First Majestic Silver Corp (AG) 2024 Q2 法說會逐字稿

Thank you for standing by. This is the conference operator. Welcome to the First Majestic Silver second-quarter production results and H2 2024 guidance conference call. (Operator Instructions) The conference is being recorded. (Operator Instructions)

謝謝你的支持。這是會議操作員。歡迎參加 First Majestic Silver 第二季生產業績和 2024 年下半年指導電話會議。（操作員指示）會議正在錄音。（操作員說明）

I would now like to turn the conference over to Mr. Keith Neumeyer, President and Chief Executive Officer of First Majestic. Keith, please go ahead.

我現在將會議交給 First Majestic 總裁兼執行長 Keith Neumeyer 先生。基思，請繼續。

Thank you, operator, and welcome, everyone, to our mid-year conference call, which we do every July, and I'm surrounded by a number of our key staff today here in Vancouver. I just want to quickly go through the names of each individual.

謝謝你，接線員，歡迎大家參加我們每年七月舉行的年中電話會議，今天在溫哥華，我被我們的一些主要員工包圍著。我只想快速瀏覽一下每個人的名字。

We have Samir Patel, who's our General Counsel and Corporate Secretary. We also have David Soares, our CFO, Chief Financial Officer. We also have Mani Alkhafaji, VP, Corporate Development and Investor Relations. We also have James Dickson, Director of Finance; [Del Ray], Investor Relations Manager; Joel Faltinsky, Investor Relations Analyst; Mark Carruthers, Manager, Private Client Services, Corporate Development. And online, we're happy to have Steve Holmes, who's dialed in from afar. He's actually at our San Dimas mine in Mexico joining us today.

我們有薩米爾·帕特爾 (Samir Patel)，他是我們的總法律顧問兼公司秘書。我們還有財務長兼財務長大衛‧蘇亞雷斯 (David Soares)。我們還有企業發展和投資者關係副總裁 Mani Alkhafaji。我們還有財務長 James Dickson； [Del Ray]，投資人關係經理； Joel Faltinsky，投資人關係分析師； Mark Carruthers，企業發展私人客戶服務經理。在網路上，我們很高興史蒂夫·霍姆斯從遠處撥通電話。他今天實際上在我們位於墨西哥的聖迪馬斯礦場加入我們。

Before I get into the call, I'm just going to transfer over to Samir. Go ahead, Samir.

在接通電話之前，我將轉接給 Samir。繼續吧，薩米爾。

Thank you. Before we begin today's call, I would like to remind you that we will be referring to certain non-IFRS measures and making certain statements regarding First Majestic Silver and its operations that constitute forward-looking statements in accordance with applicable Canadian and US securities laws.

謝謝。在我們開始今天的電話會議之前，我想提醒您，我們將參考某些非國際財務報告準則措施，並就First Majestic Silver 及其業務做出某些聲明，這些聲明根據適用的加拿大和美國證券法構成前瞻性聲明。

All statements that are not historical facts such as statements regarding future estimates and plans or expectations of future performance constitute forward-looking statements that reflect the company's current views with respect to future events.

所有非歷史事實的陳述，例如有關未來估計和計劃或未來業績預期的陳述，均構成前瞻性陳述，反映公司當前對未來事件的看法。

These statements are necessarily based upon a number of assumptions and estimates that are considered reasonable by the company, are inherently subject to significant business, economic, competitive, political, and social uncertainties and contingencies.

這些陳述必然基於公司認為合理的一系列假設和估計，本質上受到重大業務、經濟、競爭、政治和社會不確定性和意外事件的影響。

We encourage you to refer to the cautionary language included in our news release that was disseminated earlier this morning and the disclosure on non-IFRS measures in our most recently filed management's discussion and analysis, as well as the risk factors set out in our most recently filed annual information form.

我們鼓勵您參考今天早上早些時候發布的新聞稿中包含的警示性語言、我們最近提交的管理層討論和分析中關於非國際財務報告準則措施的披露，以及我們最近發布的報告中列出的風險因素。

As a reminder, these documents, along with all of our continuous disclosure documents, are available on SEDAR+ and on EDGAR. Investors are cautioned against attributing undue certainty or reliance on any forward-looking statements made during today's call, and the company does not intend or assume any obligation to update these forward-looking statements or information, other than as required by law.

請注意，這些文件以及我們所有的持續揭露文件均可在 SEDAR+ 和 EDGAR 上取得。投資者應注意不要對今天電話會議期間做出的任何前瞻性陳述歸因於不適當的確定性或依賴，並且除法律要求外，公司不打算也不承擔任何更新這些前瞻性陳述或資訊的義務。

With that, I will turn the call back to Keith.

這樣，我會將電話轉回給基斯。

Thank you, Samir. I'm sure everyone online has seen our news release that was put out earlier this morning. And just as the headline, we produced 5.3 million silver equivalent ounces, of which 2.1 million was silver and 3 million including just under 40,000 ounces of gold and we also updated our guidance for the balance of the year.

謝謝你，薩米爾。我相信網路上的每個人都已經看到了我們今天早上早些時候發布的新聞稿。如標題所示，我們生產了 530 萬盎司白銀，其中 210 萬盎司是白銀，300 萬盎司是黃金，其中包括近 4 萬盎司黃金，我們還更新了今年剩餘時間的指導。

Some highlights that you may not have noticed, due to the increased metal prices, we've decided to increase our CapEx slightly by 9%. We've increased our development expenses by 11%, primarily at San Dimas by adding 3 kilometers of additional development. We've also increased our exploration as well, primarily at San Dimas by going from 95,000 meters there to 115,000 meters. Nice increase in exploration at San Dimas.

您可能沒有註意到的一些亮點，由於金屬價格上漲，我們決定將資本支出小幅增加 9%。我們的開發費用增加了 11%，主要是在聖迪馬斯增加了 3 公里的額外開發。我們還增加了勘探深度，主要是在聖迪馬斯，從 95,000 公尺增加到 115,000 公尺。聖迪馬斯的勘探活動大幅增加。

We also just started on the exploration front at Jerritt Canyon this week. We've got three rigs being deployed, which was in our original forecast anyway. So I just wanted to add that for people that wanted to have questions regarding Jerritt Canyon.

本週我們也剛開始傑里特峽谷的探索。我們已經部署了三台鑽孔機，無論如何，這在我們最初的預測中。所以我想為那些想對傑里特峽谷有疑問的人補充一點。

Our production and our guidance, our gold -- that was probably silver, it is up by 1%. Gold is down a little bit due to grade and we've reduced our gold guidance by 3% on mostly San Dimas related. If you look at H2 only and because we only did put out the consolidated guidance, you'll see an improvement on silver production of 26% and an improvement in gold production of 7%.

我們的產量和指導，我們的黃金——可能是白銀，上漲了 1%。由於品級，黃金略有下降，我們將主要與聖迪馬斯相關的黃金指引下調了 3%。如果你只看下半年，因為我們只發布了綜合指導，你會看到白銀產量提高了 26%，黃金產量提高了 7%。

So H2 is looking to be quite a robust half of the year compared to H1. La Encantada, we have a 38% increase in silver production in La Encantada and we're expecting a 26% increase in silver equivalent production at San Dimas, and that's going to be very heavily weighted in Q4.

因此，與上半年相比，下半年預計將相當強勁。La Encantada，我們 La Encantada 的白銀產量增加了 38%，我們預計聖迪馬斯的白銀當量產量將增加 26%，這將在第四季度佔據非常重要的地位。

There is a slight increase in cost on a consolidated basis, about 3% cash cost and 4% all-in sustaining costs. But if you isolate out H2 on its own, you'll see a drop in cost at La Encantada by 16%, which is obviously nice to see.

綜合成本略有增加，現金成本增加約 3%，整體維持成本增加 4%。但如果您單獨排除 H2，您會發現 La Encantada 的成本下降了 16%，這顯然是令人高興的。

We were affected by the peso. We did guide in our January guidance of MXN18.25 to USD1 against the US dollar for the peso. The peso average is MXN17.09 for H1, which is much stronger than what we anticipated, and that did affect us by over $10 million for H1. We're hoping to see the peso weaken in H2 once the new government takes over, but we are obviously uncertain. We continually guide the peso at MXN18.25. And that's really it for my notes.

我們受到比索的影響。我們在 1 月的指引中確實給了比索兌美元匯率為 1 墨西哥比索 18.25 的指引。上半年的比索平均值為 MXN17.09，這比我們的預期要強得多，這確實對我們造成了超過 1000 萬美元的上半年影響。我們希望新政府上任後下半年比索會走弱，但我們顯然不確定。我們持續引導比索至 MXN18.25。這就是我的筆記。

So if we could open the call up to questions. We would be happy to answer any questions that may come in.

所以我們是否可以在電話中提出問題。我們很樂意回答可能出現的任何問題。

(Operator Instructions) Don DeMarco, National Bank Financial.

（操作員指令）Don DeMarco，國家銀行金融部門。

Thank you for taking my call, operator. Good morning, Keith and Steve. Hey, really strong performance out of Santa Elena. Great to see that continue in the second half. Looking at good grades and throughput, but can you comment on the recoveries? I know you had the AG system installed there. Any read-through to kind of get the recoveries trending back up again to contribute a little bit more?

感謝您接聽我的電話，接線生。早上好，基斯和史蒂夫。嘿，聖埃琳娜的表現真的很強勁。很高興看到這種情況在下半場繼續進行。看看良好的品位和產量，但您能評論一下回收率嗎？我知道你那裡安裝了AG系統。是否有任何通讀可以讓復甦趨勢再次回升以做出更多貢獻？

Well, thanks, Don, and I'm glad you're able to join us today. The recoveries you're probably referring to are related to the silver recoveries, I'm assuming. Gold recoveries have been quite stable. But the Ermitaño ore is -- the silver is not as recoverable as the Santa Elena ore. So you're probably used to seeing this silver recoveries at Santa Elena in the low 90s. And because the Ermitaño ore has very heavy gold and somewhat lower grade silver, the recoveries are just simply lower on the silver. But the grade there is -- it's a lot of gold is coming out of that area. I'm not sure if that answers your question.

嗯，謝謝，唐，我很高興你今天能夠加入我們。我假設您提到的回收率可能與白銀回收率有關。黃金的復甦相當穩定。但埃爾米塔諾礦石的銀回收率不如聖埃琳娜礦石。因此，您可能已經習慣在 90 年代初看到聖埃琳娜的白銀回收情況。由於 Ermitaño 礦石含有非常重的金和品位較低的銀，因此銀的回收率只是較低。但那裡的品味是──大量的黃金正從那個地區開採出來。我不確定這是否能回答你的問題。

Yeah, that answers my question. That's good to hear, looking at the silver in particular, although it is fairly gold weighted. And so looking at San Dimas, I mean, if you get San Dimas lined up, then you kind of have this all three assets firing together, looks like grades have been trending a little bit lower. Can you tell us -- can you give a little bit more color on the outlook or some of the challenges behind the lower grade?

是的，這回答了我的問題。很高興聽到這個消息，特別是看看銀，儘管它的重量相當金。所以看看聖迪馬斯，我的意思是，如果你把聖迪馬斯排成一排，那麼你就會讓這三種資產一起發射，看起來成績一直在下降。您能否告訴我們—您能否對前景或較低等級背後的一些挑戰進行更多描述？

Well, it's a transition now. San Dimas is going through a transition right now. We're going -- the primary production was really from the vein called Jessica. And that's -- we're dealing with mother nature, of course, right? So we're -- Jessica was a very robust, very large structure. It's been our primary feed for the mill for five years. And that vein is now coming to end of its life, and we're moving into a variety of other veins.

嗯，現在是一個過渡。聖迪馬斯目前正在經歷轉變。我們要去——主要製作實際上是來自傑西卡的血脈。那就是——當然，我們正在與大自然打交道，對吧？所以我們——傑西卡是一個非常強大、非常龐大的結構。五年來，它一直是我們工廠的主要飼料。現在這條靜脈的生命即將結束，我們正在進入各種其他靜脈。

Exploration is going extremely well, as you know by our previous announcement about a month ago on San Dimas, but we are not projecting higher grades at San Dimas at least for another couple of quarters. So look for similar grades that you've seen in this quarter.

正如我們一個月前在聖迪馬斯宣布的那樣，勘探進展非常順利，但我們預計聖迪馬斯至少在接下來的幾個季度內不會取得更高的成績。因此，請尋找您在本季度看到的類似成績。

It's really a throughput issue. We still have some challenging issues on site with the union workforce, and we're working diligently to resolve that problem. We need to get more ore into the mill, and that's really what the biggest challenge is. It's not so much grade.

這確實是一個吞吐量問題。我們在現場與工會工作人員仍然存在一些具有挑戰性的問題，我們正在努力解決這個問題。我們需要將更多礦石送入工廠，這確實是最大的挑戰。等級沒那麼高啊

(Operator Instructions) While we wait for others to join, I'd like to pass the floor over to Mr. Del Ray, Manager of Investor Relations at First Majestic Silver, to take us through questions that have been submitted through the webcast.

（操作員說明）當我們等待其他人加入時，我想將發言權交給 First Majestic Silver 投資者關係經理 Del Ray 先生，他將帶領我們解決透過網路廣播提交的問題。

Thanks, Galien. So we've had a few questions from the webcast, Keith. Why don't we start? I think you talked a little bit about this, but kind of following on the last question, is what are the exploration catalysts for First Majestic, say, in the next 12 months?

謝謝，加利安。基思，我們從網路廣播中收到了一些問題。我們為什麼不開始呢？我認為您對此進行了一些討論，但接下來的最後一個問題是，未來 12 個月內 First Majestic 的勘探催化劑是什麼？

Well, we've got a huge budget guided in exploration. I think we're spending almost close to $40 million on exploration. It will be quite exciting to see the news coming out of Jerritt Canyon over the next 12 months. It's our first spend in exploration -- actually our first spend period since we shut Jerritt Canyon down. So our geo team led by Gonzalo Mercado was pretty excited by what he's thinking is elephant there. We'll see if our geological theories are correct.

嗯，我們在探索方面有巨額預算。我認為我們在勘探上花費了近 4000 萬美元。在接下來的 12 個月內看到傑里特峽谷傳來的消息將會非常令人興奮。這是我們第一次進行探索——實際上是我們關閉傑里特峽谷以來的第一次探索。因此，由貢薩洛·梅爾卡多 (Gonzalo Mercado) 領導的地理團隊對他所認為的大象感到非常興奮。我們將看看我們的地質理論是否正確。

Jerritt Canyon still has 3.9 million ounces of silver defined in 43-101. So there's a lot of gold there, but we are looking for that big elephant under one of those big caps that have never been historically drilled. That's really what I've kind of got my eyes on.

Jerritt Canyon 仍擁有 43-101 定義的 390 萬盎司白銀。所以那裡有很多黃金，但我們正在尋找歷史上從未被鑽探過的那些大帽子下的那頭大象。這確實是我所關注的。

But the continued success of Santa Elena is pretty outstanding. We have some news, I think, coming out in the next month or so on drill results at Santa Elena. Just a month ago, we put drills also around San Dimas. We've got over 20 rigs active throughout the business.

但聖埃琳娜的持續成功非常出色。我想，我們有一些關於聖埃琳娜演習結果的消息將在下個月左右發布。就在一個月前，我們還在聖迪馬斯周圍進行了演習。我們在整個業務範圍內擁有 20 多台活躍的鑽孔機。

So we don't make a regular habit of coming out with drill holes. I think people are more concerned, at least what I hear from investors, are more concerned about what we're producing versus what we're drilling. But we are a mining company, and we do tend to every, maybe six months, we put out an update on our exploration programs.

所以我們沒有養成鑽孔的習慣。我認為人們更關心，至少我從投資者那裡聽到的，更關心我們正在生產的東西和我們正在鑽探的東西。但我們是一家礦業公司，我們確實每隔（也許六個月）發布一次勘探計劃的更新。

But our staff has -- we have got 300 geologists that work for the company, and that's a lot of people focused on getting ounces defined and getting them out and then developing those ounces and getting those ounces into the mill to increase mine life and increase production.

但我們的員工 - 我們有 300 名地質學家為公司工作，其中許多人專注於確定盎司並將其取出，然後開發這些盎司並將這些盎司送入工廠，以延長礦山壽命並增加產量。

Okay. Thanks, Keith. The second question that we have is about First Mint. How is the First Mint coming along?

好的。謝謝，基斯。我們的第二個問題是關於 First Mint 的。第一鑄幣廠進度如何？

Well, it's -- I think everyone internally is pretty excited about it, and we just came back from the Rick Rule's conference in Florida, most of our team was there. And I can tell you just from people that I met and the dozens and dozens and dozens of shareholders that came up to me and complimented us for being the first mining company in the world to have our First Mint was quite encouraging.

嗯，我想內部每個人都對此感到非常興奮，我們剛從佛羅裡達州的 Rick Rule 會議回來，我們團隊的大部分成員都在那裡。我可以從我遇到的人那裡告訴你，還有幾十位股東來找我，稱讚我們是世界上第一家擁有第一鑄幣廠的礦業公司，這非常令人鼓舞。

We started production in March of this year, and we're still not up to full throughput. But we're getting there. We're still installing machines today. Our inaugural opening ceremony is scheduled for September and all the machines should be in place at that time.

我們於今年三月開始生產，但仍未達到滿載生產。但我們正在實現這一點。今天我們仍在安裝機器。我們的首次開幕儀式定於九月舉行，屆時所有機器都應就位。

Currently, we're producing 5 ounce, 10 ounce and 1 kilo bars. Now, hopefully, by September, October, we'll be producing coins, and we're expecting to see our production there increase quite nicely over the next several quarters.

目前，我們生產 5 盎司、10 盎司和 1 公斤金條。現在，希望到九月、十月，我們將開始生產硬幣，並且我們預計我們的產量在接下來的幾個季度中將大幅增長。

Okay. Great. And we have one more in the queue here before I hand back to Galien to see if you want to pull some more questions. So it's -- we've had two questions, and I just summarized, and you've talked a little bit about them before, but can you give an update on Jerritt Canyon beyond, maybe what you said already?

好的。偉大的。在我把問題交還給加利恩之前，我們還有一個問題在排隊，看看你是否還想提出更多問題。所以，我們有兩個問題，我只是總結了一下，您之前已經談過一些問題，但是您能否提供有關傑里特峽谷以外的最新情況，也許您已經說過了？

Sure. Well, Jerritt Canyon in a way is still -- we need to make some investments there, it's quite clear. The mill needs upgrading. The winter that hit us in December-January of 2022 to 2023 was pretty hard on that mill. It needs to be winterized. We don't want to go through another situation whereby that mill is so badly affected by weather. So we will take some time and add some money, some investment there, but drilling is really key.

當然。嗯，傑里特峽谷在某種程度上仍然是——我們需要在那裡進行一些投資，這是很清楚的。工廠需要升級。2022 年 12 月至 2023 年 1 月期間的冬天對這家工廠來說非常艱難。它需要防凍。我們不想再經歷另一種情況，即該工廠受到天氣的嚴重影響。因此，我們將花費一些時間並增加一些資金，一些投資，但鑽探確實是關鍵。

So there's two focuses: one is -- well, actually three focuses. One is rebuilding the mine plan, to bring that 3.9 million ounces of gold out of the ground in an economic fashion. That is underway, coming up with a rebuild of the mill. We're still planning. We know what needs to be done. It's not currently in our budget. I don't think it will be on our budget likely until probably 2026.

所以有兩個焦點：一是──嗯，其實是三個焦點。其中之一是重建採礦計劃，以經濟的方式從地下開採 390 萬盎司黃金。工廠重建工作正在進行中。我們還在計劃中。我們知道需要做什麼。目前它不在我們的預算之內。我認為它可能要到 2026 年才會納入我們的預算。

So we're going to spend the next 18 months really focused on drilling. We want to see if that elephant does exist, and our geological team is correct in their viewpoint. And if they are, then that's really the impetus for us to really start to look at turning Jerritt Canyon on towards the end of '26 or into 2027.

因此，我們將在接下來的 18 個月中真正專注於鑽探。我們想看看那頭大像是否確實存在，我們的地質團隊的觀點是正確的。如果是的話，那麼這確實是我們真正開始考慮在 26 年底或 2027 年開啟傑里特峽谷的動力。

Thanks, Keith. I have no more questions in my queue. I'll hand it over to Galien.

謝謝，基斯。我的隊列中沒有更多問題了。我會把它交給加利安。

(Operator Instructions) (multiple speakers)

（操作說明）（多位發言者）

It appears that, obviously, we're right in the depth of summer and three degrees here in Vancouver, and I'm sure a lot of you are on vacation at the beach here, wherever the heck you might be, but anyway, thanks for those of you who joined us today, and this is recorded.

顯然，我們正處於溫哥華的盛夏，氣溫為三度，我相信你們中的許多人都在這裡的海灘上度假，無論你們在哪裡，但無論如何，謝謝對於今天加入我們的人來說，這是記錄下來的。

And if there are individuals that are listening to this, actually the fact, please feel free to contact any of our people, Danny or Del or Joel or Mark, feel free to call us at any time or send an e-mail at info@firstmajestic.com, if you have other questions for us. Thanks again for joining us.

如果有人正在聽這個，事實上，請隨時聯繫我們的任何人，丹尼或德爾或喬爾或馬克，請隨時致電我們或發送電子郵件至 info@ firstmajestic.com，如果您還有其他問題要問我們。再次感謝您加入我們。

This concludes today's conference call. You may disconnect your lines. Thank you for participating and have a pleasant day.

今天的電話會議到此結束。您可以斷開線路。感謝您的參與並祝您有個愉快的一天。