Q4 2023 Agnico Eagle Mines Ltd Earnings Call

Operator: Good morning, my name is Julie, and I will be your conference operator today. At this time, I would like to welcome everyone to the Agnico Eagle fourth quarter and full year 2023 conference call. All lines have been placed on mute to prevent any background noise.

Good morning, My name is Julie and I will be a conference operator today.

Julie: This time I would like to welcome everyone to the Agnico Eagle fourth quarter and full year 2023 conference call.

Julie: All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question and answer session. If you'd like to ask a question. During this time Sempra Press Star then the number one on your telephone keypad, if you'd like to withdraw your question. Please press Star then the number two thank you Mr. EMR L. Johnson you may begin your conference.

Operator: After the speaker's remarks, there will be a question and answer session. If you'd like to ask a question during this time, simply press star then the number one on your telephone keypad. If you'd like to withdraw your question, please press star then the number zero.

Operator: Thank you, Mr. Ammar Al-Jandi. You may begin your conference. Thank you, operator, and good morning, everyone. First, I want to say thank you again for joining us this morning.

Yeah.

Speaker Change: Thank you.

Speaker Change: And good morning, everyone.

First let me say, thank you again for joining us. This morning, it's always great to have our owners and our friends and analysts joining us.

Ammar Al-Jandi: It's always great to have our owners and our friends and analysts joining us. This morning, in particular, my colleagues and I are excited to talk to you about our fourth quarter and full year results. The results, as you will hear, are very strong.

Speaker Change: This morning in particular, Oh, my colleagues and I are excited to talk to you about our fourth quarter and full year results. The results as you will here are very strong.

Ammar Al-Jandi: But while these results are strong, and we're going to talk about them, we're more excited to talk about our future, not just our guidance for 2024 and 2025 and 2026 but the next several years, and importantly, we'll talk a little bit about some of the key projects that will propel Agnico Eagle forward. It will propel us forward by delivering more value per share at mines that, importantly, we already operate in regions we've been in for decades, and with people and teams already in place. We'll go through a number of slides this morning, and you'll hear from a number of our most senior executives about the business and how it's going, but really, the message we want to leave with you is a simple message. It's a message of stability.

Speaker Change: But while these results are strong and we're going to talk about them. We're more excited to talk about our future not just our guidance for 'twenty 'twenty four 'twenty five and 'twenty six.

Speaker Change: But the next several years and importantly, we will talk a little bit about some of the key projects that will propel agnico Eagle Ford It will propel us forward by delivering more value.

Speaker Change: Per share.

Speaker Change: At mines that importantly, we already operate in regions, we've been in for decades.

Speaker Change: And with people and teams already in place.

Speaker Change: We will go through a number of slides this morning, and you'll hear from a number of our most senior executives about about the business and how it's going but really the message we want to leave with you.

Speaker Change: Is a simple message.

Speaker Change: It's a message of stability.

Ammar Al-Jandi: Consistency and quality, quality of the projects, quality of the assets, and quality of our people. It's a message, hopefully, that you'll walk away thinking and appreciating that Agnico has built a unique position in this industry, with some of the largest, longest-lived gold mines in the world, operating in the safest jurisdictions, with great exploration potential, continuing great exploration potential, great operating results, and great projects. It's a company with a 66-year history of fiscal prudence, Capital Discipline, and Per Share Focus. Perfect, thank you.

Speaker Change: With consistency.

Speaker Change: And of quality quality of the projects quality of the assets and the quality of our people.

Speaker Change: It's a message hopefully.

Speaker Change: That you will walk away.

Speaker Change: Thinking and appreciating that agnico has built.

Speaker Change: Our unique position in this industry.

Speaker Change: But some of the largest longest life gold mines in the world.

Speaker Change: Operating in the safest jurisdictions.

Speaker Change: With great exploration potential continuing great exploration potential great operating results and great projects.

Speaker Change: It's a company with 66 year history of fiscal Prudence.

Speaker Change: Capital discipline and.

Speaker Change: <unk> per share focus before I jump in I would suggest and note that there are forward looking statements.

Ammar Al-Jandi: So in discussing our fourth quarter and full year 2023 highlights. So for 2023 highlights and full year, four important milestones and achievements. One: Record Gold Production, Best ever in the quarter. Best ever for a full year.

Speaker Change: And if I might ask our operator, if we can jump to.

Speaker Change: Slide five.

Speaker Change: Perfect. Thank you.

So in discussing our fourth quarter and full year 2023 highlights so.

Speaker Change: So for 2023 highlights and full year for important milestones and achievements one.

Speaker Change: Record gold production.

Speaker Change: Best ever in the quarter best ever for a full year.

Ammar Al-Jandi: You know, that's impressive for any company. It's especially impressive, I think, for a company that's been around for 66 years, to have record cash from operations. Best ever in a quarter, best ever in a year.

That's impressive for any company, it's especially impressive I think for a company that's been around for 66 years.

Speaker Change: Two <unk>.

Speaker Change: Record cash from operations best.

Speaker Change: Best ever in a quarter of best ever in a year.

Ammar Al-Jandi: 3, Record mineral reserves up 10% to almost 54 million ounces. So it shows not only are the operations doing well, but the reinvestment into the business and into the future is doing well. Most proud of all.

Speaker Change: Three.

Speaker Change: Record mineral reserves up 10% to almost 54 million ounces. So it shows not only are the operation is doing well, but the reinvestment into the business and into the future is doing well and then four.

Speaker Change: Most proud of all the.

Ammar Al-Jandi: The best annual safety performance in the company's history. I've had the pleasure of talking about solid safety performance on a number of these calls. You know we're passionate about it. I'll say it again: there's nothing more important, nothing more important, than keeping our people safe, our community safe, and The Environment safe. And I want to say a special thank you to all of our employees who are listening in, not only for taking the responsibility to keep yourself safe but also the responsibility to keep your colleagues and co-workers safe. And then we'll also talk about the future.

Speaker Change: The best annual safety performance in the company's history I've had the pleasure of talking about solid safety performance on a number of these calls.

Speaker Change: You know, we're passionate about it I'll say it again, there is nothing more important nothing more important.

Speaker Change: Then keeping our people safe our community safe and the environment safe.

Speaker Change: And I want to I want to say a special thank you to all of our employees who are listening in.

Speaker Change: Not only for taking their responsibility to keep yourself safe, but the responsibility to keep your colleagues and coworkers safe.

Speaker Change: And then we'll also talk about the future.

Ammar Al-Jandi: We'll talk about our guidance, solid three-year production guidance with industry-leading costs. And we're going to talk about, again, we're most excited about the projects that we have in place that we think will add significant value, and we'll talk about some of... The guidance that we're going to give more clarity on that towards the middle of the year. Next page, please.

Speaker Change: We will talk about our guidance solid three year production guidance.

Speaker Change: With industry leading costs.

Speaker Change: And we're going to talk about again, we're most excited about the projects that we have in place.

Speaker Change: That we think will add significant value and we will talk about some of.

The guidance that we're going to give more clarity on that towards the middle of the year.

Speaker Change: Next page please.

Yes.

Ammar Al-Jandi: So these results, which we're very proud of, are clearly a function of the assets we have. But really, none of this could happen without the quality of the people that we have.

Speaker Change: So these these results which were very proud of.

Speaker Change: Clearly a function of the.

Speaker Change: The assets we have.

Speaker Change: But really none of this could happen without the quality of the people that we have we talked about safety.

Ammar Al-Jandi: We talked about safety. It's impressive enough on its own, a 35% reduction, uh..., versus what were already aggressive targets. But really interesting is that every single operation, every one, met or exceeded their safety targets last year. It's also about an engaged workforce, a happy workforce, in 2023. We continue to improve the results of internal surveys with regard to employee satisfaction. We had 80% of employees fill out the survey, that's exceptional, and almost 80% of our employees said Agnico Eagle was a great place to work. Not a good place to work; it's a great place to work.

It's impressive enough on its own a 35% reduction.

Speaker Change: Versus what we're already aggressive targets.

Speaker Change: But really.

Interesting is that every single operation, everyone met or exceeded their safety targets last year.

Speaker Change: It's also about an engaged workforce are happy workforce.

Speaker Change: In 2023.

Speaker Change: We continue to improve.

Speaker Change: The results of internal surveys with regards to customer with regards to employee satisfaction, we had 80% of employees fill out the survey that's exceptional and almost 80% of our employees set agnico Eagle was a great place to work not a good place to work a great place to work.

Ammar Al-Jandi: Agnico Eagle was recognized on the Forbes list of Canada's 50 Best Employers. We're doing more training, we have more indigenous employees and colleagues, and we have lower turnover. It's not just the assets, it's not just the regions, it's the people that we think give Agnico Eagle a tangible, competitive edge. And you know, I'll give you one of my favorite real-life examples of Agnico. When you go underground at Agnico, when you're talking to a young, capable person, and they tell you that their uncle and father worked at Agnico, and they tell you that one of their grandparents worked at Agnico, you don't get that everywhere.

Speaker Change: Agnico Eagle was recognized in Forbes list of candidates 50 best employers.

Speaker Change: We're doing more training.

Speaker Change: We have more indigenous.

Speaker Change: Employees and colleagues and we have lower turnover.

Speaker Change: It's it's not just the assets not just the regions. It's the people that we think.

Speaker Change: Give agnico Eagle a tangible competitive example, and you know I'll I'll give you one of my favorite real life. Examples of Agnico. When you go underground at Agnico, when you're talking to a young capable person.

Speaker Change: And they tell you that their uncle and father worked at Agnico when they tell you that one of their grandparents worked at agnico.

Speaker Change: You don't you don't get that everywhere next page please.

Ammar Al-Jandi: So looking forward. The 2024-2026 Production Outlook, Really two words: reliable.

So looking forward to.

Speaker Change: 24 to 2026 production outlook.

Speaker Change: Really two words steady.

Speaker Change: Reliable.

Ammar Al-Jandi: Our guidance for 2024 is exactly what we said it would be. Our cost guidance of between $875,000 and $925,000 is up a little bit from what we were able to do in 2023, but it's only 4%, and we're hoping to... Just like we did in 2023, do the best we can, and we have a track record of being able to do that. Our 2025 guidance remains the same at 3.4 to 3.6 million ounces, the same guidance that we gave last year, and 2026 shows steady production. Again, steady, again, reliable. Next slide, please. So, I've got two more slides.

Speaker Change: Our guidance for 2024 is exactly what we said it would be.

Speaker Change: Our cost guidance between 875 to 925 is up a little bit from what we were able to do in 2023.

Speaker Change: But it's only 4% and were hoping to.

Speaker Change: Just like we did in 2023.

Speaker Change: Do the best we can and we have a track record of being able to do that our 2025 guidance remains the same at $3 40 to $3 6 million ounces same guidance that we gave last year and 2026 shows steady.

Speaker Change: Production again.

Speaker Change: Steady.

Speaker Change: Again reliable next slide please.

Speaker Change: So I've got two more two more slides.

Ammar Al-Jandi: So on this page, I want to talk about where we are on the consolidation of our Abitibi platform, including not only two of the world's... two of the ten largest gold mines in the world, with Detour and Malartic, but also where we are on consolidating sort of the Cadillac Fault and Upper Beaver and Wassamac and Amalgamated Kirkland, etc. At Detour Lake, and Natasha will go through this in more detail, it is already..., while competing, frankly, with Mallardic to be the largest gold mine in Canada. It's good; we've got both of them competing with each other. MineLife passed on 2050.

Speaker Change: So this page I want to talk about where we are on the consolidation of our abitibi platform, including not only two of the worlds.

Speaker Change: 10 largest.

Two of the 10 largest gold mines in the world with that with detour and melodic but also where we are on on consolidating.

Speaker Change: Sort of the the.

Speaker Change: Cadillac fault.

Speaker Change: And upper Beaver, and Wassa, Mac, and and amalgamated Kirkland et cetera.

Speaker Change: At Detour Lake and Natasha will go through this in more detail.

It is already.

Speaker Change: While competing frankly with melodic to be the largest gold mine in Canada. It's good we've got both of them competing with each other mine life past 2050. It is a great ore body. He will talk about the exploration success. We've continued to have Natasha will talk about how we take advantage of that by increasing the mill by looking at underground.

Ammar Al-Jandi: It is a great ore body. Guy will talk about the exploration success we've continued to have. Natasha will talk about how we take advantage of that by increasing the mill, by looking at the underground, and we are aiming to provide more specific guidance by mid-year. That guidance, really, is going to be about what's the next step. And the next step, if all goes well, and we're still doing our analysis, would be what you would expect, potentially looking to put in exploration ramps, to be able to possibly take some bulk samples, confirm grade continuity, confirm ground conditions, the kind of things that you would expect a professional to do. So, that's the plan for now. Thank you, mine company to do when they have such a great asset as that. With Canadian Malartic, Dominic will talk about that. There are three items there.

Speaker Change: And we are aiming to provide.

Speaker Change: More specific guidance by mid year and.

Speaker Change: That guidance really is going to be about what's the next step and the next step if all goes well.

Speaker Change: And we're still doing an analysis would be what you would expect.

Speaker Change: Potentially looking to put in exploration ramps to be able to possibly take some bulk samples.

Speaker Change: Firm, great continuity confirm ground conditions, the kind of things that you would expect the professional.

Speaker Change: Mine company to do.

Speaker Change: When they have such a great asset is that.

Speaker Change: With Canadian melodic Dominic will talk about that.

Ammar Al-Jandi: One, continue the focus on building and optimizing the underground, putting in the shaft, how the mining is going. Dominic will talk about how we're ahead of schedule on development, we're getting positive tonnage reconciliation with the internal zones, and everything is going well. But Dominic will also talk a little bit about where we are early, but where we are on looking at the second shaft and three, the work that we're doing to look at filling the mill as mill capacity becomes available later this decade. And the third item that you see at the bottom of this page is something actually we're really quite, quite proud of, and I'm going to start with probably the smallest one, Amalgamated Kirkland and Near

Three items there one continue to focus on building and optimizing the underground are putting in the shaft.

Speaker Change: How the mining is going Dominic will talk about we're ahead of schedule on development or getting.

Speaker Change: Positive tonnage reconciliation with the internal zones.

Speaker Change: Everything is going well.

But Dominic also talk a little bit about where we are in early.

Speaker Change: Early but where we are on looking at the second shaft.

Dominic: And three.

Dominic: The work that we're doing to look at filling the mill as a mill capacity becomes available later this decade.

Dominic: And the third item that you see at the bottom of this page.

Dominic: If something actually we're really quite quite proud of and I'm going to start with probably the smallest one amalgamated kirkland and near surface. So amalgamated kirklin.

Ammar Al-Jandi: So Amalgamated Kirkland, the reason we're particularly proud to talk about that is if you go back two years when we did the merger, and we talked about synergies, and we all know that we have delivered roughly double the GNA synergies that we talked about. We specifically talked about some low-hanging fruit, including amalgamated Kirkland. And we said, look, this is within tens of meters of existing MCASA infrastructure. If we can access that at very low capital and produce maybe 25 or 40,000 ounces a year, that's just a simple example of how you create value through synergies and through consolidation. You know, I'm proud to say that it's already now amalgamated Kirkland and the near surface. It's in our mind's plan.

Dominic: The reason, we're particularly proud to talk about that is if you go back two years.

Dominic: When we did the merger and we talked about synergies.

Dominic: And we all know that we have delivered roughly double the G&A synergies that we talked about what we specifically talked about some low hanging fruit, including amalgamated Kirkland.

Dominic: And we said look this is within tens of meters from existing the Cathay infrastructure. If we can access that at very low capital and produce maybe 25 or 40000 ounces a year that that's just a simple example of how you create value through synergies and through consolidation.

Dominic: Proud to say that.

Dominic: It's already now amalgamated Kirkland and near surface, it's in our mine plants.

Ammar Al-Jandi: There's going to be 19,000 ounces in 2024, 35,000 ounces in 2025, and 50,000 ounces in 2026. Again, I'm going back two years, but we promised you we would talk about that and deliver, and it's a pleasure to be able to point that out. At Upper Beaver...

Dominic: There's going to be 19000 ounces in 2024 to 35000 ounces and 25 50000 ounces in 2026.

Dominic: Again, I'm going back two years, but we promised you we would talk about that and deliver and it's it's a pleasure to be able to point that out at upper Beaver. It's a long life high quality asset very low cost, where we're continuing to do the work there we will be giving an update towards the mid year and again it'll be about next steps do we do we.

Ammar Al-Jandi: It's a long-life, high-quality asset, very low cost. We're continuing to do the work there. We will be giving an update towards the mid-year, and again, it'll be about next steps. Do we put in an exploration ramp or an exploration shaft to continue to move that project forward?

Dominic: Put in an exploration ramp or an exploration shaft.

Dominic: To continue to move that project forward.

Ammar Al-Jandi: Again, we'll give guidance towards the middle of the year. We're making progress on that. I think most of you know that when we acquired the Canadian assets of Yemena, we were really primarily focused, naturally, on Malartic and Wassamac.

Dominic: Again, we will give guidance towards the middle of the year and then Wassa Mac.

Dominic: We're making progress on that.

I think most of you know that when.

Dominic: When we when we acquired the Canadian assets of Humana.

Dominic: We were primarily focused naturally on melodic and wassa Mack good asset, but we weren't convinced that the plan that humana had would meet our hurdle rates.

Ammar Al-Jandi: Good asset, but we weren't convinced that the plan that Yemena had would meet our hurdle rates. Um, I'm pleased to say that the work we're doing and our engineers have done something kind of unique in the gold mining space. They've looked at a smaller project that gets a better return on capital, and so we've made some progress on that. We'll give you more guidance. That's probably something in early 2025 that we would talk about, but again, we are making good progress on that. Next page, please, and then in Nunavut.

Dominic:

Dominic: I'm pleased to say that the work, we're doing and our engineers have done something kind of unique in the gold mining space.

Dominic: They've looked at a smaller project that gets a better return on capital and so we've made some progress on that we'll give more guidance, that's probably something in early 'twenty five that we would talk about but again, making a good progress on that next page. Please.

Dominic: And then and none of it.

Dominic: <unk>.

Yes.

Ammar Al-Jandi: I'm very proud of the team at Meadow Bank, which added 500,000 ounces of production and extended the mine life for two years. I'm excited about extending it further, but... We're not going to talk about that right now. You know, this is a mine that's got the infrastructure in place. Low risk, very well done by the team, and then Hope Bey and Guy will talk about some of the exploration results that are very promising there. Before I turn it over, at a very high level, I'm very proud of the team for the results in 2023.

Dominic: Very proud of the team at Meadowbank.

Added 500000 ounces.

Production extended the mine life for two years Dominic is excited about extending it further but.

Speaker Change: Not going to talk about that right now.

Speaker Change: This is a mine that's got the infrastructure in place.

Speaker Change: Low risk a very well done by the team and then hope a guy will talk about some of the exploration results that are very promising there and so.

Speaker Change: Before I turn it over at a very high level very proud of the team for the results in 2023.

Jamie Porter: Solid guidance and good progress on some excellent projects leveraging off existing infrastructure in places we're already comfortable with. And with that, I'll turn it over to our CFO, Jamie Porter. Thank you, Amar, and good morning, everyone.

Speaker Change: Solid guidance and good progress on some excellent projects leveraging off existing infrastructure and places were already comfortable with and with that I'll turn it over to our CFO Jamie Porter.

Jamie Porter: Thank you Omar and good morning, everyone.

Jamie Porter: As Ammar mentioned, 2023 was a record year on a number of fronts. We had the safest year in the company's 66-year history and record quarterly and full-year gold production. This excellent safety and operating performance led to very strong financial results. We generated an operating margin of $979 million in the fourth quarter, which was driven by our two largest mines, Detour and Canadian Malartic. Gold production in the fourth quarter was a new quarterly record at 903,000 oz, and for the full year, we hit the very top end of our production guidance at 3.44 million oz.

Jamie Porter: As Mark mentioned 2023 was a record year on a number of fronts. We had the safest year in the company's 66 year history and record quarterly and full year gold production.

Jamie Porter: This excellent safety and operating performance led to very strong financial results.

Jamie Porter: We generated an operating margin of $979 million in the fourth quarter, which was driven by our two largest mines detour and Canadian Arctic.

Jamie Porter: Gold production in the fourth quarter was a new quarterly record at 903000 ounces and for the full year, we hit the very top end of our production guidance at 344 million ounces.

Jamie Porter: We are also very pleased to report that we achieved our cost guidance, with our total cash costs for the year coming in at the exact midpoint of our guidance of $865 per ounce, and our all-in sustaining costs of $1,179 per ounce well within our guided range. We are proud of the work our teams have done on controlling costs in what's been an inflationary environment over the past several years and of their focus on continuous improvement. A tangible example of this focus on cost is in Nunavut, where cost optimization efforts are driving costs lower by about $100 an ounce in 2024. This has helped enable us to extend the life of the Amaroq deposit, as Mar just alluded to, from 2026 to 2028, adding 500,000 ounces of production. If we move on to slide 12, Looking at our financial highlights, record gold production drove record operating cash flow for both the fourth quarter and the full year. Well, we recorded a net loss per share of $0.77 in the fourth quarter. This was driven by non-cash impairment charges related to Macassar and Penosault.

Jamie Porter: We were also very pleased to report that we achieved our cost guidance with our total cash cost for the year coming in at the exact midpoint of our guidance of $865 per ounce and our all in sustaining costs of $1179 per ounce well within our guided range.

We are proud of the work our teams have done on controlling costs and what's been the inflationary environment over the past several years and the team's focus on continuous improvement a tangible example of this focus on cost is in Nunavut, where.

Jamie Porter: Cost optimization efforts are driving costs lower by about $100 an ounce. In 2024. This has helped enable us to extend the life of the <unk> deposit as Mark just just alluded to from.

Jamie Porter: From 2026 of 2028, adding 500000 ounces of production.

Jamie Porter: If we move on to slide 12.

Jamie Porter: We look at our financial highlights record gold production drove record operating cash flow for both the fourth quarter and the full year, while we recorded a net loss per share of <unk> 77 in the fourth quarter. This was driven by noncash impairment charges related to Mckesson Pinos Altos.

Jamie Porter: On an adjusted basis, net income per share was $0.57 in the fourth quarter, which represents a 50% increase relative to the prior year period. I want to briefly touch on the impairment charges that were recorded in the quarter. At MACASA, we recognized a net of tax impairment charge of approximately $600 million, primarily reflecting the write-down of goodwill that was recognized at the time of acquisition back in early 2022. MACASA had an excellent performance in 2023 in terms of production, cost control, and reserve replacement. And this is a mine that has produced over 6 million ounces in its 100-year history. We see tremendous exploration upside. We see production increasing by 50% over the next three years and the potential to continue to replace reserves for years to come. However, we are not able to recognize all of this value in an impairment model.

Jamie Porter: On an adjusted basis net income per share was <unk> 57 in the fourth quarter, which represents a 50% increase relative to the prior year period.

Speaker Change: I want to briefly touch on the impairment charge charges that were recorded in the quarter Mckesson, we recognized a net of tax impairment charge of approximately $600 million, primarily reflecting the write down of goodwill that was recognized at the time of acquisition back in early 2022.

Speaker Change: <unk> had an excellent performance in 2023 in terms of production cost control and reserve replacement and this is a mine that has produced over 6 million ounces in 100 year history, we see tremendous exploration upside.

We see production increasing by 50% over the next three years and the potential to continue to replace reserves for years to come.

Speaker Change: However, we are not able to recognize all of this value and an impairment model and this combined with higher costs and capital estimates that were assumed back in 2022 led to the impairment charge.

Jamie Porter: And this, combined with higher costs and capital estimates than were assumed back in 2022, led to the impairment charges. At Pinosaltos, we recognize a net of tax impairment charge of approximately $70 million, reflecting higher expected operating capital costs, in part related to the strength in the Mexican pace over the last year. Despite these accounting charges, the business remains very strong. We generated a record $300 million of free cash flow in the fourth quarter, and that's after investing nearly half a billion dollars in capital and exploration spending. We continue to pay a strong quarterly dividend and repaid $100 million of debt in the quarter. For the full 2023 year, we generated $947 million of free cash flow, declared dividends of approximately $800 million, and continue to demonstrate our commitment to delivering strong returns to shareholders.

Speaker Change: At Pinos Altos, we recognized a net of tax impairment charge of approximately $70 million, reflecting higher expected operating capital costs in part related to the strength in the Mexican peso over the last.

Speaker Change: Over the last year.

Despite these accounting charges the business remains very strong we generated a record $300 million of free cash flow in the fourth quarter and that's after investing nearly half a billion dollars in capital and exploration spending we continue to pay a strong quarterly dividend and repaid $100 million of debt in the quarter.

For the full 2023 year, we generated $947 million of free cash flow declared dividends of approximately $800 million and continued to demonstrate our commitment to delivering strong returns to shareholders.

Jamie Porter: At current gold prices, we expect to continue to reinvest approximately two-thirds of our cash flow into sustaining and growing our business, exploring to find more ounces, and one-third of our cash flow into delivering returns to shareholders and continuing to strengthen our balance sheet. We move on to slide 13. I'm pleased to report that we were able to continue to strengthen our balance sheet in the fourth quarter. We repaid the outstanding balance on our credit facility and reduced our net debt position to approximately $1.5 billion.

Speaker Change: At current gold prices, we expect to continue to reinvest approximately two thirds of our cash flow into sustaining and growing our business exploring to find more ounces and one third of our cash flow into delivering returns to shareholders and continuing to strengthen our balance sheet.

Speaker Change: We move on to Slide 13, I am pleased to report that we were able to continue to strengthen our balance sheet in the fourth quarter, we repaid the outstanding balance on our credit facility and reduced our net debt position to approximately $1 5 billion.

Jamie Porter: We've also recently significantly improved our overall liquidity. Earlier this week, we closed a new, sized, revolving credit facility in the amount of $2 billion. This new facility reflects Agnico's size and scale and investment grade status, and that provides us with additional financial flexibility. We were very pleased to have had strong support from our many banking partners. We do have increased debt maturities in 2025, and we'll look to refinance or repay those from excess cash at the appropriate time.

Speaker Change: We've also recently significantly improved our overall liquidity earlier. This week, we closed a new upsized revolving credit facility in the amount of $2 billion.

Speaker Change: This new facility reflects eight nicos size and scale and investment grade status. It provides us with additional financial flexibility and we were very pleased to have had strong support from our many banking partners.

We do have increased debt maturities in 2025, and we'll look to refinance or repay those from excess cash at the appropriate time.

Jamie Porter: Overall, the balance sheet remains very strong, and we're constantly working to make it stronger, improving our liquidity and overall financial flexibility. With that, I'll turn the call over to Dom, who will provide an overview of our Quebec and Nunavut offices. Thank you, Jimmy. Good morning, everyone.

Speaker Change: Overall, the balance sheet remains very strong and we're constantly working to make it stronger improving our liquidity and overall financial flexibility.

Speaker Change: With that I'll turn the call over to Don who will provide an overview of our Quebec and none of it operations.

Don: Thank you Jamie good morning, everyone. So in the coming slide I'm going to cover the two region in Canada on my side, Quebec in Nunavut, and Natasha will follow with the other regions, but it.

Dom: So on the next slide, I'm going to cover the two regions in Canada on my side, Quebec and Nunavut, and Natasha will follow with the other regions. Maybe before going to those highlights, Ammar, I would just like to add something or to build on what you mentioned about why and what I think why we're in that position right now. There's the aspect of the people, there's the aspect of the region where we are, but there's also a secret ingredient, it's a bit personal, but I strongly believe in that, which is how we do stuff, how we work all together here at the corporate office with Natasha, Jamie, under your leadership, Amor, Carol, Jean, and Guy. I think this is what makes the difference. This is what I felt when I started in 1998 at La Ronde and again 26 years later. Under your leadership, Amor, this is what we're doing. And when you go outside, you still feel that.

Don: Before going to the those highlights.

Natasha: I would like to add something to build on what you mentioned in adult.

Natasha: Why and why I think why we're in that position right now there is.

Natasha: There is the aspect of the people there the aspect of the the region, where we are but Theres also a secret ingredient, it's a bit personal but I strongly believe in that.

Natasha: Which is.

Natasha: How we do stuff.

Natasha: We were all together here at the corporate office with Natasha Jamie.

Natasha: <unk> leadership at more capital.

Natasha: John and.

Natasha: I think this is what makes the difference.

Natasha: This is what that felt when I started a 19 $8 98 at night Wronged and again 26 years after.

Natasha: Under your leadership and what this is what we're doing and when you go at site you still feel that same thing where we are in Toronto office. We work together and this is why the result, we are today.

Dom: Same thing where we're in the Toronto office. We work together, and this is why we are where we are today. Here they're talking by themselves.

Natasha: Dr Dere talking by themselves.

Dom: So on that, I will move to the Quebec region. So we produce over 1 million ounces at a cash cost of $8.50, generating an operating margin of over $1 billion. So I'm very proud and thank you to the team for controlling the costs and continuing to optimize the business and leveraging all the synergies. So Quebec is a well-established platform, and you'll see in the coming slides. This is just the beginning; we're going to keep growing that one. When you think about that, within 100 kilometers, we have three mines and a very enormous geological potential. Maybe, before going to the ODYSSEY project, I would just like to highlight that Canada-Malartic is going to be the biggest mine in Canada in 2024.

Natasha: So on that that will move us to the Quebec a region.

Natasha: So we produce over 1 million ounces at a cash cliff of 850 generating an operating margin of over $1 billion.

Speaker Change: So I'm very proud and thank you for the team to control the costs and to continue to optimize the business and to leverage on all of the synergy.

Speaker Change: So Quebec is a well established platform and you're going to see in the coming slide. This is just the beginning we're going to keep we're going to keep growing that one when you think about that within 100 kilometer we have three mines and a very enormous geological potential.

Speaker Change: Maybe before going to the Odyssey project I would just like to highlight that Kennedy MLR is going to be the biggest mine in Canada in 2024.

Dom: Natasha, you're going to win the biggest open pit, but Canada-Malartic is going to be back as the first biggest mine. And on the next slide, you're going to see we're going to move to have the biggest underground mine, and maybe with phase two, potentially the biggest mine again. But let's talk about that. Next slide. So the ODC project is phase one of the underground. We've loaned out the study, which is a 25, 20, 20 years life of mine at 550 ounces per year.

Speaker Change: Net debt shall you're going to win the biggest open pit.

Speaker Change: But Canada.

<unk> I think is going to be back there differs biggest mine and in the coming slide you're going to see where we're going to move to have the biggest underground mine and maybe with phase II.

Speaker Change: Actually the biggest might again, but.

Speaker Change: Let's talk about what the next slide.

Speaker Change: So the idea of D. C project. It is the phase one of the underground we.

We lend out the study which is at 25 2020 years life of mine at 550 <unk> per year. This is the PPA that we release and more recently, we update the PFS, where we our goal to turn five 2 million ounces into reserves.

Dom: This is the PEA that we released. And more recently, we updated the PFS, where we are about to turn 5.2 million ounces into reserve. The highlight of the project, the Odyssey South ramp up, is going well. I would say it's done.

The highlight of the project Odyssey, South ramp up is going well I would say it's done.

Dom: We're right now producing 3,500 tons per day, which is gonna bring approximately 80 ounces per year in the coming years. You can see on the map the ramp, so we're going to reach the top of the Izgurdi deposit, which is the red zone. We're going to be there in a couple of weeks.

Speaker Change: Right now producing 300 feet 503500 tonnes per day, which is going to bring approximately 80 ounces per year in the coming two.

Speaker Change: Two years.

You could see on the map the ramp so we're going to reach the top of the <unk> deposit, which is the Red zone, we're going to be there in a couple of weeks and the team is now looking for opportunity out would we start to mine that zone.

Dom: And the team is now looking for opportunities, how could we start to mine that zone at the top and bring answers potentially in 2026. So we don't have the clear details yet, but the team is working on that. Ammar mentioned that we are in advance on the ramp, and one of the reasons for that is again back to the synergy and how we were able to transfer knowledge and be fast with the automation. So right now, during the shift, during the crew change, we are able to operate the mine remotely from the surface, and this is giving us between 10 and 20% improvement. That was not in the plan, and this is why we are better than the plan.

Speaker Change: At the top end to bring answers potentially in 26. So we don't have a clear detail yet, but the team are working on that.

Speaker Change: <unk> mentioned about that we are in advance on the ramp in one of the reason of that again, it's back to the synergy and how we were able to transfer that knowledge and to be fast on the.

Speaker Change: On the Autonation, so right now during the shift domain.

Speaker Change: To change we are able to operate remotely the mine from the surfaces and this is giving us between 10 and 20% improvement that was not into the plan and this is why we're better at NDA plan. Other good news the internal zone, which is in between the or this is out at the top end the Odyssey north at the Port.

Dom: Other good news, the internal zone which is in between the Odyssey South at the top and the Odyssey North at the bottom, you know in the purplish color, we still see some upside coming from those zones and more times at the same rate. So that's good news. It is very, I understand it is very complicated to bring them into the model.

Speaker Change: <unk>.

Speaker Change: Purple ish color, we still see some upside coming from those zones and more times at the same great. So that's a good news. It is very I understand it is very complicated to bring them into the model.

Dom: We're trying, but again, it's good news for the operation. When we're there, there's more than the model. On the shaft sinking, we saw a very great improvement in December and January. So congratulations to the team.

Speaker Change: We're trying but again, it's a good news for operation when we're there there is more to intermodal.

Speaker Change: On the shaft sinking we saw very great improvement December January so.

Speaker Change: Congratulations to the team we're heading in the right direction and the surface construction 60, 65% completed.

Dom: We're heading in the right direction, and the surface construction is 65% completed. Before I go to the next slide, which is, I'm going to talk more about phase two of ODYSSEY, I'd just like to highlight on this one, which is, we're looking west, and you see two zones. The East Goldie Zone, which is in the sediment deposit, and there is the ODYSSEY South North, which is at the border between the sedimentary rock and the volcanic rock.

Speaker Change: Before I'm going to the next slide which is I'm going to talk more about phase II about D. C and just like to highlight on that one on this one we see we're looking west and you see two zone, the east <unk> zone, which is in the <unk> deposit and there is that this is Sal Norte, which is.

Speaker Change: <unk>.

Speaker Change: At the border between the sediment owl rock and the volcanic rock, but theres. Another one more on the north which is at the contact of the volcanic and other type of rock. So I thought I saw a slide from geese presentation, because I'm excited about so I would talk about it and if you have question equal to help me.

Dom: But there's another one more on the north, which is at the contact of the volcanic and other type of rock. So I stole a slide from Guy's presentation because I'm excited about it. So I will talk about it, and if you have questions, Guy can help me. Next slide. You can see now that we're looking north. On that slide, in the middle, right in the middle, you see East Gouldie.

Speaker Change: Next slide you could see now we're looking we're looking north.

Speaker Change: On that slide in the middle right in the Middle you see the east Goldie. The arrange part is what we transfer to reserve the $5 2 million ounces. So these zones continue to increase as we are in filling it and doing more drilling. So this is one part that could be phase II. If we continue to grow that reserve and <unk>.

Dom: The orange part is what we transferred to reserve, the 5.2 million ounces. So this zone continues to increase as we are infilling it and doing more drilling. So this is one part that could be phase two.

Dom: If we continue to grow that reserve and potentially have a second shaft close to that one and bring more tons to the mill, that's an option. There is no clear view or clear plan at this stage because we need to continue to drill. The team is already planning where that shaft is going to be and planning all the infrastructure that we need to build to make sure that we're going to have a good room, a good spot for that shaft. More to come, but we still need to continue to drill. But also exciting, if we step out a bit, you can see the 16.5-kilometer strike length that we have. Now we're, again, looking north, and there are three zones of mineral horizons in that. There's the Odyssey, sorry, the Izgudi in our range. In the middle, at approximately 600, 700 meters, there's the Odyssey South, and you can see on the right also the purple one.

Speaker Change: Actually have a second shaft close to that one and bring more tonnes through the mill.

Speaker Change: That's an option.

Speaker Change: There is no clear view, our clear plan at this stage because we continue need to continue to drill but.

Speaker Change: The team is already planning, where that traffic is going to be and planning all the infrastructure that we need to be able to make sure that we're going to have a good room, a good spot for that Jeff Mark to come but we still need to continue to drill but also exciting if we step out a bit.

Speaker Change: You could see the $16 five kilometer strike land that we have now we're again, we're looking Norte and Theres three zones. Meanwhile, our reason in that Theres the Odyssey.

Speaker Change: Sorry, the <unk> in a range in the middle at approximately six 700 meter David the earliest is out and you could see on the right also that purple one it dead zone continue I.

Dom: That zone continues, I don't know, five kilometers to the west, and there's another zone, which was the Monarchic Goldfield Mine in the past, which is also there. So there's currently no drilling occurring there, but we're going to come back, I would say, in the next two years. We're looking to have an aggressive plan to drill that, and this could be a game changer to bring, if we find something, answers to Canadian Monarchy. So back in the days, the Goldfield Mine mined 9 million tons at 6 grams per ton, 1.7 million ounces. That was in 1939 and 1965.

Speaker Change: I don't know five kilometers on the west and there is another zone, which was the the monarchy goldfield mined in the past, which is also there. So there is currently no drilling occurring there, but we're going to come back in I would say in the next two years, we're looking to have an accuracy of plan to drill that.

Speaker Change: And this could it could be a game changer to bring if we find something to bring answers to Canadian Arctic. So back back in the days Goldfield mine has mined 9 million tons at six Gram per tonne. One 7 million ounces that was $19 39, 1965. So we know we're going to have gone back there.

Dom: So now we're going to come back there, we're going to drill around that and see if we can bring something into the place. Next slide. So, for the Nunavut business, again, great work by the team, and I would also like to highlight Martin Plante's work. He's here with us in the room. He did very good work to optimize at Miliadene and at Middle Bank to improve productivity and costs, and this allowed us all to look to expand Middle Bank. It's part of that to be more efficient.

Speaker Change: Around that and see if we could bring something into the into the plan.

Speaker Change: Yes.

Speaker Change: Next slide.

Speaker Change: Yes.

Speaker Change: So <unk> business again, great work to the team I think what we'd like to.

Speaker Change: Just like also to highlight the bank line to work.

Speaker Change: Here with us in the room. He did very good work to optimize at midyear Dean in net mutual bank to improve the productivity and cost and this allowed us to look to expand meadowbank its part of that to be more efficient.

Dom: So we added 500,000 ounces to the plan for ounces coming in 2026, 2027, 2028. Those ounces are coming from better reconciliation, which will involve more tons, a pushback at the IVR pit, and also more mining from underground. He's going to talk more about that one.

Speaker Change: We added 500000 ounces into the plan or ounces coming in 'twenty six 'twenty 728, those ounces are coming from a better reconciliation, which involve more tons at pushback at the <unk> pit and also more mining from underground he is going to talk more.

Speaker Change: About that one.

Dom: Maybe the other aspect is the billions; we're currently doing the phase 2 construction; you see the billions picture in the middle. This is going on budget and on time. This is good news, and the vision here in Nunavut is to maintain a platform of 800,000 ounces. This is what we produced if you look to the full year 2023, in 2024 we're going to bring that around 860,000 ounces with more ounces coming from Middle Bank. As we mentioned in the past, the deeper we go into the open pit, the grade is higher, and supplemented with the underground mine or higher grade ore, this is where the ounces are going to come from, but Middle Bank, we see it ending now in That's very good news.

Speaker Change: <unk>.

Speaker Change: The maybe the other aspect is the.

Speaker Change: Mainly deane, we're doing currently that the phase two construction and you see the <unk> picture in the Middle This is going on budget on time. This is a good news and the vision here in Nunavut is to maintain a platform or 800000 ounces. This is what we produced.

Speaker Change: If you look to the full year 2023 and 'twenty 'twenty four we're going to bring that around 860000 ounces with more ounces coming from Meadowbank as we mentioned in the past more deep we go into the open pit the grade is higher and the <unk>.

Speaker Change: <unk> with the underground mine or higher grade or this is where the answers are going to come.

Speaker Change: But.

Speaker Change: Meadowbank, we see it ending now in 2028, that's a very good news and we continue to work to expand that this is the first goal and what could the in my mind be very very interesting. He is going to talk about something we see.

Dom: We continue to work to expand that. This is the first goal and what could, in my mind, be very, very interesting. Guy is going to talk about something we see also at Amarok. But the other project that is coming into play is the whole big one. And again, I will let Guy More talk about what we see.

Speaker Change: Also at <unk>.

Speaker Change: But the other project that these coming into play is the <unk>.

<unk>, one and again I will let give more talk about what we see.

<unk>.

Speaker Change: This Nunavut is at high risk region, but it's also <unk>.

Dom: This Nunavut is a high-risk region, but it's also a high-reward region. And on the risk side, I need to say, I'm very comfortable, because we've been mining there for 17 years. We've built millions, 1.2 million projects. We did it on cost, six months in advance.

Speaker Change: High reward region and on the risk side I need to say I'm very comfortable because we're mining darrington 17 years, we built <unk> $1 2 million project, we did on cost six months in advance.

Dom: And now we're doing phase two of mylidine at a time when it's not easy, and we're still on time and on budget. So I'm confident that the team is going to work on a study at Amarok, which is going to be a solid one, and it's going to fly. On that, I will now pass it to Natasha, who will discuss the remaining business. Thanks, Tom, and good morning, everyone.

Speaker Change: And now we will be doing phase III Emilia Dean at the time, which is not easy and we're still on time and on.

Speaker Change: So I am confident that the team is going to work on our study <unk>, which is going to be a solid one and it is going to fly so on.

Net Asia: On that I will now pass it to net Asia, who will discuss the remaining of the business.

Asia: And good morning, everyone.

Natasha: I'll start with the operations in Ontario. We had a strong year and solid performance at both of our operations. As you can see on the slide, we generated over a billion dollars in operating margins in 2023 with industry-leading costs. Now, at both of our operations, MACASA and Detour, we're focused, constantly focused on optimizing our assets through a number of continuous improvement initiatives. It's just part of their DNA.

Net Asia: Start with the operations in Ontario, we had a strong year and solid performance at both of our operations as you can see on the slide we generated over $1 billion and operating margins in 2023.

Net Asia: Industry, leading cost.

Net Asia: Now at both of our operations Makassar in Detroit.

Net Asia: We're focused we're constantly focused on optimizing our assets to a number of continuous improvement initiatives. It's just part of their DNA.

Natasha: And I'll give you a few examples of that. And I'll start with MACASA. So one of the big initiatives here at MACASA are the productivity gains that we were able to sustain in 2023. We first started out with the commissioning of number four shaft, and then later in the year, we upgraded the ventilation system. And these gains together have resulted in production coming up just above the top end of guidance. So congratulations to the team on that. Now, in terms of creating further value at MACASA, we have now integrated the AK and the near-surface deposits into the production profile. And as Amar mentioned, at the time of the merger, we identified AK as a near-term opportunity to create value. And so, again, here we're very, very proud of the team for the work that they've done to realize this potential. Now, just staying in the Kirkland Lake area for a minute, I just wanted to touch on Upper Beaver.

Net Asia: And I'll give you a few examples of that and I'll start with macassar. So one of the big initiatives here at Mckesson or the productivity gains that we were able to 15 in <unk>.

Net Asia: 23.

Net Asia: We first started that with the commissioning of number four shaft and then later in the year, we upgraded the ventilation system.

Net Asia: Gains together have resulted in our production.

Net Asia: Coming up just above the top end of guidance. So congratulations to the team on that.

Net Asia: Now in terms of creating further value at Mcarthur.

Net Asia: We've now integrated the 8-K and then your surface deposits into that production profile and as Mark mentioned at the time of the merger we identified 8-K.

Net Asia: A near term opportunity to surface value and so again, we're very very proud of the team.

Net Asia: For the work that they've done to realize this potential.

Speaker Change: Now just staying in the critical area for a minute I just wanted to touch on upper Beaver.

Speaker Change: Internal assessment, that's underway and it's considering either an exploration shaft on exploration ramp.

Natasha: There's an internal assessment that's underway, and it's considering either an exploration shaft or an exploration ramp to further convert and also explore the deeper portions of the deposit. Now moving to a detour, as I've mentioned before, this site has a track record of delivering on improvement initiatives. Our current focus, as you know, is continuing to advance the mill optimization efforts. We now expect to reach the mill throughput rate of 28 million tonnes a year later in the second half of this year, 2024, which, again, I'm very, very proud of the team to be able to say this, is one year, one year earlier than anticipated. In addition to that, we also believe that we have a better understanding of the potential to reach a mill throughput of now 29 million tons per year, and we believe that we can do this on a timeline that could be as early as the end of 2026.

Speaker Change: Further convert and also explore the deeper portions of the deposit.

Speaker Change: Now moving to Detroit as I've mentioned before the site.

Speaker Change: The site has a track record of delivering on improvement initiatives.

Speaker Change: Current focus as you know is there is the continuing is continuing to advance the mill optimization efforts. We now expect to reach them now to put rate of 28 million tons. A year later in the second half of this year 2024, which again I'm very very proud of the team to be able to say this is one year one year earlier than just.

Speaker Change: <unk>.

Speaker Change: In addition to that we're also we also believe that we have a better understanding of the potential to reach a mill throughput up now 29 million tons, a year and we believe that we can do this in a timeline that could be as early as the end of 2026.

Speaker Change: And now and will continue to work on this but we're also looking to do better and I mentioned it.

Speaker Change: And then the early stages of it but we're evaluating the potential to go beyond 29 million tonnes.

Natasha: And now, and we'll continue to work on this, but we're also looking to do better. And Ammar mentioned this, but we're in the early stages of it, but we're evaluating the potential to go beyond 29 million tons a year. That could be at 30, that could be at 32 million tons. Now, just touching on the Detour Underground Study, it's progressing, and we'll provide an update later in the year. Now moving to the next slide, slide 19. I followed Dom's cue, and I swiped a slide from Guy. Sorry, Guy, but it's a good slide.

Speaker Change: That could be at 30 that could be at 32 million tons a year.

Speaker Change: Now just touching on the detour underground study is advancing and we will provide an update later on in the year.

Speaker Change: Now moving to the next slide Slide 19, I, followed dumps, Kew and I slipped a slide from <unk>, but.

Speaker Change: But it is a good slide.

Speaker Change: A little bit more color on the ongoing exploration efforts at detour.

Speaker Change: So at the end of this year, we declared an initial underground inferred resource of close to 22 million tons at an average grade of two to three so it totals about 1.56 million ounces.

Speaker Change: And on the image below you can see where that sits.

Natasha: It provides a little bit more color on the ongoing exploration efforts at Detour. So at the end of this year, we declared an initial underground inferred resource of close to 22 million tons at an average grade of 2.23, so it totals about 1.56 million ounces. And in the image below, you can see where that resource sits. It's a darker, bluish-gray, maybe greenish, resource that is just below and to the west of the blue resource pit shell.

Speaker Change: It's a darker bluish gray maybe greenish.

Speaker Change: Which is just below and to the west of the Blue resource pit shell.

Speaker Change: This is the area that we're currently evaluating in the underground study, it's the dark blue area, but also the resources as a whole.

Speaker Change: On the lower and then you can also see barely see purple line, a faint purple line and that is the potential locations of an exploration ramp to get closer to the resource and being in a pretty good position to better define it.

Speaker Change: And then over and above that we are still making progress outside that resource area, while continuing to drill the western part and we see a cluster of good drill holes.

Natasha: This is the area that we're currently evaluating in the underground study. It's the darker blue area, but also the resource as a whole. In the lower image, you can also barely see a purple line, a faint purple line, and that is the potential location of an exploration ramp to get closer to the resource and be in a pretty good position to better define it.

Speaker Change: <unk> 900 meters or so west of the resource pit.

Speaker Change: Now moving on to there on to slide 20, I'll touch on the other assets very quickly starting with Finland.

Here at Capella, the operating permit was restored to 2 million tonnes a year.

Natasha: And then, over and above that, we are still making progress outside that resource area. We're continuing to drill the western part, and we see a cluster of good drill holes, about 900 meters or so west of the resource pit. Now moving on to slide 20, I'll touch on the other assets very quickly, starting with Finland.

At the end of October 2023, and now having completed the mill expansion the shaft project E environmental upgrades and mine is realizing its potential and generating strong cash flows.

Speaker Change: We're also seeing some positive reconcile positive exploration results extending the deposit not just at depth, but also near surface.

Natasha: Here at Katila, the operating permit was restored to 2 million tonnes a year at the end of October 2023, and now having completed the mill expansion, the shaft project, and the environmental upgrades, the mine is realizing its potential and generating strong cash flows. We're also seeing some positive exploration results extending the deposit not just at depth but also near surface. Now moving to Australia, Fosterville, it continues to generate strong cash flows despite decreasing rates.

Now moving to Australia, Fosterville continues to generate strong cash flow despite decreasing grades.

Speaker Change: Team.

Speaker Change: Is working on securing a long term production level.

Somewhere in the range of 175 to 200000 ounces per year.

Speaker Change: And we will expect to have preliminary results of that later on this year.

Speaker Change: No not too long ago Festival was a site that generated before exploration expenditures have generated close to $1 billion Oster.

Speaker Change: Australian.

Speaker Change: In cash flow a year for three consecutive years. So yes, we believe in the site, we believe and our team there we believe in the exploration potential to find the next high grade deposit and he will discuss that later on in the presentation.

Natasha: The team is working on securing a long-term production level of somewhere in the range of 175 to 200,000 ounces per year, and we expect to have preliminary results of that later this year. Not too long ago, Fosterville was a site that generated, before exploration expenditures, close to a billion Australian dollars in cash flow a year for three consecutive years. So yes, we believe in the site, we believe in our team there, and we believe in the exploration potential to find the next high-grade deposit, and Guy will discuss that later in the presentation. Lastly, Mexico.

Speaker Change: Lastly, Mexico.

Speaker Change: <unk> successfully and sadly completed mining activities in Q4 2023.

And is now producing from the residual leaching activities this year.

Speaker Change: Pinos Altos.

It's a mature site with stable production and a great team and our efforts are transitioning more and more now to the San Nicolas project.

Speaker Change: And then just before I pass the call over to <unk> I, just want to Echo what <unk> said and what Dom said I just want to commend the sites all the operating sites for an incredible year.

Natasha: La India successfully and sadly completed mining activities in Q4 2023 and is now producing from the residual leaching activities this year. Pinos Altos, it's a mature site with stable production and a great team, and our efforts are transitioning more and more now to the San Nicolas project. And then, just before I pass the call over to Guy, I just want to echo what Ammar said and what Dom said.

Speaker Change: There were many challenges.

Speaker Change: That we encountered but we overcame them as a team.

Speaker Change: Game them safely. So thank you for your hard work. Thank you for your commitment.

Speaker Change: To continually strive for improvements in all aspects of our business.

So with that I'll pass it over to Keith.

Keith: Thank you <unk> good morning, everybody.

Keith: With the year end reserve and resources.

Natasha: We just want to congratulate the sites, all the operating sites, for an incredible year. There were many challenges that we encountered, but we overcame them as a team. We overcame them safely.

Keith: <unk> meant that page 21.

Keith: It's been that.

Keith: A very good year in terms of our mineral reserves replacement you can see the building block.

Guy: So thank you for your hard work. Thank you for your commitment to continually striving for improvements in all aspects of our business. So with that, I'll pass it over to Guy. Thank you, Natasha. Good morning, everybody.

Keith: The highlight of the different categories in the upper left hand corner of that slide, but a more and more importantly, like mentioned by EMR, Andy introduction comment increasing the number of mineral reserves per share again, so we've been successful at doing yet adding this year.

Guy: Starting with the year-end reserve and resources statement on page 21, it's been a very good year in terms of mineral reserve replacement. You can see the building block highlighted in the different categories in the upper left-hand corner of that slide, but more importantly, as mentioned by Amar in the introduction comment, increasing the number of mineral reserves per share again. So we've been successful at doing it, adding 10% this year, so 5 million ounces of addition to the reserve, seeing resources being stable in the measure and indicated category and growing by 26% year-over-year. We've been adjusting our gold price assumption to $1400, but that was mostly to reflect the long-term structure cost of our business, and none of that resulted in a lower ring of the cut-off grade.

Keith: Person, So 5 million ounces addition to the reserve.

Keith: Seeing resources being stable into Missouri, and indicated category and growing and for by 26% year over year, we've been addressing our gold price assumption to 1400.

Keith: But that was mostly to reflect on the long term structured costs of our business and none of that resulted in a lower ring of a cutoff grade as a matter of fact degrade our reserve our 2% up year over year. So we're not only adding reserve. We're also improving the quality would agree that it is higher.

Keith: And you can also see in the lower left corner, the waterfall and that explain the various blocked from mining depletion addition of east Goldie with 517 million ounces. The acquisition of the <unk> App of Canadian Arctic and our 50% interest in San Nicolas Plaza contribution of each of these.

Keith: <unk> is well illustrated in that waterfall graph.

Guy: As a matter of fact, the grades of our reserve are 2% up year over year, so we're not only adding reserve, we're also improving the quality with a grade that is higher. And you can also see in the lower left corner the waterfall that explains the various blocks from mining depletion, the addition of East Goldie with 5.17 million ounces, the acquisition of the other half of Canadian Monarchic and our 50% interest in San Nicolas, plus the contribution of each of the other mines that is well-illustrated in that waterfall graph. Moving to specific projects, like those mentioned by Natasha, it's been a great year in Makassar, and a great year from a production standpoint, and a very great year in terms of reserve replacement and addition.

Keith: Moving to specific project like mentioned by Natasha I, it's been a great year in macassar.

Keith: And a great year from a production standpoint, and a very great year in terms of reserve replacement. In addition, so not only we managed to replace the 235000 ounces that were mined into two one on the top of that we've added an additional 224, so theres been a net a significant net growth of the total mineral.

Keith: Our reserve at Mckesson, and very pleased to see odd evolution AD. The AK is one closer to serve face not only the reserve mineral reserve have grown to 160000 ounces in that shallow portion of the deposit but the grade is significantly up compared to last year now we are being $160 an ounce.

Guy: So not only have we managed to replace the 235,000 ounces that were mined in Chichu, but on top of that, we've added an additional 224. So there's been a significant net growth of the total mineral reserve at Makassar, and I'm very pleased to see the evolution at the AK zone closer to surface. Not only has the mineral reserve grown to 160,000 ounces in that shallow portion of the deposit, but the grade is significantly higher compared to last year. Now we are having 160,000 ounces at 6.7 grams, whereas last year our first estimate was 5.2. So, good quality, relatively high-grade ore, very close to surface that will provide a lot of optionality as described both by Amar and Natasha. Moving on to slide 23, Amarok, just to pile on what Dominique mentioned.

Keith: At $6, seven Gram and whereas last year are for a system that was $5. Two so good quality relatively high grade ore very closest or phase that will provide a lot of optionality as was described bold bye bye Amara Natasha.

Moving on slide 23.

Keith: I'm, Eric just to pile on what Dominic mentioned, it's been a great year from an operation standpoint that they know that the metric we've seen from a cost and production were outstanding and we continue to see the benefit of a very positive reconciliation. So.

Eric: As we're entering into the central portion of the deposit we continued to see this year at 22% more ounces than predicted by our block model. We've managed to integrate some of that into our assumption adjusting the model addressing some of the gap Inc. Prior to meter.

Eric: Which is a component of the extension of the life of mine and as we are also adding a time and extending the life of mine that we continue to investigate.

Guy: It's been a great year from an operations standpoint, you know, the metrics we've seen from cost and production have been outstanding, and we continue to see the benefit of a very positive reconciliation. So as we're entering into the central portion of the deposit, we continue to see this year 22% more ounces than predicted by our block model. We've managed to integrate some of that into our assumptions, adjusting the model, adjusting some of the capping parameter, which is a component of the extension of the life of the mine.

Eric: Depp, where the deposit remains open and we continue to be quite pleased with some good result, now reaching close to kilometer rentals are faced with some with some great. Good high grade to hit with good thickness, so opening up.

Eric: Some opportunity to further extend the life of mine above and beyond what we are mentioning.

Eric: Moving to slide 20 for Adobe.

Eric: The focus shift from investigating Doris loss in $2022 two investigating in the Madrid area and very an area that we like when we when we were evaluating the project is that that extension of Madrid towards this out in a batch oven and we continue to see excellent reason.

Guy: And as we are also adding time and extending the life of the mine, we continue to investigate at depth where the deposit remains open, and we continue to be quite pleased with some good results now reaching close to a kilometer below surface with some great, good, high-grade hits with good thickness. So opening up some opportunity to further extend the life of mine above and beyond what we are mentioning. Moving to slide 24, at Oak Bay, the focus shifts from investigating Doris last in 2022 to investigating in the Madrid area. And very an area that we liked when we were evaluating the project is that extension of Madrid towards the south in Patch 7. And we continue to see excellent results. One of the best drill holes that we've ever seen on the project, 16.3 g over 28 m, not even 400 m below surface.

Eric: One of the best drill hole that we've ever seen on the project 16, three gram over 28 meter at the not even 400 meter bundles or face.

Eric: That area is not yell drill tight enough to make it inferred resources and it but it's exactly what we are currently at.

Eric: Addressing and filling that area and we've been aggressively ramping up drilling quickly after new year, when our highest sicknesses, what's good and also that we can safely reactive that portion under <unk>.

Eric: From ice based drilling and we are aggressively drilling in that area that we think will move the needle to bring the project to a successful.

Eric: Decision in the future.

Guy: That area is not yell drill tight enough to make it infer resources, but it's exactly what we are currently addressing and filling that area. And we've been aggressively ramping up drilling quickly after New Year when the high stigmas were good enough so that we could safely reaccess that portion from ice-based drilling. And we are aggressively drilling in that area, which we think will move the needle to bring the project to a successful decision in the future. And last but not least, moving to Fosterville on page 25.

Eric: And last but not least moving to fosterville on page 25.

Eric: We've seen that through the year.

Eric: A continuation of good results and Robin's Hill area and out to a certain extent as well in the in the lower Phoenix.

Eric: And with it in a car to an old fleet that led to.

Eric: A complete replacement of reserves, obviously the grade as was discussed is going down.

Eric: We are completing the depletion of this one zone, but.

Eric: But we were quite pleased to see a full replacement with the reserves that now stand at around $6. One a gram and we are currently working to address the mine plan with the idea of optimizing the production profile of the operation with that six gram per tonne material.

Guy: We've seen, throughout the year, a continuation of good results in the Robins Hill area and now to a certain extent as well in the Lower Phoenix and within the Cardinal's Flee. That led to a complete replacement of reserves. Obviously, the grade, as discussed, is going down because we are completing the depletion of the Swan Zone, but we were quite pleased to see a full replacement with the reserves that now stand at around 6.1 grams, and we are currently working to address the mine plan with the idea of optimizing the production profile of the operation with that 6 gram per ton material. And on that, I will return to Ammar for some closing remarks. Well, thank you, everyone, and we've covered a lot, but I'll just finish on the next slide, please, what we're all about. We are trying to build a high-quality business.

Speaker Change: And on that I will return back to <unk> for some closing remarks.

Speaker Change: Thank you everyone.

Speaker Change: We've covered a lot, but I'll just finish on the next slide please.

Speaker Change: On.

Speaker Change: What we're all about we are trying to build a high quality business.

Speaker Change: We think theres a lot of opportunity.

Speaker Change: We don't care about absolute size, we care about value and value per share for our shareholders and doing it the right way in the communities we operate.

Speaker Change: We want a low low risk.

Speaker Change: Business in the best jurisdictions, we defined the best jurisdictions at least for Agnico Eagle is having the best geologic potential for multiple mines and having the political stability to operate multiple mines and to keep things simple.

Ammar Al-Jandi: We think there's a lot of opportunity. We don't care about absolute size; we care about value and value per share for our shareholders and doing it the right way in the communities we operate in. We want a low, low-risk business in the best jurisdictions.

Speaker Change: <unk>.

Speaker Change: We want to focus on.

Speaker Change: Quality for us includes.

The best ESG that we can possibly do.

Speaker Change: Not only is that the right thing to do but it's an essential thing to do if you're if your strategy is I want to be in a region for multiple decades and build multiple mines you better be welcome in that region and you better treat the people and the communities and the environment. The right way, we want to continue to have disciplined capital investment.

Ammar Al-Jandi: We define the best jurisdictions, at least for Agnico Eagle, as having the best geologic potential for multiple mines and having the political stability to operate multiple mines and to keep things simple. We want to focus on... Quality for us includes: The best ESG that we can possibly do, not only is it the right thing to do, but it's an essential thing to do.

And disciplined capital investment is largely about knowledge and so when we make investments we'd like to do them in areas. We know with partners that we know.

With teams that we know we think we are uniquely positioned in the industry. We're in good regions that have multiple decades.

Ammar Al-Jandi: If your strategy is, I want to be in a region for multiple decades and build multiple mines, you better be welcome in that region, and you better treat the people, the communities, and the environment the right way. We want to continue to have disciplined capital investment, and disciplined capital investment is largely about knowledge, so when we make investments, we like to do them in areas that we know, with partners that we know, and with teams that we know. We think we are uniquely positioned in the industry. We're in good regions that have had multiple decades, in some cases. All in all, we have a century of proven mineral potential. We produce more gold in Canada than the next eight companies combined.

Speaker Change: In some cases century of proven mineral potential we produced more gold in Canada in the next eight companies combined that gives us the advantages you would expect from that and we have unique mining experience.

And none of it and then finally.

Speaker Change: And importantly, we've always been.

Speaker Change: To.

Speaker Change: A company that is focused on fiscal conservatism, we focus on per share metrics, we focus on optimizing cash flow and we focus on trying to get the best return the best risk adjusted return on capital by leveraging existing assets, where we can and I think what you've heard this morning.

Ammar Al-Jandi: That gives us the advantages you would expect from that, and we have unique mining experience in Nunavut. And importantly, we've always been a company that has focused on fiscal conservatism, we focus on per share metrics, we focus on optimizing cash flow, and we focus on trying to get the best return, the best risk-adjusted return on capital by leveraging existing assets where we can, and I think what you've heard this morning is there is an abundance of opportunity to do that. So with that, Operator, thank you, and we'll Thank you. Ladies and gentlemen, should you have a question, please press the star followed by the 1 on your touch-tone phone. If you would like to withdraw your question, please press the star followed by the 2. If you are using a speakerphone, please leave the handset before pressing any keys.

Speaker Change: Is there is an abundance of opportunity to do that so with that.

Speaker Change: Operator, Thank you and I'll will turn it over to questions.

Speaker Change: Thank you.

Ladies and gentlemen did you have a question please press the star.

Speaker Change: Followed by the one on your Touchtone phone if you would like to withdraw your question. Please press the star followed by the two <unk>.

Speaker Change: Using a speaker phone please lift the handset before pressing any keys one moment. Please for your first question.

Speaker Change: Yes, Great question comes from Josh Wolfson from RBC capital markets. Please go ahead.

Josh Wolfson: Thank you very much first question I had was on <unk> and the mine life extension it looks like the reserves didn't really change here asides from depletion and I'm wondering.

Operator: One moment, please for your first question. Your first question comes from Josh Walson from RBC Capital Markets. Please go ahead. Thank you very much.

Josh Wolfson: Was this an adjustment of the existing mine plan.

Josh Wolfson: What's sort of behind the extension, there and I think that pathway and answers that were defined.

Josh Walson: The first question I had was about Amaruk and the Mine Life Extension. It looks like the reserves didn't really change here aside from depletion. I'm wondering, was this an adjustment of the existing mine plan? Or what's sort of behind the extension there?

Josh Wolfson: Sort of being added to it.

Yes, if you do them I, Josh if you do the math you remove what we mined last year and with the addition of the.

Josh Wolfson: <unk>, we've seen the positive reconciliation that contributes to a portion of those census addition, so we did not completely deplete what we what was mined and did that extension of a 500000 ounces.

Guy: And I think the half a million answers that were defined are sort of being added to it. Yeah, if you do the map, you remove what we mined last year, and with the addition of the high grading, we've seen the positive reconciliation that contributes to a portion of those census additions, so we did not completely deplete what was mined, and that extension of 500,000 ounces was completed after the reserve exercise, so some of those ounces may show up while we're going to be doing the next reserve update, Okay, I got it. So it's not reflected in the reserve.

Josh Wolfson: Was completed after the reserve exercise so some of those answers may show up whether we are going to be doing the next a reserve update and some of them are also.

Josh Wolfson: I would say lower slightly lower grade material that still will generate a lot of cash flow, but maybe that won't not all meet the trigger to become reserves.

Okay got it so it's not reflected in the reserve.

Josh Wolfson: Maybe.

Josh Wolfson: Perhaps along the same lines.

Guy: Maybe, perhaps along the same lines, the detour initial underground resource at one and a half million ounces. You know, I'm assuming there's a larger opportunity here. I guess I'm just wondering, is this resource going to be the basis for the June update? Or should we expect, you know, the potential for additional drilling or, you know, a resource update with that release? Well, there will be a few aspects to answer your question.

Josh Wolfson: <unk> detour initial underground resource.

Josh Wolfson: $1 5 billion answers.

Speaker Change: I'm, assuming there is a larger opportunity here I guess I'm. Just wondering is this resource can be the basis for the June update or should we expect.

The potential for additional drilling or a resource update with that release.

Speaker Change: While there will be a few aspect to really answer your question that as you saw is resources that we declare is outside of the resource pit, what we're going to be providing you with some more clarity is on that blue, let's see resources be it. So this year, we've basically I didn't touch for the year end <unk>.

Ammar Al-Jandi: That, as you saw, is resources that we've declared outside of the resource pit. What we're gonna be providing you with some more clarity on that blue, let's say, resource pit. So this year, we basically haven't touched the reserve and resources statement. We haven't touched the reserve pit and the resource pit.

Speaker Change: Serve and resources statement, we haven't touched the reserve pit under researches spit, we just provide some clarity on what's outside of that what are we going to be aiming to provide some more clarity on the tradeoff between what center resources fit the light blue or what could be mined by underground more profitability into the.

Ammar Al-Jandi: We just provide some clarity on what's outside of the pit. What we're gonna be aiming to provide is some more clarity on the trade-off between what's in the resources pit, the light blue, or what could be mined underground more profitably into the underground plant we're thinking about. Okay, got it. And then, just on San Nicolas, following some of the comments we've seen out of Mexico on open pit mining, should we still think about that kind of 2027 timeframe as a target for production? Or is that likely, you know, going to be deferred a bit? Thank you. Hi Josh, it's Amar here. With regard to the proposed changes to the Constitution with regard to open pit mining, it would be a constitutional change. It would require two-thirds of the vote.

Speaker Change: Round plan worth thinking about.

Speaker Change: Okay got it and then final one just on San Nicolas.

Speaker Change: Following some of the comments, we've seen out of Mexico on open pit mining should we still think about that kind of 2027 timeframe is as a target for production or is that likely.

Speaker Change: It may be deferred a bit thank you.

EMR: Hi, Josh its EMR here.

EMR: With regards to the to the.

EMR: Proposed changes to the constitution with regards to open pit it would be a constitutional change it would require two thirds of the vote.

EMR: There's an election coming up very soon.

EMR: And so it's.

EMR: Our view is the whole thing is influx and I'll just give you an example in theory.

EMR: If theres no open pit mining that also applies to aggregates. So you can't mine for gravel you can mine for sand that means you can't build roads cant build buildings.

Ammar Al-Jandi: There's an election coming up very soon, and so our view is the whole thing is in flux. I'll just give you an example. In theory, if there's no open pit mining, that also applies to aggregates. So you can't mine for gravel, you can't mine for sand. That means you can't build roads, you can't build buildings.

EMR: So.

EMR: It's not unusual to sort of see these things just before an election.

EMR: We have very good relationships with the governments and.

EMR: We're optimistic that.

Ammar Al-Jandi: So, you know, it's not unusual to sort of see these things just before an election. We have very good relationships with the governments, and we're optimistic that, you know, the mining industry is a big industry in Mexico. With regard to... Does it affect timing?

EMR: The mining industry is a big industry in Mexico.

EMR: With regards to.

EMR: Does it affect timing I.

Speaker Change: I don't think so at this point, we are to be sure, though we are still.

Speaker Change: Working on the plan and I think we would give more guidance with specific reference to timing.

Ammar Al-Jandi: I don't think so at this point. We are, to be sure, though, still working on the plan, and I think we would give more guidance with specific reference to timing as that becomes available. Great. Thank you very much for taking my question. Your next question comes from Ralph Profiti from Haight Capital. Please go ahead.

That becomes available.

Speaker Change: Okay. Thank you very much for taking my question.

Speaker Change: Your next question comes from Ralph <unk> from.

Ralph: Hey capital. Please go ahead.

Ralph: Good morning, Thanks for taking my questions.

Ralph: Mark can I get some context around the positive tonnage reconciliation from the internal zones at <unk>.

Ralph M. Profiti: Good morning, thanks for taking my questions. Mark, can I get some context around the positive tonnage reconciliation from the internal zones at Mallardic? You know, how much of a contribution was it in 2023? Is there anything in the model in the 2024 guidance?

Ralph: How much of a contribution was it in 2023 is there anything in the model in the 2020 for guidance and should we be thinking about this 52000 ton per day assumption as a relatively low bar for throughput.

Mark: Well, if I start by commenting on your question about the reconciliation what we've seen so far this year.

Natasha: And, you know, should we be thinking about this 52,000 ton per day assumption as a relatively low bar for, Well, if I start by commenting on your question about the reconciliation, what we've seen so far this year when mining the Odyssey South, we're mining the internal zone that is adjacent. So when looking at the stoves that were mined this year, we managed to add something like 40% more tons by adding that material adjacent, and that turned out to be at the same grade globally. So it's been kind of adding 40% more tons, 40% more ounces, but now we are integrating some of that into our reserve and resources estimate. As a matter of fact, this year, we've been integrating; we've seen a growth in Odyssey South by 57% due to those additions and growth in resources.

Speaker Change: When mining the Odyssey South we're mining the internal zone that is adjacent so when looking at the stopes that were mined. This year, we managed to add on and is something like 40% more ton by adding that magic material adjacent and that turned out to be the at the same grade globally. So it's been kind of a.

Speaker Change: Adding 40% more tons and 40% more ounces, but now we are integrating some of that in Florida reserves and resources estimate as a matter of fact this year we've been integrating.

Speaker Change: We've seen a growth in Odyssey sowed by 57% due to those edition and our growth to the resources. So we are baking that positive reconciliation addition of ton in our model as we as we are moving forward, but we can expect that some additional dawn will also show up.

Natasha: So we are baking that positive reconciliation addition of tons in our model as we are moving forward, but we can expect that some additional tons will also show up. Gotcha. Natasha, I see that there was a power outage in Q4 and I was just wondering if this relates back to the transformer because, you know, it still sounds very confident that the power situation is in very good shape ahead of this 28 million tons scenario brought forward, and you know, I'm just thinking about what are some of the outstanding issues as we think about that optimization waterfall chart that showed you that ultimate 30 million ton runway. So the power outage that you speak of at Detour was just a minor one, and we recovered from that fairly quickly.

Speaker Change: Got you very helpful.

Speaker Change: Natasha I see that there was a.

Speaker Change: A power outage in Q4 and I was just wondering if this relates back to the transformer because it still sounds very confident that the power situation is in very good shape ahead of this 28 million tons scenario brought forward and just thinking about what are some of the outstanding issues. As we think about that optimization waterfall chart that shows that ulta.

The mid 30 million ton run rate.

Speaker Change: And also the power outage that you speak off at Detour. It was just a minor one but.

Speaker Change: And we recovered from that fairly quickly.

Speaker Change: With respect to the.

Speaker Change: Getting to 28 million tons, a year, we have a number of initiatives, but we can get that into like maybe five main ones and then that just yet.

Natasha: With respect to getting to 28 million tons a year, we have a number of initiatives, but we can group those into maybe five main ones. Factors in runtime improvement, so we have all the major infrastructure in place, we're just tweaking the system right now, for example, the refeed system, we're just making it, allowing it to operate better in the winter months, and just modifying some of the screen configurations so that it can take on more capacity, those kind of things. Sounds good!

Speaker Change: Faster than one time improvement so we have all the <unk>.

Speaker Change: Major infrastructure in place, we're just tweaking the system right. Now for example, the <unk> system, we're just making it allowing it to operate better in the winter months and just modifying some of the screen configuration. So that it can take on more capacity those kinds of things.

Speaker Change: Sounds good very helpful. Thanks, everyone.

Speaker Change: Yeah.

Speaker Change: Your next question comes from Anita Soni from CIBC World markets. Please go ahead.

Natasha: Very helpful. Your next question comes from Anita Soni from CIBC World Markets; please go ahead. Hi, good morning Amar and team. Thanks for taking my questions. I just have a couple of modeling questions right now. How much of the Akisaba deposit is the tonnage at Gold X and how will that play out for the next, my assumption is about 10%, and does that just sort of stay at that 10% level until it's run out, or if you could give us some color on that would be great. Hi Anita, this is Dominique speaking.

Anita Soni: Good morning, Omar and team. Thanks for taking my questions I just have a couple of modeling questions right now how.

Anita Soni: How much of the.

Anita Soni: The 8-K, sorry.

Anita Soni: Alright.

Anita Soni: Sorry, the ACA type of deposit.

Anita Soni: The tonnage at callbacks and how like how will that play out.

Anita Soni: For the next.

My assumption is about 10% and does that just sort of stay at that 10% level until it ran out or if.

Speaker Change: If you could give us some color on that would be great.

Speaker Change: Okay.

Speaker Change: <unk> speaking.

Speaker Change: One is to have 1000 ton per day coming from <unk>.

Anita Soni: The plan is to have 1,000 tonnes per day coming from Akazaba and 7,000 tonnes per day coming from Goldex. And until Akosaba is run out, right? Yeah. Yeah. I don't know if we'll call it four or five years. Okay, and so for that reason, the cost, I mean, the cost increase that you, in terms of unit cost, that should, I mean, what portion of that is related to the Akisaba ore and how long should we be using those kinds of unit costs? That's a good question, and it's not just only at Cazaba; there are different elements in play.

Speaker Change: And 7000 ton per day coming from Goldman Sachs.

Speaker Change: Okay.

Speaker Change: And until until how those ran out.

Speaker Change: Yes.

Speaker Change: Yes.

Speaker Change: Called for five years.

Okay and so for that reason then the cost I mean, the cost increase that you in terms of unit cost that should I mean, how what portion of that is related to the ACA saba or and how long should be using those kinds of unit costs.

Speaker Change: That's a that's a good question it is not.

Speaker Change: ONEOK is about there's different element into play as we are going from deep one too deep to at <unk>. It is changing the cost structure as well as we're mining more of the South zone, which is higher higher cost tons, but higher grade tonnes. Overall the costs are increasing mainly related to death.

Dom: As we are going from Deep 1 to Deep 2 at Goldex, it is changing the cost structure, as well as the fact that we're mining more of the south zone, which is higher-cost tons but higher-grade tons. Overall, the costs are increasing. It's mainly related to that. Okay, and then similarly, a similar question for MACASA and the proportion of ore that you would see from the AK deposit. So hi Anita, so with the AK deposit, we're going to be doing a bulk sample this year, sending that to the LZ pit, but we're going to be ramping up the LZ mill, sorry, and then we're going to be ramping up to about 500 tonnes per day on average for the AK deposit. And then MACASA, in terms of the underground potential, I would say probably 1550 tonnes per day, Okay, that's it for my questions for now. I'm still modeling, so I might get some of you guys offline later on.

Speaker Change: Okay, and then similarly, a similar question from Katherine.

Speaker Change: The proportion of or that you would see from the HOA deposit.

Speaker Change: Hi, Anita so with the AK deposit, we're going to be doing a bulk sample this year, sending that to the <unk>, but we are going to be ramping <unk> sorry.

Anita Soni: And then we're going to be ramping up to about 500 tonnes per day on average.

Anita Soni: Deposit and then macassar.

Anita Soni: In terms of the underground potential I would say.

Anita Soni: Probably 15 50 tons per day mill capacity.

Anita Soni: And that is <unk>.

Speaker Change: Okay. That's it for my questions around some modeling.

Speaker Change: Some of you guys offline later on.

Speaker Change: Yeah.

Speaker Change: And your next question comes from Greg Barnes from TD Securities. Please go ahead.

Greg Barnes: And thank you all for Mark can you talk a little bit about how you see the production profile evolving beyond 2026.

Greg Barnes: Your sustaining current Hoffman announced is roughly through that timeframe than what does it look like beyond that.

Natasha: And your next question comes from Greg Barnes from TD Securities. Please go ahead. Thank you, operator. Mark, can you talk a little bit about how you see the production profile evolving beyond 2020? You're sustaining three and a half million ounces roughly through that time frame. Then what does it look like beyond that?

Greg Barnes: Greg.

Speaker Change: We don't give specific guidance beyond three years.

Speaker Change: People have asked US why don't we what I would say is.

Greg Barnes: I think while some others have given much longer term.

Greg Barnes: <unk> and we didn't I think we are the ones who are actually growing production and some of the other people arent.

Greg Barnes: Well, Greg, you know, we don't give specific guidance beyond three years. You know, people have asked us, why don't we? What I would say is that while, you know, some others have given much longer-term guidance and we didn't, I think we're the ones who are actually growing production, and some of the other people aren't. So, the best way to answer that is... You know, Greg, you know our assets pretty well. We have good assets, we're reinvesting in those assets, and we're getting good exploration results. So, we're pretty confident, you know about our reserves have increased by ten percent, so without giving guidance or any number, I would say we're quite confident that we're going to continue to be able to run a very good business. Secondly, you talked about in the press release, higher or increased throughput rates, I think, at Hope Bay. I know you've set the bar at roughly 300,000 to 350,000 ounces But what kind of size are you thinking about above and beyond that at Hope Bay going forward? Dominic speaking.

Greg Barnes: So the.

Greg Barnes: The best way to answer that is.

Greg Barnes: And Greg you know our assets pretty well.

Greg Barnes: We have good assets, we are reinvesting in those assets were good in getting good exploration results.

Greg Barnes: So we're pretty confident.

About our we've increased reserves by 10%, so without giving guidance for any number.

Greg Barnes: I would say, we're quite confident that we're going to continue to be able to.

Greg Barnes: You know run a very good business.

Greg Barnes: Okay.

Greg Barnes: Secondarily, you talked about in the press release are higher.

Greg Barnes: Increased throughput rates I think at Hope Bay.

Greg Barnes: You've set the bar roughly 300 to 350000 ounces a year because that's what's economic in the north, but what kind of size are you thinking about above and beyond that.

Greg Barnes: Going forward.

Dominik speaking Greg the teams are doing the tradeoffs about the tonnage there is two aspects to it first is how could we use as much as we can the current infrastructure and to minimize the capex. So this is bringing us to a certain tonnage then how could we expand from those infrastructure.

Greg Barnes: Going to be bringing it to higher tonnage I will say I see hopefully as the immediate project.

Dom: Greg, the teams are doing tradeoffs about the tonnage. There are two aspects to it. First, how could we use as much as we can the current infrastructure and minimize the capex. So this is bringing us to a certain tonnage. Then how could we expand from those infrastructures to bring it to higher tonnage? I will say I see Hope Bay as a MediAid project in terms of 6-7 grams per tonne. If we could bring it also at the tonnage of Miliadene, 5,000-6,000 tons per day, that could be interesting.

Greg Barnes: Term of six.

Greg Barnes: <unk> seven gram per ton, if we could bring it also at the tonnage of <unk>.

Speaker Change: <unk> 6000 ton per day that could be interesting that might be the sweet spot, but we're still doing trade offs, great. That's very helpful. Thank you.

Speaker Change: Okay.

Speaker Change: Your next question comes from Kerry.

Kerry: <unk> Macquarie <unk> of Canaccord Genuity. Please go ahead.

Kerry: Hi, Good morning, guys, a lot of or some of your peers have made.

Kerry: Our our chasing growth in copper just wondering how you guys think about copper and more broadly based metal exposure.

Dom: That might be the sweet spot, but we're still doing tradeoffs. Great, that's very helpful. Thank you. Your next question comes from Kerry McRory from Cancord Juniority. Please go ahead. Hi, good morning, guys.

Kerry: Well I mean.

Kerry: I think I think copper has got a great future frankly.

Kerry: I think I think the world is transitioning I think we think the world is transitioning to a.

Carey MacRury: A lot of, some of your peers have made, are chasing growth in copper. Just wondering how you guys think about copper and, more broadly, base metal exposure. Well, I mean, I think copper's got a great future, frankly. You know, I think, I think the world is transitioning. I think we think the world is transitioning towards electric versus fossil fuels, and copper will play a role there. We are quite excited about the potential at San Nicolas. You know, as you recall, Kerry, we didn't do San Nicolas because it was copper. We did it because it makes a lot of money in a region we want to be in with a partner we want to be with.

Kerry: Towards electric versus fossil fuels and copper will play a role there we are quite excited about the potential at <unk>.

Kerry: Nicholas.

Kerry: As you'll recall carry we didnt do San Nicolas because it was copper we did it because it makes a lot of money in our region, we want to be in with a partner we want to be with.

Kerry: But certainly we we like copper and we are.

Kerry: Gold company.

Kerry: But our job is to.

Kerry: Make money for our shareholders.

Kerry: In a responsible way.

Speaker Change: Okay. So that leads to my second question I mean, you talked about obviously, having a regional focus in good jurisdictions, obviously the biggest player in Canada by a long shot but in the long term are you looking at other jurisdictions to grow into or how do you think about.

Ammar Al-Jandi: But certainly, we like copper, and, you know, we are a... Gold Company. But our job is to, you know, make money for our shareholders in a responsible way. Okay, so that leads to my second question.

Speaker Change: International diversification.

Speaker Change: We are open to international diversification, I mean, Australia, it's probably between Australia, and Canada is what's the best place in the World to mine.

Ammar Al-Jandi: I mean, you talked about obviously having a regional focus and good jurisdictions; you're obviously the biggest player in Canada by a long shot, but in the long term, are you looking at other jurisdictions to grow into, or how do you think about, you know, international diversification? We are open to international diversification. I mean, you know, Australia, it's probably between Australia and Canada that is the best place in the world to mine, um, So we are open to, to, you know, very good mining regions. You know, we're in four countries, five regions, you know, is it impossible to go to a sixth? No, it's not impossible, but it would have to meet the criteria of geologic potential first and foremost, followed by a view on political stability to actually be able to make 10-20 year investments.

Speaker Change:

Speaker Change: So we are open to.

Speaker Change: Very good mining regions.

Speaker Change:

We're in four countries five five regions is it impossible to go to a six no it's not impossible, but it would have to meet the criteria of the geologic potential first and foremost followed by our view on political stability to to actually be able to make 10 20 year investments.

Speaker Change: So we are.

Speaker Change: Gold company.

Speaker Change: Our very strong in the jurisdictions we operate in.

Speaker Change:

Speaker Change: This year.

The next few years really we're going to focus on what we've got in optimizing what we've got we think we've got a great platform to build from.

Speaker Change:

Speaker Change: But if there's an opportunity that makes sense to create more value per share for our shareholders, we're going to look at it.

Ammar Al-Jandi: So we are a gold company. We are very strong in the jurisdictions we operate in. This year, and the next few years, really, we're going to focus on what we've got and optimize what we've got. We think we've got a great platform to build from. But if there's an opportunity that makes sense to create more value per share for our shareholders, we're going to look at it. All right, that'

Speaker Change: Alright, that's great. Thanks Omar.

Omar: Thank you.

Omar: Your next question comes from John Tumazos from John Tumazos, very independent research. Please go ahead.

John Tumazos: Hey, congratulations.

John Tumazos: 900000 ounces who's almost as much as Barrick made in the quarter.

John Tumazos: Britain.

John Tumazos: There were a couple of places.

John Tumazos: Thank you. Your next question comes from John Tumazos from John Tumazos Ferry Independent Research. Please go ahead.

John Tumazos: In the press release and exploration release, where.

John Tumazos: The pros.

Guy: Congratulations, 900,000 ounces was almost as much as Barrick made in the quarter. Getting very, There were a couple places in the press release and exploration release where the pros and then the numbers that I was trying to, the numbers in the release were kind of hard to put together consistently and reconcile.

John Tumazos: And the numbers that I was trying to the numbers in the release, we are kind of hard to.

John Tumazos: Put together consistently to reconcile.

Let me just ask about Fosterville.

John Tumazos: Whereas the 2025 guidance.

John Tumazos: As a midpoint of 150000 ounces out.

Guy: Let me just ask about Fosterville, where the 2025 guidance is a midpoint of 150,000 ounces output. And that seems like 700,000 tons milled, 7 grams, 94% recovery. The reserve is 6.1 grams, which is a little lower. And then the pros of the presentation talk about 175 to 200,000 ounces. Is the 175 to 200 the average of 24 and 25 guidance?

John Tumazos: And that seems like 700000 tons milled seven grams, 94% recovery.

John Tumazos: The reserve is six one grams.

John Tumazos: Which is a little lower.

John Tumazos: Seven grams and then the pros.

John Tumazos: <unk> talks about 175 to 200000 ounces.

John Tumazos: Is the 175 to 200.

John Tumazos: Average of 24% and 25 guidance.

Guy: Or are you looking forward beyond 2026, expecting that you're going to hit something a little better, and six grams just reported in reserve? John I'll, I don't know, do you want me to take it, Natasha? Okay, yeah you're, the 175 to 200 is looking forward, beyond that time frame. I mean, you're exactly right, those are the numbers that we gave, and we are, you know Fosterville is a great asset, great people, and we are looking at sort of a long-term steady state. 175 to 200.

John Tumazos: Or are you looking forward beyond 2026.

John Tumazos: Expecting that you're going to hit something a little better.

John Tumazos: And six grams just reported in reserve.

John Tumazos: Okay.

Speaker Change: John I don't know Jeremy to take an attack. Okay. Yes. The 175 to 200 is looking forward beyond that timeframe, yet I mean youre exactly right.

Speaker Change: Those are the numbers that we gave and.

Speaker Change: And we are faster.

Speaker Change: Fosterville is.

Speaker Change: A great asset great people.

Speaker Change: We are looking at.

Speaker Change: Sort of a long term steady state.

Speaker Change: 175 to 200, that's kind of what we're working on and you may say well look you know thats only $175 200, why are you guys.

Guy: That's kind of what we're working on. And you may say, well, look, you know, that's only 175, 200. Why are you guys, you know, in Australia?

Speaker Change: In Australia.

Speaker Change: The answer is.

Guy: The answer is, um... We don't have proof, but we think there's more than one very high-grade zone to be found there. You know, maybe it's not a swan, maybe it's a half a swan, or maybe it's a two-time swan, but it generates a lot of cash flow, and so if you're us, what do you do? You position the mine to operate well, to operate consistently between 175 and 200, if you think you can have that steady and really give you the opportunity to find that next swan zone. Guy, did you want to jump in? Yeah, John.

Speaker Change: We don't have proof.

But we think there is.

Speaker Change: More than one <unk>.

Speaker Change: Very high grade zone to be found there maybe it's not a swan maybe it's a half a swan or maybe its a two times Swan.

Speaker Change: But it generates a lot of cash flow.

Speaker Change: So if you're us what do you do you position the mine.

Speaker Change: To operate well to operate consistently between 175 to 200.

Speaker Change: You think you can have that steady and really give you the opportunity to find that next Swan zone <unk>.

Speaker Change: <unk> did you want to jump in and.

Guy: If you look at it in detail, because when we do the life of mine like that, we do the stope by stope exercise, so there will be some variation. So, yeah, the average is 6, but you can assume that some years will be at 7, some years will be at 5, depending on the mining sequence, averaging 6 for the rest of the life of the mine according to what we have, but it's not going to be stable at 6 over time. to fluctuate because there's still some pockets of higher-grade mineralization in the system that are smaller than this one, but it's all about sequencing the extraction of the If we were going to just jump into the discussion, say, to Hope Bay. The Inferred Resource at Hope Bay. Rose Byer, 158,000 ounces.

Speaker Change: John If you look at it in detail because when we do the the life of mine like that we do the store by store basis. So there will be some variation. So yeah. They averages six but you can assume that some year will be at 700, and some year will be at five depending on the mining sequence averaging six for the the rest of the life of mine. According to what we have what it is.

Speaker Change: Not going to be stable at six over time, it's going to fluctuate because theres still some pockets of higher grade mineralization in the system that are smaller than this one but it's all about sequencing extraction.

Speaker Change: Of the six.

Speaker Change: If we were.

John Tumazos: Just jumped in the discussion.

John Tumazos: Sure.

John Tumazos: The.

John Tumazos: Inferred resource.

John Tumazos: <unk>.

Rose by a.

John Tumazos: 158.

Guy: The reserves stayed the same. We should interpret from your good drill results and good qualitative narrative, that the inferred resource in the reserves are gonna increase a lot more than 158,000 ounces when you get more infill trailing and more data I present. Exactly, you're right. There's been some small portion that have reached inferred resources classification, but also we are, I would say, making sure that the, for example, the dilution assumption, so we've been also adjusting, the uh... the model to uh... so we've there's been some some pluses and minuses and you're right the bottom line is net 170 with the mixture of removing some of the lower grain material addition of a more realistic dilution we haven't touched the reserve as well as you described and you're right with the additional drilling we're going to see in the Madrid we're expecting those chances to show up later on in twenty four and twenty, And you talked about the ramp, at Odyssey getting closer to the top of the East Goldie deposit, if I understood that correctly.

John Tumazos: Ounces.

The reserves are the same.

John Tumazos: We should interpret from your good drill results in good qualitative narrative.

John Tumazos: The inferred resource and the reserves are going to increase a lot more than 168000 ounces when you get more infill drilling and warrant David I presume.

Speaker Change: Youre right that there has been some small portion that have reach inferred resources less efficacious, but also we are.

Speaker Change: I would say, making sure that the.

Speaker Change: For example, the dilution assumption so we've been also adjusting.

Speaker Change: The model to us so we've there's been some some pluses and minuses and Youre right. The bottom line is net of 170 with a mixture of removing some of the lower grade material addition of a more realistic dilution we haven't touched the reserve as well as you described and Youre right with the additional drilling.

Speaker Change: We're going to see in the med <unk>, where I expect Ingalls Sanchez to show up later on in 'twenty, four and 'twenty five.

Speaker Change: Yes.

Speaker Change: And you talked about the ramp.

Odyssey.

Speaker Change: We're getting closer to the top of the east Goldie deposits.

Speaker Change: If I understood correctly.

Guy: So in the second and third quarters, you'll be able to visually inspect the rock confidence and continuity of the very top of the East Goldie Zone, which would put you in a position to add reserves at the end of 2024 or 2025 from those visual inspections, different than the part of the reserve where you added from drilling last night. Is that fair?

Speaker Change: So in the second and third quarter.

Speaker Change: Youll be able to visual you expect or inspect to rock comprehensive continuity.

Speaker Change: The very top of the East <unk> zone.

Speaker Change: Which would put you in a position.

Speaker Change: To add reserves.

Speaker Change: At the end of.

Speaker Change: 2024 or 2025.

Speaker Change: Those visual inspections different than the part of the reserve where you added from drilling.

Speaker Change: Last night.

Speaker Change: That's not fair, it's fair, especially because you know the there's still the reserve as you can see in the long section goes basically from 800 meter down to 181 800 meters to one eight kilometers below surface and there is still 300 meter of of inferred resources at the top so that access on the top of it.

Guy: It's fair, especially because, you know, there's still the reserve, as you can see in the long section, goes basically from 800 metres down to 1.8 kilometres below surface, and there's still 300 metres of inferred resources at the top. So that access to the top of the ore body, as you described, will allow us to enter, open up the deposit, but also will provide a better position for infill drilling from much closer to the upper part, upper and eastern part of the ore body, where we see some quick wind to potential reserve addition. And also, if you put that in the bigger scheme of things, you look back at the PEA that we produced with 9 million ounces; we are expecting that the rest of the ounces that were not converted this year in reserve will show up progressively over the next couple, four or five years. Nothing better than being able to see and touch the rock. Thank you. Yep, I agree with you. We can't wait!

Speaker Change: The ore body as you described will allow us to enter open up the deposit, but also will provide a better position for infill drilling from much closer in the upper part upper and eastern part of the ore body, where we see some quick wins two potential Reserve addition, and also if you put that in the bigger scheme of thing you look back at the.

Speaker Change: The <unk> that we produce with with 9 million ounces, we are expecting that the rest of the answer is that we're not convert this year and reserve will show what progressively over the next couple four or five years.

Speaker Change: Nothing better than being able to see and touch the rock. Thank you Yeah I agree with you we can't wait.

Guy: Your next question comes from Tanya Jakusconek from Scotiabank. Please go ahead. Great. Good afternoon, everyone.

Speaker Change: Yes.

Speaker Change: Your next question comes from Tanya <unk> from Scotiabank. Please go ahead.

Tanya: Great. Good afternoon, everyone. Thank you for taking my questions and congrats on a good quarter.

Tanya Jakusconek: Thank you for taking my questions and congratulations on a good quarter. Can I ask about just the guidance for 2024, as we look for the year throughout the year? Can I just ask about how production is developing quarter on quarter? Are we similar to last year where it was generally equally distributed, or should there be something else that we should be aware of? Hi Tanya, we're expecting it to be relatively equal throughout the year. Okay, I like that. I never like those strong Q4s.

Tanya: Can I ask on Jeff.

Tanya: Yes.

Tanya: Guidance for 2024.

Tanya: The year throughout the year can I, just ask about how we see production developing quarter on quarter similar to last year.

Speaker Change: Generally equally distributed or should there be something else that we should be aware.

Jeff Mark: Hi, Tanya.

Tanya: We're expecting it to be relatively equal through the year.

Tanya: Okay I like that.

Tanya: Like does that strong Q4.

Jamie Porter: Okay, that's good. Thank you for that. And then Guy and Dominic, can I ask on slide 23, I know we talked a little bit about the additional 500,000 ounces at Amaroq to extend the mine life. I'm just looking at the long term to kind of see where you would have added those additional ounces, and then maybe we could talk a little bit.

Tanya: Okay. That's good thank you for that.

Tanya: And then Ian dominate P&I.

Tanya: Slide 23.

Tanya: I know, we talked a little bit about the additional 500000 ounces and look to extend the mine life I'm just looking at the long it till now to kind of see where you would have added those additional ounces and then Jeff maybe talk a little bit and I know.

Guy: And I know, Amar, you said you don't really want to talk about extending beyond 2028. But I'm trying to get an idea of where else we could see the potential extension beyond 2028 to try and bridge that gap before, let's say, Hope Bay comes in, because I'm trying to understand whether we can use any of the, you know, workforce and or equipment and or other from Amaroq to Hope Bay to help with the CAP Act. So all of you got on that.

Tanya: You said you don't want to really talk about extending beyond 2028, but I'm trying to get an idea.

Jeff Mark: Where else could we see that potential extension beyond 2028 to try and bridge that gap before that comes in because im trying to understand whether we can use any.

Jeff Mark: <unk>.

Jeff Mark: Workforce and our equipment and are out there.

Jeff Mark: Two.

Jeff Mark: Okay.

Jeff Mark: With the Capex.

Speaker Change: Thank you Scott on that.

Speaker Change: When we gave you for <unk>.

Guy: I'm going to give you the first part of the answer to your question. So, about where those 500,000 ounces will come from, they're going to come, I would say, from three major things. As we continue to see that positive recantation, with more tons, and better grades that are integrated into the model, so that will potentially represent... up to maybe a quarter of the ounces added will come from that.

Speaker Change: First part of the answer to your question, so about the where the where it almost 500000 ounces will come from they're going to come out with say from three major team as we continue to see that positive reconciliation with more ton better grade that were integrated in our model so that will potentially represent up.

Speaker Change: Maybe a quarter of the ounces added will come from that and that positive reconciliation in the IV iron that sits on the right hand side of that long section, we see kind of some very nice good grade reconciliation and that Bard sold one of the.

Guy: And that positive reconciliation in the IVR pit that sits on the right-hand side of that long section, we see some very nice, great reconciliation in that part. So one of the extensions of the mine contribution is the pushback we're contemplating on the IVR pit. And both of those will also, by default, allow us to continue to mine underground. So the third fold is to continue mining additional stoves that, with the previous life of the mine, when the pits were depleted, we were not able to continue mining underground. So now we're going to be able to extend the underground, get some more stoves that were good grade and good quality but that didn't make sense on their own without an extension of the open pit. So it's the contribution of those three that leads to the addition of half a million. And maybe Dominic, you want to comment? Yes, Tanya, Dominic.

Speaker Change: The extension of the mine contribution is the push back we're contemplating on the IV Rps.

Speaker Change: And both of those will also buy by default that allow us to continue to mine underground. So for the third fold is continue mining additional stope that where the previous life of mine wherein the pit were depleted where we're not able to continue mining underground. So now we're going to be able to extend the underground yet.

More stopes that were good grade good quality, but that we're not making sense on their own or with an extension of the open pit with the.

Speaker Change: Contribution of those three that leads to the addition of 11 million ounces and maybe did Dominik you want to comment.

Dominik: Yes, Danielle the mix.

Dom: Just on that, our goal is really to extend Middle Bank and keep Middle Bank running. Now, the equipment we could use in the workforce, there's different aspects of it that could be the genset, the HPGR, the compressor, pumps, different types of equipment. The thing is, we don't know where they're going to go. Is it going to Upper Beaver, Detour Underground, Wazamac, or Hope Bay? All those options exist

Dominik: Just on that our goal is really to extend meadowbank and keep meadowbank running.

Dominik: Now the equipment, we could reuse and the workforce there is different.

Speaker Change: That could be.

Speaker Change: Jen said, the HPE or the compressor pumps different type of equipment. The thing is we don't know where theyre going to go is it going to upper Beaver Detour underground.

Speaker Change: Whereas a Mac or obey all of those options exist same thing with the workforce, we're going to be ramping up would you say at the time Detour also Avalon.

Dom: Same thing with the workforce. We're going to be ramping up, as you say, at the time. Detour also has a lot of good positions open. It might be Hope Bay, too, but it's all opportunities. Okay, so there's lots of ability to use that equipment and people as you look out to the end of the decade. Yeah.

Speaker Change: Good position open.

Speaker Change: It might but it might be <unk>, but it's all opportunities.

Speaker Change: Okay. So there's lots of them ability to use that equipment at people as you look out to the end of the decade.

Speaker Change: Yep.

Tanya Jakusconek: Okay, thank you for that. And maybe a question for you, Amar, if I could ask about just the non-gold components. You mentioned you like copper.

Speaker Change: Okay. Thank you for that and just maybe a question for you if I could ask on just the non gold component.

Speaker Change: You mentioned you like copper.

Ammar Al-Jandi: Obviously, San Nicolas is your first venture into sort of a copper asset. I saw some other smaller investments in non-gold are being made. Should we be thinking that that's part of your strategy, investing in some of these junior non-gold equities for 2024? Is that a strategy that's in place, or are you looking to further grow with more developed up-front or producing copper assets? Well, Tanya, I think so

Speaker Change: Obviously nee corrected.

Our first venture into sort of a copper asset.

Speaker Change: They're smaller investments and non gold being made should we be thinking that that part of your strategy of investing in some of these junior non gold.

Speaker Change: Equities at for 2024 is that a strategy that's in place.

Speaker Change: Are you looking to further grow with more.

Speaker Change: Developed upfront, we're producing a copper asset.

Speaker Change: Well.

Speaker Change: Daniel I think.

Ammar Al-Jandi: So first of all, you know, we are pretty focused on the gold projects that we have in our backyard that are, you know, the least risk and the highest return on capital. Now, you know, we've been around for 66 years; we're 98% gold right now. I would say that

Daniel: So first of all we are pretty focused on the gold projects that we have in our backyard that are least risk and the highest return on capital now we've been around for 66 years, where 98% gold right now I would say that.

Ammar Al-Jandi: You know, 60 years from now, are we still going to be 98% gold? You know, we'll probably, we'll probably have other metals. The difference with us is we're not going to, and I'm not knocking this on anybody else, but we are not going to a jurisdiction we know nothing about to chase a particular type of metal. Our strategy is simple.

No.

Daniel: Three years in the future or are we still going to be 98% gold.

Daniel: We'll probably we'll probably have other metals.

Daniel: The difference with us is.

Daniel: We're not going to and I'm not knocking this on anybody else, but we are not going to a jurisdiction we know nothing about.

Daniel: The chase a particular type of metal.

Daniel: Our strategy is simple we try to be the best in the regions, we can be and if we have a competitive advantage.

Ammar Al-Jandi: We try to be the best in the regions we can be, and if we have a competitive advantage in an area we operate and a non-gold asset becomes available where we have a competitive advantage, you know, we would look at it. And so, of course, we would look at copper. We've done a couple of other small things people know about, but we're not going to a different jurisdiction with a different metal. Okay, so it would be in jurisdictions where you're at, looking at where you could add value, and only if it brings a good return for our shareholders. I know that's self-evident, but you know, we're not, for example, setting a target that we're going to be X amount of copper. Because, frankly, that means you're chasing something.

Daniel: In an area we operate in.

Daniel: Non gold asset becomes available.

Daniel: Where we have a competitive advantage.

Daniel: Would look at it and so of course, we would look at copper.

Daniel: We've done a couple of other small things people know about.

Daniel: But we're not going to a different.

Daniel: There is friction.

Daniel: <unk>.

Daniel: With a different metal.

Daniel: Okay. So it would be in jurisdictions you're at.

Looking at where you could add value.

Daniel: And only if it makes good return for our Cheryl Cheryl I know that's self evident but we're not for example, we're not setting a target that we're going to be X amount of copper because frankly that means youre chasing something we're just going to be open to good opportunities now to.

Ammar Al-Jandi: We're just going to be open to good opportunities now. To your point, we've had a long history of very early stage investments. But, you know, nine out of 10 don't end up meeting our criteria.

Daniel: To your point, we've had a long history of very early stage investments.

Daniel: Nine out of 10 don't end up meeting our criteria, we end up doing just fine.

Ammar Al-Jandi: We end up doing just fine. But yeah, you know, you could expect us to keep our eyes and ears open for opportunities in the areas we operate in. Okay, great, thank you so much, and good luck. Thank you very much. Your next question comes from Jackie Przybylowski from VMO. Please go ahead.

But yes, you could expect us to keep our eyes and ears open for opportunities in the areas we operate.

Speaker Change: Okay, great. Thank you so much and good luck.

Thank you very much.

Speaker Change: Your next question comes from Jackie <unk> from BMO. Please go ahead.

Jackie Przybylowski: Alright, thanks very much and congratulations on the quarter. I think I just wanted to ask, I know a lot of things have been asked already, but I just wanted to ask for maybe a little bit more color on what we can expect with the update later in the first half of 2020, for the Abitibi optimization. I know you've talked about studies at Detour, Upper Beaver, and Wazzamack.

Jackie: Alright, thanks, very much and congratulations on the quarter.

Jackie: I think I just wanted to ask I know a lot of things have been asked already but I just wanted to ask or maybe a little bit more color on what we can expect with the update later in the first half of 2020.

Jackie: For an advocate the optimization I know you've talked about studies that detour in the upper Beaver and wasn't Mack is theyre also going to be some discussion to integrate.

Ammar Al-Jandi: Is there also going to be some discussion about integrating the entire district together? And maybe we are going to get some kind of information about, you know, mill optimization or infrastructure, transportation, anything like that as well? If you can just maybe tell us what we should be expecting, that'd be helpful. Thank you.

Jackie: Tire district, together and maybe how are we going to get some kind of information about.

Speaker Change: The mill optimization or our infrastructure transportation anything like that as well. Okay. If you can just maybe tell us what we should be expecting that would be helpful. Thank you.

Speaker Change: Thanks Jackie.

Ammar Al-Jandi: I think, well, I'll be clear. We're going to give some more guidance on where we are and next steps on this detour. We're going to give more guidance on where we are in the next steps on Upper Beaver. We are doing the work on transportation options, but really the best way to think about those is within the context of those projects. You know, we are going to be giving more updates on next steps at WSMAC, but probably not until the start of next year. You know, we are, of course.

Speaker Change: Thank you.

Clear: Clear, we're going to give some more <unk>.

Speaker Change: Guidance on where we are and next steps on detour.

Speaker Change: Going to give.

Speaker Change: Sure.

Speaker Change: More guidance on where we are and next steps on upper Beaver.

Speaker Change: We are doing the work on transportation options, but really the best way to think about those within the context of those projects.

Speaker Change: <unk>.

Speaker Change: We are going to be giving.

Speaker Change: More update on next steps at last macro probably not until the start of next year.

Speaker Change: We are of course.

Ammar Al-Jandi: Of course, we are talking to everybody within a certain distance of, and they're talking to us within a certain distance of Malartic with regard to future opportunities at the mill there. So, you know, there's a lot going on. You're right.

Speaker Change: Of course, we are talking to everybody within a certain distance of and they're talking to us within a certain distance of melodic with regards to future opportunities at the mill. There. So there's a lot going on you're right.

Ammar Al-Jandi: It, you know, there's a lot of potential, but what you can expect in the middle of the year is really more focused on detour and upper beaver. We've heard a lot of talk about how much capacity you have with the different mills and your expertise and your people in the region. Is there anything you can maybe comment on now about acquisition or maybe adding additional properties? Do you see a need to add additional properties to your portfolio in the Abitibi or are you going to swap what you've got first? Well, clearly, we're focused on what we've got. But, you know, with the question about acquisitions...um, you know, maybe, maybe we're going to be focused more on return on capital, you know, if, you know, if somebody's got a project that they want to build and it gets a better return for them to use our mill and it's a better return on capital than us acquiring the person You know, I would do that too.

Speaker Change: There's a lot of potential but what you can expect middle of the year is really more focused on detour and upper Beaver.

Speaker Change: Thanks, Laura and maybe that sort of answers my follow up question, a little bit but.

Speaker Change: We've heard a lot of talk about how much.

Speaker Change: Do you have.

Laura: They may be different and absolutely with your expertise and your people in the region.

Speaker Change: Is there is there any thoughts or I mean is there anything you can maybe comment on now about acquisition or maybe adding additional properties do you see a need to add additional properties to your portfolio in the Abitibi or are you on.

Speaker Change: Turning slightly you've got first.

Speaker Change: Clearly we're focused on what we've got but what the question on acquisitions.

Speaker Change: Maybe maybe.

Speaker Change: We're going to be focused more on return on capital.

Speaker Change: If you know if somebody's got a project that they want to build.

And it gets a better return for them to use our mill.

Speaker Change: And it's a better return on capital than us acquiring the person.

Speaker Change: Would do that.

Speaker Change: A simple example.

Ammar Al-Jandi: I would rather put in no additional capital and make $50 million a year than put in $100 million of capital to make $60 million a year. I know that sounds self-evident, but we're going to look at the specific opportunities, but with a real focus on return on capital. And that could mean acquisitions, but it could also mean that some people who have good projects decide they want to use our mill. Thank you. Maybe one more follow-up, if I can, just to follow up on some of the other themes in the call on base metals. I know you've recently made an investment in Canada Nickel, and it is at least regionally attractive in a similar jurisdiction. Is there any synergies with Canada Nickel besides personnel and expertise in the region? Would any of your facilities suit that operation if it were to be built?

Speaker Change: I would.

Speaker Change: I would rather put no additional capital and make $50 million, a year and put in a $100 million of capital to make $60 million a year.

Speaker Change: I know that sounds self evident but.

Speaker Change: We're going to we're going to look at the specific opportunities, but with a real focus on return on capital and that could mean acquisitions, but it could also mean that some people who have good projects decided they want to use our mill.

Speaker Change: Got it. Thank you maybe one more follow up if I can just follow up on some of the other things in the call.

Speaker Change: On base metals I know you.

Speaker Change: Recently made an investment in Canada nickel in it.

Speaker Change: And at least regionally pretty similar jurisdiction is there any synergies.

Speaker Change: Synergies with Canada nickel besides <unk>.

Speaker Change: Personnel and expertise in that region.

Speaker Change: Would would any of your facilities.

Jackie Przybylowski: Yeah, I mean, I'm telling you this because our view on Canada Nickel is that it is, and I hope I don't upset my ex-CFO by saying this, it's a very long-term perspective that they're taking. I don't see anything imminent there, so certainly, we're not talking to them about providing people or developing anything. It's a vision that they have.

Speaker Change: That operation if it were to people.

Speaker Change: Yes.

Speaker Change: Hi.

Speaker Change: Our view on Canada nickel is that it is.

Speaker Change: I hope I don't upset my ex CFO by saying that it's it's a very long term perspective that they're taking I don't see anything imminent. There. So certainly certainly we're not talking to them about providing people are developing anything it's a vision that they have it's a large.

Ammar Al-Jandi: It's a large, you know, relatively low-grade ore body that, and they have an interesting vision, and so I think it's better to think, Jackie, really this is just a very early-stage investment on our part. You know, it's a big asset in our backyard, a big option on nickel, but really, it's the Canada Nickel team running this, not Agnico. That's really helpful. Thanks very much, Mark. Your next question comes from Martin Prodrier from Veritas Investment Research. Please go ahead.

Speaker Change: Yeah.

Speaker Change: Relatively low grade ore body that they have an interesting vision.

Speaker Change: And so I think it's better to think Jackie really this is just a very early stage investment.

Speaker Change: On our part.

Speaker Change: Big asset in our backyard big option on nickel.

Speaker Change: But really it's the Canada nickel team running this not not agnico.

Speaker Change: Got it.

Speaker Change: Really helpful. Thanks, very much mark.

Speaker Change: And your next question comes from Martin <unk>.

Martin: <unk> from <unk>.

Martin: Research. Please go ahead.

Martin Prodrier: Thank you for taking my question. When I look at the cost increase, your guidance talks about a 4% year-to-year increase. Now there are some assets where you see an increase in volume, like Canadian Malartic, and your cost increased 12%; Macasa's cost increased 17% with higher volume, and Kittila's cost increased 10% on flat volumes. If you can provide some color on why, you know, in some of them you have higher volumes and have a much higher cost.

Martin: Thank you for taking my call My question.

Martin: When I look at the cost increase your guidance talks about a 4% year over year increase now there are some assets.

Speaker Change #101: You see it.

Speaker Change #101: Increasing volumes.

Speaker Change #101: Canadian Galactic and the cost increased 12% Makassar costs increased 17% with higher volume and Kittila. The cost increased 10% on flat volumes. If you can provide some color on why.

Speaker Change #101: Some of them you have higher volumes and have much higher cost.

Jamie Porter: Thank you. Yeah, thanks for the question. It's Jamie here.

Speaker Change #101: Okay.

Speaker Change #101: Yes.

Speaker Change #101: Yes. Thanks for the question, it's Jamie here.

Jamie Porter: You know, it's really a function of sequencing, mine sequencing across our operations. You're going to have periods where, you know, tonnage is flat, but costs are on a per ounce basis higher or lower, just given the grade profile of the individual asset. But overall, when you look at our costs, I mean, we saw inflation running around 6% year over year, and our job as management is to try to do better than that through a higher denominator and constantly focusing on optimizing our costs. I think we've delivered that with a 4% increase in our cash costs and all sustaining cost guys. Okay, but you cannot provide much color on, you know, any of those Canadian, Malartic, Makassar, Kittila, what is driving that much higher? We can reach out offline and walk through that on an asset by asset basis, but with 11 operating mines, it's hard to provide a generalized answer.

Jamie Porter: It's really a function of sequencing mine sequencing across our operations that youre going to have periods, where.

Jamie Porter: <unk> is flat, but costs are on a per ounce basis are higher or lower just given the grade profile of the individual asset, but overall when you look at our costs I mean, we saw inflation running around 6% year over year and our job as management is to try to do better than that through a higher denominator in through.

Jamie Porter: Constantly focusing on optimizing our cost so I think we've delivered that with with a 4% increase in our cash costs and all in sustaining cost guidance.

Speaker Change #102: Okay, but you cannot provide much color on any of those cannot MLR tick marker. So kittila what is driving that market.

Speaker Change #102: We can reach out offline and walk through that on an asset by asset basis, but with with 11 operating minds, it's hard to provide a generalized answer.

Jamie Porter: Okay, great, thank you, and there are no further questions at this time. I will turn the call back over to Mr. Ammar Abjandi for closing remarks.

Speaker Change #103: Okay, great. Thank you.

Mr. Ahmad: There are no further questions at this time I will turn the call back over to Mr. Ahmad of Johnson for closing remarks.

Operator: Thank you, Operator, and thank you, everyone, for joining us yet again, and we wish you all a happy weekend. Thank you. Ladies and gentlemen, this concludes your conference call for today. We thank you for joining, and you may now disconnect your lines.

Ahmad: Thank you operator, and thank you everyone for joining us yet again.

Ahmad: And we wish you all a.

Happy weekend. Thank you.

Speaker Change #106: Ladies and gentlemen, this concludes your conference call for today, we thank you for joining and you may now disconnect your lines. Thank you.

Speaker Change #106: Yeah.

Speaker Change #106: [music].