Avino Silver & Gold Mines Ltd (ASM) 2022 Q4 法說會逐字稿

Thank you for standing by. This is the conference operator. Welcome to the Avino Silver & Gold Mines Fourth Quarter and Year-End 2022 Financial Results Conference Call and Webcast. (Operator Instructions). The conference is being recorded. (Operator Instructions)

感謝您的等候。我是會議接線員。歡迎參加 Avino Silver & Gold Mines 2022 年第四季及全年財務業績電話會議與網路直播。（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, Head of Investor Relations. Please go ahead.

現在我想將會議交給投資人關係主管 Jennifer North。請開始。

Thank you, operator. Good morning, everyone, and welcome to the Avino Silver & Gold Mines Limited Q4 and Year-End 2022 Financial Results Conference Call and Webcast. To join this webcast and conference call, there is a link in our news release dated March 23, which can be found on our website under News 2023. As well, you may find a link under the Investors tab, then click on Events and you will see the link at the top of the page.

謝謝，接線員。各位早安，歡迎參加 Avino Silver & Gold Mines Limited 2022 年第四季及全年財務業績電話會議與網路直播。若要加入本次網路直播與電話會議，我們在 3 月 23 日發布的新聞稿中提供了連結，可於我們網站的 News 2023 分類下找到。此外，您也可以在 Investors 分頁下找到連結，點選 Events，您將在頁面頂端看到連結。

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.

今天參與電話會議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 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 Q4 year-end presentation related to 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.

除非適用法律要求，否則公司無意且不承擔任何義務更新該等前瞻性陳述或資訊。更多資訊請參閱與本次電話會議相關之第四季及年終簡報中的詳細警示說明，或參閱我們昨日發布的新聞稿。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所搭配的簡報投影片，將可於網站上取得。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 Q4 and Year-End 2022 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. Also, please note that all figures are stated in U.S. dollars unless otherwise noted. On today's call, we will cover the highlights of our fourth quarter and year-end 2022 financial and operating performance and the work we are currently performing, and then we will open it up for questions.

謝謝，Jen。各位早安，歡迎參加 Avino 2022 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 MD&A 現已可於我們網站取得。另外也請注意，除非另有說明，所有數字均以美元計價。今天的電話會議將涵蓋我們 2022 年第四季及全年財務與營運表現的重點，以及我們目前正在進行的工作，之後將開放提問。

I will start the presentation with a discussion on operations for Q4 and year-end, and then I will turn it over to Nathan Harte, Avino's CFO, to discuss the financial performance for Q4 and year-end.

我將先就第四季與全年營運進行說明，接著把時間交給 Avino 財務長 Nathan Harte，說明第四季與全年財務表現。

Beginning on Slide 5, we have listed the many milestones Avino achieved in the fourth quarter and for the full year 2022. Starting at the top, we beat internal production estimates for the full year 2022. The company's internal estimate for production 2022 was between 2.2 million and 2.4 million ounces of silver equivalent and the actual production achieved was 2.6 million ounces of silver equivalent, which is an increase of 215%.

從投影片第 5 頁開始，我們列出了 Avino 在第四季及 2022 全年達成的多項里程碑。首先，我們 2022 全年產量超越內部預估。公司對 2022 年的內部產量預估為 220 萬至 240 萬盎司銀當量，而實際達成的產量為 260 萬盎司銀當量，增加 215%。

Our fourth quarter production also increased 42% compared to Q4 2021. Next, the Avino Mine underground operations increased for the year through continued ramp-up, which led to the throughput increase of 228% to almost 542,000 tonnes over 2021. The Dry Stack Tailings facility is now complete, the installation and commissioning of the dry stack tailings project is completed and the facility is now fully functional. The investment that we have made into the facility demonstrates our commitment to the safety of our people, local communities and the environment.

我們第四季產量相較 2021 年第四季也增加 42%。接著，Avino 礦山地下作業在持續爬坡增產下，全年產能提升，帶動處理量較 2021 年增加 228%，達到接近 542,000 公噸。乾式堆置尾礦（Dry Stack Tailings）設施現已完工；乾式堆置尾礦專案的安裝與試車已完成，設施目前已全面運作。我們對該設施的投資展現了我們對員工、在地社區與環境安全的承諾。

Next on the list, we have exploration drilling. In 2022, the company completed over 15,500 meters of drilling, delivering on our promise to reinvest into exploration at Avino. The latest highlights can be viewed in our news release section of our website at aveno.com.

接下來是探勘鑽探。2022 年，公司完成超過 15,500 公尺的鑽探，兌現我們在 Avino 重新投入探勘的承諾。最新重點可於我們網站 aveno.com 的新聞稿區查看。

Then at the Oxide Tailings project, we drilled a further 17 holes, bringing the total number of holes drilled to 127. In 2022, we performed all the remaining recommended drilling from the 2017 preliminary economic assessment. The metallurgical test work has been completed and the upcoming pre-feasibility study on the project will commence shortly.

此外，在 Oxide Tailings 專案方面，我們再鑽了 17 個孔，使累計鑽孔總數達到 127 個。2022 年，我們完成了 2017 年初步經濟評估（PEA）所建議的其餘所有鑽探。冶金測試工作已完成，該專案即將啟動的預可行性研究將於近期開始。

Next, Avino continued to be dedicated to building and maintaining a local workforce. Training programs that started in 2021 remain ongoing with the company providing inclusive opportunities.

接著，Avino 持續致力於建立並維持在地勞動力。自 2021 年開始的訓練計畫仍在進行中，公司持續提供具包容性的機會。

Next, we continue to digitally transform certain areas of the mine to enhance efficiencies, including mill automation, and underground vehicle tracking. Finally, the acquisition of La Preciosa, which closed early in 2022, has set us on a clear path to transformational growth and the goal of becoming Mexico's next intermediate silver producer. On closing of the acquisition, the consolidated mineral resources with the Avino property totaled 290 million silver equivalent ounces.

接下來，我們持續推動礦區部分領域的數位轉型以提升效率，包括選礦廠自動化以及地下車輛追蹤。最後，於 2022 年初完成交割的 La Preciosa 收購案，使我們走上明確的轉型成長道路，並以成為墨西哥下一家中型白銀生產商為目標。收購完成後，與 Avino 資產合併計算的礦產資源總量達 2.90 億盎司銀當量。

Since then, and subsequent to the year-end, we have released an updated mineral resource estimate, which demonstrated that across all properties, we now have over 368 million ounces of silver equivalent. This indicates an increase of 38% in measured and indicated silver equivalent ounces and provided us with a strong long-term outlook.

此後，並在年終之後，我們發布了更新的礦產資源量估算，顯示在所有資產合計下，我們目前擁有超過 3.68 億盎司銀當量。這代表已探明與指示（measured and indicated）的銀當量盎司增加 38%，並為我們提供強勁的長期展望。

Moving on to Slide 7 and 8. We will show you our Q4 and full year production results. The Avino Mine continued to outperform in the final quarter of 2022, building on our record third quarter production results and by outperforming our expectations to achieve 770,000 silver equivalent ounces. The production came from the Avino Mine only and is compared to Q4 2021.

接著看投影片第 7 與第 8 頁，我們將展示第四季與全年產量結果。Avino 礦山在 2022 年最後一季持續超越表現，延續我們第三季創紀錄的產量成果，並超出預期達成 770,000 盎司銀當量。該產量僅來自 Avino 礦山，並與 2021 年第四季相比。

The highlights are as follows: Silver equivalent production increased 42% to 770,000 ounces. Silver production increased by 89% to almost 310,000 ounces. Copper production increased by 37% to 1.5 million pounds. Gold production increased by 12% to 2,426 ounces. And as mentioned earlier, the mill throughput increased by 45% to just over 150,000 tonnes.

重點如下：銀當量產量增加 42% 至 770,000 盎司。白銀產量增加 89% 至接近 310,000 盎司。銅產量增加 37% 至 150 萬磅。黃金產量增加 12% 至 2,426 盎司。以及如先前所述，選礦廠處理量增加 45% 至略高於 150,000 公噸。

On Slide 7, you will see our full year production numbers, which are compared to the full year 2021 and the highlights are 2.6 million ounces of silver equivalent, an increase of 215%; 985,000 silver ounces, an increase of 302%; 5,778 gold ounces, an increase of 71%, 6.4 million pounds of copper, representing an increase of 248%. The steady production reflects the quality of Avino's asset as well as the mine site team's ability to continually improve operations.

在投影片第 7 頁，您將看到我們的全年產量數據，並與 2021 全年相比；重點為：銀當量 260 萬盎司，增加 215%；白銀 985,000 盎司，增加 302%；黃金 5,778 盎司，增加 71%；銅 640 萬磅，增加 248%。穩定的產量反映了 Avino 資產的品質，以及礦區團隊持續改善營運的能力。

Turning to Slide 8. I will touch on the exploration program. At the end of Q4, a total of 3,430 meters have been drilled. On our Q3 call, we discussed drill results released on October 11, 2022, from 6 holes at the Avino ET area, which is below the deepest Level 17 area of the mine. The results confirm the downdip continuity of widths and grades of the Avino Vein extending to a depth of at least 290 meters downdip.

轉到投影片第 8 頁，我將簡要說明探勘計畫。截至第四季末，累計已鑽探 3,430 公尺。在第三季電話會議中，我們討論了 2022 年 10 月 11 日發布的鑽探結果，該結果來自 Avino ET 區域的 6 個鑽孔，位置在礦山最深的第 17 水平（Level 17）區域之下。結果確認 Avino 礦脈的厚度與品位沿傾向下延伸（downdip）的連續性，至少延伸至 290 公尺的傾向下深度。

Moving on to Slide 9. Subsequent to the end of the year and early in Q1 2023, we announced 4 additional drill holes from below Level 17. This drilling shows the Avino Vein to extend a further 315 meters downdip. As a result of this drilling, the Avino Vein is now known to be 800 meters downdip.

接著看投影片第 9 頁。在年終之後以及 2023 年第一季初期，我們宣布了第 17 水平以下另外 4 個鑽孔的結果。該鑽探顯示 Avino 礦脈沿傾向下再延伸 315 公尺。因此，目前已知 Avino 礦脈沿傾向下延伸達 800 公尺。

On this slide, we show you the long section view and cross-section showing the drill hole locations as well as the downdip extension. It also appears that Avino Vein is getting richer in copper as we go deeper with a grade of 1.63% copper over 16.66 meters in hole number ET 22-12. Further information on the above-mentioned results can be viewed on our website under News Releases. We encourage you to take a virtual tour of the mine site, which you can find on the homepage of our website for an informative and an in-depth look at operations.

在本頁中，我們向各位展示長剖面圖與橫剖面圖，顯示鑽孔位置以及沿傾向下的延伸情況。同時也顯示，隨著深度增加，Avino 礦脈的銅品位似乎更高；在鑽孔 ET 22-12 中，16.66 公尺區間的銅品位為 1.63%。上述結果的更多資訊可於我們網站的 News Releases 查看。我們也鼓勵各位參加礦區的線上導覽，您可在我們網站首頁找到，以獲得對營運更具資訊性且更深入的了解。

As I previously mentioned, the Dry Stack Tailings facility is now complete and operational. On Slide 10, we show a couple of photos of the dry stack in operation as well as the conveyor belts transporting the dry stack tailings to the Avino open pit area.

如我先前提到的，乾式堆置尾礦設施現已完工並投入運作。在第10頁投影片中，我們展示了幾張乾式堆置運作中的照片，以及輸送帶將乾式堆置尾礦運送至 Avino 露天礦坑區域的情況。

On our website under Investors tab, you will find a secondary tab labeled Videos and Media, where you can view the short videos and along with a host of other recently posted items. We've been clear that the dry stack tailings facility was a top ESG priority, and our intention is to demonstrate our commitment to the safety for the community and the environment.

在我們網站的 Investors（投資人）分頁下，您會看到一個名為 Videos and Media（影片與媒體）的次分頁，您可在其中觀看短片以及其他近期發布的多項內容。我們一直明確表示乾式堆置尾礦設施是 ESG 的首要優先事項，而我們的用意是展現我們對社區與環境安全的承諾。

Moving to Slide 11. We have listed our recent ESG initiatives for the final quarter of the year that build on our efforts to incorporate principles of sustainability and social responsibility. Following the restart of operations, it has been the company's directive to train and hire a local workforce. By providing jobs to those in the surrounding communities, we aim to foster generations of enthusiastic and dedicated ambassadors of Avino.

接著看第11頁投影片。我們列出了今年最後一季近期的 ESG 推動措施，延續我們將永續與社會責任原則納入營運的努力。復工後，公司指示要培訓並聘用在地勞動力。透過為周邊社區居民提供工作，我們希望培育一代又一代熱忱且投入的 Avino 代言人。

Currently, we have 452 direct jobs at the mine site and offices in Durango, which has increased substantially since the restart and this translates to over 1,200 indirect jobs in and around the area. After receiving the ESR Award in August for the first time, which is granted by the Mexican Center for Philanthropy and the Alliance for Corporate Social Responsibility, we continue to perform the self-directed checklist to ensure we are awarded year after year, showing our strong support to the local communities and environment.

目前，我們在礦區現場及杜蘭戈（Durango）辦公室共有 452 個直接工作機會，自復工以來大幅增加，並可帶動該地區內外超過 1,200 個間接工作機會。在 8 月首次獲得 ESR 獎項（由墨西哥慈善中心與企業社會責任聯盟頒發）後，我們持續執行自我檢核清單，以確保年年獲獎，展現我們對在地社區與環境的強力支持。

The list of Q4 initiatives include delivered school supplies to communities in the vicinity of La Preciosa, delivered waterproofing material and paint supplies to the school in Zaragoza for maintenance of ceiling and walls in the classrooms. Street and road maintenance and landfill cleaning was carried out in the communities of Panuco de Coronado, San Jose de Avino and Zaragoza.

第四季的措施清單包括：向 La Preciosa 附近社區發放學用品；向 Zaragoza 的學校提供防水材料與油漆用品，用於教室天花板與牆面維護；並在 Panuco de Coronado、San Jose de Avino 與 Zaragoza 等社區進行街道與道路維護及掩埋場清理。

We love sport and so do the people of the local communities. Therefore, we regularly maintain the sport areas in the communities. Cleared away brush surrounding the kindergarten and San Jose de Avino, maintain the roads in and out of San Jose de Avino benefiting ranchers and farmers. Road maintenance was also performed in the section from Zaragoza to Panuco de Coronado, delivered materials needed to maintain the green areas of the community of San Jose de Avino.

我們熱愛運動，在地社區居民也同樣如此。因此，我們定期維護社區的運動場地。我們清除 San Jose de Avino 幼兒園周邊的灌木叢，維護 San Jose de Avino 進出道路，使牧場主與農民受益；也對 Zaragoza 至 Panuco de Coronado 路段進行道路維護，並提供維護 San Jose de Avino 社區綠地所需的材料。

Please turn to Slide 12 for metals and mining outlook. During the fourth quarter, we saw continued volatility in markets with rising interest rates and another increase of 0.25 point last week inflation and the very recent bank failure in the U.S., only time will tell what kind of pressures this will put on precious metals.

請翻到第12頁投影片，了解金屬與礦業展望。第四季期間，我們看到市場持續波動，利率上升、上週再度升息 0.25 個百分點、通膨，以及美國近期的銀行倒閉事件；這些因素將對貴金屬造成何種壓力，仍有待時間驗證。

For the fourth quarter, the silver price was in a range of $18.38 an ounce mid-October to a high of $23.94 near the end of December climbing from the prices seen in the third quarter of 2022. As many others and I have said before, even in times of economic pressure, the world still needs a steady supply of precious metals. And we all know that silver, copper and gold in a variety of other precious and base metals will be needed in the push for green energy.

第四季白銀價格區間為：10 月中旬每盎司 18.38 美元，至 12 月底附近高點每盎司 23.94 美元，較 2022 年第三季的價格水準上升。正如我與許多人先前所說，即使在經濟承壓時期，世界仍需要穩定的貴金屬供應。而我們都知道，在推動綠色能源的過程中，白銀、銅、黃金以及各種其他貴金屬與基本金屬都將是必需品。

In the last few days, the UN climate report came out and it have asked all countries to bring forward their net zero plans a decade. So instead of 2050, countries are being asked to commit to net zero by 2040. The demand for metals and precious metals like silver, copper, gold should be even higher. So we continue to believe that the outlook for silver is positive and that the silver demand will grow in 2023 onwards and will be driven by record silver industrial fabrication, increase in green technology and investment demand for physical silver.

過去幾天，聯合國氣候報告出爐，要求各國將淨零計畫提前十年。也就是說，各國被要求承諾在 2040 年而非 2050 年達成淨零。對金屬與白銀、銅、黃金等貴金屬的需求應會更高。因此，我們仍相信白銀展望正向，且白銀需求將自 2023 年起持續成長，並將由創紀錄的白銀工業製造需求、綠色科技增加，以及對實體白銀的投資需求所帶動。

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

接下來我將請 Avino 財務長 Nathan Harte 報告財務結果。

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. The fourth quarter represented one of the most meaningful in Avino's 55-year history as the Avino Mine delivered record quarterly revenues of $14.6 million, bringing the total for the year to an annual record of $44.2 million.

謝謝你，David。很高興參與本次電話會議，也歡迎今天加入並觀看我們簡報的各位。第四季是 Avino 55 年歷史中最具意義的季度之一，因為 Avino 礦山創下單季營收新高 1,460 萬美元，使全年總營收達到年度新高 4,420 萬美元。

These record revenues contributed to net income of $1.3 million for Q4 and $3.1 million for the year. On a per share basis, net income was $0.01 in the quarter and $0.03 on the full year and marks a strong return to profitability.

這些創紀錄的營收帶來第四季淨利 130 萬美元、全年淨利 310 萬美元。以每股計算，第四季每股淨利為 0.01 美元，全年每股淨利為 0.03 美元，顯示公司強勁回歸獲利。

In 2022, annual cash flow generated from operations, including general and administrative expenses was $11.8 million. After capital expenditures, we generated $2.9 million in free cash flow for the year. With the dry stack tailings facility complete, which represented the major capital project for 2022, we are looking forward to shifting our focus to growth and moving from one single producing asset to becoming a multi-asset Mexican producer.

2022 年，營運活動產生的年度現金流（包含一般及行政費用）為 1,180 萬美元。扣除資本支出後，全年自由現金流為 290 萬美元。隨著乾式堆置尾礦設施完工（此為 2022 年主要資本專案），我們期待將重心轉向成長，從單一生產資產邁向多資產的墨西哥生產商。

Coming to Slide 14, I will walk you through some key financial results on top of the one discussed on the previous slide. Starting from the top left-hand side with our fourth quarter results, we are pleased to report record net revenues of $14.6 million for the quarter. These revenues were derived from 756,000 silver equivalent payable ounces sold, which resulted in reported mine operating income of $4.4 million for the quarter, including noncash depreciation, depletion and a onetime write-down for equipment of $0.3 million. On a cash basis, mine operating income was $5.3 million for the fourth quarter, representing a 36% operating margin.

來到第14頁投影片，我將帶各位檢視一些關鍵財務結果，補充前一頁所討論的內容。先從左上角的第四季結果開始，我們很高興報告本季淨營收創新高，達 1,460 萬美元。這些營收來自銷售 756,000 盎司白銀當量應付（payable）盎司，帶來本季礦山營運收益 440 萬美元，其中包含非現金折舊、耗竭，以及一次性設備減記 30 萬美元。以現金基礎計算，第四季礦山營運收益為 530 萬美元，營運利潤率為 36%。

Avino reported net income after taxes of $1.3 million or $0.01 per share for Q4, while EBITDA was $3.2 million for the quarter and adjusted earnings came in at $4 million or $0.03 per share. Cash flow from operations was $3.3 million with the company spending $2.9 million in capital investment primarily relating to final dry stack tailings facility payments and new equipment acquisitions.

Avino 第四季稅後淨利為 130 萬美元（每股 0.01 美元），EBITDA 為 320 萬美元，而調整後盈餘為 400 萬美元（每股 0.03 美元）。營運活動現金流為 330 萬美元；公司資本投資支出 290 萬美元，主要與乾式堆置尾礦設施的最終付款及新設備採購相關。

Now moving over to the full year 2022 column. As noted previously, we recorded a full year record of $44.2 million in net revenues, driven by sales of just over 2.4 million silver equivalent payable ounces. These record revenues generated over $15 million in mine operating income, inclusive of noncash expenses. On a cash basis, mine operating income was $17.6 million for the year, representing a 39% operating margin.

接著看 2022 全年欄位。如先前所述，我們全年淨營收創紀錄達 4,420 萬美元，主要由銷售略高於 240 萬盎司白銀當量應付盎司所帶動。這些創紀錄的營收帶來超過 1,500 萬美元的礦山營運收益（包含非現金費用）。以現金基礎計算，全年礦山營運收益為 1,760 萬美元，營運利潤率為 39%。

Net income after taxes was $3.1 million or $0.03 per share on the year, again, marking a strong return to net profitability for the company. On an EBITDA and adjusted earnings basis, which removes certain nonrecurring and noncash items, Avino delivered just over $10 million on both fronts with adjusted earnings per share coming in at $0.08 on a year.

全年稅後淨利為 310 萬美元（每股 0.03 美元），再次顯示公司強勁回到淨獲利狀態。以 EBITDA 與調整後盈餘口徑（剔除部分非經常性與非現金項目）計算，Avino 兩者皆略高於 1,000 萬美元，全年調整後每股盈餘為 0.08 美元。

Cash flow generated from operations was $11.8 million and positive free cash flow, as mentioned, net of all capital expenditures came in at $2.9 million. Here on Slide 15, you can see our cash cost for silver equivalent payable ounce for the fourth quarter came in below the $12 mark at $11.76. For the year, cash cost came in at $10.34 per silver equivalent payable ounce. All-in sustaining cash costs for the fourth quarter were up slightly to $18.63 and averaged out at $17.91 for the full year of 2022.

營運活動產生的現金流為 1,180 萬美元；如前所述，扣除所有資本支出後的正向自由現金流為 290 萬美元。在第15頁投影片中，您可看到第四季每盎司白銀當量應付盎司的現金成本低於 12 美元，為 11.76 美元。全年現金成本為每盎司白銀當量應付盎司 10.34 美元。第四季全維持性現金成本（AISC）小幅上升至 18.63 美元，2022 全年平均為 17.91 美元。

Throughout the year, we have worked diligently to manage inflationary pressures on a rising cost environment, and we look to bring that same mindset into 2023 as we continue through uncertain market conditions all around the world. Control and cost remains a key priority for Avino in order to not only protect the company in a down market, but also to outperform when the bull market for metal prices comes to fruition.

全年期間，我們一直努力在成本上升的環境中管理通膨壓力，並希望在 2023 年延續同樣的思維，持續度過全球各地不確定的市場狀況。對 Avino 而言，控管與成本仍是關鍵優先事項，不僅為了在市場下行時保護公司，也為了在金屬價格多頭市場到來時能夠表現更佳。

Coming to Slide 16, you can see our cash cost per tonne processed for the fourth quarter came in a bit elevated compared to the previous quarters at $59 21. For the year, cash costs came in at $46.76 per tonne processed. All-in sustaining cash costs for the fourth quarter were up slightly at $93.77 per tonne processed and averaged out at just over $80 for the full year 2022.

來到第16頁投影片，您可看到第四季每處理一公噸的現金成本較前幾季略為偏高，為 59.21 美元。全年每處理一公噸的現金成本為 46.76 美元。第四季每處理一公噸的全維持性現金成本小幅上升至 93.77 美元，2022 全年平均略高於 80 美元。

Overall, the increase on a per tonne basis is representative of a higher ratio of ounces sold when compared to tonnes processed in the fourth quarter compared to previously planned, primarily due to higher grades resulting in higher sales volumes and slightly lower than planned tonnes processed.

整體而言，以每噸計的增幅反映出第四季相較於先前規劃，售出盎司數與處理噸數的比率更高，主要由於品位較高帶動銷售量增加，以及實際處理噸數略低於計畫。

With Q4 marking another return to profitability, I'm pleased to report that the financial outlook for Avino remains very positive. With record revenues, strong operating margins and cash on hand of $11.2 million, our focus is on our Mexican assets and adding value for our shareholders and stakeholders through 2023 and beyond.

隨著第四季再次恢復獲利，我很高興報告 Avino 的財務展望仍然非常正面。在創紀錄的營收、強勁的營運利潤率以及 1,120 萬美元的現金部位支持下，我們的重點將放在墨西哥資產，並在 2023 年及未來持續為股東與利害關係人創造價值。

I will now hand it back to David for a discussion on what Avino has planned for the next year.

接下來我把時間交還給 David，請他說明 Avino 對明年的規劃。

Thank you, Nathan. Please turn to Slide 18 for final remarks. 2022 was a pivotal year for the growth of Avino. We were thrilled to close the acquisition of La Preciosa last March. This acquisition factors in prominently into our growth plan to become an intermediate producer. In addition, we had 2 record-breaking quarters of production, outperforming market expectations and positioning Avino well for continued growth for 2023.

謝謝你，Nathan。請翻到第 18 張投影片作為最後總結。2022 年是 Avino 成長的關鍵一年。我們很高興在去年 3 月完成 La Preciosa 的收購。這項收購在我們成為中型生產商的成長計畫中占有重要地位。此外，我們有兩個季度的產量創下新高，表現優於市場預期，並使 Avino 在 2023 年持續成長方面具備良好定位。

The exploration program was highlighted by encouraging results at the Oxide Tailings project and the extension of the Avino Vein. The dry stack tailings project was completed and is now in operation. This was a major capital project with a focus on environmental best practice. This is an important milestone for Avino and the surrounding communities.

勘探計畫的亮點包括 Oxide Tailings（氧化尾礦）專案的令人鼓舞成果，以及 Avino Vein（Avino 礦脈）的延伸。乾式堆置尾礦（dry stack tailings）專案已完成並已投入運作。這是一項以環境最佳實務為核心的大型資本專案，對 Avino 及周邊社區而言都是重要里程碑。

We are well into the first quarter of 2023. And as I mentioned, we recently announced an updated mineral resource estimate that added significant mineral resources to the total of 368 million silver equivalent ounces across all properties, indicating decades of mine life. Currently, we continued production ramp-up at the Avino Mine with mine development work on ET to increase throughput. We have 8,000 meters of drilling planned for 2023, and we are currently -- have drills turning exclusively on Avino ET below Level 17. The metallurgical test work has been completed on the Oxide Tailings project and pre-feasibility study will commence soon. We are also focused on the internal mine plan on the Gloria and Abundancia veins at La Preciosa.

我們已進入 2023 年第一季的進程。如我所提，我們近期公布了更新的礦產資源量估算，將所有資產的總礦產資源量大幅提升至 3.68 億盎司銀當量，顯示礦山壽命可達數十年。目前，我們持續推進 Avino 礦山的產能爬坡，並在 ET 進行礦山開發工作以提升處理量。我們規劃於 2023 年進行 8,000 公尺的鑽探，目前鑽機正專注於 Avino ET 第 17 水平以下的鑽探。Oxide Tailings 專案的冶金測試工作已完成，預可行性研究將很快啟動。我們也正聚焦於 La Preciosa 的 Gloria 與 Abundancia 礦脈之內部礦山計畫。

Moving to the last slide. Over the past few months, we've made mention of our clear path to transformational growth. What this means is that we put together a 5-year growth plan that we believe takes us from current production levels of approximately 3 million ounces of silver equivalent to between 8 million and 10 million ounces of silver equivalent by 2028.

接著到最後一張投影片。過去幾個月，我們多次提到清晰的轉型式成長路徑。其意義在於，我們制定了一項 5 年成長計畫，目標是將目前約 300 萬盎司銀當量的產量，在 2028 年提升至 800 萬至 1,000 萬盎司銀當量。

We've carefully crafted our initiatives for growth, which are as follows: Development, production and optimization of La Preciosa, the tailings project pre-feasibility study and eventual construction decision. Further exploration drilling at Avino ET, other exploration on the property. And we've laid out how each year looks with the addition of production from various areas during each year to provide growth. For further information on our clear path, please visit our website and view our corporate presentation.

我們已審慎規劃成長措施如下：La Preciosa 的開發、生產與最佳化；尾礦專案的預可行性研究及最終的建設決策；在 Avino ET 進一步進行勘探鑽探，以及該礦區其他勘探工作。我們也已規劃每一年的樣貌，透過各年度不同區域新增產量來帶動成長。欲了解我們清晰路徑的更多資訊，請造訪我們的網站並查看公司簡報。

Finally, we have strong cash management, and we remain well positioned to manage through any near-term pressures arising from an overall economic slowdown, while staying focused on our clear path to transformational growth on our way to becoming Mexico's next intermediate producer.

最後，我們具備強健的現金管理能力，並仍處於有利位置，可因應整體經濟放緩所帶來的任何短期壓力，同時持續專注於我們清晰的轉型式成長路徑，朝成為墨西哥下一家中型生產商邁進。

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

接下來我想把電話會議交給問答環節。接線員？

(Operator Instructions) Our first question comes from Jake Sekelsky of Alliance Global Partners.

（接線員指示）我們的第一個問題來自 Alliance Global Partners 的 Jake Sekelsky。

So growth is obviously a top priority over the next few years. And David, you just mentioned you're working on an internal mine plant at La Preciosa. So you have any color on the timing of La Preciosa tonnage potentially coming into the overall mine plant? And maybe the level of tonnage you're hoping to get to there?

未來幾年成長顯然是首要任務。David，你剛提到你正在 La Preciosa 進行內部礦山計畫。你能否補充一下 La Preciosa 的礦石噸數可能何時會納入整體選礦廠處理？以及你希望達到的噸數規模？

Starting in the second half of this year, we're planning to start processing the aboveground stockpile. There's 50,000 tonnes there. During this time, we're planning to start the decline ramp and so potentially by the end of the year, Q1, we could have some fresh ore and the stockpiles in the fresh ore, we're looking at 300 to 500 tonnes per day to start. We have an idle circuit #2 capable of 250 to 300 tonnes per day that's available to start any time.

我們計畫從今年下半年開始處理地表堆存料，約有 50,000 噸。同時我們也計畫開始掘進斜坡道，因此到年底或第一季時，我們可能會有一些新鮮礦石；就新鮮礦石與堆存料而言，初期目標是每日 300 至 500 噸。我們有一套閒置的第 2 號迴路（circuit #2），產能可達每日 250 至 300 噸，隨時可啟用。

Okay. That's helpful. And then looking a bit longer term there, you have that 250 to 300 tonnes a day in excess capacity now. You've undertaken multiple mill expansions in the past at the Avino Mine. Is the thinking to -- kind of undertake additional expansions there to increase overall capacity? Or do you think you might look at building a separate facility for La Preciosa?

好的，這很有幫助。再看更長期一些，你們目前有每日 250 到 300 噸的超額產能。過去你們在 Avino 礦山做過多次磨礦/選礦廠擴建。你們的想法是——再進一步擴建以提升整體產能？還是可能考慮為 La Preciosa 另建一座獨立設施？

Well, we have an option. I mean we're depending on how long it takes to develop La Preciosa and also Mine ET. Right now, we've got 2,500 tonne per day capacity. We may adjust the ore mix over time. So we may not have to do an expansion, and we were able to increase output. It really depends on us achieving the 8 million to 10 million in 5 years. So we'll determine that over the next few years if we want to expand the mill further. But there is going to be a major expansion of production facility with the Oxide Tailings project. That's going to be a big project, probably doubling the size of the plant that's there already.

我們確實有選項。這取決於 La Preciosa 與 ET 礦山開發需要多久。目前我們的產能是每日 2,500 噸，未來可能會隨時間調整礦石配比。因此我們未必需要擴建，也能提升產出。關鍵在於我們是否能在 5 年內達成 800 萬到 1,000 萬盎司的目標，所以未來幾年我們會再決定是否要進一步擴建選礦廠。不過，Oxide Tailings 專案將帶來一項重大的生產設施擴建，這會是一個大型專案，可能使現有廠房規模增加一倍。

(Operator Instructions) Our next question comes from Heiko Ihle of H.C. Wainright.

（接線員指示）下一個問題來自 H.C. Wainright 的 Heiko Ihle。

Just a clarification on the dry stack. There's really not a learning curve to this, right? In other words, the results you're seeing now are more or less the results we should expect to see going forward, all input costs equal, right?

我想釐清一下乾式堆置（dry stack）。這基本上沒有什麼學習曲線，對吧？換句話說，在其他投入成本相同的情況下，你們現在看到的結果，大致就是未來可預期的結果，對嗎？

Yes. Heiko, I'm not really sure of your question there. As far as -- so we think that we should see any more future cost increases? Or they're already priced in? Or what do you have asked?

是的。Heiko，我不太確定你的問題是指哪一部分。你是想問——我們是否還會看到未來成本再上升？或是成本已經反映在目前水準？你想問的是哪個？

Efficiency increases -- efficiency increases. In other words -- go ahead.

效率提升——效率提升。換句話說——你繼續。

No. I mean as far as what the tailings is capable of processing right now, we're pretty happy with the performance. It's not a bottleneck at all, which is a key to the design. So it's able to handle the full mill throughput and certainly a little additional extra as we planned. And it's kind of processing as we designed. We have the tailings facility where it's being deposited. So we're pretty happy with the performance of it right now.

不，我的意思是，就尾礦系統目前可處理的能力而言，我們對其表現相當滿意。它完全不是瓶頸，這也是設計的關鍵。因此它能夠處理選礦廠的全部處理量，並且如我們規劃的那樣，還能承接一些額外增量。它基本上就是按照設計在運作。我們也有尾礦設施用於堆置，所以目前對其表現很滿意。

Got it. How much has been invested into this thing beginning to now?

了解。從開始到現在，這個專案總共投入了多少？

Nathan here, yes. So it's including the conveyor systems to the open pit, came in just under $7 million.

我是 Nathan。是的，包含通往露天礦坑的輸送帶系統在內，總投入略低於 700 萬美元。

Okay. Perfect. And then something completely different. You had a lot of talk about ESG earlier on this conference call at the local community. Any idea SC or payroll per month that you handle to the local community? And maybe even I'm going on a limit here, maybe even an idea of how much of the total local economy that is.

好的，很好。再問一個完全不同的問題：你們在這次電話會議前段談了很多 ESG 與在地社區。你們是否知道每月提供給在地社區的 SC 或薪資（payroll）大概是多少？甚至——我可能問得有點超出——能否也說明這大約占當地整體經濟的多少比例？

Yes. Heiko, we can chat about that after if you want. But I'll just -- we have to pull up some figures and discuss that one offline.

是的，Heiko，如果你願意，我們會後可以再聊。不過我先說——我們需要調出一些數據，這部分我們私下再討論。

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

問答環節到此結束。接下來我想把電話會議交回給總裁兼執行長 David Wolfin，請他做結語。

Thank you for joining us on the call today. We appreciate your continued support. We promise to remain focused on our clear path to transformational growth over the next 5 years as we develop and expand the Avino Mine complex. Thanks again, and have a great day.

感謝各位今天參與電話會議。我們感謝各位持續的支持。我們承諾在未來 5 年，隨著我們開發並擴大 Avino 礦山綜合體，將持續專注於我們清晰的轉型式成長路徑。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。