IAMGOLD Corp (IAG) 2025 Q1 法說會逐字稿

Thank you for standing by. This is the conference operator. Welcome to the IAMGOLD first quarter 2025, operating and financial results conference call and webcast. As a reminder, today, all participants are in listen only mode and the conference is being recorded. After the presentation, there will be an opportunity to ask questions. (Operator Instructions)

感謝您的支持。我是會議主持人。歡迎參加 IAMGOLD 2025 年第一季營運和財務業績電話會議和網路廣播。提醒一下，今天所有參與者都處於只聽模式，會議正在錄音。演示結束後，將有機會提問。（操作員指示）

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.

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; Maarten Theunissen, Chief Financial Officer; Bruno Lemelin, Chief Operating Officer; Annie Torkia Lagace, Chief Legal and Strategy Officer; and Dorena Quinn, Chief People 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； Annie Torkia Lagace，首席法律與策略長；以及人力資源長 Dorena Quinn。

We are calling 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, the Anishnabeg, the Chippewa, Haudenosaunee, and the Wendat peoples. At IAMGOLD, we believe respecting and upholding Indigenous rights is founded upon relationships that foster trust, transparency, and mutual respect.

今天，我們從 IAMGOLD 的多倫多辦事處致電，該辦事處位於第 13 號條約領土上，這片土地上是許多民族的傳統土地，包括密西沙加信貸人、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措施。我們鼓勵您參考本報告中關於非國際財務報告準則 (IFRS) 指標的警示性聲明和披露，以及我們最近的管理層討論與分析 (MD&A) 中對這些指標的調節，這些聲明和披露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 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，請參閱演示文稿中“合格人員和技術信息”標題下的信息。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, Graeme, and good morning, everyone, and thank you for joining us. And I know it's a busy morning with earnings results, so we'll do our best to move things along. IAMGOLD began the year with a modest production of 161,000 ounces, but yet achieved several key milestones that further position the company for a much stronger remainder of the year.

謝謝你，格雷姆，大家早安，謝謝你們加入我們。我知道今天早上要發布收益結果，會比較忙，所以我們會盡力推動事情進展。IAMGOLD 今年年初的產量僅為 161,000 盎司，但卻取得了幾個關鍵的里程碑，為公司在今年剩餘時間內取得更強勁的業績奠定了基礎。

We remain very confident in our 2025 attributable production guidance target of 735,000 to 820,000 ounces, with stronger quarterly production expected from each of our operations over the remainder of the year.

我們對 2025 年 735,000 至 820,000 盎司的可歸屬產量指導目標仍然非常有信心，預計今年剩餘時間內我們每個業務的季度產量都將更高。

At Cote, we have recently celebrated the best month of operations in March and April, achieving monthly throughput of 1 million tonnes processed, with the plant operating now at the 90% plus of nameplate. This progress positions us well to complete the ramp-up to nameplate production of 36,000 tonnes per day by the end of the year.

在 Cote，我們最近慶祝了 3 月和 4 月運營情況最好的月份，實現了每月 100 萬噸的加工量，目前工廠的運營率已達到額定值的 90％ 以上。這項進展使我們能夠在今年年底前完成每天 36,000 噸的額定產量提升。

Meanwhile, we believe we have a significant amount of value yet to uncover. This year, we are conducting a significant drill program in the Cote and Gosselin zones in support of a technical report in 2026, incorporating a mine plan that will bring these zones together into a unified superfit, and outline a larger-scale operation, build off a significant portion of the over 20 million ounces of resources in this zone, making Cote one of the largest gold mines in Canada.

同時，我們相信我們還有大量的價值尚待發掘。今年，我們正在 Cote 和 Gosselin 區域開展一項重要的鑽探計劃，以支持 2026 年的技術報告，其中包括一項採礦計劃，將這些區域整合為一個統一的超級礦場，並概述更大規模的運營，在該區域超過 2000 萬盎司的資源中建立很大一部分，使 Cote 成為加拿大最大的金礦之一。

At Essakane, we will continue to do safe operation of the mine, prioritizing the ability to maximize cash flow generations and dividend payment out of the country. As mining moves deeper into the pit in Q2, we expect to see improvements in grade reconciliation and stronger quality gold productions for the remainder of the year. And at Westwood, our focus is on expanding our underground mining areas and continuing our strong record of resource-to-reserve conversion.

在 Essakane，我們將繼續安全地營運礦山，優先考慮最大限度地產生現金流和向國外支付股息的能力。隨著第二季採礦工作進一步深入，我們預計今年剩餘時間內品位協調將得到改善，黃金產量將更加優質。在 Westwood，我們的重點是擴大地下採礦區，並繼續保持資源轉化為儲量的良好記錄。

Westwood made significant strides last year to become a positive cash flow generating asset, and we believe there is a significant potential to improve the value further through the drill pit and are increasing the feed of higher-grade materials to the mill.

去年，Westwood 取得了重大進展，成為產生正現金流的資產，我們相信，透過鑽井和增加向工廠供應更高品位材料，其價值具有巨大的潛力。

Financially, we are quickly working through our gold prepayment arrangement, which in and of itself is a form of debt retirement. Taking together with the prepays behind us by mid-year, IAMGOLD will be an 800,000-ounce-per-year producer with full exposure to gold price and significant cash flow generation from three free cash flowing assets, yet trading at a fraction of our mid-tier peers on the price-to-cash flow basis.

從財務上來說，我們正在快速實施黃金預付安排，這本身就是一種債務清償。加上我們到年中收到的預付款，IAMGOLD 將成為年產 80 萬盎司黃金的生產商，完全受黃金價格影響，並透過三項自由現金流資產產生大量現金流，但按價格與現金流之比計算，其交易價格僅為中型同行的一小部分。

Further, with the Cote expansion scenario and the rapid growth of our Nelligan's and Monster Lakes assets in Quebec, which combined have nearly 9 million ounces of global resources, this means IAMGOLD offers a robust organic growth portfolio within our own backyard.

此外，隨著 Cote 擴張方案以及我們在魁北克的 Nelligan 和 Monster Lakes 資產的快速增長（這些資產總計擁有近 900 萬盎司的全球資源），這意味著 IAMGOLD 在我們自己的後院提供了強勁的有機成長投資組合。

Now let's dive into the first quarter. Operating performance always starts with safety, as ensuring all of our employees and contractors go home safely is priority number one. In the first quarter, our total recordable injury frequency rate was 0.67, a slight uptick from the prior quarter.

現在讓我們深入了解第一季。營運績效始終以安全為先，因為確保我們所有的員工和承包商安全回家是第一要務。第一季度，我們的總可記錄傷害頻率為 0.67，較上一季略有上升。

Management has instituted a new safety program in control, with a focus on critical risk management and visible leadership to reduce high-potential incidents. Additionally, yesterday the company released its 2024 Sustainability Report, which marked the 18th year of IAMGOLD disclosing the sustainability topics and information that are most material to our stakeholders and our business. As an organization and member of the community, we are proud of our dedication to responsible mining practices, the core element of the IAMGOLD culture.

管理層制定了新的安全控制計劃，重點關注關鍵風險管理和可見的領導力，以減少高潛在事故。此外，該公司昨天發布了2024年永續發展報告，這標誌著IAMGOLD第18年揭露對我們的利害關係人和業務最重要的永續發展主題和資訊。作為一個組織和社區成員，我們為致力於負責任的採礦實踐而感到自豪，這是 IAMGOLD 文化的核心要素。

Looking at operations, IAMGOLD started the year with attributable production of 161,000 ounces, as both Cote and Westwood production was lighter than the prior quarter, partially offset by modestly higher production at Essakane. The first quarter was expected to be the lightest quarter of production this year, due to the ramp-up in associated maintenance activity at Cote, limiting throughput early in the year, and the expectation of the transitions to higher grade in the second half at Essakane. As Westwood production decreased from the prior quarter, what is expected to resume its recent track record of strong performance as development continues to improve flexibility in the mine.

從營運情況來看，IAMGOLD 今年年初的產量為 161,000 盎司，因為 Cote 和 Westwood 的產量均低於上一季度，但 Essakane 的產量略有增加，部分抵消了這一影響。預計第一季將是今年產量最低的一個季度，原因是 Cote 相關維護活動增加，限制了年初的產量，而且預計下半年 Essakane 的產量將提高到更高等級。儘管韋斯特伍德的產量較上一季有所下降，但隨著礦場開發靈活性的不斷提高，預計該礦將恢復近期強勁的業績。

Cash costs averaged $1,459 per ounce, and all in sustaining costs averaged $1,908 per ounce in the first quarter. Costs are expected to decline quarter over quarter as production ramps up, and we remain confident in our cost guidance for the year. While lighter, the first quarter production of 161,000 ounces represents a net increase of 7% year-over-year at an increased margin, largely driven by the addition of Cote Gold, which moved from 1.0 in March 2024 to 90% plus nameplate in March 2025. This resulted in an increase of our mine site free cash flow to $140 million in Q1, compared to $46 million in the same period of the prior year.

第一季現金成本平均為每盎司 1,459 美元，所有維持成本平均為每盎司 1,908 美元。隨著產量的增加，成本預計會逐季下降，我們對今年的成本指引仍然充滿信心。第一季的產量雖然較輕，但達到 161,000 盎司，年比淨增加 7%，利潤率也有所提高，這主要得益於 Cote Gold 的加入，Cote Gold 的產量從 2024 年 3 月的 1.0 增長至 2025 年 3 月的 90% 以上。這使得我們第一季的礦場自由現金流增加至 1.4 億美元，而去年同期為 4,600 萬美元。

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 quarter, IAMGOLD had $316.6 million in cash and cash equivalents, a net debt of $882.3 million. The company has $210 million drawn on the credit facility, and approximately $428.5 million remains available, resulting in liquidity at March 31 of approximately $745.8 million.

謝謝你，雷諾，大家早安。就我們的財務狀況而言，截至本季末，IAMGOLD 擁有 3.166 億美元的現金和現金等價物，淨債務為 8.823 億美元。該公司已從信貸額度中提取了 2.1 億美元，剩餘可用資金約為 4.285 億美元，因此 3 月 31 日的流動資金約為 7.458 億美元。

We note that within our cash and cash equivalents, $200 million was held by Essakane and Burkina Faso, $46.9 million was held by the Cote Gold unincorporated joint venture, and $60.6 million was held in the Corporate Treasury.

我們注意到，在我們的現金和現金等價物中，2 億美元由 Essakane 和布吉納法索持有，4,690 萬美元由 Cote Gold 非法人合資企業持有，6,060 萬美元由公司財務部持有。

Regarding our excess cash at Essakane, this cash is repaid areas through dividend payments, of which the company will receive its share based on its ownership, so 90% currently, net of dividend taxes. The size of the dividend is dependent on cash held in the projected cash generation at Essakane.

關於我們在 Essakane 的過剩現金，這些現金將透過股息支付的方式償還，其中公司將根據其所有權獲得其份額，因此目前為 90%，扣除股息稅。股利的金額取決於 Essakane 預計的現金產生量中持有的現金。

Last year, we declared $180 million dividend in the second quarter, with the company receiving its net share in September and October. We expect a similar process this year, in which we will be declaring our dividend the second quarter, with disbursement in the second half of the year.

去年，我們在第二季宣布派發 1.8 億美元的股息，公司在 9 月和 10 月收到了淨股息。我們預計今年也會有類似的情況，我們將在第二季宣布派發股息，並在下半年支付。

On the debt side of the balance sheet, this year offers a significant inflection point for our goal, with the increase in gold prices providing us with the ability to accelerate our plan to reduce the amount and cost of our debt.

在資產負債表的債務方面，今年為我們的目標提供了一個重要的轉折點，黃金價格的上漲使我們能夠加快減少債務金額和成本的計劃。

One element of this that we are making good progress on is our delivery into the gold prepay arrangements. During the first quarter of this year, the company delivered 37,500 ounces into the gold prepay arrangements, and we are 75% complete with the last 37,500 ounces’ deliverable during the second quarter.

我們在這方面取得良好進展的一個方面是我們的黃金預付安排。今年第一季度，該公司已按照黃金預付款安排交付了 37,500 盎司黃金，第二季度已交付最後 37,500 盎司黃金，交付進度已達 75%。

This is a considerable amount of debt that the company has repaid. The cash flow impact of delivering into the 37,500 ounces totaled approximately $107 million during the quarter. Subsequent to the quarter end, a further 12,500 ounces was delivered in April, reducing the outstanding balance of ounces remaining to be delivered into the prepay arrangements to 25,000 ounces as of today.

這是該公司已償還的一筆相當大的債務。本季交付 37,500 盎司黃金的現金流影響總計約為 1.07 億美元。本季結束後，4 月又交付了 12,500 盎司，使截至今天尚未交付的預付款餘額減少到 25,000 盎司。

Once we have completed delivering into the gold prepay arrangements, as part of our plan to reduce our carrying costs of debt and debt levels, the company can start to repay its $400 million term loan at the end of May in $20 million installments at 104% of the face value and 101% of the face value to be paid after May 2026. The term loan has relatively higher interest in our other debt in our capital structure, and responsibly paying down this facility would achieve our objective to reduce the amount and cost of our debt.

一旦我們完成交付黃金預付安排，作為我們降低債務持有成本和債務水平計劃的一部分，公司可以在 5 月底開始以 2000 萬美元的分期付款方式償還其 4 億美元的定期貸款，其中 104% 為票面價值，2026 年 5 月後支付 101% 為票面價值。定期貸款在我們的資本結構中其他債務中的利息相對較高，負責任地償還這筆貸款將實現我們減少債務金額和成本的目標。

Looking at the cash flow vertical for the first quarter at the bottom of Slide 7, we can see the impact of delivering into our gold prepayments has had on our operating cash flows. Cash from operating activities, including the non-cash revenue of $77.7 million,

查看幻燈片 7 底部第一季的現金流垂直線，我們可以看到交付黃金預付款對我們的經營現金流的影響。經營活動現金，包括 7,770 萬美元的非現金收入，

Before financing charges that was received when the gold prepay was entered into, and IAMGOLD would have received $107 million if the 37,500 ounces were sold in the market during the quarter. By July this year, the prepay obligations will be completed and IAMGOLD will be fully exposed to the gold price at a time when we expect to see increases in production.

在扣除黃金預付款時收到的融資費用之前，如果本季在市場上出售 37,500 盎司黃金，IAMGOLD 將獲得 1.07 億美元。到今年7月，預付款義務將完成，屆時IAMGOLD將完全受到黃金價格的影響，我們預計屆時產量將會增加。

Looking at the quarter and our financial results, revenues totaled $477.1 million from sales of 174,000 gold ounces at an average realized price of $2,731 per ounce, including the impact of the gold prepay arrangement. Excluding the impact of the gold prepay, our average realized price was $2,909 per ounce.

從本季和我們的財務表現來看，包括黃金預付安排的影響在內，公司共銷售 174,000 盎司黃金，平均實現價格為每盎司 2,731 美元，總收入為 4.771 億美元。不包括黃金預付款的影響，我們的平均實現價格為每盎司 2,909 美元。

The strong gold price translated to an adjusted EBITDA of $204.5 million, compared to $152.5 million in the first quarter of 2024. Adjusted earnings were $55.2 million in the first quarter, or $0.10 per share.

強勁的金價導致調整後的 EBITDA 達到 2.045 億美元，而 2024 年第一季為 1.525 億美元。第一季調整後收益為 5,520 萬美元，即每股 0.10 美元。

Mine site free cash flow was $57.6 million at Cote, $65.4 million at Essakane, and $16.6 million at Westwood, totaling $139.6 million for the quarter. As we look ahead for IAMGOLD, we are continuously analyzing what the appropriate capital structure is for an organization of this size with expected cash flow generation.

礦場自由現金流：Cote 為 5,760 萬美元，Essakane 為 6,540 萬美元，Westwood 為 1,660 萬美元，本季總計 1.396 億美元。展望 IAMGOLD 的未來，我們會不斷分析對於這種規模且具有預期現金流的組織來說，適當的資本結構是什麼樣的。

Ultimately, we look forward to discussing the potential of returning value to our shareholders, whether through share buybacks or dividends. But first, we need to ensure that we achieve our targets and that the business is appropriately funded and we have produced our data to appropriate levels.

最終，我們期待討論向股東返還價值的可能性，無論是透過股票回購還是股利。但首先，我們需要確保我們實現了目標，並且業務獲得了適當的資金，並且我們已將數據生成到適當的水平。

And with that, I will pass the call to Bruno Lemelin.

說完，我會把電話轉給 Bruno Lemelin。

Thank you, Martin. Starting with Cote Gold, it was a critical first quarter at Cote, with the first winter at full production. As it is the case for any ramp-up of a large mining project, there is a learning curve for the operations and maintenance team. They learn the stress points in every process and make adjustments to adapt to real conditions.

謝謝你，馬丁。從 Cote Gold 開始，這是 Cote 至關重要的第一季度，也是全面生產的第一個冬季。正如任何大型採礦專案的啟動一樣，營運和維護團隊也需要一個學習過程。他們了解每個過程中的壓力點，並做出調整以適應實際情況。

During the first quarter, we experienced accelerated maintenance in our grinding area. However, we managed to operate without major interruptions due to weather. We also hit new records for stability and utilization in March, with continued improvement through April. This is very positive progress for an operation of this size. A year ago, on March 31st, Cote poured its first gold bar.

第一季度，我們的研磨區域維護工作加速進行。然而，我們的營運並未因天氣原因而受到重大干擾。我們在 3 月的穩定性和利用率也創下了新紀錄，並且在整個 4 月持續改善。對於這種規模的行動來說，這是一個非常積極的進展。一年前的 3 月 31 日，Cote 鑄造了第一根金條。

Commercial production was then achieved effectively four months after starting production. And now we have hit the 90% monthly milestone about 11 months after pouring first gold. This is a great achievement and we remain on target towards our goal to achieve full nameplate of 36,000 tonnes per day before the end of the year, again within the 20-month estimate as projected initially.

生產開始四個月後，就有效地實現了商業化生產。現在，我們在投入第一批黃金約 11 個月後就達到了月度 90% 的里程碑。這是一項偉大的成就，我們仍將朝著目標前進，在年底前實現每天 36,000 噸的額定產量，同樣在最初預計的 20 個月內完成。

Looking at the quarter, Cote produced 73,000 ounces on a 100% basis in the first quarter. Production was lower in the quarter due to lower tonnes processed and the revised grade profile of the mine. We need to know that the mine moves away from segregated styling to a more efficient and streamlined bulk mining model.

從季度來看，Cote第一季的產量為73,000盎司，產量達到100%。由於加工噸位較低以及礦山品位調整，本季產量較低。我們要知道，礦場正在從隔離式開採模式轉向更有效率、更精簡的批量開採模式。

Mining activity totals 10.8 million tonnes in the first quarter, essentially flat from Q4 2024. Ore mine decreased slightly to 3.1 million tonnes, with an associated increase in the strip ratio to 2.5 to 1. The average grade of mined ore was 0.78 gram per tonne in the quarter, which reflects the updated mining schedule as mining activities expand the pit. As Cote transitioned towards a bulk mining model and reduces re-handling.

第一季採礦活動總量為 1,080 萬噸，與 2024 年第四季基本持平。礦石產量略為下降至 310 萬噸，剝採比相應增加至 2.5 比 1。本季開採礦石的平均品位為每噸 0.78 克，這反映了隨著採礦活動擴大礦坑而更新的採礦計畫。隨著 Cote 轉向批量採礦模式並減少重新處理。

Further, we saw an increase in the volume of blasted ore in the pit provide greater flexibility in supporting the planned mill feed this year. The mining process improvements and the starts of the transition towards bulk mining saw some immediate benefits, as we saw a decrease in ore mining units cost to $3.49 per tonne, down from $4.19 per tonne in the prior quarter. Costs are expected to continue to decrease over the course of the year, as mining operations continue to ramp up closer to the target of 1 million tonnes a week and rehandling is reduced.

此外，我們看到礦坑爆破礦石量的增加，為支持今年計畫的磨機進料提供了更大的靈活性。採礦流程的改進和向批量採礦轉型的開始帶來了一些直接的好處，我們看到礦石開採單位成本從上一季的每噸 4.19 美元下降到每噸 3.49 美元。隨著採礦作業繼續接近每週 100 萬噸的目標並且重新處理減少，預計今年的成本將繼續下降。

On the processing side, mill throughput in the first quarter totaled 2.1 million tonnes as a result of maintenance and repair activities on the HPGR in January and February, as we discussed on our last earning calls. The changeover of the HPGR roles was completed in February 2025, and we continue to make improvements to increase the lifespan of the planned equipment.

在加工方面，正如我們在上次收益電話會議上所討論的那樣，由於 1 月和 2 月對 HPG​​R 進行了維護和維修活動，第一季的工廠吞吐量總計 210 萬噸。HPGR 角色的轉換已於 2025 年 2 月完成，我們將繼續進行改進，以延長計劃設備的使用壽命。

For the HPGR, this includes adding some water to reduce the generation of abrasive dust, revising the roller liner material, and ensuring that a replacement set of rollers is always at site and ready to go. Once the repairs were completed in February, the plant was able to resume its momentum, achieving a record monthly throughput of 1 million tonnes in March, or 90% of nameplate. This performance continued in April, as over the last 30 days, Cote averaged 34,500 tonnes per day, or 96% of nameplate. With a record 14 days in which the plant operated above nameplate capacity.

對於 HPGR，這包括添加一些水以減少磨料粉塵的產生，修改滾筒襯裡材料，並確保現場始終有一組替換滾筒隨時可用。2 月修復工作完成後，該廠恢復了生產勢頭，3 月月產量創歷史新高，達到 100 萬噸，達到額定產量的 90%。這一表現在 4 月延續了下來，過去 30 天裡，科特迪瓦日均產量為 34,500 噸，佔額定產量的 96%。該工廠創下了 14 天超負荷運轉的記錄。

Head grades in the first quarter averaged 1.17 grams per ton, which were in line with our guidance of 1.1, 1.2 grams per tonne, with feed material comprised of a combination of direct feed ore and stockpile. Recoveries in the plant averaged 93% in the quarter, a modest step up as we saw the gravity circuit come online in the quarter. The reconciliation between the reserve models, grade control models, and mill feed continues in line with the expected tolerance.

第一季礦石品位平均為每噸 1.17 克，符合我們指引的每噸 1.1 至 1.2 克，進料由直接進料礦石和庫存礦石組合而成。本季度，該工廠的回收率平均為 93%，由於重力迴路在本季投入使用，回收率略有提高。儲量模型、品位控制模型和磨機進料之間的協調繼續符合預期的公差。

Milling costs was $20.18 per tonne milled during the first three months. Unit costs were elevated in the first quarter due to the lower tonnes processed, higher parts, and contractor costs from the increased maintenance activity, and costs associated with the refeed circuit to support the mill feed during maintenance period.

前三個月的研磨成本為每噸 20.18 美元。由於加工噸位較低、維護活動增加導致零件和承包商成本增加，以及維護期間支援工廠進料的補給迴路相關成本，第一季單位成本上升。

Unit costs are expected to decrease over the course of the year as throughput increases towards nameplate capacity and as operations and maintenance processes stabilize. For example, in March, when Cote processed 1 million tonnes, processing costs averaged around $15 a tonne. Further improvement can be expected with the installation of the additional secondary crusher that should reduce the use of the refeed circuit and related costs.

隨著吞吐量逐漸接近額定容量以及營運和維護流程趨於穩定，預計單位成本將在年內下降。例如，3月份，當科特迪瓦加工了100萬噸黃金時，平均加工成本約為每噸15美元。安裝附加的二次破碎機可以進一步改善，從而減少再進料迴路的使用和相關成本。

Looking ahead, we remain confident in our Cote Gold production guidance of 360,000 to 400,000 ounces on a 100% basis, which is actually a doubling of production from last year to this year. The primary focus continues to be the ramp up of the processing plant toward the goal of achieving design capacity of 36,000 tonnes per day by the end of this year. The installation of the second cone crusher in Q4 will provide further capacity and redundancy in the dry side of the plant in support of the operation and potential future expansion. The installation will require a move-to-day shutdown, which is accounted for in the current guidance estimate.

展望未來，我們仍然對 Cote Gold 的產量預期充滿信心，即以 100% 計算，產量為 360,000 至 400,000 盎司，這實際上是去年到今年產量的兩倍。目前的主要重點仍然是擴大加工廠的產能，以實現今年年底前每天 36,000 噸的設計產能的目標。第四季安裝的第二台圓錐破碎機將為工廠的乾燥側提供進一步的產能和冗餘，以支援營運和未來的潛在擴張。該安裝將需要當天關閉，這已在當前指導估計中考慮。

Of course, achieving nameplate is just the start of our plans for value creation at Cote. Since initial design, the project has seen considerable resource growth where the original mine plan called for a 36,000 tonne per day plan, targeting just over 7 million ounces of reserves.

當然，獲得銘牌只是我們在 Cote 創造價值計劃的開始。自最初設計以來，該項目的資源量已大幅增長，最初的採礦計畫要求每天開採 36,000 噸，目標儲量略高於 700 萬盎司。

And yet, now Cote and Gosselin zones combined for over 16.2 million ounces of measured and indicated and 4.2 million ounces of inferred and resources. Or over 20 million ounces together. Therefore, our plan this year is to conduct a thorough drill program of 45,000 meters focusing on the resource conversion at Gosselin in support of a technical report in 2026 that outlines a significantly upsized reserve base combining Cote and Gosselin into a super pit.

然而，目前 Cote 和 Gosselin 地區的測量和指示金礦資源總量超過 1,620 萬盎司，推斷和指示金礦資源總量為 420 萬盎司。或總計超過 2000 萬盎司。因此，我們今年的計劃是進行一項 45,000 公尺的全面鑽探計劃，重點關注 Gosselin 的資源轉換，以支持 2026 年的技術報告，該報告概述了將 Cote 和 Gosselin 合併成一個超級礦坑的大幅擴大的儲備基地。

In the first quarter, we completed about 12,000 meters of this program prior to spring breakup. Operationally, we will continue to look for opportunities to improve, including options to increase processing plant capacity. Several components of the plant have been designed for 42,000 tonnes per day, and we have seen many, many days above 40,000 tonnes per day over the last year.

第一季度，我們在春假前完成了約 12,000 公尺的計劃。在營運方面，我們將繼續尋找改善的機會，包括增加加工廠產能的選擇。該工廠的幾個零件的設計產量為每天 42,000 噸，去年我們已經看到許多天的產量超過每天 40,000 噸。

Longer term, a prudent strategy for mining and open pit, particularly in the gold environment where we are in, is to maximize and monetize the number of tonnes of ore mined as they become available for processing. As currently designed, Cote has a mining capacity to average an annual ore mining rate of approximately 50,000 tonnes per day versus our current nameplate processing of 36,000 tonnes per day. As part of the 2026 technical report, we will look to find the right balance to increase the scope of processing rates with the mining rates targeting a larger reserve base of the Cote Gosselin super pit.

從長遠來看，對於採礦和露天開採來說，特別是在我們所處的黃金環境中，一個審慎的策略是最大限度地增加可供加工的礦石噸數並將其貨幣化。按照目前的設計，Cote 的採礦能力平均每年開採礦石量約為 50,000 噸/天，而我們目前的額定加工量為 36,000 噸/天。作為 2026 年技術報告的一部分，我們將尋求找到適當的平衡，以增加加工率的範圍和採礦率，目標是擴大 Cote Gosselin 超級礦場的儲量基礎。

We believe the results of this will outline a low capital intensive path forward, reinforcing Cote Gold's position as one of the largest gold mines in operation.

我們相信，這一結果將勾勒出一條低資本密集的前進道路，鞏固 Cote Gold 作為最大營運金礦之一的地位。

Turning to Quebec, the first quarter at Westwood saw a step down with production of 24,000 ounces, which was about 10,000 ounces less than the quarterly average last year. Underground mining volumes were generally in line with 89,000 tonnes mined, or 987 tonnes per day. However, underground head grade came in at 6.28 grams per tonne compared to 878 grams per tonne in the same period last year.

談到魁北克，韋斯特伍德第一季的產量有所下降，為 24,000 盎司，比去年季度平均產量低了約 10,000 盎司。地下採礦量大致與 89,000 噸或每天 987 噸相符。然而，地下黃金品位為每噸 6.28 克，去年同期為每噸 878 克。

Grade mined from the underground mine was lower than the prior year due to temporary equipment challenges impacting blasting efficiency that required stope resequencing and increased dilution in certain stopes. We have seen blasting efficiencies and improvement in April, and we expect to see strong volumes from underground this year as the number of stopes drilled and loaded is nearly double what they were last year.

由於臨時設備挑戰影響了爆破效率，需要對採場進行重新排序並增加某些採場的稀釋度，因此地下礦開採的品位低於上年。我們在四月看到了爆破效率的提高和改進，我們預計今年地下礦產量將大幅增加，因為鑽孔和裝載的採場數量幾乎是去年的兩倍。

Mill throughput in the first quarter was 282,000 tonnes at an average blended head grade of 2.89 grams per tonne and 91% recoveries. Mill availability averaged 94% in the quarter, a good achievement and reflective of our team's ongoing maintenance effort. Cash costs and all-in-sustained costs came in above our guidance ranges for the year due to the lower production volumes, with cash costs averaging $1,527 an ounce and all-in-sustained averaging $2,124 an ounce. Costs are expected to fall within guidance range, seen here as volume increased in the remaining nine months of the year.

第一季工廠產量為 282,000 噸，平均混合原礦品位為每噸 2.89 克，回收率為 91%。本季工廠平均可用率為 94%，這是一項良好的成績，反映了我們團隊持續的維護工作。由於產量較低，現金成本和總維持成本高於我們今年的指導範圍，現金成本平均為每盎司 1,527 美元，總維持成本平均為每盎司 2,124 美元。由於今年剩餘九個月的銷量有所增加，預計成本將在指導範圍內。

Looking ahead, we remain confident in Westwood's ability to meet our production guidance with production of 125,000 to 140,000 ounces. Open-pit activities from Grand Duc are currently planned to be completed by the fourth quarter of 2025, though Grand Duc stockpile material will contribute to the new fit into 2027. However, should gold price remain where they are, there is a strong potential for further expansion and extension of the Grand Duc pit, which will be evaluated this year.

展望未來，我們仍然相信 Westwood 有能力實現我們的生產預期，產量達到 125,000 至 140,000 盎司。目前，Grand Duc 的露天開採活動計劃於 2025 年第四季度完成，但 Grand Duc 的庫存材料將有助於 2027 年的新開採。然而，如果金價維持在目前水平，大公爵金礦坑的進一步擴張和延伸潛力巨大，今年將對此進行評估。

Finally, looking at Essakane, we saw a modest step up in production from the fourth quarter last year, with attributable production of 86,000 ounces. Mining activity totaled 10.9 million tonnes mined in the quarter, with 2.4 million tonnes of ore mined, translating to a strip ratio of 3.4 to 1, a decline from prior quarters as stripping activities required to open up Phase 6 and 7 moved into the hill view mirror.

最後，看看 Essakane，我們發現產量較去年第四季略有增加，歸因產量為 86,000 盎司。本季採礦活動總計開採了 1,090 萬噸，開採了 240 萬噸礦石，相當於剝離率為 3.4 比 1，較前幾個季度有所下降，因為開採第 6 和第 7 階段所需的剝離活動已移至山景鏡中。

Build throughput in the first quarter was 3.1 million tonnes, which is in line with the typical quarter at Essakane, with no constraints on supply chains. Average head grades were 1.08 grams per tonne in the quarter, which reflects mining in the upper benches of Phase 7. Grades break down to reconcile slightly below the reserve model during the earlier stages of mining a new phase, and conversely to the positive as mining moves deeper into a phase as was experienced in the first half of 2024 when mining activities were in the later stages of Phase 5.

第一季的吞吐量為 310 萬噸，與 Essakane 的典型季度吞吐量一致，且供應鏈沒有受到限制。本季平均品位為每噸 1.08 克，反映了第 7 階段上層礦床的開採情況。在新階段採礦的早期階段，品位會下降至略低於儲量模型的水平；反之，隨著採礦活動深入某個階段，品位會上升至正值，就像 2024 年上半年採礦活動處於第 5 階段後期時所經歷的那樣。

On a cost basis, Essakane reported cash costs of $1,557 per ounce and all-in sustained costs of $1,846 an ounce to start the year. Costs are expected to improve as production improves through the year. As a whole, Essakane's costs have increased over the last few years due to higher landed fuel prices in countries, as well as higher supply chain and transportation costs impacted by the security situation.

從成本角度來看，Essakane 報告稱，今年年初的現金成本為每盎司 1,557 美元，總持續成本為每盎司 1,846 美元。隨著全年產量的提高，預計成本也將隨之改善。總體而言，由於各國燃料到岸價格上漲，以及受安全局勢影響的供應鏈和運輸成本上升，埃薩卡內的成本在過去幾年增加。

Further, as the gold price increases, there is an impact to costs due to royalties. For example, in the first quarter, royalties accounted for $203 per ounce. Looking ahead, Essakane is on track to achieve its attributable production guidance target of 360,000 to 400,000 ounces at the cost seen here.

此外，隨著金價上漲，特許權使用費也會對成本產生影響。例如，第一季特許權使用費為每盎司203美元。展望未來，Essakane 預計將以此處所示的成本實現 360,000 至 400,000 盎司的可歸屬產量來指導目標。

The mill is expected to operate at throughput and head grades in line with the current life of mines, though as mining moves deeper into Phase 6 and 7. In the second half of the year, grades are expected to reconcile positively over this period. While the cost of operations in the country has risen over the recent year, Essakane remains a world-class mine positioned to generate strong free cash flows as waste stripping expenditures are expected to decrease year over year.

隨著採礦工作深入第 6 階段和第 7 階段，預計該工廠的產量和品位將與礦場的當前壽命保持一致。預計下半年成績將出現正面回升。儘管近年來該國的營運成本有所上升，但 Essakane 仍然是一個世界級的礦山，由於廢料剝離支出預計將逐年減少，因此能夠產生強勁的自由現金流。

Finally, it is worth highlighting the work ongoing at our second-largest gold mining camp, the Nelligan and Monster Lake project in Chibougamau, Quebec. In the first quarter, we completed over 8,000 meters of drilling on our 13,000-meter program, targeting the extension of the Nelligan deposit. Nelligan's mineral resources estimate was updated earlier this year, which saw indicated ounces increase to 3.1 million ounces with an average grade of 0.95 grams per ton, and an additional 5.2 million ounces in inferred at similar grades.

最後，值得強調的是，我們第二大金礦開採營地，位於魁北克省奇布加莫的 Nelligan 和 Monster Lake 項目正在進行的工作。第一季度，我們完成了 13,000 公尺計劃中的 8,000 多公尺鑽探，目標是延伸 Nelligan 礦床。內利根礦產資源估算於今年稍早進行了更新，指示礦石量增加至 310 萬盎司，平均品位為每噸 0.95 克，另有 520 萬盎司推斷礦石量與品位相似。

Nelligan's mineralization remains open along strides and at pit, with some of the most encouraging results at pit, as you can see in the diagram here. In addition, the drilling program at the Monster Lake project is also ongoing, targeting high-grade underground structures.

內利根的礦化作用在步道和礦坑處仍然保持開放，在礦坑處取得了一些最令人鼓舞的結果，正如您在圖表中所看到的那樣。此外，Monster Lake 計畫的鑽探計畫也在進行中，目標是高品位地下結構。

With that, I will pass it back to Renaud.

說完，我將把它交還給雷諾。

Thank you, Bruno. We look forward to the results of this program, as Nelligan has seen rapid growth from a relatively conservative drill program over the last two years. When you combine Nelligan with a high-grade satellite Monster Lake deposit, there are nearing 9 million ounces of resources in this mining camp already, positioning Nelligan at a relatively early stage among the largest gold projects in Canada with significant potential for further growth.

謝謝你，布魯諾。我們期待該計劃的成果，因為在過去兩年內，內利根礦區透過相對保守的鑽探計劃取得了快速增長。如果將內利根金礦與高品位衛星怪物湖礦床結合起來，這個礦區內的資源量已接近 900 萬盎司，這使得內利根金礦在加拿大最大的金礦項目中處於相對早期的階段，並且具有巨大的進一步增長潛力。

Taken together, there is no question that our Chibougamau asset offers significant organic growth potential in this very mining-friendly jurisdiction in Canada. So, thank you all. It is really an exciting time for IAMGOLD, and we're very, very positive about what the rest of 2025 holds for the company.

綜合起來，毫無疑問，我們的 Chibougamau 資產在加拿大這個採礦業非常友好的司法管轄區提供了巨大的有機成長潛力。所以，謝謝大家。對於 IAMGOLD 來說，這確實是一個令人興奮的時刻，我們對公司 2025 年剩餘時間的發展非常非常樂觀。

Cote is entering the second quarter at a 90% plus throughput rate, with further improvements to come, including the second cone crusher installation later this year. Westwood currently has record underground inventory ready to blast to drive our productions for the remainder of the year. Essakane is moving into higher grade in the second half of the year, and there is substantial growth to come through the drill bit at Cote and Nelligan. So, stay tuned, and thank you for your support.

進入第二季度，Cote 的生產率已超過 90%，並且還將進一步改進，包括今年稍後安裝第二台圓錐破碎機。Westwood 目前擁有大量地下唱片庫存，隨時準備爆破，以推動我們今年剩餘時間的製作。Essakane 礦場將在下半年進入更高品位階段，透過 Cote 和 Nelligan 的鑽探，也將大幅成長。所以，請繼續關注，感謝您的支持。

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

因此，我想將電話轉回給接線員進行問答。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. Firstly, congratulations on getting Cote up to the 96% throughput rate in the last 30 days. Secondly, I had a question on the mining rates and the grades that you were delivering from the pit. I think it was 0.78, which was a little bit lower than what you delivered at the purchasing head grade. Can you just give me an idea of where your stockpile levels stand, particularly the high-grade and medium-grade portions? Kind of give me some color on how that -- one firstly, how long is that 0.78, the lower grade, while you try to open up the pit, going to persist?

早上好，雷諾和團隊。首先恭喜Cote在過去30天內的吞吐率達到96%。其次，我對你們從礦坑運出的礦石的開採率和品位有疑問。我認為是 0.78，比您交付的採購原級品位略低一些。您能否告訴我您的庫存水平，特別是高品位和中品位部分？請您告訴我這個情況——首先，當您嘗試打開礦坑時，較低品位的 0.78 會持續多久？

And then, are you mining higher grades -- are you upgrading the direct ore feed and supplementing that to the mill while you do that 0.78? Just trying to get an understanding of how the grades and the throughput are going to evolve over the course of the year?

然後，您是否在開採更高品位的礦石——您是否在升級直接礦石進料並在執行 0.78 的同時將其補充到磨機中？只是想了解成績和吞吐量在一年內將如何變化？

So I'll ask Renaud for more detail, but just as a general comment, Anita, I just want to bring this conversation back to when we released our guidance for the year. Just to remind everyone that for the first six months of the year, there was already a plan to be at the lower grade, as Renaud, the teams, and the Cote are focused on repositioning the phases and so forth. We were already planning that we would be a little bit lower, but we will be using stockpiles and in a second.

因此，我會向雷諾詢問更多細節，但只是作為一般性評論，安妮塔，我只想將這個主題帶回我們發布年度指導的時候。只是提醒大家，今年前六個月已經有一個較低級別的計劃，因為雷諾、車隊和科特都專注於重新定位階段等等。我們已經計劃將產量降低一點，但我們會立即使用庫存。

I'll pass it to Renaud for more detail on that. But to me, there are no real surprises there. Maybe slightly a little lower on the mining side, but because we continue to mill, we were mining at a lower rate than the mining, so you could still increase your grade to the mill for the 1.1 to the 1.2. But no real surprises. Reminded last year it was a bit the same too.

我會將其傳遞給 Renaud 以獲取更多詳細資訊。但對我來說，這並不真正令人驚訝。在採礦方面可能稍微低一點，但是因為我們繼續磨礦，所以我們的採礦率低於採礦率，因此您仍然可以將 1.1 到 1.2 的磨礦等級提高到採礦率。但沒有什麼真正的驚喜。記得去年也發生過類似的事。

You could mine at the reserve grade but increase your milling grade by nearly 50%. But now we're slowing down this. We go more direct feed. We avoid any unnecessary selective mining and so forth. So, Renaud?

您可以以儲量品位進行開採，但將磨礦品位提高近 50%。但現在我們正在放慢這一速度。我們採用更直接的飼料。我們避免任何不必要的選擇性挖掘等等。那麼，雷諾？

Good morning, Anita. That's exactly right. In the coming quarters, the grade mine is going to increase more toward the 1 gram per ton. We're also going to be mining more ore grade ore mine over time. So, there will be some selectivity for sure, but we're trying to minimize that segregation so we can mine closer to reserve grade. So, all in all, we're going to be within 1.1, 1.2. We have close to 2 million tonnes grading at over 0.8 gram per tonne, and we have 8 million tonnes grading at 0.55 gram per tonne.

早上好，安妮塔。完全正確。在接下來的幾個季度中，礦山品位將進一步上漲，接近每噸 1 克。隨著時間的推移，我們也將開採更多礦石品位的礦場。因此，肯定會有一些選擇性，但我們正在努力將這種分離降到最低，以便我們能夠開採更接近儲量品位的礦石。所以，總而言之，我們將在 1.1、1.2 範圍內。我們有近 200 萬噸品位超過 0.8 克/噸的礦石，還有 800 萬噸品位為 0.55 克/噸的礦石。

So, whenever sometime we need to use a stockpile to feed, the stockpile varies in average around 0.8 gram per ton. But for the next quarter, the grade of the ore mine is going to be higher than 0.78 to answer your question.

因此，每當我們需要使用庫存來餵食時，庫存的平均變化量約為每噸 0.8 克。但對於下個季度，礦山的品位將高於 0.78，以回答您的問題。

Okay. Thank you. And then just in terms of the grade at Essakane, I think you said the back half of the year would see positive grade reconciliation. I think I also had a declining grade profile for the year. So, does that mean with positive grade reconciliation that should be more of a flat profile for the year?

好的。謝謝。然後就 Essakane 的成績而言，我想您說過今年下半年會出現積極的成績協調。我認為我今年的成績也有所下降。那麼，這是否意味著，如果成績核對結果呈正數，那麼全年的成績情況應該會更加平穩？

The, It's going to be quite flat, to be honest. For the remainder of the year, it's going to be a grade that is going to be above the 1 gram per tonne. And because we're mining more ore than we are processing, we're going to be slightly selecting the higher grade material for the new. But we also expect to see the reconciliation to be as good as what we see right now.

說實話，它會相當平坦。在今年剩餘時間內，黃金的品位將保持在每噸 1 克以上。由於我們開採的礦石比加工的多，因此我們將稍微挑選一些品位較高的礦石作為新礦石。但我們也期望看到和解結果和我們現在看到的一樣好。

Okay. And then --

好的。進而--

So, maybe Anita just to add to this, if you look at 2024 was a bit of the opposite, right. So, as we move from Phase 5 to eventually exiting and entering those phases, I wish and hope that we're going to see very good results as we transition to the higher grade.

所以，也許安妮塔只是想補充一點，如果你看看 2024 年，情況就有點相反了，對吧。因此，當我們從第 5 階段進入並最終退出這些階段時，我希望我們在向更高等級過渡時能夠看到非常好的結果。

Of course, we need to use what we see in reserve to plan and support. But it's very likely that we see the same phenomena that we've seen in other phases. And as we transition to the better zones, that we will see a significant kick in the head grade. So, we're definitely expecting a stronger than Q1.

當然，我們需要利用所見的儲備來規劃和支援。但我們很可能會看到與其他階段相同的現象。隨著我們過渡到更好的區域，我們將看到頭部等級的顯著提升。因此，我們肯定預計其表現會比第一季更強勁。

But as Renaud said, we remain consciously prudent to not overstate what we could potentially see as grade. But we should normally see the same phenomena as we enter deeper zones.

但正如雷諾所說，我們仍然有意識地謹慎，不會誇大我們可能看到的等級。但當我們進入更深的區域時，我們通常會看到同樣的現象。

And then, just on the unit cost that has to change, the processing cost came in better than I had expected. I mean, better than any of the quarters you posted last year. So, is there anything driving that in particular? Is it currency? Or is that something that will persist over the rest of the year? Or is that just maybe just sort of a one-time new one?

然後，就必須改變的單位成本而言，加工成本比我預期的要好。我的意思是，比你去年發布的任何季度都要好。那麼，有什麼特別的原因嗎？它是貨幣嗎？或者這種現象會在今年餘下的時間裡持續下去？或者這只是一次性的新產品？

No, nothing specific. Go ahead, Maarten.

不，沒有什麼具體內容。繼續吧，馬丁。

Morning, Anita. One thing that is happening is, I believe, Essakane is running at a bit higher throughput rate, which is driving down the time. So, it's a bit absorbing some of the fixed costs.

早上好，安妮塔。我相信，正在發生的一件事是，Essakane 的運行吞吐率略高，從而縮短了時間。因此，它在一定程度上吸收了一些固定成本。

Okay. I'll leave it there and get back into the queue. Thanks.

好的。我會把它留在那裡並回到隊列中。謝謝。

(Operator Instructions)

（操作員指示）

Mohamed Sidibe with National Bank.

國家銀行的穆罕默德·西迪貝 (Mohamed Sidibe)。

Hi, Renaud and Team. Thanks for taking my question. And maybe just to follow up on that, Anita, is there any cost improvement at Essakane? I was just wondering if this was also maybe positively impacted, or if you expect to see any positive impact from the lower fuel prices or diesel prices that we're seeing. Any comments on that?

嗨，雷諾和團隊。感謝您回答我的問題。也許只是為了跟進一下，安妮塔，Essakane 的成本有任何改善嗎？我只是想知道這是否也產生了積極影響，或者您是否預計我們看到的燃油價格或柴油價格下降會產生任何積極影響。對此有何評論？

So, the total cost that we spent at Essakane was actually in line with what we expected to spend, and in line with prior years as well. Fuel costs in Burkina takes a bit longer to adjust to the market prices, so we've not seen the reduction in fuel prices coming in there. So, it is really because we have processed it, but it's more a unit throughput impact that is driving it.

因此，我們在 Essakane 花費的總成本實際上與我們預期的支出一致，也與前幾年一致。布吉納法索的燃料成本需要更長的時間來適應市場價格，因此我們還沒有看到燃料價格的下降。所以，這確實是因為我們已經處理了它，但更多的是單位吞吐量的影響在推動它。

And maybe I could add to this. I mean, when you look at the previous quarter, I wouldn't necessarily say that the mining costs were necessarily lower. I think they were in line with previous. But we did notice reductions of the milling processing costs in the one quarter, as Maarten noticed, compared to last quarter.

也許我可以補充一點。我的意思是，當你回顧上一季時，我不會說採礦成本必然會降低。我認為它們與以前一致。但正如 Maarten 所注意到的，與上一季相比，我們確實注意到本季銑削加工成本有所降低。

But in the last year, we were systematically more like in the 1,850 and so far achieved 1,750. Yes, some good results, but we'll see in the next quarter. Sometimes it's just a bit of the timing of certain expenses and so forth. But we're definitely confident that we could repeat, at least minimum repeat, what we achieved last.

但去年，我們的系統性目標更接近 1,850，目前已達到 1,750。是的，有一些好的結果，但我們將在下個季度看到。有時這只是某些費用的時間安排等等。但我們絕對有信心，我們可以重複，至少最低限度地重複我們上次所取得的成就。

Great, thank you. And then just my second question would be at Westwood. Given the lower grade in the quarter because of the temporary equipment challenges, could you maybe give us a little bit more color into what the grades may look into Q2? Is Q2 expected to be slightly still impacted by that, or should we see a material improvement into Q2 at Westwood? Thank you.

太好了，謝謝。我的第二個問題是關於韋斯特伍德的問題。由於臨時設備挑戰導致本季成績較低，您能否向我們詳細介紹第二季的成績狀況？預計第二季度還會受到輕微影響嗎，還是我們應該看到 Westwood 在第二季度出現實質改善？謝謝。

I will ask Bruno to add some comments to it. So definitely, we're going to see an increase as we advance in the year. With the change of the mining sequencing, of course, we went to a lower grade. The throughput is there. The total tonnes. It's just a matter of retransitioning back into. And there is no reason that you do not see the same as we were mining last year, as we were approaching the end of the year.

我會讓布魯諾對此添加一些評論。因此，隨著時間的推移，我們肯定會看到成長。當然，隨著開採順序的改變，我們的品味就下降了。吞吐量就在那裡。總噸數。這只是一個重新過渡的問題。而且，隨著我們即將迎來年底，您沒有理由不看到與我們去年開採情況相同的情況。

Bruno?

布魯諾？

Yes, so Mohamed, the grade for Westwood is going to be, for the underground mine, is going to be around between 8 and 12. So depending on the sequencing that we're going to be in. The goal for us is always to try to be as close to the reserve grade underground as possible, like 9, 10 grams per tonne. So this is what we see for the next quarters and for the year.

是的，穆罕默德，韋斯特伍德地下礦場的品位將在 8 到 12 之間。所以這取決於我們要採取的順序。我們的目標始終是盡可能接近地下的儲量品位，例如每噸 9 至 10 克。這就是我們對下一季和全年的預期。

Great, thank you. And if I could maybe slide in one last question now, just on Burkina, on the security situation and maybe the commentary made recently by the Prime Minister. Bruno, did you have any additional comments in color on that?

太好了，謝謝。現在我可以問最後一個問題，關於布吉納法索的安全局勢，以及總理最近發表的評論。布魯諾，你對此還有什麼補充評論嗎？

I think internally, we remain extremely confident. Like, the security situations, we wouldn't see worse than the other. So we continue to operate another quarter without any disruptions in the supply chains and so forth. To me and to us, there is really nothing new happening. There's a lot of talking and so forth. But it's the same information that's been repeated from the last year and so forth.

我認為從內部來看，我們仍然非常有信心。例如，安全狀況，我們不會看到比其他人更糟糕的情況。因此，我們可以繼續營運一個季度，而不會出現供應鏈中斷等情況。對我和我們來說，確實沒有什麼新鮮事發生。有很多談話等等。但這些資訊與去年等年重複的是一樣的。

There is a question a bit on the timing of certain of the aspect, but no, we, I think we're relationship and work with the government remain very strong. We never even remotely close to things that Essakane could be referred and those that come and if any, a lot of it is the interpretation. So, no, we remain very confident to continue to operate strong operations, maintain the security, allowing us to operate at 100% capacity and so forth. And so far, we haven't seen anything but the strong support from the government in all matters. So, no, we do not see it as an increased risk.

關於某些方面的時間安排存在一些疑問，但我認為我們與政府的關係和合作仍然非常牢固。我們從來沒有接近過 Essakane 所提及的事物以及那些即將發生的事情，如果有的話，很多都是一種解釋。所以，不，我們仍然非常有信心繼續保持強勁的運營，維護安全，讓我們能夠以 100% 的產能運作等等。到目前為止，我們只看到政府在所有事務上給予了大力支持。所以，我們並不認為這會增加風險。

Great. Thank you. And congrats on a good quarter at Cote.

偉大的。謝謝。恭喜 Cote 本季業績喜人。

Tanya Jakusconek with Scotiabank.

豐業銀行的 Tanya Jakusconek。

Yes. Good morning, everyone. Thank you for taking my questions. And congrats on getting the mills back up again at Cote doing quite well. I have a few questions. The first one I wanted to start on was just on Essakane. When you put out your cost guidance, I seem to remember it was a much lower pricing than $3000. And now that we have the increased royalty rates from the government, it's over $3000. They get to 8%. Can you remind me if your cash cost guidance reflects that? This is for Essakane.

是的。大家早安。感謝您回答我的問題。恭喜科特的工廠再次恢復運轉，並取得了良好的業績。我有幾個問題。我首先想開始的是 Essakane。當您提出成本指導時，我記得它的價格比 3000 美元低得多。現在，政府提高了版稅率，現已超過 3000 美元。他們達到了8%。您能否提醒我，您的現金成本指引是否反映了這一點？這是給 Essakane 的。

I'll pass it to Maarten. Thanks for that.

我會把它傳給 Maarten。謝謝。

Good morning, Tanya. So, our cash cost guidance assumes the dividend and the increases, but our gold price assumption in our guidance was $2500 an ounce. So, if we look at our forecast, even with that increase, we still expect to come within the guidance range. Yes.

早上好，Tanya。因此，我們的現金成本指引假設股息和增加，但我們指導中的黃金價格假設是每盎司 2500 美元。因此，如果我們看一下我們的預測，即使有這樣的成長，我們仍然預期會處於指導範圍內。是的。

Okay, I just wanted to make sure because everyone's guidance is at that $2500, $2600 and all of these things that are moving up. And you just want to make sure that that still is reflective in that guidance. Okay, so thank you so much for that.

好的，我只是想確認一下，因為每個人的指導價都是 2500 美元、2600 美元，而且這些價格都在上漲。你只是想確保這一點仍然反映在該指南中。好的，非常感謝您。

And then just maybe continuing on just, again, I think when we last spoke, we were expecting a weak Q1. And then the strongest would be the Q4 with a stronger second half. Do we have an ability to, so we obviously have improvements happening Essakane seems to be flattish? We have improvements at Westwood and Cote, I think quarter on quarter at Cote and Westwood, I don't know if it's evenly divided in the next three quarters, but can we kind of try and break? Are we at that $48.52? Are we at $45.55? Just to have an idea of how the year shakes out.

然後也許只是繼續，再說一次，我想當我們上次談話時，我們預計第一季業績疲軟。最強勁的將是第四季度，下半年將會更加強勁。我們有能力嗎，所以我們顯然正在取得進步，Essakane 似乎比較平緩？我們在韋斯特伍德和科特方面都有所進步，我認為科特和韋斯特伍德的季度環比增長，我不知道在接下來的三個季度中是否會平均分配，但我們能否嘗試突破？我們達到了 48.52 美元嗎？價格是 45.55 美元嗎？只是想了解這一年的情況如何。

There's a lot of component into this, but I'll let Bruno start.

這其中涉及很多部分，但我先讓布魯諾開始。

So, at Essakane, it's going to be clearly a stronger H2 than an H1 thing. Because, as you know, as we dig deeper into Phase 6 and 7, we're going to see the higher grade in the second half of the year. For Westwood, we should see the resume of the average production that we have enjoyed over the last quarters, hovering over 30,000 gold ounce per quarter. And Cote, that's going to be a continuous ramp up, gradual ramp up, almost linear toward the end of the year.

因此，在 Essakane，H2 顯然比 H1 更強大。因為，如你所知，隨著我們深入第 6 階段和第 7 階段，我們將在下半年看到更高的成績。對於 Westwood 來說，我們應該會看到過去幾季的平均產量恢復到每季 30,000 黃金盎司以上。科特表示，這將是一個持續、逐步上升的過程，到年底幾乎呈現線性成長。

So, clearly the second half will be stronger as you combine the three elements that Bruno is mentioning. Of course, we have some tie-in to do with the crusher and so forth. But globally speaking, we see the three mines pretty strong in the second half, with some sort of a bit of a transition in Q2, right, to all of those aspects at the end. But it's really the second half that's going to highlight the year.

因此，當你將布魯諾提到的三個要素結合起來時，下半場顯然會更強大。當然，我們還有一些與破碎機等相關的配合工作。但從全球來看，我們認為這三個礦場在下半年表現相當強勁，第二季末所有這些方面都會出現一些轉變。但今年的亮點其實是下半年。

Yes, so maybe Q2 just a bit better than Q1, and then you have the bump up in Q3 and Q4.

是的，所以也許 Q2 比 Q1 好一點，然後 Q3 和 Q4 會有所提升。

Yes.

是的。

Yes, okay.

是的，好的。

The three mines should perform well in Q2 compared to Q1.

與第一季相比，這三座礦場在第二季的表現應該會更好。

Yes, okay. And then maybe coming back to what Maarten was just saying when he talked about the balance sheet, and he said, you know, ultimately looking to return to shareholders through share buyback, dividends, et cetera., maybe we can kind of review what do you need to see, both from an operational standpoint and a balance sheet standpoint, before you would be comfortable in thinking about shareholder returns.

是的，好的。然後也許回到馬丁剛才談論資產負債表時所說的內容，他說，你知道，最終希望透過股票回購、股息等方式回報股東，也許我們可以從營運角度和資產負債表角度來回顧一下你需要看到什麼，然後你才會放心地考慮股東回報。

Well, I will let Bruno and Martin describe how we think, you know. But, you know, definitely we don't see discounting, you know, and difficulties, and also carry a certain level of debt. But I would definitely see on this year, we want to see a reduction of our net debt cost and volume. And eventually, of course, with the priority on the expensive $400 million term loan, that would be a priority. We don't necessarily see this company with the need to go absolutely that's free debt -- debt free in the very short term. But, Maarten, maybe you could add to this. But for us, it's really about bringing the level and cost to the, what we call, debt in costs, and then after that, rethinking our capital allocation.

好吧，我會讓布魯諾和馬丁描述我們的想法，你知道的。但是，你知道，我們肯定沒有看到折扣和困難，也沒有承擔一定程度的債務。但我肯定會看到，今年我們的淨債務成本和規模將會減少。當然，最終，由於昂貴的 4 億美元定期貸款具有優先權，因此這將成為優先事項。我們並不認為這家公司有必要在短期內完全擺脫債務。但是，Maarten，也許你可以補充一點。但對我們來說，這實際上是將我們所謂的債務水平和成本納入成本中，然後重新考慮我們的資本配置。

Maarten?

馬丁？

Yes, thanks, Renaud. And our focus will remain over the next 12 months to continue to perform in line with our production guidance. And depending on the gold price, it depends on how we would look at it.

是的，謝謝，雷諾。未來 12 個月，我們的重點仍將集中在繼續按照我們的生產指導進行。這取決於金價，也取決於我們如何看待它。

First priority is reducing the level of debt and our cost of debt. And then once we get to the back end of that, depending on what the gold price is, it will impact middle of next year or end of next year to see if there are options available. But it's hard because, as you know, the gold price has been very volatile. So our approach would just be to continue to focus on performing and executing on our data and then evaluate options when we're ready.

首要任務是降低債務水準和債務成本。然後，一旦我們到達後端，根據金價，它將影響明年年中或明年年底，看看是否有可用的選項。但這很難，因為如你所知，黃金價格一直都非常不穩定。因此，我們的方法是繼續專注於執行我們的數據，然後在準備好時評估選項。

Do you have a net debt to EBITDA target that you want to get to before -- and that would capture a gold price that, you know, you want to get to before you would start thinking about capital returns?

您是否希望在開始考慮資本回報之前達到淨債務與 EBITDA 比率的目標——這將決定黃金價格？

Our net debt to EBITDA ratio at the moment is about 1.1. We would like for it to be at 1 or less than 1. But you can't look at that when the gold price is about $3,000. So you need to look at what it would be if the gold price is lower as well. And that's why we say we continue to look at that, not just based on what the current gold price is, but also what it would potentially be when we are making those decisions.

我們目前的淨債務與 EBITDA 比率約為 1.1。我們希望它是 1 或小於 1。但當金價約為 3,000 美元時，你不能這麼看。所以你需要看看如果金價下跌會發生什麼事。這就是為什麼我們說我們會繼續關注這個問題，不僅基於當前的金價，還基於我們做出這些決定時的潛在價格。

Okay. And I seem to think that you mentioned, you know, within 12 months out. So it wouldn't be something that we should think about for 2025. It would probably be in mid '26 and thereafter. Would that be a fair statement?

好的。我似乎認為您提到了 12 個月內。所以這不是我們應該在 2025 年考慮的事情。可能是在 26 年中期或之後。這是一個公平的說法嗎？

Yes, that would be a fair statement. The gold pre-price was a big repayment, a big impact on cash. We continue doing that. And then there's a lot of -- we have $200 million on our credit facility and $400 million on the second lien. So those are our sole big plans we have.

是的，這是一個公平的說法。黃金前期價格回落幅度較大，對現金衝擊較大。我們將繼續這樣做。然後還有很多——我們的信貸額度有 2 億美元，第二留置權有 4 億美元。這些就是我們唯一的宏偉計劃。

But I think, as you mentioned, Tanya, so as you hit like mid-next year, you know, should the gold price remain and our asset delivers, I think we're going to be in pretty good shape in the second half of next year.

但我認為，正如你所提到的，Tanya，到明年年中時，如果金價保持不變並且我們的資產能夠實現交付，我認為我們在明年下半年將會處於相當好的狀態。

And can I ask an exploration question? I wanted to go back to the Chibougamau and that emerging district. And maybe just a little -- you know, someone can explain to me, like, so what are you -- how do you see this camp evolving? And how do you see yourself, you know, in this camp? Do you think you can do this on your own? Would you bring a partner in for this? Maybe some color on how this camp and your involvement in it?

我可以問一個探索性的問題嗎？我想回到奇布加莫和那個新興地區。也許只是一點點——你知道，有人可以向我解釋一下，那麼你是什麼——你如何看待這個陣營的發展？您如何看待自己處於這個陣營？你認為你可以獨自完成這件事嗎？您會為此招募合作夥伴嗎？也許可以介紹一下這個訓練營以及您參與其中的情況？

No, thank you for that. So what I like about this is not like a kind of a one source of -- if you're looking at, you know, the map and sketches, you know, there is a -- it's really a trend, it's really a camp. It's not just limited to one. So, yes, we're thinking big when it comes to Nelligan, Monster Lake. We have seen as well the hit ratios of our drilling in the last two years, which is also pretty exceptional. And it comes, you know, and it opens. And there is other area within the camp we haven't barely touched. But how do I see it?

不，謝謝你。所以我喜歡這個，因為它不像是一種單一的來源——如果你看看地圖和草圖，你知道，它是一種——它真的是一種趨勢，它真的是一個陣營。不只限於一個。所以，是的，當談到內利根和怪獸湖時，我們有著宏偉的計劃。我們也看到了過去兩年鑽探的命中率，這也是相當出色的。你知道，它來了，它打開了。營地內還有其他區域我們幾乎還沒觸及。但我怎麼看呢？

I see it eventually at large as gold resource based in the camp that combines open pit of all type of average Canadian grade with underground high grade. Like two things that we're good at doing. And the combinations of both approach from day one will give you a lot of flexibility.

我最終將其視為營地中的金礦資源，該營地結合了所有類型的加拿大平均品位的露天金礦和地下高品位的金礦。就像我們擅長做的兩件事。從第一天起，兩種方法的結合將為您帶來很大的靈活性。

Over the next two years, what I keep reminding everyone internally, because everyone is excited about Nelligan is drill, drill. Like our objective in the next two years, you know, '25, '26, benefiting some through a filter we've taken this earlier this year, is to build a resource base, a large open pit of all resource base combined with a pretty decent underground high grade. So, this is the objective of the next two years.

在接下來的兩年裡，我不斷在內心提醒大家，因為每個人都對內利根感到興奮，所以要不斷練習，並且不斷練習。就像我們在未來兩年的目標，你知道，25 年、26 年，透過我們今年稍早採取的過濾措施，一些資源將受益，那就是建立一個資源基地，一個大型露天礦，所有資源基地與相當不錯的地下高品位相結合。所以，這是未來兩年的目標。

I don't like to look at too much of the mine ability of it in the short term. I prefer to think that we don't know yet how big that could be. But I don't see how this can could not be a 15 million plus ounces over time. And this is what we're focusing on. So, by the time we put the next study at Cote out there, it is our objective to have position already Nelligan to a certain point as we can look at it as the next.

我不喜歡在短期內過度考慮它的開採能力。我更願意相信我們還不知道這個數字會有多大。但我不明白隨著時間的推移，這個罐子的容量怎麼可能不達到 1500 萬盎司以上。這正是我們所關注的。因此，當我們在 Cote 進行下一項研究時，我們的目標是讓 Nelligan 的位置已經達到一定程度，以便我們可以將其視為下一個研究對象。

When it comes to bringing partners, I think the situation has changed significantly. This company over the last few years, I don't see any need in a too early timeframe. I think we have more than the capacity, talent and resources to bring this resource base to the next level. But we would always consider the risky aspect when it comes to the next phase and so forth. It's early stage. At this stage, we don't have plans to bring. But we have an excellent experience of partnering with someone and building world class. So, we don't necessarily say that this won't happen, but we just don't need to. Absolutely, I don't see the need for a partner at this stage and prefer to bring this large resource base at 100%.

說到帶來合作夥伴，我認為情況已經發生了很大變化。對於這家公司過去幾年的發展，我認為沒有必要在太早的時間內做出改變。我認為我們擁有的能力、人才和資源足以將這項資源基礎提升到一個新的水平。但在進入下一階段時，我們總是會考慮風險因素。目前還處於早期階段。目前，我們還沒有計劃。但我們擁有與他人合作並打造世界級產品的豐富經驗。所以，我們不一定會說這不會發生，但我們就是不需要發生。當然，我認為現階段不需要合作夥伴，更願意 100% 利用這個龐大的資源基礎。

I was looking at it more from a talent perspective, right? Because there's only so much. Well, good luck with the drilling. And thank you for the slide. Look forward to hearing more about it as you drill away over the next few years.

我更多的是從人才的角度來看這個問題的，對嗎？因為就這麼多。好吧，祝鑽探順利。感謝您提供的幻燈片。期待在未來幾年的鑽探過程中聽到更多關於它的消息。

Carey MacRury with Canaccord Genuity.

Canaccord Genuity 的 Carey MacRury。

Hi, good morning, guys. Just a question on Essakane. Your reserves are at $1,500. I'm just wondering if you can just remind us what the mine life you're assuming there is? And if your reserves were at $2,000 or $2,500, what's the mine life extension potential there?

大家好，早安。我只是想問一下有關 Essakane 的問題。您的儲備金為 1,500 美元。我只是想知道您是否可以提醒我們您假設的礦井壽命是多長？如果您的儲量為 2,000 美元或 2,500 美元，那麼那裡的礦山壽命延長潛力有多大？

I'll pass it to Bruno.

我會把它傳給布魯諾。

So, good morning, Carey. Of course, with the gold price increasing close to $1,000 over the last six months, we'll have to revisit our gold price assumption when revising our mineral resources and mineral reserves. So, this is a good question.

早上好，凱裡。當然，隨著過去六個月金價上漲近 1,000 美元，我們在修改礦產資源和礦產儲量時必須重新審視我們的金價假設。所以，這是一個好問題。

We're going to change our current assumption. And it will certainly have an impact on our Essakane mine. Right now, we have enough material up until 2029. This year, we decided to have a more intense drilling campaign to see what would be the potential of Essakane inside the fence. As you know, with the security situation, we're not exploring too much outside the premise of the mine. And so far, what we're seeing is we're seeing the deposit continue to extend north and south and at depth.

我們將改變當前的假設。這肯定會對我們的 Essakane 礦場產生影響。目前，我們擁有的材料足夠到 2029 年。今年，我們決定進行更密集的鑽探活動，以了解圍欄內 Essakane 的潛力。如您所知，由於安全狀況，我們不會在礦場外進行太多勘探。到目前為止，我們看到的是礦床繼續向南、北延伸並向深處延伸。

So, we're looking at different phases, and that will have to be evaluated with any new gold price assumption. So, I think we'll be able to come up with new information once we have a new mining plan that will dictate how many years we could gain according to those new gold price assumptions, and according to those new models coming from exploration.

因此，我們正在研究不同的階段，並且必須根據任何新的黃金價格假設進行評估。因此，我認為，一旦我們有了新的採礦計劃，我們將能夠獲得新的信息，該計劃將決定我們根據新的黃金價格假設和來自勘探的新模型可以獲得多少年。

I would like to add to this that while definitely we see the industry, and I think it's just a matter of time, you will see some increase in the gold price use for reserves. We're at quite a bit of a gap here. But I also want to stress that our strategy is largely to improve and increase through the drill depth. So, don't want this company to be depending on the gold price to perform or to increase and so forth.

我想補充一點，雖然我們確實看到了這個行業，但我認為這只是時間問題，你會看到黃金價格用於儲備的增加。我們在這裡的差距相當大。但我也想強調，我們的策略很大程度上是透過鑽探深度來改善和提高。所以，我們不希望這家公司依賴黃金價格來表現或成長等等。

So, the gold price helps in a lot of ways, in the debt repayment and so forth and the cash flowing. But it's important to us to measure performance and financial buying, how good we are to execute.

因此，黃金價格在許多方面都有幫助，例如債務償還和現金流動。但對我們來說，衡量績效和財務購買力以及我們的執行情況非常重要。

And I think we've come along in the last two years in that way. So, expect us to use the gold price to increase our drilling efforts. So, this is where I want to see most of the ounces coming from the drill depth.

我認為我們在過去兩年中已經取得了這樣的進步。因此，我們有望利用金價來加大鑽探力度。所以，這就是我希望看到的大部分盎司來自鑽孔深度的地方。

Okay, great. That's it for me, and congrats on the progress at Cote.

好的，太好了。對我來說就是這樣，祝賀 Cote 的進步。

Lawson Winder with Bank of America Securities.

美國銀行證券公司的 Lawson Winder。

Thank you, operator, and good morning, Renaud and team. Thanks for the update. Can I ask about Westwood and the potential to extend the life of the open pit and add additional resources from Grand Duc? What is it that's being considered there? Is there a conversion of some of that inferred resource to the plan? And would you be able to give us an idea of what we're talking about in terms of ounces? There's about a 1.8 million ounce inferred resource there. It's a large piece of open pitable material?

謝謝接線員，早安，雷諾和團隊。感謝您的更新。我可以詢問有關 Westwood 以及延長露天礦場壽命和從 Grand Duc 增加額外資源的可能性嗎？那裡正在考慮什麼？是否有部分推論資源轉化為計劃？您能告訴我們關於盎司的討論是什麼意思嗎？那裡推斷資源量約 180 萬盎司。這是一大塊可露天開採的材料嗎？

Bruno?

布魯諾？

Good morning, Lawson. So, the Grand Duc is what we call strictly a swing producer. It's very low grade, and what it does is it helps stabilizing the mill. It's a constant feed as opposed to the feed coming from underground that's a little bit more coming in a heuristic manner. So, we extract from the underground mine close to 400,000 tonnes a year, but we have mill capacity that exceeds that. So, we want to capture that excess capacity to monetize any kind of source that would be in and around the Westwood complex.

早安，勞森。因此，大公爵就是我們所說的嚴格意義上的搖擺生產者。它的品位非常低，其作用是幫助穩定磨坊。這是一種持續供給，而不是來自地下的供給，而地下供給則更多地以啟發式的方式進行。因此，我們每年從地下礦開採近 40 萬噸，但我們的選礦能力超過了這個數字。因此，我們希望抓住過剩產能，將 Westwood 綜合設施內和周圍的任何類型的能源貨幣化。

So, Grand Dud so far ticks all the checkbox. However, now I think we are at a certain limit under which we need to evaluate if a further expansion would be making sense because it will require capital and moving some infrastructure. So, there's always like a limit which you can expand, and that's what we're going to be evaluating. Otherwise, Grand Duc has been very good for us, giving us like 30,000, 40,000 gold ounce a year, 20,000 something. And it's a stabilizer. We see it as a stabilizer as the underground operation progresses.

所以，Grand Dud 到目前為止滿足了所有條件。然而，現在我認為我們已經到了一定的限度，我們需要評估進一步擴張是否有意義，因為這需要資金和一些基礎設施的遷移。因此，總是存在一個可以擴展的限制，這就是我們要評估的。除此之外，大公國對我們非常好，每年給我們 30,000、40,000 盎司黃金，20,000 盎司左右。它是一種穩定劑。我們將其視為地下作業進度過程中的穩定器。

And about the same thing, too, as my previous comment, I think there is an unbelievable opportunity at Westwood here to increase evaluation through crystallizing more reserves. We have a resource base of over 3 million ounces, and just released last year a technical report limiting it to a million ounces. Our confidence, of course, in how we see Westwood over the next year is more than 1 million.

和我之前的評論大致相同，我認為韋斯特伍德有一個令人難以置信的機會，可以透過結晶更多的儲備來提高評估。我們的資源基礎超過 300 萬盎司，去年剛發布了一份技術報告，將其限制在 100 萬盎司。當然，我們對韋斯特伍德明年的表現有信心，銷量將超過 100 萬。

So, there is a good room and opportunity as well through the drill pit to convert some and maybe work a bit on modernizations in mine plan, but hope that it's an interesting opportunity to have to increase reserve and valuation.

因此，透過鑽井也有很好的空間和機會來轉換一些礦井計劃，也許在礦井計劃中進行一些現代化改造，但希望這是一個增加儲量和估值的有趣機會。

No, I agree. It is very interesting. Can I ask about the underground mine? So, you're targeting 1,000 tonnes per day in terms of a mining rate. I guess put this question two ways, is, one is what are the underground process improvements that you're actually working on? And then, thinking of those, what is the potential to expand beyond that 1,000 tonnes per day? What's the theoretical limit given the ground conditions and other considerations around the geology and geotech?

不，我同意。這很有趣。可以問一下地下礦的情況嗎？因此，您的目標是採礦率達到每天 1,000 噸。我想用兩種方式來提出這個問題，一是您實際上正在進行的地下工藝改進是什麼？那麼，考慮到這些，每天擴大到 1,000 噸以上的潛力有多大？考慮到地面條件以及地質和岩土技術的其他考慮，理論極限是多少？

So, to answer the question, actually we're aiming at 1,000 tonnes per day. We are seeing good days at 1,100. Ultimately, what we'd like to achieve is 1,200 tonnes per day, and we believe that the limit would be closer to 1,300 tonnes per day without changing too much of the infrastructure.

所以，回答這個問題，實際上我們的目標是每天 1,000 噸。我們在 1,100 處看到了好日子。最終，我們希望實現每天 1,200 噸的目標，我們相信，在不對基礎設施進行太多改變的情況下，這個限制將接近每天 1,300 噸。

Most of the improvement would come with an improvement in underground transportation of the yard. That's what we did. We made some capital investment on our trucks and scoop trams and haulage and our path system. And as well, in terms of mine design and blasting techniques using upper results, instead of the regular sub-level long-term drilling. All in all, we're doing a lot of great improvement month after month. And we see, I would say, 30% improvement potential, but yet to be captured.

大部分的改進將來自於院子地下運輸的改善。我們就是這麼做的。我們對卡車、鏟車、貨運和道路系統進行了一些資本投資。而且在礦山設計和爆破技術方面採用上部成果，而不是常規的分段長期鑽孔。總而言之，我們每個月都在取得很大的進步。我想說，我們看到了 30% 的改進潛力，但尚未實現。

Okay, very helpful. And look, I appreciate you guys making time here. I'm just realizing we're about two minutes past the hour. If I can, I'd like to ask one more question, just thinking around capital allocation and the balance sheet and how it's set to improve quite materially here. In the context of the recent Canadian asset sales from Newmont and Barrick now having this ongoing process to sell Hemlo, how does M&A compete with the internal options, including expansions at Cote and the projects at Chibougamau?

好的，非常有幫助。瞧，我很感謝你們抽空來這裡。我剛剛意識到我們已經過了整點兩分鐘了。如果可以的話，我想再問一個問題，只是圍繞資本配置和資產負債表以及如何在這裡實現實質改善。在紐蒙特和巴里克最近出售加拿大資產並正在進行出售 Hemlo 的背景下，併購如何與內部選擇競爭，包括 Cote 的擴張和 Chibougamau 的項目？

To me, it's more than one piece. If you're really looking at our portfolio, next year we're going to put in a new technical report out there on Cote, had a significant increase in reserve resources. I would just talk about the net again and so forth.

對我來說，它不只一件。如果你認真審視我們的投資組合，你會發現明年我們將發布一份有關科特迪瓦的新技術報告，其儲備資源將大幅增加。我只是想再談論網路等等。

So when you're looking at our potential organic growth for the next years to come, we truly do not see at this stage in our company the need to, in the short term, absolutely not. We're going to focus on our assets. Down the road, I mean, we'll see, right. Down the road, we'll see, but at this stage, for us, it's more than companies. It would create more value to focus on organic growth and finance.

因此，當您展望未來幾年我們的潛在有機成長時，我們確實認為在現階段，短期內我們公司沒有必要這樣做。我們將專注於我們的資產。我的意思是，以後我們會看到，對吧。我們將會看到未來，但現階段，對我們來說，這不僅僅是公司的問題。專注於有機成長和融資將創造更多價值。

And sorry for the background noise. We're competing with the window cleaners, so perfect timing. Sorry about that.

抱歉，背景噪音太大了。我們正在與窗戶清潔工競爭，所以時機正好。很抱歉。

That's great. You're coming through loud and clear. Thank you so much.

那太棒了。你的聲音響亮而清晰。太感謝了。

And this does conclude today's question and answer session. At this time, I would like to hand the call back over to Graeme Jennings for any closing remarks.

今天的問答環節到此結束。現在，我想將電話轉回給 Graeme Jennings，請他做最後發言。

Thank you very much, operator. Thank you, 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。感謝大家今天上午加入我們。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。

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

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