little bit more than Q2. We'll be starting installations of the second crusher. By Q3 -- late Q2, early Q3.

可能 Q2、Q3 流向每一美元的金額有所不同，但肯定 Q1 最低，而 Q4 最好。正如您所說，就像 Q2、Q3，希望 Q3 比 Q2 多一點。我們將開始安裝第二台破碎機。到第三季－第二季末，第三季初。

So should be minimal disruptions, but there is always some [tying] to be done. So on that basis, you could argue that Q2, Q3 should be very similar or close to, but Q4 definitely should be more stronger.

因此乾擾應該最小，但總是有一些事情要做。因此，基於此，您可以說 Q2、Q3 應該非常相似或接近，但 Q4 肯定應該更強勁。

Okay. And anything else on the critical path that we need to be aware of as we go through the year besides these changes that you've mentioned, anything else? I mean, the mining -- we've got the three new trucks that are there about coming in, that's going to help on the mining front than anything else that we should be aware?

好的。除了您提到的這些變化之外，我們還需要注意關鍵路徑上的其他什麼嗎？我的意思是，採礦——我們有三輛新卡車即將抵達，這將對採礦業有所幫助，我們應該注意其他任何事情？

It's really all about the stability, Tanya, and I appreciate you like during the commissioning every quarter. Unfortunately, this happened and so forth. But as Bruno mentioned, I think we've learned it enormously from this.

這真的全都與穩定性有關，Tanya，我很感激你在每季的調試期間所做的努力。不幸的是，這樣的事情發生了等等。但正如布魯諾所提到的，我認為我們從中學到了很多。

And basically, it's all about, okay, of course, you have a design criteria of how many hours you should do in line so far in the wear pattern and so -- and you need to adjust some equipment, of course, maybe less familiar with some operators and more training.

基本上，這一切都是關於，好吧，當然，你有一個設計標準，即到目前為止你應該按照磨損模式運行多少小時等等 - 當然，你需要調整一些設備，也許對一些操作員不太熟悉，需要更多的培訓。

But globally, I think we've gone through the whole cycle from the crushing to the to their grinding to the leaching and refine. I think we've gone through the whole cycle. We have a much better understanding of future of the equipment. So it's all about stability. So to answer your question, we feel strong about the 48 million tonnes.

但從全球來看，我認為我們已經經歷了從破碎到研磨到浸出和精煉的整個週期。我認為我們已經經歷了整個週期。我們對設備的未來有了更好的了解。所以一切都與穩定有關。所以回答你的問題，我們對 4800 萬噸這個數字很有信心。

We're already seeing improvement in the pit. And as I've discussed, we'll be left cute and supers rations and allow for more performance and productivity in the pit. So we feel very strong with the mining. And when it comes to the mill, it's really out about stability at this stage.

我們已經看到礦井情況有所改善。正如我所討論的，我們將留下可愛和超級口糧，並提高維修站的性能和生產力。因此，我們對採礦業感到非常強勁。對工廠來說，現階段真正重要的是穩定性。

And so we're really looking forward now with the last repair of the Vertimill to really push the gas and crank up the tonnage and go for more stability and higher availability. And with that, the capacity is there. So as you approach a 90%-plus availability, you will be there. There is no capacity ship. It's just a stability matter. So quite a long answer, but I thought I would clarify.

因此，我們現在非常期待 Vertimill 的最後一次修復，以真正推動天然氣並提高噸位，並獲得更高的穩定性和更高的可用性。有了它，能力就存在了。因此，當您接近 90% 以上的可用性時，您就會到達那裡。沒有可容納人數的船。這只是穩定性問題。這是一個相當長的答案，但我想我可以澄清一下。

Okay. No, thank you for that. And then I'm just wondering on Essakane as well as you moved from this Phase 5 into 6 and 7 this year, and yet there's less stripping. How does the profile look for the year there? I'm just trying to understand overall for the company, how does the year progress? Is it that we start with a lower Q1 overall for the company and get to a higher Q4? I'm just trying to get an understanding if there's any variability in Essakane and Westwood as well?

好的。不，謝謝你。然後我只是對 Essakane 感到好奇，因為今年你們已經從第 5 階段進入了第 6 和第 7 階段，但剝離卻減少了。那裡今年的情況怎麼樣？我只是想了解公司今年的整體進展如何？是我們從公司第一季的整體表現較低開始，然後到第四季表現較高？我只是想知道 Essakane 和 Westwood 是否也存在任何變化？

Yeah. Thanks for that question and the opportunity to clarify a bit because absolutely. So unfortunately, at the same time, Q1 is a bit of the quarter for Côté that repair in the first half and so forth. At the same time, we're entering Phase 6 and 7.

是的。感謝您提出這個問題，也感謝給我這個機會來澄清。因此不幸的是，與此同時，第一季對科特迪瓦來說是一個需要修復上半年等情況的季度。同時，我們正在進入第六階段和第七階段。

And we have more than one discussed, the performance on the grade reconciliation as you enter new phases at a very early stage versus when you're well established. And we've seen that in '23, '24 with a Phase 5.

我們已經多次討論過，在進入新階段的早期階段與已經建立新階段時，成績核對的表現有何不同。我們在 2023 年和 2024 年已經看到了第五階段的進展。

We still have Phase 5 until probably midyear, but we're entering Phase 6, 7 was a little bit slower in less productive and great. So as a result, we see Essakane potentially on target, but because of the 6, 7, it could be that Essakane is slightly lower in Q1 and pick up after that for the rest of the year. But originally, we were seeing about same, but it could be possible that Q1 is slightly lower than the rest of the year.

可能要到年中我們才會進入第 5 階段，但我們即將進入第 6、7 階段，雖然速度稍慢一些，但效率較低，而且很棒。因此，我們認為 Essakane 可能達到目標，但由於 6,7 的原因，Essakane 可能會在第一季略微下降，然後在今年剩餘時間內回升。但最初，我們看到的情況大致相同，但第一季可能比今年其他時間略低。

Okay. That's helpful as well. So it kind of looks that you probably are seeing that quarter over quarter improvement for the company overall in 2025.

好的。這也很有幫助。因此，看起來你可能會看到 2025 年公司整體業績逐季改善。

Okay. It's a fair comment.

好的。這是一個公正的評論。

Okay. And if I could just squeeze one more in, and it just a more strategic question for you. Just you mentioned over 90% of your M&I and inferred resources all sitting in Canada. And as we get Gosselin mine -- drill program study and then a better understanding of the mine plan for the whole Côté complex.

好的。如果我可以再多問一個問題，這對您來說是一個更具策略性的問題。您剛才提到，超過 90% 的 M&I 和推斷資源都位於加拿大。隨著我們獲得 Gosselin 礦場——鑽探計劃研究，我們將更好地了解整個 Côté 綜合體的礦山計劃。

How do you think it makes set to keep Essakane within IAMGOLD? You then have your cash flow coming? And do you think that by selling Essakane remaining a totally Canadian company, you'd get a better valuation?

您認為如何才能讓 Essakane 留在 IAMGOLD 中？那麼你的現金流來了？您是否認為，透過出售 Essakane 並使其仍為一家純加拿大公司，您會獲得更好的估值？

I think you're talking about something that belongs to the more like looking forward type of thing. And we're very pleased with Essakane. The truth is that we've discussed numerous times the strategic approach with Essakane and we're looking at delivering in our balance sheet in '25, '26, the strong free cash flow.

我認為您談論的是更屬於期待的事情。我們對 Essakane 非常滿意。事實上，我們已經多次與 Essakane 討論過策略方針，我們希望在 25 年、26 年的資產負債表中實現強勁的自由現金流。

Well, it's all about the stability, right? And we had a very strong 2024. We had no interruption in our productions and we've delivered on all metrics. To be very frank, you could argue that we see more stability on now then a lot of American times if you want my take of it.

嗯，一切都是為了穩定，對吧？我們的 2024 年表現非常強勁。我們的生產沒有中斷，並且達到了所有指標。坦白說，如果你想了解我的看法，你可能會說我們現在比許多美國時代更穩定。

So I won't really comment on the details of our plan. What I know is that we have a strong belief that Essakane will be a strong free cash flow generators and will make a huge difference for us for '25 and '26 as we significantly improve our balance sheet. The red belongs to stability how things evolve and so forth. So there is a lot at stake here, but we feel very confident to deliver another (inaudible)

所以我不會對我們的計劃細節發表評論。我知道的是，我們堅信 Essakane 將成為強大的自由現金流產生器，並且隨著我們資產負債表的顯著改善，它將為我們 25 年和 26 年帶來巨大的變化。紅色代表穩定，事物如何發展等等。因此，這關係重大，但我們非常有信心再次實現（聽不清楚）

Okay. That's fair comment. Thank you very much for taking my question.

好的。這是公正的評論。非常感謝您回答我的問題。

Thanks.

謝謝。

There are no further questions. I will now hand the call back over to Graeme Jennings for closing remarks.

沒有其他問題了。現在我將把電話轉回給格雷姆·詹寧斯，請他作最後發言。

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

非常感謝接線生，也感謝大家今天早上加入我們。像往常一樣，如果您有任何其他問題，請聯絡 Renaud 或我本人。謝謝大家。注意安全，祝您有個愉快的一天。

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，祝您有個愉快的一天。