Good morning, my name is Chris, and I will be your conference operator today. At this time, I would like to welcome everyone to the Agnico Eagle's Third Quarter 2018 Results Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. [Operator Instructions] Thank you. Mr. Sean Boyd, Chief Executive Officer, you may begin your conference.

Thank you, operator, and good morning, everyone, and welcome to our third quarter 2018 conference call. Please note that this presentation does contain forward-looking statements and there's material in the slide deck that outlines the cautionary statements around that. What we'd like to do is, just give you a sense as we have gone through Q3 of 2018 sort of our positioning as we close the balance of the year and enter 2019. And essentially, as we look at our operations and our strategy, we see a strategy that continues to be effective in driving growth, in driving value per share and we're really focused now just in the final stages of executing on the growth that we see and Nunavut as well as moving forward on several projects within the pipeline. So our growth in production is important as it's going to drive cash flow per share and also drive free cash flow as we see a significant drop in our capital going forward and we'll go through some of those numbers. So we're fast approaching now the point where we'll be entering a harvesting phase, where we're harvesting cash for the benefit of our shareholders, while still being able to invest in the future of our business as we move some projects forward and we'll talk a little bit about that. As you saw the quarter, a strong production quarter resulted in increasing our guidance, we'll go through that. We talked about the CapEx declining dramatically going forward from roughly $1.1 billion in 2018 which is the peak. As we build out the balance of the Nunavut platform following a dramatically as we said in 2019, that drives particularly in the back half of next year, significant bump in net free cash flow. But I think the importance…

Thank you. [Operator Instructions] Your first question is from David Houghton with CIBC. Your line is open.

Good morning, Sean and team. Thank you very much for the update. Amaruq underground, just having, I think about what you're planning could be, previously at least that been previously if the expectation that you develop on underground site 2 is after the start-up of the open pit. It looks like you're thinking, you might be able to accelerate that. Can you just give us an outline of what your thoughts are?

Yeah, it's early, I'll allow Yvon to give you some color, but I think what's important is the fact that based on how we progressed on the development of the Whale Tail pit, based on exploration results, we have been busy over the last several months at looking at various concepts and we saw some initial runs and numbers and cuts what that could look like. And clearly that's important because, if there is a period of overlap from the underground where the grades are better and with the open pit then you could see a decent increase in production which wasn't in any remodeling, which wasn't in any of our life of mine plan. So these are the things we're sort of been focused on now. But Yvon is going to provide you bit more color.

Thank you.

I won't add much more than Sean has added, but at this stage I think we're confident enough with the resource quality that in some cases we can advance the process on some of these ideas. So I think that's the main issue at this stage. And I think there also we've seen some synergies between the underground and open pit operations that over the next year or so will develop further, but we're planning some type of updates on the underground opportunities scenarios and probably going to be timing around next year's guidance in February.

Okay. So, we'll get a little bit more detail at that stage. But I would have presumed that whatever you can get from the higher grade underground would simply displace this slightly lower grade, open pit or without necessarily looking at expansion of the operation?

Potentially, you are basically address a slower stripping strategy with the pits, so we'll consider all these scenarios as we go forward.

And one other option that possible is the potential increase in throughput rate, modest increase in throughput rate. There's certainly the ability in a plant that if the numbers work that would have room to handle a bit more ore?

Okay. All right. In your commentary, you had mentioned that you are starting to drill already the Meliadine production stoops, early days or no but is three ore, as you would have expected it given what you've seen so far or at the any variations to the plan that you could talk about?

I won't go into specifics but the early stages delineation shown that at some areas we're getting a little larger thickness. We're also seeing some opportunities where we have some parallel lines that we may be potentially in a position to mine them together. So it may have some slight impact on grade, but significantly impact on productivity. So we're looking at all of these but don't expect too many changes as far as overall ounces at this stage and grade.

All right. Well, I guess if you're looking for a trend that's the way you want the trend to move in your favor.

Yeah, we're quite happy with the work and it sort of secures our early start-up in production profile for further guidance.

Okay. Over to LaRonde now, you had 6,000 tons per day on average in Q3. Is that potential to ramp up LaRonde beyond that or you feel comfortable with that kind of level of throughput?

Well, I think we've been ramping up at the deep ore body, now we're sort of ramping up in the western part of the deep ore body. I think what we are seeing now around the 6,000 tons per day nameplate, it's pretty well what we can do. As we entertain some of these opportunities around automation, availability or marking time underground is clearly like the benefit here. So as we evolved on our automation project perhaps this is an opportunity the down the road but for the next year or two, the 6,000 number is basically what you're going to see.

Okay. Thank you. I'll leave it there for now.

[Operator Instructions] Showing no further questions, I will turn the call back to the presenters.

Very good. Thank you, operator, and thanks, everyone, and hopefully that music at the start didn't scare you away. We don't really control that tune. But if there's any questions or follow-up questions, please reach out to us and we will be happy to help you. Thanks again.

Ladies and gentlemen, this concludes today's conference call. You may now disconnect. Thank you.