First Majestic Silver Corp. (AG) 2026 Q2 法說會逐字稿

Thank you for standing by. This is the conference operator. Welcome to the first Majestic Silver Q2 2026 financial results conference call. As a reminder, all participants are in listen-only mode, and the conference is being recorded. After the presentation, there will be an opportunity to ask questions. (Operator Instructions).

感謝各位稍候。我是會議接線員。歡迎參加 First Majestic Silver 2026 年第二季財務業績電話會議。提醒各位，所有與會者目前皆為僅聆聽模式，本次會議將被錄音。簡報結束後，將提供提問時間。（接線員指示）。

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

現在我想把會議交給 First Majestic Silver 執行長 Keith Neumeyer 先生。Keith，請開始。

Thank you, and welcome, everyone, to our Q2 conference call to discuss today's or this morning's news release. Hopefully, you've all read it by now. Before I get into introducing Samir, I’d like to introduce the people in the room with me here today. Manuel Covarrubias, our President and Chief Corporate Development Officer. We have Dave Howe, our Chief Operating Officer, who’s new to the company. He’s joined us about three months ago. Samir Patel, General Counsel, Corporate Secretary, Darrell Rae, and Joel Faltinsky from Investor Relations, Darren Fernandez from our financial leadership team; and our new CFO, Neil Beaumont, who’s just recently joined us a couple of weeks ago.

謝謝，歡迎各位參加我們的第二季電話會議，討論今天或今早發布的新聞稿。希望各位現在都已經讀過了。在我介紹 Samir 之前，我想先介紹今天在場與我同在會議室的同仁。Manuel Covarrubias，我們的總裁兼企業發展長。還有我們的新任營運長 Dave Howe。他大約三個月前加入公司。Samir Patel，總法律顧問兼公司秘書；以及 Darrell Rae 與投資人關係部門的 Joel Faltinsky、我們財務領導團隊的 Darren Fernandez；還有我們的新任財務長 Neil Beaumont，他在幾週前剛加入我們。

We did put a news release out on that and his bio’s there. He was with Canada Pension Plan and KPMG and BHP and has added a lot of depth to the finance role, which we’re quite pleased about. I’m just going to pass this on to Samir for comments.

我們也就此發布了新聞稿，他的履歷也在其中。他曾任職於加拿大退休金計畫（Canada Pension Plan）、KPMG 與 BHP，為財務職能帶來更深厚的實力，我們對此非常滿意。接下來我把時間交給 Samir 發表說明。

Thank you. Before we begin today's call, I would like to remind you that we will be referring to certain non-IFRS measures 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。在開始今天的電話會議之前，我想提醒各位，我們將提及若干非 IFRS 衡量指標，並就 First Majestic Silver 及其營運作出若干陳述；依據適用的加拿大與美國證券法，這些陳述構成前瞻性陳述。

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.

所有非屬歷史事實的陳述，例如關於未來估計與計畫，或對未來表現之預期的陳述，均屬前瞻性陳述，反映公司目前對未來事件的看法。

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

這些陳述必然基於若干假設與估計；儘管公司認為其屬合理，但本質上仍受重大商業、經濟、競爭、政治與社會不確定性及或有事項影響。

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 discussion and analysis, as well as the risk factors set out in our most recently filed annual information form.

我們建議各位參閱今早較早時發布之新聞稿中所載的警示性用語，以及我們最近提交之管理階層討論與分析（MD&A）中關於非 IFRS 衡量指標的揭露，並參閱我們最近提交之年度資訊表（AIF）所列的風險因素。

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. The company does not intend or assume any obligation to update these forward-looking statements or information other than as required by law.

提醒各位，這些文件以及我們所有的持續性揭露文件，均可在 SEDAR+ 與 EDGAR 上查閱。投資人應避免對今日電話會議中所作任何前瞻性陳述賦予過度確定性或過度依賴。除法律要求外，公司無意亦不承擔任何義務更新這些前瞻性陳述或資訊。

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

接下來我把電話會議交回給 Keith。

Thanks, Samir. We have a presentation showing on the screen. Some of you hopefully can see it. You've got full control over it, we'll go through it slide by slide on our end. I won't read the entire slides as I'm hoping most people on the call have already gone through our news release, but another strong quarter for us, big revenue number $416 million, about 53% year-over-year, 3.8 million ounces of silver produced in the quarter.

謝謝，Samir。我們螢幕上有一份簡報。希望各位有些人能看到。各位可以完全自行控制，我們這邊會逐張投影片進行。我不會逐字朗讀所有投影片，因為我希望大多數參與電話會議的人都已經看過我們的新聞稿；但對我們而言又是一個強勁的季度，營收達 4.16 億美元，年增約 53%，本季白銀產量為 380 萬盎司。

Bringing our H1 production numbers up to 7.3 million ounces, which is basically 50% of our revised guidance that we put out in July, which is obviously, as you probably know, about 10% increase from our guidance that we put out in January. So we're looking forward to a strong H2 going forward.

使我們上半年產量達到 730 萬盎司，基本上已達到我們 7 月發布之修訂指引的 50%；如各位所知，該修訂指引較我們 1 月發布的指引提高約 10%。因此，我們期待下半年（H2）將持續強勁。

EBITDA of $252 million, up 110%, strong cash flow of $0.50 a share. Exploration is continuing at a robust pace. We did 94,000 meters across the portfolio in Q2. In the full first six months of the year, we did 160,000 meters of drilling.

EBITDA 為 2.52 億美元，成長 110%；每股現金流強勁，達 0.50 美元。勘探仍以強勁步伐持續進行。第二季我們在整體資產組合共完成 94,000 公尺。今年前六個月合計完成 160,000 公尺的鑽探。

We're very pleased to see the permits come in from Mexico on our Santo Niño and Navidad portals. Those two discoveries have been well laid out to the public in the form of several news release over the last couple of years. These two particles, we are actually projecting them to come into development in about 12 or 14 months. We've now started development at Santo Niño within the last few weeks. We're looking forward to doing first blasting there in the next week or so.

我們很高興看到墨西哥方面核發了 Santo Niño 與 Navidad 入口（portal）的許可。過去幾年，我們已透過多份新聞稿向大眾充分說明這兩項發現。這兩個礦體（particles），我們目前預估約在 12 到 14 個月內進入開發階段。在過去幾週內，我們已在 Santo Niño 開始開發作業。我們期待在接下來一週左右進行首次爆破。

So Santo Niño is over here ahead of schedule, which will hopefully bring ore into the mill towards the end of 2027 from that and slightly later, probably about a 15-month. After that, we'll probably see Navidad starting to add ore to the middle of Santa Elena. So those are two very exciting things that are developing at Santa Elena, looking for extended mine life there as a result of these two new discoveries that were discovered about two years ago now.

因此，Santo Niño 這邊進度超前於原定時程，預期可在 2027 年底左右開始把礦石送入選礦廠；而另一處則會稍晚一些，可能約晚 15 個月。其後，我們可能會看到 Navidad 開始為 Santa Elena 的選礦廠增加供礦。因此，這兩項在 Santa Elena 推進中的發展非常令人振奮；由於這兩項約在兩年前發現的新發現，我們預期可延長該礦山的礦山壽命。

So we did revise our guidance, as I did say already. We did declare our dividend as well. A 270% increase in our dividend year-over-year, which is obviously nice for shareholders. We did do substantial share buybacks in the quarter. We bought 1.2 million shares during the period.

如我先前所說，我們確實修訂了產量指引。我們也宣告發放股利。股利年增 270%，這對股東而言當然是好消息。本季我們也進行了大量庫藏股回購。期間內我們回購了 120 萬股。

That program was there for us to use at any time. Whether or not we do that going forward, I expect that we likely will, but look for further news on that. We ended with a strong treasury at the end of June 30, $1.25 billion in the treasury, which is obviously a pretty nice place to be.

該計畫讓我們可在任何時間運用。未來是否持續進行，我預期很可能會，但請留意後續相關消息。截至 6 月 30 日，我們期末庫存資金（treasury）相當充裕，達 12.5 億美元，這顯然是非常不錯的狀態。

So I'm going to jump to the next slide. That was all slide 3. So on slide 4, we're looking at the all-in sustaining costs, as everyone knows of listening to this webinar, our analysts are quite familiar with this. There is inflation, of course. As a result of quite large bonuses going to the workforce, which is quite nice for them. You probably imagine how happy the workforce is these days because their bonuses are tied to silver prices. So it's really paying off for the communities in the areas that we're active in. So that's really nice to see from our perspective.

接下來我會跳到下一張投影片。以上都是第 3 張投影片的內容。第 4 張投影片，我們要看的是全維持成本（all-in sustaining costs）；如各位收聽本次網路研討會所知，我們的分析師對此相當熟悉。當然存在通膨。由於給予員工相當可觀的獎金，因此成本有所上升，對他們而言是很好的事。各位大概可以想像，因為獎金與銀價掛鉤，員工最近有多開心。因此，這確實讓我們營運所在地區的社區受益。從我們的角度來看，看到這點非常令人欣慰。

We're keeping our costs in line, as you can see on that graph there, our cost per ton are $107. Pretty well compared to the last four years. So we are keeping our costs in line on a daily basis as a result of the efforts that are currently underway. So jumping to the next slide, operating cash flows, obviously quite good.

我們持續將成本控制在合理水準，如你在那張圖表上所見，我們每噸成本為107美元。與過去四年相比表現相當不錯。因此，因應目前正在推動的各項努力，我們每天都在把成本維持在可控範圍內。接著跳到下一張投影片，營運現金流顯然相當不錯。

When you see the Q2 number there of $248 million, slightly down from Q1, and that's all price dripping, as we all know. What happens in the gold and silver prices, we are affected by those prices as we're completely unhedged at all times as our shareholders virtually demand that we remain unhedged, which I'm a firm believer of that. And it's still a bit strong cash flows and still adding cash in the right treasure, which is obviously, very nice to see. Free cash flow, but a strong $195 million as well in the quarter.

你看到第二季的數字為2.48億美元，較第一季略降，而這完全是價格下滑所致，大家都知道。黃金與白銀價格的變動會影響我們，因為我們始終完全未進行避險；我們的股東幾乎要求我們維持未避險狀態，而我也堅信這樣做是對的。即便如此，現金流仍然相當強勁，仍在持續把現金累積到公司的金庫裡，這當然很令人欣慰。本季自由現金流也很強勁，達1.95億美元。

Moving along, At Los Gatos, we're working to continually reach the 4,000 tons per day. We actually exceeded that number, as you can see. We hit a record of 4,070 tons per day in June. Which is great. We're on track to have continuous throughput at Los Gatos at 4,000 tons a day, which is important for that operation.

接著，在Los Gatos，我們持續努力穩定達到每日4,000噸的處理量。實際上我們已超過這個數字，如你所見。我們在6月創下每日4,070噸的紀錄。這非常好。我們正按計畫讓Los Gatos的處理量能持續維持在每日4,000噸，這對該營運非常重要。

Santa Helena continues to perform extremely well. We now have our throughput where we're getting close to 3,500 tons a day now. We expect to have daily throughput at 3,500 tons a day throughout H2. And again, this permits at Santo Niño and Navidad is key for that asset going forward.

Santa Helena持續表現極佳。目前我們的處理量已接近每日3,500噸。我們預期在下半年（H2）期間，每日處理量都能維持在3,500噸。此外，Santo Niño與Navidad的許可證對該資產未來發展至關重要。

San Dimas had a pretty good quarter. There was some labor disruptions, is quite common at that mine as most of our shareholders are aware. But nevertheless the union is getting paid a lot of money these days, and I can tell you they're quite happy, and they're working hard, and some of the development rates that we're seeing out of the workforce there are quite good compared to the last couple of years.

San Dimas本季表現相當不錯。雖然出現一些勞動干擾，這在該礦相當常見，多數股東也都了解。但無論如何，工會這些日子拿到不少薪酬，我可以告訴你他們相當滿意，也很努力工作；而我們看到的部分開發進度，相較過去幾年也相當不錯。

La Encantada, we had our own fleet now of trucks that are doing our own ore transport to the mill. That's the changeover from what we did over the last several years. We bought our own fleet and it's really paying off and adding to the throughput and we're starting to hit record throughput levels at La Encantada as we speak, which is really nice to see for that operation.

La Encantada方面，我們現在擁有自己的卡車車隊，負責將礦石運送到磨礦廠。這是相較過去幾年作法的一次轉換。我們購置了自有車隊，效果非常顯著，不僅提升處理量；而且我們目前在La Encantada正開始達到創紀錄的處理量水準，看到這點對該營運來說非常令人振奮。

So both La Encantada and Santa Elena are performing a budget, which is quite nice to see. Jumping to the next slide, Jerritt Canyon, we continually get a bunch of questions on Jerritt. We're pretty excited about it. Our current gold price is going to be a big cash flow generator for us. And we have initiated underground development and rehabilitation. Drilling is continuing. I don't have the number in front of me, but we have substantial meters of drilling in the quarter. And we'll continue to do that to prove up the mine plan and get ready for mining next year.

因此，La Encantada與Santa Elena兩者的表現都符合預算，這點很令人欣慰。跳到下一張投影片，Jerritt Canyon方面，我們一直收到很多關於Jerritt的問題。我們對此相當興奮。以目前的金價來看，這將成為我們重要的現金流來源。我們已啟動地下開發與復修工程。鑽探仍在持續。我手邊沒有確切數字，但本季我們完成了相當可觀的鑽探米數。我們會持續進行，以驗證礦山計畫，並為明年的採礦做好準備。

A variety of consultants have been hired to initiate production there. We're on track. We're within budget and a bunch of the key equipment has now been ordered. There's a couple of components that are still being worked on to get orders in the system.

我們已聘請多家顧問來啟動那裡的生產作業。我們進度如期。我們在預算範圍內，且多項關鍵設備目前已下單訂購。仍有幾個組件正在處理中，以便把訂單納入系統。

But as I said, we're on track to see production at Jerritt Canyon, likely in Q3 2027, which is a pretty exciting event for all of us, including our shareholders. So jumping along to future catalysts, and it's page or slide 8, for those of you who are following us.

但如我所說，我們仍按計畫推進，預計Jerritt Canyon可能在2027年第三季投產，這對我們所有人（包括股東）而言都是相當令人振奮的里程碑。接著談未來催化劑，對於跟著我們簡報的各位，這是第8頁或第8張投影片。

Exploration is really key for us this year and last year. You can see that we’re adding ounces to our resource base. We had a nice increase in our numbers that we put out in March of this year, we continually discover new structures new ore bodies. Just recently, we’ve had some good news on San Dimas, which is really nice to see. The drilling in Santo Niño and Navidad are continuing. We continually see nice extensions of the Santo Niño ore body, and we will be updating our resources over the coming quarters.

勘探對我們今年與去年都非常關鍵。你可以看到我們正在把盎司數增加到資源基礎中。我們在今年3月公布的數據有不錯的增長，我們也持續發現新的構造與新的礦體。最近我們在San Dimas也有一些好消息，看到這點非常好。Santo Niño與Navidad的鑽探仍在持續。我們持續看到Santo Niño礦體有良好的延伸，我們將在接下來幾個季度更新資源量。

We're likely to be putting out a 43-101 on Los Gatos in the next quarter or so, and we'll likely be following that up with Santa Elena 43-101 out later this year or early next year. So look for further news on exploration, look for further news on the Jarrett Canyon restart. I look for the continued cash flow and then cash generation and building our treasury because that's really one of our key focuses right now, really getting ready for the future and we think we have a very bright future ahead of all the great things going on within the company.

我們很可能在下一季左右發布Los Gatos的NI 43-101技術報告，之後也可能在今年稍晚或明年初發布Santa Elena的NI 43-101。因此，請留意更多勘探方面的消息，也請留意Jarrett Canyon重啟的進一步消息。我也期待現金流持續、現金持續產生並擴充我們的金庫，因為這正是我們目前的重點之一：為未來做好準備；我們認為公司在各項進展推動下，前景非常光明。

And that's it for the presentation. We'll open the call up for questions.

以上就是本次簡報內容。我們將開放電話會議進入問答。

Thank you, Keith. (Operator Instructions) H

謝謝你，Keith。（接線員指示）H

Heiko Ihle, H.C. Wainwright.

Heiko Ihle，H.C. Wainwright。

Good morning, Keith and team. How are you? How are you? Hey, two quickie ones here. Your finished goods inventory, I mean, obviously over 1 million ounces of solar, close to 5,000 ounces of gold as of the end of last month. You want to get a little bit of color of where that stands today, what the new baseline is, and if I want to go out on a limb here, maybe even where you see this at the end of this quarter and maybe even at the end of the year, just so we can incorporate that into our model?

早安，Keith以及團隊。你們好嗎？你們好嗎？我這裡有兩個很快的小問題。你們的成品庫存，顯然截至上月底白銀超過100萬盎司、黃金接近5,000盎司。我想多了解一下目前的狀況、最新的基準水位，以及如果我大膽一點問，或許你們預期本季末、甚至年底會落在什麼水準，好讓我們把這些納入模型？

Yeah, sure. The mint needs around 400,000 ounces in the vault at all times to keep that business operating sufficiently. So that should be kind of, I think, your base. Last quarter, we ended up a little over 600,000 ounces. You're right. This quarter, we're over $1 million. And the reason really for that is just the precipitous drop in this overprice during a very short period of time.

好的，當然。鑄幣廠需要在金庫中隨時維持約40萬盎司，才能讓該業務充分運作。所以我認為那應該算是你的基準。上季我們期末大約是略高於60萬盎司。你說得沒錯。本季我們超過100萬盎司。主要原因其實是這段時間內溢價在非常短的期間出現斷崖式下跌。

And we didn't want to be caught selling silver in the low $50 range and I felt that there was going to be a bounce and we are seeing that now and I don't want to give you numbers or false expectations, but I would suggest that that inventory number will drop during the quarter.

而且我們不想在 50 美元出頭的低檔區間被迫賣出白銀；我覺得價格會反彈，而我們現在也正在看到這一點。我不想給你具體數字或造成不切實際的期待，但我會建議那個庫存數字在本季內會下降。

And then completely different one, I mean Jerritt Canyon, it seems like things are really starting to happen there and frankly they need to given that we're at this point 17 months away at the very longest of the timeline with the second-half of next year. How many people are working there now and maybe if you would like a little bit of an inkling of a clue of quarter-by-quarter capital spent at the site?

然後是完全不同的一題，我是說 Jerritt Canyon，那邊看起來事情真的開始有進展了，而且坦白說在這個時間點也確實需要有進展，因為照目前的時程，最晚也只剩 17 個月，落在明年下半年。現在那邊有多少人在工作？另外，如果你願意的話，能否稍微透露一下該場址按季度的資本支出概況？

Yeah, we haven't put the details out on that yet. We did put the number of $75 million out in February. We're well in line with that number. The sand treat, for example, the deposits have been made and other key components deposit they made. There's a couple of other key components that are being ordered in the next 30 days and deposits will be made on those orders as well. So a lot of that money is back ended.

是的，我們目前還沒有把那方面的細節對外公布。我們在 2 月公布過 7,500 萬美元這個數字。我們的進度與該數字非常一致。例如砂處理（sand treat），相關款項的訂金已經支付，其他關鍵組件的訂金也已支付。接下來 30 天內還會再下單幾個其他關鍵組件，這些訂單也會支付訂金。所以其中很多資金支出是偏後段發生的。

We will be putting out additional capital requirements likely in January 2027 once we get through the 2027 budget. But we don't really expect that $75 million is going to change in 2026 unless there are some changes currently that potentially we may decide to buy additional equipment or something along those lines. But nothing currently is anticipated regarding that.

我們很可能會在 2027 年 1 月、等我們完成 2027 年預算後，再公布額外的資本需求。但我們並不預期 2026 年這 7,500 萬美元會有變動，除非目前出現一些變化，例如我們可能會決定再購買額外設備或類似事項。但就目前而言，沒有預期會有這方面的情況。

And on the staffing, there was about 40 people that have been there over the last couple of years and they're there for care and maintenance purposes. We had 45 individual or 45 positions that we needed to fill from the time we decided to start. To when we started building out the workforce. Of those 45 individuals, 80% of those positions have now been filled.

至於人力配置，過去幾年那邊大約有 40 人，主要是做維護與保養（care and maintenance）。從我們決定啟動到開始擴編人力之間，我們需要補足 45 位人員或 45 個職缺。到我們開始建立團隊為止。在這 45 個職缺中，目前已經補足了 80%。

Eric Windmill, Scotiabank.

Eric Windmill，豐業銀行（Scotiabank）。

Great. Hi, Keith and team. Thanks for taking my question. Just wondering here, Santo Niño and Navidad, any comments here in terms of critical path items or sequencing over the next 12 or 18 months as you ramp up to production there?

很好。嗨，Keith 與團隊。謝謝讓我提問。我想請教一下，Santo Niño 和 Navidad，在未來 12 到 18 個月、你們把那邊產能拉升到投產的過程中，就關鍵路徑項目或作業順序方面，有沒有什麼評論？

Let me pass that question on to our Chief Operating Officer, David Howe.

我把這個問題交給我們的營運長 David Howe。

No, I don't see any [good morning]. I really don't see any issues. I think we're actually trying to speed some of the ore access up, so we're looking at that now. Revise an online plan.

沒有，我看不出有任何[早安]。我真的看不出有任何問題。我想我們其實正嘗試加快一些礦石通道的取得，所以我們現在正在評估。修訂一個上線計畫。

Does that answer your question, Eric, or would you like more specifics?

Eric，這樣有回答到你的問題嗎？還是你希望更具體一些？

Yeah, anything you can share there in terms of what we should be looking for here in the works program here through the balance of this year and the next?

是的，任何你能分享的都可以，關於今年剩餘時間到明年，這個工程/作業計畫（works program）我們應該關注哪些重點？

I think our first blast should be around August 15 and we'll just be pushing ahead. We've got all of our ground control. Items ordered and then were just pushed down, spiraling down. But I don't see any issues going forward with any of the development.

我想我們第一次爆破大概會在 8 月 15 日左右，之後我們就會持續往前推進。我們的地層控制（ground control）相關項目都已下單，接著我們就會一路往下推進、螺旋式向下開拓。但我不認為後續任何開發會有問題。

Okay, great. That's helpful. Thank you very much. And in terms of San Dimas or any other mines, any major works programs underway beyond the expansion you talked about?

好的，很好。這很有幫助。非常感謝。另外就 San Dimas 或其他礦場而言，除了你們提到的擴建之外，是否還有任何正在進行中的重大工程/作業計畫？

Right now, no, we're just pushing ahead of our development, doing very well, as Keith mentioned earlier. Our union work is doing very well with the long-hauling development, so we don't see any issues at all.

目前沒有，我們就是持續推進開發，表現很好，正如 Keith 先前提到的。我們的工會團隊在長距離運輸巷道（long-hauling）開發方面做得非常好，所以我們完全看不出有任何問題。

Okay, great. That's helpful. Thank you. And maybe just more of a strategy question, but obviously, cash balance is building. Any thoughts here on capital allocation when it comes to M&A or dividends and buybacks? Any thoughts for the rest of this year?

好的，很好。這很有幫助。謝謝。再來可能是比較策略性的問題，但顯然現金餘額正在累積。在資本配置方面，對於併購（M&A）或股利、庫藏股回購，有什麼想法嗎？對今年剩餘時間有什麼看法？

Well, in the quarter, we spent $22 million on share buybacks, which is I think the most we've ever spent in the history of the company on share buybacks. I can't commit to you on what we're going to be doing for the rest of the year, but it obviously is on our list of things to do with our cash. The dividends are upgraded, doubled in January 2026, and that was really nice to see. It's still a relatively low dividend.

嗯，本季我們花了 2,200 萬美元做股票回購，我想這是公司歷史上在股票回購上花得最多的一次。我無法對你承諾今年剩餘時間我們會怎麼做，但這顯然在我們現金運用的清單上。股利在 2026 年 1 月已上調、並且加倍，看到這點很不錯。但它仍然是相對偏低的股利水準。

I'd like to see it increase further, but I'd like to see the treasury build even more. I know it's a lot of money, $1.25 billion, and it's a lot, and it is growing, which is really nice to see. There is a couple of cash items that are on our list that could be large, and that's the tax settlement in Mexico with Primero San Dimasas all our shareholders.

我希望它能再進一步提高，但我也希望公司金庫能再更充實一些。我知道這是一大筆錢，12.5 億美元，確實很多，而且還在成長，這點很令人欣慰。我們清單上有幾個可能金額很大的現金項目，其中之一是墨西哥的稅務和解，涉及 Primero San Dimas，這也是我們所有股東都知道的。

And I'm sure you're aware about, so are Eric. So once we get that off our plate, which we hope will be resolved by the end of the year, and then with Jerritt Canyon also, we don't know what the spend is going to be in 2027. We've got some numbers that we're expecting to make public, as I said, in January '27 to get that finally up and running by the third quarter. But once we get those two big spends out behind us, then we'll look at further capital allocations.

我相信你也知道，Eric 也知道。所以一旦我們把這件事處理完——我們希望能在年底前解決——另外還有 Jerritt Canyon，我們還不知道 2027 年的支出會是多少。我們有一些預期要對外公布的數字，正如我說的，會在 2027 年 1 月公布，讓它最終在第三季投入運轉。但等這兩筆大的支出都處理完之後，我們就會再來看進一步的資本配置。

(Operator Instructions) Alex Taranu, National Bank.

(接線員指示) Alex Taranu，National Bank。

Hey, guys. Thanks. I have my questions here. Wanted to follow up just on Santo Niño, sorry, well, Santa Elena rather. Keith, you made a comment, and I apologize if I think I may have missed it here, but you’re saying Santo Niño targeting to get that first ore from there end of 2027, was that right? Navidad maybe about 18 months after? I just wanted to confirm that’s what you’re targeting at the moment.

嗨，各位。謝謝。我有幾個問題。我想追問一下 Santo Niño，抱歉，應該是 Santa Elena 才對。Keith，你剛剛有個評論，我抱歉如果我可能漏聽了，但你的意思是 Santo Niño 目標是在 2027 年底從那邊取得第一批礦石，是這樣嗎？Navidad 可能大約再晚 18 個月？我只是想確認一下，這就是你們目前的目標時程。

Yeah, no, that's exactly right, Alex.

對，沒錯，完全正確，Alex。

Okay. All right, good. Maybe can you just remind me, actually. When it comes to metallurgy, I know that Ermitaño ore, a lot of the stuff you’re putting through now, gold recovery is good, but silver recovery is a little bit lighter. What’s the expectation for Santo Niño ore? Is that the same as Ermitaño, or are we seeing something a bit better there?

好的。好，沒問題。也許你可以再提醒我一下。就冶金而言，我知道Ermitaño礦石，你們現在處理的很多物料，黃金回收率很好，但白銀回收率稍微低一些。那Santo Niño礦石的預期如何？會跟Ermitaño一樣，還是我們會看到更好一些？

Dave, do you want to grab that one? I think the recovery is at Santo Nino.

Dave，你要不要回答這題？我想Santo Nino的回收率是……

Well, Santa Nino, they should be very good. I don’t know. I don’t have the number.

嗯，Santa Nino應該會非常好。我不確定。我手上沒有數字。

I’ll pass it on to Danny. He’s got the numbers.

我把這題交給Danny。他有數據。

Santo Niño is behaving similarly to the original Santa Elena, so we’re seeing mid-90s. The metallurgical testing for both Navidad and Santo Niño is showing 95 plus for both gold and silver, with higher silver grade as well. We’re expecting more contribution of silver from both of them.

Santo Niño的表現與最初的Santa Elena相近，所以我們看到的是90%中段的回收率。對Navidad與Santo Niño的冶金測試顯示，黃金與白銀的回收率都在95%以上，而且白銀品位也更高。我們預期兩者都會帶來更多白銀貢獻。

Perfect. That's what I was looking to hear. Okay, great. And just my last question on capital spending, I think you guys are a little bit light. Well, at least tracking so far for this year, your first half of the year is a bit, I think it was about 37% of your annual guidance. I guess that is implies, obviously, the second-half this year is going to be heavier.

太好了。這正是我想聽到的。好，很棒。最後一個關於資本支出的問題，我覺得你們目前看起來有點偏低。至少就今年截至目前的進度來看，你們上半年大概只用了全年指引的37%。我想這也意味著，很明顯，今年下半年支出會比較重。

But I'm just curious, is there any projects maybe falling behind a little bit just from just timing perspective or permitting or anything like that or really just we should expect a lot more spending to pick up in the second-half this year?

但我只是好奇，是否有任何專案可能因為時程、許可等因素而稍微落後，還是其實我們就應該預期今年下半年支出會大幅加速？

Yeah, it is very much back-ended and there's really no issues anywhere there except maybe Los Gatos is a little bit behind on development. It's not materially behind, but it is slightly behind budget. The other mines are well within budget, but most of the effects are timing.

是的，支出確實很偏向下半年，而且除了Los Gatos在開發進度上稍微落後之外，其他地方沒有任何問題。它並沒有實質性落後，但確實比預算稍微慢一點。其他礦山都在預算範圍內，但大部分影響都只是時點差異。

If there's anyone else -- I'll pass the floor. I was just going to say I'll now pass the floor over to Mr. Darrell Ray, Investor Relations at First Majestic Silver to take us through questions submitted through the webcast.

如果還有其他人——我把時間交出去。我只是想說，接下來把時間交給First Majestic Silver投資人關係的Darrell Ray先生，帶我們回答透過網路直播提交的問題。

Okay, thanks, [Gaylene]. There’s a lot of questions that are very similar, Keith, to ones that you’ve already answered a lot on capital allocation, the dividends, stock buybacks. We’ll do that. Maybe a little bit that we haven’t talked about is our holdings in other junior mining companies. There’s a question here on what are your thoughts and what are your plans for the holdings in these companies such as Silver Storm and Sierra Madre?

好的，謝謝，[Gaylene]。有很多問題都非常類似，Keith，主要是你已經回答過很多次的資本配置、股利、庫藏股回購等。我們會處理那些。也許有一點我們還沒談到的是：我們在其他初級礦業公司的持股。這裡有個問題是，你對像Silver Storm和Sierra Madre這些公司的持股有什麼看法，以及你們的計畫是什麼？

Our plan is to continually help those companies evolve in hopefully much larger businesses, we could make some central profits on those investments. That’s why we sold those assets to those groups. We’re confident that those groups can continually build. We have sold some of the Sierra Madre shares over the last few quarters, just to take a little bit of money off the table. We’ve now added a larger position as a result of the sale of Del Toro, so we’re actually up on that on a per share basis anyways, or number of share basis. Silver Storm, we just lent them $5 million bucks last week. We did that same structure with Sierra Madre as well about two years ago. Sierra Madre just paid the balance of their loan back to us in Q2, which was really nice to see.

我們的計畫是持續協助那些公司成長，期望它們能發展成更大的企業，讓我們能在這些投資上實現一些資本利得。這也是我們把那些資產賣給那些團隊的原因。我們有信心那些團隊能持續建設與擴張。過去幾個季度我們賣出了一些Sierra Madre的股票，只是先把一部分獲利落袋。而因為出售Del Toro，我們現在增加了更大的持股部位，所以不管以每股或持股數量來看，我們其實都增加了。至於Silver Storm，我們上週才借給他們500萬美元。大約兩年前我們也用同樣的架構對Sierra Madre做過。Sierra Madre在第二季剛把貸款餘額還清，看到這點真的很不錯。

Sierra Madre came through with their commitment and paid back the loan. The loan to Silver Storm is the same structure, we’re working with them to build out their team in Mexico, we’re very supportive shareholders of both those companies.

Sierra Madre履行了承諾並償還了貸款。給Silver Storm的貸款也是同樣的架構；我們正與他們合作，在墨西哥把團隊建置起來，我們是這兩家公司非常支持的股東。

Okay, thanks, Keith. That's it from the queue for us.

好的，謝謝你，Keith。我們這邊排隊的問題就到這裡。

All right, I'd like to hand the call back to Keith for any closing remarks.

好，那我把電話交回給Keith，請他做最後結語。

Okay, well, thanks everyone for your time today and dialing into our call. I understand this will be also on the website for people who have listened to it a little bit later. If there are any other questions or comments that. Anyone on the call or anyone going to be listening to the webcast after the call, please contact our Investor Relations Department for any further answers to any queries that you may have. Thanks again.

好的，感謝各位今天撥冗並加入我們的電話會議。我了解這段內容也會放在網站上，方便稍晚才收聽的人。如果還有任何其他問題或意見。無論是現在在線上的各位，或是會後收聽網路直播的人，若需要進一步回覆任何疑問，請聯絡我們的投資人關係部門。再次感謝。

This brings to a close 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。您可以掛斷電話線。感謝您的參與，祝您有美好的一天。