Avino Silver & Gold Mines Ltd (ASM) 2020 Q4 法說會逐字稿

Thank you for standing by. This is the conference operator. Welcome to the Avino Silver & Gold Mines Limited Q4 and Year-end 2020 Financial Results Conference Call and Webcast.

感謝各位稍候。我是會議接線員。歡迎參加 Avino Silver & Gold Mines Limited 2020 年第四季及全年財務業績電話會議與網路直播。

(Operator Instructions)

（接線員指示）

And the conference is being recorded.

本次會議將進行錄音。

(Operator Instructions)

（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 Limited Q4 and Year-end 2020 Financial Results Conference Call and Webcast. 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.

謝謝您，接線員。各位早安，歡迎參加 Avino Silver & Gold Mines Limited 2020 年第四季及全年財務業績電話會議與網路直播。今天與會者包括公司總裁暨執行長 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 made 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所作的某些陳述，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 that accompanies this call or on our press release of yesterday's date. 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.

除非適用法律另有要求，公司無意且不承擔任何義務更新該等前瞻性陳述或資訊。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。我也提醒各位，本次電話會議將被錄音，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?

現在我將把電話交給 Avino 總裁暨執行長 David Wolfin。David？

Thanks, Jen. Good morning, everyone, and welcome to Avino's Q4 and year-end 2020 financial results conference call and webcast. Thanks for joining us. Before we begin, please note that the full financial statements and MD&A are now available on our website.

謝謝，Jen。各位早安，歡迎參加 Avino 2020 年第四季及全年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。

On today's call, we will cover the highlights of our fourth quarter and year-end 2020 financial and operating performance and our plans for 2021, and then we will open it up for questions. Please note that all figures are stated in U.S. dollars unless otherwise noted.

在今天的電話會議中，我們將回顧 2020 年第四季及全年財務與營運表現重點，以及我們 2021 年的計畫，之後將開放提問。請注意，除非另有說明，所有數字均以美元計價。

2020 was a challenging year. And although we are relieved to put it behind us, the year can be marked as one of learning, patience and of significant focus on health and safety of our entire company spanning Mexico, Canada and the U.S.

2020 年是充滿挑戰的一年。雖然我們很慶幸能把它拋在腦後，但這一年可被視為學習、耐心，以及對全公司健康與安全高度聚焦的一年，涵蓋墨西哥、加拿大與美國。

The pandemic presented new challenges for our team, and I'm proud of the way we were united by our shared culture of discipline, flexibility and teamwork that truly made us a stronger company. I would like to extend a special thank you to the management team in Mexico, led by Carlos Rodriguez, who cooperated quickly and responsibly with the Mexican authorities and carried out critical tasks at the mine to ensure the safety of our employees and surrounding communities.

疫情為我們的團隊帶來新的挑戰，我為大家在共同的紀律、彈性與團隊合作文化下團結一致而感到自豪，這確實讓我們成為更強大的公司。我特別要感謝由 Carlos Rodriguez 領導的墨西哥管理團隊，他們迅速且負責任地與墨西哥當局合作，並在礦場執行關鍵任務，以確保員工及周邊社區的安全。

Lastly, I would like to extend my appreciation to our shareholders for their support and patience during the entire year, while we experienced a temporary shutdown due to COVID and when we went through the strike at the mine. While strike ended in early October, we have been waiting for the government offices in Mexico to reopen so the agreement with the labor union may be ratified.

最後，我也要感謝股東們在整個年度的支持與耐心，因為我們曾因 COVID 而暫時停工，也經歷了礦場罷工。雖然罷工已於 10 月初結束，但我們一直在等待墨西哥政府機關重新開放，以便與工會的協議得以核准。

In the meantime, we completed the comprehensive evaluation, and over the last month, various supplies are being ordered and delivered as we look towards start up of operations. Our fourth quarter operational performance was directly impacted by 12-week strike at the mine, and resulted in no mining activities taking place during the 3 months ended December 31, 2020.

同時，我們已完成全面評估，且在過去一個月中，隨著我們展望重啟營運，各項物資正陸續下單並交付。我們第四季的營運表現直接受到礦場為期 12 週罷工的影響，導致截至 2020 年 12 月 31 日止的三個月期間未進行任何採礦活動。

During the quarter, we continued moving forward with the proposed dry stack tailings storage facility #2, which is on privately owned Avino land and is permanent and is currently in the final stage of prior to commencing construction.

在本季期間，我們持續推進擬議的乾式堆疊尾礦儲存設施第 2 號（dry stack tailings storage facility #2），該設施位於 Avino 私有土地上，屬永久性設施，目前正處於動工前的最後階段。

We expect this project to be completed during Q3 2021 and should add an additional 8 to 10 years of tailing capacity based on the current mill throughput rate. We chose dry-stack tailings for the -- for its environmental and safety and economic advantages with its high solid content. This significantly improves safety and stability and reduces the need to extract water from local sources by recycling the water removed from tailings. In addition, it requires less land, which, in turn, results in smaller environmental footprint.

我們預期該專案將於 2021 年第三季完成，並可在目前磨礦廠處理量（throughput）水準下，增加約 8 至 10 年的尾礦容量。我們選擇乾式堆疊尾礦，係因其高固含量所帶來的環境、安全與經濟優勢。此方式可大幅提升安全性與穩定性，並透過回收自尾礦中移除的水來循環使用，降低自當地水源取水的需求。此外，其所需土地較少，進而使環境足跡更小。

Over the years, we have been proactive in developing partnerships between the people of Durango and Avino, and we are happy to have helped in many ways, including providing maintenance of water reservoir, installed new water pipes and expanded the drinking water network, maintained the neighborhood streets and roads, educated the communities in the importance of mining, delivered sports equipment and maintained sports facilities, and provided medical and ambulance services.

多年來，我們積極促成杜蘭戈（Durango）居民與 Avino 之間的合作夥伴關係，也很高興能以多種方式提供協助，包括維護蓄水池、安裝新水管並擴大飲用水管網、維護社區街道與道路、教育社區了解採礦的重要性、提供運動器材並維護運動設施，以及提供醫療與救護車服務。

But above all, we provided steady employment to the people of the poor communities that surround the mine. Currently, we are in the process of receiving enough PPE and rapid COVID tests so we may ensure that the safety and good health of our workforce and provide employment once again. The restart of production activities is expected to provide significant direct economic benefits and stimulus for the local communities. So we are very much looking forward to that.

但最重要的是，我們為礦場周邊貧困社區的居民提供了穩定的就業機會。目前，我們正著手取得足夠的個人防護裝備（PPE）與 COVID 快速檢測，以確保員工隊伍的安全與健康，並再次提供就業。預期生產活動的重啟將為當地社區帶來顯著的直接經濟效益與刺激，因此我們非常期待。

During the fourth quarter, silver prices ranged from the low of $22.15 to a high of $26.48, and gold prices ranged from a low of $18.70 to a high of $19.40. The metal prices have continued to be volatile, but have stayed close to the highs reached in the third quarter with silver reaching $29.58 early in February, and the gold price reaching a high of $19.43 early January.

在第四季期間，白銀價格介於每盎司 22.15 美元的低點至 26.48 美元的高點；黃金價格介於每盎司 18.70 美元的低點至 19.40 美元的高點。金屬價格持續波動，但仍接近第三季所達到的高點；白銀於 2 月初一度升至 29.58 美元，黃金價格於 1 月初一度升至 19.43 美元的高點。

Over the last few days, silver price hovered around $26 and $27 and gold has backed off from earlier highs to around $17.30. As silver has many industrial applications, we believe it will be a great demand as stimulus in the U.S. gets going. It is also worth mentioning the price of copper as it makes up close to 1/3 of our revenue contribution when in production.

過去幾天，白銀價格徘徊在 26 至 27 美元附近，黃金則自先前高點回落至約 17.30 美元。由於白銀具有多種工業用途，我們相信隨著美國刺激措施啟動，需求將會相當強勁。同時也值得一提的是銅價，因為在生產期間，銅對我們營收的貢獻接近三分之一。

The copper price has been steadily moving upwards on a low inventories and anticipated rebound of the global economy, growth of industrial activities, strong demands by China, global vaccination rollout and weaker U.S. dollar. We hope that our favorite metals will continue to shine. Our sights are set on a positive and brighter 2021. I will now ask Nathan Harte, Avino's Chief Financial Officer, to present the financial results for Q4 and year-end 2020.

在庫存偏低、全球經濟預期反彈、工業活動成長、中國需求強勁、全球疫苗接種推進以及美元走弱等因素帶動下，銅價一直穩步上升。我們希望我們最喜愛的金屬能持續發光發熱。我們已將目標鎖定在更正面、更光明的 2021 年。接下來我將請 Avino 財務長 Nathan Harte 報告 2020 年第四季及全年財務結果。

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.

謝謝你，David。很高興能參與本次電話會議，也歡迎所有加入並正在觀看我們今日簡報的各位。

As you can imagine, Avino's operating results were impacted by the previously mentioned strike action at the Avino mine.

如各位所能想像，Avino 的營運結果受到前述 Avino 礦場罷工行動的影響。

Having said that, the financial health of the company remains very strong as Avino continues with its plans to reduce its debt load into 2021, having lowered its liabilities by a further $1.1 million during the fourth quarter. This brings total debt reduction for the year, all to over $7 million. Working capital at December 31, 2020, was $14.7 million compared to $16.9 million at September 30 and $13.2 million at the beginning of the year.

儘管如此，公司財務體質仍然非常強健。Avino 持續推動於 2021 年降低負債的計畫，並在第四季進一步將負債降低 110 萬美元，使全年總負債減少超過 700 萬美元。截至 2020 年 12 月 31 日，營運資金為 1,470 萬美元，相較於 9 月 30 日的 1,690 萬美元，以及年初的 1,320 萬美元。

Our cash balance at the end of the year was $11.7 million compared to $12.5 million at September 30 and $9.6 million at the beginning of the year.

年末現金餘額為 1,170 萬美元，相較於 9 月 30 日的 1,250 萬美元，以及年初的 960 萬美元。

During Q4, we generated revenues from mining operations of $1.4 million from silver equivalent ounces sold of 59,000. Avino also recorded mine operating losses of $1.3 million for Q4, which includes $1.5 million in standby costs, an increase of $800,000 when compared to Q4 2019.

在第四季，我們自採礦營運產生 140 萬美元營收，來自售出 59,000 盎司白銀當量（silver equivalent ounces）。Avino 在第四季亦錄得 130 萬美元的礦場營運虧損，其中包含 150 萬美元的待命成本（standby costs），較 2019 年第四季增加 80 萬美元。

Losses before interest, taxes, depreciation and amortization were $2.3 million compared to earnings of $1.3 million in Q4 of 2019. Adjusted losses for Q4 2020 were $200,000 compared to adjusted earnings of $1.6 million in Q4 of 2019. Avino reported net losses after taxes from continuing operations of $1.6 million or $0.02 per share for the fourth quarter of 2020 and $7.5 million or $0.09 per share for full year 2020.

息稅折舊攤銷前虧損為230萬美元，相較於2019年第四季的獲利130萬美元。2020年第四季調整後虧損為20萬美元，相較於2019年第四季調整後獲利160萬美元。Avino報告2020年第四季持續營運稅後淨虧損160萬美元，或每股0.02美元；2020年全年稅後淨虧損750萬美元，或每股0.09美元。

It should be noted that net losses for the year includes noncash losses of $2.7 million relating to the exercise of warrants in which Avino received proceeds of over USD 3 million.

需要注意的是，全年淨虧損包含270萬美元的非現金損失，與認股權證的行使相關；該等行使使Avino收到超過300萬美元的款項（美元計）。

Our fourth quarter consolidated cash production costs, net of standby costs, were $14.01 per silver equivalent payable ounce sold compared to $13.14 in Q4 of 2019. Due to significantly lower ounces sold in Q4 of 2020, our all-in sustaining cash cost for payable silver equivalent ounce number, which includes standby costs of $1.5 million, increased up to $73.08.

我們第四季合併現金生產成本（扣除待命成本）為每售出一付費銀當量盎司14.01美元，相較於2019年第四季的13.14美元。由於2020年第四季售出盎司數顯著降低，我們每付費銀當量盎司的全維持現金成本（包含150萬美元待命成本）上升至73.08美元。

The full year consolidated cash production costs, net standby costs were $10.68 per silver equivalent payable ounce sold, which is a decrease compared to 2019 of 12%. Consolidated all-in sustaining cash costs, including standby costs of $2.4 million for the year were $20.35 per payable silver equivalent ounce sold compared to $17.19 in 2020.

全年合併現金生產成本（扣除待命成本）為每售出一付費銀當量盎司10.68美元，較2019年下降12%。全年合併全維持現金成本（包含全年240萬美元待命成本）為每售出一付費銀當量盎司20.35美元，相較於2020年的17.19美元。

Again, the increase is a result of fewer ounces sold throughout the year. The standby costs were directly associated with maintaining operations during the temporary shutdown due to the pandemic and the strike action as well as certain severance costs associated with the resolution of the strike.

再次強調，成本上升是因為全年售出盎司數較少。待命成本與在疫情導致的暫時停工及罷工行動期間維持營運直接相關，亦包含與罷工解決相關的部分資遣成本。

Revenues for the year from mining operations were $16 million and were derived off 32% from silver, 24% from gold and 44% from copper. Capital expenditures for the full year were $2.2 million compared to $9 million in 2019. With the strike action, the company took specific measures to limit any unnecessary capital expenditures during the third and fourth quarters.

全年採礦營運收入為1,600萬美元，其中32%來自白銀、24%來自黃金、44%來自銅。全年資本支出為220萬美元，相較於2019年的900萬美元。由於罷工行動，公司在第三季與第四季採取特定措施，以限制任何不必要的資本支出。

All necessary upgrades or projects continued on as planned, which includes the new dry stack tailings storage facility.

所有必要的升級或專案均按計畫持續推進，其中包括新的乾式堆疊尾礦儲存設施。

On a consolidated basis, the company reduced its general and administrative expenditures by $300,000 or 9% for the full year 2020 compared to 2019. Finally, I want to reiterate that Avino remains financially strong and exited the year with a strong balance sheet. We have made significant strides in reducing our debt. And at the end of the year, we maintained over $20 million in liquidity including our investment holdings.

以合併口徑計算，公司2020年全年一般及行政費用較2019年減少30萬美元或9%。最後，我想重申Avino財務狀況依然穩健，並以強勁的資產負債表結束年度。我們在降低負債方面取得重大進展。且在年底，我們維持超過2,000萬美元的流動性（包含投資持有部位）。

With current debt representing less than 50% of our cash balance at the end of the year, Avino is looking forward to putting the drill bit to work. As we recently announced the kickoff of our 2021 exploration drilling campaign for a Phase 1 initial 12,000 meters.

由於年底的現有負債不到我們現金餘額的50%，Avino期待讓鑽機投入作業。正如我們近期宣布，我們已啟動2021年第一階段的探勘鑽探計畫，初期規模為12,000公尺。

I will now hand it back over to David for a discussion on exploration and other exciting plans for what is shaping up to be a great 2021 for Avino.

接下來我把時間交回David，請他討論探勘以及其他令人振奮的計畫；對Avino而言，2021年正逐步成形為非常出色的一年。

Thank you, Nathan. Our plans for the first quarter of the year include the drills are turning, and we are excited. We have already started the 12,000 meter drill program, which is targeting several areas of the Avino property, including the Avino vein, the Santiago vein and the El Trompo vein. Future exploration targets may be limited -- may not be limited to these 3 areas. And during the year, our priority targets may change if geological interpretations on other areas present enhanced opportunity.

謝謝你，Nathan。我們第一季的計畫包括鑽機持續運轉，我們感到非常興奮。我們已經開始12,000公尺的鑽探計畫，目標鎖定Avino礦權的數個區域，包括Avino礦脈、Santiago礦脈以及El Trompo礦脈。未來的探勘目標可能不僅限於這3個區域。此外，在一年當中，若對其他區域的地質解釋顯示更佳機會，我們的優先目標也可能調整。

We are currently working on increasing the exploration program with details to be released once an increase in the budget is approved, continue to ready the mine for start up of operations, continue moving on the dry stack tailings project, make improvements to the Circuit 4 that will improve gold and silver recoveries through the use of new equipment.

我們目前正著手擴大探勘計畫；待預算增加獲核准後將公布細節。同時，持續讓礦山為營運重啟做好準備，持續推進乾式堆疊尾礦專案，並改善第4迴路（Circuit 4），透過使用新設備提升黃金與白銀回收率。

Avino's longevity demonstrates a commitment to maintaining our mission, vision and values. As we enter our 53rd year, we remain diligent in our efforts across our operations with respect to COVID-19 and are working together to keep our employees and communities healthy.

Avino的長期經營展現了我們對維持使命、願景與價值的承諾。邁入第53年之際，我們在COVID-19相關的營運工作上仍保持嚴謹，並共同努力維護員工與社區的健康。

We look forward to a positive and productive 2021 together with the potential of continued strengthening of the market and the commodity prices. We thank you for your patience and understanding. We are optimistic for the future and a return to business as usual. We would now like to move the call to the question-and-answer portion. Operator?

我們期待在2021年共同迎來正向且高效的一年，並有機會受惠於市場與商品價格持續走強的潛力。感謝各位的耐心與理解。我們對未來以及回到常態營運抱持樂觀。接下來我們想把電話會議移至問答環節。接線員？

(Operator Instructions)

（接線員指示）

The first question is from Jake Sekelsky from Alliance Global Partners.

第一個問題來自Alliance Global Partners的Jake Sekelsky。

Starting with TSF #2, it looks like completion is scheduled for Q3. Are you able to give us any color on how far along you are there in the total construction time line? And I'm also curious if you're seeing any delays on sourcing key materials or labor for that due to the pandemic.

先從TSF #2開始，看起來完工時程排在第三季。你們能否就整體施工時程目前進度提供一些說明？另外我也想了解，因疫情影響，你們在關鍵材料或勞力的採購上是否有看到任何延誤？

It's on schedule right now. And there's been no delays whatsoever. The filter presses have arrived in Mexico, clearing customs, should be delivered probably within a week or 2. Steel works is underway. So everything is moving ahead as planned.

目前進度符合時程，而且完全沒有任何延誤。濾壓機已抵達墨西哥，正在清關，應該會在1到2週內交付。鋼構工程正在進行中。所以一切都按計畫推進。

Okay. That's good to hear. And switching gears to exploration. How much of the Phase I program is focused on the Santiago vein and when do you think we'll start seeing some results from that initial program that you guys mentioned?

好的。很高興聽到。接著談探勘。第一階段計畫中有多少比重聚焦在Santiago礦脈？以及你們提到的那個初期計畫，大概何時會開始看到一些結果？

I think there's what, about 3,500 meters on Santiago. I think we're in the second or third hole. Anywhere from 6 to 8 weeks to get results depending on how the lab is. And we've also started drilling El Trompo, which is another 3,000 meters.

我想Santiago那邊大概是3,500公尺。我們現在應該在第二或第三個孔。視化驗室狀況而定，取得結果大約需要6到8週。我們也已開始在El Trompo鑽探，那邊另外是3,000公尺。

Got it. Got it. And following up on that a bit. I mean, you mentioned that there's potential for an increase in the program. Is that something you think we'll see details on in Q2?

了解，了解。再追問一下。你提到計畫有可能擴大。你認為我們會在第二季看到相關細節嗎？

You'll see it next week.

你們下週就會看到。

The next question is from Heiko Ihle of H.C. Wainwright.

下一個問題來自H.C. Wainwright的Heiko Ihle。

Just a couple of things. I mean, it was a good quarter during a pretty crazy year for Avino and the world in general. With all the exploration that you're doing, what are you seeing with costs for drilling and probably almost as importantly, the timing for assay results, please?

有幾點想請教。我的意思是，在對Avino以及整個世界都相當瘋狂的一年裡，這一季表現不錯。你們做了這麼多探勘，在鑽探成本方面你們看到什麼情況？以及同樣重要的，化驗結果的時程如何？謝謝。

Heiko, Nathan here. So I'll take the cost side of things. I don't think we're seeing any significant increases. We -- obviously, we've mentioned a few times, we have our own drills and have very good relationships with the local drillers in Durango. So we're not seeing any significant increases even during these kind of unprecedented times.

Heiko，我是Nathan。我先回答成本的部分。我不認為我們看到任何顯著上升。我們——如同我們多次提到的，我們有自有鑽機，且與杜蘭戈（Durango）當地鑽探承包商關係非常良好。因此即使在這種前所未有的時期，我們也沒有看到任何顯著的成本增加。

As far as the assay results, I think David mentioned 6 to 8 weeks of turnaround from when we send them off. So hopefully, we'll get something back just over a month from now on some of the initial stuff, and then we'll have to assess the results.

至於化驗結果，我想David提到從我們寄出樣品起算，周轉時間約6到8週。因此希望我們能在一個多月後收到一些初期結果，之後再評估這些結果。

Okay. With the lack of mining, can you just sort of walk us through what you've been seeing with cash burn so far in 2021 on a month I guess, January, February basis, mostly at the mine side, obviously. I assume we can just trendline corporate expenses from Q4, right?

好的。在缺乏採礦作業的情況下，你能否大致帶我們了解一下，2021年迄今你們的現金消耗（cash burn）情況？以月份來看，我想是1月、2月，主要是礦區端。至於公司端費用，我想我們可以用第四季的水準做趨勢推估，對吧？

Yes. No, that's fair. At the mine side, I'd say right now, it's -- there's not a lot of expenditures going on. It's really just care and maintenance and maintaining the water ET underground. And so it's both a couple of hundred thousand dollars, probably -- yes, $0.25 million a month, I would say.

是的。對，這樣推估合理。礦區端目前來看——支出不多。主要就是維護與保養（care and maintenance），以及維持地下水的ET。大概是每月幾十萬美元，可能——是的，我會說每月約25萬美元。

Okay. Very good. And then lastly, start-up expenses as you called them in the press release, your transitional efforts. You want to just sort of give us an idea how much money we're looking at that you'll be required to spend that the listing is fully up and running, please?

好的，非常好。最後，關於你們在新聞稿中所稱的啟動費用（start-up expenses），也就是你們的過渡性工作。能否請你們大致說明一下，為了讓該項目完全恢復並全面運作，你們需要投入多少資金？謝謝。

Sure. Yes. I think we're looking at about an additional $1 million to $1.5 million in costs over the ramp-up period. And again, we don't expect that to be super long once we start up, but that's kind of what you can expect.

當然。是的。我認為在爬坡期內，成本大約會額外增加100萬到150萬美元。再重申一次，我們預期一旦開始啟動，這段時間不會特別長，但大致上你可以預期就是這樣。

Fair enough, definitely lower than what I had in my model.

了解，確實比我模型裡假設的要低。

The next question is from Joseph Reagor from ROTH Capital Partners.

下一個問題來自ROTH Capital Partners的Joseph Reagor。

So a couple of things. I guess, first one on the sales in Q4, my assumption is that was just inventory drawdown. But is there anything we can expect or we should technically add to our Q1 number that were additional inventory sales so far this year?

有幾點想問。首先關於第四季的銷售，我的假設是那只是庫存去化。但今年到目前為止，是否還有任何額外的庫存銷售，我們可以預期、或在技術上應該加到第一季的數字裡？

I would say -- it's Nathan here, that was -- yes, that was some final inventory drawdown, just some cleaning up the tanks and some other areas of the mine. And so we sold some product off to our partners in Samsung. But I would not expect anything for Q1 2021 unless -- yes, I would say no at this time.

我會說——我是Nathan——那個——是的，那是一些最後的庫存去化，主要是清理槽罐以及礦場其他區域。所以我們把一些產品賣給我們在三星的合作夥伴。但我不會預期2021年第一季還會有任何（除非——）是的，我目前會說沒有。

Okay. Fair enough. And then on your ATM, what do you guys have, if anything, left on that? And it looks like you guys pretty opportunistically use that during the quarter already. Something near a $2 average price. Any additional color you can give me there?

好的，了解。然後關於你們的ATM（按市價發行），那個還剩多少額度（如果有的話）？而且看起來你們在本季已經相當機會性地使用了它，平均價格接近2美元。你能再多提供一些說明嗎？

Yes. Sure, Joe. Obviously, we wanted to use that opportunistically. And so we really only used it for, as you can imagine, a day or 2. We have about $7 million to $8 million left of capacity on it. So you can do the math backwards, and I think it's disposed on our subsequent events now. But yes, as you correctly pointed out, we raised just under USD 2 of share. So significantly above levels that we're at now and at a fairly low cost of capital. Yes.

好的，當然，Joe。很明顯我們希望機會性地使用它。所以如你所想像的，我們實際上只用了——大概一兩天。我們大約還剩下700萬到800萬美元的可用額度。你可以倒推計算，我想這也已經在我們的期後事項裡披露了。但對，正如你指出的，我們以每股略低於2美元的價格募得資金。因此顯著高於我們現在的股價水準，而且資金成本相當低。是的。

Okay. That's obviously great to get the cash at a good valuation there. On other investments, Talisker shares, have you guys made any additional sales there? Or what's your current share count still in Talisker?

好的。能在不錯的估值下拿到現金，這顯然很好。關於其他投資，Talisker的持股，你們有再賣出一些嗎？或是你們目前在Talisker的持股數量是多少？

It hasn't changed. I think it's about 15 million. We have no plans to sell it. They have 4 drills turning and 4 more they're adding this spring. So they'll have 8 drills turning. Talked to Terry, the CEO, and they expect they're working on a resource between 1.5 million to 2 million ounces.

沒有變。我想大約是1,500萬股。我們沒有計畫出售。他們有4台鑽機在運轉，這個春天還會再增加4台，所以會有8台鑽機在運轉。我跟執行長Terry談過，他們預期正在做的資源量大約在150萬到200萬盎司之間。

Okay. That's great. So last thing, obviously, we all realize that the Mexican government is out of your hands. But can you give us kind of what you think is best case and worst-case scenario for getting the new agreement with the union ratified?

好的，很棒。最後一點，顯然我們都知道墨西哥政府的部分不在你們掌控之中。但你能否談談，你認為讓與工會的新協議獲得核准（ratified）的最佳情境與最差情境大概會是什麼？

It's a tough one because the COVID is dictating when the office would open. But we are bringing back people slowly and looking at a soft start here and see what happens. But we're hoping that, that agreement gets ratified pretty soon.

這很難，因為COVID在決定辦公室何時能開放。但我們正慢慢把人員帶回來，並在這裡尋求一個較溫和的啟動方式，看看情況如何。不過我們希望那份協議能很快獲得核准。

Okay. But not comfortable giving a time range on it yet?

好的。但你們目前還不太願意給出一個時間範圍？

That's -- again, as David mentioned, it's a tough one. I think best case scenario within coming weeks, and that's what we're striving for.

那個——再一次，如David提到的，這很難。我認為最佳情境是在接下來幾週內，而這也是我們努力的方向。

Our plan is to start underground mining first to get -- build the stockpile. And we can do that. So that's what we're planning for right now.

我們的計畫是先開始地下採礦，以便——建立礦石堆存。我們可以做到，所以這就是我們目前的規劃。

(Operator Instructions)

（接線員指示）

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

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

A lot of good questions already asked. So I just want to circle back to a couple of things. One, you just mentioned, I think, on the last -- from one of the last questions, that you're going to do some underground development or stockpiling now. Is that before you get that okay from the Mexican government?

前面已經問了很多好問題。所以我想回到幾點再確認一下。第一，你剛才在上一個——某個問題的回答中提到，你們現在要做一些地下開發或堆存。這是在你們拿到墨西哥政府的同意之前嗎？

That's the plan to slowly start and not create a lot of noise there. So we feel underground work is not going to generate a lot of interest from the union. So that's all.

計畫是慢慢開始，不要在那邊製造太多動靜。所以我們認為地下作業不會引起工會太多關注。就這樣。

I see. So that's a different group, that's like a contract group as opposed to your operating group?

了解。所以那是不同的一批人，像是承包團隊，而不是你們的營運團隊？

Employees that we'll hire from the local communities.

我們會從當地社區聘用的員工。

I see. Okay. And then I guess, just on the start-up. You mentioned that there would be some cost associated with that. And it won't take -- is it a matter of -- once you do get the okay and you're good go, is it a matter of weeks or a full quarter to get sort of up to full throughput?

了解。好的。然後我想關於啟動（start-up）。你提到會有一些相關成本，而且不會花——也就是說，一旦你們拿到同意、可以正式開工後，是需要幾週，還是需要整整一個季度，才能把處理量拉到接近滿載？

Nathan here. I wouldn't think it's a matter of a full quarter, for sure. And Peter is here as well, he can speak to more of the time line, and I can speak to the cost side of things. I think I mentioned earlier about $1 million and $1.5 million over the ramp-up period on additional costs. And as far as time line, Peter, maybe you want to touch on that?

我是Nathan。我不認為會需要整整一個季度，肯定不會。Peter也在這裡，他可以多談時間表，我可以談成本面。我想我先前提過，在爬坡期內額外成本大約是100萬到150萬美元。至於時間表，Peter，也許你想補充一下？

Yes. I mean it's just going to be a couple of weeks here. Really, we think once you get the underground going, I would give us a month.

是的。我的意思是，這裡大概就幾週。實際上，我們認為一旦地下作業開始，我會給我們一個月。

We're also doing automation in the mill. So we won't need as many people when we go to start up the mill as a lot more will be automated.

我們也在磨礦廠做自動化。所以當我們啟動磨礦廠時，不需要那麼多人，因為會有更多流程自動化。

Okay. And then -- yes, it sounds like once things get going, you're well positioned and you've got a good amount of cash, you've got some good exploration to look to. What is the -- on the capital side, you've done a lot of that already for some of those like the tailings and the mill. What is the capital expenditure budget for 2021? Did you mention that?

好的。然後——是的，聽起來一旦開始運轉，你們的定位很好，而且你們有相當充足的現金，也有一些不錯的勘探可以期待。在資本面，你們已經為像尾礦和磨礦廠等項目做了很多資本投入。那2021年的資本支出預算是多少？你們有提到嗎？

Yes. I think we touched on it briefly previously, and in talks even in a prior news release, Matt. But obviously, as David mentioned in the call that we're looking to increase that. We've pretty much essentially got some additional increases approved, mostly on the exploration side, but also on the automation and actually potentially another area of the mine that we'll be excited to talk about, hopefully, next week. And so I think right now, we probably had it set it around $6 million to $7 million. And I think we're looking closer to $12 million there.

有的。我想我們之前簡單提過，在先前的新聞稿以及與你們的討論中也提過，Matt。但很明顯，如David在電話會議中提到，我們正考慮提高這個數字。我們基本上已經核准了一些額外增加，主要在勘探方面，但也包括自動化，甚至可能還有礦場的另一個區域——我們希望能在下週談到，會很令人興奮。所以我想目前我們原本大概設定在600萬到700萬美元左右，而我們現在看起來更接近1,200萬美元。

Okay. $12 million. Good.

好的，1,200萬美元。很好。

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

問答環節到此結束。我想把電話會議交回給David Wolfin做結語。

Thank you to everyone that took the time today to listen to our Q4 and year-end 2020 earnings call and webcast.

感謝今天每一位撥冗收聽我們第四季與2020年全年財報電話會議與網路直播的朋友。

As I said earlier, we appreciate the patience of all our stakeholders, and we look forward to resuming normal operations soon. As we look forward to the future, we are optimistic that our favorite metals will shine, and we believe that the demand for metals will continue to grow.

如我先前所說，我們感謝所有利害關係人的耐心，並期待很快恢復正常營運。展望未來，我們對我們偏好的金屬前景保持樂觀，我們相信金屬需求將持續成長。

More vaccines are being approved by Canada and the U.S. and as the rollout of vaccine seems to be getting better organized, there is optimism that we will all be vaccinated by the fall of 2021. Once that happens, we look forward to meeting with each other face-to-face, something we have all missed. Stay safe, everyone. Thanks again, and have a good day.

加拿大與美國正在核准更多疫苗，而且隨著疫苗施打推進似乎變得更有組織，大家也更樂觀，認為到2021年秋季我們都能完成接種。一旦那發生，我們期待能面對面相聚，這是我們大家都很想念的。請大家注意安全。再次感謝，祝各位有美好的一天。

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。您可以掛斷電話線。感謝您的參與，祝您有愉快的一天。