IAMGOLD Corp (IAG) 2025 Q2 法說會逐字稿

Thank you for standing by. This is the conference operator. Welcome to the IAMGOLD second quarter 2025 operating and financial results conference call and webcast. (Operator Instructions) At this time, I would like to conference over to Graeme Jennings, VP of Investor Relations for IAMGOLD, Dr. Jennings.

感謝您的支持。我是會議主持人。歡迎參加 IAMGOLD 2025 年第二季營運和財務業績電話會議和網路廣播。（操作員指示）現在，我想與 IAMGOLD 投資者關係副總裁 Graeme Jennings 博士進行會談。

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 Turkey Legate, Chief Legal and Strategy Officer; and Darina Quinn, Chief People Officer.

謝謝接線員，歡迎大家參加我們今天的電話會議。參加電話會議的有總裁兼執行長 Renaud Adams、財務長 Maarten Theunissen、營運長 Bruno Lemelin、首席法律與策略長 Annie Turkey Legate 和首席人才長 Darina Quinn。

We are calling today from IAMGOLD's Toronto office, which is located on 313 territory on the traditional lands of many nations, including the Mississaugas of the credit, Snabe, the Chippewa, Potashoni and the (inaudible). At IAMGOLD, we believe respecting and upholding indigenous rates as 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.

今天，我們從 IAMGOLD 的多倫多辦公室致電，該辦公室位於 313 個地區，這些地區是許多民族的傳統土地，包括米西索加人、斯納貝人、奇珀瓦人、波塔肖尼人和（聽不清楚）。在 IAMGOLD，我們相信尊重和維護本土利率是建立在促進信任、透明和相互尊重的關係之上的。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。

We encourage you to refer you 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. With respect to the technical information to be discussed, please refer to the information on the presentation under the heading of qualifiers and technical information.

我們鼓勵您參考本報告中有關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。關於要討論的技術信息，請參閱限定詞和技術資訊標題下的簡報資訊。

The slides referenced on this call can be viewed on our website. I will now turn the call over to our President and CEO, Renaud Adams.

本次電話會議中引用的幻燈片可以在我們的網站上查看。現在我將把電話轉給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 to walk you through our quarterly results, highlighting our operations, financial performance and strategic priorities. Overall, at a halfway point of 2025, IAMGOLD has made major advancement as a leading miter Canadian gold producer.

謝謝格雷厄姆，大家早上好，感謝您加入我們，向您介紹我們的季度業績，重點介紹我們的營運、財務業績和策略重點。總體而言，截至 2025 年中期，IAMGOLD 作為加拿大領先的黃金生產商取得了重大進步。

This starts with a highlight of the quarter, which was the successful ramp-up of Cote Gold and in-play capacity ahead of plan. The second quarter was also significant. It was a full quarter where the mine achieved overall operating milestone including throughput in gray, in line with consensus estimate and with gold recovery and reconciliation mill to reserve in line with plans as well.

首先要說的是本季的一個亮點，那就是 Cote Gold 和遊戲內容量的成功提升，超出了計劃。第二季也很重要。整個季度，該礦都實現了整體營運里程碑，包括灰色吞吐量，符合普遍預期，黃金回收率和礦廠與儲量的核對也符合計畫。

As we continue to stabilize Cote, we are confident that the ability to operate the mine with consistency and credibility and stability quarter-over-quarter will be rewarded by the market. Further, with the net quarter behind us, we get closer to unlocking the expansion potential of Cote, where we outlined to the market a larger Cote in scale and scope, targeting ounces from both the Cote and Gosselin zone at the conclusion of our 2025 drilling program of 20 million ounces plus of measured and indicated resources.

隨著我們不斷穩定 Cote，我們相信，以一致性、可信度和穩定性逐季運營礦山的能力將獲得市場的回報。此外，隨著淨季度的結束，我們距離釋放 Cote 的擴張潛力更近了一步，我們向市場概述了規模和範圍更大的 Cote，目標是在 2025 年鑽探計劃結束時從 Cote 和 Gosselin 區域獲得 2000 萬盎司以上的測量和指示資源。

As we will discuss today, work on this line is in motion, and we will be announcing an updated Corte life of mine in the second half of next year. Operationally, IAMGOLD is on track to achieve its production guidance target of 735,000 to 820,000 ounces of gold this year, though at a revised consolidated all-in sustaining cost range of between $1,830 and $1,930 per ounce, as we will discuss more on the revision in a moment.

正如我們今天要討論的，這條線路的施工正在進行中，我們將在明年下半年公佈更新後的 Corte 壽命。從營運角度來看，IAMGOLD 有望實現今年 735,000 至 820,000 盎司黃金的生產指導目標，不過修訂後的綜合維持成本範圍在每盎司 1,830 美元至 1,930 美元之間，我們稍後將對修訂進行更多討論。

Financially, we have now concluded our gold prepayment arrangement with 75,000 ounces delivered this year in an environment where the gold price has reached $3,100 an ounce. These deliveries translate to approximately $200 million of value that went towards what can be consider a form of debt servicing this year. With this behind us,

從財務上講，我們現在已經完成了黃金預付款安排，今年在金價達到每盎司 3,100 美元的環境下交付了 75,000 盎司黃金。這些交付的價值約為 2 億美元，可以視為今年的債務償還。有了這些，

IAMGOLD is now a 10,000 ounces plazo producer with full exposure to go by a significant cash flow generation. Beyond Cote, IAMGOLD offers a robust organic growth portfolio with our own backyard in Canada with the rapid growth of the Nelligan and Monster Lake assets in Quebec, which combined has nearly 9 million ounces of gold resources.

IAMGOLD 目前是一家年產量 10,000 盎司的金礦生產商，擁有充足的資本來產生可觀的現金流。除了 Cote 之外，IAMGOLD 還擁有位於加拿大的強大有機成長投資組合，其位於魁北克的 Nelligan 和 Monster Lake 資產成長迅速，合計擁有近 900 萬盎司的黃金資源。

Turning to the quarter, and we are now on slide 5. Above all, the safety of our people remains our top priority, and I'm proud to report that our total recordable injury frequency rate continues to trend below prior year level, reflecting our commitment to a culture of safety and continuous improvement. In addition, in May, we released our 2024 sustainability report which marked the eighth year in a row, we have documented and disclose our achievement and dedication to responsible mining practices. Looking at operation, on an attributable basis, IAMGOLD produced 173,000 ounces of gold in the second quarter, bringing the year-to-date production to 334,000 ounces of gold.

回到本季，我們現在看到第 5 張投影片。最重要的是，員工的安全仍然是我們的首要任務，我很自豪地報告，我們的總可記錄傷害頻率繼續低於上一年的水平，這反映了我們對安全文化和持續改進的承諾。此外，今年 5 月，我們發布了 2024 年永續發展報告，這是我們連續第八年發布該報告，記錄並揭露了我們在負責任採礦實踐方面取得的成就和奉獻精神。從營運情況來看，以歸屬基準計算，IAMGOLD 在第二季生產了 173,000 盎司黃金，使年初至今的黃金產量達到 334,000 盎司。

The quarterly performance was led by strong results at Cote, which produced 96,000 ounces on a 100% basis, followed by improved quarter-over-quarter production at Westwood with 29,000 ounces and Essakane at 77,000 ounces of attributable production as the mine continues to work through the lower grades early in Phase 7.

本季業績表現以 Cote 礦的強勁表現為主導，其產量為 96,000 盎司（100%），其次是 Westwood 礦，其產量環比有所提高，為 29,000 盎司，Essakane 礦，其產量為 77,000 盎司，因為該礦在第 7 階段初期繼續開採較低品位的黃金。

On a cost basis, IAMGOLD reported a Q2 cash cost of $1,556 per ounce and an all-in sustaining cost of $200. Looking at our guidance, total attributable production in the first half of the year was 334,000 ounces. The company expects attributable production in the second half of the year to be much stronger, ensuring that we are on track to achieve the full year production guidance of 735,000 to 820,000 ounces of gold.

從成本角度來看，IAMGOLD 報告第二季現金成本為每盎司 1,556 美元，總維持成本為 200 美元。根據我們的預期，今年上半年的總產量為 334,000 盎司。該公司預計下半年的產量將更加強勁，確保我們能夠實現全年黃金產量目標 735,000 至 820,000 盎司。

The stronger second half is due to continued improvement at the Cote mine during its full first year of operation, copper, coupled with an increase in expected grades at both Essakane and Westwood based on the respective mining sequences.

下半年銅價表現強勁，是由於 Cote 礦在營運的第一年銅礦產量持續改善，加上 Essakane 和 Westwood 根據各自的採礦順序預期銅品位有所提高。

Our Q3 performance to date at our assets reinforce our confidence in our production guidance for the year. On Essakane, the attributable guidance was estimated at the beginning of the year, assuming IAMGOLD 90% ownership interest in the project. With the change in ownership to now 85% at the end of the second quarter, the company expects Essakane's attributable production to fall towards the lower end of the original guidance range.

我們資產在第三季迄今的業績增強了我們對今年生產指引的信心。對於 Essakane 項目，其歸屬指引是在年初估算的，假設 IAMGOLD 擁有該項目 90% 的所有權。隨著第二季末所有權變更為 85%，該公司預計 Essakane 的應佔產量將降至原始指導範圍的低端。

Looking at costs, we have revised our cost guidance upwards with cash costs now expected to be in the range of $1,375 to $1,475 an ounce sold or approximately $150 per ounce higher and all-in sustaining cost of $1,830 to $1,930 per ounce. The increase in cash cost is a combination of external and operational factors, including higher royalty being paid as gold prices rise at Cote and Essakane.

從成本角度來看，我們已上調成本指引，預計現金成本目前在每盎司 1,375 美元至 1,475 美元之間，或每盎司高出約 150 美元，而總維持成本為每盎司 1,830 美元至 1,930 美元。現金成本的增加是外部因素和營運因素的綜合作用，其中包括隨著 Cote 和 Essakane 黃金價格上漲而支付的更高特許權使用費。

At Essakane, the government increased the royalty structure when gold prices are above $3,000 an ounce. Further, the recent strength in the euro has necessitated a revision of its impact to our costs in the country. At Cote, we are seeing temporary higher costs at the mine and mill associated with the ramp-up and stabilization activities.

在埃薩卡內，當金價超過每盎司 3,000 美元時，政府就會提高特許權使用費結構。此外，近期歐元的走強使得我們必須重新審視其對我們在該國成本的影響。在科特，我們發現與產能提升和穩定活動相關的礦場和工廠的成本暫時上升。

Processing costs at the mine are expected to fall following the installation of the additional secondary crusher in the fourth quarter and the mining costs expected to improve as the team continues to transition to bulk mining and for more direct feed mine to mill with less rehandling. In the short term, while rehandling is adding costs, it also allowed until the mine is set for it to boost the mine grade of 0.95 grams per tonne in Q2 to a 1.1 grams a tonne mill, adding approximately $0.25 to $0.30 per tonne mine or roughly $1 per tonne mill, but also unlocking additional value of nearly $15 per tonne mill by uplifting the grade mill. Same idea with the extra milling costs. We have accelerated nameplate in part because we found a way to temporary maximize throughput by incorporating additional reed system using contractor for aggregate plant.

預計在第四季度安裝額外的二次破碎機後，礦山的加工成本將會下降，並且隨著團隊繼續向批量採礦過渡以及更多的直接進料礦山到磨粉廠並減少再處理，採礦成本預計會有所改善。短期內，雖然重新處理會增加成本，但在礦山定型之前，它還能將第二季度的礦山品位從每噸 0.95 克提高到每噸 1.1 克，每噸礦山增加約 0.25 至 0.30 美元或每噸約 1 美元，但通過提高品位，每噸還可釋放額外近 15 美元的價值。額外的銑削成本也是同樣的想法。我們加速銘牌生產，部分原因是我們找到了一種方法，即透過為骨材廠引入承包商的附加簧片系統來暫時最大化吞吐量。

Moving ahead, nameplates by five to six months allow for maximizing tonnes milled over just waiting for the second crusher to support. This idea of following for extra milling costs bring also the opportunity to monetize additional tonnes already mined until the end of the year by building fine and core stockpile that could be used during planned longer shutdown, in particular, around the installation of the second cold crusher.

展望未來，提前五到六個月的銘牌允許最大限度地提高碾磨噸數，只需等待第二台破碎機的支援。這種追蹤額外銑削成本的想法還帶來了機會，即透過建立細粒和核心庫存，將年底前已開采的額外噸位貨幣化，這些庫存可在計劃的長期停工期間使用，特別是在安裝第二台冷破碎機時。

As we move forward, we will eliminate that practice and replaced by in-house crushing and repeat system once the second crusher is commissioned, allowing for extra capacity. On the capital side, at Cote, we have increased our sustaining capital estimate by $20 million this year for projects that will further improve the availability of the plant and working condition. This includes a more robust dust management system as well as a final repeat system to support the mill during scheduled downtime of the crushing plant.

隨著我們的進步，我們將消除這種做法，並在第二台破碎機投入使用後以內部破碎和重複系統代替，從而提供額外的產能。在資本方面，在 Cote，我們今年將維持資本估算增加了 2,000 萬美元，用於進一步改善工廠可用性和工作條件的項目。這包括更強大的除塵管理系統以及最終重複系統，以在破碎廠的預定停機時間內為工廠提供支援。

This adjustment at Cote are a byproduct of where we are in the life cycle of the project. This is the first full year of operation. And in Q2, we achieved the first full month of nameplate production. Standing back, the ramp-up of Côté has gone extremely well, and the project is delivering and displaying its potential. With that, I will pass the call over to our CFO to walk us through our financial results and position. Maarten?

Cote 的這次調整是專案生命週期所處階段的副產品。這是營運的第一個完整年度。並且在第二季度，我們實現了銘牌生產的第一個整月。回顧過去，Côté 的擴張進展非常順利，該計畫正在發揮並展示其潛力。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 second quarter, IAMGOLD had $223.8 million in cash and cash equivalents and net debt of $1 billion. The company has $250 million drawn on the credit facility and approximately $391.7 million remains available, resulting in liquidity at the end of June of approximately $616.5 million.

謝謝你，雷諾，大家早安。就我們的財務狀況而言，截至第二季末，IAMGOLD 擁有 2.238 億美元的現金和現金等價物，淨債務為 10 億美元。該公司已從信貸額度中提取了 2.5 億美元，剩餘可用資金約為 3.917 億美元，因此 6 月底的流動資金約為 6.165 億美元。

We note that within our cash and cash equivalents, $91.4 million was held in the corporate treasury, $56.4 million, representing IAMGOLD's 70% share was held by the Cote Gold UJV and $85.1 million was held by Essakane in Burkina Faso. IAMGOLD's interest in Essakane was adjusted from 90% to 85% effective June 20, 2025, as per the updated Burkina Faso Mining Code adopted in August 2024.

我們注意到，在我們的現金和現金等價物中，9,140 萬美元由公司財務部門持有，5,640 萬美元（代表 IAMGOLD 70% 的股份）由 Cote Gold UJV 持有，8,510 萬美元由布吉納法索的 Essakane 持有。根據 2024 年 8 月通過的最新《布吉納法索礦業法》，IAMGOLD 在 Essakane 的權益自 2025 年 6 月 20 日起從 90% 調整至 85%。

Following the change in ownership, Essakane declared a significant dividend of approximately $855 million representing all of the undistributed profits of Essakan up to and including the 2024 profits. The company's 85% portion of the dividend, net of withholding taxes is approximately $680 million. Essakane will make dividend payments during the third quarter based on the cash flows generated during the period and the remaining balance of the dividend will be converted into a shareholder account between Essakane and IAMGOLD.

所有權變更後，Essakane 宣布派發約 8.55 億美元的巨額股息，佔 Essakan 截至 2024 年（含 2024 年）的所有未分配利潤。該公司 85% 的股息扣除預扣稅後約為 6.8 億美元。Essakane 將根據第三季產生的現金流支付股息，剩餘的股息將轉入 Essakane 和 IAMGOLD 之間的股東帳戶。

The shareholder account structure looks like an intercompany loan and allows for the company's portion of the dividend to be repaid at any time of the year using excess cash generated by Essakane, therefore, improving the efficiency of cash repatriation and aligning the interest of both IAMGOLD and the government of Burkina Faso being more regular cash flow movements from Essakane. The government of Quina Faso received its portion of the dividend totaled $128.3 million in June of 2025.

股東帳戶結構類似於公司間貸款，允許公司在一年中的任何時候使用 Essakane 產生的多餘現金償還其應得的股息部分，從而提高現金匯回效率，並使 IAMGOLD 和布吉納法索政府的利益保持一致，從而使 Essakane 的現金流更加規律。2025 年 6 月，基納法索政府收到了總額為 1.283 億美元的股利。

Looking at our debt obligations, IAMGOLD is in a good position to execute on our strategy to responsibly delever the balance sheet. Over the last four to five years, in order to fund the construction and completion of Cote, IAMGOLD put in place numerous financial vehicles with the goal to avoid permanent incumbencies or transactions that would permanently decrease IAMGOLD's ownership interest in Cote.

從我們的債務狀況來看，IAMGOLD 完全有能力執行我們的策略，負責任地降低資產負債表的槓桿率。在過去四、五年裡，為了資助 Cote 的建設和竣工，IAMGOLD 建立了多種金融工具，目的是避免永久性的任職或交易，從而永久減少 IAMGOLD 在 Cote 的所有權。

These included the gold prepay arrangements and the second lien term loan. In the second quarter, we concluded delivering into the gold prepay arrangements. Year-to-date, the company delivered 75,000 ounces into the arrangements, resulting in deferred revenue of $154 million being recognized.

其中包括黃金預付安排和第二留置權定期貸款。第二季度，我們完成了黃金預付交付安排。今年迄今為止，該公司已交付 75,000 盎司黃金，確認遞延收入 1.54 億美元。

Deferred revenue represents the cash IAMGOLD received when entering into these arrangements, adjusted for the impact of any gold hedging structure included in the arrangements. If those ounces were delivered at today's gold prices, cash would have been higher by approximately $200 million to $225 million, illustrating the potential increase in our future cash flows as we will now sell all production at market prices.

遞延收入代表 IAMGOLD 在達成這些安排時收到的現金，並根據安排中包含的任何黃金對沖結構的影響進行調整。如果這些黃金以今天的黃金價格交付，現金將增加約 2 億至 2.25 億美元，這表明我們未來的現金流可能會增加，因為我們現在將以市場價格出售所有產品。

We are now prioritizing repaying the highest cost debt, which is our second lien term loan, and it has a floating rate of more than 12%. Repaying the term loan will also reduce our average debt carrying costs. We're proud to announce that subsequent to quarter end, the company made the first step on its delevering strategy and repaid 10% or $40 million of the term loan, reducing the principal balance to $360 million.

我們現在優先償還成本最高的債務，即我們的第二留置權定期貸款，其浮動利率超過 12%。償還定期貸款也將降低我們的平均債務承擔成本。我們很自豪地宣布，在季度末之後，公司邁出了去槓桿戰略的第一步，償還了 10% 或 4000 萬美元的定期貸款，將本金餘額減少到 3.6 億美元。

Looking further ahead for our Gold, we are continuously analyzing what the proper capital structure is for an organization of this size with our expected cash flow generation. Ultimately, we look forward to discussing the potential of returning value to our shareholders, whether through share buybacks or dividends once we have addressed our capital structure.

展望黃金的未來，我們將持續分析這種規模的組織在預期現金流產生的情況下，適當的資本結構是什麼。最終，我們期待在解決資本結構問題後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。

Looking at our Q2 financial results. Revenues from continuing operations totaled $580.9 million from sales of 182,000 ounces on a 100% basis at a record average realized price of $3,182 per ounce, which includes the impact of the gold prepay arrangement in comparison to the spot price of $3,302 per ounce. Cost of sales, excluding depreciation, was $287.1 million, and adjusted EBITDA was a record $276.4 million compared to $191 million in the second quarter of 2024.

查看我們的第二季財務業績。持續經營業務收入總計 5.809 億美元，銷售量為 182,000 盎司（以 100% 計算），平均實現價格達到創紀錄的每盎司 3,182 美元，其中包括黃金預付安排對現貨價格每盎司 3,302 美元的影響。不包括折舊在內的銷售成本為 2.871 億美元，調整後的 EBITDA 達到創紀錄的 2.764 億美元，而 2024 年第二季為 1.91 億美元。

At the bottom line, adjusted earnings per share in the second quarter was $0.13. Looking at the cash flow waterfall at the bottom of slide 8, which is explaining the cash flow movements for the first half of the year, we can see the year-to-date combined impact of the gold prepaid deliveries and the dividend payment to the government of Ina Faso following Essakane's large dividend declaration.

最終，第二季調整後每股收益為0.13美元。查看第8張幻燈片底部的現金流瀑布圖（該圖解釋了今年上半年的現金流變動），我們可以看到黃金預付交付以及埃薩卡內宣布巨額股息後向伊納法索政府支付的股息對年初至今的綜合影響。

On a mine site free cash flow basis, IAMGOLD generated $140.5 million in the second quarter, including $93.9 million from Côte and $36.6 million at Westwood. Essakane reported $10 million in mine site free cash flow in the second quarter, which is important to highlight is impacted by approximately $47.5 million for the timing of cash tax payments related to the final assessment on 2024 earnings as well as an increase in working capital and the VAT receivable. I would also like to note that subsequent to quarter end, Essakane received a $27 million VAT refund, reducing the receivable.

以礦場自由現金流計算，IAMGOLD 在第二季創造了 1.405 億美元的收入，其中來自 Côte 的 9,390 萬美元和來自 Westwood 的 3,660 萬美元。Essakane 報告稱，第二季礦場自由現金流為 1000 萬美元，值得強調的是，這受到與 2024 年收益最終評估相關的現金稅支付時間以及營運資金和增值稅應收款增加的影響，約為 4750 萬美元。我還想指出，在季度末之後，Essakane 收到了 2700 萬美元的增值稅退稅，從而減少了應收帳款。

And with that, I will pass the call to Bruno, our Chief Operating Officer. Bruno?

說完，我將把電話轉給我們的營運長布魯諾。布魯諾？

Thank you, Maarten. Starting with Cote Gold. As Renaud noted in the opening remarks, this was an important quarter for Cote as the mine transitions from ramp-up to optimization and stability. We are very proud of our progress at the mine.

謝謝你，馬丁。從 Cote Gold 開始。正如雷諾在開幕詞中指出的那樣，對於 Cote 來說，這是一個重要的季度，因為礦場正從加速發展過渡到優化和穩定。我們對礦井的進展感到非常自豪。

16 months ago, on March 31, Cote poured its first gold bar followed by commercial production four months later and ultimately achieving nameplate throughput of 36,000 tonnes per day on June 23, well before the 20-month estimate at project initiation.

16 個月前，即 3 月 31 日，Cote 鑄造了第一根金條，四個月後開始商業生產，並最終於 6 月 23 日實現了每天 36,000 噸的額定產量，遠遠領先於項目啟動時預估的 20 個月產量。

Looking at the quarter, Cote produced 96,000 ounces on a 100% basis. Mining activity totaled 11.8 million tonnes in the quarter with 3.2 million ore tonnes mined equating to a strip ratio of 2.7. The average grade mined increased from the prior quarter to 0.95 gram per tonne, in line with the updated mining plan as in-pit activities continue to broaden the mining area within the pit to support the transition to bulk mining.

從本季來看，Cote 的產量為 96,000 盎司（100%）。本季採礦活動總計1,180萬噸，已開採礦石320萬噸，相當於剝採比2.7。平均品位較上一季度有所提升，達到每噸0.95克，這與最新的採礦計劃相符，礦場內開採活動持續擴大，礦場內採礦面積得以擴大，從而支持向批量開採的過渡。

On a cost basis, we saw unit mining costs of $3.88 per tonne due to the higher-than-expected diesel consumption associated with additional rehandling as well as contractor costs, consumable parts related to an increase in drilling, loading and blasting activities. Mining costs are expected to reduce in the second half of the year closer to the $3.50 a tonne level.

從成本角度來看，我們看到單位採礦成本為每噸 3.88 美元，這是由於額外重新處理導致的柴油消耗量高於預期，以及承包商成本、與鑽孔、裝載和爆破活動增加相關的消耗部件。預計今年下半年採礦成本將下降至每噸 3.50 美元的水平。

This will be achieved by targeting an objective of 1 million tonnes a week and the reduction of rehandling through an increased proportion of direct feed material, coupled with improved blasting and pit management.

實現這一目標的途徑是每週實現 100 萬噸的目標，並透過增加直接進料比例來減少重新處理，同時改善爆破和礦坑管理。

Turning to processing. Mill throughput totaled 2.9 million tonnes with successive increases in throughput each month during the quarter. Head grades of 1.1 per tonne were in line with plan, with feed material comprised of a combination of direct feed ore and stockpiles. Mill recoveries averaged 93% in the quarter, beyond plan as well we believe we are seeing the benefits of the micro fracturing created by the HPGR.

轉向處理。工廠總產量達 290 萬噸，本季產量每月持續增加。每噸 1.1 的品位符合計劃，進料由直接進料礦石和庫存礦石組合而成。本季工廠回收率平均為 93%，超出計劃，我們相信我們正在看到 HPGR 產生的微壓裂帶來的好處。

Reconciliation between the reserve models, grade control models, mill feed and production continues to be in line with expected toerrences with Q2 exit production seeing 7% positive reconciliation to both reserve tonnes and grade. Milling unit costs saw quarter-over-quarter improvement to $6.94 per tonne milled, though they remain elevated from our target of about $12 per tonne.

儲量模型、品位控制模型、工廠進料和產量之間的協調繼續與預期偏差相一致，第二季度出口產量與儲量噸位和品位之間的協調均為 7%。銑削單位成本較上季改善至每噸 6.94 美元，但仍高於我們設定的每噸約 12 美元的目標。

Unit costs are impacted by the supplementary crushing and coarse ore reed activities, which have performed well to provide additional capacity during maintenance windows, but come at an increased cost. The supplementary crushing is temporary, and we expect unit cost to decline following the installation of the additional cone crusher in the fourth quarter. Looking ahead, we remain confident in our Côté Gold production guidance of 360,000 to 400,000 gold ounces on a 100% basis, which is essentially a doubling of production from last year.

單位成本受到補充破碎和粗礦石蘆葦活動的影響，這些活動在維護期間表現良好，提供了額外的產能，但成本增加了。補充破碎是暫時的，我們預計在第四季度安裝額外的圓錐破碎機後單位成本將會下降。展望未來，我們仍然對科特迪瓦黃金產量預期充滿信心，即以 100% 計算，產量為 360,000 至 400,000 盎司黃金，這基本上是去年產量的兩倍。

The primary focus continues to be the stabilization of the processing plant to operate at or above the design capacity of 36,000 tonnes per day. On costs, as Renaud highlighted, cost guidance has been revised. Cash costs are now expected to be in the range of $1,100 to $1,200 per ounce sold and all-in sustaining cost is now expected to be $1,600 to $1,700 per ounce sold.

首要重點仍是穩定加工廠的運作能力，使其達到或超過每天 36,000 噸的設計產能。關於成本，正如雷諾所強調的，成本指導已經被修改。目前預計現金成本將在每盎司 1,100 美元至 1,200 美元之間，而總維持成本預計將在每盎司 1,600 美元至 1,700 美元之間。

The cash cost increase is primarily associated with higher royalties due to the higher gold price equating to an increase of about $50 to $60 per ounce, coupled with the higher than planned cost to operate the temporary coarse ore releed crushing circuit and higher maintenance costs that contributed close to $150 per ounce over the course of the year.

現金成本的增加主要與更高的特許權使用費有關，因為金價上漲導致特許權使用費上漲，相當於每盎司增加約 50 至 60 美元，再加上運營臨時粗礦再破碎迴路的成本高於計劃，以及更高的維護成本，導致全年每盎司特許權使用費增加近 150 美元。

The all-in sustaining cost revision includes the additional $20 million or $40 per ounce for the additional nonrecurring capital to improve overall plant availability and operating conditions, including thus mitigation systems inside the facility.

總維持成本修正包括額外的 2000 萬美元或每盎司 40 美元的額外非經常性資本，用於改善整體工廠可用性和運作條件，包括設施內的緩解系統。

We are looking forward to seeing the impact of the installation of the second cone crusher in Q4, which will provide further capacity and flexibility in the dry side of the plant in support of the operation and potential future expansions, which leads us to what is the most exciting slide, the advancement of the Cote Gosselin super pit scenario. Our drills are busy at work with over 32,000 meters completed on the 45,000-meter program.

我們期待看到第四季度安裝第二台圓錐破碎機的影響，它將為工廠的干燥側提供進一步的產能和靈活性，以支持運營和未來的潛在擴展，這將引出最令人興奮的幻燈片，即 Cote Gosselin 超級礦坑方案的進展。我們的演習正在緊張進行中，45,000 公尺項目已完成 32,000 多公尺。

This program is prioritizing the resource conversion at Gosselin to provide the foundation for an updated technical report that is expected to outline a significantly upsized reserve base combining Cote and Gosselin into a super pit. This report is expected to be released in the second half of next year. As currently designed, Cote has the mining capacity to average an annual ore mining rate of 50,000 tonnes per day versus our current nameplate processing rate of 36,000 tonnes per day.

該計劃優先考慮 Gosselin 的資源轉換，為更新的技術報告奠定基礎，該報告預計將概述將 Cote 和 Gosselin 合併成一個超級礦坑的大幅擴大的儲備基地。預計報告將於明年下半年發布。按照目前的設計，Cote 的採礦能力平均每年可開採 50,000 噸礦石，而我們目前的額定加工率為每天 36,000 噸。

As part of the 2026 technical report, we will look to find the right balance between an increased processing rate with mining rates targeting the combined Cote Gosselin super pit. It is interesting to note that the Cote deposit itself has over 400 million tonnes of measured and indscated material.

作為 2026 年技術報告的一部分，我們將尋求在提高加工率和以 Cote Gosselin 超級礦坑為目標的採礦率之間找到適當的平衡。值得注意的是，Cote 礦床本身已測量並標明儲量超過 4 億噸。

If mined at a rate of 20 million tonnes of ore per year or 50,000 tonnes per day, the Cote deposit itself would have a mine life of potentially 20 years prior to bringing Gosselin into plant. This would allow for considerable flexibility for phased permitting and capital outlays.

如果以每年 2,000 萬噸或每天 50,000 噸的速度開採，那麼在將 Gosselin 投入工廠之前，Cote 礦床本身的開採壽命可能為 20 年。這將為分階段授權和資本支出提供相當大的靈活性。

Altogether, there is a significant amount of value to continue to uncover at Cote. Turning to Quebec. The second quarter at Westwood saw improvement from the prior quarter with production of 29,000 ounces as the mine operates through some lower grade stopes and conducts, additionally underground activity to set up the mine for a stronger second half.

總而言之，Cote 還有大量價值有待發掘。轉向魁北克。Westwood 礦山第二季度的產量較上一季度有所改善，達到 29,000 盎司，這是因為該礦山通過了一些品位較低的礦場進行作業，並且還開展了地下活動，為下半年更加強勁的產量奠定了基礎。

Underground mining totaled 98,000 tonnes, averaging nearly 1,100 tonnes per day as volumes from the underground continued to increase compared to the prior year and previous quarters. Production drilling has continued to improve quarter-over-quarter, achieving 193 meters per day, a record since the mine restarted in 2021, building confidence that our underground mining methodologies and systems are proving to be effective.

地下採礦總量為 98,000 噸，平均每天近 1,100 噸，與去年和前幾季相比，地下採礦量持續增加。生產鑽探逐季持續改善，達到每天 193 米，創下 2021 年礦山重啟以來的最高紀錄，增強了人們對我們的地下採礦方法和系統被證明是有效的信心。

The satellite open pit reported 315,000 tonnes mined, higher than the previous quarters, in line with the mining schedule. Mill throughput in the second quarter totaled 323,000 tonnes at an average head grade of 3.07 grams per tonne. The strong throughput was due to plant availability in the quarter of 96%, which is -- which was higher than the same prior year period of 89%. The mill achieved recoveries of 92% in the second quarter 2025, in line with the same prior year period.

衛星露天礦場報告開採量為 31.5 萬噸，高於前幾季，符合開採計畫。第二季度，該廠總產量為 323,000 噸，平均品位為每噸 3.07 克。強勁的產量是由於本季工廠可用性達到 96%，高於去年同期的 89%。該廠 2025 年第二季的回收率達 92%，與去年同期持平。

Cash costs and all-in sustaining costs came in above our updated guidance ranges for the year as production is expected to be second half weighted with cash costs averaging $1,562 an ounce and all-in sustaining averaging $2,140 an ounce in the quarter.

現金成本和總維持成本均高於我們更新的年度指引範圍，因為預計產量將在下半年加權，本季現金成本平均為每盎司 1,562 美元，總維持成本平均為每盎司 2,140 美元。

Looking ahead, we remain confident in Westwood's ability to meet our production guidance with production of 125,000 to 140,000 gold ounce. Underground mining rates are expected to be maintained at around 1,000 tonnes per day from multiple active mining zones, while grade is expected to increase in the second half of 2025 as the mining sequence transitions to higher grade zones during the period.

展望未來，我們仍然相信 Westwood 有能力達到我們的生產預期，產量達到 125,000 至 140,000 盎司黃金。預計多個活躍採礦區的地下採礦率將保持在每天 1,000 噸左右，而隨著採礦序列在此期間過渡到更高品位的區域，預計 2025 年下半年品位將會增加。

As previously discussed, cost guidance has been revised and cash costs are now expected to be in the range of $1,275 to $1,375 per ounce sold and all-in sustaining costs to be between $1,800 to $1,900 per ounce sold. Unit costs were higher in the first half of the year due to higher mining and maintenance costs combined with lower production from lower average grade relative to plan in the first half of the year. Unit costs are expected to decline in the second half of the year on higher production expectations.

如前所述，成本指導已被修改，目前預計現金成本在每盎司售出 1,275 美元至 1,375 美元之間，總維持成本在每盎司售出 1,800 美元至 1,900 美元之間。由於採礦和維護成本較高，加上上半年平均品位低於計畫導致產量較低，導致上半年單位成本較高。由於產量預期提高，預計下半年單位成本將會下降。

Turning to Essakane. It was a challenging quarter as we work through the lower grade of the upper benches of Phase 7, while being impacted by higher costs from increased royalties, a stronger euro, increased maintenance and consumables costs and a higher proportion of stripping activities being expensed. Production of a 90% basis -- on a 90% basis Q2 totaled 77,000 ounces.

轉向 Essakane。這是一個充滿挑戰的季度，因為我們在處理第 7 階段上層較低等級的礦井，同時受到特許權使用費增加、歐元走強、維護和消耗品成本增加以及剝離活動費用比例增加等成本上升的影響。以 90% 計算的產量 - 以 90% 計算，第二季產量總計 77,000 盎司。

Mining activity totaled 10.7 million tonnes with ore tonnes mined of 2.2 million tonnes equating to a strip ratio of 4:1. Mill throughput was 3.1 million tonnes at an average head grade of 0.93 gram per tonne. The grade decreased as the mining activities progress through the upper benches of Phase 7.

採礦活動總計 1,070 萬噸，開採礦石量為 220 萬噸，相當於剝採比為 4:1。選礦產量為 310 萬噸，平均品位為每噸 0.93 克。隨著採礦活動在第 7 階段的上層階段進展，品位下降。

Grades tend to reconcile slightly below the reserve model during the earlier stages of mining a new phase and conversely to the positive as mining moved deeper into the phase as we saw in the first half of 2024, when we were mining the later stages of Phase 5. The transition to the higher grade benches in Phase 7 occurred later than forecast with increases in grade materializing subsequent to quarter end.

在新階段開採的早期階段，品位往往會略低於儲量模型，而隨著開採進入更深的階段，品味則會相反，正如我們在 2024 年上半年開採第 5 階段的後期階段時所看到的那樣。第 7 階段向更高等級台階的過渡比預期要晚，等級的提高是在季度末之後實現的。

On a cost basis, Essakane reported cash cost of $1,855 per ounce and all-in sustaining cost of $2,224 per ounce in the quarter. Costs were higher in the quarter due to a lower proportion of capitalized waste in the period, higher maintenance activities and an increase in consumable costs, including die and grinding media. Labor, contractor and facility costs also increased due to the appreciation of the local currency, which is pegged to the euro.

以成本計算，Essakane 報告本季現金成本為每盎司 1,855 美元，總維持成本為每盎司 2,224 美元。本季成本較高，原因是本期間資本化浪費比例較低、維護活動增加、模具和研磨介質等消耗品成本增加。由於與歐元掛鉤的當地貨幣升值，勞動力、承包商和設施成本也有所增加。

Royalties accounted for $257 per ounce in the quarter, representing an increase of nearly $100 per ounce from the prior year period, primarily due to higher realized prices and a revision in royalty rates. Looking ahead, we estimate that Essakane will be on the lower end of the attributable production guidance target ranging from 360,000 to 400,000 gold ounce.

本季特許權使用費為每盎司 257 美元，比去年同期每盎司增加近 100 美元，主要原因是實際價格上漲和特許權使用費率調整。展望未來，我們估計 Essakane 金礦的產量將處於可歸因生產指引目標的低端，範圍在 36 萬至 40 萬金盎司之間。

The guidance -- this guidance accounts for the revision of the company's interest in the projects to 85% from 99% previously. Our Essakane cost guidance has been revised and cash costs are now expected to be in the range of $1,600 to $1,700 per ounce sold and all-in sustaining cost is now expected to be between $1,850 to $1,950 per ounce sold.

該指引－該指引考慮到公司在專案中的權益從先前的 99% 修訂為 85%。我們對 Essakane 成本指引進行了修訂，預計現金成本目前在每售盎司 1,600 美元至 1,700 美元之間，而總維持成本目前預計在每售盎司 1,850 美元至 1,950 美元之間。

Costs at Essakane are higher than planned, primarily due to the increased royalty rate previously mentioned and the impact higher gold prices have on royalties, resulting in an increase of approximately $77 per ounce and the continued impact of a stronger euro on operating costs.

Essakane 的成本高於計劃，主要是由於前面提到的特許權使用費率的提高以及金價上漲對特許權使用費的影響，導致每盎司成本增加約 77 美元，以及歐元走強對運營成本的持續影響。

While the cost of operation in country have risen over the recent years, Essakane continues to be a world-class mine and is positioned to generate significant free cash flows moving forward. Finally, it is worth highlighting that work is ongoing at the second largest gold mining camp, the Nelligan and Monster Lake project in Chibougamau, Quebec.

儘管近年來該國的營運成本有所上升，但 Essakane 仍然是世界級的礦山，並且預計在未來產生大量自由現金流。最後，值得強調的是，第二大金礦開採營地——魁北克省奇布加莫的 Nelligan 和 Monster Lake 計畫正在進行中。

Year-to-date, we have completed over 12,000 meters of drilling at Nelligan with an upsized drill program of 15,000 meters and 11,000 meters of drilling at Monster Lake. The Nelligan program prioritized the extension of the deposit at depth. Milligan'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 gram per tonne and an additional 5.2 million ounces in inferred at similar grades.

年初至今，我們已經在內利根完成了超過 12,000 公尺的鑽探，並在 Monster Lake 完成了 15,000 公尺的擴大鑽探計劃和 11,000 公尺的鑽探。內利根計畫優先考慮深度礦床的延伸。米利根的礦產資源估算在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。

We plan to have assay results from this program later in the year as we work to grow Milligan, targeting over 10 million ounces, making it among the largest undelivered gold project in Canada. With that, I will pass it back to Renaud. Renaud?

我們計劃在今年稍後獲得該項目的化驗結果，同時致力於擴大米利根金礦，目標是產量超過 1000 萬盎司，使其成為加拿大最大的未交付黃金項目之一。說完這些，我就會把它交還給雷諾。雷諾？

Thank you, Bruno. So thank you all. There is no question we have to be exceptionally diligent at our operations to ensure cost management containment management, particularly during a rising gold price environment to ensure the margin expansion is protected. Looking beyond this, it is a very exciting time for IAMGOLD. We are now completely exposed to the gold price with the conclusion of our prepays.

謝謝你，布魯諾。謝謝大家。毫無疑問，我們必須格外勤勉地開展運營，以確保成本管理控制管理，特別是在金價上漲的環境下，以確保利潤率擴張得到保護。展望未來，對於 IAMGOLD 來說，這是一個非常令人興奮的時刻。隨著預付款的結束，我們現在完全受到黃金價格的影響。

We are expecting a strong second half of the year, and our Cote Gold project is performing very well with significant value growth opportunity ahead. So thank you for your support. With that, I would like to pass the call back to the operator for the Q&A. Operator?

我們預計今年下半年業績將表現強勁，我們的 Cote Gold 專案表現非常出色，未來將有巨大的價值成長機會。非常感謝您的支持。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）。

Hi, good morning, Reno and team. A couple of questions. Just firstly, on the cost increase at Cote. Could you just give us an idea of what the -- I think you mentioned that the stripping, the amount of material moved would be around 11 million to 12 million tonnes per quarter for the back half of this year. Could you just give a breakdown of what the strip ratio would be for those two quarters? I'm sorry if you've already said it, just on two competing calls right now.

嗨，早上好，雷諾和團隊。有幾個問題。首先，關於 Cote 的成本增加。您能否為我們介紹一下——我記得您提到過，今年下半年每季運輸的材料量約為 1,100 萬至 1,200 萬噸。您能否詳細解釋一下這兩個季度的剝離率是多少？如果您已經說過了，我很抱歉，因為現在只是在兩個相互競爭的電話中。

On the strip ratio, we should be slightly below, I guess, the H1. But the most important thing is when you look at the rehandling, so it's not just rehandling that has to do with moving the grade mine to the mill. So we talked about a lot about the crush, the aggregate plan and the support from contractors. So that also incurred some rehandling around this. But all in all, yes, we had about over 3 million tonnes of total move above the total mine.

就條帶比率而言，我猜我們應該略低於 H1。但最重要的是當你考慮重新處理時，這不僅僅是將品位礦山轉移到工廠的重新處理。因此，我們討論了很多有關壓榨、總體計劃和承包商支援的問題。因此這也需要進行一些重新處理。但總的來說，是的，我們總共運送了超過 300 萬噸的礦石。

So this is all those movements. So what I like about this, at least in the short term, is it does, as I said, it does bring some uplifting grade at the mill and so forth. So obviously, the benefits offset largely. Why not in the long run? We talked largely about it.

這就是所有這些動作。所以我喜歡這一點，至少在短期內，正如我所說的，它確實為工廠帶來了一些提升。因此顯然，利益在很大程度上被抵消了。從長遠來看，為什麼不呢？我們對此進行了廣泛的討論。

In the long run, we see more direct feed. We see bulk mining. We see the ability to reduce on rehandling while continue to separate at the source in the pit, the lower grade from the. So Bruno, you have maybe more detail on the strip.

從長遠來看，我們會看到更多的直接供給。我們看到了大規模採礦。我們看到了減少重新處理的能力，同時繼續在礦坑的源頭分離較低等級的礦石。布魯諾，你可能對這部漫畫有更詳細的了解。

Good morning, Anita, so we're going to have a stripping ratio closer to 2.5 in the second half, which is quite like similar to what we had in H1. And as Renaud mentioned, like the rehandling is due to be reduced as we transition towards a direct ore feed strategy that will be help coupled with the installation of the secondary corn crusher or the second crusher. So we expect a sharp decline in rehandling for that activity after the installation of the crusher.

早上好，安妮塔，所以我們下半年的剝離率將接近 2.5，這與上半年的剝離率非常相似。正如雷諾所提到的，隨著我們轉向直接礦石進料策略，重新處理的次數將會減少，這將有助於安裝二次玉米破碎機或第二台破碎機。因此，我們預計安裝破碎機後，該活動的再處理量將急劇下降。

What I can add maybe to this is we have roughly 2 million tonnes of our stockpile, what we call the NGO which, as Bruno mentioned, by processing it, we had a positive reconciliation on it. So that brings what I would call the project today pretty bang on. So we're very, very pleased with that.

我可以補充的是，我們有大約 200 萬噸的庫存，我們稱之為 NGO，正如 Bruno 提到的，透過處理它，我們對其進行了積極的核對。因此，我今天所說的這個專案就非常成功了。所以我們對此非常非常高興。

And -- but eventually, it's a strategy to continue to deplete. So you reached a point where you wouldn't have all those stockpiles to play with. So the mine will continue to ramp up, reach a point where the excess of our mine -- our tonnes and lower grade will be the long run and the direct feed. So this is really the strategy so where -- we're not there yet, but we're advancing well and we're facing the fit and so forth. So it's a matter of time, but for the time being, the rehandling while adding costs actually had quite a bit of revenue as well.

但最終，這是一種持續消耗的策略。所以，您已經到達了一個無法使用所有這些庫存的地步。因此，礦山產量將繼續增加，直至達到礦山過剩的程度——我們的噸位和較低品位將是長期和直接的供應。所以這確實是一個策略——我們還沒有達到目標，但我們正在順利前進，並且面臨困境等等。所以這只是時間問題，但就目前而言，重新處理雖然增加了成本，但實際上也有相當多的收入。

Okay. And then a second question on the processing. So I noticed you had a pretty good drop in the processing unit cost. How does that evolve with the two shutdowns. You've got a maintenance shutdown in Q3 and then also the tie-in that we knew about in Q4. So do you expect the processing costs to go up temporarily and then in 2026 could be at the cost that you delivered in Q2 were lower?

好的。然後是關於處理的第二個問題。所以我注意到你的加工單位成本有相當大的下降。兩次關閉之後情況會如何發展？你們在第三季度進行了維護停工，然後在第四季度進行了我們所知道的配套工作。那麼，您是否預計加工成本會暫時上漲，然後到 2026 年，成本可能會下降到您在第二季交貨時所給出的水平？

We're not necessary for the exact same reason you just mentioned. So that's the reason why we decided to maintain external support. We got some time to do. We're not going to speak about that. There was quite a bit of work around the crushers as well and safety first and all that.

我們沒有必要，原因正如您剛才提到的。這就是我們決定維持外部支持的原因。我們還有一些時間要做。我們不會談論這個。破碎機周圍也有很多工作要做，安全第一等等。

So we decided to maintain. So now we -- that's the reason why we adjusted the one figures. You could argue that the rehandling, extraordinary handling in the short term, all those extra milling costs, some also rent and maintenance power as well to help. So all that in the short term, which kind of $4, $5 on a combined basis. So basically expand the $150 million.

因此我們決定保留。所以現在我們——這就是我們調整一個數字的原因。您可能會爭辯說，短期內的重新處理、特殊處理、所有這些額外的銑削成本，有些還有租金和維護電力也有幫助。因此，短期內所有這些加起來大約是 4 美元、5 美元。所以基本上擴大了 1.5 億美元。

So we've got to maintain this in place, making sure we maximize the throughput once the second one's installed. And that's the whole dynamic would change as we move forward. Bruno, any additional outcome?

因此，我們必須維持現狀，確保在安裝第二個系統後最大限度地提高吞吐量。隨著我們不斷前進，整個動態都會改變。布魯諾，還有其他結果嗎？

So we have our annual shutdown in the shutdown. So we're going to be -- again, we just want to remain prudent. It's the first year of operation, there maybe training, we're going to be doing it in a safe way. And after that, in Q4, with the installation of the con crusher, we're trying to strategize as to not to enter up the mill too much.

因此，我們在停工期間進行了年度停工。所以我們會——再說一次，我們只是想保持謹慎。這是營運的第一年，可能會進行培訓，我們將以安全的方式進行。此後，在第四季度，隨著破碎機的安裝，我們正試圖制定策略，以避免過度進入工廠。

So -- but there will be some interruption to make all the tie-ins and everything. All in all, we are very confident that we're going to be producing as expected within the production guidance but we need some support to complete those two activities.

所以——但是會有一些中斷，以進行所有的搭配和一切。總而言之，我們非常有信心在生產指導範圍內按預期進行生產，但我們需要一些支援來完成這兩項活動。

The activity of installing the second comp crush is an activity that will bring us to a position where we will see that decline in the mine -- in the milling costs. Then also in the mining cost because we will have a reduction in the.

安裝第二台破碎機的活動將使我們的礦場銑削成本下降。然後，採礦成本也會降低。

Maybe the last comment on this is I know we talked about cost, and I know it's all about this industry to remain very disciplined and so forth. So again, we see those additional cost kind of temporary and not really. But what I like about our cost structure, even though we're just in the first year, if you look at our targeted cost for the mining cost by the year $3.50, target is eventually towards $3. So we're not that far. You still have about a $0.30 build-in and rehandling, which will reduce all your mining processes would continue to improve.

也許對此的最後一條評論是，我知道我們討論了成本，而且我知道這個行業必須保持高度自律等等。因此，我們再次認為這些額外成本是暫時的，而不是真的。但我喜歡我們的成本結構，儘管我們才剛剛處於第一年，但如果你看看我們今年的採礦成本目標，即 3.50 美元，那麼最終目標就是 3 美元。所以，我們離得還不算太遠。您仍然需要大約 0.30 美元的建造和重新處理，這將減少您的所有採礦流程並繼續改進。

So you're not that far. You're like barely 10% of improvement down the road to get to your objective, and we're going to get there. And we're now mining at a 12 million-ton run rate. So that's the 48% and continue to improve. So we're very confident on the mining side, reconciliation works well and so forth.

所以你離得還不算太遠。你只需要再進步 10% 就能達到你的目標，我們一定會實現的。目前我們的採礦產量為 1200 萬噸。所以這個比例是 48%，而且還在持續增加中。因此，我們對採礦方面非常有信心，對帳工作進展順利等等。

On the milling side, if you could break down basically line by line, there is one line that really outstands all the others. It's the contract the use of external services to continue to support. That is a one line on its own, consider about $4 to $5. So as we move forward, this is a line we target. It's not like all the cost structure is under control.

在銑削方面，如果你可以逐行分解，你會發現有一行確實比其他行突出。這是使用外部服務來繼續支援的合約。這是單獨的一行，考慮大約 4 到 5 美元。因此，隨著我們不斷前進，這是我們的目標路線。並非所有成本結構都受到控制。

It actually works extremely well, all the variable consumption versus cost that -- so if you would deal with say, a third to mid target of [150], the difference in between is basically. We achieved something like [480] in June as a milling cost. So we're very, very confident, we take the hit in the short term. We're going to continue to bring some additional value. But down the road, we're externally confident and positioning the cost structure where we want.

它實際上運作得非常好，所有可變的消耗與成本 — — 因此，如果你要處理，比如說，三分之一到中間目標 [150]，兩者之間的差異基本上是。我們在 6 月實現了 [480] 左右的銑削成本。所以我們非常有信心，我們可以在短期內承受打擊。我們將繼續帶來一些額外的價值。但從長遠來看，我們對外部充滿信心，並將成本結構定位在我們想要的位置。

And one final question, and apologies for my analysts. The -- my last question is with respect to the Gosselin integrated study. I think I was expecting it near to the end of this year or early next year. And I think you mentioned by the end of 2026. So is that a that change?

最後一個問題，向我的分析師們致歉。我的最後一個問題是關於 Gosselin 綜合研究的。我想我預計它會在今年年底或明年年初出現。我認為您提到了 2026 年底。那麼這就是改變嗎？

I think you mentioned in the opening comments that the -- sorry, that Cote itself would sustain about 20 years of mine life. Is that just to give you more time to drill? Or was I wrong about that? Yes.

我想您在開場白中提到過——抱歉，Cote 本身可以維持礦山大約 20 年的壽命。這只是為了給你更多的時間來訓練嗎？還是我錯了？是的。

No. The -- let's separate reserve from resources, right? So the plan is that we're going to extend our drilling to the end of the year, maybe even June. January. So for the reserve resource estimate, don't expect anything more than a kind of a deflation exercise at year-end.

不。讓我們將儲備與資源分開，對嗎？因此，我們的計劃是將鑽探延長至年底，甚至可能是六月。一月。因此，對於儲備資源估算，不要期望年底會出現任何超出通貨緊縮程度的結果。

We're going to complete maximize our drilling up to probably January then update our new resource base within that. From that new resource base, which we're targeting late Q1, maybe early Q2 for disclosure, this is the resource base we're targeting to have a further completion of the drilling of 20 million ounces plus of measure indicator, which will form the base of the mine plan in the new reserve. And all this, the final will be released in the latter part of 2025 -- '26. But the resource will be earlier in the year.

我們可能將在 1 月之前完成最大化鑽探，然後在其中更新我們的新資源基礎。從這個新的資源基礎來看，我們計劃在第一季末或第二季度初進行披露，這是我們的目標資源基礎，將進一步完成 2000 萬盎司以上的測量指標的鑽探，這將構成新儲備礦山計劃的基礎。而這一切，最終都會在2025年——2026年下半年上映。但資源將在今年稍早推出。

Okay, thanks for clearing that up. That's it for my questions.

好的，謝謝你澄清這一點。我的問題就這些。

Thank you.

謝謝。

Matthew Murphy, BMO.

馬修·墨菲，BMO。

Hi, just a few more questions on Cote. How is the HPGR holding up at this point? Are there any risks when you do this maintenance, it's a chance to take a look at how where rates have been and so on? Or do you already have a good grasp of how it's faring?

你好，我還有關於 Cote 的幾個問題。HPGR 目前的狀況如何？進行此維護時是否有風險？這是一個了解利率走勢如何的機會嗎？或者您已經清楚它的進展了嗎？

So I'm sure -- Bruno, I see a little smile because Bruno and I will definitely see this like on a very, very glass half full and not half empty. It is true that, as we mentioned earlier in the other day, the abrases methane so far may look like we're going to achieve maybe less hour on the tires, but the performance of the machine is extraordinary. And to a point that when we feed the wet, we're capable to process and crush more with HPGR and we can actually extract. We're still using external for longer, but the mission is operating very well.

所以我確信——布魯諾，我看到了他一絲微笑，因為布魯諾和我肯定會看到這一點，就像看到半滿的杯子而不是半空的杯子一樣。確實，正如我們前幾天提到的那樣，到目前為止，磨損甲烷可能看起來可能會在輪胎上實現更少的時間，但機器的性能是非凡的。當我們餵入濕料時，我們能夠使用 HPGR 處理和粉碎更多濕料，然後我們就可以進行萃取。我們仍在使用外部設備較長時間，但任務運作得非常好。

Matthew, this is Bruno. What we see is we see a very good performance from the tariffs, although they are very fast due to the aggressiveness of the ore. But we see performance succeeding very often like beyond 40,000 tonnes per day. So it's not a matter of daily performance.

馬修，這是布魯諾。我們看到的是，關稅表現非常好，儘管由於礦石的激進性，關稅的上漲速度非常快。但我們經常看到業績取得成功，例如每天產量超過 40,000 噸。所以這不是日常表現的問題。

I think the team is managing those roles better. They understand now the behaviors of the equipment. Right now, what we're doing is we're going to be ultimately replacing those tires with a new generation, which will have longer stuff. So we hope that we're going to increase the longevity. So it's more like a longevity issue than performance issue.

我認為團隊正在更好地管理這些角色。他們現在了解了設備的行為。現在，我們正在做的是最終用新一代輪胎替換那些輪胎，新一代輪胎的使用壽命更長。因此我們希望能夠延長壽命。因此，這更像是壽命問題，而不是效能問題。

And they will be after that, another generation of tires with larger diameter of the spots. So all in all, we believe that the HPGR actually is a piece of equipment that is bringing a lot of value for Cote. The team has been trained and it's catered as how to operate the HPGR. It works well. Right now, it's just like we need to change those tires more often than firstly expected. But the goal is to get there eventually.

此後，還將推出另一代帶有更大斑點直徑的輪胎。總而言之，我們相信 HPGR 實際上是一台為 Cote 帶來巨大價值的裝置。該團隊已接受過培訓，並了解如何操作 HPGR。效果很好。現在，我們似乎需要比最初預期的更頻繁地更換輪胎。但最終目標是實現這一目標。

Having said that, two things that is important with the addition of the second cone crusher, we should be in a position to restabilize even further crushing a little finer, feeding the HPR more and its sweet zone -- sweet spot zone. So we might see a reverse back to better life.

話雖如此，增加第二台圓錐破碎機後有兩件重要的事情，我們應該能夠進一步穩定破碎，使其更細一些，為 HPR 及其甜蜜區 - 甜蜜點區提供更多供給。因此，我們可能會看到生活重新變得更好。

But how are we going to bypass all this? We're not so concerned as long as it doesn't bring additional downtime. So as we mentioned, this additional improvement on the repeat system will be allowing us, as we crush to extract and repeat. And this is all going to be doing in-house. So we're going to adjust to that, but the performance of the machine is historic.

但是我們要怎麼繞過這一切呢？只要它不會帶來額外的停機時間，我們就不會那麼擔心。正如我們所提到的，重複系統的這項額外改進將允許我們在壓縮時進行提取和重複。這一切都將在公司內部進行。因此我們將對此進行調整，但機器的性能是歷史性的。

Okay. That's great. And then I'm just trying to understand some of these temporary costs, it sounds like a pretty abrupt drop off in export costs once you get the secondary additional pressure up and running, are there any sort of temporary costs that you see persisting into 2026.

好的。那太棒了。然後，我只是想了解一些臨時成本，聽起來，一旦二次附加壓力啟動並運行，出口成本就會急劇下降，您是否認為某些臨時成本會持續到 2026 年。

I'd like to say that it is absolutely possible that all in all, if you would compare like a SAG milling operation, let's say, with an HPGR, you might have to face a little higher maintenance cost or replacement of your web card. But as we mentioned, this with probably be offset anyway by additional benefits brought to you. That is the only thing. On the wet side, there is absolutely nothing that I see remaining. Once you're positioned to extract and repeat internally from your course and you're fine, you'll take care of that.

我想說的是，總的來說，如果您將 SAG 銑削操作與 HPGR 進行比較，您可能需要面臨更高的維護成本或更換網卡。但正如我們所提到的，這可能無論如何都會被為您帶來的額外好處所抵消。這是唯一的事情。在潮濕的一面，我完全看不到任何殘留的東西。一旦您準備好從課程中提取和內部重複並且一切順利，您就會處理好這個問題。

We had a lot of additional extraordinary casino repay, extraordinary repair, which we've seen super, like much, much, much better now in stabilization and so forth. So a lot will disappear, but it could be possible that $10 a tonne as normally per tonne mill and an asset like that should be doing, could be a little shy, but other than that, I'm pretty confident.

我們有很多額外的特別賭場回報、特別修復，我們已經看到了超級，就像現在穩定性等方面的好得多。因此，很多東西都會消失，但有可能每噸 10 美元的價格（通常情況下每噸工廠的價格）和這樣的資產應該達到的價格可能會有點低，但除此之外，我非常有信心。

Steven Green, TD Securities.

道明證券的史蒂文·格林。

Good morning everybody. Just a quick one on the new agreement at Essakane, the new framework deal with the government. Obviously, good to have the better certainty on the cash flows. Is this something that you were seeking? Or is there something the government were looking to do in terms of the new agreement?

大家早安。我簡單介紹 Essakane 的新協議，即與政府達成的新框架協議。顯然，對現金流有更好的確定性是件好事。這是您所尋求的嗎？或者政府是否希望根據新協議採取一些行動？

I'll pass it to Maarten.

我會把它傳給 Maarten。

Steve, if so, the government wants to have a maximum dividend and on goal ones to make sure that we have an efficient structure to continue to be able to move excess cash out of the country. And basically, by declaring the full distributable profit from the past allowed us to pipe that maximum dividend to the government.

史蒂夫，如果是這樣的話，政府希望獲得最高的股息，並實現目標股息，以確保我們擁有一個高效的結構，能夠繼續將多餘的現金轉移出境。基本上，透過宣布過去的全部可分配利潤，我們就可以把最高額度的紅利分配給政府。

So we achieved their objectives. And now what gold has is instead of waiting and partly being able to pay dividends during the third quarter every year, we have this intercompany loan structure where as it again generates free cash flow in the next period, we can repay that loan using that free cash flow.

因此我們實現了他們的目標。現在，黃金不再需要等待，也不再能夠在每年第三季支付部分股息，而是擁有這種公司間貸款結構，當它在下一期再次產生自由現金流時，我們可以使用該自由現金流償還貸款。

And it's again a lot of taxes and other working capital amounts in Q2. But now going forward, we expect this account to continue to produce good cash flows, and that is then available for us. So we achieved both benefits and we work well with the government of this.

第二季的稅收和其他營運資金金額又大幅增加。但現在展望未來，我們預計該帳戶將繼續產生良好的現金流，然後我們就可以使用這些現金流。因此，我們實現了雙贏，並且與政府合作良好。

Okay. And is there a stability agreement associated with this? Do you want to.

好的。是否存在與此相關的穩定協議？你想要_____嗎。

The government is a 15% shareholder. So these things are done in board meetings as shareholders. So it's not that there's a specific agreement, but there is, of course, agreements with Essakane for these type of instruments that the government had to agree to these things as a shareholder.

政府持有15%的股份。所以這些事情都是在董事會會議上以股東身分完成的。因此，並不是存在具體的協議，而是當然存在與 Essakane 就此類工具達成的協議，政府作為股東必須同意這些事項。

Okay. Great. And I guess just larger picture with this in place, with this new agreement in place, would -- is it -- is there a potential for Essakane to be something that you would look to divest point just given your focus on Canada and Cote now?

好的。偉大的。我想從更大的角度來看，在這項新協議到位的情況下，考慮到您現在對加拿大和科特迪瓦的關注，您是否有可能考慮剝離 Essakane？

I would say at this stage, all lies is on the focus of cash flow and debt repayment. So this is a very good cash flow. Strategically, as we move forward, we continue to believe that Essakane is capable to bring good ounces, cash flow, an opportunity to further reward our shareholders down the road. And this is why we see -- I mean, we reached a point with 800,000 ounces at triple. We have expectations to pay down quite a bit of our debt this year and next year.

我想說，現階段所有的謊言都集中在現金流和債務償還。所以這是一個非常好的現金流。從策略上講，隨著我們繼續前進，我們繼續相信 Essakane 能夠帶來良好的產量、現金流，以及進一步回報股東的機會。這就是我們看到的——我的意思是，我們達到了三倍 800,000 盎司的水平。我們預計今年和明年將償還相當一部分債務。

So we could be in a position where we're mid next year. And if you would have this excess cash available, you would also be in about and the possibility to increase a reward to shore. So it's very strategic as we move forward, but we're extremely pleased now. And with this vehicle in place, we'll be capable to have more predictable and so forth. Down the road, we continue to monitor the situation.

因此我們可能處於明年年中的情況。如果您有多餘的現金，您還可以增加上岸獎勵的可能性。因此，這對我們未來的發展具有戰略意義，但我們現在非常高興。有了這輛車，我們就能更有可預測等等。今後，我們將繼續關注事態發展。

Okay, that's, that's.

好的，就是這樣。

Tanya Jakusconek, Scotia Bank.

Tanya Jakusconek，豐業銀行。

Hi, good morning, everybody. Thank you for taking my three questions. And a lot of them have been answered, but just a follow-up on some of the ones that were asked. So just finishing off on Essakane, if I could. Can -- Renaud, how do you see the mine life there? We've got this higher gold price.

大家好，早安。感謝您回答我的三個問題。其中許多問題都已得到解答，但只是對一些問題進行了跟進。所以如果可以的話，我就結束對 Essakane 的討論。可以—雷諾，您如何看待那裡的礦坑生活？我們的金價已經上漲。

So I'm just thinking about as we get to year-end, your reserve pricing and resource pricing? And how does Essakane look in terms of extending beyond the technical study that you filed?

所以我只是在想，當我們到達年底時，您的儲備定價和資源定價是多少？那麼，就您提交的技術研究而言，Essakane 的表現如何？

So let's start first by looking a bit of the regulation attached to this. So it is a bit of understanding that renewal of permit down the road could be for a period of five years. So let's see now we're focusing on looking beyond '28 up to 2033. So it looks extremely well. So like if we wanted to stay and develop and increase the life of mine and invest to extend, we're pretty confident we could easily bridge the first five years extension.

因此，我們首先來了解與此相關的一些規定。因此，可以理解的是，未來許可證的續約期限可能是五年。所以我們現在關注的是展望 28 年後到 2033 年。所以它看起來非常好。因此，如果我們想留下來並發展並延長礦山壽命並進行投資，我們非常有信心我們可以輕鬆完成前五年的延長。

Beyond that, this is not our focus at this stage. But yes, if you increase the gold price a bit, if you look at Essakane as you would accept that it's more at $2,000, $2,100 an ounce, extended life of mine and so forth, there is a lot of additional value, and we're more than confident we could expand for an additional 5 beyond.

除此之外，這不是我們現階段的重點。但是的，如果你稍微提高金價，如果你看看 Essakane，你會接受它的價格在每盎司 2,000 美元、2,100 美元，延長礦山壽命等等，還有很多額外的價值，我們非常有信心我們可以再擴大 5 年。

Okay. So I should be thinking probably 2033 as sort of what you're targeting for?

好的。所以我認為 2033 年可能是您的目標？

Yeah, so now we have a 43-101. So it would imply, of course, successful conversations with the government. We would not obviously be inclined to inject -- inject capital is a big word because the mine is free cash flowing and we probably pay for its own investment. But the point is before you engage in such a thing, you would like to have certainty on permit extension and so forth now in '26 and then the expansion and so forth and refiling of.

是的，現在我們有 43-101。因此這當然意味著與政府的對話取得成功。我們顯然不會傾向於注入——注入資本是一個很大的詞，因為礦山是自由現金流，我們可能會為其自己的投資支付費用。但關鍵是，在你參與這樣的事情之前，你希望在 26 年確定許可證延期等，然後進行擴展等並重新提交。

So that's one scenario over the current scenario of '28. But yes, definitely at this rising gold price without using it all, maintaining a significant margin around the 2,000, 2,100 kind of reserve, you would expand quite easily.

這是針對當前 28 年情境的一種情境。但是的，在金價不斷上漲的情況下，即使不使用全部儲備，也只需維持在 2,000 或 2,100 左右的較大幅度的利潤，就能相當輕鬆地實現擴張。

Okay. And then if I can just come back to Cote. So as I'm thinking about getting these costs stabilized, you mentioned that you're $0.30 or thereabout-ish $0.50 on the mining cost per tonne to get to $3. I mean, as you get rid of this rehandling, which -- when do you think that will be? Like is that like this year? Or like is that into next year, we're going to finish the rehandling? I'm trying to understand when I can get this.

好的。然後我是否可以回到科特。因此，當我考慮穩定這些成本時，您提到每噸採礦成本為 0.30 美元或大約 ​​0.50 美元，以達到 3 美元。我的意思是，當你擺脫這種重新處理時——你認為什麼時候會實現？今年也是這樣嗎？或者說，到了明年，我們就能完成重新處理了？我想了解什麼時候可以得到它。

Again, there would always be a little bit of rehandling from the moment you mine more than the milling, but not to the extent of what we see. Again, a big portion of the rehandling as well takes place at the aggregate plant or around. You move the ore quite a few times. So that's one thing. So it's more of '26, Tanya.

再說了，從採礦到銑削，總是會有一點點的重新處理，但不會達到我們所看到的程度。同樣，很大一部分的重新處理也發生在骨材廠或周圍。你移動礦石好幾次。這是一回事。所以這更像是 26 年的事，Tanya。

I think we feel strong that we probably can exit at an average of about $350. And as we continue, I see about half of it is about rehandling and half of it is about just continued improvement volume, bigger denominator type of to bring us to the $3 eventually. So it's more of '26.

我認為我們有信心以平均約 350 美元的價格退出。隨著我們繼續，我看到其中大約一半是關於重新處理，另一半是關於持續改進量，更大的分母類型最終將我們帶到 3 美元。所以它更像是 26 年的。

Okay. And then on the processing side, once we get -- we eliminate these contractors and these other -- get this more stabilized and get the secondary crusher. And are we looking at this $12 a ton also like in the second half of next year? I'm just trying to understand when is the mine.

好的。然後在加工方面，一旦我們得到 - 我們消除了這些承包商和其他人 - 使其更加穩定並獲得二次破碎機。我們是否也會考慮明年下半年的每噸 12 美元的價格？我只是想知道什麼時候是我的。

I would like it earlier than that. I would like it earlier than that, but we'll be commissioning. It should be straightforward commissioning of the second. At that point, we would have already improved the in-house or reed system on the fine side, maybe a little bit of improvement on the feeding system on the core side.

我希望能早點得到它。我希望能早點實現，但我們會進行調試。這應該是第二次的直接調試。那時，我們就已經改進了精細方面的內部或簧片系統，也許對核心方面的進料系統做了一些改進。

But yes, technically, you'll be in a position already in Q1 next year to see a reduction of those costs, but it could go to the midyear where you would stabilize there. In the long run, we would continue to improve beyond the 12, but I think it's a fair call by mid-next year, we should stabilize there.

但是，從技術上講，明年第一季你會看到這些成本的減少，但可能要到年中才能穩定下來。從長遠來看，我們會繼續改進，超越 12 名，但我認為到明年年中，我們應該會穩定下來。

Okay. So hopefully, mid next year, mining and processing were where you are or close to where you want to be and we'll move forward from that. Would that be a fair comment?

好的。因此，希望到明年年中，採礦和加工能夠達到您所期望的水平或接近您想要的水平，然後我們將以此為基礎繼續前進。這是一個公正的評論嗎？

Yes.

是的。

Okay. That's helpful. And then finally -- my final question is on the -- when we talked about the improvement in the second half, I'm just trying to understand you have the same number of tonnes mined for Essakane in Q3, Q4 and similar grades, but you have that maintenance downtime in August and then you have the secondary crusher going in. Should I be thinking that the quarters would be evenly distributed? I just don't know how long you think the secondary crusher is going to take to install. So should I be thinking Q3 a little bit better than Q4? I'm just trying to understand how Cote looks for the next year.

好的。這很有幫助。最後——我的最後一個問題是——當我們談到下半年的改善時，我只是想知道，你們在第三季度、第四季度為 Essakane 開采的礦石數量和類似的品位相同，但是你們在 8 月份進行了維護停機，然後你們又投入了二次破碎機。我是否應該認為這些季度會均勻分配？我只是不知道您認為安裝二級破碎機需要多長時間。那麼我是否應該認為 Q3 比 Q4 好一點？我只是想知道科特明年的表現會是如何。

Yeah, a little bit the same, I guess, like Bruno mentioned, like this quarter, we had a planned shutdown and then Q4 is a tie-in. We'll be capable to reduce those by using some. So I would say Cote Gold is probably more kind of look alike Q3, Q4, strong both. And Essakane, Bruno, you're probably expecting Q4 a little higher.

是的，我想有點相同，就像布魯諾提到的那樣，就像這個季度一樣，我們計劃停產，然後第四季會進行配對生產。我們將能夠透過使用一些來減少這些。因此，我認為 Cote Gold 的表現可能與 Q3、Q4 的表現更加相似，都表現強勁。Essakane、Bruno，您可能對第四季的預期會更高一些。

The maintenance at Essakane, we are -- we have a 24-hour maintenance on Mine and a 16-hour maintenance on B. So the impact is going to be somehow marginal.

對於 Essakane 的維護，我們對礦井進行 24 小時維護，並對 B 進行 16 小時維護。因此影響會比較小。

No, you're absolutely right. You can take the view that Essakane and Westwood will have a stronger Q4 than Q3, and Cote should be about more or less the same.

不，你完全正確。您可以認為 Essakane 和 Westwood 的 Q4 表現將強於 Q3，而 Cote 的表現應該大致相同。

And Westwood as well, more or less the same?

還有 Westwood 也一樣，差不多嗎？

No, Westwood and just like Essakane should have a stronger Q4 as you continue to improve on the grade.

不，隨著 Westwood 和 Essakane 水平的不斷提高，他們的 Q4 應該會更強勁。

Okay. So quarter-on-quarter improvement still. Okay. Well, that's very -- the secondary crusher in as well for Cote, that would be great to see.

好的。因此季度季比仍有改善。好的。嗯，這非常——對於 Cote 來說，二級破碎機也同樣如此，這將是非常棒的。

The next question comes from Mohamed Sidibe with National Bank Financial.

下一個問題來自國家銀行金融公司的穆罕默德·西迪貝。

So maybe just on the second half expected at Essakane. Just wanted to know if you could provide us with a little bit more color on some of the grades you're expecting out of Phase 7? Or should we also anticipate a little bit more increase of throughput in the second half versus the first year?

因此也許只是對 Essakane 下半場的預期。我只是想知道您是否可以為我們提供一些有關您期望的第 7 階段成績的詳細資訊？或者我們應該預期下半年的吞吐量會比第一年有稍微的成長？

Bruno?

布魯諾？

Yes. Yes, for -- I used to be the GM at Essakane, and it's not necessarily the first time that we see lower grade material at the upper benches of the new phase. So it's not like -- it's not new. So what we expect in the second half is that as we dig deeper, we're going to enjoy higher grade material and post subsequent to this quarter, this is what we see. And we expect grades to pick up and to increase and also the reconciliation to be positive after month end.

是的。是的，我曾經擔任過 Essakane 的總經理，這並不是我們第一次在新階段的上層看到低品味材料。所以這並不是什麼新鮮事。因此，我們對下半年的預期是，隨著我們深入挖掘，我們將享受更高等級的材料和本季之後的帖子，這就是我們所看到的。我們預計成績將會回升並增加，月底後的核對結果也將是正面的。

So our plans are somewhat conservative, but we are anticipating still a stronger H2

因此我們的計劃有些保守，但我們預計下半年業績將更加強勁

And then the second question would just be on the taxes paid and the increased guidance there. Could you give us maybe some color on the cadence that we can expect for Q3, Q4? I know it's impacted by the dividend declaration at Essakane, but should we expect Q3 to be higher versus Q4? Or how should we look at that?

第二個問題是關於繳納的稅金和增加的指導。您能否向我們介紹一下第三季和第四季的預期節奏？我知道它受到 Essakane 股息聲明的影響，但我們是否應該預期第三季度的股息會高於第四季度？或者我們應該如何看待這個問題？

Maarten?

馬丁？

So in Q3 or in July, we actually paid the withholding taxes on the dividend. That was just over $40 million. And then the rest of the tax payment should be equal over the rest of the quarter.

因此，在第三季或 7 月份，我們實際上支付了股息的預扣稅。這剛好超過 4000 萬美元。然後，剩餘的稅款應在該季度的剩餘時間內相等。

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

今天的電話會議的提問時間到此結束。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 to 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 concludes 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。