Avino Silver & Gold Mines Ltd (ASM) 2023 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 full year 2023 conference call and webcast. (Operator Instructions) I would now like to turn the conference over to Jennifer North, Head of Investor Relations. Please go ahead.

感謝各位稍候，我是會議接線員。歡迎參加 Avino Silver & Gold Mines 2023 年第四季及全年電話會議與網路直播。(接線員指示) 我現在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 fourth quarter and year end 2023 financial results conference call and webcast, to join this webcast and conference call. There is a link in our news release dated March 14, 2024, and in our news release of yesterday's date, which can be found on our website under News 2024. In addition, a link can be found on the homepage of the Avino website.

謝謝，接線員。各位早安，歡迎參加 Avino Silver & Gold Mines Limited 2023 年第四季及年終財務結果電話會議與網路直播。我們於 2024 年 3 月 14 日發布的新聞稿，以及昨日發布的新聞稿中均附有連結，可在我們網站的 News 2024 欄目下找到。此外，Avino 官網首頁也可找到連結。

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.

今天與會者包括公司總裁兼執行長 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。前瞻性陳述受已知與未知風險、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. 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.

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簡報中的詳細警示說明，或參閱昨日發布的新聞稿。另請注意，完整財務報表與 MD&A 現已公布於我們網站的 Investors 分頁下，並可點選 financial statements 查閱。

The full statements are available on Avino's profile on SEDAR plus and on EDGAR. 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 from this conference call and webcast will be available on our website. Also, please note that all figures stated are in US dollars unless otherwise noted.

完整報表亦可於 Avino 在 SEDAR plus 及 EDGAR 的公司檔案中取得。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的簡報投影片將公布於我們網站。另請注意，除非另有說明，所有數字均以美元計。

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

謝謝。我現在把電話交給 Avino 總裁兼執行長 David Wolfin。David？

Thanks, Jen. Good morning, everyone, and welcome to Avino's Q4 year-end 2023 financial results conference call and webcast. We will cover the highlights of our financial and operating performance, and then we will go over the work that we are currently performing, followed by Q&A. I'll start with the discussion on operations, and then I will turn it over to Nathan Harte, Avino's CFO, to discuss the financial performance for the period, and then Jennifer North, our Head of Investor Relations, will present an overview of Q4 ESG initiatives.

謝謝，Jen。各位早安，歡迎參加 Avino 2023 年第四季及年終財務結果電話會議與網路直播。我們將先回顧財務與營運表現重點，接著說明目前正在進行的工作，最後進入問答。我將先從營運面開始，之後交由 Avino 財務長 Nathan Harte 說明本期財務表現，接著由投資人關係主管 Jennifer North 概述第四季 ESG 計畫。

Please turn to slide 5, as we go through the production results, our Q4 and year end production results were released in mid-January and are as follows. Silver equivalent production was 558,000. Silver production was 225,000 ounces. Copper production was 1.3 million pounds. Gold production, 1,400 ounces. Mill throughput was just under 144,000 tonnes.

請翻到第 5 頁投影片，我們來看產量結果。我們的第四季及年終產量已於 1 月中旬發布，內容如下。白銀當量產量為 558,000。白銀產量為 225,000 盎司。銅產量為 130 萬磅。黃金產量為 1,400 盎司。選礦廠處理量略低於 144,000 公噸。

For the full year, our silver equivalent production reached a total of 2.4 million ounces of silver equivalent. Although the grades and recovery rates were slightly lower than 2022, we did see positive increases as we moved into other blocks at the mine.

全年而言，我們的白銀當量產量合計達 240 萬盎司白銀當量。雖然品位與回收率較 2022 年略低，但隨著我們進入礦山的其他區塊，確實看到正向的提升。

We have made improvements in the mechanical equipment of the mill and expect recovery rates to improve along with grades as we move into higher grade zones in line with the projected mining sequence. December production saw noticeable increase in grade and recovery, and that -- the trend has continued into Q1 2024.

我們已改善選礦廠的機械設備，並預期隨著採礦順序按計畫推進至更高品位區域，回收率將隨品位一同提升。12 月的產量在品位與回收率方面出現明顯提升，而這一趨勢已延續至 2024 年第一季。

For 2024 approximately 700 tonnes to 750,000 tonnes are planned for mill processing that will be sourced from both the Avino mine and stockpiles from La Preciosa, based on the current metal prices, the company expects to produce between 2.5 million and 2.8 million ounces of silver equivalent. Our five year growth plan takes us from production of 2.5 million to 2.8 million ounces of silver equivalent in 2024 to between 8 million and 10 million ounces of silver equivalent by 2029.

2024 年計畫約有 70 萬至 75 萬公噸進入選礦廠處理，來源包括 Avino 礦山以及 La Preciosa 的堆存礦，依目前金屬價格，公司預期白銀當量產量介於 250 萬至 280 萬盎司。我們的五年成長計畫，將使產量從 2024 年的 250 萬至 280 萬盎司白銀當量，於 2029 年提升至 800 萬至 1,000 萬盎司白銀當量。

Continuing on to slide 6, we will take a look at additional operational highlights the total drilling completed in 2023 included 7,545 metres and 13 drill holes. A particular note was our results reported in July where we announced the best drill intercepts -- best drill intercept in company history Hole ET-23-09, highlighted 296 grams of silver equivalent over 57 meters of true width, including 407 grams of silver equivalent over 37 meters of true width, and 2,866 silver equivalent grams over 3.43 meters true width of mineralization.

接著看第 6 頁投影片，我們將檢視其他營運重點。2023 年完成的總鑽探量為 7,545 公尺，共 13 個鑽孔。特別值得一提的是，我們在 7 月公布的結果，宣布公司史上最佳鑽探截距——鑽孔 ET-23-09，真厚度 57 公尺的白銀當量品位為 296 克/噸，其中包含真厚度 37 公尺的白銀當量 407 克/噸，以及真厚度 3.43 公尺的礦化帶白銀當量 2,866 克/噸。

The company budgeted exploration and evaluation expenditures for 2024 will be focused on regional exploration and further understanding of structural geology below the current Avino mine production area with no drilling planned. The dry stack facility is fully operational and is currently transporting the press dry tailings to the use of Avino open pit area.

公司 2024 年編列的勘探與評估支出，將聚焦於區域性勘探，以及進一步理解目前 Avino 礦山生產區下方的構造地質，並無規劃鑽探。乾式堆置設施已全面投入運作，目前正將壓濾後的乾式尾礦運送至 Avino 露天礦區使用。

Moving on to slide 7, we provide an update on our recent milestones. Firstly, the pre-feasibility study on the Oxide Tailings Project was completed and released in early February. This was an important key milestone for Avino on our path for growth.

接著看第 7 頁投影片，我們提供近期里程碑更新。首先，氧化尾礦專案的預可行性研究已完成，並於 2 月初發布。這是 Avino 成長路徑上的一項重要關鍵里程碑。

Additional highlights include net present value of USD98 million pre-tax and USD61 million post-tax at a 5% discount rate, and an IRR of 35% pre-tax and 26% post-tax. This study also highlighted proven and probable mineral reserves, a first Avino's long history of 6.7 million tonnes of silver and gold grades of 55 grams per tonne and 0.47 grams per tonne, respectively.

其他重點包括：以 5% 折現率計算，稅前淨現值為 9,800 萬美元、稅後淨現值為 6,100 萬美元；稅前 IRR 為 35%，稅後 IRR 為 26%。本研究亦突顯已探明及已概略礦產儲量——這是 Avino 悠久歷史上的首次——共 670 萬公噸，白銀與黃金品位分別為每公噸 55 克與每公噸 0.47 克。

The Oxide Tailings Project is considered one of our three catalysts for growth as the future gold and silver production assets. Next steps include community engagement and environmental impact studies. However, the Preciosa is our absolute top priority.

氧化尾礦專案被視為我們三大成長催化劑之一，作為未來黃金與白銀的生產資產。下一步包括社區參與及環境影響研究。然而，Preciosa 仍是我們絕對的首要優先事項。

And secondly, after the end of the year, we are extremely pleased to announce that we had signed a long-term land use agreement with the local community for the development of La Preciosa in Durango, Mexico. This achievement was pivotal for us and signals the start of a new era for Avino and the communities adjacent to the mine, and we are on a crucial step closer to putting La Preciosa into production. We were able to commence hauling of old surface stockpiles to our mill at the Avino mine for processing. The La Preciosa mine represents a key pillar in our transformational growth strategy as well as hosting a large endowment of silver and gold, which we expect to process for the years to come.

其次，在年末之後，我們非常高興宣布，我們已與當地社區簽署一項長期土地使用協議，用於在墨西哥杜蘭戈州開發 La Preciosa。這項成果對我們至關重要，標誌著 Avino 與礦區周邊社區新時代的開始，也讓我們在推動 La Preciosa 投入生產方面又向前邁出關鍵一步。我們已能開始將地表既有舊礦堆料運送至 Avino 礦場的選礦廠進行處理。La Preciosa 礦山是我們轉型成長策略的關鍵支柱之一，同時蘊藏大量白銀與黃金資源，我們預期未來多年將持續進行加工處理。

Capital costs for La Preciosa in 2024 is expected to be between USD3 million to USD4 million and will include surface works and equipment procurement intended for the first phase of mine development for the glory and up and unseen events.

La Preciosa 於 2024 年的資本成本預計介於 300 萬至 400 萬美元之間，將包括地表工程與設備採購，旨在支持礦山開發第一階段，以應對 Gloria 及任何不可預見事件。

Avino also has mining equipment necessary to commence operations at La Preciosa. The application for the environmental permit has been submitted by the company to the relevant authorities have further permit will be submitted shortly after receipt of the environmental permit, which is required to commence construction of the portal, haulage ramp, and mining of the Gloria and Abundancia veins. Avino anticipates receiving these permits sometime in 2024. The press release dated February 28, is available on our website and includes a full list of updates.

Avino 亦擁有啟動 La Preciosa 營運所需的採礦設備。公司已向相關主管機關提交環境許可申請；在取得環境許可後不久，將再提交其他許可申請。這些許可為開始建設坑口（portal）、運輸斜坡道（haulage ramp），以及開採 Gloria 與 Abundancia 礦脈所必需。Avino 預期將於 2024 年某個時間取得上述許可。2 月 28 日發布的新聞稿可於我們網站查閱，並包含完整更新清單。

At this time, I will hand it over to Nathan Harte, Avino CFO, to present the business Q4 and year-end financial results. Nathan?

接下來，我將把時間交給 Avino 財務長 Nathan Harte，為各位說明第四季與年終的財務業績。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.

謝謝你，David。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日簡報的各位。

Turning to slide 8, now for a summary of the key financial highlights for the fourth quarter and full year 2023. The fourth quarter generated our highest quarterly revenue for the year, and we were able to demonstrate positive movements on the cost side, which translated to improved operating margins from the Avino mine. We had positive net income of $0.5 million and adjusted earnings came in at $2 million or $0.02 per share, both improved over previous quarters for 2023.

請看第 8 頁投影片，以下為 2023 年第四季與全年關鍵財務重點摘要。第四季創下本年度最高的單季營收，同時我們在成本端也展現正向改善，進而帶動 Avino 礦場的營運利潤率提升。我們錄得 50 萬美元的淨利；調整後盈餘為 200 萬美元或每股 0.02 美元，兩者均較 2023 年前幾季有所改善。

Per ounce metrics also improved with cash costs and all-in sustaining cash costs decreasing compared to Q3 and Q2. And we continued to generate additional operating cash flow from operations. Most importantly, our working capital position has improved significantly with working capital up to around $10 million at the end of the year, almost doubling from where we were at the end of the second quarter.

每盎司指標亦有所改善，現金成本與全維持性現金成本（AISC）相較於第三季與第二季均下降。此外，我們持續自營運中產生額外的營運現金流。最重要的是，我們的營運資金部位顯著改善，年末營運資金提升至約 1,000 萬美元，較第二季末幾乎倍增。

Coming to slide 9, I'll walk you through the details of our financial results, some of which I did touch on in the highlights. Revenues came in at $12.5 million, this was down from our Q4 2022 record of $14.6 million. However, as mentioned, it was the highest quarterly revenues for this current year. Revenues on the year were just shy of $44 million, very similar to 2022.

接著看第 9 頁投影片，我將帶各位檢視財務結果的細節，其中部分我已在重點摘要中提及。營收為 1,250 萬美元，低於 2022 年第四季創紀錄的 1,460 萬美元。然而，如前所述，這仍是本年度最高的單季營收。全年營收略低於 4,400 萬美元，與 2022 年非常接近。

Avino, generated mine operating income of $2.6 million for the quarter, including non-cash depreciation and depletion compared to $4.4 million in Q4 of 2022. The decrease is a result of lower revenues as well as the strong pace of the US dollar rate when compared to Q4 and 2022. On a cash basis, mine operating income in the current quarter was $2.6 million and represented a 29% cash operating margin. On the year, we generated $7.8 million in mine operating income, which translated to $11 million on a cash basis. For a cash operating margin of 25% for the full year 2023.

Avino 本季礦山營運利益為 260 萬美元（包含非現金折舊與耗竭），相較於 2022 年第四季的 440 萬美元。下降原因為營收較低，以及美元匯率相較於 2022 年第四季走強。以現金基礎計，本季礦山營運利益為 260 萬美元，現金營運利潤率為 29%。全年我們產生 780 萬美元的礦山營運利益，換算為現金基礎為 1,100 萬美元。2023 全年現金營運利潤率為 25%。

Avino reported net income after taxes of $0.6 million for Q4 compared to $1.3 million in Q4 2022. Annual net income after taxes was $0.5 million compared to $3.1 million for the full year 2022. Earnings per share came flat for both the quarter and the year, decreasing from $0.01 in Q4 and $0.03 in the full year, both for 2022.

Avino 第四季稅後淨利為 60 萬美元，較 2022 年第四季的 130 萬美元為低。全年稅後淨利為 50 萬美元，低於 2022 全年的 310 萬美元。每股盈餘在本季與全年均持平，較 2022 年第四季的每股 0.01 美元及 2022 全年的每股 0.03 美元下降。

EBITDA was $1.1 million for the quarter and adjusted earnings was $2 million both showing increases from Q2 and Q3 2023, albeit lower than the fourth quarter in 2022. For the full year EBITDA was $2.5 million, down from $10 million in 2022. Adjusted earnings paints a similar picture with improvements on the quarter coming to the rest of 2023, a $0.02 per share generated in Q4 and $4.6 million or $0.04 per share generated on the year. Cash flow from operations for Q4 was $2.2 million before working capital adjustments compared to $3.1 million in Q4 2022. On the full year, $6.3 million was generated from operations before working capital adjustments compared to $10.8 million in 2022.

本季 EBITDA 為 110 萬美元，調整後盈餘為 200 萬美元，兩者均較 2023 年第二季與第三季增加，但仍低於 2022 年第四季。全年 EBITDA 為 250 萬美元，低於 2022 年的 1,000 萬美元。調整後盈餘亦呈現類似趨勢：本季相較 2023 年其餘季度有所改善，第四季為每股 0.02 美元；全年為 460 萬美元或每股 0.04 美元。第四季營運活動現金流（未調整營運資金變動前）為 220 萬美元，較 2022 年第四季的 310 萬美元為低。全年營運活動現金流（未調整營運資金變動前）為 630 萬美元，較 2022 年的 1,080 萬美元為低。

Here on slide 10, you can see our cash cost per silver equivalent payable ounce for the fourth quarter did show improvement coming in at $15 with the average on the full year being $15.61. This is a modest decrease from the $16.90, we saw in the third quarter and the $16.33 in the second quarter with signs of stabilization materialize.

在第 10 頁投影片中，各位可看到第四季每可支付白銀當量盎司的現金成本有所改善，為 15 美元；全年平均為每盎司 15.61 美元。相較第三季的 16.90 美元與第二季的 16.33 美元小幅下降，並出現穩定化的跡象。

All-in sustaining cash cost per silver equivalent payable ounce, followed a similar trend coming in at $21.67 and the full year being $21.87 per ounce. Again the fourth quarter improved on higher costs seen in the second and third quarters.

每可支付白銀當量盎司的全維持性現金成本（AISC）亦呈現相似趨勢，第四季為 21.67 美元，全年為每盎司 21.87 美元。同樣地，第四季相較第二季與第三季較高的成本水準有所改善。

The Mexican peso has appreciated by 15% to 20% when comparing the 2023 to 2022 average. While we have seen some stabilization on this front, this has had an impact on our costs throughout 2023 as the majority of our expenditures are incurred in Mexico with local suppliers, employees, and contractors.

以 2023 年與 2022 年平均值相比，墨西哥披索升值了 15% 至 20%。儘管我們在此方面已看到一些穩定跡象，但由於我們大部分支出發生在墨西哥，且主要支付給當地供應商、員工與承包商，因此這在 2023 年期間對我們的成本造成影響。

As I highlighted on our third quarter call, we've put a number of measures in place for cost reduction, including lowering haulage rates to match mill throughput, as we have generated a large ore stockpile over the last few months. As well, we have made certain administrative and auxiliary personnel reductions. This has had a positive impact on our fourth quarter results, and we expect that to continue into 2024.

如我在第三季電話會議中所強調，我們已採取多項降本措施，包括下調運輸（haulage）費率以匹配選礦廠處理量，因為過去幾個月我們已累積大量礦石堆存。此外，我們也進行了部分行政與輔助人員精簡。這些措施對第四季業績帶來正面影響，我們預期此趨勢將延續至 2024 年。

Coming to slide 11, you can see our cash cost per tonne processed for the quarter came in above the yearly average at $61 per tonne. All-in sustaining cost per tonne processed was up as well for the quarter coming in above the yearly average.

來到第 11 張投影片，您可以看到本季每處理一噸的現金成本為每噸 61 美元，高於全年平均水準。本季每處理一噸的全維持成本（AISC）也上升，同樣高於全年平均。

Increases on a per tonne milled basis are primarily a result of higher mining and haulage rates as we did mine 15% more tonnes than we milled in the fourth quarter. In the first quarter of 2024, we have slowed mining rates to match the mill and have seen cost savings as a result on a per tonne basis as well as overall. Our expectation is that unit costs will continue to be lower in Q1 2024 and moving forward for the rest of the year.

以每噸磨礦計算的成本上升，主要是因為採礦與運輸費率較高，因為我們在第四季採出的噸數比實際磨礦的噸數多了 15%。在 2024 年第一季，我們已放緩採礦速度以配合磨礦廠產能，因此每噸成本以及整體成本都出現節省。我們預期 2024 年第一季的單位成本將持續較低，並在今年其餘時間延續。

At this point, I will now turn it over to Jennifer North, Head of Investor Relations for an overview of our Q4 ESG and CSR initiatives.

接下來，我將把時間交給投資人關係主管 Jennifer North，為大家概述我們第四季的 ESG 與 CSR 計畫。

Thank you, Nathan. Moving on to slide 12, we have listed the ESG CSR initiatives that were completed in the fourth quarter of 2023. We added members to the CSR team in Durango during the third quarter. And since then, Anna and her team assembled to improve and strengthen the relationship with our neighboring communities and with each of our stakeholders.

謝謝你，Nathan。接著看第 12 張投影片，我們列出了 2023 年第四季已完成的 ESG 與 CSR 計畫。我們在第三季於杜蘭戈（Durango）為 CSR 團隊增補了成員。自那之後，Anna 與她的團隊集結，致力於改善並強化與鄰近社區及各利害關係人的關係。

As, follows the ESG standards and the United Nations sustainable development goals, the SDGs that work together to address the most pressing challenges facing the world. One of our major objectives is to make a positive impact on our communities and society. Maintaining a friendly dialogue is key to learning, improving, and maintaining strong relationships and developing trust as a responsible corporate citizen.

我們遵循 ESG 標準以及聯合國永續發展目標（SDGs），這些目標共同致力於解決世界面臨的最迫切挑戰。我們的主要目標之一，是對社區與社會帶來正面影響。維持友善的對話是學習、改進、維繫穩固關係並建立信任的關鍵，讓我們成為負責任的企業公民。

During Q4, the CSR team focused in the areas of education, infrastructure and environment. And following the guidelines of the SDG, the team was able to accomplish the following firstly, they held meetings with government offices, mining chambers and associations, and local health authorities, keeping the lines of communication open.

在第四季，CSR 團隊聚焦於教育、基礎建設與環境等領域。並依循 SDG 指引，團隊完成了以下事項：首先，他們與政府機關、礦業商會與協會，以及地方衛生主管機關舉行會議，保持溝通管道暢通。

Moving on to slide 13, you'll see that the company delivered TV screens and tablets to the community schools for educational purposes and also provided road maintenance and repairs, for the benefit of the women in the communities and to help develop economic benefit for the family workshops and wreathmaking food preparation and other hand, the work were held that culminated in a Christmas bazaar in mid-December where the women, men's hold their hand cross their handmade crafts and food.

接著看第 13 張投影片，您會看到公司為社區學校提供電視螢幕與平板電腦作為教育用途，並進行道路維護與修繕；同時，為了造福社區女性並協助家庭作坊發展經濟效益，也舉辦了花圈製作、食物準備等手作活動，並在 12 月中旬以一場聖誕市集作結，讓女性與男性展示並販售他們的手工藝品與食品。

For the benefit of the environment Avino delivered trees, recycled containers took water samples and provided health and well-being education in the communities. These initiatives aligned with the SDG guidelines of partnerships verticals, peace justice and strong institutions, quality education, industry innovation and infrastructure, no poverty, zero hunger, life on land, and clean water sanitation corporate office personnel visited the communities in November, December and most recently in January and will be there again in April, reiterating our commitment to social responsibility.

為了環境福祉，Avino 提供樹苗、回收容器、採集水樣，並在社區推動健康與福祉教育。這些倡議與 SDG 指引相一致，包括夥伴關係、和平正義與健全制度、優質教育、產業創新與基礎建設、消除貧窮、零飢餓、陸域生態，以及潔淨飲水與衛生。公司總部人員於 11 月、12 月以及最近的 1 月造訪社區，並將於 4 月再次前往，重申我們對社會責任的承諾。

One of the top priorities for Vinod is to provide jobs to those in the surrounding communities with the goal of fostering generations of enthusiastic and dedicated ambassadors of Avino, our ambition is to educate a younger population to their backyard to encourage them to see the benefits of mining and dream of a future where they can have a real career close to home.

Vinod 的首要任務之一，是為周邊社區提供就業機會，目標是培育一代又一代熱忱且投入的 Avino 大使；我們的抱負是教育年輕族群，鼓勵他們在自家後院看見採礦的益處，並憧憬一個能在離家近的地方擁有真正職涯的未來。

Currently, we have 440 direct jobs, which includes the workers at the mine site and in our Durango offices. This number of jobs will typically translate to 3 times the number of indirect jobs for services, consultants, and suppliers in the surrounding communities in the triangle area.

目前我們有 440 個直接工作機會，包含礦區現場與杜蘭戈辦公室的員工。這個就業數通常可帶動約 3 倍的間接就業機會，涵蓋周邊三角地區社區的服務業者、顧問與供應商。

I will now turn it back over to David to continue on with the presentation, providing our plans for the coming quarter. David?

我現在把時間交回給 David，繼續簡報並說明我們下一季的計畫。David？

Thanks, Jen. Moving to slide 14. We are well into the first quarter of 2024, and our current focus is moving forward with our plans for the Gloria and Abundancia veins and La Preciosa with a gated -- community engagement ongoing as we ready ourselves to begin development work. And lastly, our goal is to replenish the treasury through cash flow generation from the Avino mine as we look to future development of our 100% owned La Preciosa to property.

謝謝，Jen。接著看第 14 張投影片。我們已進入 2024 年第一季相當一段時間，目前的重點是推進 Gloria 與 Abundancia 礦脈以及 La Preciosa 的計畫；在我們準備開始開發工作之際，將持續進行分階段（gated）的社區參與。最後，我們的目標是透過 Avino 礦山的現金流創造來補充資金庫存，以因應未來對我們 100% 持有的 La Preciosa 資產的開發。

As shown on slide 15, we want to reemphasize that the company's plans for growth. We have three assets within a 20 kilometer footprint, totaling hundreds of millions of silver equivalent mineral resources on the same area.

如第 15 張投影片所示，我們想再次強調公司的成長計畫。我們在 20 公里範圍內擁有三項資產，在同一區域合計擁有數億盎司白銀當量的礦產資源。

We have an operating mill complex, which is currently producing from our Avino mine. Additionally, access to water power and tailing storage all ingredients to grow organically without major capital investment required that would expect if we were starting from scratch. As you can see on the slide, our goal is to scale up by 2029 through production from these three assets.

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。此外，我們具備用水、電力與尾礦庫等條件，使我們能在不需要重大資本投入的情況下有機擴張；若從零開始，通常會預期需要這類資本支出。如投影片所示，我們的目標是透過這三項資產的產出，在 2029 年前擴大規模。

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

接下來我們想進入問答環節。接線員？

(Operator Instructions) Jake Sekelsky, Alliance Global Partners.

（接線員指示）Alliance Global Partners 的 Jake Sekelsky。

Hey, David and Nathan, thanks for taking the questions.

嗨，David 和 Nathan，謝謝你們回答問題。

Hey, Jake.

嗨，Jake。

Nathan, so you mentioned the impact of a stronger peso during 2023. Can you just touch on your exposure here going forward -- and maybe what FX rate you're using in this year's budget?

Nathan，你提到 2023 年披索走強的影響。你能談談未來你們在這方面的曝險嗎——以及今年預算採用的匯率大概是多少？

Yeah, it's a fair question. I think given what we've seen through 2023. Obviously, we're seeing some stabilization in the peso, although some recent little movements or littler movements compared to what we saw last year. We're forecasting based and using our budgeting for 2024. We were hoping for a bit better and it is an election year in Mexico. But we've adjusted our expectations and we're using fairly close to what is the current rates and making sure that we're protected and ready to deal with the impact of the peso given all the operations in Mexico.

是的，這是個合理的問題。我想，從我們在 2023 年看到的情況來看，顯然披索正出現一些穩定跡象，雖然近期仍有些小幅波動，但相較去年看到的變動幅度要小。我們在 2024 年的預測與編列預算，是以此為基礎。我們原本希望情況能更好一些，而今年又是墨西哥的選舉年。但我們已調整預期，採用與目前匯率相當接近的水準，並確保我們有適當的保護措施，準備好因應披索對我們在墨西哥所有營運所帶來的影響。

Okay. That's helpful. And then just on timing of La Preciosa, can you maybe walk us through the ramp up in timeline to processing fresh material once those environmental permits are enhanced. and maybe just on the longer-term throughput targets?

了解。這很有幫助。另外關於 La Preciosa 的時程，你能否帶我們走一遍：在環境許可獲得強化之後，處理新鮮礦石的爬坡（ramp-up）時間表大概會是怎樣？以及更長期的處理量目標？

Yeah, sorry Jake, you're coming a little quite.

好的，Jake，抱歉，你的聲音有點小。

Yeah, it's a little muffled. It looks like -- I mean, we're hoping if all goes well with the permitting and the ramp going to level 2 of Gloria and Abundancia, possibly by the end of the year, we could have fresh ore coming out of the mine. So we're very optimistic. And then you can see in the graph, the contribution that we're expecting going forward.

對，是有點悶。看起來——我的意思是，我們希望如果許可程序以及Gloria和Abundancia斜坡道推進到第2水平都順利的話，可能在年底前，我們就能有新鮮礦石從礦山產出。所以我們非常樂觀。然後你可以在圖表中看到，我們預期未來的貢獻。

Jake. Just a comment on that as well. We are processing, we will be processing stockpiles that we've moved. So there is a substantial amount of material that we've moved from La Preciosa to have Avino, and we've been running test work on that, and we will be processing that. Hopefully in Q2, so that's really exciting from our standpoint because we get a chance to run the actual material through the mill, see how it performs and get some revenue from it.

Jake。我也補充評論一下。我們正在處理、也將會處理我們已經搬運過來的堆存礦。所以我們已經從La Preciosa搬了相當大量的物料到Avino，並且已經對此做了測試工作，我們也將會處理這些物料。希望在第二季，所以從我們的角度來看這真的很令人振奮，因為我們有機會把實際物料送進磨礦廠，看看它的表現，並從中取得一些收入。

Yeah. And as we mentioned in our 2024 outlook, we actually are not -- we have not budgeted for any fresh productions from La Preciosa, we're hopeful of it, but we've just budgeted for processing of the stockpiles.

對。而且如同我們在2024年展望中提到的，我們其實沒有——我們沒有把La Preciosa任何新鮮產量納入預算，我們對此抱持希望，但我們只把處理堆存礦納入預算。

Okay. So anything that comes in for '24 as far as fresh material would be incremental, to what you guys are kind of looking at right now?

好的。所以就2024年而言，任何新鮮物料的進帳都會是增量，超出你們目前所看的基準？

Yes, that's fair to say.

是的，這樣說很合理。

Okay, very good. That's all for me. Thanks again.

好的，非常好。我這邊就到這裡。再次感謝。

Thank you.

謝謝你。

Thank you.

謝謝。

(Operator Instructions) Heiko Ihle, H.C. Wainwright.

(接線員指示) Heiko Ihle，H.C. Wainwright。

Hey, there can you hear me all right?

嗨，你們聽得到我嗎？

You're coming in good.

你這邊收音很好。

Yeah, all right.

好，沒問題。

Perfect. Thanks for taking my questions. And also thanks to Jen for the ESG overview. I think it's -- it often gets forgotten how many indirect jobs mining provides to the local communities across the globe, quite frankly.

太好了。謝謝回答我的問題。也謝謝Jen提供ESG概覽。坦白說，人們常常忘了採礦業在全球各地為當地社區提供了多少間接就業機會。

We were doing a little bit longer-term cost analysis on a tonne basis today, I mean costs in the [Q] trending lower. I want to see if you have a bit of guidance in regard to the longer-term estimates for costs. And how sticky you think this current pricing -- in 2025 and beyond. In other words, if you think -- how much more you can gain from cost advantages in the longer-term?

我們今天以每噸為基礎做了一些較長期的成本分析，我是說成本在[Q]呈現下降趨勢。我想看看你們是否能就較長期的成本估計提供一些指引。以及你們認為目前這種定價在2025年及之後會有多「黏著」。換句話說，你們認為長期來看還能從成本優勢中再獲得多少改善？

Yeah, I think, Heiko, that's probably a question for me. Are you talking about metal prices, specifically, or like the foreign exchange rates or inflation, or is it all of the above?

對，我想，Heiko，這可能是我來回答的問題。你是特別在問金屬價格，還是像外匯匯率或通膨，或是以上全部？

All-in sustaining.

全維持成本（AISC）。

I meant all of the above, but if you're able and willing to break it down by line item, that's even better.

我的意思是以上全部，但如果你能、也願意按科目拆解，那就更好了。

I mean, we can maybe do that one offline. But I think in general terms -- we're moving forward with the cost that we're seeing now from our suppliers for labor, et cetera, from the impact of the peso. We're hopeful for improvements. We think the peso will probably have some fluctuations through the year. Again, I mentioned being an election year, than offset maybe the near-shoring going on with Mexico.

我的意思是，我們也許可以私下再細談那個。但就一般而言——我們會依照目前從供應商看到的成本往前推進，包括勞務等，以及披索影響所帶來的變化。我們希望能有所改善。我們認為披索在今年可能會有一些波動。同樣地，我提到今年是選舉年，這可能會抵銷部分墨西哥近岸外包（near-shoring）帶來的影響。

But from a long-term cost perspective, I think La Preciosa, we expect to change our cost profile. And I think we've made that message pretty clear to the market that once we're able to get in and develop and start production mining, there's going to be some kind of economies of scale realized on the cost front. It's a bit tough to look it further beyond '25, '26. I think we do provide some rough looks in our presentation of where we think it's going to go. But we do expect costs from a consolidated basis, on a per ounce basis to come down over the next two, three years for sure, especially as we move and mix La Preciosa into our mill.

但從長期成本角度來看，我認為La Preciosa預期會改變我們的成本結構。而且我想我們已經向市場非常清楚地傳達：一旦我們能進場開發並開始生產採礦，在成本面將會實現某種規模經濟。要把視野拉得比2025、2026更遠會有點困難。我想我們在簡報中確實提供了一些大致的方向，說明我們認為會往哪裡走。但我們確實預期，在合併口徑下、以每盎司計的成本，未來兩到三年肯定會下降，尤其是當我們把La Preciosa的礦石混入我們的磨礦廠時。

Yeah, if you look at the grades, when we do the bulk sample, you'll see the grades are probably 20% higher than what we're mining now. I mean, we won't be doubling the tonnage, but there will be a mix in there going forward? So, expect that to lower our costs.

對，如果你看品位，當我們做大宗樣品時，你會看到品位可能比我們現在開採的高約20%。我的意思是，我們不會把噸數加倍，但未來會有一個混合比例在裡面。所以，預期這會降低我們的成本。

Yeah. As David mentioned, as we've got this higher grade silver mine that's going to come online fairly quickly here and mixing that into our current mill feed mix that should help on the cost side as well as both the ounce production side.

對。如David提到的，當我們這座較高品位的銀礦在這裡相對很快上線，並把它混入我們目前的磨礦入料組合中，這應該也會在成本面有所幫助，同時也會提升盎司產量。

Very comprehensive answer. Thank you. And then just building on that a little bit, you expect $3 million to $4 million in capital costs at La Preciosa this year as per your release this is mostly surface works and equipment procurement for the first phase of mine development. It also states that you have the needed equipment already, I assume it's just sitting around the Avino mine.

回答非常全面。謝謝。接著在此基礎上再問一下，依你們的公告，今年La Preciosa預計有300萬到400萬美元的資本支出，主要是地表工程與第一階段礦山開發的設備採購。公告也提到你們已經有需要的設備，我猜只是放在Avino礦區那邊。

Two more questions on this to break down the $3 million or $4 million into the different components? How much of that is equipment procurement? How much of that is surface works? And also, moving on what I was saying is this equipment actually sitting around Avino mine? I remember once I was a site visit down there and they essentially had a new drill bit sitting in a storage area just waiting to be used. Is there something like that at site right now where you're keeping equipment just waiting?

關於這點再兩個問題：能否把這300萬或400萬美元拆成不同組成？其中多少是設備採購？多少是地表工程？另外，延續我剛剛說的，這些設備真的就放在Avino礦區嗎？我記得我以前去那邊做過一次現場參訪，他們基本上有一個全新的鑽頭放在倉儲區，等著使用。目前現場是否也有類似的情況，你們把設備先放著等要用？

So maybe I'll take the second question first. We don't have equipment sitting idle. I think that's not kind of what we were intuiting by that, we have equipment that's a new set of Avino, that can be moved over to La Preciosa to start the development and the first phase of production mining. However, once we want to ramp up with throughput and move and try and increased the tonnage, we will need more equipment and we have to start that procurement process over the next number of months in order to make sure that we get the get the lead times in for when we hope to start production mining at a bit of a higher scale.

那我先回答第二個問題。我們沒有讓設備閒置。我想我們那句話的意思並不是在暗示那樣；我們有一套新的Avino設備，可以移到La Preciosa，用於啟動開發以及第一階段的生產採礦。不過，一旦我們想要提高處理量、搬運並嘗試增加噸數，我們就需要更多設備，我們必須在接下來幾個月開始採購流程，以確保在我們希望以較高規模開始生產採礦時，能把交期安排到位。

So no to answer that question. There is not equipment sitting around idle, I think we're obviously we've got --we're processing a lot of tonnes at Avino, and that does require a fair bit of equipment these days. So hopefully that answers that question.

所以對那個問題的答案是否定的。沒有設備閒置在那裡，我想很明顯我們在 Avino 正在處理大量噸數，而這些天確實需要相當多的設備。所以希望這回答了那個問題。

And moving back to the first one, $3 million to $4 million and how that's broken out, I would say not a lot of it is equipment procurement. We're getting some pretty favorable terms on our lease equipment through our good partners at Caterpillar and other partners as well. They're providing favorable terms such as no deposits, nothing paid upfront and perhaps even not paying for a number of months so that does help. So I would say the most majority of it is going to be further development.

回到第一個問題，3 百萬到 4 百萬美元以及如何拆分，我會說其中用於設備採購的比例不大。我們透過與 Caterpillar 以及其他合作夥伴的良好關係，在租賃設備方面拿到相當有利的條件。他們提供的優惠條件包括免押金、無需預付，甚至可能前幾個月都不用付款，這確實有幫助。所以我會說其中絕大部分將用於進一步開發。

And I just like to add that we have not unused but underutilized [Oldenburg] development jumbos. We're not using them so much because we're mining. So we have mining jumbos, which will need at some point as La Preciosa. But right now, we've got [Oldenburg] we can send over there.

我也想補充，我們有一些不是未使用、而是使用率偏低的 [Oldenburg] 掘進鑽車（development jumbos）。我們現在不太用它們，因為我們在進行採礦。所以我們有採礦用鑽車（mining jumbos），未來在 La Preciosa 某個時點會需要。但目前我們有 [Oldenburg] 的設備可以調派過去。

So, I hope that answers the question, Heiko.

所以，希望這回答了你的問題，Heiko。

Yeah, no that's it. Thank you very much. I'll get back in queue.

是的，沒有了，就這些。非常感謝。我會回到排隊序列。

(Operator Instructions) Joseph Reagor, ROTH MKM.

（接線員指示）Joseph Reagor，ROTH MKM。

Morning, David, and team. Thanks for taking the questions.

早安，David，以及團隊。謝謝你們回答問題。

Good morning.

早安。

So the other guys beat me to the question about La Preciosa. So I'm just going to ask some boring accounting questions, looking at kind of the Q4 results, how much of kind of the revenue upside there was related to inventory drawdown versus provisional pricing adjustments? And there seems to be a bit of volatility around revenue quarter to quarter outside of like treatment charges and whatnot. But just from that inventory swing that effect occurs in the provisional pricing. Is there any way for you guys to provide -- what I would say, maybe a better on sales numbers and with your production results, to make the numbers more accurate into the quarter?

其他人已經搶先問了關於 La Preciosa 的問題。所以我就問一些比較無聊的會計問題：看第 4 季的結果，營收上行中有多少是與存貨回轉（inventory drawdown）相關、又有多少是與暫定價格（provisional pricing）調整相關？而且營收在季度之間似乎有一些波動，除了冶煉/精煉費（treatment charges）之類的因素之外。但就存貨變動而言，這個影響會反映在暫定價格上。你們是否有辦法提供——我想說，可能更好的銷售數據，並結合你們的產量結果，讓季度內的數字更精準？

Yeah, I think we saw some of that variability in the first couple of quarters, but I think Q3 and Q4 were fairly flat and didn't see quite as much variability, obviously, there were some decent swings in metal prices in the last six months too, both up-and-down, obviously. So that's when regional pricing comes and has been more of an impact. But I think from a volume and a tonnage and a total revenue, I mean, the last couple quarters of fairly consistent, and we're based on our expertise sales volumes for 2024. I think each we're expecting consistent quarter.

是的，我想我們在前兩個季度看到一些那樣的變動，但我認為第 3 季和第 4 季相對平穩，沒有看到那麼大的波動；當然，過去六個月金屬價格也有相當幅度的上上下下。所以這就是區域定價（regional pricing）介入並且影響更大的時候。但我認為就出貨量、噸數與總營收而言，最近幾個季度相當一致，我們也是以 2024 年的預期銷售量為基礎。我想我們預期每一季都會維持一致。

Okay. And I think one of the things you guys provide is like ounces produced versus payable silver equivalent ounces sold and there is a bit of a positive variance there this quarter. Is that just normal quarter to quarter timing of sales?

好的。我想你們提供的一項資訊是產出盎司數（ounces produced）對比可支付的白銀當量銷售盎司數（payable silver equivalent ounces sold），而本季那裡有一點正向差異。那只是正常的季度間銷售時點差異嗎？

Yeah, little bit some I think in the previous quarter, we had it going the other way or especially in Q2, we had to go the other way. And so yeah, like you mentioned there is a bit of movement there, sometimes, and some of that is a result of settlement.

是的，有一點；我想在前一季我們是往相反方向，或特別是在第 2 季是往相反方向。所以是的，如你所說，有時候會有一些變動，而其中一部分是結算（settlement）造成的。

Okay. All right. Thanks for the color on that. I'll turn it back over.

好的。好。謝謝你對此的補充說明。我把時間交回去。

(Operator Instructions) Matthew O'Keefe, Cantor Fitzgerald.

（接線員指示）Matthew O'Keefe，Cantor Fitzgerald。

Thanks, operator.

謝謝，接線員。

Good morning. Two questions for me. First up on, the 2024 guidance, I mean, you put out a little bit ago you gave some rough guidance of 2.5 million to 2.8 million ounces for 2024. That will be up a fair chunk from what you ended this year with. So could you break down how much of that will be from La Preciosa broken ore and how much of that will be from the Avino mine presumably increased grades and throughput? And that’s really changing there? Is it expected to be grades or throughput?

早安。我有兩個問題。首先關於 2024 年指引：你們不久前給了 2024 年約 250 萬到 280 萬盎司的粗略指引。這會比你們今年結束時的水準高出不少。所以你們能否拆解一下，其中有多少會來自 La Preciosa 的破碎礦（broken ore），又有多少會來自 Avino 礦山（推測是品位與處理量提升）？那裡真正的變化是什麼？預期是品位提升，還是處理量提升？

Yeah I'll take that one. I think it's going to be mostly Avino. I think we're not expecting a huge contribution from La Preciosa, we're using the stockpiles to better understand how it's going to go through our mill. But also, obviously, we're going to get some revenues and some amount positive outcomes out of that as well, too, and some cost recovery.

好的，這題我來回答。我認為主要會來自 Avino。我們不預期 La Preciosa 會有很大的貢獻；我們使用堆存礦（stockpiles）是為了更好地了解它在我們磨礦廠（mill）中的處理表現。但同時，顯然我們也會從中取得一些收入與一些正面的成果，以及部分成本回收。

But I think we're expecting 90%, 95% of that to come from Avino. And I think we put out our tonnage guidance as well too. And you can see between 700,000 and 750,000 and we produced about 615,000 last year or milled 615,000. So we are expecting improved there.

但我認為我們預期其中 90% 到 95% 會來自 Avino。而且我們也發布了噸數指引。你可以看到在 70 萬到 75 萬噸之間，而去年我們產出約 61.5 萬噸，或處理（milled）了 61.5 萬噸。所以我們預期那方面會有所改善。

And that just comes with some better equipment on site to deal with breaking or having a fairly larger stockpile at the end of the year, which I think we talked about throughout the call as well, too. And just expecting that we're going to produce closer to that 2,500 tonnes per day run rate and get up to 700,000, 720,000 tonnes throughout the year. And so grade in some months is better than others. But overall, throughout the year we're not expecting a huge movement from last year.

而這主要來自現場有更好的設備，能夠處理破碎作業，或是在年底有相對更大的堆存量；我想我們在電話會議中也談到這點。並且我們預期產能會更接近每天 2,500 噸的運轉率，全年達到 70 萬到 72 萬噸。品位在某些月份會比其他月份好。但整體而言，我們不預期相較去年會有很大的變動。

Okay.

好的。

On that note, Matt. Sorry Matt, on that note, last year was the first time we ran a full mill throughput with ET material. So it was a bit of a learning curve for us last year, and we hope to take those learnings and apply it to this year which is explained some of the increase.

就這點補充一下，Matt。抱歉 Matt，就這點而言，去年是我們第一次以 ET 物料（ET material）跑滿磨礦廠處理量。所以去年對我們來說有一些學習曲線，我們希望把這些學到的經驗應用到今年，這也解釋了部分增長。

Got it. Okay, thanks. And then just -- you had the past some pretty significant milestones this year. I would say you produce the Oxide Tailings PFS, which was very positive and more to come on that.

了解。好的，謝謝。然後還有——你們今年達成了一些相當重要的里程碑。我會說你們發布了氧化尾礦（Oxide Tailings）PFS（初步可行性研究），結果非常正面，後續也會有更多進展。

And then with La Preciosa, your land use agreement, you'll be able to access ore, which will I guess we'll see more contribution from that next year? Are we still looking for a sort of a five year plan to expand production to the 7.5 million to 9 million ounce silver equivalent range?

然後透過 La Preciosa 的土地使用協議，你們將能夠取得礦石，我想我們明年會看到它帶來更多貢獻，對嗎？我們仍然是以大約五年計畫，把產量擴大到 750 萬到 900 萬盎司白銀當量的區間嗎？

Absolutely.

完全是。

Okay.

好的。

(multiple speakers) So the main focus is La Preciosa right now, get that up and running and then community engagement on Oxide Tailings environmental studies and that kind of thing. So that will be the last expansion, but you'll see a big impact from La Preciosa. Hopefully, we get the permits soon.

(多位發言者) 所以目前的主要重點是 La Preciosa，把它建置並運轉起來，然後在氧化尾礦的環境研究等方面進行社區參與之類的工作。所以那將會是最後一次擴產，但你們會看到 La Preciosa 帶來很大的影響。希望我們很快就能拿到許可。

Okay. And will there be -- I guess. you'll produce more guidance as to what to expect from La Preciosa proper some throughout 2024 into '25. Is that a fair timeframe?

好的。那麼是否會——我想，你們會在 2024 年到 2025 年期間，提供更多關於 La Preciosa 本身的指引，讓大家知道可以期待什麼。這樣的時間框架合理嗎？

Yeah, that's fair to say. I think we want to get obviously all the ducks in a row with permitting and everything in place and then start the development decline and get into production. And then we'll provide a bit more color on the expected tonnages and ounces for, I think that will be closer for moving for 2025 projections because as we mentioned here 2024, we're not actually budgeting for any --

是的，這樣說很合理。我想我們希望先把許可等所有事情都安排妥當、把一切就緒，然後開始開發斜坡道並進入生產。之後我們會就預期的噸數與盎司數提供更多說明；我認為那會更接近 2025 年的預測，因為如我們在這裡提到的，2024 年我們其實沒有把任何——--

The permitting dictates the timing.

許可會決定時間點。

Yeah, that's correct.

對，沒錯。

And that's gone okay?

那目前進展還順利嗎？

It's going fine.

進展得很順利。

Got it. Okay. Thanks very much.

了解。好的。非常感謝。

(Operator Instructions) [Rod Douglas], Private Investor.

(接線員指示) [Rod Douglas]，私人投資人。

David, would it be safer to say that the land use permit was easier to get than the environmental permit?

David，是否可以更保守地說，土地使用許可比環境許可更容易取得？

The land use permit --?

土地使用許可--？

You mean the community engagement, the community support their community approval you mean at La Preciosa, is that correct?

你是指社區參與、社區支持、社區同意——你指的是 La Preciosa 那邊，對嗎？

Yes, that's right.

是的，沒錯。

I wouldn't say --

我不會說--

Either way.

哪一個比較容易。

Either way -- I mean, how I know what's easier? I mean, these things take time. We don't expect any delays in the permitting.

哪一個都一樣——我的意思是，我怎麼知道哪個比較容易？這些事情都需要時間。我們不預期許可會有任何延誤。

I think the land use agreement took a long time, obviously, just with -- we wanted to get things right for the long term. That's it.

我認為土地使用協議確實花了很長時間，顯然是因為——我們希望把長期的事情做對。就是這樣。

But we had to explain to them. We weren't planning a giant open pit, that [quarter] was planning. So it took a while to go around to the various communities and let them know what our impact is, and it's going to be a very low impact.

但我們必須向他們解釋。我們並不是要規劃一個巨大的露天礦坑，那是 [quarter] 的規劃。所以我們花了一些時間去拜訪各個社區，讓他們了解我們的影響會是什麼，而且影響會非常低。

(multiple speakers).

(多位發言者)。

Sorry, to answer your questions, there are different groups of people and they require kind of a different approach,

抱歉，回答你的問題：有不同的群體，而他們需要某種不同的方式來應對，

right? But you don't really expect any problems you think that this is going to proceed smoothly? You don't see any -- the reason why I made the investment at Avino is because you I am encouraged by the underground. I see -- I live in Mexico. So I see the problems other operators that have getting permits for open pit.

對吧？但你們其實不太預期會有問題，你認為這會順利推進？你不覺得會有任何——我之所以投資 Avino，是因為我對地下開採感到鼓舞。我看到——我住在墨西哥。所以我看到其他業者在取得露天礦許可方面遇到的問題。

Yes, agree that's a satellite deposit. So it's a very small footprint. The locals we were in their management was in there from headquarters, and we've met with the leaders and they're thrilled about the potential of the economic impact of that region?

是的，同意，那是一個衛星礦床。所以它的占地範圍非常小。當地居民——我們的管理團隊從總部過去，我們也與領袖們會面，他們對該地區潛在的經濟影響感到非常興奮？

(multiple speakers).

(多位發言者)。

Having the [hero] agreement is the key to getting the environmental permits because the environmental authorities want to know that the local region is in favor and they are.

擁有這份 [hero] 協議是取得環境許可的關鍵，因為環境主管機關想知道當地是否支持，而他們是支持的。

Yeah. Well, that's why I made my investment in the Avino because I've seen you've been around for a long time. And you've spent a lot of money on the ESG, which in the end you can't underestimate the it's not an easy thing to do.

是的。嗯，這也是我投資 Avino 的原因，因為我看到你們已經營運很久了。而且你們在 ESG 上投入了很多資金，最終你不能低估——這不是一件容易做到的事。

Absolutely.

完全同意。

Thank you. We appreciate the confidence.

謝謝。我們感謝你的信心。

And thank you for your investment.

也謝謝你的投資。

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，請他做結語。

Thank you, everybody, for your time today. We're excited about the future of Avino. The shares have already started to creep up. Metal prices are looking strong the [core] block is behind us now and redistributed into strong hands. We've got a silver ETF that picked up several million shares. So you can see that translated in our liquidity. So it's translating into a very productive year. And La Preciosa coming online, hopefully, very soon. That's going to really help. So thank you again, and have a great day.

感謝各位今天撥冗參與。我們對 Avino 的未來感到振奮。股價已經開始緩步上升。金屬價格看起來很強勁，[core] 區塊現在已經過去了，並重新分配到更堅定的持有人手中。我們有一檔白銀 ETF 買進了數百萬股。所以你可以在我們的流動性上看到這個反映。因此這正轉化為非常富有成效的一年。而 La Preciosa 也希望很快就能上線。那將會帶來很大的幫助。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。