IAMGOLD Corp (IAG) 2025 Q3 法說會逐字稿

Thank you for standing by. This is your conference operator. Welcome to the IAMGOLD third-quarter 2025 operating and financial results conference call and webcast. (Operator Instructions) The conference call is being recorded. (Operator Instructions)

感謝您的耐心等待。這是您的會議接線生。歡迎參加 IAMGOLD 2025 年第三季營運和財務業績電話會議和網路直播。（操作員指示）本次電話會議正在錄音。（操作說明）

At this time, I would like to turn the conference over to Graeme Jennings, Vice President of Investor Relations for IAMGOLD. Please go ahead, Mr. Jennings.

此時，我謹將會議交給IAMGOLD投資者關係副總裁格雷姆‧詹寧斯先生。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，歡迎各位參加今天的電話會議。參加本次電話會議的有：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 Torkia Lagace；以及首席人力資源長 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, Anishinaabe, 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. Please note that our remarks on this call will include forward-looking statements and refer to non-IFRS measures.

我們今天從 IAMGOLD 的多倫多辦事處致電，該辦事處位於第 13 號條約領土上，是包括克雷迪特河密西沙加人、阿尼什納貝人、奇佩瓦人、豪德諾索尼人和溫達特人在內的許多民族的傳統土地。在 IAMGOLD，我們相信尊重和維護原住民權利的基礎是建立在促進信任、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中的發言將包含前瞻性陳述，並提及非國際財務報告準則（IFRS）指標。

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

我們建議您參閱我們最新管理階層討論與分析 (MD&A) 中關於非 IFRS 指標的警示性聲明和揭露，這些聲明和揭露包含在這些指標的列示和調節表中，分別位於「非公認會計準則財務指標」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. I'll now turn the call over to our President and CEO, Renaud Adams.

關於將要討論的技術信息，請參閱演示文稿中“合格人員和技術信息”標題下的信息。本次電話會議中提到的幻燈片可以在我們的網站上查看。現在我將把電話交給我們的總裁兼執行長雷諾亞當斯。

Thank you, Graeme, and good morning, everyone, and thank you for joining us today. This is an exciting time for IAMGOLD with another quarter of production, led by strong performance at Cote Gold and Essakana mines, helping to fuel record cash flow generation for the company. The current strong gold market has been very well timed for IAMGOLD, coinciding with the advancement of our assets, allowing the company to advance our strategic plans ahead of schedule.

謝謝你，格雷姆，大家早安，謝謝各位今天收看我們的節目。對於 IAMGOLD 來說，這是一個令人興奮的時刻，在 Cote Gold 和 Essakana 礦場的強勁表現帶動下，公司迎來了一個季度的生產高峰，這幫助公司創造了創紀錄的現金流。目前強勁的黃金市場對IAMGOLD來說時機恰到好處，與我們資產的推進相吻合，使公司能夠提前推進策略計畫。

We are proud of this transformation and also to introduce today our new logo and refreshed brand, which we believe reflects who we are today. We are extremely proud of our roots and history. But now our name stands for innovative, accountable mining. IAMGOLD is a modern gold mining company that is proudly Canadian with strong cash flow and significant long-term growth opportunities ahead.

我們為這一轉變感到自豪，並於今天推出我們的新標誌和煥然一新的品牌，我們相信這反映了我們今天的面貌。我們為我們的根基和歷史感到無比自豪。但現在我們的名字代表著創新、負責任的採礦。IAMGOLD 是一家現代化的黃金礦業公司，以加拿大為榮，擁有強勁的現金流和巨大的長期成長潛力。

We mine with a mining redefined purpose in mind, putting safety, responsibility and people first. We hold ourselves accountable and embrace change and drive innovations at every level from smarter systems and technology to better ways of working. There are many highlights to discuss for IAMGOLD today from our operations, financial achievement and an improved share buyback program, which remains subject to TSX approval.

我們秉持著重新定義採礦業的概念進行採礦，將安全、責任和人放在第一位。我們勇於承擔責任，擁抱變革，並在各個層面推動創新，從更智慧的系統和技術到更好的工作方式。今天，IAMGOLD有許多亮點值得討論，包括我們的營運、財務成就以及改進後的股票回購計劃（該計劃仍需獲得多倫多證券交易所的批准）。

We will also discuss our forward-looking plans, including the expansion scenario for Cote Gold, which is expected to demonstrate significant upside to the current mine plan at Cote. Finally, we will cover the recent announcement of acquisitions to consolidate the Chibougamau region in Quebec to create an elegant complex. These transactions further position IAMGOLD as a leading modern Canadian-focused multi-asset gold mining company.

我們還將討論我們的前瞻性計劃，包括 Cote Gold 的擴建方案，預計該方案將比 Cote 目前的礦場計劃有顯著的提升空間。最後，我們將介紹最近宣布的收購計劃，該計劃旨在整合魁北克省的奇布加莫地區，打造一個優雅的綜合體。這些交易進一步鞏固了 IAMGOLD 作為一家領先的、以加拿大為重點的現代化多元化黃金礦業公司的地位。

I am proud of our team's achievement and remain confident in our ability to deliver enduring values for our investors and partners while maintaining a steadfast commitment to safety and accountability. Turning to the quarter, and we're now on slide 5.

我為我們團隊的成就感到自豪，並對我們有能力為投資者和合作夥伴創造持久價值充滿信心，同時堅定不移地致力於安全和責任。接下來進入季度，我們現在來看第 5 張投影片。

At IAMGOLD, the safety of our people and communities remains our top priority. In the third quarter, our total recordable injury rate was 0.56, a 15% improvement year-over-year on a 12 months rolling average and comparing well with our industry peers.

在IAMGOLD，我們始終將員工和社區的安全放在首位。第三季度，我們的總可記錄傷害率為 0.56，以 12 個月滾動平均值計算，年增 15%，與業內同業相比表現良好。

We are focused on advancing our critical risk management program, including an important integration of contractor into the IAMGOLD way of safety management with the goal to reduce high potential incidents. Looking at operations on an attributable basis, IAMGOLD produced 190,000 ounces of gold in the third quarter. The quarterly performance was led by strong results at Cote, which produced a record 106,000 ounces on a 100% basis followed by improved quarter-over-quarter attributable production at Essakane as the mine saw grades bounce back while mining deeper into Phase 7 of the pit.

我們致力於推動關鍵風險管理計劃，包括將承包商重要地整合到 IAMGOLD 安全管理方式中，以減少高風險事故的發生。從歸屬基礎來看，IAMGOLD 第三季生產了 19 萬盎司黃金。本季業績主要得益於 Cote 礦的強勁表現，該礦以 100% 比例生產了創紀錄的 106,000 盎司黃金；其次是 Essakane 礦的季度環比產量有所提高，因為該礦在開採到礦坑 7 階段更深時，礦石品位有所回升。

Year-to-date, IAMGOLD has reported 524,000 ounces of attributable production. As we will walk through in a moment, production is expected to be the highest in the fourth quarter, positioning the company well to achieve our guidance target of 735,000 to 825,000 ounces of gold this year.

今年迄今為止，IAMGOLD 已報告可歸屬產量為 524,000 盎司。正如我們稍後將詳細介紹的那樣，預計第四季度的產量將達到最高，這將使公司能夠很好地實現我們今年735,000至825,000盎司黃金的指導目標。

On a cost basis, IAMGOLD reported third quarter cash cost of $1,588 an ounce and an all-in sustaining cost of $1,956 an ounce. Costs remain higher year-to-date as the record gold prices directly translate into higher royalty compound with the new royalty regime in Burkina Faso as well as higher unit costs at Cote from an increased proportion of supplementary contracted crushing to stabilize operations during our first full shutdown and until the second cone crusher is installed in the fourth quarter.

以成本計算，IAMGOLD 報告第三季現金成本為每盎司 1,588 美元，綜合維持成本為每盎司 1,956 美元。今年迄今為止，成本仍然較高，因為創紀錄的金價直接轉化為更高的特許權使用費，加上布吉納法索新的特許權使用費制度，以及科特礦為穩定運營而增加的補充合同破碎比例，導致單位成本上升，而我們第一次全面停產期間以及直到第四季度安裝第二台圓錐破碎機之前，單位成本都較高。

Cash costs and all-in sustaining costs for the year are expected to be at the top end of the guidance range, though we expect to see a strong end to the year with higher expected cash flow in the fourth quarter on an improved production in higher margins. With that, I will pass the call over to our CFO to walk us through our financial highlights. Maarten?

預計全年現金成本和全部維持成本將處於指導範圍的上限，但我們預計隨著第四季度生產改善和利潤率提高，現金流將有所增加，從而在年底實現強勁增長。接下來，我將把電話轉交給我們的財務官，讓他為我們介紹財務方面的重點內容。馬丁？

Thank you, Renaud, and good morning, everyone. It was indeed an important quarter for IAMGOLD as we were able to use the strong financial results to take significant steps towards our goal of delevering the company and advancing our plans to reward shareholders. Mine-site free cash flow was $292.5 million in the third quarter, a record achieved of IAMGOLD's high production levels following the ramp-up of project, increasing the company's exposure to the gold price during a record high gold price environment.

謝謝你，雷諾，大家早安。對於 IAMGOLD 來說，這確實是一個重要的季度，因為我們能夠利用強勁的財務業績，朝著降低公司槓桿率和推進股東回報計劃的目標邁出重要步伐。第三季礦場自由現金流為 2.925 億美元，創下 IAMGOLD 在專案增產後產量達到最高水準的紀錄，在金價創歷史新高之際，增加了公司對金價的曝險。

The record mine site free cash flow improves our financial position and the company's net debt was reduced by $210.7 million to $813.2 million at the end of the third quarter. IAMGOLD had $314.3 million in cash and cash equivalents and approximately $391.9 million available on the credit facility resulting in total liquidity at the end of the third quarter of approximately $707.2 million.

創紀錄的礦場自由現金流改善了我們的財務狀況，公司淨債務在第三季末減少了 2.107 億美元，降至 8.132 億美元。IAMGOLD 擁有 3.143 億美元的現金及現金等價物，以及約 3.919 億美元的信貸額度，使得該公司在第三季末的總流動資金約為 7.072 億美元。

As we noted last quarter, Essakane declared a significant dividend in June of approximately $855 million, representing all of the undistributed profits of Essakane up to and including the 2024 financial year. IAMGOLD's 85% portion of the dividend net of taxes was approximately $680 million and is expected to be paid over the next 12 months through a revised framework that enables payments to be made at any time of the year based on the cash generated in excess of working capital requirements by Essakane.

正如我們上個季度所指出的，Essakane 在 6 月宣布派發約 8.55 億美元的巨額股息，這代表了 Essakane 截至 2024 財年（含 2024 財年）的所有未分配利潤。IAMGOLD 的 85% 稅後股息份額約為 6.8 億美元，預計將在未來 12 個月內透過修訂後的框架支付，該框架允許根據 Essakane 產生的超過營運資金需求的現金，在一年中的任何時候進行支付。

At September 30, $186 million of IAMGOLD's consolidated cash and cash equivalents was held by Essakane in Burkina Faso which was used to pay IAMGOLD a dividend of $98 million in early October. The remaining portion of the company's dividend receivable was converted into a shareholder account with the first payment against the shareholder account of $56 million also received in October.

截至 9 月 30 日，IAMGOLD 合併現金及現金等價物中有 1.86 億美元由布吉納法索的 Essakane 持有，並於 10 月初用於向 IAMGOLD 支付 9,800 萬美元的股息。公司剩餘的股利應收款已轉入股東帳戶，10 月也收到了股東帳戶的第一筆款項 5,600 萬美元。

The company expects to receive monthly payments going forward. These funds were used to make additional payments of $170 million against the company's second lien notes with $130 million of the original $400 million remaining outstanding on the November 14. Holistically, when we consider our liquidity outlook under high gold price environment, we are in the fortunate position to continue to repay debt and commence in the not-too-distant future on another of our strategic initiatives, which is to reward our shareholders.

該公司預計今後每月都會收到款項。這些資金用於向該公司第二留置權票據支付額外 1.7 億美元，截至 11 月 14 日，原有的 4 億美元中仍有 1.3 億美元未償還。總體而言，考慮到當前金價高企的市場環境，我們的流動性前景良好，我們很幸運能夠繼續償還債務，並在不久的將來啟動另一項戰略舉措，即回報我們的股東。

Accordingly, subsequent to quarter end, our Board of Directors approved a share buyback program to be put in place through an NCIB program, allowing for the purchase of up to approximately 10% of IAMGOLD's outstanding common shares. All common shares purchased under the NCIB will be either canceled or placed under trust to satisfy future obligations under the company's share incentive plan.

因此，在季度末之後，我們的董事會批准了一項股票回購計劃，該計劃將透過正常市場發行人回購計劃實施，允許購買至多約 10% 的 IAMGOLD 流通普通股。根據 NCIB 購買的所有普通股要么將被註銷，要么將被置於信託之下，以履行公司股份激勵計劃下的未來義務。

IAMGOLD will file a notice of intention to implement an NCIB with the TSX and which is subject to TSX approval. Following the approval, IAMGOLD will be allowed to purchase these common shares over a 12-month period in the open market. This initiative reflects management confidence in the company's long-term value and its commitment to disciplined capital allocation.

IAMGOLD 將向多倫多證券交易所 (TSX) 提交實施 NCIB 的意向通知，該通知需經多倫多證券交易所批准。獲得批准後，IAMGOLD 將被允許在 12 個月內透過公開市場購買這些普通股。這項措施體現了管理階層對公司長期價值的信心，以及對穩健資本配置的承諾。

The actual number of common shares that may be purchased if any, and the timing of such purchases will be determined by the company based on a number of factors, including the company's financial performance, the availability of cash flows and the consideration of other uses of cash, including capital investment opportunities and debt reduction. Turning to our financial results.

本公司將根據多種因素決定實際可購買的普通股數量（如有）以及購買時間，這些因素包括公司的財務表現、現金流的可用性以及對現金其他用途（包括資本投資機會和債務削減）的考慮。接下來來看看我們的財務表現。

Revenues from continuing operations totaled $706.7 million from sales of 203,000 ounces on a 100% basis at a record average realized price of $3,492 per ounce. Cost of sales, excluding depreciation, was $324.2 million and adjusted EBITDA was a record $359.5 million compared to $221.7 million in the third quarter last year.

持續經營業務的收入總計為 7.067 億美元，銷售額為 203,000 盎司（100% 銷售），平均實現價格創紀錄地達到每盎司 3,492 美元。不計折舊，銷售成本為 3.242 億美元，調整後 EBITDA 為創紀錄的 3.595 億美元，而去年第三季為 2.217 億美元。

At the bottom line, adjusted earnings per share in the third quarter was $0.30. Looking at the cash flow waterfall on the left side of slide 7, we can see the year-to-date impact on our operating cash flow of the gold prepay deliveries, which we completed in June, as well as the impact of the second lien term payment and the dividend payment to the government of Burkina Faso following its account driven declaration.

最終，第三季調整後每股收益為 0.30 美元。查看第 7 頁左側的現金流瀑布圖，我們可以看到 6 月份完成的黃金預付款交付對我們年初至今的經營現金流的影響，以及第二留置權期限付款和布吉納法索政府根據其帳戶驅動聲明支付的股息的影響。

On a mine site free cash flow IAMGOLD generated $292.3 million in the third quarter, including $135.6 million from Cote and $150.5 million from Essakane, driven by higher revenues due to the higher realized gold price, partially offset by higher production costs.

在礦場方面，IAMGOLD 第三季產生了 2.923 億美元的自由現金流，其中包括 Cote 礦場的 1.356 億美元和 Essakane 礦場的 1.505 億美元，這主要得益於金價上漲帶來的收入增加，但部分被更高的生產成本所抵消。

And with that, I will pass the call to Bruno Lemelin, our Chief Operations Officer, to discuss our operating results. Bruno?

接下來，我將把電話轉交給我們的營運長布魯諾·勒梅林，讓他來討論我們的營運表現。布魯諾？

Thank you, Maarten. Starting with Cote Gold, it was a strong quarter with Cote reaching new milestones while maintaining stable performance at the processing plant. Notably, the plant underwent its first full shutdown in August, which was executed successfully. I'm very proud of our team at Cote. It's important to remember that it's still the first full year of operation at the mine with nameplate throughput achieved at the end of Q2.

謝謝你，馬爾滕。以 Cote Gold 為例，這是一個強勁的季度，Cote 實現了新的里程碑，同時加工廠也保持了穩定的表現。值得一提的是，該廠於 8 月進行了首次全面停產檢修，並成功完成。我為我們在Cote的團隊感到非常自豪。需要注意的是，這仍然是該礦運營的第一個完整年度，其銘牌產量是在第二季末實現的。

Our teams are learning every day how to better position Cote for success, including the refinement of the mine plan of the maintenance schedules and identifying efficiency to drive continuous improvement. Now looking at the third quarter, Cote produced 106,000 ounces on a 100% basis, which is a record quarter of production for the mine.

我們的團隊每天都在學習如何更好地為 Cote 的成功做好準備，包括完善礦山維護計劃和提高效率以推動持續改進。現在來看第三季度，科特礦場以100%比例生產了106,000盎司黃金，這是該礦創紀錄的一個季度產量。

Mining activity totaled 11.5 million tonnes in the quarter with 3.8 million ore tonnes mined equating to a strip ratio of [2:1]. The average grade mined was [0.96] gram per tonne in line with plan and demonstrating good reconciliation with our reserve and grade control model. Looking ahead, mining activities will continue to work on extending the pit perimeter to support efficient gold mining and also in preparation for the future expansion of Cote.

本季採礦活動總量為1,150萬噸，其中開採礦石380萬噸，剝離比為[2:1]開採的平均品位為每噸 [0.96] 克，符合計劃，並與我們的儲量和品位控制模型進行了良好的協調。展望未來，採礦活動將繼續努力擴大礦坑的周界，以支持高效的黃金開採，並為科特礦區的未來擴張做好準備。

On processing, [mill] throughput totaled 3 million tonnes in the quarter, averaging near nameplate in July and September. The first annual maintenance shutdown in August was successful with the comprehensive maintenance cycle completed and including the replacement of the high-pressure grinding roll tires, relining of the ball mill, changes to the primary crusher outer shell and additional maintenance work on the electrical infrastructure.

加工方面，本季[工廠]總吞吐量為300萬噸，7月和9月平均接近額定吞吐量。8 月的首次年度維護停機檢修取得了成功，全面維護週期已完成，包括更換高壓研磨輥輪胎、更換球磨機襯裡、更換主破碎機外殼以及對電氣基礎設施進行額外的維護工作。

Head grade averaged 1.18 gram per tonne with feed material comprised of a combination of direct feed ore and stockpiles. Mill recoveries averaged 94% in the quarter, which continues to be above design rates. Turning to cost. A major driver of cost this year has been associated with the temporary aggregate crusher, which is being contracted to support the processing plant.

礦石品位平均為每噸 1.18 克，原料由直接入選礦石和堆料組成。本季工廠回收率平均為 94%，繼續高於設計回收率。接下來談談成本。今年成本的主要驅動因素與臨時骨料破碎機有關，該破碎機是根據合約承包的，用於支援加工廠。

The plant was built with a single secondary cone crusher as part of the crushing circuit. And through day-to-day operations, we learned that this is a bottleneck. This has been addressed with the addition of a second cone crusher to sustainably achieve the nameplate throughput rate and provide redundancy during shutdowns.

工廠的破碎迴路包含一台二級圓錐破碎機。透過日常運營，我們發現這是一個瓶頸。為了解決這個問題，我們增加了一台第二台圓錐破碎機，以可持續地達到銘牌產量，並在停機期間提供冗餘。

We accelerated the push to achieve nameplate to midyear from our original target of Q4 in part because we found a way to maximize throughput and offset the bottleneck by incorporating an additional refeed system using a contractor aggregate plan.

我們加快了進度，將原定於第四季度完成的目標提前到年中，部分原因是我們找到了一種方法，透過使用承包商的匯總計劃，引入額外的再進料系統，從而最大限度地提高吞吐量並抵消瓶頸。

Moving ahead, nameplate by five to six months allows for maximizing tonnes milled today versus waiting for the second cone crusher to provide the additional facility. This may account for an extra $4 per tonne milled, yet brings the opportunity to monetize tonnes already mined through the end of the year.

展望未來，提前五到六個月完成銘牌可以最大限度地提高今天的磨粉量，而無需等待第二台圓錐破碎機提供額外的產能。這或許能使每噸礦石的加工成本增加 4 美元，但也帶來了將今年年底前開採的礦石貨幣化的機會。

In the third quarter, the aggregate crusher processed a higher proportion of ore due to the shutdown in August. The use of the aggregate crusher is expected to be reduced following the installation of the secondary cone crusher in Q4 and eventually eliminated. Looking at mining costs, we averaged $4.51 per tonne in the third quarter.

第三季度，由於 8 月停產，骨材破碎機處理的礦石比例較高。預計在第四季度安裝二級圓錐破碎機後，骨材破碎機的使用量將減少，並最終被淘汰。從採礦成本來看，第三季平均成本為每噸 4.51 美元。

Mining costs are higher than planned due to higher tire wear and also impacted by the operation of the aggregate crusher and the feed system. The aggregate crusher requires the utilization of mining equipment to feed it, including haul trucks and a shovel, resulting in higher amounts of rehandling that is accounted to mine. These trucks will decrease into 2026 as further operational improvements are made and the elimination of the contracted aggregate plan.

由於輪胎磨損加劇，採礦成本高於計畫成本，同時也受到骨材破碎機和給料系統運作的影響。骨料破碎機需要使用採礦設備（包括運輸卡車和鏟車）來輸送物料，導致更多的物料被重新搬運，這些物料會被計入礦場。到 2026 年，隨著營運的進一步改進和合約總裝運計劃的取消，這些卡車的數量將會減少。

Milling unit costs also increased in the quarter, averaging $22 per tonne mill. The temporary aggregate crusher system has a direct impact on our processing unit cost as it is more costly to operate. And in the third quarter, we rely on it more due to the August shutdown. Overall, we estimate around $6 per ton was associated with the cost of the aggregate crusher in the third quarter.

本季製粉單位成本也有所增加，平均每噸製粉成本為 22 美元。臨時骨材破碎系統對我們的加工單元成本有直接影響，因為它的運作成本更高。第三季度，由於八月份的停工，我們對它的依賴程度更高了。總體而言，我們估計第三季骨材破碎機的成本約為每噸 6 美元。

Maintenance costs to replace the HPGR tire and wear components accounted for $1.87 per tonne during the quarter. Unit costs are expected to decline over the course of 2026 following the installation of the additional cone crusher in the fourth quarter of this year. Looking ahead, we remain confident in our Cote 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.

本季更換高壓輥磨機輪胎和易損件的維護成本為每噸 1.87 美元。隨著今年第四季新增圓錐破碎機的安裝，預計到 2026 年單位成本將會下降。展望未來，我們仍然對科特金礦的產量預期充滿信心，預計年產量將達到 36 萬至 40 萬盎司黃金（以 100% 權益計算），這基本上是去年產量的兩倍。

As noted here, we expect cash costs to exceed the top end of our updated guidance range of $1,100 to $1,200 per ounce sold, primarily due to a combination of higher royalties impacted by a significant increase in gold price, an increase in the expected usage of the supplementary crushing during the year to support the mill feed and the expensing of certain parts and supply that were previously expected to be capitalized.

如本文所述，我們預計現金成本將超過我們更新後的每盎司銷售價格 1100 至 1200 美元的指導範圍的上限，這主要是由於金價大幅上漲導致特許權使用費增加、預計本年度為支持磨機進料而增加輔助破碎的使用量，以及之前預計資本化的某些零部件和供應品的費用化等因素造成的費用化。

Taken together, Cote is performing very well from operation of this site less than 20 months after pouring its first gold. We are looking forward to seeing the impact of the installation of the second cone crusher in Q4 on availability and throughput paving the way for future expansion option, which leads us to what is the most exciting slide, the advancement of the Cote Gas and super pit scenario.

總的來說，Cote金礦在投產首批黃金不到20個月後，運作情況非常好。我們期待看到第四季度安裝第二台圓錐破碎機對可用性和產量的影響，為未來的擴張選擇鋪平道路，這引出了最令人興奮的幻燈片，即 Cote Gas 和超級礦坑方案的進展。

As we have discussed previously, we are working towards announcing in 2026 an updated mine plan that envision the Cote operating at a higher throughput, targeting a significantly larger ore base from both Cote and Gosselin. The first step is drilling out the super pit of Cote and Gosselin to provide the resource foundation for the mine plan.

正如我們之前討論過的，我們正在努力爭取在 2026 年公佈一項更新的礦山計劃，該計劃設想 Cote 礦以更高的吞吐量運營，目標是從 Cote 和 Gosselin 礦開採出更大的礦石量。第一步是鑽探 Cote 和 Gosselin 超級礦坑，為採礦計畫提供資源基礎。

Our drills are busy at work with over 50,000 meters drilled so far this year with the goal to infill and upgrade mine and bring the bulk of mineralization there into measured and instated. Our 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.

我們的鑽機正在忙碌地工作，今年迄今已經鑽探了超過 50,000 米，目標是對礦山進行加密和升級，並將那裡的大部分礦化帶納入測量和評估範圍。我們目前設計的 Cote 礦場的採礦能力平均每年可開採 50,000 噸礦石，而我們目前的標稱處理能力為每天 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. In this scenario, we anticipate a mine plan that prioritize the expansion of the plant, which should be implemented years before other major capital items that would be part of the super pit scenario, including tailings capacity expansion and all. The updated mine plan and technical report is expected to be completed by the end of next year.

作為 2026 年技術報告的一部分，我們將努力在提高加工速度和提高採礦速度之間找到合適的平衡點，目標是 Cote Gosselin 超級礦坑。在這種情況下，我們預計礦山計劃將優先考慮工廠擴建，這應該在超級礦坑方案中的其他主要資本項目（包括尾礦產能擴建等）實施數年前完成。更新後的礦場規劃和技術報告預計明年年底完成。

And in the interim, we will continue to focus on optimizing Cote, reducing our cost profile and capturing low opportunities for operational improvements and capacity expansion. Turning to Quebec. In the third quarter, Westwood produced 23,000 ounces, bringing the year-to-date production to 76,000 ounces, tracking below the bottom end of the guidance range of 125,000 to 140,000 ounces.

在此期間，我們將繼續專注於優化 Cote，降低成本，並抓住營運改善和產能擴張的良機。轉向魁北克。第三季度，韋斯特伍德生產了 23,000 盎司黃金，使今年迄今的產量達到 76,000 盎司，低於 125,000 至 140,000 盎司指導範圍的下限。

The third quarter at Westwood saw similar results as prior quarters this year as mining activities underground operated to lower grade stopes encountering areas of challenging ground conditions resulted in higher-than-expected dilution and lower mining recoveries. The teams are implementing mitigation measures that include changes in blasting techniques and refinement, stope design and sequencing.

Westwood 第三季的業績與今年前幾季類似，地下採礦活動在低品位採場進行，遇到具有挑戰性的地質條件，導致稀釋率高於預期，採礦回收率降低。各團隊正在實施緩解措施，包括改變爆破技術和改進、採場設計和作業順序。

We are already seeing improvements from these efforts in October with the average grade so far this month from underground averaging over 9 gram per tonne in the month. The Grand Duc open pit added another quarter of decent ore volumes with a reported of 315,000 tonnes mined.

10 月我們已經看到這些努力取得了成效，本月地下礦石的平均品位已超過每噸 9 克。據報道，格蘭德杜克露天礦場又新增了一個季度的可觀礦石產量，開採量達 31.5 萬噸。

Open pit activities from Grand Duc are currently being evaluated for an expansion and extension of the pit. The outline scenario would push the pit into Phase 4, which would allow for mining until 2027. Mill throughput in the third quarter was 250,000 tonnes, which was below the average throughput rate over the previous quarter due to a 14-day shutdown of the plant in July for the replacement of a critical gear in the grinding circuit, resulting in plant availability in the quarter of 75% versus 90% in the same prior year period.

目前正在評估 Grand Duc 露天礦場的擴建和延伸計劃。根據初步方案，礦坑將進入第四階段，這將允許採礦作業持續到 2027 年。第三季磨機產量為 25 萬噸，低於上一季的平均產量，原因是 7 月工廠停產 14 天更換磨礦迴路中的一個關鍵齒輪，導致該季度工廠可用率為 75%，而去年同期為 90%。

We expect to see mill throughput return to near 90% as we see in the fourth quarter. As a result of the low availability and lower tonne mill, we saw an increase in milling unit costs in the quarter. Likewise, mining costs also remained elevated due to an increase in the number of stopes prepared underground to set up the mine for the remainder of the year, combined with an increase in mining cost, labor cost and exclusive and power consumption.

我們預計工廠產能將恢復到第四季的90%左右。由於可用率低且噸位磨機減少，本季磨機單位成本上升。同樣，由於為今年剩餘時間開採礦山而準備的地下採場數量增加，加上採礦成本、勞動力成本以及能源和電力消耗的增加，採礦成本也居高不下。

Together, cash costs were $1,924 an ounce in the quarter. Looking at this year, as noted, Westwood production is expected to be below the bottom end of the range of 125,000 to 140,000 ounces. Accordingly, and despite unit cost improvement expected in the fourth quarter, annual average cash costs are expected above the guided range of $1,275 to $1,375 per ounce and AISC is expected to be above the range of $1,800 to $1,900 per ounce.

本季現金成本合計為每盎司 1924 美元。展望今年，正如先前提到的，韋斯特伍德的產量預計將低於 125,000 至 140,000 盎司範圍的下限。因此，儘管預計第四季度單位成本將有所改善，但預計年度平均現金成本將高於每盎司 1,275 至 1,375 美元的指導範圍，而 AISC 預計將高於每盎司 1,800 至 1,900 美元的範圍。

The turnaround in October is expected to be sustainable as we continue to refine stope design and the varying underground condition at Westwood. Despite the challenges in the first nine months of this year, I'm very proud of the team there as they have demonstrated their innovative and accountable mindset to operation, safety and environmental care. Turning to Essakane. It was a strong quarter for the mine with production of 108,000 gold ounce on a 100% basis or 92,000 ounces based on our 85% interest.

隨著我們不斷改進採場設計並適應韋斯特伍德不斷變化的地下條件，預計10月份的轉好將是可持續的。儘管今年前九個月面臨許多挑戰，但我為那裡的團隊感到非常自豪，因為他們在營運、安全和環境保護方面展現了創新和負責的態度。轉向埃薩卡內。對於該礦來說，這是一個強勁的季度，以 100% 權益計算，黃金產量為 108,000 盎司；以我們 85% 權益計算，黃金產量為 92,000 盎司。

Production rebounded on higher grades as mining activities were deeper into Phase 7. Mining activity totaled 8.7 million tonnes with ore tonnes mined of 3.2 million tonnes, equating to a strip ratio of 1.7:1. Total tonnes mined was lower than prior periods as the mining fleet did not operate at full capacity in August due to a fuel shortage in the country. The situation improved in September and the mining fleet was able to operate at capacity to end the quarter and into October. Net throughput was 3.1 million tonnes at an average head grade of 1.18 grams per tonne.

隨著採礦活動深入第七階段，礦石品位提高，產量也隨之回升。採礦活動總量為 870 萬噸，其中開採礦石量為 320 萬噸，剝離比為 1.7:1。由於國內燃料短缺，8 月採礦船隊未能滿載運轉，因此總開採量低於前幾個時期。9 月情況有所好轉，採礦船隊能夠滿載運轉，直至季度末和 10 月。淨處理量為 310 萬噸，平均入選品位為每噸 1.18 克。

The transition to the higher grade benches in Phase 7 was initially expected earlier in the year, but was realized in the third quarter. Grades have continued to reconcile positively to the reserve model in October, positioning the mine for a strong fourth quarter. On a cost basis, Essakane reported cash costs of $1,737 per ounce and AISC at $1,914 an ounce in the quarter, an improvement on the prior quarter. Despite the production improvement costs remained elevated in the quarter. Over the same period last year, royalty costs have increased 61% on a per ounce basis due to the strong gold market and the new royalty decrease.

第七期工程升級到更高等級的座椅原本預計在今年稍早實現，但直到第三季才真正實現。10 月礦石品位繼續與儲量模型相符，為礦場第四季的強勁表現奠定了基礎。按成本計算，Essakane 報告稱，該季度現金成本為每盎司 1,737 美元，AISC 為每盎司 1,914 美元，比上一季有所改善。儘管生產有所改善，但本季成本仍居高不下。由於黃金市場強勁以及新的特許權使用費下調，與去年同期相比，每盎司特許權使用費成本上漲了 61%。

Royalties accounted for $283 an ounce in the third quarter. Additional drivers include a higher proportion of mining costs being expensed as well as higher maintenance activities and an increase in consumable costs, including diesel and grinding media.

第三季度，特許權使用費為每盎司 283 美元。其他驅動因素包括採礦成本費用化比例增加、維護活動增加以及消耗品成本增加（包括柴油和研磨介質）。

With the equivalent labor, contractor and facility costs also increased due to the appreciation of the local currency, which is drag to the euro. Looking ahead, we estimate that Essakane will be at the midpoint of the 100% basis estimate of 400,000 to 440,000 ounces, which equates to the lower end of the attributable production guidance target based on 85% of 360,000 to 400,000 ounces.

由於當地貨幣升值，歐元受到拖累，因此同等勞動力、承包商和設施成本也隨之增加。展望未來，我們估計埃薩卡內金礦的產量將達到 40 萬至 44 萬盎司（100% 基準）的中點，這相當於基於 36 萬至 40 萬盎司（85% 基準）的可歸屬產產量指導目標的下限。

Production is expected to be higher in the first quarter due to the higher grade as the mining sequence move in the primary zone of Phase 7. Cash costs are expected to be at the higher end of the guidance target of $1,600 to $1,700 per ounce sold and AISC is expected to be $1,850 to $1,950 per ounce sold.

由於採礦作業推進至第七階段主要區域，礦石品位較高，預計第一季產量將有所提高。預計現金成本將達到每盎司1600至1700美元指導目標的較高水平，而維持成本預計將達到每盎司1850至1950美元。

Looking beyond next year, we are initiating conversations with the government on the mining lease renewal when ours expires in 2028. While the cost of operations in country have risen, Essakane continues to be a world-class mine and an important member of the Burkinabe. The mine has over 2 million ounces in reserves and is positioned to generate significant free cash flows moving forward.

展望明年後，我們正在與政府就採礦租約續約事宜展開對話，我們的租約將於 2028 年到期。儘管該國的營運成本有所上升，但埃薩卡內礦場仍然是一座世界級的礦山，也是布吉納法索的重要組成部分。該礦擁有超過 200 萬盎司的黃金儲量，並有望在未來產生可觀的自由現金流。

With that, I will pass it back to Renaud to discuss our latest exciting news coming from Chibougamau Chapais.

接下來，我將把麥克風交還給雷諾，讓他來討論我們從希布加莫沙佩傳來的最新令人興奮的消息。

Renaud?

雷諾？

Thank you, Bruno. I really want to take a moment here to talk about our news from the two weeks ago when IAMGOLD announced the proposed acquisitions of Northern Superior in Orbec mine for total consideration of approximately $267 million in shares of IAMGOLD and approximately $13 million in cash. The strategic rationale for these transactions are clear when you look at this map here.

謝謝你，布魯諾。我想藉此機會談談 IAMGOLD 兩週前宣布擬收購 Orbec 礦場的 Northern Superior 的消息，收購對價約 2.67 億美元的 IAMGOLD 股票和約 1,300 萬美元現金。從這張地圖可以看出這些交易的戰略理由很明確。

Our goal was to consolidate IAMGOLD's land position and gold resources in the Chibougamau Chapais district, where IAMGOLD Nelligan and Monster Lake assets are located, creating the next great Canadian mining camp. Our Nelligan deposit has 3.1 million ounces indicated and another 5.2 million ounces of inferred with rapid growth from minimal drilling in recent years.

我們的目標是鞏固 IAMGOLD 在 Chibougamau Chapais 地區的土地和黃金資源，IAMGOLD Nelligan 和 Monster Lake 資產就位於該地區，從而打造下一個偉大的加拿大礦業營地。我們的 Nelligan 礦床探明儲量為 310 萬盎司，推斷儲量為 520 萬盎司，近年來鑽探量很少，但儲量增長迅速。

Nelligan is a large-scale open pit style of deposit with average grades around 0.95 grams a tonne. Monster Lake located approximately 15 kilometers north of Nelligan is a high-grade underground style project. Prior to the acquisition announcement, we were looking at putting out economics on Nelligan and Monster Lake envisioning a project that would take most of the ore feed from Nelligan with a high-grade kicker from Monster Lake.

內利根礦床是一個大型露天礦床，平均品位約為每噸 0.95 克。Monster Lake 位於 Nelligan 以北約 15 公里處，是一個高檔的地下風格項目。在宣布收購之前，我們正在研究 Nelligan 和 Monster Lake 的經濟效益，設想一個項目，該項目將利用 Nelligan 的大部分礦石原料，並從 Monster Lake 獲取高品位礦石作為補充。

The potential additions of Philibert may result in a revised time line of technical study and proposed mining scenario. Northern Superior's primary asset, Philibert, is an open pit style deposit located 8 kilometers northeast of Nelligan.

Philibert 的潛在加入可能會導致技術研究時間表和擬議採礦方案的修訂。Northern Superior 的主要資產 Philibert 是一個露天礦床，位於 Nelligan 東北 8 公里處。

Philibert has estimated mineral resources of approximately 2 million ounces at an average of 1.1 grams of gold, making it at this time, smaller but yet higher grade than Nelligan. In the consolidated scenario in a conceptual mill to pit and underground complex mine plan, we envision Philibert as having the potential to be the initial deposit due to the higher grade infrastructure advantage, providing important synergies versus a stand-alone Nelligan.

Philibert 估計礦產資源量約 200 萬盎司，平均每盎司含金量為 1.1 克，因此目前規模小於 Nelligan，但品位更高。在概念性的選礦廠到露天礦坑和地下綜合礦山計劃的整合方案中，我們認為菲利伯特礦床由於其更高的品位基礎設施優勢，有可能成為初始礦床，與獨立的內利根礦床相比，這將帶來重要的協同效應。

This year, we have drilled over 16,000 meters at Nelligan and over 17,000 meters at Monster Lake, with both projects having seen the programs upside and continued success at the drill pit. Upon completion of the transaction, we look forward next year to putting together a comprehensive program at Philibert to extend and expand mineralization as we look to bring all these assets together.

今年，我們在內利根鑽探了超過 16,000 米，在怪獸湖鑽探了超過 17,000 米，這兩個項目都取得了進展，並在鑽井坑中持續取得成功。交易完成後，我們期待明年在菲利伯特製定一項全面的計劃，以擴大和擴展礦化範圍，並將所有這些資產整合起來。

As of today, the combination of Nelligan and Monster Lake with Northern Superior's assets an Orbec's property, which are now referred as the Nelligan Mining Complex will rank as the fourth largest preproduction gold camp in Canada with estimated mineral resources of over 3.8 million ounces indicated and 8.7 million ounces inferred.

截至今日，內利根和怪獸湖與北方蘇必利爾的資產以及奧貝克的礦產合併，現在被稱為內利根礦業綜合體，將成為加拿大第四大未投產金礦區，估計礦產資源量超過380萬盎司（已探明）和870萬盎司（推斷）。

The closing of the proposed transactions remain subject to shareholder votes from both Northern Superior and Orbec shareholders as well as other customary closing conditions for transactions of that nature. Together, this asset has a bright future, and we look forward to welcoming the Northern Superior and Orbec shareholders to the IAMGOLD team.

擬議交易的完成仍需獲得 Northern Superior 和 Orbec 股東的投票表決，以及滿足此類交易的其他慣常完成條件。這項資產前景光明，我們期待北方蘇必利爾和奧爾貝克的股東加入IAMGOLD團隊。

It will be an exciting year for us with significant value growth opportunity ahead and many catalysts, starting with the upside scenario for Cote Gold, but also including the advancement of the Nelligan mining complex as well as the valuable contribution of Westwood and Essakane. So thank you for your support.

這將是令人興奮的一年，我們將迎來巨大的價值成長機會和許多催化劑，首先是 Cote Gold 的上漲前景，其次是 Nelligan 礦業綜合體的推進，以及 Westwood 和 Essakane 的寶貴貢獻。非常感謝您的支持。

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

接下來，我將把電話轉回給接線生進行問答環節。操作員？

Thank you. We will now begin the question-and-answer session. (Operator Instructions)

謝謝。現在開始問答環節。（操作說明）

Sathish Kasinathan, Bank of America.

薩蒂什‧卡西納坦 (Sathish Kasinathan)，美國銀行。

Yeah, hi, good morning. Thanks for taking my questions. Congrats on a strong quarter in addition to initiate share buybacks. My first question is on Cote Gold. So once the secondary crusher is installed, can you give us a sense of like what the anticipated cost improvements could be? Maybe talk about how you see the exit rate of cost as you exit 2025?

是啊，你好，早安。謝謝您回答我的問題。恭喜公司本季業績強勁，並啟動了股票回購計畫。我的第一個問題是關於 Cote Gold 的。那麼，一旦二級破碎機安裝完畢，您能否大致估算一下預期成本改善幅度？或許可以談談您如何看待2025年後的成本退出率？

Yeah, it's an excellent question. As we mentioned, we appreciate the very high record free cash flow at Cote and everywhere, but that doesn't take away our focus on cost. We made a conscious choice in the Q2 to maintain the aggregate plant functioning, maximizing throughput, maximizing grade by allowing more rehandling and maximizing grade and production and free cash flow it has worked just perfectly. Now as you've mentioned, moving forward.

是的，這是一個很好的問題。正如我們所提到的，我們非常欣賞 Cote 以及其他所有公司創紀錄的自由現金流，但這並不會讓我們放鬆對成本的關注。第二季度，我們做出了一個有意識的選擇，即保持骨材廠的正常運轉，最大限度地提高產量，透過允許更多的再處理來最大限度地提高等級，從而最大限度地提高等級、產量和自由現金流，而這一選擇的效果非常好。正如您所提到的，接下來我們繼續前進。

So as Bruno mentioned in his note or Maarten both, there's about $6 a tonne right from the start on a per tonne of ore by using and operating the aggregate plant. And we think that with the second crusher, we'll be capable to generate our own stockpile internally. So that's one of the focus. So right from the start down the road, and I'm not saying that's going to be a walk in a park in a quarter. But on the milling side, definitely, our objective remains to stabilize eventually down the road towards the $12.

正如 Bruno 或 Maarten 在他的筆記中提到的那樣，使用和運營骨料廠，每噸礦石從一開始就能獲得大約 6 美元的成本。我們認為，有了第二台破碎機，我們就能夠在內部建立自己的庫存。所以這是我們關注的重點之一。所以從一開始就要走這條路，我並不是說這會在短短一個季度內輕而易舉。但在碾磨方面，我們的目標仍然是最終穩定在 12 美元左右。

We appreciate that there are other assets maybe that could do slightly better. But for us at $12, we believe with the kind of design and configuration, that's probably achievable. There will be some transitions, of course, Q1, probably a transition as we enter Q2. On the mining side, yes, we appreciate the -- again, there's rehandling has been a big component of it. Could we stabilize in the short term more towards the [350].

我們明白，或許還有其他資產的表現可以更好。但我們認為，以 12 美元的價格，憑藉這樣的設計和配置，應該是可以實現的。當然，第一季會有一些過渡，進入第二季時可能也會有一些過渡。在採礦方面，是的，我們很感激——再次強調，重新處理一直是其中的重要組成部分。我們能否在短期內向更穩定的方向發展？[350]

So we're working on our plan as we speak. But we believe that the big component here is to be capable to operate without the aggregate plan, which will have a big effect. There's other aspect we need to improve. We need to improve significantly tire consumption, life on it. There's probably room to improve significantly, 50%, 60% consumption.

所以我們現在正在製定計劃。但我們認為，關鍵在於能夠脫離總體規劃獨立運作，這將產生重大影響。還有其他方面我們需要改進。我們需要大幅提高輪胎消耗量和使用壽命。或許還有很大的進步空間，消耗量可以達到 50% 到 60%。

So all that will have an impact on it. Our objective remains down the road to be as close as the $3 per tonne mine. I know there's been inflation is all over the place and everyone is facing the same. But this is an objective, not going to be there at the start of the year, but as we advance in the year, 3 and 12 remains our strategic target. And that's the risk become pure math.

所以所有這些都會對它產生影響。我們最終的目標仍然是盡可能接近每噸3美元的礦價。我知道通貨膨脹無所不在，每個人都面臨著同樣的問題。但這只是我們的一個目標，年初的時候還無法實現，但隨著時間的推移，3 和 12 仍然是我們的策略目標。這就是淪為純粹數學的風險。

You mine at the reserve grade as we're doing, you try to uplift your grade as you separate the lower grade. And with the 400,000 ounces plus and with a better unit cost and a very low strip ratio at Cote, we definitely see this asset performing amongst the best leading on the cost side. That's what we see. Bruno, do you want to add anything?

你們跟我們一樣，依照儲量品位開採，在分離低品位礦石的同時，努力提高品位。科特金礦擁有 40 萬盎司以上的儲量，單位成本更低，剝離比也非常低，我們絕對認為該礦產在成本方面表現最佳。這就是我們所看到的。布魯諾，你還有什麼要補充的嗎？

That's exactly right. The mining costs will have better performance once we stop using the aggregate crusher, producing much more leading inland. There's also many projects in terms of improving drilling performance as we drive vertically in the pit with less fracture time. So we expect improvement quarter after quarter.

完全正確。一旦停止使用骨材破碎機，採礦成本將會降低，從而生產出更多領先的內陸礦產品。在提高鑽井性能方面，我們也有許多項目，例如在礦坑內垂直鑽進，減少破碎時間。因此，我們預期每季都會有所改善。

Okay, thanks for the color.

好的，謝謝你提供的顏色。

No, no, that's what we could say at this stage as we complete our plan for next year.

不，不，在我們完成明年計畫的現階段，我們只能這麼說。

Yeah, thank you, that's helpful. Maybe one follow-up on the share buybacks. So I understand that you will begin share repurchases after you pay down the $130 million in debt. But is there like a minimum target in mind maybe tied to a certain percentage of free cash flow that we should look at in terms of the potential for buybacks going forward?

嗯，謝謝，這很有幫助。或許可以就股票回購事宜做個後續報道。所以我了解到，你們將在償還完 1.3 億美元的債務後開始回購股票。但是，我們是否可以設定一個最低目標，例如與一定比例的自由現金流掛鉤，以便在未來進行股票回購時有所參考？

Good morning, Sathish. Once we have the program in plan by the end of the year, it gives us that flexibility to start allocating capital to the different parts of the business. And we're kind of looking at it in third, where we would look at internal growth and opportunities as well as we still want to repay the amount drawn credit facility, $250 million. And then the third part is buying back shares. We don't have to do this sequentially. We can do all of this at the same time.

早上好，薩蒂什。一旦我們在年底前製定好計劃，我們就可以靈活地將資金分配給業務的不同部分。我們現在從第三方面來看待這個問題，我們會關注內部成長和機遇，同時我們仍然希望償還已提取的信貸額度，即 2.5 億美元。第三部分是回購股票。我們不必按順序進行。我們可以同時做所有這些事情。

So we were kind of breaking it down into two-third and starting next year, we'll look at the cash being generated and then do it that way. So that's kind of as close as a percentage, I guess, one-third that we can give at this point.

所以我們把它分成三分之二，從明年開始，我們將根據產生的現金流來決定如何分配。所以，我想，這大概就是我們目前能給的最接近百分比的估算了，大概是三分之一吧。

Okay, thank you. That's helpful.

好的，謝謝。那很有幫助。

Tanya Jakusconek, Scotiabank

Tanya Jakusconek，加拿大豐業銀行

Great, good morning, everybody. Congrats on, the balance sheet. I really was impressed on you getting your net debt to EBITDA down so low versus Q2. Sorry, the four calls going on at the same time. So I've missed a lot of yours. I want a clarification, if I could.

大家早安。恭喜你，資產負債表做得很好。與第二季相比，你們的淨債務與 EBITDA 比率大幅下降，這真的讓我印象深刻。抱歉，四個電話同時接通。所以我錯過了你的很多帖子。如果可以的話，我想請您解釋一下。

Slide 11, you have a new technical report and mine plan to be released in the second half of '25. I thought that was coming in the second half of '26. Has that been moved forward?

第 11 張投影片，您將在 2025 年下半年發布一份新的技術報告和礦場計畫。我原以為那會在 2026 年下半年發生。這件事有進展嗎？

No. If there was any mention to '25, that would be a typo or a mistake, Tanya. But no, we remain with disclosure of our next Cote Gold expansion late '26.

不。坦妮亞，如果文中提到了“25”，那一定是筆誤或錯誤。但是，我們仍將推遲公佈我們在 2026 年底的下一次 Cote Gold 擴張計劃。

Okay, alright.

好的，沒問題。

Sorry, about you, and thank you for catching up. We'll fix it. Thanks.

很抱歉你那邊出了什麼事，謝謝你關心我。我們會解決這個問題。謝謝。

No, no. I just -- I joined when you talked about Westwood and so it was a slide before, and I noticed that and I said, Oh my God, they've moved it. I wasn't aware of it. Okay. No worries.

不，不。我剛剛——我是在你談到韋斯特伍德的時候加入的，所以那是之前的一張幻燈片，我注意到了，然後我說，哦我的天哪，他們把它移走了。我之前並不知情。好的。不用擔心。

And just maybe still on Cote, if I could. You talked about bringing the processing cost down to about $12, the mining cost down to [$3]. We had talked on the previous conference call that you thought you would get there by mid-2026. Should it be fair to say that we're still looking for that second half of '26, where we should see these costs get into that range? Is that a fair assumption?

如果可以的話，也許我還會繼續待在科特島。你提到要把處理成本降到大約 12 美元，把挖礦成本降到…[3美元]我們在上一次電話會議上談到，你認為到 2026 年中就能實現這個目標。我們是否可以說，我們仍在期待 2026 年下半年，屆時這些成本應該會落入那個範圍內？這種假設合理嗎？

Well, there is one thing that we don't control and it's some external factors. So let's start with that, like if there is an inflation. So I'm looking at our peers, I'm looking at what we could eventually do, and this is our objective. I think the parking the aggregate plan, you would start like transitioning in Q1 and starting in Q2, you must see the effect of much less rehandling, more direct feed to final destinations, a little bit of -- we're going to continue to rehandle around the HGO and if your mine, your grade is lower for a period of time, you would swap in an NGO.

嗯，有一件事是我們無法控制的，那就是一些外在因素。那我們就從這裡開始，比如說，如果出現通貨膨脹的話。所以，我正在觀察我們的同行，我正在思考我們最終能做到什麼，這就是我們的目標。我認為，關於總計劃的停車安排，你可以從第一季開始過渡，從第二季度開始，你一定會看到減少再處理、更多直接輸送到最終目的地的效果，還有一點——我們將繼續在HGO周圍進行再處理，如果你的礦山，你的礦石品位在一段時間內較低，你將換成NGO。

But yes, starting Q2, this is where we start seeing effect of it and continue to work very hard towards achieving the lowest. But we need to control our consumptions, mostly around, of course, mentioned tires and rehandling and so forth. I think we're competitive when it comes to the procurement and so forth. So it's really on consumptions and better control of our maintenance.

是的，從第二季開始，我們開始看到效果，並將繼續努力實現最低水準。但我們需要控制我們的消耗，主要當然是指前面提到的輪胎、重新搬運等等。我認為我們在採購等方面具有競爭力。所以關鍵在於降低消耗量、更好地控制維護工作。

We believe that the HPGR should be running better at [2], allowing to feed it at a smaller size and so forth and increases life. So it's not just like a ticket type of item, but the big impact would start with the pricing. And the cost will be what it would be in the sense that we cannot control some external factor. But what we can control, this is our intention in '26 to get it done.

我們認為 HPGR 在 [2] 下運行會更好，允許以更小的尺寸進料等等，從而延長其使用壽命。所以它不僅僅是票之類的東西，但最大的影響將從定價開始。而代價將是不可避免的，因為我們無法控制某些外在因素。但我們可以控制的是，這就是我們在 2026 年的目標，我們要把它實現。

Okay. So I should sort of mid-'26 that we should hopefully be there.

好的。所以，我大概會在 2026 年中期左右認為我們應該能到達那裡。

Yes, mid-'26 you should start.

是的，你應該在2026年中期開始。

Yeah. Okay. And can I just come back? I wanted to -- one more technical, if I could. On just on your reserves and resources, I'm asking all companies, what are you thinking about in terms of pricing as you get your mine plans in place and start thinking about your pit shells and so forth.

是的。好的。我可以回來嗎？如果可以的話，我還想再補充一點技術方面的內容。僅就你們的儲量和資源而言，我想問所有公司，在製定礦山計劃、開始考慮礦坑結構等問題時，你們在定價方面有什麼想法。

What pricing assumptions are you looking at for year-end 2025 and 2026 sort of inflation in cost?

您對 2025 年底和 2026 年的成本通膨情況有何定價假設？

The most important aspects are the reserve. And as we're relooking at Cote and so forth. We're very comfortable to remain at the 1,700 or so for reserve at Cote, and we're going to -- we'll look at as well what the industry is aligning and so forth. So there is no real rush there. Essakane is a longer short-term life of mine.

最重要的方面是儲備。當我們重新審視科特等等的時候。我們對科特礦區1700噸左右的儲量保持非常滿意，而且我們還會關注行業動態等等。所以其實沒必要著急。Essakane 是我更長久的短期生命。

So there's an ability here to increase a bit and maximize cash flow down there. But typically, for our main asset like Cote, we're not seeing more than 1,700 at this stage for the year-end exercise. And we're also testing the long-term resource deposit like the Nelligan and so forth. We'll be testing it probably up to 2,500 as a resource exercise. But we'll be disciplined.

所以這裡有提昇空間，可以最大限度地增加現金流。但通常情況下，對於像 Cote 這樣的主要資產，我們在年底的統計中，目前階段的統計數字不會超過 1700。我們也正在測試像內利根礦床等長期資源礦藏。我們將以 2500 人左右的規模進行測試，作為資源利用演練。但我們會遵守紀律。

We're not intended to use the full gold price in the short term and like to see how the industry -- eventually, of course, we're going to pick the price for the Cote study and so forth, but it is not our intention to transform our asset in low grade using the gold price.

我們並不打算在短期內使用全部黃金價格，而是想看看行業如何運作——當然，最終我們會為 Cote 研究等選擇價格，但我們的目的不是利用黃金價格來改變我們的低品位資產。

Okay, thank you for that. And if I can ask a financial question. I just -- I saw your debt target, your net debt to EBITDA down to 0.74. And I think I heard that we still have another $250 million in 2026 that we want to reduce our debt by. So I'm just wondering, one, is that correct? I should think about another $250 million for 2026. Do we have a net debt-to-EBITDA target you're comfortable with so that I can -- and a minimum cash balance on the balance sheet, so I can then sort of look at my share buyback.

好的，謝謝。我可以問一個財務方面的問題嗎？我剛才看到了你們的債務目標，淨債務與 EBITDA 的比率降至 0.74。而且我好像聽說，到 2026 年，我們還希望再減少 2.5 億美元的債務。所以我想問一下，第一，這是正確的嗎？我應該考慮在2026年再追加2.5億美元。您能否設定一個您滿意的淨債務與 EBITDA 目標，以便我可以——以及資產負債表上的最低現金餘額，以便我能考慮我的股票回購計劃。

Good morning Tanya. So that is correct. We $250 million drawn on the credit facility, and we would like to pay that down in 2025 or 2026. But we also have $130 million left on our second lien that we plan to do this year. So that then leads us to next year. We think $200 million to $250 million is a good minimum cash balance for our company.

早上好，塔妮亞。沒錯。我們從信貸額度中提取了 2.5 億美元，我們希望在 2025 年或 2026 年償還這筆款項。但我們還有 1.3 億美元的第二筆抵押貸款計劃在今年償還。那麼，這就引出了我們明年的展望。我們認為公司應至少保持2億至2.5億美元的現金餘額。

Over time, as I mentioned earlier, we will probably build that up as one-third of the capital allocation would go to that. But that's kind of the main benchmark is $200 million to $250 million minimum cash and then pay down that $250 million. So from a net debt-to-EBITDA ratio, that would bring us down to 0.5 or maybe even less. We are comfortable with 1 and lower, but we also understand it's a very high gold price environment. So we don't put all of our targets for net debt-to-EBITDA using a high gold price.

正如我之前提到的，隨著時間的推移，我們可能會將三分之一的資本配置用於此，從而逐步擴大規模。但主要的基準是至少要有 2 億至 2.5 億美元的現金，然後再償還這 2.5 億美元。因此，從淨債務與 EBITDA 比率來看，這將使我們的比率降至 0.5 甚至更低。我們對 1 或更低的價格都比較滿意，但我們也明白目前金價環境非常高。因此，我們不會把所有淨債務與 EBITDA 的目標都設定在高金價水準下。

So we're kind of looking at it what would it be at lower gold prices as well. So we don't want it to be much higher than in a lower gold price environment.

所以我們也在考慮，如果金價較低，情況會如何。所以，我們不希望它比金價較低的環境高出太多。

Okay. That's great. And if I could squeeze in an exploration question. I would really like to talk a little bit about the Nelligan camp. And maybe, Renaud, I'm keen to -- you said there are synergies of that entire camp. It's never going to be called the Nelligan camp once this is done. Can you talk about like is it going to be -- are you envisioning like one central mill to sort of treat all of these ores? Like how are you envisioning this?

好的。那太棒了。如果可以的話，我想問一個探索性問題。我真的很想談談內利根營地的情況。雷諾，或許我很想──你說過整個陣營之間有協同效應。這件事完成後，它就永遠不會再叫內利根營地了。您能談談您設想的方案嗎—您是否設想建造一個中央選礦廠來處理所有這些礦石？你對此有何設想？

Well, the -- I have the pleasure to be leading the Rosebel Gold Mines at the very early days of IAMGOLD following the takeover of Cambior. And at the very early days when I rejoined this company, and I was looking at this camp, there was like a kind of an obvious type of look alike, if you will.

嗯，我很榮幸能在IAMGOLD收購Cambior之後，在IAMGOLD成立初期領導Rosebel Gold Mines。在我重新加入這家公司之初，當我考察這個營地時，我發現那裡有一個非常明顯的相似之處。

And I'm sure you're very familiar as well with the Rosebel concept back in time where we started with two and eventually had six mining areas and so forth. I like that one even further because of the high-grade underground component as well that comes at play. So the kind of the close is for us, and we've operated this place for many years.

我相信你也對羅斯貝爾的概念非常熟悉，我們最初只有兩個礦區，最後發展到六個礦區等等。我更喜歡那部作品，因為它也融入了高品質的地下元素。所以這種關閉方式對我們來說很合適，而且我們經營這個地方已經很多年了。

So we have a pretty good understanding and mining experience. But think of it as a bit of a kind of a Rosebel concept back in time, definitely a center processing facility kind of gravity center and fed and hopefully, multiple mining sources that eventually comes and go as you advance in time. So that's the closest example I could take -- I could think of.

因此，我們對採礦有著相當深入的了解和豐富的經驗。但你可以把它想像成過去羅斯貝爾的概念，絕對是一個中心處理設施，一個引力中心，並且希望有多個採礦資源，隨著時間的推移，這些資源最終會來來去去。這是我能想到的最接近的例子了。

And one tailings facility or should I think of that as well?

還有一座尾礦處理廠，或者我也該把它考慮進去嗎？

Sorry. Yeah, definitely. Yeah. One tailing. But again, with the new concept and minimizing footprint and the importance of protecting and minimizing environmental footprint, I could see over time, a kind of a use as well of depleted pit to be incorporated in the scenario of how you minimize for tailings purpose.

對不起。是的，當然。是的。單尾。但是，隨著新概念的出現，以及對減少環境足跡和保護環境足跡的重要性日益凸顯，我認為隨著時間的推移，廢棄礦坑的利用也可以納入如何最大限度地減少尾礦用途的方案中。

So early stage, but this is our concept here. So the priority will be Philibert, Nelligan, and Monster Lake and eventually, hopefully, as we continue to drill, maybe incorporating more areas.

目前還處於早期階段，但這就是我們的理念。因此，優先考慮的是菲利伯特、內利根和怪獸湖，最終，隨著我們繼續鑽探，或許可以納入更多區域。

Look forward to hearing more about it next year.

期待明年能聽到更多相關消息。

Thank you.

謝謝。

(Operator Instructions)

（操作說明）

Anita Soni with CIBC World Markets.

Anita Soni，加拿大帝國商業銀行世界市場部。

Hi, thanks for taking my question. Similar position to Tanya with a number of competing conference calls. So I apologize if I missed anything. But I just want to follow up on Tanya's questions around costs going into next year. I guess I was just trying to understand if as we look at Cote and sort of push towards higher tonnage sort of things that you're thinking about what are the inflationary factors that you're facing on the mining cost front? And where do you see some offsets in terms of maybe pushing higher tonnes?

您好，感謝您回答我的問題。和 Tanya 的情況類似，她需要參加多個相互競爭的電話會議。如果我遺漏了什麼，請見諒。但我只想跟進一下 Tanya 關於明年成本的問題。我只是想了解，當我們審視 Cote 並努力提高噸位時，您在考慮採礦成本方面面臨的通膨因素是什麼？那麼，在推動噸位成長方面，您認為有哪些可以抵銷壓力的因素？

You were breaking up a bit Anita. Maybe on the mining -- well, if we got your questions on the inflationary aspects on the cost and so forth, yes, we did see some pressure, but it's more around -- we don't see necessarily like on the pressure on the procurement side. And Maarten, you can add to this. I think it's really around the productivity and creating -- moving more towards bulk mining, as Bruno said, as we open the pit even further and creating more phases and minimizing the movement of equipment during blast. This is all productivity.

安妮塔，你當時情緒有點低落。或許在採礦方面——嗯，如果我們收到你們關於成本等方面的通膨問題，是的，我們確實看到了一些壓力，但更多的是——我們並沒有看到採購方面有壓力。馬爾滕，你也可以補充一些內容。我認為這真的與生產力和創造有關——正如布魯諾所說，隨著我們進一步擴大礦坑，創造更多階段，並最大限度地減少爆破期間設備的移動，我們將更多地轉向大規模採礦。這一切都是為了提高生產力。

This is all like same equipment, more movement, less rehandling and the tire and improving on drilling blasting. This is like the most important aspect of '26. that would probably get us to a significant improvement. There's no reason for Cote to lag its peers when it comes to the best mining we could do. But we've been very restricted, we haven't allowed the group to really mine within the perfect setting and force a lot of rehandling and so forth.

這一切都與相同的設備類似，但移動性更強，重複搬運次數更少，輪胎性能更佳，鑽孔爆破作業也得到了改進。這是 '26 最重要的方面，它可能會為我們帶來顯著的進步。在最佳挖礦方面，Cote 沒有理由落後於同業。但是我們受到了很大的限制，我們沒有讓團隊在完美的環境下真正進行挖掘，也沒有迫使團隊進行大量的重新處理等等。

So we need to be patient here and give a chance to the winner here to run the race. Bruno?

所以我們需要耐心等待，給獲勝者一個機會來贏得比賽。布魯諾？

Just to give you an example at the mill maintenance, we've done like numerous operation to try to find the right liners for secondary cone crusher like more than one, I guess. So five different type of liners were tested out. And now we are very glad to see that we have one that is performing very well that's going to double the lifetime of the liner. So we expect improved productivity, improved production, and lower cost on the tonne basis.

舉個例子來說，在磨機維護方面，我們已經進行了無數次操作，試圖為二級圓錐破碎機找到合適的襯板，我想不只一個。因此，我們測試了五種不同類型的襯墊。現在我們非常高興地看到，我們有一個性能非常好的產品，它可以使襯裡的使用壽命延長一倍。因此，我們預期生產效率將提高，產量將提高，噸位成本將降低。

But when you start an operation like the size Cote you need to do some predictors, you need to have an interactive process on some areas to find the best part that will trigger your top line. And that's what we do. It takes sometime, but we know where we have to work on.

但是，當你開始像 Cote 這樣規模的營運時，你需要做一些預測，你需要對某些領域進行互動式流程，以找到能夠提升收入的最佳部分。這就是我們所做的。雖然需要一些時間，但我們知道需要在哪方面努力。

Okay, thank you for that. I know these operations take some time to ramp and you've done a good job.

好的，謝謝。我知道這些操作需要一些時間才能步入正軌，你們做得很好。

Yes, exactly. And you mentioned more than once. And this is the thing maybe we sound like not direct to the question, but the reality being is from the commissioning, the building of the '23 to the full commissioning in '24 and you're looking at this year, our first year was to really eliminated any red flag remaining and so forth. 90% recovery at the mill, perfect reconciliation, mining at the mining grade, proven our concept of minimizing on segregation and make it more like work. And as you could see three quarters in a row where you've actually been capable to uplift at the mill.

是的，正是如此。而且你不只一次提到。或許我們聽起來好像沒有直接回答問題，但事實是，從2023年工廠的調試到2024年的全面投產，也就是今年，我們第一年的目標是徹底消除所有潛在風險等等。選礦廠回收率達90%，礦石成分完全核對，礦石品位與開採品位一致，驗證了我們減少礦石分離、讓採礦更有效率的概念。正如你所看到的，連續三個季度你都能夠在工廠裡取得進步。

So those are all like significant milestones for us at the very early days. To say that we enter '26 and that what we want is an average for four years of the [36] with a full focus on the cost and you turn back and you look at what this group has achieved to date and now the mission is on the cost, and we're going to have the same focus and the same discipline and attacking this.

所以，這些都是我們創業初期的重要里程碑。也就是說，我們進入了 2026 年，我們想要的是 [36] 年四年平均水平，並且要完全專注於成本。回顧這個團隊迄今為止的成就，現在的任務是控製成本，我們將保持同樣的專注和紀律，全力以赴。

I have all reason to believe that we're going to do like great, great, great improvement on this and that would be the first time really where we're going to be focusing on. So from -- it's kind of the next logical step for us after focusing this year on throughput and free cash flow and ounces and so forth. So I have all reason to believe, Anita, that you're going to see great things coming out of Cote as we make it our priority next year.

我有充分的理由相信，我們將在這方面取得巨大的進步，而這將是我們真正開始關注的第一個重點。所以，在我們今年專注於產量、自由現金流和盎司數等等之後，這算是我們接下來合乎邏輯的一步。所以，安妮塔，我有充分的理由相信，明年我們將把科特作為優先事項，你會看到科特取得巨大的成就。

Yeah. So for most of the operations that are doing well, year three is definitely the optimization year and that's year 2026.

是的。因此，對於大多數運作良好的企業來說，第三年肯定是優化之年，也就是 2026 年。

Absolutely.

絕對地。

So can I just ask just one more question in terms of grades. The mill plant feed has been above the mine grade, right? You had created something is in stockpile previously. But now the mining the grades are sort of in the 0.9 level this quarter. What should we be expecting like what the grade profile looks like going into next year? Is it going to be more along reserve grade? Or will you still have a couple of quarters of mill feed --

那麼，關於成績方面，我可以再問一個問題嗎？選礦廠的進料品位一直高於礦山品位，對吧？你之前創造的東西已經存入庫存了。但現在，本季礦石品位大概在 0.9 左右。我們應該對明年的成績分佈抱持怎樣的預期？會更接近儲備等級嗎？或者你還會剩下幾季的磨粉飼料嗎？--

I'll pass it to Bruno.

我把它交給布魯諾。

Anita, this is Bruno. We have already like good inventory of high grade at the end of Q3. But the question is if we mine at 0.96, how long are we going to be able to mill at a grade above that. So we are currently looking at our 2026 budget and intent is still to mine higher proportion of ore that would have grade above the average grade. So the goal for Cote is definitely to be averaging mining at average grade, but the first three years is going to be a little bit above that.

安妮塔，這是布魯諾。第三季末，我們已經擁有相當數量的高品質庫存。但問題是，如果我們以 0.96 的品位開採，我們還能以高於該品位的品位進行選礦多久？因此，我們目前正在研究 2026 年的預算，我們的目標仍然是開採更高比例的品位高於平均品位的礦石。因此，Cote 的目標肯定是實現平均採礦品位，但前三年的品位將會略高於平均水準。

So we are talking about 1.1, 1.2, which will give us like a good path forward 400,000 gold ounce per annum. And while we are increasing capacity at the mill the grade will be reduced, but still protecting that 4, 4.50 level.

所以我們討論的是 1.1、1.2，這將為我們帶來一條良好的前進道路，每年 40 萬盎司黃金。雖然我們正在提高鋼廠的產能，但鋼的等級將會降低，不過我們仍將保持 4、4.50 的水平。

Yeah, if I may just add something to it. It has a lot to do as well with the volume you mine, correct? So if you look at this year how do you move from 0.96 mine to uplifting above 1.1 at the mill has a lot to do with, not super segregation, at least remove the lower grade glass from your inventory and just talk about the long term. So that practice could continue a little bit down the road. So I am confident by mining the reserve we will be capable to continue to uplift along the line of what we're seeing here.

是的，如果我可以補充一點的話。這和你開採的礦量有很大關係，對吧？所以，如果你看看今年，如何從礦山 0.96 提升到工廠 1.1 以上，這很大程度上與超精細分離無關，至少要從庫存中去除低品位玻璃，然後談談長遠發展。所以這種做法可能會在不久的將來繼續下去。因此，我相信透過開採該儲量，我們將能夠繼續按照我們目前看到的趨勢提升產量。

Okay, thank you for taking my question.

好的，謝謝您回答我的問題。

Mohamed Sidibe, National Bank Capital Markets.

穆罕默德·西迪貝，國家銀行資本市場。

Morning, Renaud and team, and thanks for taking my questions and apologies, I missed the start of the conference call due to conflict there. But on the grade front, but not at Cote, but maybe at Westwood, given the challenging ground conditions, I think you've seen improvement in October in terms of the underground grade there. How should we think about Q4 and maybe next year 2026 as we think about the Westwood grades and the mining rate there? Thank you.

早安，雷諾和各位同事，謝謝你們回答我的問題，很抱歉，由於時間衝突，我錯過了電話會議的開始。但就坡度而言，雖然科特（Cote）的情況可能有所不同，但考慮到具有挑戰性的地質條件，韋斯特伍德（Westwood）的情況或許有所改善，我認為10月份那裡的地下坡度已經有所提高。考慮到韋斯特伍德礦區的礦石品位和開採速度，我們應該如何看待第四季以及可能到 2026 年的情況？謝謝。

Go ahead, Bruno.

請繼續，布魯諾。

Good morning, Mohamed, so the plan or if I can explain Westwood on the east side as areas with less challenging ground conditions, but with lower grade. On the central zone and western zone it has the ability to give better grades but with more challenging ground condition. So what -- when we started facing those challenging ground conditions, we just shifted our strategy and resequence the production mine tonnes toward the east side.

早上好，穆罕默德，所以計劃是，或者如果我可以解釋的話，西伍德東側的區域地面條件不那麼具有挑戰性，但坡度較低。在中部地區和西部地區，它能夠提供更好的坡度，但地面條件更具挑戰性。所以——當我們開始面臨這些具有挑戰性的地質條件時，我們只是改變了策略，將礦場生產噸位重新安排到東側。

So that's the reason why you see the lower grade since the beginning of this year. Since then, we have readjusted the way that we do our blasting pattern, drilling patterns, stope design, stope parameters to take into account these ground conditions. I'm very pleased to say that we have been very successful in October in those zone and the average grade that we collected was above mine grams per tonne.

所以這就是你看到今年年初以來成績下降的原因。從那以後，我們調整了爆破模式、鑽孔模式、採場設計、採場參數，以適應這些地質條件。我很高興地告訴大家，我們在十月在這些區域取得了巨大的成功，我們收集到的平均品位高於礦山每噸克數。

And right now, what we have is we have an inventory of almost 1.5 months in front of us that are accessible. So I think the algorithm that we have developed over the past few years is working fine, but we just need to refine it further at the stope level so we can safely and profitably each so that we have in the sequence. So we just had to make some readjustment. So for the Q4, we expect a very strong Q4.

目前，我們有近一個半月的庫存可供使用。所以我認為我們過去幾年開發的演算法運作良好，但我們只需要在採場層面進一步改進它，以便我們能夠安全、有利可圖地進行每一輪開採，從而確保我們在序列中擁有足夠的資源。所以我們只需要做一些調整。因此，我們預計第四季度業績將非常強勁。

And for 2026, it's going to be a balancing act between how much stope we're going to be scheduling in the east side and the central zone. So it's a risk adjusted type of plan. And again, Westwood is a mine that needs to deliver 10,000 gold ounce a month to be on [XO]. So very, very confident about the rest of the year and 2026 bodes very well.

而對於 2026 年來說，我們需要在東部地區和中部地區安排多少採場作業之間找到平衡。所以這是一個風險調整型計劃。再說一遍，韋斯特伍德金礦每月需要產出10,000盎司黃金才能維持營運。[XO]。我對今年剩餘的時間非常有信心，2026 年的前景也非常好。

If I may just add to this, and thank you, Bruno, for this. To be very frank, like the mine like we did extremely well in '24, rehabilitated all the zone. There is maybe some aspect of it that maybe we try to run a little bit before walking.

如果允許我補充一點，謝謝你，布魯諾。坦白說，就像我們在 2024 年做得非常出色的礦場一樣，我們修復了整個區域。或許在某些方面，我們應該先嘗試跑一小段，然後再嘗試走一小段路。

But the plan is I really have all the confidence that it's pure engineering, and we're already seeing quite a bit of turnaround and back on our feet. But the way we look at the mine is like we'll be absolutely happy, as Bruno says, an average of $10,000 a month, a mine capable to operate sub-2,000, bringing like significant free cash flow and longevity.

但我真的非常有信心，這完全是工程技術上的突破，而且我們已經看到了很多好轉，重新步入正軌。但我們看待這座礦的方式是，正如布魯諾所說，我們非常滿意，平均每月 1 萬美元，一座能夠以低於 2000 人的速度運營的礦，能夠帶來可觀的自由現金流和長久的壽命。

So that's how we think of this mine for the next two, three years. The future could be very exciting, depending on what happens in uncovering all the resources to the east and so forth. So more to come on that one. But for the time being, when I look at the next two, three years, we'll be absolutely happy with the mine predictable capable to deliver if it's 10,000 a month, sub 2,000. With that, we'll be very happy and it would do very well for us.

所以，這就是我們對這座礦場未來兩三年的計畫。未來可能會非常令人興奮，這取決於東部地區所有資源的開發等等。關於這一點，後續還會有更多討論。但就目前而言，展望未來兩三年，如果礦場能夠按月交付 10,000 噸，低於 2,000 噸，我們將非常滿意。這樣一來，我們會非常高興，這對我們來說也很有好處。

That's very helpful. And if I could maybe shift to Essakane. I think you noted -- again, maybe you already commented on this, but you noted that you had in August a fuel shortage in the country. As you're looking at your operations now, we've heard kind of neighboring countries having issues and know that some of the Ivory Coast energy being provided to Burkina may have had some challenges there as well. But are you seeing any impact from fuel pressures at operation at Essakane currently?

那很有幫助。如果我能搬到埃薩卡內就好了。我想您提到過——也許您已經評論過這一點——您提到過，8 月該國出現了燃料短缺。鑑於您目前的營運情況，我們聽說鄰國遇到了一些問題，也知道科特迪瓦提供給布吉納法索的能源可能也遇到了一些挑戰。但您目前是否看到埃薩卡內工廠的燃油壓力對其運作造成任何影響？

Or what is the latest that you can provide us on that front? Thank you.

或者，您能提供我們這方面的最新進展嗎？謝謝。

So Mohamed, we are not using the same route as Mali does. So we have a very specific supply routes for fuel. So that's one. The second thing is that we have more than 48 days of inventory at site. So it gives us enough time to rearrange our logistics should we have like some hiccups.

所以穆罕默德，我們走的路線和馬裡走的路線不一樣。因此，我們的燃料供應路線非常具體。這是其中之一。第二點是，我們現場的庫存超過 48 天。這樣一來，如果出現一些小問題，我們就有足夠的時間重新安排後勤支援。

We have enough to maintain the operations uninterrupted. So it requires good logistic efforts, and we have continuous support from the government, allowing us to bring the fuels at sites at the appropriate time. But the main strategy was to make sure that we have enough fuel depo at Essakane so we can withstand a long period of time without supplies arriving to Essakane. So in a sense, we're not using the same roads. We don't see the same type of pressures as Mali, and so far the other strategy that we have is increased inventory at site.

我們有足夠的資源來維持營運不間斷。因此，這需要良好的後​​勤保障，我們也得到了政府的持續支持，使我們能夠在適當的時候將燃料運送到現場。但主要策略是確保我們在埃薩卡內有足夠的燃料儲備，這樣我們就能承受很長一段時間內沒有物資運抵埃薩卡內的情況。所以從某種意義上來說，我們走的並不是同一條路。我們沒有看到像馬利那樣的壓力，到目前為止，我們採取的另一項策略是增加現場庫存。

Great to hear. And a final question maybe on the complex and great consolidation of the complex there. What should we look at in terms of next key steps for this complex? I know that you're advancing an exploration campaign there with potential resource update in early 2026. But how could we look at this beyond what are the next key steps for the zone? Thank you.

很高興聽到這個消息。最後一個問題或許是關於那裡複雜的、巨大的整合。對於這個複雜專案而言，接下來的關鍵步驟應該著重在哪些方面？我知道你們正在那裡推進勘探活動，並有可能在 2026 年初獲得資源更新。但是，除了考慮該區域接下來的關鍵步驟之外，我們還能如何看待這個問題呢？謝謝。

So just quickly on it. So expect us like focusing on resource growth in '26, the incorporations of Philibert. So we need to answer one question that is really key. How big could that Philibert be and how does it fit in the mine plan, right? So this is the very, very key focus of '26, increased drilling program.

那就簡單說一下。所以預計我們會像 2026 年一樣專注於資源成長，以及 Philibert 的公司合併。所以我們需要回答一個非常關鍵的問題。菲利伯特礦場究竟有多大？它在礦山規劃中扮演什麼角色？所以，2026 年的重點就是加強鑽探計畫。

We'll be aggressive but smart about proven record from the team. I'm not concerned at all there. And I think we will do a very good use of money deployed there. But that's the very short term. And as I mentioned, we were hoping of maybe putting some sort of a study in '26, but I think it's worthwhile like getting great answers from.

我們將採取積極進取的策略，但同時也會充分考慮球隊過往的成績。我對此一點也不擔心。我認為我們會很好地利用投入那裡的資金。但這只是短期效果。正如我之前提到的，我們希望能在 2026 年進行一些研究，但我認為從中獲得很好的答案是值得的。

Objective with almost [12 million] already. So we could only shoot for the [15 million, 20 million] camp. And this is what we're going to be doing. We're going to drill, drill, drill and hopefully having a very good update resource update late '26. Having said that, Nelligan and Monster Lake will be somewhat updated at year-end with the drilling of '25 in it.

目標已接近[1200萬]。所以我們只能瞄準[1500萬，2000萬]這個目標。這就是我們要做的事情。我們將進行鑽探、鑽探、再鑽探，希望在 2026 年底能有一個非常好的資源更新。話雖如此，隨著 2025 年鑽探工作的進行，Nelligan 和 Monster Lake 將在年底進行一些更新。

But look at it as resource grows in the next year or two, and then we'll start putting study out there. And anything we could advance and start putting in place, we'll do it. But we have a high, high level of confidence that this is going to be a mining camp. Bruno, if you want to add anything to this?

但考慮到未來一兩年資源將持續成長，屆時我們將開始公佈研究成果。任何我們可以推進並開始實施的事情，我們都會去做。但我們非常有信心，這裡將會成為一個採礦營地。布魯諾，你還有什麼要補充的嗎？

Well, thanks a lot for that answer, Reno, and congrats on a great financial performance. Thank you.

非常感謝你的解答，雷諾，也祝賀你們取得了出色的財務表現。謝謝。

Thanks.

謝謝。

This concludes the question-and-answer session. I would like to turn the conference back over to Mr. Graeme Jennings for any closing remarks. Please go ahead.

問答環節到此結束。我謹將會議交還給格雷姆·詹寧斯先生，請他作總結發言。請繼續。

Thank you very much, operator, and as always thank you, everyone, for joining. If you have any questions please reach out to Bruno or myself. Thank you all. Be safe. Have a great day.

非常感謝接線生，也一如既往地感謝大家的參與。如有任何疑問，請聯絡布魯諾或我本人。謝謝大家。注意安全。祝你有美好的一天。

This brings to a close today's conference call. You may disconnect your lines. Thank you for your participation, 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。