Avino Silver & Gold Mines Ltd (ASM) 2020 Q2 法說會逐字稿

Thank you for standing by. This is the conference operator. Welcome to the Avino Silver & Gold Mines Q2 Financial Results Conference Call. (Operator Instructions) And the conference is being recorded. (Operator Instructions)

感謝您耐心等候。我是會議接線員。歡迎參加 Avino Silver & Gold Mines 第二季財務業績電話會議。（接線員指示）本次會議將被錄音。（接線員指示）

I would now like to turn the conference over to Jennifer North, Manager, Investor Relations. Please go ahead.

現在我想將會議交給投資人關係經理 Jennifer North。請開始。

Thank you, operator. Good morning, everyone, and welcome to the Avino Silver & Gold Mines Ltd. Second Quarter 2020 Financial Results Conference Call and Webcast.

謝謝，接線員。各位早安，歡迎參加 Avino Silver & Gold Mines Ltd. 2020 年第二季財務業績電話會議與網路直播。

On the call today, we have the company's President and CEO, David Wolfin; our Chief Financial Officer, Nathan Harte; our Chief Operating Officer, Carlos Rodriguez; and our VP, Technical Services, Peter Latta.

今天與會的有公司總裁兼執行長 David Wolfin；財務長 Nathan Harte；營運長 Carlos Rodriguez；以及技術服務副總裁 Peter Latta。

Before we get started, please note that certain statements today on this call by the management team may include forward-looking information within the meaning of applicable securities laws. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results to be materially different than those expressed by or implied by such forward-looking statements.

在開始之前，請注意，管理團隊今天在本次電話會議中的某些陳述，可能包含適用證券法所定義的前瞻性資訊。前瞻性陳述受到已知與未知的風險、不確定性及其他因素影響，可能導致實際結果與該等前瞻性陳述所明示或暗示者存在重大差異。

The company does not intend to and does not assume any obligation to update such forward-looking statements or information other than as required by applicable law. For more information, we refer you to our detailed cautionary note in the presentation accompanying this call or on our press release of yesterday's date.

除非適用法律另有要求，公司無意且不承擔更新該等前瞻性陳述或資訊的任何義務。欲了解更多資訊，請參閱本次電話會議隨附簡報中的詳細警示說明，或我們於昨日發布的新聞稿。

I would like to remind everyone that this conference call is being recorded and will be available for replay later today. Replay information and the presentation slides accompanying this conference call and webcast will be available on the website. Thank you.

提醒各位，本次電話會議正在錄音，並將於今日稍晚提供重播。重播資訊以及本次電話會議與網路直播隨附的簡報投影片將公布於公司網站。謝謝。

I will now turn the call over to Avino's President and CEO, David Wolfin. David?

現在我將把電話會議交給 Avino 總裁兼執行長 David Wolfin。David？

Thanks, Jen. Good morning, everyone, and welcome to Avino's Q2 2020 Financial Results Conference Call and Webcast. Thank you for joining us. Before we begin, please note that the full financial statements and MD&A are now available on our website. On today's call, we will cover the highlights of our second quarter 2020 financial and operating performance, and then we will open it up for questions. Please note that all figures are stated in U.S. dollars unless otherwise noted.

謝謝，Jen。各位早安，歡迎參加 Avino 2020 年第二季財務業績電話會議與網路直播。感謝各位加入。在開始之前，請注意完整財務報表與管理階層討論與分析（MD&A）現已公布於我們的網站。今天的電話會議將涵蓋 2020 年第二季財務與營運表現重點，之後開放提問。另請注意，除非另有說明，所有數字均以美元計價。

I'd first like to thank our employees globally for their dedication and commitment to safety during these challenging times. The health and wellness of all our employees and stakeholders continue to be imperative along with protecting our shareholders' interest. I'm very appreciative of our team in Mexico and the way they have handled the difficult challenges faced. And because of our established crisis management plan, they have well-executed response for stringent COVID-19 transmission prevention.

首先，我要感謝我們全球員工在這段艱難時期對安全的投入與承諾。確保所有員工與利害關係人的健康與福祉，並同時維護股東利益，仍然至關重要。我非常感謝墨西哥團隊面對艱鉅挑戰時的應對方式。也因為我們既有的危機管理計畫，他們已有效執行嚴格的 COVID-19 傳播預防措施。

Similar to other mining companies, our second quarter financial performance was impacted by the temporary mine shutdown due to COVID-19, which also resulted in decreased production. At the beginning of June, the company announced a phased ramp-up of operational activities and production restart. However, as we head into the second half of the year, the ramp-up and our plans to commence the 2020 exploration program as well as connect the underground levels at the Avino Mine have been put on hold with the current strike action.

與其他礦業公司類似，我們第二季的財務表現受到 COVID-19 造成的礦場暫時停工影響，並導致產量下降。公司於 6 月初宣布分階段提升營運活動並重啟生產。然而，隨著我們進入下半年，在目前罷工行動的影響下，產能爬坡、啟動 2020 年探勘計畫，以及連通 Avino 礦場地下各水平的計畫均已暫緩。

The last 3 months have been challenging and we are experiencing a time in history we have never seen before. However, in spite of the difficult months, we are optimistic about the rest of the year and the future. The metal prices have broken out, we haven't seen silver prices like this for some time, and we have never seen the gold price at levels we are seeing lately, which is all very encouraging.

過去三個月充滿挑戰，我們正經歷一段前所未見的歷史時刻。然而，儘管這幾個月艱難，我們對今年剩餘時間及未來仍保持樂觀。金屬價格已出現突破，我們已有一段時間未見到這樣的白銀價格，而近期黃金價格也達到我們從未見過的水準，這些都令人振奮。

During the second quarter, while operations were on hold, we continue to explore the potential of dry stack tailings, as mentioned earlier in the year, as well as automation upgrades, which are still planned and budgeted for. In addition, we were able to install equipment in Mill Circuit 4 that will help boost metallurgical recovery on gold and, to a lesser extent, silver.

第二季期間，雖然營運暫停，我們仍持續評估乾式堆疊尾礦的潛力（如今年稍早所提及），以及自動化升級，這些仍在計畫中並已編列預算。此外，我們也在磨礦迴路 4（Mill Circuit 4）安裝設備，將有助於提升黃金的冶金回收率，並在較小程度上提升白銀回收率。

During the second quarter, production results were from the Avino Mine only. In comparison to the Avino mine production in Q2 2019, silver equivalent production was 158,000 ounces, down 56% from 600,000 ounces; silver production was 51,000 ounces, down 52% from 246,000 ounces; gold production was 404 ounces, down 50% from 1,609 ounces; and copper production was 460,000 pounds, down 53% and from 1.1 million pounds.

第二季的產量結果僅來自 Avino 礦場。與 2019 年第二季 Avino 礦場產量相比，白銀當量產量為 158,000 盎司，較 600,000 盎司下降 56%；白銀產量為 51,000 盎司，較 246,000 盎司下降 52%；黃金產量為 404 盎司，較 1,609 盎司下降 50%；銅產量為 460,000 磅，較 110 萬磅下降 53%。

During Q2, mill feed at Avino decreased by 58% compared to Q2 2019, with silver, gold and copper grades all slightly up by 4%, 6% and 4%, respectively. On a metal by metal basis, feed grades were higher, which, in turn, boosted recovery rates, which showed improvement compared with Q2 2019, with increases of 11% for silver, 15% for gold and 6% for copper, along with certain refinements to the metallurgy process.

第二季 Avino 的磨礦入料量較 2019 年第二季下降 58%，而白銀、黃金與銅品位分別小幅上升 4%、6% 與 4%。以各金屬分別計算，入料品位較高，進而推升回收率；相較 2019 年第二季，回收率有所改善，白銀提高 11%、黃金提高 15%、銅提高 6%，並伴隨冶金流程的若干精進。

We are encouraged by the higher recoveries achieved in the second quarter and the speed in which we were able to ramp up to full production in early June, showing that we will be ready to continue the ramp-up when the strike action is resolved. Also during the quarter, silver and gold prices steadily moved higher. And at the end of the quarter, the gold price reached $1,782 and silver was just over $18. Today, we have a gold price that has touched $2,000 in recent days and silver price finding a new home well above $25.

我們對第二季達成較高回收率，以及 6 月初迅速爬升至滿載生產的速度感到鼓舞，這顯示一旦罷工行動解決，我們將準備好繼續推進產能爬坡。同時，第二季白銀與黃金價格穩步走高。季末時，金價達到 1,782 美元，銀價略高於 18 美元。今天，近幾日金價已觸及 2,000 美元，而銀價也在 25 美元以上找到新的區間。

For Q2 2020, our consolidated cash cost per silver payable equivalent ounce was virtually unchanged at $10.92 compared to $10.89 in Q2 2019. And all of the sustaining costs per payable silver equivalent ounce increased by 5% to $16.37 from $15.61 in Q2 2019.

2020 年第二季，我們合併後每一可支付白銀當量盎司的現金成本幾乎不變，為 10.92 美元，2019 年第二季為 10.89 美元。而每一可支付白銀當量盎司的總維持成本（AISC）較 2019 年第二季的 15.61 美元增加 5% 至 16.37 美元。

I will now ask Nathan Harte, Avino's Chief Financial Officer, to present the financial results for Q2 2020.

接下來我將請 Avino 財務長 Nathan Harte 報告 2020 年第二季的財務結果。

Thank you, David. It's my pleasure to be on the call, and I would like to welcome everyone who has joined us and is viewing our presentation today. During the second quarter of 2020, we generated revenues from mining operations of $4.8 million, which was down 38% compared to the same period in 2019. Despite lower revenues, Avino reported higher mine operating income of $0.8 million when compared to $0.3 million for the same period in 2019.

謝謝你，David。很高興參與本次電話會議，也歡迎所有加入並於今日觀看我們簡報的各位。2020 年第二季，我們的採礦營運收入為 480 萬美元，較 2019 年同期下降 38%。儘管收入較低，Avino 的礦場營運所得為 80 萬美元，較 2019 年同期的 30 萬美元為高。

During the quarter, we reported a loss before interest, taxes, depreciation and amortization of $0.8 million compared to earnings of $0.6 million in Q2 of 2019. Adjusted EBITDA for Q2 2020 was $2 million, a significant increase compared to $0.4 million in Q2 2019. Avino reported net losses after taxes from continuing operations of $1.1 million compared to a net loss of $125,000 in Q2 2019. This translates to a loss per share of $0.01 from continuing operations compared to nothing in Q2 of 2019. Working capital at the end of Q2 2020 was $13.8 million compared to $13.2 million at the end of 2019 and $8.7 million at the end of Q2 2019. Our cash balance at the end of the quarter was $10.4 million compared to $3.4 million at the end of Q2 2019.

本季我們在利息、稅項、折舊與攤銷前錄得 80 萬美元虧損，相較 2019 年第二季為 60 萬美元獲利。2020 年第二季調整後 EBITDA 為 200 萬美元，較 2019 年第二季的 40 萬美元大幅增加。Avino 持續營運稅後淨損為 110 萬美元，相較 2019 年第二季淨損 12.5 萬美元。換算為每股虧損（持續營運）0.01 美元，相較 2019 年第二季為 0。2020 年第二季末的營運資金為 1,380 萬美元，相較 2019 年底為 1,320 萬美元，亦高於 2019 年第二季末的 870 萬美元。本季末現金餘額為 1,040 萬美元，相較 2019 年第二季末為 340 萬美元。

As David mentioned earlier, our second quarter consolidated cash costs were almost unchanged at $10.92 compared to $10.89 in Q2 2019, and our all-in sustaining cash cost per payable silver equivalent ounce increased to $16.37 up from $15.61, an increase of 5% over Q2 2019. Our revenues from mining operations of $4.8 million in Q2 2020 were derived 31% from silver, 25% from gold and 44% from copper. Capital expenditures for the first half of 2020 were $0.7 million compared to $4.9 million in the first half of 2019, with the decrease due mostly to the timing of certain capital expenditures, as well as a cautious approach regarding the current COVID-19 pandemic. This, along with the fact that there were no gray loan capital expenditures in the current period following the sale of 2019, contributed to the decrease. We still expect this amount to increase later into 2020 as certain capital expenditures have been pushed into the latter half of the year and potentially further into 2021.

如 David 先前所提及，我們第二季合併現金成本幾乎維持不變，為 10.92 美元，相較於 2019 年第二季的 10.89 美元；而每可支付白銀當量盎司的全維持性現金成本（all-in sustaining cash cost）則由 15.61 美元上升至 16.37 美元，較 2019 年第二季增加 5%。我們 2020 年第二季來自採礦營運的收入為 480 萬美元，其中 31% 來自白銀、25% 來自黃金、44% 來自銅。2020 年上半年資本支出為 70 萬美元，相較於 2019 年上半年的 490 萬美元；下降主要是由於部分資本支出的時點安排，以及對目前 COVID-19 疫情採取審慎態度。此外，因 2019 年出售後，本期不再有灰色貸款（gray loan）資本支出，也促成了下降。我們仍預期該金額將在 2020 年稍晚增加，因為部分資本支出已被延後至下半年，並可能進一步延至 2021 年。

Avino remains flexible, both financially and operationally to adjust to the uncertainty surrounding COVID-19 and the ongoing labor negotiations, and we will continue to monitor and provide updates accordingly.

Avino 在財務與營運面皆保持彈性，以因應 COVID-19 相關不確定性及持續的勞資協商；我們將持續監控並適時提供更新。

I will now hand it back over to David for discussions on our plans for the remainder of 2020 and into 2021.

接下來我把時間交還給 David，請他說明我們 2020 年剩餘期間以及 2021 年的計畫。

Thank you, Nathan. Our plans for the second half of this year, which are currently on hold, continue to include connection between the underground levels at the Avino Mine and commencement of the 2020 exploration plans that will target previously announced areas on the Avino Property.

謝謝你，Nathan。我們今年下半年的計畫目前暫停中，原本仍包括：連通 Avino 礦山地下各水平，並啟動 2020 年的探勘計畫，目標為先前已公告的 Avino 礦區內相關區域。

As I stated earlier, we are going through a time right now that is unlike any other we have ever experienced before. We are extremely fortunate that we do not have any cases of COVID-19, which is attributed to our rigorous health and safety procedures. Above all, the health and wellness of our employees globally is our top priority.

如我先前所說，我們正經歷一段前所未有的時期。我們非常幸運目前沒有任何 COVID-19 病例，這歸功於我們嚴謹的健康與安全程序。最重要的是，全球員工的健康與福祉是我們的首要優先。

We follow the orders given by the Mexican government on April 1 to temporarily suspend operations, and by April 2, we transitioned to a temporary closure plan. On June 1, we started a ramp-up to resume mining operations and then in July, we faced strike action at the mine. We reiterate that the company is receptive to having good faith discussions with representatives of the authorized union.

我們遵循墨西哥政府於 4 月 1 日發布的暫停營運命令，並於 4 月 2 日轉入臨時停工計畫。6 月 1 日，我們開始逐步提升產能以恢復採礦營運；隨後在 7 月，我們面臨礦場的罷工行動。我們再次強調，公司願意與獲授權工會的代表進行善意協商。

Before COVID-19 and early in the first quarter, we had announced a renewed focus on exploration in Mexico and the search for another exciting high-grade deposit similar to the San Gonzalo within the Avino Property. I want to ensure our shareholders that this focus hasn't changed, only delayed for a time until we can resume our exploration plans. Consequently, we are looking forward to building a full exploration department, which will be led by a senior-level geologist. We are also organizing an independent evaluation of the structural controls on the property. With the dozens of veins on the property, we recognize the importance of structural interpretation as it will provide better understanding and defining new targets and also to help determine where the optimum grades might be. We are excited about the exploration on the Avino Property and look forward to starting up soon.

在 COVID-19 之前、且於第一季初期，我們曾宣布重新聚焦於墨西哥的探勘，並在 Avino 礦區內尋找另一個令人振奮的高品位礦床，類似於 San Gonzalo。我想向股東確保，這個重點並未改變，只是因為我們必須恢復探勘計畫而暫時延後。因此，我們期待建立完整的探勘部門，並由資深地質學家領導。我們也正在籌劃對礦區構造控制因素的獨立評估。由於礦區內有數十條礦脈，我們認知到構造解釋的重要性，因其將有助於更好地理解並界定新目標，也能協助判斷最佳品位可能出現的位置。我們對 Avino 礦區的探勘感到振奮，並期待很快能夠啟動。

We thank you for your patience and understanding. We remain optimistic for treatment and a vaccine for COVID-19 and return to business as usual. And finally, I'd like to say another thank you to the teams in both Canada and Mexico for their dedication, hard work and contributions.

感謝各位的耐心與理解。我們對 COVID-19 的治療與疫苗，以及回歸正常營運仍保持樂觀。最後，我也要再次感謝加拿大與墨西哥兩地團隊的投入、辛勤工作與貢獻。

We would now like to move the call to the question-and-answer portion. Operator?

接下來我們將進入問答環節。接線員？

(Operator Instructions) The first question comes from Heiko Ihle from H.C. Wainwright.

（接線員指示）第一個問題來自 H.C. Wainwright 的 Heiko Ihle。

Can you hear me all right?

你們聽得到我嗎？

Yes.

聽得到。

Yes, we hear you.

是的，我們聽得到。

Good quarter. Nice to see the stock up today. You guys spent a lot of time on this call talking about Circuit 4. Purely out of curiosity, how much would you say -- and this might be a Nate question, how much would you say is the spend on it in total thus far, or like spend and invested? And should we expect any more maintenance CapEx -- meaningful maintenance CapEx throughout the remainder of the year?

這一季表現不錯。很高興看到今天股價上漲。你們在這通電話花了很多時間談 Circuit 4。純粹出於好奇，我想問——這可能是問 Nate 的——到目前為止你們在這上面的總花費大概是多少？也就是支出與投入的金額？另外，今年剩餘期間是否還會有任何維護性資本支出（maintenance CapEx）——有意義的維護性資本支出？

Heiko, that's a fair question. I think overall, to date, it's -- including the original build cost, it's between $7 million and $8 million. We're not expecting much additional CapEx. When we talk about some of the improvements made, these are pretty smaller, or I guess, more minor expenditures to basically improve metallurgical recoveries in the hopes of getting more gold and silver and copper to be sold.

Heiko，這是個合理的問題。我想整體而言，截至目前——包含最初建置成本——大約在 700 萬到 800 萬美元之間。我們不預期會有太多額外的資本支出。至於我們提到的一些改善，屬於較小、或說較次要的支出，主要是為了提升冶金回收率，希望能回收更多黃金、白銀與銅以供銷售。

To clarify, is that $7 million or $8 million Canadian or million -- Canadian or U.S.?

確認一下，那 700 萬或 800 萬是加幣還是——加幣或美元？

U.S. And then most of that was spent on the original build, I think under 10% spent on upgrades. And we are still planning some minor automation work, as we talked about earlier as well.

美元。而且其中大部分花在最初建置上，我想升級支出不到 10%。我們也仍計畫進行一些小規模的自動化工作，正如我們先前提到的。

Okay. Given current spot pricing, and I know this is a tricky question. Given current spot pricing, what do you see your budgeting with your balance sheet by the end of the year? And is there ever going to be the silver price where you might consider hedging out a part of your production at least in the near term?

好的。以目前現貨價格來看——我知道這是個棘手的問題——以目前現貨價格來看，你們預估到年底資產負債表會是怎樣的水準？另外，是否會有某個白銀價格水準，讓你們考慮至少在短期內對部分產量進行避險？

Yes, Heiko. I guess I'll take that one as well. It's something we talk about a lot. We do see a lot of volatility, specifically in silver. And at this time, we're not -- we're always exploring hedging opportunities, but we're not -- it's not something that we're looking at that would materially affect our financial position right now. I think a lot of our shareholders appreciate some [proportionality] in silver.

是的，Heiko。我想這題也由我來回答。我們確實經常討論這件事。我們看到很大的波動性，尤其是在白銀方面。目前我們——我們一直在評估避險機會，但目前並不是我們會採取、且會對財務狀況造成重大影響的作法。我認為許多股東也欣賞我們對白銀價格的某種[比例性]曝險。

And I concur with you, I mean, it'd just be a little bit of certainty, right?

我同意你的看法，我的意思是，只是想要多一點確定性，對吧？

No, I fully understand that. And as the finance guy, I'm always cognizant of making sure that our balance sheet is looking fairly strong. So yes, I appreciate that.

不，我完全理解。作為財務負責人，我一直很注意確保我們的資產負債表看起來相當穩健。所以，是的，我理解你的意思。

The next question comes from Matthew O'Keefe from Cantor Fitzgerald.

下一個問題來自 Cantor Fitzgerald 的 Matthew O'Keefe。

Just some question here. First off, I've got a couple here. First on the union negotiations. So you mentioned that they're -- you're receptive to having good faith negotiations. Are you meeting with them regularly? Or I mean is this a back-and-forth ongoing? Are you still waiting for the right people to come to the table? Maybe you could give us a little bit of color on that as much as you can.

我這邊有幾個問題。首先是關於工會協商。你提到你們——你們願意進行善意協商。你們是否定期與他們會面？或者說這是一個來回持續進行的過程？你們是否仍在等待合適的人坐到談判桌前？在你能分享的範圍內，能否提供一些背景說明？

Yes, there's regular meetings. We hear that the people at the front gate has dwindled down to a few people. So it looks like, hopefully, this will be resolved soon.

是的，會定期開會。我們聽說前門的人已經減少到只有幾個人。所以看起來希望很快就能解決。

Okay. So there's no -- it's not really -- I mean when we look -- when we hear about these things happening in Mexico, depending where you are, it can be somewhat, I wouldn't say aggressive, but sometimes it can be a bit hostile, but it doesn't sound like that's the case here. It's more of a -- maybe they're -- it's opportunistic in a sense that the silver price is very high, and it's a good time to be asking for more.

好的。所以沒有——也不是那種——我的意思是，當我們聽到墨西哥發生這類事情時，視地點而定，有時候可能會有點——我不會說是激烈，但有時可能會有點敵對；但聽起來這裡不是這樣。比較像是——也許他們——某種程度上是把握時機，因為白銀價格很高，現在是要求更多的好時機。

Exactly.

沒錯。

Okay. Okay. So we'll hope to see that resolved soon. And then just while we're -- we've had this COVID shutdown, I guess, and you're back obviously on that, you're dealing with the union here now. But there's an opportunity here with the mine being shut down. And just to be clear, everything is shut down, right? There's no mining, there's no processing, there's no exploration, there's nothing going on?

好的。好的。那我們希望能很快解決。接著，在我們——我們經歷了這次 COVID 停工，我想你們顯然已經在恢復了，但現在又在處理工會的事情。不過礦山停工其實也帶來一個機會。為了確認清楚，目前是一切都停擺，對吧？沒有採礦、沒有選礦處理、沒有探勘，什麼都沒有在進行？

Just maintenance and dewatering of the mine.

只是進行礦山的維護與排水。

Okay. So well, that's good. So nothing is getting in the way of that. With -- one of the big opportunities here is exploration. I mean there's nothing standing in your way of doing exploration during this union issue, is there?

好的。所以嗯，那很好。所以沒有任何事情會妨礙那件事。至於——這裡其中一個很大的機會是勘探。我的意思是，在這次工會問題期間，沒有什麼會阻礙你們進行勘探，對吧？

Well, yes. We can't send in our managers and drill teams to do anything. So all that's on hold.

嗯，是的。我們不能派我們的管理人員和鑽探團隊進去做任何事情。所以那一切都暫停了。

Right, in mine. There's some regional component as well? Is that something that was planned for later? Or is that -- could you be doing that? Or is that all sort of...

對，在礦區。也有一些區域性的部分？那是計畫之後再做的嗎？還是——你們現在可以做那個嗎？還是那也都算是……

We have the structural geologists and independent geologist doing desktop work and geological planning behind the scenes.

我們有構造地質學家和獨立地質學家在幕後進行桌面研究與地質規劃。

Okay. So when you get back in -- you alluded to that earlier in the call here that you expect to be jumping in on exploration and stepping that up shortly. Is that correct?

好的。所以當你們回到現場——你先前在這通電話中也提到，你們預期很快就會投入勘探並加快進度。是這樣嗎？

Absolutely. I mean as soon as we can get in there, we could be drilling pretty quick. But it's not just about drilling, we want to actually be able to target where we think the high-grade zones will be because there's swarms of veins all over the property. So we want to have a better understanding of the structural controls. We've brought in the same team. They've worked up the Bralorne, worked with for Bluestone. They're a really good team, done fantastic work and we're excited to work with them.

絕對是。我的意思是，只要我們能進去，我們就能很快開始鑽探。但不只是鑽探而已，我們其實希望能鎖定我們認為會有高品位礦帶的位置，因為整個礦權範圍內到處都有成群的礦脈。所以我們想更了解構造控制因素。我們找來同一支團隊。他們曾在 Bralorne 做過，也曾為 Bluestone 合作。他們是一支非常優秀的團隊，做了非常出色的工作，我們很期待與他們合作。

Well, that should be great when we get -- we start seeing those results. So presumably, we should see some updates on exploration in the second half? Well between now and the end of the year, we'll maybe get some results? Is that a fair expectation?

嗯，等我們開始看到那些結果時應該會很棒。所以推測我們在下半年會看到一些勘探更新？嗯，在現在到年底之間，我們可能會拿到一些結果？這樣的期待合理嗎？

Yes.

是的。

Yes, that's the expectation right now.

是的，這就是目前的預期。

Okay. Great. And then -- okay, well, that's -- I think that's it. Yes, it's just a bit -- with these prices where they are, it's kind of let -- you must be kind of frustrated not being able to produce, but I understand this is the sell part of mining. So anyway, we'll look forward to some -- a better Q3.

好的。很好。然後——好的，嗯，那——我想就這些了。是的，只是有點——在目前這樣的價格水準下，你們無法生產一定會有點沮喪，但我理解這就是採礦業的那一面。所以不管怎樣，我們期待——第三季能更好一些。

(Operator Instructions) The next question comes from Bhakti Pavani from Alliance Global Partners.

（接線員指示）下一個問題來自 Alliance Global Partners 的 Bhakti Pavani。

I just wanted to understand why you are currently -- currently, the mining operation is halted, but once you get a green signal and you're ready to get go, could you maybe provide us some color into what levels of inventories do you have or any stockpile that can be quickly processed and the production can be quickly ramped up?

我只是想了解，為什麼你們目前——目前採礦作業是暫停的，但一旦你們拿到綠燈、準備重新啟動時，能否請你們提供一些資訊，說明你們目前有多少庫存或任何可快速處理的堆存，讓產量能迅速拉升？

Peter?

Peter？

Yes. Regarding production, we do have some concentrate on site. I can't say how much at this time, but we do have some material on-site that we will be able to ship out. We do have some production stockpiles as well, but we'll take a bit of time there to turn the mill on again and ramp-up again.

是的。關於生產方面，我們現場確實有一些精礦。我現在不能說有多少，但我們確實有一些現場物料可以出貨。我們也有一些生產堆存，但要把磨礦廠重新開起來並再次拉升產能，還是需要一點時間。

Fair enough. Maybe if you could talk or if you could provide some color on the production ramp or [block] time? I mean do you expect weeks? Or do you think it would be very quick enough?

了解。也許你可以談談或提供一些關於產量爬坡或[block]時間的資訊？我的意思是，你預期是幾週？還是你認為會非常快？

Yes. I mean I can tell you what happened with the COVID ramp-up. So we were shut down for 2 months there, and it took us 10 days before we were running at full capacity again. So I'm really proud of the guys in Mexico with how fast they did that. What it looks like this time, obviously, it depends on the length of the shutdown for the strike. But I believe that if we solved all the issues there, that we would take a similar amount of time to get back to full production.

是的。我可以告訴你 COVID 復工爬坡時發生的情況。我們當時停工了 2 個月，而在重新啟動後 10 天就恢復到滿載產能。所以我對墨西哥團隊能那麼快做到這點感到非常自豪。這次會是什麼樣子，顯然取決於罷工停工的時間長短。但我相信，如果我們把那邊所有問題都解決了，我們會用類似的時間回到滿產。

Fair enough. And talking about the automation upgrades, you did mention improving recoveries on gold. Could you maybe provide some additional color into what sort of improvement and -- of recovery improvements are you expecting going forward?

了解。再談到自動化升級，你確實提到會提升黃金回收率。你能否再提供一些額外資訊，說明你們預期未來回收率會改善多少，以及——你們預期的回收率改善幅度？

Bhakti, are you looking for just the type of equipment that we're using or the type of predicted improvements that we might get out of that?

Bhakti，你是想了解我們使用的設備類型，還是想了解我們可能從中得到的預測改善幅度？

Actually, both. Type of equipment and also the improvement in the recoveries.

其實兩者都想。設備類型，以及回收率的改善。

Okay. Well, I mean, we saw about a 3% increase in gold recovery there with just the addition in Circuit 3, and that's something that we talked about in the last couple of calls. So we're doing the same. We're essentially mirroring that circuit on Circuit 4. So I'm hoping for a similar increase in recovery, if that's reasonable. And regarding the specific type of equipment, maybe we can take that offline and I can describe in detail how that equipment works and what the purpose of it is.

好的。嗯，我的意思是，我們僅在第 3 迴路新增設備後，黃金回收率就提升了大約 3%，這也是我們在過去幾次電話會議中談到的。所以我們正在做同樣的事。我們基本上是在第 4 迴路複製第 3 迴路的配置。因此，如果合理的話，我希望回收率也能有類似的提升。至於具體設備類型，也許我們可以會後再談，我可以詳細說明該設備如何運作以及其用途。

Sure. Fair enough. And one last one from my side would be the CapEx expectation. I know everything has been put on hold. But for the second half of this year, what is your expectation in terms of CapEx? And how should we think about CapEx for the next year?

好的。了解。最後一個問題是資本支出（CapEx）的預期。我知道一切都暫停了。但就今年下半年而言，你們對 CapEx 的預期是什麼？以及我們應該如何看待明年的 CapEx？

Sure, Bhakti. Nathan here. I think, obviously, because things are a little bit in flux right now, but we do expect to spend a fairly significant amount on exploration and some additional upgrades. We are looking at some things for tailings management. So I would expect right now, as things stand, we would be spending still around $3 million by the end of the year. And, again, a little bit of that could be pushed into 2021 as we have seen. Obviously, at the beginning of the year, we were expecting 6 -- in the $6 million to $7 million range for the full year. So some of that will be pushed in 2021. But I expect right now, I think, [some focus] another $3 million spent by the end of the year.

好的，Bhakti。我是 Nathan。我想，顯然因為目前情況有些變動，但我們確實預期會在勘探以及一些額外升級上花費相當可觀的金額。我們也在評估一些尾礦管理方面的事項。所以以目前情況來看，我預期到年底我們仍會支出大約 300 萬美元。另外，其中一部分如我們所見，可能會延後到 2021 年。顯然，在年初時，我們原本預期全年會在 600 萬到 700 萬美元的區間。所以其中一部分會推遲到 2021 年。但就目前而言，我預期——我想——到年底仍會支出約 300 萬美元。

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

問答環節到此結束。我想把會議交回給 David Wolfin 先生作結語。

Thank you, operator. Thank you, everyone, for your interest today in Avino. We're very happy that you've taken the time to call in and listen to our Q2 earnings call.

謝謝你，接線員。也謝謝各位今天對 Avino 的關注。我們很高興各位撥冗來電並收聽我們的第二季財報電話會議。

Avino has been a public company for 52 years. We've been in Mexico all this time, and we're very excited about the potential and the exploration targets we're going to go after. We plan to be there for many decades to come. And so we're very excited about that. And hopefully, we'll have a resolution real quick with the strike, and we'll be able to resume exploration. Thanks again, and stay safe, everyone.

Avino 作為上市公司已有 52 年。我們一直都在墨西哥，我們對未來的潛力以及我們將追逐的勘探目標感到非常興奮。我們計畫在那裡再經營許多個十年。因此我們對此非常期待。也希望罷工能很快獲得解決，讓我們能恢復勘探。再次感謝大家，也請各位注意安全。

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

謝謝。今天的電話會議到此結束。您可以掛斷電話線。感謝您的參與，祝您有美好的一天。