Avino Silver & Gold Mines Ltd (ASM) 2023 Q1 法說會逐字稿

Thank you for standing by. This is the conference operator. Welcome to the Avino Silver & Gold Mines Q1 2023 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 2023 年第一季（Q1 2023）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 Q1 2023 Financial Results Conference Call and Webcast. To join this webcast and conference call, there is a link in our news release dated May 3, 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 that page.

謝謝，接線員。各位早安，歡迎參加 Avino Silver & Gold Mines Limited 2023 年第一季（Q1 2023）財務結果電話會議與網路直播。若要加入本次網路直播與電話會議，我們於 5 月 3 日發布的新聞稿中附有連結，可在我們網站的 News 2023 下找到。此外，您也可以在 Investors 分頁下找到連結，點選 Events，您將在該頁面頂端看到連結。

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

今天參與電話會議的有公司財務長 Nathan Harte；營運長 Jose Rodriguez；技術服務副總裁 Peter Latta；以及由總裁兼執行長 David Wolfin 預錄的開場致詞。

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 related to 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。更多資訊請參閱與本次電話會議相關之簡報中的詳細警示說明，或參閱昨日日期之新聞稿。

Please note that the full financial statements and MD&A are now available on our website under the Investors tab, then click on Financial Statements. As well, the full statements are available on Avino's profile on SEDAR and on EDGAR.

另請注意，完整財務報表與管理階層討論與分析（MD&A）現已於我們網站的 Investors 分頁下提供，點選 Financial Statements 即可。此外，完整報表亦可於 Avino 在 SEDAR 與 EDGAR 的公司檔案中查閱。

Also, please note that all figures are stated in U.S. dollars unless otherwise noted. I would like to remind everyone that this conference call is being recorded and will be available for replay today -- later today. Replay information and the presentation slides accompanying this conference call and webcast will be available on the website. Thank you.

同時請注意，除非另有說明，所有數字均以美元計價。我想提醒各位，本次電話會議正在錄音，並將於今日稍晚提供重播。重播資訊以及隨本次電話會議與網路直播提供的簡報投影片，將可於網站上取得。謝謝。

And now we will hear from Avino's President and CEO, David Wolfin. David?

接下來我們將聽取 Avino 總裁兼執行長 David Wolfin 的發言。David？

Thanks, Jen. Good morning, everyone, and welcome to Avino's Q1 2023 Financial Results Conference Call and Webcast. I'm currently marketing in Asia and have recorded this intro for the call today. I would like to make a few remarks about the first quarter and begin the presentation with the operational highlights, and then I will turn it over to Nathan Harte, Avino's CFO, to take you through the presentation, including financial performance for Q1 and any additional operational information.

謝謝，Jen。各位早安，歡迎參加 Avino 2023 年第一季（Q1 2023）財務結果電話會議與網路直播。我目前正在亞洲進行市場推廣，因此為今天的電話會議預錄了這段開場。我想就第一季做幾點說明，並以營運重點開始簡報，接著我會把時間交給 Avino 財務長 Nathan Harte，由他帶領各位進行簡報，包括第一季的財務表現以及任何額外的營運資訊。

The first quarter highlights include the following: Avino Silver equivalent production increased 48% to 678,000 ounces compared to Q1 2022, showing consistent results that build on our successful 2022 production results.

第一季重點如下：Avino 的白銀當量產量較 2022 年第一季增加 48%，達到 678,000 盎司，展現一致且穩健的成果，並延續我們 2022 年成功的產量表現。

During the quarter, we announced an updated mineral resource estimate, which included La Preciosa and an inaugural mining resource estimate on Guadalupe and La Potosina deposit to boost our consolidated mineral resources to 368 million silver equivalent ounces. The full report is available on our website.

本季期間，我們公布了更新後的礦產資源量估算，納入 La Preciosa，並首次對 Guadalupe 與 La Potosina 礦床發布採礦資源量估算，使我們的合併礦產資源量提升至 3.68 億盎司白銀當量。完整報告可於我們網站查閱。

Also, during the quarter, the metallurgical testing was completed on the Oxide Tailings Project and will form the basis of the metallurgical analysis and a pre-feasibility study on the project. You can find the full news release on our website under the News tab dated April 5. The project has been in our portfolio for many years and factors prominently in our 5-year growth plan to become an intermediate producer in Mexico.

此外，本季亦完成了氧化尾礦專案（Oxide Tailings Project）的冶金測試，將作為該專案冶金分析與預可行性研究的基礎。您可在我們網站 News 分頁中查閱 4 月 5 日的完整新聞稿。該專案已在我們的資產組合中多年，並在我們成為墨西哥中型生產商的 5 年成長計畫中占有重要地位。

The dry-stack facility is completed and operational. And during the quarter, the conveyor system was installed and is currently transporting the press dry tailings to Avino's open pit area.

乾式堆置設施已完工並投入運作。本季期間亦已安裝輸送系統，目前正將壓濾後的乾式尾礦運送至 Avino 的露天礦區。

At La Preciosa, the company continues with its community engagement in the nearby towns adjacent to the property. We are fully committed to moving the project forward as it factors prominently into our 5-year growth plan.

在 La Preciosa，公司持續在鄰近該資產的周邊城鎮推動社區參與。我們完全致力於推進該專案，因其在我們的 5 年成長計畫中占有重要地位。

Lastly, I wanted to briefly touch on the Mexican mining laws that have been prevalent in the news in the last few weeks. In our view, we expect little economic impact to Avino in the short term. Our concessions are good for the long term, and we are watching how this unfolds over the coming months and years. I will say that we are looking forward to a successful second quarter as we continue our clear path to transformational growth.

最後，我想簡要談及近幾週新聞中常見的墨西哥礦業法。在我們看來，短期內對 Avino 的經濟影響預期不大。我們的礦權在長期仍然有效，我們也將在未來數月與數年持續關注其發展。我也要說，我們期待第二季能夠成功，並持續沿著明確的轉型成長路徑前進。

We believe our 5-year growth takes us from production levels of 2.8 million to 3 million ounces of silver equivalent to between 8 million and 10 million ounces of silver equivalent by 2028. Our initiatives for growth are development, production and optimization of La Preciosa, the tailings project pre-feasibility study and eventual construction decision, further exploration drilling at Avino ET mine, other exploration and evaluating regional areas on the Avino properties.

我們相信，我們的 5 年成長計畫將使白銀當量產量由目前的 280 萬至 300 萬盎司，提升至 2028 年的 800 萬至 1,000 萬盎司白銀當量。我們的成長措施包括：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 礦進一步進行探勘鑽探；其他探勘工作；以及評估 Avino 資產上的區域性目標。

We have laid out how each year looks with the addition of production from various areas during each year to provide growth. For further information of our clear path for growth, please visit our website and view our corporate presentation.

我們已說明各年度的規劃，透過每年加入不同區域的產量貢獻來帶動成長。若要進一步了解我們清晰的成長路徑，請造訪我們的網站並查看公司簡報。

I will now hand it over to Nathan Harte to continue with today's call and presentation of Avino's Q1 financial and operating results. I thank you all for your time today. Nathan?

我現在把時間交給 Nathan Harte，繼續今天的電話會議並介紹 Avino 第一季的財務與營運結果。感謝各位今天撥冗參與。Nathan？

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. As David and Jennifer mentioned, we will cover highlights of our first quarter financial and operating performance, the work we are currently performing and have planned for 2023, and then we will open it up for questions.

謝謝你，David。我很高興參與本次電話會議，也歡迎所有加入並正在觀看我們今天簡報的各位。如 David 與 Jennifer 所提及，我們將涵蓋第一季財務與營運表現的重點、我們目前正在進行以及已規劃於 2023 年執行的工作，接著將開放提問。

Here on Slide 7, we show our Q1 production results. As David mentioned, the Avino mine continued to perform consistently in the first quarter of 2023, building on our strong 2022 production results. We announced these production results on April 18 and the full Q1 2023 production news release can be found on our website.

在第 7 張投影片中，我們展示第一季的產量結果。如 David 所提及，Avino 礦場在 2023 年第一季持續穩定表現，並延續我們 2022 年強勁的產量成果。我們已於 4 月 18 日公布這些產量結果，完整的 2023 年第一季產量新聞稿可於我們網站查閱。

The highlights are as follows and compared to production results in Q1 of 2022. Silver equivalent production increased 48% to 678,000 ounces. Silver production increased by 43% to 234,000 ounces. Copper production increased by 15% to 1.4 million pounds. Gold production increased by 185% to 2,286 ounces. And finally, mill throughput increased by 44% to just under 160,000 tonnes.

重點如下，並與 2022 年第一季的產量結果相比：白銀當量產量增加 48% 至 678,000 盎司。白銀產量增加 43% 至 234,000 盎司。銅產量增加 15% 至 140 萬磅。黃金產量增加 185% 至 2,286 盎司。最後，選礦廠處理量增加 44% 至接近 160,000 公噸。

Turning to Slide 8, I will touch on our exploration program. We budgeted exploration and evaluation expenditures for 2023 to be focused on further drilling below Level 17 at the ET area of the Avino mine. 8,000 meters of drilling are planned for the year and at the end of the first quarter, a total of 3,125 meters have been drilled. Results have started to come in much quicker, and we expect to share results from a number of holes in the coming weeks.

接著看第 8 張投影片，我將簡要說明我們的勘探計畫。我們已編列 2023 年的勘探與評估支出預算，重點將放在 Avino 礦場 ET 區域第 17 水平以下的進一步鑽探。今年計畫鑽探 8,000 公尺，截至第一季末，已完成鑽探總計 3,125 公尺。結果開始更快回傳，我們預期在未來幾週分享多個鑽孔的結果。

Moving to Slide 9 and on April 5, we announced the results of our comprehensive metallurgical program on the Oxide Tailings project. The results were favorable with up to 90% recovery on the ancient oxides for both gold and silver as well as 86% and 83% recovery on gold and silver, respectively, for the more recent oxide material. Both the ancient and recent oxides make up almost all of the mineral resource owned in the table here.

轉到第 9 張投影片，4 月 5 日我們公布了氧化尾礦（Oxide Tailings）專案之全面冶金計畫結果。結果相當正面：對於古老氧化物（ancient oxides），金與銀的回收率最高可達 90%；而對於較近期的氧化物材料，金與銀的回收率分別為 86% 與 83%。表中所示我們擁有的礦產資源幾乎全部由古老與近期氧化物所構成。

This table also highlights the mineral resource growth from the approximately 150 holes that were drilled during the mine closure, which has allowed us to move this project further forward. You can see here that M&I has grown by over 400%, providing us with a higher degree of confidence of the contained resource within the tailings deposit. Further information on the above-mentioned results can be viewed on our website under News Releases.

此表亦突顯在礦山停產期間所鑽約 150 個鑽孔帶來的礦產資源成長，使我們得以進一步推進此專案。您可看到，探明及控制（M&I）資源已成長超過 400%，讓我們對尾礦堆積體內所含資源的信心大幅提升。上述結果的更多資訊可於我們網站的新聞稿（News Releases）專區查閱。

As mentioned, during the quarter, we announced an updated mineral resource estimate, which included La Preciosa, an inaugural mineral resource estimates on the Guadalupe and La Potosina deposits, which has increased our consolidated mineral resources to 368 million silver equivalent ounces.

如前所述，本季我們公布了更新後的礦產資源估算，其中納入 La Preciosa，並首次對 Guadalupe 與 La Potosina 礦床提出初始礦產資源估算，使我們的合併礦產資源提升至 3.68 億盎司銀當量。

On this slide, you will see the table showing the consolidated mineral resources. In the total measured and indicated category for all deposits, we see 52 million metric tonnes with a silver equivalent grade of 164 grams per tonne and metal contents of 274 million silver equivalent ounces.

在本張投影片中，您將看到合併礦產資源的表格。在所有礦床的探明及控制（Measured and Indicated）總計類別中，我們有 5,200 萬公噸，銀當量品位為每公噸 164 克，金屬含量為 2.74 億盎司銀當量。

In the total inferred category, we see 23.7 million metric tonnes with a silver equivalent grade of 123 grams per tonne and metal contents of approximately 94 million silver equivalent ounces. The growth in consolidated mineral resources at Avino and La Preciosa signals long-term growth for our shareholders and stakeholders and significant economic development for the local communities in the surrounding areas.

在推定（Inferred）總計類別中，我們有 2,370 萬公噸，銀當量品位為每公噸 123 克，金屬含量約為 9,400 萬盎司銀當量。Avino 與 La Preciosa 合併礦產資源的成長，象徵著為股東與利害關係人帶來長期成長，並為周邊地區的在地社區帶來顯著的經濟發展。

At this time, I will ask Jennifer North, Head of Investor Relations, to run through the latest ESG initiatives.

此時，我將請投資人關係主管 Jennifer North 為大家說明最新的 ESG 計畫。

Thank you, Nathan. Moving to Slide 11, we have listed our recent ESG initiatives for the first quarter of the year, which continue to build on our efforts to incorporate daily the principles of sustainability and social responsibility.

謝謝你，Nathan。轉到第 11 張投影片，我們列出了今年第一季近期的 ESG 計畫，持續在我們將永續與社會責任原則融入日常營運的努力基礎上再接再厲。

A top priority for Avino is to provide jobs to those in the surrounding communities with the goal of fostering generations of enthusiastic and dedicated ambassadors of Avino. Currently, we have 456 direct jobs at the mine, which typically translates to 3x the number of indirect jobs for services, consultants and suppliers in the surrounding communities and the Durango area.

Avino 的首要重點之一，是為周邊社區提供就業機會，目標是培育世代充滿熱忱且投入的 Avino 代言人。目前，我們在礦場有 456 個直接工作機會，通常可帶動周邊社區與杜蘭戈（Durango）地區在服務、顧問與供應商方面約 3 倍數量的間接就業。

After receiving the ESR award for the first time in August 2022, Avino continues to view its social responsibility with importance and care of our communities and is committed to performing the CSR diagnostic processes with diligence each year to show our support and commitment to the local communities and the environment.

自 2022 年 8 月首次獲得 ESR 獎項後，Avino 持續以高度重視的態度看待其社會責任與對社區的關懷，並承諾每年勤勉執行企業社會責任（CSR）診斷流程，以展現我們對在地社區與環境的支持與承諾。

During the first quarter, the list of initiatives carried out by the teams in Mexico include educational support to the Kinder Josefa Ortiz de Domínguez School in the town of San Jose de Avino where members of the Avino mining team held educational talks with the students, which expanded on activities that teachers had developed relating to topics in health and safety.

第一季期間，墨西哥團隊所推動的計畫包括：對位於 San Jose de Avino 鎮的 Kinder Josefa Ortiz de Domínguez 學校提供教育支持；Avino 礦業團隊成員與學生進行教育宣導，延伸教師先前就健康與安全主題所設計的相關活動。

Continued support given for the maintenance of schools and the communities, including delivery of supplies for general upkeep to the school structures, assistance in maintaining the community landfills to ensure satisfactory sanitary conditions, regularly maintain sports areas and facilities, celebrated International Women's Day on March 8 by sharing the personal stories of a few of the women who have roles at mine, which have typically been held by their male counterparts, provided waste collection drums for the schools, public areas and health centers in the community.

持續支持學校與社區的維護工作，包括：提供學校建物一般維護所需物資；協助維護社區垃圾掩埋場以確保良好衛生條件；定期維護運動區域與設施；於 3 月 8 日慶祝國際婦女節，分享數位在礦場任職女性的個人故事，這些職務過去通常由男性擔任；並為社區內的學校、公共區域與健康中心提供廢棄物收集桶。

The second annual environmental and reforestation campaign was completed to care for green areas in parks and squares in the community. Continue to raise awareness in the communities and within our workforces about the following subjects: the World Day to combat depression giving it visibility and allowing the space for conversations to take place; and World Water Day, a day to observe the importance of freshwater and advocate for the sustainable management of freshwater resources.

第二屆年度環境與造林活動已完成，用以照護社區公園與廣場的綠地。並持續在社區及公司員工之間提升對以下議題的認識：世界抗憂鬱日（提升能見度並提供對話空間）；以及世界水日（強調淡水的重要性並倡議淡水資源的永續管理）。

The CSR teams continue their efforts and commitments to the communities to show support to provide knowledge and awareness and to respect the company's corporate values as it relates to the community, culture and the environment.

CSR 團隊持續投入並履行對社區的承諾，以展現支持、提供知識與提升意識，並在社區、文化與環境相關面向上尊重公司的企業價值。

I will now hand it back over to Nathan Harte to continue with the presentation.

我現在把時間交還給 Nathan Harte，繼續進行簡報。

Thank you, Jennifer. Turning to Slide 12 for our metals and mining outlook. We continue to see volatility in markets with rising interest rates, another one implemented just last week where the U.S. Central Bank lifted its benchmark overnight interest rate target to the 5% to 5.25% range, which is the tenth consecutive increase since March of 2022.

謝謝你，Jennifer。轉到第 12 張投影片，談談我們對金屬與礦業的展望。我們持續看到市場波動，利率上升；就在上週，美國中央銀行將基準隔夜利率目標上調至 5% 至 5.25% 區間，這是自 2022 年 3 月以來連續第十次升息。

Uncertainties persist on how fast the metals (inaudible) energy transition may develop in this current economic climate. However, precious metals are expected to increase by 6% in 2023 as safe haven demand rises amid elevated uncertainty with respect to future growth prospects, ongoing concerns of inflation and the financial stress seen in the first quarter.

在目前的經濟環境下，金屬（聽不清）能源轉型可能以多快速度發展仍存在不確定性。然而，隨著避險需求在高度不確定性下上升（包括對未來成長前景的疑慮、持續的通膨擔憂，以及第一季所見的金融壓力），預期 2023 年貴金屬將上漲 6%。

In the first quarter, the silver price range from $20.09 in early March to a high of $24.43 in the beginning of February. And the London fix for the price of gold in Q1 ranged all the way from $18.10 at the end of February to a high of $19.93 in late March. On May 4, gold hit $20.45 an ounce and has continued to hold above the 2000 level, which is a strong sign for the precious metal moving forward.

第一季白銀價格區間從 3 月初的 20.09 美元到 2 月初的高點 24.43 美元。第一季黃金的倫敦定盤價（London fix）區間則從 2 月底的 18.10 美元一路到 3 月下旬的高點 19.93 美元。5 月 4 日，黃金觸及每盎司 20.45 美元，並持續站穩 2000 美元以上，這對貴金屬後市而言是強勁訊號。

Silver has remained above the $25 range and is continuing to show signs of a breakout and following in gold footsteps. For gold, the near-term key drivers will be the debt ceiling, banking concerns and recession risks all around the world. These uncertainties also point to a positive outlook for silver, and we continue to believe that the outlook for silver remains strong and that silver demand will grow in 2023. There is record demand for silver in industrial fabrication, green technology and a surge in investment demand for physical silver. All of these factors point towards the tightening of the silver to gold ratio, which historically has been much lower than the current ratio of 80:1.

白銀一直維持在 25 美元以上，並持續顯示突破跡象，跟隨黃金走勢。就黃金而言，短期關鍵驅動因素將是債務上限、銀行業疑慮以及全球各地的衰退風險。這些不確定性也指向白銀的正面展望；我們仍相信白銀前景依然強勁，且 2023 年白銀需求將成長。白銀在工業製造、綠色科技方面的需求創新高，且實體白銀的投資需求激增。上述因素皆指向銀金比的收斂；歷史上銀金比通常遠低於目前的 80:1。

Turning to Slide 13 now for a review of our Q1 financials. The first quarter of 2023 was mixed from a financial results perspective. With revenues and mine operating income decreasing compared to Q1 2022, we remain laser focused on cost management and generating strong Q2 results.

現在請看第13頁，回顧我們第一季的財務表現。從財務結果的角度來看，2023年第一季表現喜憂參半。由於營收與礦山營運收入相較2022年第一季有所下降，我們仍然高度專注於成本管理，並致力於在第二季創造強勁的成果。

In Q1, cash flow generated from operations before working capital adjustments was $1.2 million. At Avino, we reinvested into the mobile equipment fleet with the acquisition of several pieces of underground and surface equipment that will be used for years to come, both at Avino and eventually at La Preciosa.

第一季中，營運活動在調整營運資金前所產生的現金流為120萬美元。在Avino，我們透過採購多項地下與地表設備，持續再投資於機動設備車隊；這些設備未來多年都將使用，適用於Avino，並最終也將用於La Preciosa。

Turning over to Slide 14, I'll walk you through some key financial results on top of the ones discussed previously. As noted on the previous slide, net revenues came in at $9.8 million, a decrease from $11.1 million in Q1 of 2022. The decrease is partly due to provisional pricing adjustments with metal prices being weaker during January and February 2023. Further, a schedule of concentrate shipment did not make the March 31 cutoff and as such, will be included in our Q2 revenues. Both the strong performance of both gold and silver subsequent to March 31 and the timing of sales, should have a positive impact on our Q2 revenues and earnings.

接著看第14頁，我將帶您了解一些關鍵財務結果，並補充先前討論的內容。如前一頁所述，淨營收為980萬美元，較2022年第一季的1,110萬美元下降。下降部分原因在於暫定價格（provisional pricing）調整，因2023年1月與2月金屬價格較弱。此外，有一批精礦出貨時程未能趕上3月31日的截止日，因此將計入我們第二季的營收。3月31日之後金與銀的強勁表現，以及銷售時點的因素，應可對我們第二季的營收與獲利帶來正面影響。

Avino generated mine operating income of $1.9 million for the quarter, including noncash depreciation and depletion when compared to Q1 of 2022, it was $4.7 million. The decrease is a result of higher mined and milled tonnes during the current quarter, resulting in higher overhead as well as being offset by lower revenues when compared to Q1 of 2022. I will provide more insight on costs during the discussion on cash cost per ounce and cost per tonne later in the presentation.

Avino本季產生的礦山營運收入為190萬美元（包含非現金的折舊與耗竭），相較2022年第一季為470萬美元。下降的原因是本季採礦與選礦處理的噸數較高，導致管理費用（overhead）增加，同時又受到相較2022年第一季較低營收的抵銷影響。我將在簡報後段討論每盎司現金成本與每噸成本時，提供更多成本面的說明。

On a cash basis, mine operating income was $2.6 million for the first quarter, and that represented a 26% operating margin. Avino reported a net loss after taxes of $400,000 or $0.00 per share for Q1, while EBITDA was $0.3 million for the quarter and adjusted earnings came in at $1.1 million or $0.01 per share for the quarter.

以現金基礎計算，第一季礦山營運收入為260萬美元，代表26%的營運利潤率。Avino第一季稅後淨損為40萬美元，或每股0.00美元；本季EBITDA為30萬美元，而調整後盈餘為110萬美元，或每股0.01美元。

Cash flow from operations for Q1 was $400,000 after working capital adjustments with the company spending $3.8 million in capital investment, primarily relating to new equipment acquisitions for Avino and eventually La Preciosa and the finalization of the conveyor system from the dry-stack facility to the open pit, where we are currently depositing our pressed tailings.

第一季在調整營運資金後的營運活動現金流為40萬美元；公司資本投資支出為380萬美元，主要用於Avino（並最終用於La Preciosa）的新設備採購，以及完成從乾式堆置（dry-stack）設施到露天礦坑的輸送帶系統定案/完工；我們目前在該露天礦坑堆置壓濾尾礦（pressed tailings）。

Here on Slide 15, you can see our cash cost for silver equivalent payable ounce for the first quarter came in a bit higher than the 2022 average as well as Q1 2022 at $14.22 for the current quarter. All-in sustaining cash costs for the first quarter were up from the 2022 average at 2017, but similar to Q1 2022, where we saw just under $20 per ounce.

在第15頁，您可以看到第一季每可付銀當量盎司（silver equivalent payable ounce）的現金成本為14.22美元，略高於2022年平均水準，也高於2022年第一季。第一季的全維持性現金成本（all-in sustaining cash costs）較2022年平均水準上升，但與2022年第一季相近，當時每盎司略低於20美元。

Ounces sold for this quarter came in at a similar level as Q1 2022 with 507,000 ounces compared to 459,000 in Q1 2022, an increase of 10%. The increased overhead from larger production volumes with a lower level of ounces sold had a substantial impact on operating margins and our cost per ounce. This was partially due to the timing of sales, as previously noted, but also due to lower grade and recoveries in our copper concentrate when compared to previous quarters, and we expect that to improve in Q2 and for the rest of the year.

本季售出盎司數與2022年第一季相近：本季為507,000盎司，2022年第一季為459,000盎司，增加10%。在售出盎司數較低的情況下，較大的產量帶來更高的間接費用（overhead），對營運利潤率與每盎司成本造成顯著影響。這部分原因如先前所述與銷售時點有關，但也與我們銅精礦相較前幾季品位與回收率較低有關；我們預期第二季以及今年其餘期間將有所改善。

Coming to Slide 16, you can see our cash cost per tonne processed for the first quarter came in lower than our 2022 average as well as for Q1 2022 at $45.12 per tonne. All-in sustaining cash cost per tonne for the first quarter were also lower than 2022 by a decent margin as the mill continues to process more material. When we compare mill throughput and silver equivalent production, we see a comparative increase in the current quarter of 44% and 48%, respectively, when compared to Q1 2022.

來到第16頁，您可以看到第一季每處理噸（tonne processed）的現金成本為每噸45.12美元，低於2022年平均水準，也低於2022年第一季。第一季每噸的全維持性現金成本也明顯低於2022年，因為磨礦廠持續處理更多物料。比較磨礦廠處理量與銀當量產量時，我們看到本季相較2022年第一季分別增加44%與48%。

Our steady cost per tonne reflects the resilience of our operational team in Mexico during times of inflationary pressure all around the world as the team continues to deliver. Controlling cost remains a key priority for Avino in order to not only protect the company in a down market, but to also outperform when the bull market for metal prices comes to fruition.

我們穩定的每噸成本反映出墨西哥營運團隊在全球通膨壓力下的韌性，團隊持續交出成果。成本控管仍是Avino的關鍵優先事項，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出色。

Turning to Slide 17, you can see our plans for 2023. We are now well into the second quarter and with the metallurgical test work now completed on the Oxide Tailings project, we have officially kicked off the prefeasibility study. We expect to present the results to the market in either Q4 of this year or in Q1 of 2024. We are also focused on our plans for the Gloria and Abundancia veins at La Preciosa with community engagement ongoing as we ready ourselves to begin development work.

接著看第17頁，您可以看到我們2023年的計畫。我們目前已進入第二季，且氧化物尾礦（Oxide Tailings）專案的冶金測試工作已完成，我們已正式啟動預可行性研究（prefeasibility study）。我們預期將於今年第四季或2024年第一季向市場發布結果。我們也聚焦於La Preciosa的Gloria與Abundancia礦脈計畫，並持續進行社區溝通，以便為開始開發工作做好準備。

In the quarter, we released the integrated Avino and La Preciosa technical report, with a combined mineral resources totaling 368 million silver equivalent ounces, which represents a significant endowment of metals, primarily silver, but also copper and gold. We have 8,000 meters of drilling planned for this year, and we currently have drills turning exclusively on Avino ET below Level 17, and we promised to report assays shortly.

本季我們發布了整合Avino與La Preciosa的技術報告，合計礦產資源量達3.68億銀當量盎司，代表相當可觀的金屬賦存量，主要為白銀，同時也包含銅與黃金。我們今年規劃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，我們也承諾將很快公布化驗結果。

We had an active first quarter of 2023 with the corporate teams attending various conferences across Canada, U.S. and abroad. And as David mentioned at the beginning of today's presentation, he is currently marketing throughout Asia. We continue our efforts on this front as we endeavor to update our shareholders across the globe on Avino's growth plan.

2023年第一季相當活躍，企業團隊參與了加拿大、美國及海外各地的多場會議。如David在今天簡報一開始所提到，他目前正在亞洲進行市場推廣。我們將持續在此方面努力，致力於向全球股東更新Avino的成長計畫。

And finally, I want to reemphasize the company's plans for growth. We have 3 assets within a 20-kilometer footprint, totaling hundreds of millions of silver equivalent mineral resource ounces. On the same area, we have an operating mill complex, which is currently producing from our Avino mine. We have additional access to water, power and tailings storage, all the ingredients to grow organically without the major capital investment required that one would expect if we were starting from scratch. As you can see on this slide, our goal is to scale up by 2028 through production from these 3 assets and become the next low-cost intermediate producer.

最後，我想再次強調公司的成長計畫。我們在20公里範圍內擁有3項資產，合計擁有數億銀當量礦產資源盎司。在同一區域內，我們擁有一座正在運轉的選礦廠綜合設施，目前由Avino礦山供料生產。我們也具備額外的用水、電力與尾礦儲存能力，具備有機成長所需的所有要素，而不必投入若從零開始通常會需要的大規模資本支出。如本頁所示，我們的目標是在2028年前透過這3項資產的產量擴張規模，成為下一家低成本的中型生產商。

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

我現在想把電話會議轉到問答環節。接線員？

(Operator Instructions) The first question comes from Jake Sekelsky with Alliance Global Partners.

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

Just starting with cost. Can you maybe touch on the impact that you're seeing from the strengthening in the peso and any steps, if any, that you're taking there?

先從成本談起。你能否談談你們看到披索走強帶來的影響，以及你們在那方面採取了哪些措施（如果有的話）？

Yes, pretty top of question, obviously, with kind of the swing over the last month. So yes, we've been monitoring pretty closely and kind of implementing some policies in place, especially in Durango because like many foreign miners we get paid in U.S. dollars, but we do have some cost in pesos. Having said that, a lot of decent check of our costs are still in U.S. dollars, so there is not quite as large of an impact as one might -- yes, obviously, at the mine level, we put in some procedures as far as monitoring and making sure that we are protected from any further movements.

是的，這顯然是最重要的問題之一，尤其是過去一個月的波動。是的，我們一直在非常密切地監控，並且已經在落實一些政策，特別是在杜蘭戈，因為像許多外國礦商一樣，我們以美元收款，但確實有一部分成本是以披索計價。話雖如此，我們相當大一部分成本仍以美元計價，因此影響沒有想像中那麼大——是的，當然，在礦場層面，我們也建立了一些程序，用於監控並確保我們能夠防範任何進一步的匯率變動。

Got it. Okay. And then just on CapEx, you spent just under $4 million in the first quarter. Can you just remind us what the budget is for the remainder of the year? And maybe some color on the spend on a quarterly basis?

了解。好。接著談資本支出，你們第一季花了略低於 400 萬美元。能否提醒我們今年剩餘期間的預算是多少？以及每季支出的概況？

Yes, sure. So the budget, I think when we disclosed it back in early February, it was $9 million to $12 million. So obviously, a lot of that was planned to be front-loaded as we're trying to acquire some equipment fairly ahead of schedule for Avino, but also, we use some of this equipment for La Preciosa as well too. So I would guide obviously lower down for the next 2, 3 quarters and for the rest of the year. We don't expect to be close to $4 million on a quarterly basis moving forward.

好的，當然。預算方面，我記得我們在 2 月初披露的是 900 萬到 1,200 萬美元。顯然，其中很大一部分原本就計畫前置，因為我們希望為 Avino 提前採購一些設備，但同時這些設備也會用於 La Preciosa。因此，我會指引接下來 2 到 3 個季度以及今年剩餘時間的支出會明顯降低。我們不預期未來每季還會接近 400 萬美元的水準。

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

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

David, I assume you can hear me all right. The first one is probably 80% of common and only 20% of question. But I mean if someone who's been to site and has seen your ESG efforts there firsthand, the impact is quite visible. Now the question part of all of this, can you quantify your budget for community support and maybe also how that compares to money spend on the same thing couple of, say, 5 years ago?

David，我想你聽得到我。第一個問題大概 80% 是評論、20% 才是問題。不過，作為去過現場、親眼看過你們 ESG 作為的人，那個影響非常明顯。那問題是：你能否量化你們用於社區支持的預算？以及這與幾年前（比如 5 年前）在同一項目上的支出相比如何？

Good question, Heiko. I think to quantify, it is tough. But if you want to compare it to 5 years ago, it's grown substantially by numerous multiples because a lot of what we do is reinvestment in the community, local training programs and things like that, that more have an indirect impact on the communities. But if you're looking for direct spend, I mean, I can go back and check some figures for you, but I might have to add to that question later.

好問題，Heiko。我覺得要量化確實不容易。但如果要跟 5 年前相比，已經以多倍數大幅成長，因為我們做的很多事情是對社區的再投資、在地培訓計畫等等，對社區有較多間接影響。但如果你要看直接支出，我可以回去幫你查一些數字，不過我可能需要稍後再補充回答這個問題。

Yes. We have a call later today anyways would be, just out of curiosity. And then also early on this call, you stated that results from drilling or your words starting to come in quicker. Can you quantify this and let us know how many meters of drilling are currently still in the queue to get back? And maybe also a little bit costs, what you're seeing with cost impacts for diesel fuel and other input costs for drilling?

好的。反正我們今天晚些時候也還有一通電話，只是出於好奇。另外，你在本次電話會議前面提到鑽探結果（用你的話說）開始更快回來。你能否量化一下？也請告訴我們目前還有多少米的鑽探結果仍在排隊等待回報？另外也談談成本，你們在柴油燃料以及其他鑽探投入成本上看到哪些影響？

Yes. Sure. Heiko, Peter here. I can answer that first part of that question. So we have 10 holes that are outstanding right now, that were very -- are ready to release very soon. That encompass about just over 3,100 meters drilling.

好的，當然。Heiko，我是 Peter。我可以先回答你問題的第一部分。目前我們有 10 個孔的結果尚未公布，已經——很快就可以發布。這些孔合計鑽探長度略高於 3,100 米。

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

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

So I may have missed this in your commentary, so I apologize. But would you mind taking us through the plans this year for La Preciosa?

我可能在你們的說明中漏聽了，先說聲抱歉。你介意帶我們走一遍今年 La Preciosa 的計畫嗎？

Sure. So obviously, we're still involved in the community engagement side, which is kind of the first step and we want to make sure we have that set up for the long term for the benefit for the company. But then after that, obviously, we'll be looking to develop and start mining out the Gloria vein, which is quite high-grade vein. And then moving over to Abundancia and the more medium term and then, obviously, long term, the Martha vein. But yes, the plan is to start development this year with the goal of fresh ore coming at the beginning of 2024.

當然。很明顯，我們仍在推進社區參與這一塊，這算是第一步，我們希望確保能長期建立起來，對公司有利。之後，我們會著手開發並開始開採 Gloria 礦脈，這是一條品位相當高的礦脈。接著在較中期會轉向 Abundancia，而更長期則是 Martha 礦脈。是的，計畫是在今年開始開發，目標是在 2024 年初有新鮮礦石進來。

Okay. And that's part of this budgeted $9 million to $12 million capital?

好的。那這是包含在預算的 900 萬到 1,200 萬美元資本支出裡的一部分嗎？

Yes, that's correct. Yes, that's -- a lot of the capital was allocated to La Preciosa.

是的，沒錯。是的——相當一部分資本已分配給 La Preciosa。

So can you break that out for me?

那你能幫我把它拆分一下嗎？

I think we broke out in the news release. But if not, I can provide a bit more color. Those will be -- yes, there will be obviously a couple of million dollars in development later in the year, but we've actually procured a lot of the long lead equipment ahead of time, and that was part of the Q1 CapEx.

我想我們在新聞稿裡有做拆分。不過如果沒有，我可以再補充一些說明。這些——是的，到了今年稍晚會有幾百萬美元用於開發，但我們其實已經提前採購了不少長交期設備，而那也是第一季資本支出的一部分。

Right. And there was some -- already some broken ore on surface, is that correct? And is that -- will that be coming through the mill at some point soon?

了解。那地表上已經有一些——已經破碎的礦石，對嗎？那個——會在不久後某個時間送進磨礦廠處理嗎？

Yes. The idea is that once we got the engagement fully completed that we will be able to process that material kind of on a test basis in one of our idle circuits, the 250 tonne Circuit 2 that I think you've seen firsthand, and we'd be using that kind of to ramp up and make sure that it's fine-tuned to accept La Preciosa ore to get the highest possible recovery.

是的。想法是，一旦我們把社區參與工作完全完成，我們就能在我們其中一條閒置回路上，以某種測試方式處理那批物料，也就是你應該親眼看過的 250 噸的 2 號回路；我們會用它來逐步提升並確保調校到位，以便能接收 La Preciosa 的礦石並取得盡可能高的回收率。

Okay. And we might look forward to that in the second half?

好的。那我們可以期待在下半年看到嗎？

Yes, it'd be later in the second half. That's what we're planning as of right now.

是的，會在下半年較晚的時候。這是我們目前的規劃。

Okay. Looking forward to that.

好的。期待看到。

This concludes the question-and-answer session. I would like to turn the conference back over to Nathan Harte, CFO, for any closing remarks.

問答環節到此結束。我想把電話會議交回給財務長 Nathan Harte，請他做任何結語。

Thank you, everyone, for joining us today. We appreciate your continued support as we look to grow into the next intermediate silver producer in Mexico. Have a great day, everyone.

感謝各位今天加入我們。我們感謝大家持續的支持，我們正朝著成為墨西哥下一家中型白銀生產商的目標成長。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。您可以掛線。感謝您的參與，祝您今天愉快。