IAMGOLD Corp (IAG) 2026 Q1 法說會逐字稿

Thank you for standing by. This is the conference operator. Welcome to the IAMGOLD first quarter 2026 operating and financial results conference call and webcast.

感謝各位耐心等候。我是會議接線員。歡迎收聽 IAMGOLD 2026 年第一季營運與財務業績電話會議及網路直播。

(Operator Instructions) The conference is being recorded. [Operator Instructions].

(接線員指示) 本次會議將被錄音。[接線員指示]。

At this time, I would like to turn the conference over to Graeme Jennings, VP Business Development. and Investor Relations for IAMGOLD. Please go ahead, Mr. Jennings.

此刻，我想將會議交給 IAMGOLD 企業發展副總裁兼投資人關係主管 Graeme Jennings。Jennings 先生，請開始。

Thank you, operator, and welcome, everyone, to our conference call this morning. Joining us on the call are Renaud Adams, President and Chief Executive Officer; Maarten Jason, Chief Financial Officer; Bruno Lemelin, Chief Operating Officer; Ankit Shah, Chief Strategy Officer; and Annie Katie Legacy, Chief Legal Officer.

謝謝接線員，也歡迎各位今天早上參加我們的電話會議。與會者包括：總裁兼執行長 Renaud Adams；財務長 Maarten Jason；營運長 Bruno Lemelin；策略長 Ankit Shah；以及法務長 Annie Katie Legacy。

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.

我們今天在 IAMGOLD 多倫多辦公室進行本次會議；該辦公室位於《第 13 號條約》領土上，亦為多個民族的傳統土地，包括 Credit 的密西沙加族（Mississaugas of the Credit）、阿尼希納貝族（Anishinaabe）、奇佩瓦族（Chippewa）、霍迪諾肖尼族（Haudenosaunee）以及溫達特族（Wendat）。在 IAMGOLD，我們相信尊重並維護原住民權利，奠基於能促進信任、透明與相互尊重的關係。

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

請注意，我們今天的發言將包含前瞻性陳述，並提及非 IFRS 衡量指標。我們建議您參閱簡報中所載的警示性陳述與非 IFRS 衡量指標揭露，以及我們最新的 MD&A 中這些衡量指標的調節表；上述內容均列於「非 GAAP 財務衡量指標」標題之下。

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.

就將討論的技術資訊而言，請參閱簡報中「合格人士與技術資訊」標題下的相關資訊。本次電話會議所引用的投影片可於我們的網站上瀏覽。

I will now turn the call over to our President and CEO, Renaud Adams.

現在我將把電話交給我們的總裁兼執行長 Renaud Adams。

Thank you, Graeme, and good morning, everyone, and thank you for joining us today.

謝謝你，Graeme。各位早安，也感謝大家今天加入我們。

Before I start, I'd like to welcome Ankit Shah who joined IAMGOLD on Monday as our Chief Strategy Officer. Ankit, who many of you on the call are familiar with brings to our team nearly 20 years of strategy, corporate development and capital markets experience at a very exciting time for this company. So welcome, Ankit.

在開始之前，我想歡迎 Ankit Shah，他於週一加入 IAMGOLD，擔任我們的策略長。在座許多與會者都熟悉 Ankit；他在策略、企業發展與資本市場方面擁有近 20 年經驗，正值公司非常令人振奮的時刻加入團隊。因此，歡迎你，Ankit。

IAMGOLD is off to a strong start to 2026. In the first quarter, we produced 183,600 attributable ounces of gold, positioning us well to achieve our full year guidance of 720,000 to 820,000 ounces.

IAMGOLD 在 2026 年有一個強勁的開局。第一季我們生產了 183,600 盎司（按權益歸屬）的黃金，使我們有良好基礎達成全年指引 720,000 至 820,000 盎司。

The quarter was marked by robust financial results, with revenue exceeding $1 billion and mine-site free cash flow of $525 million. The cash flow we are generating is allowing us to execute on all fronts. As in the first quarter alone, we returned $260 million to shareholders through our share buyback program and repaid $100 million of debt on our credit facility while increasing our cash position.

本季財務表現強勁，營收超過 10 億美元，礦場自由現金流達 5.25 億美元。我們所產生的現金流讓我們得以在各方面推進執行。僅第一季，我們就透過庫藏股回購計畫向股東回饋 2.60 億美元，並償還循環信貸額度下 1.00 億美元的債務，同時提高了現金部位。

These results reflect the significant leverage of our business as to the current gold price environment and more importantly, the quality of the asset we have built and the teams that operate them.

這些成果反映了我們業務對當前金價環境的顯著槓桿效應，更重要的是，反映了我們所打造資產的品質以及營運這些資產的團隊實力。

But what excites me most is where IAMGold is headed. I believe we are entering one of the most catalyst-rich periods of company's history. Over the next 12 to 18 months, we expect to deliver updated technical reports across each of our assets: Cote Gold, Westwood, Essakane and the Nelligan Mining Complex. These studies are expected to outline a larger, longer-life production profile that we believe will redefine how the markets views Iron Gold.

但最令我振奮的是 IAMGOLD 的未來走向。我相信我們正進入公司史上催化劑最密集的時期之一。在未來 12 到 18 個月內，我們預期將針對各項資產發布更新的技術報告：Côté Gold、Westwood、Essakane 以及 Nelligan 採礦綜合體。我們預期這些研究將勾勒出更大規模、壽命更長的產量曲線，我們相信這將重新定義市場對 IAMGOLD 的看法。

At Cote, the year-end technical report is expected to contemplate the significantly larger scales operations incorporating both the Cote and Gosland, supported by an updated mineral resource estimate coming this quarter.

在 Côté，預計年底的技術報告將納入顯著更大規模的營運構想，整合 Côté 與 Gosland，並由本季即將發布的更新礦產資源量估算提供支撐。

At Nelligan, we are advancing one of the largest pre-production gold camps in Canada towards a preliminary economic assessment next year. And at Westwood and Essakane, we see meaningful potential of mine life extension and production growth. We will get into the detail on each of these through the presentation today.

在 Nelligan，我們正推進加拿大最大規模之一的前生產黃金礦區，目標於明年完成初步經濟評估（PEA）。而在 Westwood 與 Essakane，我們看到具實質意義的延長礦山壽命與提升產量的潛力。我們將在今天的簡報中逐一深入說明。

When I look at IAMGold today, with $2 billion of EBITDA generated over the last 12 months, a strengthening balance sheet and increasing production profile, catalyst ahead of every asset, and meaningful capital being returned to shareholder. I see a company that is delivering on its promises and building something very exceptional.

當我看待今日的 IAMGOLD：過去 12 個月創造 20 億美元 EBITDA、資產負債表持續強化、產量曲線上升、每項資產前方都有催化劑，且有可觀資本回饋給股東。我看到的是一家正在兌現承諾、並打造非常卓越事業的公司。

We are well-positioned to create significant value in 2026 and beyond, and I look forward to walking you through the details. And with that, let's get into the quarter.

我們已具備良好條件在 2026 年及其後創造顯著價值，我也期待帶各位了解細節。接下來，我們進入本季內容。

Starting with health and safety, in the quarter, our total recordable injury rate was 0.44. Measurable improvement from the prior year period. I would like to highlight two big achievements in the quarter, as the Essakane mine achieved a milestone of TRIFR zero in the first quarter and Westwood achieved its first full quarter at the zero TRIFR, a goal every mine site strives to reach.

先從職業健康與安全談起：本季我們的總可記錄傷害率（TRIR）為 0.44，較去年同期有可衡量的改善。我想強調本季兩項重大成就：Essakane 礦場在第一季達成 TRIFR 為零的里程碑；Westwood 則達成其首個 TRIFR 為零的完整季度，這是每個礦場都力求達成的目標。

I want to thank our teams across our operation and in the field for the continued commitment to safe and responsible mining as safety is where it starts for us.

我要感謝我們各營運據點與現場團隊，持續致力於安全且負責任的採礦；對我們而言，一切都從安全開始。

Looking at operation, and as I noted, IAMGold produced 183,600 ounces to our account in the first quarter. At Cote, attributive production of 52,300 ounces was impacted by reduced throughput due to unplanned downtime associated with wear and tear on a conveyor belt as crushed door volumes significantly increased following the commissioning of the second compressor. This belt will be replaced in May, after which we expect to operate at full capacity with an improving cost profile through the year as the bottlenecking of the secondary crusher allows us to phase out the aggregated crusher.

就營運表現而言，如我所提，IAMGOLD 第一季按權益歸屬產量為 183,600 盎司。在 Côté，按權益歸屬產量 52,300 盎司，受到處理量下降影響；原因是第二台破碎機投運後，破碎礦量顯著增加，導致輸送帶因磨損而發生非計畫性停機。該輸送帶將於 5 月更換，之後我們預期可滿載運轉；隨著次級破碎機去瓶頸化，使我們得以逐步淘汰骨料破碎機，全年成本結構也將持續改善。

Meanwhile, Essakane and Westwood both has very strong start to the year, demonstrating the value of having a diversified portfolio of producing assets. Cash costs, including royalties, were $1,301 per ounce in the quarter, tracking well within our full-year guidance range. Including royalties, cash costs were $1,608 per ounce, and all-in sustaining costs were $2,124 an ounce.

同時，Essakane 與 Westwood 今年開局都非常強勁，展現出擁有多元化生產資產組合的價值。本季現金成本（含權利金）為每盎司 1,301 美元，與我們全年指引區間相當一致。含權利金的現金成本為每盎司 1,608 美元，而全維持成本（AISC）為每盎司 2,124 美元。

It is worth highlighting that both Cote and Essakane, carry significant royalty structure, which are directly linked to the gold price and a quarter where the gold price realized was nearly $4,900 an ounce. The royalty component is naturally higher than what our guidance assume at $4,000. As a reference, this worked out to around $115 per ounce increase. In cash costs for $1,000 per ounce increase in the gold price from royalty alone.

值得強調的是，Côté 與 Essakane 皆具有顯著的權利金結構，且與金價直接連動；而本季實現金價接近每盎司 4,900 美元。因此，權利金組成自然高於我們以每盎司 4,000 美元為基礎所假設的指引水準。作為參考，僅就權利金而言，金價每上升 1,000 美元/盎司，現金成本約增加每盎司 115 美元。。

Meanwhile, on the input cost, the ongoing conflicts in the Middle East has introduced additional volatility to energy markets, and we did see oil prices move higher towards the end of the quarter. The second, in particular, has meaningful exposure given its reliance on diesel and heavy fuel oil to power both the processing and the mining fleet.

另外在投入成本方面，中東持續的衝突為能源市場帶來額外波動，我們確實看到油價在季末走高。其中 Essakane 尤其具有顯著曝險，因其加工與採礦車隊動力高度依賴柴油與重燃油。

On a consolidated basis, a $10 per barrel increase translates to approximately $12 per ounce increase in cash costs. We are actively monitoring energy price movement and potential supply chain impacts across all of our operations.

以合併口徑計算，油價每桶上升 10 美元，約相當於現金成本每盎司增加 12 美元。我們正積極監控能源價格走勢，以及對我們所有營運據點可能造成的供應鏈影響。

With that, I will pass the call over to our CFO to walk us through our financials matters. Maarten?

接下來，我將把電話交給我們的財務長，帶大家回顧財務相關事項。Maarten？

Thank you, Renaud, and good morning, everyone. The current gold market and our operating results have resulted in good financial results and considerable free cash flow being generated, which allows us to continue to execute on our capital allocation strategy to maximize value.

謝謝你，Renaud。各位早安。目前的黃金市場與我們的營運成果帶來了良好的財務表現與可觀的自由現金流，使我們得以持續執行資本配置策略，以最大化價值。

We produced $524.6 million of mine site's free cash flow, that is operating cash flows minus capital expenditure from each operation. $228.4 million of the funds was used to strengthen our balance sheet by repaying $100 million of the credit facility and we also increased cash by $128.3 million.

我們產生了5.246億美元的礦場自由現金流，即各營運據點的營運現金流減去資本支出。其中2.284億美元用於透過償還1億美元的信貸額度來強化資產負債表，我們也將現金增加了1.283億美元。

For the shareholder return component, we purchased $260 million or 12.9 million of IAMGOLD shares as part of the share buyback program. Subsequent to quarter end, we purchased an additional 2.1 million shares for $40 million, which brings the total shares repurchased by IAMGOLD since the start of the program last December to $350 million or 18 million shares.

在股東回饋方面，作為股份回購計畫的一部分，我們回購了2.6億美元（或1,290萬股）的IAMGOLD股票。在季度結束後，我們又以4,000萬美元額外回購了210萬股，使IAMGOLD自去年12月該計畫啟動以來的累計回購總額達到3.5億美元（或1,800萬股）。

In addition, we completed the debt repayment component of our plan and paid down the remaining $100 million balance of the credit facility, making the full facility available.

此外，我們完成了計畫中的償債部分，並償還了信貸額度剩餘的1億美元餘額，使整個額度得以全數可用。

The company tends to continue to use cash flow from Essakane to fund its share buyback program at approximately the same rate that cash is generated and repay credit from Essakane over the course of 2026. Naturally, 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 gold price, the company's financial performance, the availability of cash flows, consideration of uses of cash, and our strategic allocation.

公司傾向於持續以Essakane的現金流，按現金產生的大致相同速度為股份回購計畫提供資金，並在2026年期間逐步以Essakane的現金流償還信貸。當然，實際可回購的普通股數量（如有）。以及回購時點將由公司依多項因素決定，包括金價、公司財務表現、現金流可得性、現金用途考量，以及我們的策略性配置。

In terms of the financial position, at the end of the quarter, IAMGOLD at $550.2 million in cash and cash equivalents with $100 million drawn on the credit facility, resulting in liquidity at the end of March of approximately $1.1 billion.

就財務狀況而言，截至本季末，IAMGOLD持有5.502億美元的現金及約當現金，並在信貸額度下動用1億美元，使得3月底的流動性約為11億美元。

With the $400 million term loan we paid at the end of last year and the repayment of our credit facility, IAMGOLD today is in the net cash position, a significant milestone for a company that a year ago was carrying over $800 million in net debt.

隨著我們在去年底償還4億美元的定期貸款以及償還信貸額度，IAMGOLD目前處於淨現金部位；對於一年前仍背負超過8億美元淨負債的公司而言，這是一個重要里程碑。

Within cash and cash equivalent, we note that $281.9 million was held by Essakane at the end of the quarter. The cash balance at Essakane increased during the quarter and will be used to fund tax payments in April and the government of Burkina Faso's portion of the 2026 dividend payable in June. The company uses dividends and shareholder account structure to repatriate funds in excess of working capital requirements from Essakane.

在現金及約當現金中，我們注意到截至本季末Essakane持有2.819億美元。Essakane的現金餘額在本季增加，將用於4月的稅款支付，以及於6月支付的布吉納法索政府在2026年股利中的應付份額。公司透過股利與股東帳戶架構，將Essakane超出營運資金需求的資金匯回。

Getting to our financial results, revenues from operations total $1 billion from sales of 211,500 ounces. On a 100% basis at an average realized price of $485 per ounce.

談到我們的財務結果，營運收入合計10億美元，來自銷售211,500盎司。以100%口徑計算，平均實現價格為每盎司485美元。

The record gold price and operating results resulted in adjusted EBITDA of $666 million in the first quarter of the year, which brings the trailing 12-month EBITDA to a total of approximately $2 billion. At the bottom line, adjusted earnings per share for the quarter was $0.67.

創紀錄的金價與營運成果，使本年度第一季調整後EBITDA達6.66億美元，並使過去12個月的EBITDA合計約為20億美元。在最終損益方面，本季調整後每股盈餘為0.67美元。

Looking at the cash flow reconciliation for the quarter offers a good visualization of the major drivers in the quarter. We see good conversion of EBITDA into operating cash flow with $629.5 million of operating cash flow before working capital changes. As stated earlier, the significant operating cash flow allowed for the funding of our capital expenditure of $101.6 million, $260 million under the share buyback program. We pay $100 million off the credit facility, while still resulting in an increase in cash of $128.3 million.

檢視本季的現金流量調節表，可清楚呈現本季主要驅動因素。我們看到EBITDA良好轉換為營運現金流：在營運資金變動前，營運現金流為6.295億美元。如先前所述，強勁的營運現金流使我們得以支應1.016億美元的資本支出，以及股份回購計畫下的2.6億美元。我們償還了信貸額度中的1億美元，同時現金仍增加1.283億美元。

As we look ahead, with our debt repayment goal achieved, we will continue to share the share buyback program using cash flow from Essakane and the remaining cash going to our balance sheet to further strengthen it as we evaluate the best use of the funds to increase value of the business. We are evaluating an appropriate time to induce a dividend that would likely be at the end of the year or early next year.

展望未來，在達成償債目標後，我們將持續使用Essakane的現金流推進股份回購計畫，其餘現金將挹注資產負債表以進一步強化，同時我們也在評估資金的最佳用途，以提升企業價值。我們正在評估啟動股利的適當時點，可能會在今年年底或明年年初。

It is worth reinforcing on how we think about our capital allocation framework today. The Canadian platform, consisting of [Protect Gold] and Westwood, is generating sufficient cash flow to fund the company's Canadian operations and corporate activities, as well as our internal growth plans over the next three years.

值得再次強調我們目前如何看待資本配置框架。加拿大平台（由[Protect Gold]與Westwood組成）正在產生足夠的現金流，以支應公司在加拿大的營運與企業活動，以及未來三年的內生成長計畫。

This is important. Because it means that the cash flow can be directed to fund our capital returned to shareholders that currently consists of the share buyback program, and we believe there is compelling logic to that. The market has historically applied the discounted cash flows generating between the [FASA].

這很重要。因為這意味著現金流可以用於資助我們對股東的資本回饋，目前主要是股份回購計畫，而我們認為這背後有相當有力的邏輯。市場歷來對於所產生的折現現金流採用折價評價，介於[FASA]。

By repatriating those funds to Canada and using it to repurchase our shares at current market value, we are effectively converting cash with the market discounts into full value equity for our shareholders. We continue to evaluate the program and believe that this is currently the most prudent use of capital.

透過將這些資金匯回加拿大並以目前市價回購我們的股份，我們實質上是把被市場折價的現金轉換為對股東而言的足額價值股權。我們將持續評估該計畫，並相信這目前是最審慎的資本運用方式。

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

接下來，我將把電話交給我們的營運長Bruno Lemelin，請他說明我們的營運成果與展望。Bruno？

Thank you, Maarten. Starting with Cote Gold. Looking at the quarter, Cote produced 74,700 ounces on a 100-person basis. Mining activities total 9.3 million tons of material mined with 3.6 million tons of ore, representing a strict ratio of 1.6 to 1.

謝謝你，Maarten。先從Cote Gold開始。就本季而言，Cote以100%口徑計算產量為74,700盎司。採礦活動合計開採930萬噸物料，其中礦石360萬噸，剝採比為1.6比1。

Total tons mined were lower in January and February. The operation completed overburdened removal activity required to open up the fifth while managing seasonal winter conditions.

1月與2月的總採礦噸數較低。在管理季節性冬季條件的同時，該營運完成了為開啟第五期所需的覆土剝離作業。

Mining activity came pre-March as drilling and blasting command in the pushback area. Grade mine in the quarter was 0.99 grams per ton, in line with the mine plan.

採礦活動在3月前後提升，因為在推進（pushback）區域開始進行鑽孔與爆破作業。本季入選品位為每噸0.99克，符合礦山計畫。

Mill throughput in the quarter was 2.3 million tons as we noted in our results, throughput was limited due to downtime on the CV10 conveyor, which feeds material from the primary and secondary crushers to the screening building. This downtime was primarily due to the increased load on the conveyor following the installation of the secondary crusher, putting additional stress on areas of the conveyor belt that had private wear and slices.

本季磨礦處理量為230萬噸；如我們在業績中所提及，處理量受限於CV10輸送帶停機時間。該輸送帶將物料從初級與次級破碎機輸送至篩分大樓。此次停機主要是因安裝次級破碎機後輸送帶負荷增加，對輸送帶上原本已有磨耗與切口的區域造成額外壓力。

We were able to refine our repairs in early April. We then saw improved performance of the belt when the belt averaged 32,000 tons per day over the month. Later this month, we are installing a new heavier gauge belt, which will allow for the circuit to resume full operation above the interface.

我們在4月初完成了修復方案的優化。之後我們看到輸送帶表現改善，該輸送帶在整個月份平均每日輸送32,000噸。本月稍晚，我們將安裝一條更厚規格的新輸送帶，使該迴路能在高於介面（interface）的情況下恢復全負荷運轉。

In summary, the CD10 belt situation is not structural in nature, but an isolated, non-recurring early life item. We are seeing fewer of these as the operations stabilize, marking an important step forward versus the past 12 to 24 months. Cote is transitioning into a phase focused on operating discipline and consistent execution.

總結而言，CD10輸送帶的情況並非結構性問題，而是一次性的、非重複發生的早期壽命事件。隨著營運趨於穩定，我們看到這類事件正在減少，這相較於過去12至24個月是重要的進展。Cote正轉入一個聚焦於營運紀律與穩定執行的階段。

Head grades for the first quarter was 1.07 grams per ton in line with the guidance for the year of 1 to 1.1 grams per ton with recovery of 93%. We continue to be very pleased. With a reconciliation between reserve model, fruit, grade model to milk feed and production.

第一季入磨品位為每噸1.07克，符合全年指引的每噸1.0至1.1克，回收率為93%。我們仍然非常滿意。在儲量模型、（fruit）、品位模型與入磨供料及產量之間的對帳結果。

Production is expected to increase quarter-over-quarter as throughput increases in Q2 and on higher grades in the second-half of the year. We remain on track with code-based production guidance of 390,00 to 440,000 ounces for the year.

隨著第二季處理量提升，以及下半年品位提高，預期產量將較前一季增加。我們仍按計畫達成Cote的全年產量指引：390,00至440,000盎司。

Looking at cost, Cote reported first quarter cash costs, excluding royalties of $1,369 per ounce and all in sustained costs of $2,109 per ounce. We have been clear with our plan to lower our costs this year, and that plan is still in place. Our goal is to exit the year at sub-coordinate with some mining costs and processing costs in the mid-teens.

就成本而言，Cote第一季現金成本（不含權利金）為每盎司1,369美元，維持性全成本（AISC）為每盎司2,109美元。我們已清楚說明今年降低成本的計畫，而該計畫仍在推進中。我們的目標是在年底時，採礦成本與處理成本降至中十位數百分比的降幅水準。

The primary drivers, the lower costs this year are fourfold. First is to increase tons through the mill and higher production. Second is to significantly reduce and remove the reliance on the compacted aggregate caution. Third is with improved maintenance cycle and iterative performance improvement. And fourth, is to realize the operational efficiencies as the kit is opened up.

今年成本下降的主要驅動因素有四個。第一是提高磨礦處理量並提升產量。第二是大幅降低並消除對壓實骨材注意事項的依賴。第三是透過改善維護週期與持續迭代的績效提升。第四是在設備開放後實現營運效率。

The second cone crusher is operating well, which has removed the bottleneck on this area of the secondary crushing circuit. Later this quarter, the increased capacity will allow us to phase out the usage of the aggregate crusher, which we contracted last year to allow the plant to hit 2025 dose.

第二台圓錐破碎機運轉良好，已消除二段破碎迴路該區域的瓶頸。本季稍晚，產能提升將使我們得以逐步停止使用骨材破碎機；該設備是我們去年簽約導入，以讓選廠達成 2025 劑量。

We have already realized benefits beyond. The additional volume capacity with the HPGR seeing an immediate reduction on wear of its rollers, which will translate to less roller replacement over the course of a year.

我們已經實現超出預期的效益。HPGR 的額外處理量能力使其輥面磨耗立即下降，這將轉化為一年期間更少的輥子更換次數。

As Renaud pointed out, costs at total 8 gold are impacted by higher gold prices. In the first quarter, royalties accounted for $335 per ounce or 20% of cash costs. Further, and this is something that we've been asked about frequency of late, is the impact of rising point prices.

如 Renaud 所指出，總計 8 金的成本受到金價上漲影響。第一季，權利金為每盎司 335 美元，占現金成本的 20%。此外，這也是我們最近經常被問到的問題，即上升的點位價格的影響。

The benefit at Cote is that the plant and our shovels are connected to the low-cost idle grid. So effectively, only our mining fleet is directly impacted by fuel prices. Based on our estimates, this translates to about $7 per ounce increase in cost per $10 increase. In the size of oil.

Cote 的優勢在於，選廠與我們的電鏟連接至低成本的 IESO 電網。因此，實際上只有我們的採礦車隊會直接受到燃油價格影響。根據我們的估算，油價每上升 10 美元，成本約增加每盎司 7 美元。以油的規模而言。

With the path forward this year to a higher production and lower cost, all eyes turn to what is next to Cote. The first step is the upcoming updated mineral resources estimate, which will combine both the Kote and Gauss Lemong into a single black mall. The goal is to seek additional upgrading of ounces into measured and indicators.

隨著今年朝向更高產量與更低成本的路徑推進，焦點轉向 Cote 的下一步。第一步是即將發布的更新礦產資源量估算，將把 Kote 與 Gauss Lemong 合併為單一黑色商場。目標是將更多盎司升級為實測與指示類別。

The resource base will form the foundation of the Kotay-Gaatang expansion mine plan, which is still on track to be announced in the fourth quarter of this year. The report will envision a near-term expansion of the Cote plan to 50,000 to 55,000 tons per day, targeting a significantly larger reserve base.

資源基礎將構成 Kotay-Gaatang 擴建礦山計畫的根基，該計畫仍按進度預計於今年第四季公布。報告將描繪 Cote 選廠近期擴產至每日 50,000 至 55,000 噸，目標是顯著更大的儲量基礎。

From the updated resource estimate. We expect the expansion to be highly accretive on a NAB basis as the near-term capital required for the plant expansion is relatively modest. The permitting and larger capital requirements for additional tailings management and opening of Dartlink will likely be staged out many years in the month time.

根據更新後的資源量估算。我們預期該擴建在 NAB 基礎上將高度增值，因為選廠擴建所需的近期資本相對不高。額外尾礦管理與開啟 Dartlink 所需的許可與較大資本需求，可能會在未來多年分階段推進。

Turning to westward, the mine continued its strong production, producing 36,300 ounces as of the quarter, as underground activities performed very well with excellent mocking and hoisting performance. Underground mining totaled 106,000 tons in the quarter, with an average head rate from underground of 9.85 grams per ton.

轉向 Westwood，該礦持續維持強勁產量，本季產出 36,300 盎司；地下作業表現非常出色，裝載與提升表現優異。本季地下採礦總量為 106,000 噸，地下平均入選品位為每噸 9.85 克。

The Ganzik opens it to a lower ore ton mine of 60,000 tons. Operations prioritized waste dripping to open up access to additional ore with opportunities to further expansion or further expansion. The growth in the third quarter was in line at 303,000 tons at the blended average grade of 404 grams per ton and recoveries of 92%.

Ganzik 將其開放至 60,000 噸的較低礦石噸位礦山。營運優先進行廢石剝離，以開闢通往更多礦石的通道，並帶來進一步擴張或進一步擴張的機會。第三季的增長符合預期，達到 303,000 噸，混合平均品位為每噸 404 克，回收率為 92%。

Together, Westwood produced $110 million of mine-site free cash flow in the first quarter, bringing the last 12 months of cash flow generation to $242 million. Westwood demonstrates what disciplined execution and incremental optimization can deliver, safe operation, stable production. Expanding optionality and strong free cash flows without step-change capital. As a result of the strong quarter, cash costs averaged $1,217 per ounce and audits with sustained costs averaging $1,733 per ounce, well below the guidance ranges for a year.

合計而言，Westwood 第一季產生 1.10 億美元的礦場自由現金流，使過去 12 個月的現金流生成達到 2.42 億美元。Westwood 展現了嚴謹執行與漸進式優化所能帶來的成果：安全營運、穩定生產。在不需要階躍式資本投入的情況下，擴大選擇性並產生強勁自由現金流。受惠於強勁季度表現，現金成本平均為每盎司 1,217 美元，AISC 平均為每盎司 1,733 美元，明顯低於全年指引區間。

We have seen the modest mining cost increases on a per-unit basis associated with increased and higher explosive costs.

我們看到按單位計的採礦成本小幅上升，與用量增加及炸藥成本上升有關。

Looking ahead, our teams are quite excited for the future of this year. This year, we are spending about $30 million on expansion capital that is being used to explore and test the eastern extension of the mine, which you can see circled here on slide 13.

展望未來，我們的團隊對今年後續發展相當振奮。今年我們約投入 3,000 萬美元的擴張資本，用於勘探與測試礦山的東部延伸區域，您可在第 13 張投影片看到此處已圈示。

We are seeing a thickening of mineralization in this area. Our project teams are currently drifting into this area to conduct gold testing. The company plans to publish an updated technical report for Westwood in the second-half of 2027, which is expected to extend the life of mine and highlight the potential for gold mining in this eastern zone.

我們看到該區域的礦化帶正在變厚。我們的專案團隊目前正掘進至該區域以進行黃金測試。公司計畫於 2027 年下半年發布 Westwood 的更新技術報告，預期將延長礦山壽命，並凸顯該東部區域的採金潛力。

This approach would potentially support higher overall underground throughput, and this conceptually would allow for increased gold production at improved mining costs, allowing the mill to be filled with higher margin material.

此方法可能支撐更高的整體地下處理量；概念上，這將在改善採礦成本的同時提高黃金產量，使磨礦廠能以更高毛利的物料滿載運轉。

Turning to Essakane, the mine reported record production of 111,900 ounces on a 100-person basis. Earthgrade continued to benefit from the positive reconciliation as mining progresses deeper into Phase 7. As a result of the strong performance, mine site free cash flow from Essacam was $302.7 million in the quarter, bringing the total cash generated by Essacam over the last 12 months to $803.6 million.

轉向 Essakane，該礦以 100% 基礎報告創紀錄產量 111,900 盎司。隨著採礦深入第 7 期，Earthgrade 持續受惠於正向的對帳結果。由於表現強勁，Essacam 本季礦場自由現金流為 3.027 億美元，使 Essacam 過去 12 個月累計產生的現金達到 8.036 億美元。

On operation, mining totaled 11.9 million tons versus ore tons of 2.2 million tons, translating to a strip ratio of 4.4 to 1. The higher proportion of waste was a result of the initial pushbacks of the HIP expansion in the Lau PIP. The MID reported inline throughput of 3.1 million tons, which was a good achievement as the plan completed its annual showdown.

在營運方面，採礦總量為 1,190 萬噸，礦石噸數為 220 萬噸，對應剝採比為 4.4 比 1。廢石占比較高，源於 Lau PIP 中 HIP 擴建的初始推進回採。選廠報告處理量符合預期，達 310 萬噸；在選廠完成年度停機檢修後，這是一項良好成果。

Head grade averaged 1.24 grams per ton, coming off the record grade last quarter. Despite the positive reconciliation impact in Phase 7, we are maintaining our guidance for the year of 1.1 grams per ton as additional ore from level is brought into the mine plan.

入選品位平均為每噸 1.24 克，較上季創紀錄品位回落。儘管第 7 期的正向對帳帶來影響，我們仍維持全年每噸 1.1 克的指引，因為將有更多來自 level 的礦石納入礦山計畫。

If I can cost gained within guidance ranges with cash costs excluding royalties of $1,083 per ounce. And on sustaining costs of $2,125 per ounce. Mining costs benefited in the quarter due to free digging of the initial satellite benches of the level pit, resulting in reduced explosive consumption. While on a project basis, these savings were offset by higher energy and consumable costs and the replacement of the liners. As a second cost. Also add exposure to the gold price.

如果我可以，成本仍在指引區間內；不含權利金的現金成本為每盎司 1,083 美元。維持性成本為每盎司 2,125 美元。本季採礦成本受惠於 level 礦坑初期衛星台階的免爆挖掘，因而降低炸藥消耗。但在專案層面，這些節省被較高的能源與耗材成本，以及襯板更換所抵銷。作為第二項成本。同時也增加了對金價的曝險。

In the first quarter, the strong gold price translated to royalties accounting for $597 per ounce or 35% of cash flows.

第一季，強勁金價使權利金達到每盎司 597 美元，約占現金流的 35%。

Further, Essakane is heavily reliant on oil and dyeing. Based on the usage between milling and mining, it is estimated that a $10 increase in the price of oil per barrel would equate to about $20 per ounce. Increase in cash costs and volume sustained costs respectively.

此外，Essakane 高度依賴石油與染色。根據磨礦與採礦的用量估算，油價每桶上升 10 美元，約等同於每盎司 20 美元。分別增加現金成本與維持性成本。

At this time, our fuel supply has not been affected by the conflict in the Middle East, though risks to price and supply have increased. The company is actively monitoring the situation and implementing measures that are within its control. This account continues to be a highly cash-generated asset. Delivering strong free cash flow while offering optionality to an updated mine plan targeting a potential five-year extension of its current life of mine.

目前，我們的燃料供應尚未受到中東衝突影響，但價格與供應風險已上升。公司正積極監控情勢，並採取其可控範圍內的措施。該資產仍持續是高度現金創造的資產。在提供強勁自由現金流的同時，也為更新礦山計畫提供選擇性；該計畫目標是將目前礦山壽命潛在延長五年。

In the first half of 2027, I am both expect to release this updated plan, which would extend its account life to 2033. This work will also support the discussion with the government of Burkina Faso end of license renewal in 2028.

在 2027 年上半年，我們預期發布這項更新計畫，將其礦山壽命延長至 2033 年。這項工作也將支持與布吉納法索政府就 2028 年牌照續期的討論。

Today, this account posts 4.4 million ounces of measured and indicated resources, with further aside supported by ongoing .

目前，該帳戶公布的探明及控制（measured and indicated）資源量為440萬盎司，並在持續進行的支持下，另有進一步的增量。

With that, I will pass it back to Renaud.

那麼，我把時間交還給Renaud。

Thank you, Bruno. This brings us to the Nelligan Mining Complex. The first quarter was the first full quarter. That we controlled the consolidated district and our exploration teams have been drilling to expand mineralization at Philibert, Nelligan and Monster Lake while prioritizing targets for further discovery.

謝謝你，Bruno。接下來我們談到Nelligan礦業綜合體。第一季是我們首次完整的一季。我們已掌控整個整合後的礦區，而我們的勘探團隊一直在鑽探，以擴大Philibert、Nelligan與Monster Lake的礦化範圍，同時優先排序目標以利進一步發現。

This year, we will be drilling over 60,000 meters to advance the project so we can release our initial PEA study to the market in the first half of next year. The Nelligan Mining Complex already has a significant minerals inventory of over 4.3 million ounces of measured and dedicated and 7.5 million ounces of inferred resources. And we believe there is meaningful upsides to those numbers.

今年我們將鑽探超過60,000公尺，以推進專案，讓我們能在明年上半年向市場發布初步PEA研究。Nelligan礦業綜合體目前已擁有可觀的礦產庫存：探明及控制資源量超過430萬盎司，推斷資源量為750萬盎司。我們相信這些數字仍有顯著上行空間。

Many of these deposits and targets have not had a sustained or well-funded exploration program behind them. That is changing now, and we expect the mineral inventory to continue to grow as we put capital to work across the district.

這些礦床與目標中，有許多過去並未有持續或資金充足的勘探計畫支撐。現在情況正在改變；隨著我們在整個礦區投入資本，我們預期礦產庫存將持續成長。

We expect the study to outline a project with a central processing facility being fed from multiple ore sources within the 17-kilometer radius. Considering the minerals wealth and potential for growth and the fact that IAMGOLD owns 100%, the Nelligan Mining Complex has the potential to be among IAMGOLD's largest mines.

我們預期該研究將勾勒出一個專案：以一座中央處理設施為核心，並由17公里半徑範圍內的多個礦石來源供料。考量其礦產富集程度、成長潛力，以及IAMGOLD持有100%權益，Nelligan礦業綜合體有潛力成為IAMGOLD最大的礦山之一。

The Nelligan Mining Complex is already positioned as one of the largest pre-production gold projects in Canada. What makes it truly compelling is the combination of district-scale consolidation across multiple million ounces deposit, the ease of access, the combine of underground and open pit mining, and the fact that it is located in Quebec, one of the premier mining -- top premier mining jurisdictions in the world.

Nelligan礦業綜合體已定位為加拿大規模最大的前期開發金礦專案之一。其真正吸引人之處在於：跨區域（district-scale）的整合、涵蓋多個百萬盎司級礦床、交通便利、地下與露天採礦的組合，以及其位於魁北克——全球首屈一指的採礦（頂級採礦）司法管轄區之一。

Taken together, we believe this attribute positions Nelligan as a premium asset in our portfolio. And one where we expect to unlock significant value as we advance the project through the study process.

綜合而言，我們認為這些特質使Nelligan成為我們投資組合中的優質資產。隨著我們透過研究流程推進專案，我們預期將釋放可觀價值。

So with that, I want to thank our shareholders for your support. We truly believe it will be an exciting year for IAMGOLD with significant value growth unfortunates ahead, including the upcoming resource update at Cote, the Cote expansion study later this year.

因此，我要感謝各位股東的支持。我們確信，對IAMGOLD而言，這將是令人振奮的一年，前方有多項顯著的價值成長機會，包括即將發布的Cote資源更新，以及今年稍晚的Cote擴建研究。

Followed by next year, where we outlined a mine life extension in Ifaka in the first half of the year, an initial study wrapping economics around Melligan mining. Complex also in the first half of next year and a mine life extension expansion underground at Westwood in the second-half of next year. So altogether, we have significant value accretion catalysts ahead.

接著到明年：我們規劃在上半年公布Ifaka的礦山壽命延長；同樣在明年上半年發布針對Melligan採礦綜合體、將經濟性納入的初步研究；並在明年下半年於Westwood推動地下礦山壽命延長與擴建。總體而言，我們前方有多項可帶來顯著價值增厚的催化劑。

And with that, I would like to pass the call back to the operator for the Q&A portion of the call. Operator.

那麼，我想把電話交回給接線員，進入問答環節。接線員。

(Operator Instructions) Satish Kasinathan, Bank of America.

（接線員指示）美國銀行的Satish Kasinathan。

My first question is on Essakane. Are you seeing any risks in terms of potential supply disruptions for diesel or fuel oil over there? How much inventory do you currently have on site? You also talked about the direct cost impact from higher oil prices, but how should we think about the indirect inflationary pressures?

我的第一個問題關於Essakane。你們是否看到柴油或燃料油供應可能中斷的風險？目前現場有多少庫存？你們也提到油價上漲對直接成本的影響，但我們應如何看待間接的通膨壓力？

So maybe, Maarten, can you take that one, please?

那麼，Maarten，可以請你回答這題嗎？

We are de-risking the fuel supply at this again. We have supply at site that's five to six weeks and we. We tried to maintain that at a maximum capacity. But then what we've also done is we continue to secure additional fuel up the supply chain. So we have secured that fuel. So for the next two to three months, if the can has already secured sufficient fuel.

我們正在再次降低燃料供應的風險。我們在現場的供應量約可支撐五到六週，而且我們會盡量維持在最大庫容。此外，我們也持續在供應鏈上游確保額外燃料。因此我們已鎖定這些燃料。所以在接下來兩到三個月，我們已確保有足夠燃料。

The impact, as we stated, for the direct impact on the actual cost per fuel that is linked to the market price is about $20 per ounce for every $10 per barrel. There is other costs at Issakan as well, there's taxes on fuel and those impacts, but we have not seen other inflationary pressures at Issakan or the other mines at this point, and it's hard to estimate those.

如我們所述，直接影響是：燃料的實際單位成本與市場價格連動，每桶上漲10美元，約影響每盎司20美元。在Issakan還有其他成本，例如燃料稅等也會造成影響；但截至目前，我們在Issakan或其他礦山尚未看到其他通膨壓力，而這些也很難估算。

If you look at our energy cost as a company, it's about 20% of our operating cost, and our consumables is about 15% to 16%. So. That's kind of like the level of our cost structure that could be impacted by inflationary pressures, but it's hard to, I think, for anyone to predict at this point what exactly that would look like.

若看公司整體的能源成本，約占我們營運成本的20%，而耗材約占15%到16%。所以這大致就是我們成本結構中可能受到通膨壓力影響的部分，但我認為在此時點，任何人都很難預測最終會呈現什麼樣貌。

My second question is on Cote. How should we look at the quarterly guidance of production and costs, especially for the second quarter with the reduced operating capacity and the scheduled maintenance shutdown in May? Should we expect the average milling rates and costs to improve versus the first quarter or is it more like a second-half story?

我的第二個問題關於Cote。我們應如何看待季度層面的產量與成本指引，特別是第二季因營運產能降低以及5月排定的維修停機？我們應預期平均磨礦處理率與成本相較第一季會改善，還是更像是下半年才會反映的故事？

We expect that once we have completed the shutdown in the middle of May, like it's meant to be on May 20, we're going to be replacing the conveyor belt, and we're going to be replacing also the HVGR tires that were supposed to be changed earlier in the year.

我們預期在5月中旬完成停機後——原定是5月20日——我們將更換輸送帶，並且也會更換原本應在年初更換的HVGR輪胎。

And we are going to make some adjustments in certain areas, but after that, we're going to resume to. Full operation and even going beyond the nameplate capacity. So what it will entail is after that, the expectation is both on the mining side and milling side, the unit costs are expected to decrease and to have a sharp improvement in terms of gold production quarter-over-quarter.

我們也會在某些區域做一些調整；完成後，我們將恢復全面運轉，甚至超過設計產能（nameplate capacity）。因此，之後的預期是：無論在採礦端或磨礦端，單位成本都將下降，且黃金產量在季度對季度（quarter-over-quarter）將出現明顯改善。

This is Graeme. And you'll note in our news release that we refined our throughput guidance for Cote for 12 million to 13 million tons for the year.

我是Graeme。你也會注意到我們在新聞稿中，已將Cote全年處理量指引細化為1,200萬至1,300萬噸。

Thank you for the additional color and congrats on the strong year-to-date buybacks.

謝謝補充說明，也恭喜今年迄今強勁的庫藏股回購。

Thank you.

謝謝。

Anita Soni with CIBC.

CIBC的Anita Soni。

I just wanted to ask a little bit about Westwood. So this quarter, a little bit lower production from the Grand Duc deposit or from the open pit. I'm not sure if it's still Grand Duc. But how long does that, how long do you expect to have that, or I think it's into 2027, but I'm just trying to figure out, when it ends in sort of the ramp up in 2026 in terms of the tonnage over the course of the year.

我想稍微問一下Westwood。這一季，來自Grand Duc礦床或露天礦的產量稍低。我不確定是否仍稱為Grand Duc。但我想了解這種情況預計會持續多久？我想是到2027年，但我想釐清的是：在2026年逐步爬坡（ramp up）時，就全年噸數而言，大概何時會結束、以及如何演變？

Good morning, Anita. This is Bruno. Good question. We are seeing from Grand Duc to be expanded even beyond 2027. We have also options Phase 5 that could go even beyond until 2029. That's what we're doing right now. We're currently evaluating those options.

早安，Anita。我是Bruno。好問題。我們看到Grand Duc有機會延伸，甚至超過2027年。我們也有第5期（Phase 5）的選項，可能可再延伸到2029年之後。這正是我們目前在做的事。我們正在評估這些選項。

So Grand Duc has been like a great support for Westwood. And the moment that it will be fading off, it would be also a great moment for the eastern zone that I'm referring to the thicker part of the underground at Westwood to replace that material.

因此，Grand Duc一直是Westwood很重要的支撐。而當它逐步淡出時，也會是東部區域——我指的是Westwood地下較厚的那一段——接替該礦量的好時機。

If I may add, Anita, so what I really like about the work that's been done and the drilling that took place in the last two years, our effort has always been, to protect the production profile on an upside, the basis, the potential phase five of the Grand Duke, should we be able to maintain this up to 2029-'30.

如果我可以補充一下，Anita：我非常喜歡過去兩年所完成的工作與鑽探成果；我們的努力一直是要在上行基礎上保護產量曲線（production profile）。若Grand Duke的第5期具備可行性，我們就有機會將其維持到2029至2030年。

Followed after that, by an increase of the underground in the east. So this is the focus right now. So you don't see any gap and if anything, continue to increase profile. It's a bit of about the same thinking and I appreciate Burkina Faso, the different situations we monitor and so forth. But the best, of course, would be to completely offset the gap and fit in elegant camp, also being capable to maintain the production profile.

隨後，東部地下礦的產量也有所提升。所以這就是目前的重點。因此你看不到任何缺口；如果有的話，反而是持續提高產量曲線。這在思路上有點類似，我也理解布吉納法索那邊我們所監測的不同情況等等。但當然，最好的情況是能夠完全彌補缺口，並以更平順的方式銜接，同時也能維持產量曲線。

So that's really the focus at this stage, understanding that we would be continuing to monitor the situation in the West Africa.

所以現階段的重點確實在這裡，同時也理解我們會持續監測西非的情勢。

Yeah, and I guess what I was driving at with on the Westwood was, this quarter you had very good cost and very, a lot of mining from the underground and with the Grand Duc ramping up. I'm just curious to see how the -- theoretically, the overall mining cost per ton should actually drive down more with more underground -- sorry, more of the open pit ore coming in. So I'm just trying to get a handle on -- you've had a significant cost beat in the first quarter at Westwood relative to your guidance. So I'm just trying to figure out how those -- like how I should be thinking about costs for the rest of the year.

是的，我想我在 Westwood 想表達的是：本季你們的成本表現非常好，而且地下礦的採礦量很大，同時 Grand Duc 也在爬坡增產。我只是好奇——理論上，隨著地下礦占比提高——抱歉，是隨著更多露天礦礦石進來，整體每噸採礦成本其實應該會進一步下降。所以我想掌握的是——你們在 Westwood 第一季相對於指引有顯著的成本優於預期。因此我想了解，對於今年剩餘時間的成本，我應該如何看待。

Good morning, Anita. It's Maarten. So I agree, we had a great quarter if you look at the dollar per ton for the underground mine.

早安，Anita。我是 Maarten。我同意，如果看地下礦的每噸美元成本，我們這一季表現非常好。

We do expect it to maybe increase just above the $300 million level again for the rest of the year, that it might not be staying at that level, so closer to that $325 million for the full year again as we saw in the past. So yes, we don't expect Q1 to be the norm for the rest of the year.

我們確實預期今年剩餘時間可能會回升到略高於每噸 300 美元的水準，不一定能維持在目前這個水準；因此全年可能會更接近每噸 325 美元，跟過去看到的差不多。所以是的，我們不預期第一季會成為今年其餘時間的常態。

We wish so, but we do understand that there are some zones, some areas in the mine that requires maybe more support and so forth. So you cannot really just, it really depends where the guys would be, where the team would be mining, but our focus is to remain at the lower cost, but I appreciate that we'll be mining other sectors as well at higher cost.

我們當然希望如此，但也理解礦場內有些區域、一些地段可能需要更多支護等等。所以你不能簡單地一概而論，這真的取決於團隊在哪裡作業、在哪些區段採礦；但我們的重點是維持在較低成本，同時我也承認我們也會在其他成本較高的區段採礦。

Okay, and my other question on Kotayan's throughput was answered in one of the other questions going above nameplate, so I'll leave it there and get back in the queue any follow-up.

好的，那我關於 Kotayan 處理量的另一個問題，在其他提問中已經回答到會高於名目產能，所以我就先到這裡；如果有追問我再回到隊列。

Tanya Jakusconek, Scotiabank Bank.

Tanya Jakusconek，豐業銀行（Scotiabank）。

Maybe I'll do the financial first. Maarten, over to you to maybe talk about the $400 million dividend after tax that you're getting in Q2 from Essakane. Should I do think that all of that now could be going to share buyback? In like Q2 or Q3, how should I be thinking the payment of this $400 million over for the share buyback from a quarterly perspective?

也許我先問財務面的。Maarten，請你談談第二季你們從 Essakane 收到的 4 億美元稅後股利。我是否應該認為這些資金現在都可以用於股票回購？以第二季或第三季來看，我應該如何從季度角度理解這 4 億美元用於股票回購的支付節奏？

So we have about $200 million left on the shareholder account for last year's dividend. We expect that cash to be repatriated by June or July of this year. And then the reason why there's a bit of a slowdown is because of the tax payments we have to make in Q2, as well as the government is getting the $100 million portion of the dividend. So the cash that we bring in, we expect for the remainder of this quarter to spend $40 million to $50 million a month. We already did $40 million in April, so kind of like getting to that $400 million for the year. Likely on the share buyback, we will continue to evaluate, but.

我們在股東帳戶上，還有大約 2 億美元是去年股利剩餘的部分。我們預期這筆現金會在今年 6 月或 7 月匯回。而之所以看起來有點放緩，是因為我們在第二季需要支付稅款，同時政府也會取得股利中的 1 億美元部分。因此我們帶回來的現金，我們預期在本季剩餘時間每月支出 4,000 萬到 5,000 萬美元。我們 4 月已經做了 4,000 萬美元，所以大致上就是朝全年 4 億美元的目標前進。至於股票回購，我們會持續評估，但……

That $400 million that we then declare in June is then a new shareholder account of $400 million. And then as we then repay through a cash from its account, we would then continue to use that to potentially fund share buybacks for the second-half of the year into next year. Gold price dependent is the exact sequence of that, but we have good vision on the next quarter taking us to the middle of the year.

我們在 6 月宣告的那 4 億美元，會成為新的 4 億美元股東帳戶。之後當我們從該帳戶以現金方式匯回時，我們會繼續把這些資金用於潛在的股票回購，涵蓋今年下半年並延伸到明年。具體的時序取決於金價，但我們對下一季、直到年中都有相當清晰的能見度。

Okay, great. That's very helpful. And then my other financial question is just on the taxes were quite low. And if you want, when I look at your guidance and what you paid, significantly lower, maybe just a little bit about what's happening there and how you see the rest of the year, coming out in terms of taxes.

好的，很好。這非常有幫助。另外一個財務問題是，稅金看起來相當低。如果我看你們的指引與實際支付，明顯更低；能否稍微說明一下發生了什麼，以及你們如何看待今年剩餘時間的稅負走勢？

So from a cash tax perspective. We've paid about 14%, if you take our guidance, cash taxes. We still think our cash tax guidance is intact, and maybe if you look at it for how it's spread over the course of the year, like 14% to 15% in Q1 and Q4, and then the remainder is spread over Q2 and Q3, and that's again driven by the account tax payment in Q2. And the revolving tax back on the dividend, that's normally either end of Q2 or beginning of Q3.

就現金稅的角度來看。如果對照我們的指引，我們大約支付了 14% 的現金稅。我們仍然認為現金稅指引維持不變；如果看全年分布，大概是第一季與第四季在 14% 到 15% 左右，其餘則分布在第二季與第三季，而這同樣是由第二季的帳戶稅款支付所驅動。以及股利的預扣稅回轉（revolving tax back），通常會在第二季末或第三季初發生。

Okay, so should see that.

好的，所以應該會看到那個。

So 10% in Q2 and Q3, yeah.

所以第二季和第三季是 10%，對。

Yeah, okay, perfect. Thank you for that clarification. And then just moving to some of the technical questions, maybe, Rana, over to you to, as I think about this updated resource that is coming out.

好的，了解，完美。謝謝你的釐清。接著轉到一些技術問題，也許 Rana，請你談談我在思考這次即將發布的更新資源量時……

Cote [Gofflin] at the end of, I think it's this quarter, end of Q2, or in Q2. Should I be thinking, and I think I heard that we're upgrading the measured and indicated category. So should I be thinking that 20 million ounces that you have outlined, should I be thinking that 2 million of inferred gets moved into measured and indicated and there will be no increase to the reserves that you reported of 7 million ounces? Or should I also be thinking that 20 million overall should get bigger? Just trying to understand what to expect.

Cote [Gofflin] 在——我想是本季末、第二季末，或是在第二季內。我是否應該這樣理解：我想我聽到的是你們會把部分資源升級到「探明及控制」（measured and indicated）類別。所以我是否應該認為你們所提到的 2,000 萬盎司中，會有 200 萬盎司從「推斷」（inferred）轉入「探明及控制」，而你們已公布的 700 萬盎司儲量不會增加？還是我也應該認為整體 2,000 萬盎司會變得更大？只是想了解我應該期待什麼。

No, thanks for the questions. And, we've been socializing this quite a bit. If you look at our year-end mineral resource, where we're sitting below the 19 million and the 18.5 million-plus as measured indicated, there were still some holes to be integrated in the database. We've done some work in the saddle as well. So, in short.

不，謝謝你的問題。而且我們其實已經對外溝通過不少次。如果你看我們年末的礦產資源量，我們當時總量略低於 1,900 萬盎司，而「探明及控制」約在 1,850 萬盎司以上，當時資料庫裡仍有一些鑽孔需要整合。我們也在鞍部（saddle）做了一些工作。所以，簡而言之。

Our confidence remain as you say that there would be additional conversion to MI to objective of 20 million ounces of measure indicated and as you drill, as you continue to improve your inferred as well. So we would all clarify this, but the most important thing is our objective remains 20 million of measure indicated and that will form the basis for the reserves. We will not. Dislows the reserve, obviously, because we'll trigger the need for the report right away. So, we're going to clarify in Q2 our resource, and the reserve then will be a measure of a factor of conversion of the $20 million.

我們的信心仍如你所說：會有更多轉換到 MI（探明及控制），以達成 2,000 萬盎司探明及控制的目標；同時隨著鑽探，你也會持續改善推斷資源。我們會把這點說清楚，但最重要的是，我們的目標仍是 2,000 萬盎司的探明及控制，而這將構成儲量的基礎。我們不會。現在就披露儲量，因為那會立刻觸發需要發布報告。因此，我們會在第二季釐清資源量，而儲量則會是 2,000 萬盎司轉換係數的結果。

Obviously, we're expecting a significant increase in reserve out of the $20 million, but that will be clarified in the study as it comes out at the end of the year.

很明顯地，我們預期在 2,000 萬盎司的基礎上，儲量會有顯著增加，但這會在年底發布的研究中進一步說明。

Okay. Thank you for that. That's what I thought was going to happen, but I just wanted to make sure. And then just maybe on, I know we talked a little bit about these costs coming down at Cote on both the mining and the processing.

好的。謝謝。這跟我原本想的差不多，但我只是想確認一下。另外，或許談一下——我知道我們稍早有提到 Cote 在採礦與選礦兩方面的成本下降……

As we think about this new study that's coming out in Q4 for this, complex, should I be thinking that, the new study should have, costs under $4 a ton for mining and processing and that $12 to $14 a ton as a combined entity? I mean, they were quite high this quarter, as we know, for various reasons, but I'm trying to understand if I am. To be benchmarking on that under $4 a ton and $12 to $14 on the processing.

當我們思考這份將於第四季發布、且相當複雜的新研究時，我是否應該這樣理解：新的研究應該會顯示採礦與處理成本低於每噸4美元，而作為合併後的整體（合併實體）則為每噸12到14美元？我的意思是，如我們所知，本季這些成本因各種原因而相當高，但我想確認我的理解是否正確。也就是以採礦與處理低於每噸4美元、加工每噸12到14美元作為基準來衡量。

You're absolutely right. I appreciate that in the short-term, our cost has been hired. And as we highlighted in Q2 last year, the use of the graded plan is a big portion of it.

你完全正確。我也理解短期內我們的成本確實偏高。正如我們在去年第二季所強調的，採用分級計畫（graded plan）是其中很大的一部分原因。

Not having the capacity and the dry and short, all this has been tested. We've been using as well some external review as well to revalidate all this. We're talking about visibility, level type of studies. So we remain extremely confident. We understand and appreciate our costs are higher, but I think we have good visibility about what has to be done.

在產能不足、乾燥與短缺等方面，這些都已經被驗證過。我們也使用了一些外部審查來重新驗證這一切。我們談的是具備可視性、屬於某種層級的研究。因此我們仍然極具信心。我們理解並認同我們的成本較高，但我認為我們對需要做什麼有很好的可視性。

So this is the focus as we part the aggregate and focus on reducing. It's not going to be all in one year, it's going to be. Spread over a couple of years to three years, how well are highlighted heading to the expansion. So maybe, Bruno, just quickly what you see as the main focus in the second-half of the year in terms of cost reduction?

因此，當我們把重點從骨料（aggregate）那一塊切分出來並專注於降低成本時，這就是焦點。這不會在一年內全部完成，而是會。分散在兩到三年內完成，正如我們在邁向擴產時所強調的。所以也許，Bruno，你能否快速說一下你認為今年下半年在降本方面的主要重點是什麼？

Yeah, Daniel, like for the mining costs, you will see those mining costs specifically in the second and for the rest of the year, maybe you. First of all, it was a volume really the thing for Q1, as we expect the volume to increase, our unit cuts are going to go down.

是的，Daniel，就採礦成本而言，你會在第二季以及今年剩餘時間看到那些採礦成本，可能你。首先，第一季主要是產量的問題；隨著我們預期產量增加，我們的單位成本會下降。

Second is we have also made like great improvement in drill and blast, increasing our performance by 65% of lake. We're also going to receive four additional 793 cuts increasing volume. So we're putting everything in place to be successful to be below the $4 a ton before the end of the year.

第二，我們在鑽孔與爆破方面也做了很大的改善，把我們的表現提升了65%（原文：of lake）。我們也將收到另外四台793（設備），以提高產量。因此我們正在把所有要素都到位，確保在年底前把成本降到每噸4美元以下。

Same thing happened for the mining costs, the moment that you take out or remove the aggregate crusher, the contractors and demobilization of other contractors, you'll see also a sharp reduction in costs. We are also making improvements.

採礦成本也是同樣的情況：一旦你把骨料破碎機移除，並且承包商撤場、其他承包商也退場，你也會看到成本大幅下降。我們也正在進行改善。

Here and there as it should it's part of the optimization phase and as Ranu pointed out that optimization phase is going to take a good two years to make sure that we keep putting a downward pressure for the cost so we're we're quite confident that the the 43,101 is going to be well supported by assumptions that are real okay.

各方面都在改善，這是最佳化階段的一部分；正如Ranu指出的，這個最佳化階段需要足足兩年，才能確保我們持續對成本施加下行壓力，所以我們相當有信心，43,101（原文如此）將會由真實可行的假設所充分支撐，好嗎。

Understood so a basis to go forward on that and maybe just my final question as I thought about The rest of the year and I know in the in the previous in February the guidance has been that at the can production would be relatively stable through the year as with West Westwood and then Cote would see quarter-on-quarter improvement And we saw a stronger second-half. So how are we looking at the overall? Company for production profile for first half, second-half.

了解，所以這是往前推進的基礎。也許我最後一個問題：當我思考今年剩餘時間時，我知道先前在2月的指引是，加拿大（can）產量全年會相對穩定，Westwood也是如此；而Cote則會逐季改善，且我們會看到更強的下半年。那麼整體來看如何？公司在上半年、下半年的產量輪廓會是怎樣？

It's going to be much stronger, as we mentioned, for Cote, the grades are going to be over in between 1 and 1.2. So we have to expect a smaller H2. Or as I can, it's going to be quite stable. And we mentioned that we're going to running within guidance as we start implementing the Lao ore into the mine plan.

會強很多，如我們提到的，就Cote而言，品位會在1到1.2之間。所以我們必須預期較小的H2（原文如此）。至於加拿大（I can），會相當穩定。我們也提到，隨著我們開始把Lao礦石納入礦山計畫，我們將在指引範圍內運行。

Westwood is just like, the only thing that you need for Westwood, it's just been a stable operation. Stable and safe operation, 1,000 ounces a month in average and something more we can be optimistic.

Westwood就像是，你對Westwood唯一需要的是穩定的營運。穩定且安全的營運，平均每月1,000盎司，如果能更多我們也可以樂觀。

So overall, you will see. A much stronger H2 as opposed to H1. And I think this is what we also disclosed last quarter that H1 would be the softer to take into account the winter conditions and some changes for the HVGR changes.

所以整體而言，你會看到。相較於上半年，下半年會強很多。我認為這也是我們上季揭露的：上半年會比較疲弱，因為要考量冬季條件以及HVGR變更的一些調整。

So I think right now everything falls in the plan.

所以我認為目前一切都按計畫進行。

Yeah, no, that's what you had last. I just wanted to make sure.

是的，沒有，這就是你之前說的。我只是想確認一下。

Mohamed Sidibe, National Bank.

Mohamed Sidibe，加拿大國家銀行（National Bank）。

Hi, Renault and team, and thanks for taking my question, and that's a good quarter. Maybe if I could maybe ask a question on the underground. We've now seen two quarters of mining rates above that 1,100 tons per day and grades over that 9.8 grams per ton mine. So could you maybe help me understand how to think about the next few quarters in terms of mining productivity. Integrate over the coming quarters. Thank you.

嗨，Renault和團隊，謝謝讓我提問，本季表現不錯。也許我可以問一個關於地下礦的問題。我們現在已經看到連續兩季採礦速率高於每日1,100噸，且品位高於每噸9.8克。所以你能否幫我理解，未來幾季在採礦生產力方面應該如何看待。在接下來幾季的整合（integrate）情況。謝謝。

Yes. The oyster thing, the marking is going very well. Our targets are close to 1,000 tons per day, and in fact, we're exceeding those metrics every day now.

是的。整體來說，採礦進展非常順利。我們的目標接近每日1,000噸，而事實上我們現在每天都超過這些指標。

It's done through optimization and better engineering, better preparation. Hoisting, we have a 4,000 ton per big capacity at Westwood, so we have plenty of capacity at Delois, so it's not constrained.

這是透過最佳化與更好的工程、更好的前置準備來達成的。提升方面，Westwood有4,000噸/日的大型提升能力，所以我們在Delois（原文如此）有充足的能力，因此不受限制。

Therefore, that's the reason why it gives us a great hope that whatever improvement that will be done at Westwood will become an immediate catalyst into the gold production of the month. But overall, what we plan is we do what we plan what we do and we do what we've done. So trying to make sure that we have stabilized the operation and we improve in an inclement manner the Westwood operation on all metrics. The meter of admins per day, meter per minute shift. The drilling is going very well also and we have a new Simba drill coming in.

因此，這也是為什麼我們很有希望：在Westwood所做的任何改善，都會立即成為推動每月黃金產量的催化劑。但整體而言，我們的計畫是：我們做我們計畫要做的，我們也做我們已經做過的。所以我們要確保營運已經穩定，並在各項指標上以循序漸進的方式改善Westwood的營運。每日掘進米數、每班次每分鐘的米數。鑽探也進展得很好，而且我們將引進一台新的Simba鑽機。

So the drilling performance is also improving very well. The ability of our mining crews to Viad, New Zealand are improving also with the algorithm that we have the algorithm. So overall, it's going well.

所以鑽探表現也在非常明顯地改善。我們採礦團隊的能力也在提升，Viad、紐西蘭（原文如此）也在提升，並且透過我們的演算法（algorithm），我們有這個演算法。所以整體而言，進展良好。

And I appreciate that you've seen, like quite a significance of the increase. I mean, again, it's a little bit of the questions on the cost side, depends a bit where you mine as well. What we want is reliable and safe operation. Are we going to see a continued increase? The focus is really to deliver, sustainable and safe operations. So we're very comfortable, really like the last quarter.

我也理解你們已經看到相當顯著的提升。我的意思是，再次回到成本面的問題，也取決於你在哪裡採礦。我們想要的是可靠且安全的營運。我們會看到持續增加嗎？重點確實是交付可持續且安全的營運。所以我們非常放心，基本上就像上個季度一樣。

But I think like being in the zone of the 1,000 to the 1,200 is a good zone, and we're going to always prioritize the safe operations.

但我認為，落在每日1,000到1,200的區間是一個不錯的區間，而我們永遠會把安全營運放在第一位。

And maybe if I can ask the second question, I'll put your goal on the improvement on the process cost, and sorry if I missed this, but is the improvement of the maintenance timeline for the HPGR already reflected in that expected cost improvement you had for the end of the year, or is that a positive surprise following the installation of the coin front?

另外如果我可以問第二個問題：你們的目標是改善加工成本；如果我漏聽了先說聲抱歉，但HPGR的維護週期改善是否已經反映在你們預期年底前的成本改善之中？還是說在安裝coin front（原文如此）之後，這會是一個額外的正面驚喜？

Thank you. No, I wouldn't call it a positive surprise, I would say a validation of what has been our beliefs since the start.

謝謝。不，我不會稱之為正面驚喜；我會說這是對我們自一開始以來信念的驗證。

Again, with the short of capacity on the dry, we knew we were feeding the HPGR slightly outside of the design criteria with the coarser ore, which was accelerating the wear on the machine. So since we've commissioned the second cone and we've been in capacity to return to the design criteria, we've seen an automatic and overnight change.

再者，由於乾段產能不足，我們知道在處理較粗礦石時，我們讓 HPGR 的進料略微超出設計標準，這加速了設備的磨耗。因此，自從我們投運第二台圓錐破碎機、產能得以回到設計標準後，我們看到了一個自動且幾乎是一夜之間的變化。

And we expect the change of the tire now to get back to the lifespan that we're expecting. So, yes, we're not expecting another change of tire this year, and therefore, it is built in the reductions of cost post the change.

我們也預期現在更換輪胎後，壽命會回到我們原先預期的水準。所以，是的，我們不預期今年還需要再換一次輪胎，因此在更換之後的成本降低已反映在預算中。

Josh Wolfson, RBC.

Josh Wolfson，RBC。

Yeah, thank you very much. I apologize. I just wanted to clarify a couple of things. I'm having trouble hearing some of the data points.

好的，非常感謝。抱歉。我只是想釐清幾件事。我有些數據點聽得不太清楚。

Just going back to some of the details on Cote, this comment about the plants operating above mainplate in the second-half of the year and some of the tonnage numbers that was provided, the numbers look to imply about maybe 10% to 15% above mainplate. In the second-half. I just want to clarify, does that sound correct? And then is it reasonable to assume that those throughput levels can be sustained beyond 2026, even before the expansion takes hold?

回到 Cote 的一些細節，關於下半年工廠運行高於名義產能（nameplate）的評論，以及所提供的一些處理量數字，這些數字看起來暗示大概比名義產能高出約 10% 到 15%。在下半年。我想確認一下，這樣理解正確嗎？另外，是否可以合理假設，即使在擴建尚未發揮效益之前，這些處理量水準也能在 2026 年之後持續？

Yeah, when we say that we can produce above nameplate, we have more than many days above 36,000 tons per day, even 18, 42,000 tons per day. With the addition of the second cone crushers and also allowing the anonymity of the R protecting now the HPGR, which is going to be running very efficiently, we expect to remain into that zone between the 36 and 42 in that.

是的，當我們說可以高於名義產能生產時，我們有很多天都超過每日 36,000 噸，甚至到 38,000、42,000 噸/日。隨著第二台圓錐破碎機的加入，並且現在 R 的保護（protecting）也讓 HPGR 能夠非常高效率地運行，我們預期可以維持在 36 到 42 之間的區間。

So that's very promising for us. With the shutdowns that we have in August and other shutdowns that we have in certain areas, we are still evaluating and planning an overall average throughput of 36.

這對我們來說非常令人振奮。考量到我們在 8 月以及其他區域的停機，我們仍在評估並規劃整體平均處理量為 36。

But overall, like when you have a very well run rate, it goes well beyond.

但整體而言，當你以非常良好的運轉速率運行時，處理量會遠遠超過這個水準。

What we've experienced, Josh, with the second column is for only a few weeks, unfortunately, before we started to have the issues on the conveyor. So the objective has always been to stabilize at the 36. So what we've seen is effectively, of course, if you want to reach 36, when you operate, you need to be above.

Josh，我們對第二台圓錐（cone）的實際經驗只有幾週，不幸的是，之後輸送帶就開始出現問題。所以我們的目標一直都是先穩定在 36。因此我們看到的是，當然，如果你要達到 36 的平均值，實際運行時就必須高於 36。

But you also heard Bruno. Earlier talking about slightly better grade as well. So it's not just a matter of throughput, it's a matter that we should access as well better grade in the second-half.

但你也聽到 Bruno。他先前也提到品位略有改善。所以不只是處理量的問題，我們在下半年也應該能取得較好的品位。

But the priority at this stage is to demonstrate that minimum 36 average, all time, in the dry, in the wet, as you crush finer, you will unlock more potential in the wet as well. So for the first stage first, as soon as we change a tire, we change the bell, we park the aggregate plan, the focus. This in June is to demonstrate that we actually could operate at an employee, then will come the optimizations on a step-by-step basis. But so far, so good for what we've seen with the crusher.

但現階段的優先事項，是證明在乾季、雨季都能長期達到至少 36 的平均值；當你把礦石破碎得更細，在雨季也會釋放出更多潛力。所以先把第一階段做好；一旦我們更換輪胎、更換襯板（bell）、把骨材廠（aggregate plant）停下來，重點。6 月的重點是證明我們確實可以在穩定狀態下運行，接著才會逐步進行最佳化。但就目前我們在破碎機上看到的情況而言，一切進展良好。

Okay, got it. And then your comment about the better grade, the number was mentioned on the call. Again, I apologize for not being able to hear. It was said it was 1.1 to 1.2 in the second-half. Is that correct?

好的，了解。然後關於你提到的較好品位，電話會議中有提到一個數字。再次抱歉我沒聽清楚。你們說下半年是 1.1 到 1.2。是這樣嗎？

Between 1 and 1.2.

在 1 到 1.2 之間。

So we did 1.07 the first quarter, and you could see a quarter above the 1.07. So we say 1 to 1.2, and hopefully we'll see quarters above the 1.1.

我們第一季是 1.07，而你也會看到有季度會高於 1.07。所以我們說 1 到 1.2，並希望能看到有季度高於 1.1。

Okay. And then last question, I know it's sort of been mentioned by some of the other participants just on mining costs for Cote. I mean, I wouldn't necessarily extrapolate the current quarter, and obviously there's a lot of volatility on the energy side of things, but what is a reasonable sort of mining cost for us to assume in the second-half of the year when you factor in maybe -- I'm not sure what sort of energy price to use. I'll let you guys figure that out, but maybe just at these higher throughput levels, what would be the target steady state?

好的。最後一個問題，我知道其他與會者也提到過 Cote 的採礦成本。我的意思是，我不一定會用本季去外推，且能源端顯然波動很大，但在下半年、把可能的——我不確定該用什麼能源價格假設——這部分讓你們來判斷，但在這些較高處理量水準下，我們合理可以假設的目標穩態採礦成本大概是多少？

Maarten, you can get some details, but I can say that at this stage, the focus is absolutely to bring those mining costs below the fore as we exit the year. Maarten.

Maarten，你可以補充一些細節，但我可以說，現階段的重點絕對是讓我們在年底前把採礦成本降到指引（forecast）以下。Maarten。

Josh, one thing we didn't mention earlier was that we've actually put in some price protection for oil at Cote. So for June, as well as for all of Q3, 90% of Cote's oil is hedged at. Price of about $80 per barrel. So if the price goes above $80 per barrel, it doesn't affect our cost further during that period. And we still participate if the price goes below that. So that will help offset some of that cost as well to get us close to that fall.

Josh，我們先前沒提到的一點是，我們其實已在 Cote 對油價做了一些價格保護。因此在 6 月以及整個第三季，Cote 90% 的用油都已以避險鎖定。價格大約是每桶 80 美元。所以如果油價高於每桶 80 美元，在那段期間不會進一步影響我們的成本。而如果油價低於該水準，我們仍可享有下行帶來的好處。因此這也將有助於抵銷部分成本，讓我們更接近那個目標。

So as we exit the year, as we achieve our objective to drop our mining below the fall. And get the mailing more towards the 15 as we exit. That is the main focus at this stage, knowing that there would be some more optimization to continue to take place.

因此在年底前，隨著我們達成把採礦成本降到指引以下的目標。並在年底前把採礦成本更朝向 15 的水準。這是現階段的主要重點，同時也知道後續仍會有更多最佳化持續進行。

Thank you. This concludes the question-and-answer session. I would like to turn the conference back over to Graeme Jennings for any closing remarks.

謝謝。問答環節到此結束。我想把會議交回給 Graeme Jennings，請他做結語。

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

非常感謝，接線員。感謝各位今天早上加入我們。一如往常，如果你們有任何初步問題，請聯繫 Renaud 或我本人。謝謝大家。請注意安全，祝各位有美好的一天。

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

謝謝。今天的電話會議到此結束。您可以掛斷線路。

Thank you for participating and have a pleasant day. Thank you.

感謝您的參與，祝您有愉快的一天。謝謝。