IAMGOLD Corp (IAG) 2026 Q2 法說會逐字稿

Welcome to the IAMGOLD Second Quarter 2026 Operating and Financial Results Conference Call and Webcast. As a reminder, all participants are in listen-only mode, and the conference is being recorded.

歡迎收聽 IAMGOLD 2026 年第二季營運與財務業績電話會議及網路直播。提醒各位，所有與會者目前為僅收聽模式，本次會議將被錄音。

(Operator Instructions) At this time, I would like to turn the conference over to Graeme Jennings, Vice President, Business Development and Investor Relations for IAMGOLD. Please go ahead, Mr. Jennings.

（接線員指示）此刻，我想將會議交給 IAMGOLD 企業發展與投資人關係副總裁 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; Marthinus Theunissen, Chief Financial Officer; Bruno Lemelin, Chief Operating Officer; Ankit Shah, Chief Strategy Officer; and Annie Torkia Lagace, 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。今天與會的有：總裁兼執行長 Renaud Adams；財務長 Marthinus Theunissen；營運長 Bruno Lemelin；策略長 Ankit Shah；以及法務長 Annie Torkia Lagace。

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, Chippewa, Haudenosaunee, and Wendat peoples. At IAMGOLD, we believe respecting and upholding indigenous rights is founded upon relationships that foster trust, transparency and mutual respect.

我們今天從 IAMGOLD 位於多倫多的辦公室進行會議；該地位於《條約 13》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）、豪德諾索尼族（Haudenosaunee）以及溫達特族（Wendat）。在 IAMGOLD，我們相信尊重並維護原住民權利，建立在促進信任、透明與相互尊重的關係之上。

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

請注意，我們在本次電話會議中的發言將包含前瞻性陳述，並會提及非 IFRS 衡量指標。我們建議您參閱有關非 IFRS 衡量指標的警示性陳述與揭露資訊，包括簡報以及我們最新 MD&A 中這些指標的調節表；上述內容皆列於「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. I will now turn the call over to our President and CEO, Renaud Adams.

關於將討論的技術資訊，請參閱簡報中「合格人士與技術資訊」標題下的內容。本次電話會議所引用的投影片可於我們的網站上瀏覽。接下來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. Thank you for joining us today. It was another strong and safe quarter for IAMGOLD. We produced 188,100 ounces of gold in the second quarter, bringing our year-to-date production to 371,700 ounces, positioning IAMGOLD firmly on track to meet our full year guidance of 720,000 to 820,000 ounces.

謝謝你，Graeme，各位早安。感謝各位今天加入我們。對 IAMGOLD 而言，這又是一個表現強勁且安全的季度。我們在第二季生產 188,100 盎司黃金，使年初至今產量達到 371,700 盎司，讓 IAMGOLD 穩健地朝全年指引 720,000 至 820,000 盎司的目標前進。

Our company continues to generate strong cash flow with nearly $900 million of mine site free cash flow produced year-to-date. This allows us to invest in our assets, strengthen our balance sheet and return capital to our shareholders at the same time. Since December, we have repurchased more than $0.5 billion of IAMGOLD shares.

本公司持續創造強勁現金流，年初至今礦場自由現金流接近 9 億美元。這使我們得以同時投資資產、強化資產負債表，並回饋資本給股東。自去年 12 月以來，我們已回購超過 5 億美元的 IAMGOLD 股票。

These repurchases reflects our confidence in the company's future and our view that our shares represent compelling value. That confidence is built on the growth we have across each of our mines. Over the coming quarters, we expect updated studies at Cote, Essakane, Westwood and Nelligan.

這些回購反映我們對公司未來的信心，以及我們認為公司股價具備相當吸引力的價值。這份信心建立在我們各座礦山的成長之上。在接下來幾個季度，我們預期將發布 Cote、Essakane、Westwood 與 Nelligan 的更新研究。

Our next phase of value creation starts at Cote. The first step is the updated mine plan and the technical report, which remains on track for the end of the year. For the first time, this plan will bring the Cote and Gosselin deposit together, building on the more than 20 million ounces of measured and indicated resources across the combined zone.

我們下一階段的價值創造將從 Cote 開始。第一步是更新的礦山計畫與技術報告，仍按計畫於年底完成。此計畫將首次把 Cote 與 Gosselin 礦床整合在一起，並以合併區域超過 2,000 萬盎司的探明及控制資源量（measured and indicated resources）為基礎。

The updated plan will define a near path to -- a near-term path to increase throughput towards 40,000 tonnes per day through targeted debottlenecking of the existing plant. This work is expected to be low cost and high return, supported by a larger reserve base and a longer mine life.

更新後的計畫將界定一條近期的——短期內提升處理量的路徑，透過對現有選礦廠進行針對性的瓶頸排除，使處理量朝每日 40,000 公噸提升。此項工作預期具備低成本、高回報的特性，並由更大的儲量基礎與更長的礦山壽命所支撐。

In parallel, we are advancing trade-off studies on a larger expansion of Cote. We have adjusted the scope of this work to reflect the significant size and opportunity at Cote. We are taking the time to assess the full scale of the asset, evaluating multiple scenarios to ensure that Cote is positioned to deliver value for generation to come.

同時，我們也在推進 Cote 更大規模擴建的取捨研究（trade-off studies）。我們已調整此項工作的範疇，以反映 Cote 顯著的規模與機會。我們正投入時間評估該資產的完整規模，檢視多種情境，以確保 Cote 能夠在未來世代持續創造價值。

At Essakane, we continue to see strong cash flow generation, which remains a key driver of our share buyback program. In the first half of the year, we plan to release an updated mine plan that is expected to outline a mine life extension to 2035. At Westwood, our Quebec underground mine continues to redefine itself as a stable cash-generative operation.

在 Essakane，我們持續看到強勁的現金流產出，這仍是我們股票回購計畫的關鍵驅動因素。在今年上半年，我們計畫發布更新的礦山計畫，預期將概述把礦山壽命延長至 2035 年。在 Westwood，我們位於魁北克的地下礦持續重新定位為一項穩定、可產生現金流的營運。

Next year, we are excited to outline a path to extend mine life and increase underground throughput with the potential to transform Westwood into a larger, higher throughput, lower cost operation. And of course, at Nelligan, we are advancing one of the Canada's largest emerging gold camp toward an initial economic study next year, marking an important step in defining its long-term development potential.

明年，我們很期待提出一條延長礦山壽命並提高地下礦處理量的路徑，具備將 Westwood 轉型為更大規模、更高處理量、成本更低的營運之潛力。當然，在 Nelligan，我們正推進加拿大最大的新興金礦礦區之一，朝明年的初步經濟研究邁進，這將是界定其長期開發潛力的重要一步。

In summary, IAMGOLD is performing well, generating strong cash flow, returning capital to shareholders and building real growth for the years ahead. With that, let's get into the quarter. Starting with health and safety, our total recordable injury frequency rate was 0.70 for the quarter and is tracking at 0.56 year-to-date.

總結來說，IAMGOLD 表現良好，創造強勁現金流，回饋資本給股東，並為未來數年建立實質成長。接下來讓我們進入本季度內容。先從健康與安全談起：本季度我們的總可記錄傷害頻率率（total recordable injury frequency rate）為 0.70，年初至今為 0.56。

I would like to recognize the Westwood team in particular, both continuous focus on safe operations set a strong standard. Safety come first to us, and I want to thank our teams across our operations for their ongoing commitment to safe and responsible mining. Turning to operations. IAMGOLD produced 188,100 ounces to our account in the second quarter.

我特別要肯定 Westwood 團隊，他們對安全營運的持續專注樹立了很高的標準。安全對我們而言永遠是第一位，我也要感謝各營運據點的團隊持續致力於安全且負責任的採礦。接著談營運。IAMGOLD 在第二季歸屬於本公司的產量為 188,100 盎司。

At Cote, attributable production was 67,300 ounces or 96,200 ounces on a 100% basis, which was made possible as the plant operated at near full capacity in June following the conveyor belt replacement and the commissioning of the second crusher. Essakane and Westwood also delivered strong quarters with grades slightly above forecast.

在 Cote，歸屬產量為 67,300 盎司（按 100% 基礎計為 96,200 盎司）；這得以實現，主要因為在更換輸送帶並完成第二台破碎機試運轉後，選礦廠於 6 月幾乎以滿載產能運行。Essakane 與 Westwood 也交出強勁季度表現，品位略高於預測。

Cash costs, including royalty, were $1,289 per ounce for the quarter and $1,244 per ounce year-to-date. For the full year, cash costs are tracking towards the upper half of our guidance range with improvement expected in the second half as Cote production increases. All-in sustaining costs, including royalty, are likewise tracking towards the upper half of the guided range.

本季度現金成本（含權利金）為每盎司 1,289 美元，年初至今為每盎司 1,244 美元。就全年而言，現金成本正朝我們指引區間的上半部靠攏；隨著 Cote 產量在下半年提升，預期將有所改善。全維持成本（含權利金）同樣正朝指引區間的上半部靠攏。

As a reminder, both Cote and Essakane has royalty structure tied directly to the gold price. With the realized gold price averaging over $4,600 per ounce year-to-date, royalties have added approximately $380 per ounce so far this year, about $55 per ounce above our guidance assumption. We continue to monitor inflation and energy market volatility closely.

提醒各位，Cote 與 Essakane 的權利金結構皆與金價直接連動。由於年初至今實現金價平均超過每盎司 4,600 美元，權利金今年迄今已增加約每盎司 380 美元，較我們指引假設高出約每盎司 55 美元。我們將持續密切關注通膨與能源市場波動。

In the first half of the year, certain input costs increased by approximately 3%, in line with our expectations. In the second quarter, oil prices were approximately $25 to $30 per barrel above our guidance assumptions, adding about $35 per ounce above our cost guidance.

在上半年，部分投入成本上升約 3%，符合我們的預期。在第二季，油價較我們指引假設每桶高出約 25 至 30 美元，使成本較我們成本指引增加約每盎司 35 美元。

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

接下來，我將把電話交給我們的財務長，請他帶我們檢視財務事項。Maarten？

Thank you, Renaud, and good morning, everyone. The combination of strong operating performance and a favorable gold price environment continued to generate significant cash flow during the quarter. Our capital allocation strategy is to deploy funds to sustain and optimize our operations, fund our expansion and mine life extension initiatives and then use remaining funds for strategic opportunities and shareholder returns.

謝謝你，Renaud，各位早安。本季在強勁的營運表現與有利的金價環境帶動下，持續產生可觀的現金流。我們的資本配置策略是：運用資金以維持並優化營運、為擴產與延長礦山壽命計畫提供資金，之後再將剩餘資金用於策略性機會與股東回饋。

Net cash from operating activities totaled $445.1 million during the quarter, an increase of $359.3 million when compared to the $85.8 million of cash from operating activities in Q2 2025. We used the operating cash flow to fund $115.6 million of capital expenditures the full repayment of the remaining $100 million outstanding on the credit facility, $74 million paid to the government of Burkina Faso related to the Essakane dividend distribution and $147.9 million of shares repurchases under our share buyback program.

本季營運活動產生的淨現金流合計為4.451億美元，較2025年第二季營運活動現金流8,580萬美元增加3.593億美元。我們運用營運現金流支應1.156億美元的資本支出、全額償還信貸額度尚未償還的1億美元、就Essakane股利分配向布吉納法索政府支付7,400萬美元，以及依據庫藏股回購計畫回購1.479億美元的股份。

As Renaud noted, since we initiated the share buyback in December, IAMGOLD has repurchased approximately 28 million shares for $510.4 million, which equates to approximately 45% of our mine site free cash flow returned to shareholders, a clear signal of our confidence in the value of our shares.

如Renaud所提，自12月啟動庫藏股回購以來，IAMGOLD已回購約2,800萬股、金額5.104億美元；相當於將約45%的礦區自由現金流回饋給股東，清楚展現我們對公司股價價值的信心。

In June, we further enhanced our financial flexibility by amending the credit facility, increasing total capacity from $650 million to $850 million, extending the maturity to 2030, improving covenant terms and lowering overall borrowing costs. The amended facility also includes a further $250 million accordion feature, providing additional liquidity potential.

6月，我們透過修訂信貸額度進一步提升財務彈性：將總額度由6.5億美元提高至8.5億美元、到期日延長至2030年、改善財務契約條款並降低整體借款成本。修訂後的額度亦包含額外2.5億美元的「accordion」增額機制，提供更多潛在流動性。

As a result, we ended the quarter with $501.4 million in cash and cash equivalents, no amounts drawn on the revolving facility and total available liquidity of approximately $1.35 billion. Revenues for the second quarter was $856.9 million on sales of 195,100 ounces at an average realized gold price of $4,384 per ounce.

因此，我們在季末持有5.014億美元的現金及約當現金，循環額度未動用，總可用流動性約13.5億美元。第二季營收為8.569億美元，銷售195,100盎司，平均實現金價為每盎司4,384美元。

This was slightly below the quarter average as production was weighted towards the back end of the quarter. Adjusted EBITDA in the second quarter was $507.1 million and adjusted net earnings attributable to equity holders of $241.6 million or $0.42 per share compared with $77.3 million and $0.13 per share in the prior period. On a trailing 12-month basis, adjusted EBITDA has increased to approximately $2.2 billion.

此價格略低於季度平均，因為產量主要集中在季度後段。第二季調整後EBITDA為5.071億美元；歸屬於權益持有人的調整後淨利為2.416億美元或每股0.42美元，對比前一期間為7,730萬美元或每股0.13美元。以過去12個月計，調整後EBITDA已增加至約22億美元。

Cash flow from operating activities, excluding working capital adjustments, was $442 million in the quarter, an increase of $315.6 million year-over-year. Mine site free cash flow was $368.9 million in the second quarter, a $228.4 million or 169% increase compared to Q2 2025.

本季營運活動現金流（不含營運資金調整）為4.42億美元，年增3.156億美元。第二季礦區自由現金流為3.689億美元，較2025年第二季增加2.284億美元或169%。

Year-to-date mine site free cash flow was $893.5 million, a $613.5 million or 29% increase compared to the same period in 2025. Taken together, these results reflect the fundamental transformation of the company's financial position. Just over a year ago, IAMGOLD carried more than $800 million of net debt.

年初至今礦區自由現金流為8.935億美元，較2025年同期增加6.135億美元或29%。綜合而言，這些成果反映公司財務狀況的根本性轉變。就在一年多前，IAMGOLD仍背負超過8億美元的淨負債。

As of June 30, 2026, the company is in a net cash position with an undrawn and increasing revolving facility and the balance sheet capacity to fund growth and return capital to shareholders concurrently. And with that, I will pass the call to Bruno Lemelin, our Chief Operations Officer, to discuss our operating results and outlook. Bruno?

截至2026年6月30日，公司已轉為淨現金部位，循環額度未動用且額度提高，資產負債表亦具備同時支持成長投資與回饋股東的能力。接下來我把電話交給我們的營運長Bruno Lemelin，請他說明營運成果與展望。Bruno？

Thank you, Maarten. Starting with Cote Gold. Cote produced 96,200 ounces on a 100% basis in the quarter, bringing the year-to-date production to 170,900 ounces. Strong production is expected in the second half, putting Cote well on track to meet the production guidance of 309,000 to 440,000 ounces this year.

謝謝你，Maarten。先從Cote Gold開始。本季Cote以100%口徑計產金96,200盎司，使年初至今產量達170,900盎司。預期下半年產量強勁，Cote正穩步達成今年30.9萬至44.0萬盎司的產量指引。

The story of the quarter is really the story of June when the plant operated at near full capacity following the conveyor belt replacement in May and the commissioning of the second cone crusher earlier in the year. On the mining side, we moved 11.7 million tonnes of total material with 3.1 million tonnes of ore at a strip ratio of 2.8:1.

本季的重點其實是6月：在5月更換輸送帶、以及今年稍早第二台圓錐破碎機完成試車投產後，選礦廠幾乎以滿載產能運轉。採礦方面，我們共移運1,170萬噸物料，其中礦石310萬噸，剝採比為2.8:1。

Grade mine averaged 0.86 gram per tonne, both the strip ratio and the grade reflects where we are in the mine plan. We worked on pushback areas and focus on opening up a new bench to set up the second half of the year. In the plant, we milled 2.9 million tonnes. We managed throughput early in the quarter ahead of the CV10 conveyor replacement in late May.

入選礦石平均品位為每噸0.86克；剝採比與品位皆反映我們在礦山計畫中的階段。我們在推進回採（pushback）區域作業，並著重開拓新的台階，以為下半年作業做準備。選礦廠方面，本季磨礦量為290萬噸。在5月底更換CV10輸送機之前，我們於季初對處理量進行了管理與調整。

Once the new heavier gauge belt was installed, we ramped the plant back to nameplate and processed over 1 million tonnes in the month of June alone. Head grade averaged 1.12 gram per tonne at recoveries of 93%. And I would note that reconciliation between our reserve model and mill feed continues to sit well within expected tolerances.

新、更厚規格的皮帶安裝完成後，我們將選礦廠產能拉升回設計產能（nameplate），僅6月單月就處理超過100萬噸。入磨品位平均為每噸1.12克，回收率為93%。我也要指出，我們的儲量模型與磨礦入料之間的對帳結果，持續維持在預期容許範圍內。

The most significant operational milestone in the quarter was discontinuing external contractor crushing by the end of June. We are already seeing the benefits as the processing cost in June averaged $17.72 per tonne, down from an average of $22.5 per tonne over the prior three quarters. We have seen additional operating improvement.

本季最重要的營運里程碑，是在6月底前停止使用外部承包商進行破碎作業。我們已經看到效益：6月的處理成本平均為每噸17.72美元，低於前3個季度平均每噸22.5美元。我們也看到額外的營運改善。

First, with better sized material now feeding the HPGR. We are seeing improved wear rates on the rollers. A longer HPGR lifespan should translate into lower maintenance costs and better crushing circuit ability going forward. Second, the mining fleet that had been dedicated to rehandling material for the contract crusher is now being redeployed on two mining activities.

第一，因為現在進入HPGR（高壓輥磨機）的物料粒徑更合適。我們看到輥面磨耗率改善。HPGR使用壽命延長應可轉化為更低的維修成本，並提升未來破碎迴路的運作能力。第二，原本用於為承包商破碎機回運（rehandling）物料的採礦車隊，現在正重新部署到兩項採礦作業上。

Combined with three new haul trucks coming into service, we expect mining rates to step up in the second half. Looking forward, we anticipate the plant averaging nameplate of 36,000 tonnes per day over the course of the year and head grades between 105 and 115 gram per tonne. Production is weighted to the second half on both higher throughput and higher grades.

再加上三台新的自卸卡車投入服務，我們預期下半年採礦率將提升。展望未來，我們預期選礦廠全年平均可達設計產能每日36,000噸，且入料品位介於每噸105至115克。產量將偏重於下半年，原因在於處理量與品位皆較高。

Turning to costs. Cote reported second quarter cash costs, excluding royalties of $1,245 per ounce and all-in sustaining cost of $2,082 per ounce. Costs remain elevated on external contractor crushing, contractor support for the conveyor repair and scheduled maintenance, compounded by higher diesel prices.

接著談成本。Cote第二季現金成本（不含權利金）為每盎司1,245美元，全維持成本（AISC）為每盎司2,082美元。成本仍偏高，原因包括外部承包商破碎、輸送帶維修的承包商支援與例行維護，再加上柴油價格上漲的影響。

On a unit basis, mining costs averaged $4.49 per tonne mined and milling costs $20.85 per tonne milled in the quarter. Both remain above where we intend to operate and the path to improvement is clear. On mining, the contractor crusher required significant rehandling and tied up haul truck utilization. With the contractor phased out and three new haul trucks coming into service, that capacity returns to the pit.

以單位成本計，本季採礦成本平均為每採出噸4.49美元，磨礦成本為每磨礦噸20.85美元。兩者仍高於我們期望的營運水準，但改善路徑很明確。在採礦方面，承包商破碎作業需要大量回運處理，並占用自卸卡車的使用率。隨著承包商逐步退出且三台新自卸卡車投入服務，這些運能將回到礦坑作業。

On mining, June's cost of $17.72 per tonne gives us a real-world data point for what the circuit delivers without contracted crushing. We are targeting mining costs of $4 per tonne and mining cost of $15 per tonne by year-end with further reductions expected into 2027.

在磨礦方面，6月每噸17.72美元的成本，為我們提供了在不使用承包破碎情況下該迴路表現的實際數據點。我們目標在年底前將採礦成本降至每噸4美元、磨礦成本降至每噸15美元，並預期在2027年進一步下降。

On capital, we invested $54.6 million at Cote in the quarter on attributable basis capital expenditures are to be weighted to the second half on equipment delivery timing and project schedule. Putting that together for the year, we expect cash costs, excluding royalties at Cote, near the top end of our $900 to $1,050 per ounce guidance range and AISC, excluding royalties at the top end of the $1,475 to $1,625 range.

在資本支出方面，本季我們在 Cote 以應占基礎投資了 5,460 萬美元。由於設備交付時點與專案進度安排，資本支出預計將偏重於下半年。綜合全年來看，我們預期 Cote（不含權利金）的現金成本將接近每盎司 900 至 1,050 美元指引區間的上緣，而 AISC（不含權利金）將接近每盎司 1,475 至 1,625 美元區間的上緣。

Cote carries a 7.5% gross margin royalties and various net smelter return royalties, which accounted for $309 per ounce in our cash costs or 20% of cash costs. Costs are expected to improve through the second half on higher production volumes, the removal of contracted crushing, improved maintenance cycles and greater efficiencies as the pit opens up.

Cote 承擔 7.5% 的毛利權利金（gross margin royalties）以及各類淨冶煉回收（NSR）權利金；這些在我們的現金成本中相當於每盎司 309 美元，約占現金成本的 20%。隨著產量在下半年提高、移除外包破碎作業、改善維修週期，以及礦坑逐步開展帶來更高效率，成本預期將改善。

With a clear path to higher production and lower cost, attention now turns to the next phase for Cote. On June 1, we announced an updated mineral resource estimate that, for the first time, combined the Cote and Gosselin zones together into a single block model. On a 100% basis, measured and indicated resources increased to 20.3 million ounces with 3.5 million ounces of inferred.

在具備明確的增產與降本路徑下，焦點現已轉向 Cote 的下一階段。6 月 1 日，我們公布更新的礦產資源量估算，首次將 Cote 與 Gosselin 礦區合併為單一區塊模型。以 100% 基礎計，探明及控制（measured and indicated）資源量增加至 2,030 萬盎司，推斷（inferred）資源量為 350 萬盎司。

This larger resource base will support our updated technical report and life of mine plan, which we expect to release towards the end of the year. The plan is expected to show a significant increase in both reserves and mine life. It will also set out a near-term path to raise processing capacity beyond the current nameplate of 36,000 tonnes per day towards a sustained rate of about 40,000 tonnes per day.

這更大的資源基礎將支撐我們更新的技術報告與礦山全壽命（life of mine）計畫，我們預期將於年底前後發布。該計畫預期將顯著提高儲量並延長礦山壽命。同時也將提出短期內將處理能力由目前名目產能 36,000 噸/日，提高至可持續約 40,000 噸/日的路徑。

That first step comes from further debottlenecking and targeted plant improvement, not from a major new build. It includes accelerating certain works such as an additional Verde mill. In parallel, we are evaluating longer-term expansion scenarios beyond 40,000 tonnes per day through technical infrastructure and permitting studies.

第一步將來自進一步消除瓶頸與針對性的選礦廠改善，而非大型新建工程。其中包括加速部分工程，例如新增一座 Verde 磨機。同時，我們也透過技術基礎設施與許可研究，評估長期在 40,000 噸/日以上的擴產情境。

Our objective is to determine the right scale and the right development path for Cote. For a project of this size, scope and importance, it is critical we determine the optimal long-term expansion strategy. The additional nonrecurring sustaining and expansion capital we are investing to date supports that work. The plant improvements provide improved ability and capacity.

我們的目標是為 Cote 確定合適的規模與正確的開發路徑。對於如此規模、範疇與重要性的專案而言，確定最佳的長期擴產策略至關重要。迄今我們投入的額外一次性維持性資本與擴張資本，正是為了支持這項工作。這些選礦廠改善將提升能力與產能。

The Phase 2 pit pushback gives us operating flexibility in the near term, and it also prepares the ground for a larger operation. We are reducing the risk of the bigger build well before we commit to it. We also continue to grow the resource. At Cote and Gosselin, we are drilling over 30,000 meters to test the extensions to the Northeast to improve confidence in the resource and to convert inferred ounces into the indicated.

第二階段礦坑回推（pit pushback）在短期內提供營運彈性，同時也為更大規模的作業做好準備。在我們正式承諾更大型建設之前，就先行降低其風險。我們也持續擴增資源量。在 Cote 與 Gosselin，我們正進行超過 30,000 公尺的鑽探，以測試東北向延伸、提升資源信心，並將推斷盎司轉換為指示（indicated）類別。

Turning to Westwood. The operation delivered another strong quarter, producing 32,400 ounces, supported by solid underground performance. Year-to-date, Westwood has produced 68,600 ounces, positioning well on track with our guidance target of 110,000 to 130,000 ounces. Underground mining totaled 104,000 tonnes at an average grade of 8.4 grams per tonne with the guaranteed open pit contributed 109,000 tonnes of ore as waste stripping continued to position the pit for future production.

接著談 Westwood。該營運單位本季再度交出強勁表現，產量 32,400 盎司，受惠於穩健的地下礦表現。年初至今，Westwood 已生產 68,600 盎司，與我們 110,000 至 130,000 盎司的指引目標相比，進度良好。地下採礦合計 104,000 噸，平均品位每噸 8.4 克；同時，露天礦（guaranteed open pit）貢獻 109,000 噸礦石，剝離廢石作業持續進行，以為未來生產做好礦坑準備。

Mill throughput was 287,000 tonnes at a blended grade of 3.75 grams per tonne and recoveries of 94%. Throughput was lower than the prior year due to a planned mill shutdown early in the quarter, but overall operating performance remained strong. Most importantly, Westwood generated $56.5 million of mine site free cash flow during the quarter and $166.5 million year-to-date.

磨礦處理量為 287,000 噸，混合品位每噸 3.75 克，回收率 94%。由於本季初有計畫性的磨機停機，處理量低於去年同期，但整體營運表現仍然強勁。最重要的是，Westwood 本季產生 5,650 萬美元的礦區自由現金流，年初至今累計 1.665 億美元。

The operation continues to demonstrate the value of the technical and operational changes implemented over the past years, delivering safe and reliable production, strong margins and meaningful cash flow generation. Turning to cost and outlook. Westwood continues to perform well across both operational and financial metrics.

該營運持續展現過去數年所實施技術與營運變革的價值，提供安全且可靠的產量、強勁的利潤率，以及可觀的現金流創造。接著談成本與展望。Westwood 在營運與財務指標上皆持續表現良好。

Cash costs were $1,606 per ounce in the quarter and all-in sustaining costs were $2,163 per ounce. Year-to-date, AISC is averaging $1,921 per ounce, which is tracking below our full year guidance range. While we have seen modest cost increases related to additional drilling activity and higher explosive costs, overall cost performance remains strong.

本季現金成本為每盎司 1,606 美元，全維持成本（AISC）為每盎司 2,163 美元。年初至今，AISC 平均為每盎司 1,921 美元，低於我們全年指引區間。雖然我們看到與額外鑽探活動及炸藥成本上升相關的溫和成本增加，但整體成本表現仍然強勁。

Looking ahead, our focus is on unlocking the next phase of value at Westwood. This year, we are investing around $30 million of expansion capital to advance exploration and development activities in the eastern extension of the mine, where drilling continues to demonstrate encouraging results, including a thickening of the mineralized system.

展望未來，我們的重點是釋放 Westwood 下一階段的價值。今年我們將投入約 3,000 萬美元的擴張資本，用於推進礦山東部延伸區的勘探與開發活動；該區鑽探持續展現令人鼓舞的結果，包括礦化系統變厚。

Our teams are now advancing underground development into this area and conducting bulk testing to better understand its long-term potential. We expect to publish an updated technical report in the second half of 2027. This work is expected to support an extension of mine life and evaluate the potential for more productive bulk mining methods within the Eastern zone.

我們的團隊目前正推進該區域的地下開發，並進行大宗測試（bulk testing），以更好理解其長期潛力。我們預期將於 2027 年下半年發布更新的技術報告。這項工作預期將支持延長礦山壽命，並評估在東部礦帶（Eastern zone）採用更高生產力的大規模採礦方法的潛力。

If successful, this could support higher underground throughput, improve mining costs and increase production over time. Turning to Essakane. The operation delivered another strong quarter, producing 88,400 attributable ounces, an increase of 15% over the prior year period. Year-to-date, Essakane has produced 183,500 ounces, putting the mine well on track with our guidance targets.

若成功，這將可支持更高的地下處理量、改善採礦成本，並隨時間推移提高產量。接著談 Essakane。該營運本季再度表現強勁，生產 88,400 應占盎司，較去年同期增加 15%。年初至今，Essakane 已生產 183,500 盎司，使該礦山進度良好，符合我們的指引目標。

Performance in the quarter continued to benefit from positive grade reconciliation as mining progressed deeper into Phase 7, consistent with what we have observed in previous phases of the deposit. Mining activities totaled 12 million tonnes during the quarter, including 2.5 million tonnes of ore, while waste stripping remained elevated as we continue to advance the adjacent Lao pit.

本季表現持續受惠於正向的品位對帳（grade reconciliation），因採礦作業深入第 7 期（Phase 7），與我們在該礦床先前各期所觀察到的情況一致。本季採礦活動合計 1,200 萬噸，其中礦石 250 萬噸；同時，由於我們持續推進相鄰的 Lao 礦坑，剝離廢石量仍維持在高位。

Despite the higher stripping requirements, the operation delivered solid throughput of 3.2 million tonnes with head grades of 1.13 grams per tonne and recoveries of 88%. Most importantly, Essakane continues to generate substantial cash flows. Mine site free cash flows totaled $162.1 million during the quarter and $464.8 million year-to-date, even after a $60.2 million tax payment.

儘管剝離需求較高，該營運仍交出穩健的處理量 320 萬噸，入選品位每噸 1.13 克，回收率 88%。最重要的是，Essakane 持續產生可觀的現金流。本季礦區自由現金流合計 1.621 億美元，年初至今累計 4.648 億美元，即使已支付 6,020 萬美元稅款亦然。

Over the last 12 months, Essakane has generated more than $800 million of mine site free cash flow, highlighting the strength of the asset in the current gold price environment. As we look into the second half of the year, mining will remain focused on Phase 7 and the development of the Lao pit.

過去 12 個月，Essakane 已產生超過 8 億美元的礦區自由現金流，凸顯該資產在目前金價環境下的強勁實力。展望下半年，採礦仍將聚焦於第 7 期（Phase 7）以及 Lao 礦坑的開發。

While grades are expected to normalize as additional Lao ore enters the mine plan, the operation remains well positioned to achieve annual production guidance and continue generating significant free cash flow. Turning to costs. Essakane delivered a strong quarter.

雖然隨著更多 Lao 礦石納入礦山計畫，品位預期將回歸常態，但該營運仍具備良好條件以達成年度產量指引，並持續產生顯著的自由現金流。接著談成本。Essakane 本季表現強勁。

Cash costs, excluding royalties, were $1,214 per ounce, a reduction of 22% from the prior year period and all-in sustaining costs, excluding royalties, were $1,691 per ounce. The improvement was driven largely by unit cost performance in the pit, where open pit mining costs fell to $4.79 per operating tonne from $6.02 a year ago as 3D gain in the initial saprolite benches of the Lao pit reduced both explosives and energy consumption.

現金成本（不含權利金）為每盎司 1,214 美元，較去年同期下降 22%；全維持成本（不含權利金）為每盎司 1,691 美元。改善主要由礦坑單位成本表現所帶動：露天採礦成本由一年前每作業噸 6.02 美元降至 4.79 美元，原因是 Lao 礦坑初期風化層（saprolite）台階的 3D 增益降低了炸藥與能源消耗。

Milling costs also improved to $18.88 per tonne as the liner replacement was completed in the first quarter this year rather than the second. Royalties accounted for $510 per ounce, representing approximately 30% of cash costs and an increase of $220 per ounce over the prior year period. This reflects both the higher gold price and the current royalty regime in which our average royalty rate in the quarter was 12% against 9% a year ago.

由於襯板更換於今年第一季而非第二季完成，磨礦成本亦改善至每噸 18.88 美元。權利金為每盎司 510 美元，約占現金成本的 30%，較去年同期每盎司增加 220 美元。這反映了金價上升以及現行權利金制度；本季我們的平均權利金率為 12%，而一年前為 9%。

Looking beyond 2026, we intend to publish an updated technical report in the first half of 2027, which is expected to demonstrate the potential to extend Essakane's mine life through 2035, supported by additional phases in the Essakane pit and the adjacent open pits.

展望 2026 年之後，我們計劃於 2027 年上半年發布更新的技術報告，預期將展示 Essakane 礦山壽命可延長至 2035 年的潛力，並由 Essakane 主礦坑的額外開採階段及鄰近露天礦坑提供支持。

With that, I will pass it back to Renaud. Renaud?

接下來我把時間交回給 Renaud。Renaud？

Thank you, Bruno, and congrats to you and your teams on strong and safe operational results. Turning to growth. Beyond our three operating mines, the Nelligan mining complex in Quebec is where we see the next chapter of this company. Nelligan now holds 4.3 million ounces of indicated and 7.5 million ounces of inferred mineral resources.

謝謝你，Bruno，也恭喜你和你的團隊取得強勁且安全的營運成果。接著談成長。在我們三座營運中礦山之外，魁北克的 Nelligan 採礦綜合區是我們看見公司下一篇章的所在。Nelligan 目前擁有 430 萬盎司的指示資源量與 750 萬盎司的推斷資源量。

The consolidations completed last December gives us 100% ownership of one of the largest preproduction gold camps in Canada on a single contiguous land package. Our focus this year is on drilling. We have budgeted approximately $24 million across the complex in 2026 with programs at Nelligan, Philibert and Monster Lake.

去年 12 月完成的整併使我們在單一連續地塊上，擁有加拿大最大之一的前生產黃金礦區 100% 權益。我們今年的重點是鑽探。我們已為 2026 年在整個綜合區編列約 2,400 萬美元預算，涵蓋 Nelligan、Philibert 與 Monster Lake 的計畫。

Roughly 45,000 meters of close to 70,000 meters are complete, and we expanded the Nelligan program during the quarter from 18,000 to 24,000 meters on the strength of results to date. Mineralization remains open along strike and at depth, and we expect to release drill results later this year. What makes this district compelling is not any single deposit, but the relationship between them.

約 70,000 公尺中的約 45,000 公尺已完成，且基於迄今成果的強勁表現，我們在本季將 Nelligan 計畫由 18,000 公尺擴大至 24,000 公尺。礦化在走向及深部仍為開放，我們預期於今年稍晚公布鑽探結果。使該區域具吸引力的並非任何單一礦床，而是礦床之間的關聯性。

All of the primary deposit sits within 17 kilometers radius, which supports the conceptual vision of a central processing facility fed from multiple ore sources. That is the concept our teams are working to define. We expect to publish an inaugural technical report for the complex in the first half of 2027, which will bring this deposit together into a single development concept for the first time.

所有主要礦床皆位於 17 公里半徑範圍內，支持「由多個礦源供料至中央處理設施」的概念性願景。這正是我們團隊正在努力界定的概念。我們預期於 2027 年上半年發布該綜合區的首份技術報告，首次把這些礦床整合為單一開發概念。

Nelligan has the potential to become one of the premier development projects in Canada. And with the deposit still open, our focus remains on growing the resource and defining the full scale of the district. Before we open the line for questions, a few closing thoughts. This was another quarter of safe, consistent execution. We remain on track for guidance.

Nelligan 有潛力成為加拿大首屈一指的開發專案之一。而在礦床仍為開放的情況下，我們的重點仍是擴大資源量並界定整個礦區的完整規模。在開放提問之前，做幾點結語。本季再次展現安全且一致的執行力。我們仍按計畫達成指引。

We have generated nearly $900 million of mine site free cash flow year-to-date, and we ended the quarter in a net cash position with nearly $1.4 billion of liquidity while returning over $0.5 billion to shareholders since last December. Looking ahead, we have work underway across every asset.

年初至今我們已產生接近 9 億美元的礦區自由現金流；本季末我們處於淨現金部位，流動性接近 14 億美元，且自去年 12 月以來已向股東回饋超過 5 億美元。展望未來，我們在每一項資產上都有工作正在推進。

At Cote, an updated technical report later this year, integrating Cote and Gosselin for the first time with a much larger reserve base, a longer mine life and a near path to approximately 40,000 tonnes per day. The consolidated resource point to a larger operations over time, and we'll continue to advance that work. At Essakane, an updated mine plan in the first half of 2027, evaluating a mine life extension through 2035.

在 Cote，我們將於今年稍晚發布更新的技術報告，首次整合 Cote 與 Gosselin，帶來更大的儲量基礎、更長的礦山壽命，以及接近每日約 40,000 噸的近期路徑。整併後的資源顯示，隨時間推進可形成更大規模的營運，我們將持續推動相關工作。在 Essakane，我們將於 2027 年上半年發布更新的礦山計畫，評估將礦山壽命延長至 2035 年。

At Westwood, mine life extension and underground expansion study in the second half of 2027. And at Nelligan, our inaugural technical report in the middle of next year. Each is about the same objective, understanding the full scale of what we hold and doing it from a position of financial strength. Thank you for your continued support. Operator, you can now open the line for questions.

在 Westwood，我們將於 2027 年下半年進行礦山壽命延長與地下擴建研究。而在 Nelligan，我們將於明年年中發布首份技術報告。每一項工作的目標都相同：在財務實力穩健的基礎上，了解我們所持資產的完整規模。感謝各位持續支持。接線員，現在可以開放提問。

(Operator Instructions)

(接線員指示)

Sathish Kasinathan, Bank of America Securities.

Sathish Kasinathan，美國銀行證券。

My first question is on the Cote expansion study. Could you maybe provide a bit more color on what changed over the past three months that drove the shift to a more phased approach? Are you now leaning towards a much larger expansion, maybe doubling the capacity to 70,000 to 80,000 tonnes per day? Or did you come across some technical findings that require more time to complete the studies?

我的第一個問題關於 Cote 擴建研究。能否請你多補充一些細節，說明過去三個月有哪些變化促使你們轉向更分階段的做法？你們現在是否傾向於更大規模的擴建，例如將產能加倍至每日 70,000 到 80,000 噸？或者你們是否發現了一些技術面的結果，需要更多時間完成研究？

Okay. So thanks for your questions, and happy to provide more questions. And Bruno, you can add to it. Not to read between beyond more than, call it, disciplined and diligent capital allocation at this stage. It became obvious over the last few months as we advance and continue to look at the opportunity that this large resource base at Cote and Gosselin provide for potentially multiple different scenarios.

好的。謝謝你的提問，也很樂意提供更多說明。Bruno，你也可以補充。這並不是要過度解讀，而是在此階段我們採取更審慎且勤勉的資本配置。在過去幾個月，隨著我們推進並持續評估機會，很明顯 Cote 與 Gosselin 的龐大資源基礎可能支持多種不同情境。

And quite frankly, when you're looking at the next three years, we'll be pretty much executing on the same. It doesn't really matter of the scenario. The next three years are a lot around focusing on the improvement on reducing our cost or hitting our 36,000 on a very sustaining basis and then slowly ramping up to 40,000.

坦白說，著眼未來三年，我們大致都會執行相同的工作。不論是哪一種情境，其實差異不大。未來三年主要是聚焦於改善、降低成本，或在可持續的基礎上達成每日 36,000 噸，然後再逐步爬升至 40,000 噸。

We're going to continue -- we're not going to waste our timeline, obviously, we're going to continue with our baselines. We're going to work on migrations thus all what is required to potentially. But as you mentioned, it's not so much about the -- is it like a 50,000, 60,000, 70,000 more than we just don't want to limit ourselves on the multiple and take just more time to really assess different scenario.

我們會繼續推進——顯然不會浪費時間——並持續以既定基準方案前進。我們也會著手進行各項調整與轉換，以及所有可能需要的工作。但如你所提，重點不在於——是否是 50,000、60,000、70,000；而是我們不想在多種可能性上自我設限，並希望花更多時間真正評估不同情境。

So if you remember back in 2022, the company released the 43-101, the 36,000 moving towards 42,000 from which now we're sitting at about $7 million of reserves. So the opportunity here is to update this with the new projections from 36,000 to roughly 40,000. We could potentially do a little more, but -- and update our cost and so forth and just continue to assess and just pick what we think is the best.

如果你回想 2022 年，公司發布了 43-101，從每日 36,000 噸邁向 42,000 噸；而現在我們的儲量約為 700 萬盎司。因此，這裡的機會在於，依據新的預測把每日 36,000 噸更新至約 40,000 噸。我們可能還能再多一些，但——同時更新我們的成本等，並持續評估，最後選擇我們認為最好的方案。

This is one of the top resource base in Canada. It's not about rushing the outcome of this but really take the time for proper and discipline in that. There is no technical challenges beyond. It's just multiple opportunities. We have mentioned recently, of course, up to very recently, the opportunity to go up to 50,000, and we were challenging ourselves, do we do the dry right away at a higher throughput.

這是加拿大最頂尖的資源基礎之一。重點不是急著得出結論，而是花時間以適當且有紀律的方式把事情做好。沒有任何超出預期的技術挑戰。只是存在多種機會。我們最近也提到，直到不久前，我們都有機會提升至每日 50,000 噸，並且我們也在自我挑戰：是否要一開始就以更高處理量導入乾式方案。

So clearly, there is opportunities at Cote that deserve a little more of disciplined look at and come out down the road with what is the best. So again, nothing to be worried about. Definitely no technical challenges, more than disciplined and diligent approach. Bruno, happy if you want to give anything.

因此，Cote 的確有一些機會值得以更有紀律的角度再多看一看，並在未來提出最佳方案。再次強調，沒有什麼需要擔心的。絕對沒有技術挑戰，更多是審慎且勤勉的做法。Bruno，如果你想補充也歡迎。

Yes. So the main objective of this technical report is also to valorize confirm the reserve on Gosselin side. So you will see a large expansion on the reserve side coming from that report.

是的。因此，這份技術報告的主要目標之一，也是要在 Gosselin 端確認並增值（提升價值）其儲量。所以你會看到該報告帶來的儲量端大幅擴張。

And quite frankly, as Bruno mentioned, there's very low to mill differences. We will capture the massive increase of the reserve base. In the short term, the 40,000, 50,000 and so forth, this is not what drives the value more than the extension of the life of mine and the massive expansion of the extension of the reserve base and so forth and work diligently to hit the 36,000 consistently and up to 40,000, lowering our costs, open the pit.

坦白說，如 Bruno 所提到的，礦到磨（mine-to-mill）的差異非常小。我們將把儲量基礎的大幅增加納入。短期內的 40,000、50,000 等等，真正驅動價值的並不是這些，而是延長礦山壽命、以及儲量基礎的大幅擴張等；同時我們也會努力穩定達到 36,000，並提升到 40,000、降低成本、開採露天礦坑。

So again, pretty much the same execution over the next two years. We'll use the time for environmental baseline and advance, whatever. There is some permitting that could advance as well, water and so forth. So we'll be more specific in the report, and we'll be capable to provide the next three years for this. And again, depending on the expansion down the road, it doesn't really change the next three years.

所以再次強調，未來兩年的執行基本上差不多。我們會利用這段時間進行環境基線工作並推進相關事項等。也有一些許可（permitting）可以同步推進，例如用水等。因此我們會在報告中更具體說明，並能提供接下來三年的規劃。而且再次強調，視未來擴張而定，但其實不會改變接下來三年的安排。

Okay. Looking forward for the update in fourth quarter. Maybe my second question is on the -- on your capital allocation priorities. Great to see continued strong buybacks. With the company now in a net cash position and generating strong free cash flow, what is your latest thinking on buying back the 50% Cote royalty from Franco-Nevada and on the initiation of dividends? And where does M&A fit into this priority list?

好的。期待第四季的更新。我第二個問題可能是關於——關於你們的資本配置優先順序。很高興看到持續強勁的庫藏股回購。公司目前處於淨現金部位且產生強勁自由現金流，你們最近對於向 Franco-Nevada 買回 Cote 50% 權利金，以及啟動股利發放的想法是什麼？另外，併購（M&A）在這份優先順序清單中處於什麼位置？

Maarten, please go ahead.

Maarten，請你先說。

Sathish, we continue to look at buyback opportunity of that royalty at Franco, and there's many reasons why it would make sense for us. The price would be the same as the price that was set a year ago in a much lower gold price environment, and there's many other impacts, including reducing the cost structure and burden on Cote.

Sathish，我們持續評估向 Franco 買回那項權利金的機會，這對我們而言有很多合理的理由。價格會與一年前在金價更低的環境下所設定的價格相同，而且還有許多其他影響，包括降低 Cote 的成本結構與負擔。

So we continue looking at that. In the future, we can fund that with internally generated cash flow, and we have until April of next year to make that decision. So we are very -- looking at that very closely. The price doesn't change. So there's no real reason for us to do it earlier than when it makes economic sense to do so.

所以我們會持續評估。未來我們可以用內部產生的現金流來支付，而且我們到明年四月之前都可以做出決定。因此我們非常——非常密切地在看這件事。價格不會改變。所以除非在經濟上合理，否則我們沒有真正的理由更早去做。

On the dividend, we continue to look at this year as a good year to buy back shares, and we'll continue using the Essakane cash flows to fund that buyback. And then beginning of next year, as we are in that net cash position, as you mentioned, it would start making sense for us. So we are looking at that dividend starting early next year.

關於股利，我們仍然認為今年是回購股票的好年份，我們會繼續使用 Essakane 的現金流來支應回購。然後從明年初開始，正如你提到的，當我們處於淨現金部位時，這件事就會開始變得合理。因此我們正在評估於明年初開始發放股利。

Any thoughts on M&A?

對併購（M&A）有任何想法嗎？

I don't think so. We'll comment on M&A at this stage. We remain very focused and continue to create value for our shareholders.

我想沒有。我們在這個階段不會對併購發表評論。我們仍然非常專注，並持續為股東創造價值。

Mohamed Sidibe, National Bank.

Mohamed Sidibe，National Bank。

Congrats on the strong operating quarter there. Maybe just a follow-up on the expansion to the 40,000 tonnes per day there. So if I recall correctly, the prior target expansion to 50,000 tonnes per day also was understood to have a doubling of the dry line, a third Verde mill and increased by or capacity.

恭喜本季營運表現強勁。我想追問一下把產能擴到每日 40,000 噸的部分。如果我沒記錯，先前每日 50,000 噸的擴產目標，也被理解為需要乾式線（dry line）加倍、第三座 Verde 磨機，以及提升某些產能。

So for this debottlenecking to 40,000 tonnes per day, can you provide us with a little bit more color on how we should think about capital for that optimization versus the previously, call it, maybe $500 million and change that was envisioned for the 50,000 tonne per day case.

那麼針對這次把瓶頸打通到每日 40,000 噸，你能否提供更多說明，讓我們理解這項最佳化所需資本支出，與先前（姑且說）為每日 50,000 噸情境所設想的約 5 億美元以上資本支出之間的差異？

Well, essentially, as I said, the next -- the most important thing is the next three years is pretty much the same scenario. So if you remove like the expansion and you're looking at optimizations, we have discussed at large -- this year, we're spending around $80 million, $85 million in growth capital to open the pit, prepare the pits for larger volume and so forth.

嗯，基本上，如我所說，接下來——最重要的是，未來三年幾乎是相同的情境。所以如果你把擴張拿掉、只看最佳化，我們已經廣泛討論過——今年我們大約會投入 8,000 萬到 8,500 萬美元的成長資本支出，用於開採露天礦坑、為更大產量做礦坑準備等等。

So we're advancing well. And you could expect this spending to continue in '27, '28. And at that point, we hope that the pit will be fully opened and well, not fully open to the full, but provide for larger volume mining and more efficiencies. We're also spending more sustaining capital this year to improve in some aspects, and I expect that to continue as well as we want to install the repeat system in the fines and the course and proper continuum of operations.

所以我們推進得很順利。你可以預期這類支出會在 2027、2028 年持續。到那時，我們希望礦坑能夠充分打開——不一定是完全打到最終規模，但能支援更大規模的採礦量與更高效率。今年我們也會投入更多維持性資本支出來改善某些面向，我預期這也會持續，因為我們希望在細料與粗料端安裝回收/循環系統，並確保作業的連續性。

This is a huge ticket item. We'll improve some infrastructure as well as we continue to expand the mine fleet. So there would be some needs for our maintenance facilities as well, improvement and so forth. And the next three years is really about positioning the sites to be a very strong low-cost long-term asset. This is the focus. So not much of a difference to what we have. We have already discussed in the past of the next three years.

這是一個非常大的資本項目。我們也會改善一些基礎設施，同時持續擴充礦山車隊。因此我們的維修設施也會有一些需求，需要改善等等。接下來三年，重點就是把場址定位成一個非常強勁、低成本、長期的資產。這就是焦點。所以和我們既有規劃相比差異不大。我們過去已經討論過未來三年的安排。

And the only thing is we have mentioned that the 50,000 starting maybe 29,000, 30,000 could be in the range of the $500 million to $750 million of capital. This was really to bring it from 40,000 towards 50,000. And this is what we're parking for the time being until we have a better view of what is the optimum scenario.

唯一要補充的是，我們曾提到每日 50,000 噸（可能從 29,000、30,000 開始）所需資本支出可能落在 5 億到 7.5 億美元的範圍。那主要是把產能從 40,000 提升到 50,000。而這部分我們暫時先擱置，直到我們對最佳情境有更清楚的判斷。

But expect the execution pretty much on the sustaining capital optimization, improvement of infrastructure and operational equipment around the crushing to continue and the growth path to -- on the mining side to continue. So no change there. The only difference so far is about the $500 million to $700 million of extra capital expansion that we're for the time being.

但你可以預期，我們在維持性資本最佳化、基礎設施改善，以及破碎相關的營運設備方面會持續執行；而採礦端的成長路徑也會持續。所以那部分沒有改變。目前唯一的差異是，我們暫時先不推進那筆約 5 億到 7 億美元的額外擴產資本支出。

That's very helpful. And then maybe if I can move on to Cote into the quarter. Great to see the process cost improvement in June. And I think mining costs were also lower quarter. So how should we think about mining and processing costs?

這非常有幫助。接著如果我可以把話題轉到本季的 Cote。很高興看到 6 月的處理成本改善。我想採礦成本本季也更低。那我們應該如何看待採礦與處理成本？

Specifically, I think you pointed to about $18 per tonne realized in June on the process cost front. But how can we think about that improvement into Q3 and Q4 at the asset and into 2027 towards kind of your target of $415 million there?

具體來說，我記得你提到 6 月處理成本端實現約每噸 18 美元。但我們應該如何看待這項改善在第三季、第四季於該資產的延續，以及到 2027 年朝你們約 4.15 億美元目標的進展？

This is Bruno. First, we have a program that is tracking those costs, and we have like close to 31 in meeting and tracking those costs and trying to get them down. But I will say that the reduction or the elimination of the contracted crushing is going to help because now the fleet, like I mentioned, is going to be fully dedicated to exit mining. So that will increase the volume of mining.

我是 Bruno。首先，我們有一個計畫在追蹤這些成本，我們大概有接近 31 項（會議/項目）在開會並追蹤這些成本、並嘗試把它們降下來。但我要說，減少或取消外包破碎（contracted crushing）會有幫助，因為現在如我提到的，車隊將會完全專注於露天採礦。因此這將提高採礦量。

So just on a volume basis, that will increase -- that will help decreasing your unit costs. Also, we are adding new units in the fleet. And after that, our continuous improvement program has identified, like I mentioned, 31 incentives that we're tracking. And we're very, very confident and we're feeling strong that we're going to be able to meet our $4 targets on the mining side by year-end.

因此，單就產量（volume）而言，這將會提升——這將有助於降低你的單位成本。此外，我們也在車隊中新增新設備。而在那之後，如我提到的，我們的持續改善計畫已辨識出31項我們正在追蹤的激勵／改善項目。我們非常、非常有信心，也感覺狀況很強，我們將能在年底前於採礦端達成每單位4美元的目標。

Same thing is happening with processing. What happens is we have -- the second cone crusher is helping to have the best granulometry entering the HPGR. So the size that goes -- the top end that goes to the HPGR is as per spec, we expect longer life from our rollers or tires at the HPGR. So in the past, we used to change them twice a year.

選礦（processing）端也發生同樣的情況。目前的狀況是——第二台圓錐破碎機有助於讓進入HPGR的粒度分佈（granulometry）達到最佳。因此，進入HPGR的粒徑——也就是進料的上限——符合規格，我們預期HPGR的輥輪或輪胎（rollers or tires）壽命會更長。過去我們一年需要更換兩次。

Now we expect to change them once a year. So that's going to have a big impact on our -- positive impact on our maintenance cost and also availability because you don't stop the HPGR for nothing. So increased availability, improved granulometry like better efficiency in your maintenance cycle.

現在我們預期一年只需要更換一次。這將對我們的維修成本帶來很大的正面影響，也會提升可用率（availability），因為你不會無緣無故停下HPGR。因此，可用率提高、粒度分佈改善，也就是維修週期效率更好。

We have also identified a numerous amount of incentives from our cost improvement program. And we are very well positioned to be meeting our $15 per tonne target by year-end.

我們也從成本改善計畫中辨識出大量的激勵／改善項目。我們目前的態勢非常有利，預期在年底前可達成每噸15美元的目標。

Great. And then if I may, a final question for Maarten. Just on the income tax payment for the remaining second half of the year. How should we think about that spread for the remaining about $100 million and $115 million there?

很好。如果可以的話，我最後有一個問題想問Maarten。關於今年下半年剩餘的所得稅支付。對於剩下約1億至1.15億美元的部分，我們應該如何看待其在下半年各期的分布？

So for the income taxes, we made a larger payment in Q2 in Burkina, and that's normally what happens. It's your catch-up payment every year because we do pay quarterly payments. And then the future payment is based on what you expect it to be. So the income tax payments for the remaining of the year is between $35 million to $40 million per quarter.

關於所得稅，我們在第二季於布吉納法索支付了較大一筆款項，而這通常每年都會發生。因為我們是按季預繳，所以那是每年的補繳（catch-up）款。之後的付款則是依據你預期的應納稅額來計算。因此，今年剩餘期間的所得稅支付約為每季3,500萬至4,000萬美元。

And then we also will be paying the withholding tax on the new declared dividend in Burkina Faso of $26.8 million in the third quarter. So we are still kind of like falling in that range of $205 million to $250 million for the year.

另外，我們也將在第三季就布吉納法索新宣告的股利支付2,680萬美元的預扣稅（withholding tax）。因此，我們全年仍大致落在2.05億至2.50億美元的區間內。

Anita Soni, CIBC.

Anita Soni，CIBC。

Congrats on a strong operational quarter. I think a lot of the questions have been asked and answered. I just wanted to -- I guess, with Bruno talking about the mining rates, I was going to ask about the stripping. How should we think about that to the back half of the year because I think the beginning of the year was a little lighter on the stripping side than I had expected. This is at Cote.

恭喜營運面表現強勁的一季。我想很多問題都已經問過並得到回答了。我只是想——我想，既然Bruno談到採礦速率（mining rates），我原本想問剝採（stripping）的情況。對於今年下半年我們應該如何看待？因為我覺得年初在剝採方面比我預期的稍微少一些。這是針對Cote。

Yes. The stripping ratio should be around, I'd say, about 2.6 tonnes to 1.

是的。剝採比（stripping ratio）在下半年應該大約在2.6噸比1。

And that's in the back half of the year. Okay. Any change to the grade in the back half of the year? I know you guided to 1.05 to 1.15. But any variability like in terms of like lower than higher or higher than lower in Q3 versus Q4?

而那是在下半年。好的。下半年的品位（grade）會有任何變化嗎？我知道你們指引是1.05到1.15。但在第三季相對第四季，是否會有波動，例如偏低或偏高？

That's correct. So we expect stronger head grades or grade mine in the second half of the year, like I mentioned, like ranging between 1.05 to 1.15 gram per tonne, so which will help having a stronger H2.

沒錯。因此，如我提到的，我們預期下半年的入選品位（head grades）或採出品位（grade mined）會更強，約落在每噸1.05到1.15克的區間，這將有助於下半年（H2）表現更強。

Okay. And then just in terms of going back to the study, could you just clarify for me like in simple terms, what we should expect to see in the study? So a path to 40,000 tonne per day with the CapEx associated with that? And then longer term, what would you be including in that -- in the study that you'll release in Q4? Or I guess, is it in Q4 with Q4 results?

好的。另外回到那份研究報告，你能否用比較簡單的方式幫我釐清，我們應該在研究中看到什麼？例如，通往每日4萬噸的路徑，以及相關的資本支出（CapEx）？再更長期而言，你們會在第四季發布的研究——也就是你們在第四季要發布的內容——會包含哪些？或者說，是在第四季財報時一起發布嗎？

Yes. We expect to release the results of the report at the end of this year that will indicate how we can valorize the Gosselin reserve. Like I mentioned, the main objective of this report is to understand how many reserves we have from Gosselin. So we expect a large expansion in our reserve base when you tie the Cote and Gosselin block model altogether, it's called the super pit concept.

是的。我們預期在今年年底發布該報告結果，說明我們如何能夠提升／發揮（valorize）Gosselin儲量的價值。如我提到的，這份報告的主要目標是了解我們從Gosselin擁有多少儲量。因此，當你把Cote與Gosselin的區塊模型（block model）整合在一起——也就是所謂的「超級礦坑（super pit）」概念——我們預期儲量基礎將大幅擴張。

So that's objective one at a 40,000 tonne per day cadence and it's adjusted cost structure. So this is basically what we need to be expecting. But also in that technical report, there's a section on future opportunities, and that's where we're going to also indicate what we see in the future in terms of potential expansion.

因此，第一個目標是在每日4萬噸的節奏（cadence）下，以及其調整後的成本結構。這基本上就是我們應該預期看到的內容。但在該技術報告中也會有一個「未來機會」章節，我們也會在那裡說明我們對未來潛在擴產的看法。

If I could just add one thing, Anita. So the way to really looking at is, let's say, at the 36,000 to up to 40,000, I think it's fair to say that you maximize the depletions of Cote before you have the obligation to cross and start mining the Gosselin. So you maximize potentially in pit co-disposal and so forth as we have largely discussed.

Anita，如果我可以再補充一點。真正的看法是：假設在每日3.6萬到4萬噸的情境下，可以說你會在必須跨過去並開始開採Gosselin之前，先把Cote的可採耗竭（depletion）最大化。因此，你可以最大化礦坑內共同處置（in-pit co-disposal）等等，我們也已經大幅討論過。

As you advance the throughput towards the 50,000 and eventually beyond the 50,000 comes the obligations to start Gosselin a little quicker to a point that a scenario like a 70,000, basically, you would be mining as soon as possible both pits. So that's really where it's being played.

當你把處理量（throughput）推進到每日5萬噸，並最終超過5萬噸時，就會產生更早啟動Gosselin的必要性；在像每日7萬噸這樣的情境下，基本上你會盡可能早地同時開採兩個礦坑。所以這就是關鍵所在。

So that capital allocations versus benefits, and we want to do like the proper -- continue to work hard on the trade-offs and so forth. And again, as I mentioned, focusing on the next two, three years on optimizations, which basically is the same. But as we advance in time, the game is there.

也就是資本配置（capital allocations）與效益之間的取捨，我們希望做出適當的——持續努力在各種權衡（trade-offs）上做功課等等。而且如我提到的，未來兩到三年我們會聚焦在最佳化上，基本上也是同一件事。但隨著時間推進，真正的「局」就在那裡。

The game is about balancing capital allocations versus how fast and quicker you want to build, you want to mine Gosselin and what does that play in the capital allocation. So this is really how we trade.

這個「局」在於平衡資本配置與你想要多快、更快地建設、以及多快開始開採Gosselin，並且這對資本配置會造成什麼影響。所以這就是我們如何做取捨。

Okay. So that was going to be my next question. With respect to the tailings capacity under the 40,000 tonne per day scenario, is that -- is the capacity you have sufficient to what you would expect the 40,000 tonne per day scenario and the reserves that you would incorporate with this study at year-end? Or would you have to do some additional funding?

好的。那這正是我下一個問題。就每日4萬噸情境下的尾礦庫容量而言——你們現有的容量是否足以支撐你們預期的每日4萬噸情境，以及在年底這份研究中會納入的儲量？還是你們需要再做一些額外的資金投入？

Yes. So that will require, like right now, the TSF or the TMF has a capacity up to 233 million tonnes. So of course, by just including Gosselin, you will need additional tailings capacity. That's what the project team is currently looking, adding more capacity, but also looking at other options like disposal, like Renaud mentioned. So those are the kind of trade-offs that are going to be published in the technical report at the end of --of the two.

是的。因此，這將需要——以目前來看，TSF或TMF的容量上限為2.33億噸。所以當然，僅僅把Gosselin納入後，你將需要額外的尾礦容量。這正是專案團隊目前正在評估的：增加更多容量，同時也在評估其他選項，例如處置方式，如Renaud所提到的。因此，這些取捨將會在年底的技術報告中發布——在——在兩者的年底。

As a rule of thumb, there is maybe somewhat around the 200 million tonnes of tailings that is like where do they go. But yes, there wouldn't be any issues to find the space for. But as you increase the throughput of the mining, as you reduce your change of co-deposal, but you would just build extra capacity larger, but it's all fit.

一般來說，尾礦大概可能有約2億公噸，問題是它們要去哪裡。但沒錯，找空間不會有任何問題。不過，當你提高採礦處理量、降低共處置的比例時，你就會建置更大的額外容量，但整體都能容納得下。

I'm sorry, and co-disposal meaning that you would be placing some ore within parts of the Cote pit that have been depleted and somehow sectioned off.

抱歉，所謂共處置是指你會把部分礦石放置在Cote礦坑中已經採盡、並以某種方式分隔出來的區域內。

That is correct.

沒錯。

That is correct. So there is an opportunity here as Cote is depleted that not just use it for tailings, but eventually some waste as well.

沒錯。因此，隨著Cote逐步採盡，這裡有個機會：不只是用來放尾礦，最終也可以放一些廢石。

Matthew Murphy, BMO Capital Markets.

Matthew Murphy，BMO資本市場。

I had a question on Essakane. You have another dividend declared. And while you're studying this mine life extension, how much cash do you keep in Burkina? And do you have to let that build up a bit in the event you go forward with the extension?

我有一個關於Essakane的問題。你們又宣告了一次股利。在你們研究這座礦山的延長礦山壽命方案時，你們在布吉納（Burkina）會保留多少現金？如果你們要推進延壽方案，是否需要先讓那邊的現金累積多一些？

Go ahead, Maarten. I'm so sorry, we're looking for the answer.

Maarten，你先請。很抱歉，我們正在找答案。

So it's our decision how much cash we keep in Burkina. At the moment, it depending on the timing of the year and when the tax payments and payments like that is scheduled, it's between $100 million to $200 million.

所以我們會自行決定在布吉納保留多少現金。目前視年度時點以及稅款等付款排程而定，大約在1億到2億美元之間。

When we look at next year, there is more than enough cash flow for Essakane to fund all of the potential mine life extension by itself and then still a considerable portion to repatriate to IAMGOLD. So the timing of the cash flow means we don't really need to build up a larger balance there. It's just is sufficient as they generate cash to fund additional capital.

展望明年，Essakane的現金流量足以自行為所有潛在的延長礦山壽命計畫提供資金，並且仍有相當一部分可以匯回IAMGOLD。因此，現金流的時點意味著我們不太需要在當地累積更高的現金餘額。只要在其產生現金時足以支應額外資本支出即可。

Got it. Okay. And then this latest dividend, like should we think about that when it comes out in regular payments that that's like a year-long process and then you look at the next dividend?

了解。好。那麼這次最新的股利，我們是否應該把它視為定期支付的一部分，也就是一個為期一年的流程，然後再看下一次股利？

Yes. So the current dividend that we declared, the $400 million of our portion, if the gold price averages about $4,000, it will take three quarters, maybe a bit more than three quarters for us to get there. And then we are into the new cycle almost again. At a higher gold price, it could happen faster, but we'll balance that with the funding of our mine life extension as you referred to as well.

是的。所以我們目前宣告的股利，我們那一部分是4億美元；如果金價平均約4,000美元，可能需要三個季度、或略多於三個季度才能達到。然後我們幾乎又會進入新的週期。若金價更高，可能會更快達成，但我們也會如你所提到的，在延長礦山壽命的資金需求之間取得平衡。

Tanya Jakusconek, Scotiabank.

Tanya Jakusconek，豐業銀行（Scotiabank）。

Just so that I understand completely on this Cote and some of your cash flow that would be going out. Renaud, I think you said that $80 million, $85 million of expansion capital for the next couple of years just to keep that -- get to 40,000 tonnes per day and maintaining that would be about -- for three years, that would be about $250 million or thereabout.

我想把Cote以及你們將要流出的部分現金流完全理解清楚。Renaud，我想你提到未來幾年每年約8,000萬到8,500萬美元的擴建資本支出，只是為了維持——把產能提升到每日40,000噸並維持；三年下來大約是2.5億美元左右。

And then I've got this $350 million potentially going out for Cote royalty, if I was to buy that back. Should I be thinking then that, that expansion of 500 -- to 50,000 tonnes per day would be something that probably you wouldn't look at spending until '29, 2030 time frame? I'm just trying to see the cash flow and what sort of things are going out.

然後我看到如果我把Cote權利金買回來，可能還會有3.5億美元要付出。那我是否應該認為，把產能從40,000擴到50,000噸/日（你剛提到的500——到50,000噸/日）這件事，大概你們不會在2029、2030年前後之前就考慮投入？我只是想看現金流以及有哪些支出項目。

Okay. No, thanks. And Maarten, you would add to it. But the $85 million of the growth capital that I referred to, it's pretty much for the mining side of the business, right? So we have a plan to open enlarge the pit of Cote, increase the fleet and be more efficient.

好的。不，謝謝。Maarten，你也可以補充。不過我提到的8,500萬美元成長資本支出，基本上主要是採礦端的，對吧？所以我們有一個計畫要擴大Cote的礦坑、增加車隊規模並提升效率。

So that's on the mining side and there's a gross capital. Some of the improvement, like we discussed to go to the 40,000, you would definitely put repeat system and improve some aspect operational, but this is not the expansion per se. So that would continue.

所以那是在採礦端，屬於成長資本支出。至於我們討論過要提升到40,000噸/日的一些改善，你確實會導入重複系統並改善某些營運面向，但這本身並不是所謂的擴建。所以那會持續進行。

So to your point, you're right. So far, what is not no longer on the paper, and we'll see how we go as we continue is the extra probably $500 million to $700 million that we have accounted for starting potentially in '29 over '29, '30 to bring it from the 40,000 to the 50,000.

所以就你說的，你是對的。到目前為止，已經不再寫在紙面上的（我們也會在持續推進中再看進展）是額外大約5億到7億美元，我們原本預計可能從2029年開始、在2029到2030年期間投入，用以把產能從40,000提升到50,000。

So that portion only is part. But anything else, expect the organic -- I expect the growth capital for the mine component to continue in '27, '28 and expect our sustaining capital to have a component like this year of improvement.

所以只有那一部分才算在內。但其他方面，除了有機——我預期礦山端的成長資本支出會在2027、2028年持續，而我們的維持性資本支出也會像今年一樣包含一些改善項目。

And the quickest we could install those repeat system, the quicker we get to the 40,000. So that would be the priority. We may increase it to go faster, but roughly the next three years is really about limiting the capital as much as possible to the 40 stage. And Maarten, happy to.

而且我們越快安裝那些重複系統，就能越快達到40,000噸/日。所以那會是優先事項。我們可能會加快投入以更快達成，但大致上接下來三年主要是盡可能把資本支出限制在40,000這個階段。Maarten，請。

Yes. Thanks, Renaud. So like this year, we are spending about $50 million of capital to help us increase the efficiency of operation and reduce the unit cost. We include that in sustaining cost in our reporting, and we expect to continue to spend up to that amount every year maybe a bit more in the next couple of years.

是的。謝謝你，Renaud。例如今年，我們大約投入5,000萬美元資本支出，協助提升營運效率並降低單位成本。在我們的揭露中，我們把這些列入維持性成本，並預期未來幾年每年會持續投入到這個水準，可能還會略多一些。

And that is to fund the initiatives that Bruno also alluded to, to bring down the unit cost. And the payback on that is pretty good because the amount of tonnes in this large resource, any improvement on your dollar per tonne cost pays back that capital pretty quickly, and that's why we want to make this investment in the next few years.

這是為了資助Bruno也提到的那些降低單位成本的措施。這些投資的回收期相當不錯，因為這是一個大型資源量的礦體，你在每噸成本上任何以美元計的改善，都能很快回收那筆資本支出；這也是為什麼我們希望在未來幾年進行這項投資。

Okay. So that's in your $160 million plus or minus sustaining costs that you have guided for this year. I guess what I'm really trying to get at is for us to get to that 40,000, which you're going to be providing in the study, from the mining side, there's something from the processing side, there's something, the allocation of growth between expansion and sustaining is sort of for the two.

好的。所以這包含在你們今年指引的約1.6億美元上下的維持性成本裡。我真正想問的是，為了達到40,000噸/日——你們會在研究報告中提供——採礦端有一部分、選礦/處理端也有一部分，而成長資本在擴建與維持之間的分配，某種程度上是兩者交錯的。

So how should I think of that cost for the complex your share for the next three years? Should I be thinking it's $160 million plus $85 million for the next -- per annum for the next three years?

那麼，對於你們持股比例所分攤的這個綜合體成本，未來三年我應該怎麼看？我是否應該把它視為未來三年每年1.6億美元加上8,500萬美元？

I'm afraid, Tanya, we cannot be that precise to be very frank because that's exactly what is the last portion that we're refining as we speak, is the capital for each block. We would be releasing those numbers in the fourth quarter. So you'll be fully equipped to foresee the next three years as soon as the latest December. So I would not advance too much on it, and I would refer to the upcoming report, which will clarify our next 3 years.

Tanya，坦白說，我們恐怕無法精確到那個程度，因為這正是我們目前仍在細化的最後一部分：各個區塊的資本支出。我們會在第四季公布這些數字。因此，最晚到12月你就能完整掌握並預估未來三年的情況。所以我不想在這方面說得太多，我會建議參考即將發布的報告，屆時會釐清我們接下來三年的規劃。

Okay. We'll wait for that. Maybe just on the -- I look at that complex, processing facility, and I see the 4 deposits. How should we be thinking about that from a conceptual level and a high level? Is this a camp that could do 300,000 ounces, 400,000 from 100,000 each from each deposit? I'm just trying to think of what could this complex do?

好的。我們會等那個。也許就——我看那個複合式處理設施，我看到4個礦床。從概念層面與高層次來看，我們應該如何思考這件事？這會是一個能做到30萬盎司、40萬盎司的礦區嗎？例如每個礦床各10萬盎司加總？我只是想了解這個綜合設施可能做到什麼程度？

Yes. The complex has definitely the resource base to eventually come up with a scenario that could be probably as high as 400,000. This is our objective here. So some sort of -- not saying that it a cam it doesn't have any potential beyond the 2035, but it's very important to us that we find a way for the continuum here and eventually, should the mine doesn't go beyond 350.

是的。這個綜合設施確實擁有資源基礎，最終可以提出一個情境，產量可能高到約40萬盎司。這就是我們在這裡的目標。所以某種——不是說它是一個營地、也不是說它在2035年之後沒有任何潛力，但對我們來說非常重要的是，我們要在這裡找到一個延續性；並且最終，如果礦山無法超過35萬盎司，也要有辦法延續下去。

So at least we have a continuum but in Canada. So we think with the starting of Nelligan, with Philibert and with the underground of Monster Lake, the concept of the three, we're working and generating something that's between the 300,000 and the 400,000, but we're definitely looking at towards the 400,000 per annum.

所以至少我們在加拿大這邊有一個延續性。因此我們認為，從Nelligan啟動，加上Philibert以及Monster Lake的地下礦，這三者的概念，我們正在推進並形成一個介於30萬到40萬盎司之間的方案，但我們確實是朝每年40萬盎司的方向在看。

Okay. We'll look forward to that study as well. And then maybe just lastly, just how should I be thinking -- you gave guidance on Cote for the second half of the year with a higher throughput, higher grade. How does Westwood and Essakane, how do they look for Q3, Q4? Is it evenly distributed? Or is there anything greater throughput that I should know about?

好的。我們也期待那份研究。然後也許最後一個問題：你們對Côté下半年給了指引，說吞吐量更高、品位更高。那Westwood和Essakane在Q3、Q4看起來如何？是平均分布嗎？還是有任何我需要知道的更高吞吐量情況？

For Essakane, it's going to be pretty much even, a little bit stronger on the Q4.

Essakane基本上會相當平均，Q4會稍微強一些。

Sorry is that for Westwood? A bit stronger in Q4.

抱歉，那是指Westwood嗎？Q4會稍微強一些。

I thought you were talking about the second. So yes. So for Westwood, it's stronger in Q4 than Q3.

我以為你在講第二個。所以是的。Westwood在Q4會比Q3更強。

We did have a very strong H1 at Westwood. So H1 times two will definitely put beyond. So -- but we see in H2 that would be strong, but not necessarily stronger than H1. And I think Essakane, Renaud.

Westwood在上半年（H1）表現非常強。所以如果把H1乘以二，肯定會超出。所以——但我們看到下半年（H2）會很強，但不一定會比H1更強。我想Essakane方面，Renaud。

Essakane because you have the rainy season right now. So it's going to be just at that lower than Q4, not materially.

Essakane因為現在是雨季。所以會比Q4稍低一些，但差異不會很大。

Carey MacRury, Canaccord Genuity.

Carey MacRury，Canaccord Genuity。

Just a quick one for me. You mentioned the performance at Cote in June. Just wondering how it's gone through July now and into August, if that's still running at nameplate.

我這邊一個很快的問題。你提到Côté在6月的表現。想請問到7月、進入8月後的情況如何，是否仍以設計產能（nameplate）運行？

Well, it goes very well, like the thing that we're seeing is the addition of the second cone crusher is giving us like great performance. I call it peak performance that goes even beyond the 36,000 tonnes per day. The name of the game is to have sustainment, is to have that short-term performance and to be having it like sustain over time.

嗯，進展非常好；我們看到的是，新增第二台圓錐破碎機讓我們的表現非常出色。我稱之為峰值表現，甚至超過每日36,000噸。關鍵在於要能維持——要有短期的表現，並且能隨時間持續維持。

So this is our current plan right now. So that's what we've been doing in July, great results, but what we want to do is to be able to have that kind of performance along over the year, and then we can have a good baseline for what is the next bottleneck and how we can get to the 40,000 tonnes per day.

這就是我們目前的計畫。所以我們在7月就是這樣做的，成果很好；但我們想要的是能在全年都維持這種表現，然後我們就能有一個良好的基準，去判斷下一個瓶頸是什麼，以及我們如何達到每日40,000噸。

But right now, that's what we work, but we really like what we see with the addition we made lately with the second cone crusher, HPGR that is well aligned, the interface between the mine and the mill. So we see great integration between the mine team, the mill team. And we see peak performance that are really impressing us. But the fact here is that we need to have those kind of performance to be sustained over time.

但就目前而言，這就是我們在做的；而且我們非常喜歡最近新增第二台圓錐破碎機後所看到的效果，HPGR也調校得很到位，礦山與選礦廠之間的介面也很順。所以我們看到礦山團隊與選礦廠團隊之間有很好的整合。我們也看到讓我們印象非常深刻的峰值表現。但重點是，我們需要讓這種表現能夠隨時間持續。

So still comfortable with the 36,000 for the second half of the year.

所以對下半年36,000（噸/日）的目標仍然有信心。

Yeah. No, everything is in place to average it. And there's a little bit of a transition getting used to not having the aggregate plans to rely on. So it's like you rip the abandon and you run to -- we had a good month of June. Like Bruno says, we see several days with peak about. So now it's about learning to stabilize and producing those tonnes. So -- but the capacity is there for sure.

是的。不，一切都已就緒，可以把平均值做到那個水準。而且有一點過渡期，需要適應不再依賴骨材計畫。所以就像你把束縛拆掉然後開始跑——我們6月有一個很好的月份。就像Bruno說的，我們看到好幾天的峰值大約在那個水準。所以現在重點是學會穩定下來並產出那些噸數。所以——但產能肯定是在的。

Just, I need to mention that in August, it's our annual shutdown. So we need to take that into consideration.

另外我需要提到，8月是我們的年度停機檢修。所以需要把這點納入考量。

How long is the shutdown?

停機多久？

Five days

五天

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

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

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

非常感謝，接線員，也謝謝各位今天早上加入我們。一如往常，如果你們有任何其他問題，請聯絡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. Thank you for participating and have a pleasant day.

謝謝。今天的電話會議到此結束。您可以掛斷線路。感謝您的參與，祝您有愉快的一天。