Avino Silver & Gold Mines Ltd (ASM) 2024 Q3 法說會逐字稿

Welcome to the Avino Silver & Gold Mines third-quarter 2024 financial results conference call and webcast. (Operator Instructions) The conference is being recorded. (Operator Instructions)

歡迎參加 Avino Silver & Gold Mines 2024 年第三季財務業績電話會議與網路直播。(操作員指示) 本次會議將被錄音。(操作員指示)

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

現在我想把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 third-quarter 2024 financial results conference call and webcast. To join this webcast and conference call, there is a link in our news release dated October 17, 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. 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 of Technical Services, Peter Latta.

謝謝，操作員。各位早安，歡迎參加 Avino Silver & Gold Mines Limited 2024 年第三季財務業績電話會議與網路直播。如欲加入本次網路直播與電話會議，我們在 2024 年 10 月 17 日發布的新聞稿，以及昨日發布的新聞稿中均提供連結，可於我們網站「News 2024」中找到。此外，Avino 網站首頁也可找到連結。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. 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 full financial statements and MD&A are now available on our website under the Investors tab and then click on financial statements as well as the full statements are available on Avino's profile on SEDAR+ and on EDGAR.

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。除非適用法律要求，否則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，或參閱昨日發布之新聞稿。另請注意，完整財務報表與 MD&A 現已可於我們網站「Investors」分頁下取得，並點選「financial statements」；完整報表亦可於 Avino 在 SEDAR+ 與 EDGAR 的公司檔案中查閱。

Just a reminder 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. Thank you.

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的網站。另請注意，除非另有說明，所有數字均以美元計。謝謝。

I will now hand over the call 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 Q3 2024 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 a Q&A. I will start with a 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, Head of Investor Relations, will present an overview of Q3 ESG initiatives.

謝謝，Jen。各位早安，歡迎參加 Avino 2024 年第三季財務業績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，最後進入問答環節。我將先從營運面開始，接著交由 Avino 財務長 Nathan Harte 說明本期財務表現，之後由投資人關係主管 Jennifer North 概述第三季 ESG 推動事項。

Please turn to slide 5 as we go through the production results. Our team delivered a strong third quarter with total equivalent production results increasing by an impressive 13% over the third quarter of last year. The full Q3 production results were released in mid-October and are as follows: Silver equivalent production was 671,000 ounces, silver production was 282,000 ounces, a 19% increase compared to Q3 2023. Copper production was 1.8 million pounds. Gold production was just over 1,600 ounces. Mill throughput was 157,000 tonnes.

請翻到第 5 張投影片，我們將回顧產量結果。我們的團隊在第三季交出亮眼成績，總當量產量較去年第三季大幅成長 13%。第三季完整產量結果已於 10 月中旬發布，內容如下：白銀當量產量為 671,000 盎司；白銀產量為 282,000 盎司，較 2023 年第三季增加 19%。銅產量為 180 萬磅。黃金產量略高於 1,600 盎司。選礦廠處理量為 157,000 公噸。

Moving on to slide 6. We will review our Q3 updates beginning with the Avino Mine. It was a strong quarter from an operational standpoint with higher realized metal prices from all three metals and improved unit operating costs. The company demonstrated strong cash operating margins and a reduction in cash costs on both per ounce and per tonne basis.

接著看第 6 張投影片。我們將從 Avino 礦山開始回顧第三季更新。從營運角度來看，本季表現強勁，三種金屬的實現價格均較高，且單位營運成本改善。公司展現強勁的現金營運利潤率，並在每盎司與每公噸基礎上均降低了現金成本。

Next, mill availability, together with higher grades and recoveries in silver and copper put us back on track for a production guidance of 2.5 million to 2.8 million ounces of silver equivalent for 2024. In addition, we resolved ore crushing challenges that were experienced in June and July.

接下來，選礦廠可用率提升，加上白銀與銅的品位與回收率提高，使我們重新回到 2024 年白銀當量 250 萬至 280 萬盎司的產量指引軌道上。此外，我們也解決了 6 月與 7 月期間遇到的礦石破碎挑戰。

Now moving on to La Preciosa. Continue to process La Preciosa historical stockpile material as part of the sampling program to prepare for fresh mill feed. The initial recoveries from the lower-grade material were better than expected and provide potential upside as the project moves forward. The operations teams are in the last phases of securing approvals to move ahead with underground development at La Preciosa.

現在談到 La Preciosa。我們持續處理 La Preciosa 的歷史堆存物料，作為取樣計畫的一部分，以為新鮮入磨礦料做準備。低品位物料的初步回收率優於預期，隨著專案推進，可能帶來上行空間。營運團隊正處於取得批准、以推進 La Preciosa 地下開發的最後階段。

As the next phase of our growth strategy, La Preciosa is an important component of our transformational growth plan. Our five-year strategy aims to increase production, targeting between 8 million and 10 million ounces of silver equivalent by 2029.

作為我們成長策略的下一階段，La Preciosa 是我們轉型式成長計畫的重要組成部分。我們的五年策略目標是在 2029 年前提升產量，鎖定白銀當量 800 萬至 1,000 萬盎司。

At this time, I will now hand it over to Nathan Harte, Avino's CFO, to present Avino's Q3 2024 financial results. Nathan?

接下來，我將把時間交給 Avino 財務長 Nathan Harte，為各位說明 Avino 2024 年第三季財務業績。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 7 now for a summary of the key financial highlights for the third quarter. The third quarter built off Q2 with another quarter of improved financial performance. We generated $14.6 million in revenues and a quarterly record of $5.7 million in gross profit. On a cash basis, mine operating cash flows before taxes was $6.7 million, representing a 45% margin and is our highest in recent history. We had net income of $1.2 million or $0.01 per share and adjusted earnings came in at $5 million or $0.04 per share, both improved from previous quarters.

現在請翻到第 7 張投影片，查看第三季主要財務重點摘要。第三季延續第二季的動能，再度呈現財務表現改善的一季。我們創造營收 1,460 萬美元，並創下單季毛利 570 萬美元的紀錄。以現金基礎計算，稅前礦山營運現金流為 670 萬美元，代表 45% 的利潤率，為近年來最高水準。我們的淨利為 120 萬美元或每股 0.01 美元；調整後盈餘為 500 萬美元或每股 0.04 美元，兩者均較前幾季改善。

Cash flows generated by operating activities were $4.1 million or $0.03 per share, and we ended the quarter with cash on hand of $7.8 million, again much improved from the previous quarters. Our working capital position continues to improve with almost $16 million at quarter end, a further improvement of $2 million in the quarter and over $6 million improved from the end of 2023. As highlighted in our last call, balance sheet strength will be key over the coming months as La Preciosa development gets underway.

營運活動所產生的現金流為 410 萬美元或每股 0.03 美元；季末現金餘額為 780 萬美元，同樣較前幾季大幅改善。我們的營運資金部位持續改善，季末接近 1,600 萬美元，本季再增加 200 萬美元，較 2023 年底提升超過 600 萬美元。如同我們上次電話會議所強調，隨著 La Preciosa 開發即將展開，未來幾個月資產負債表的強健將是關鍵。

Turning to slide 8, I'll walk you through some of the details of our financial results, some of which I did touch on the previous slide. Again, highlighting gross profit of $5.7 million in mine operating cash flow before taxes of $6.7 million. We saw further improvements in all financial metrics for the third quarter when compared to Q2 and Q3 of 2023. Our gross profit margin was 45% on a cash basis. This further exceeded our prior record of 40% margin from last quarter, taking the crown is our highest since operating the Avino Mine as a full-scale underground production operation.

接著看第 8 張投影片，我將帶您了解我們財務結果的一些細節，其中部分我在上一張投影片已提及。再次強調，毛利為 570 萬美元，稅前礦山營運現金流為 670 萬美元。與 2023 年 Q2 與 Q3 相比，我們在第三季各項財務指標皆進一步改善。以現金基礎計算，我們的毛利率為 45%。這也進一步超越我們上一季 40% 毛利率的先前紀錄，創下自 Avino 礦山作為全規模地下量產營運以來的最高水準。

Other figures for Q3 not previously discussed are CapEx and free cash flow at the bottom of the table. With CapEx being flat period-over-period, and we saw a meaningful positive swing in free cash flow of over $4 million as we generated $2.3 million in free cash flow in Q3. This is compared to $1.9 million in cash flow used in Q3 of 2023.

第三季其他先前未討論的數字包括表格底部的資本支出（CapEx）與自由現金流。在資本支出期對期持平的情況下，自由現金流出現超過 400 萬美元的顯著正向轉變，因為我們在第三季產生了 230 萬美元的自由現金流。相較之下，2023 年第三季使用了 190 萬美元的現金流。

Moving over to the year-to-date columns. Again, we saw increases across all metrics with revenues up 33% and gross profit up 142% compared to the first nine months of 2023. Net income was $3 million or $0.02 per share with EBITDA coming in just shy of $9 million. Adjusted earnings paints similar picture with improvements compared to 2023 with $11.4 million or $0.08 per share generated so far this year.

接著看年初至今（YTD）欄位。同樣地，與 2023 年前九個月相比，我們各項指標皆呈現成長，營收增加 33%，毛利增加 142%。淨利為 300 萬美元或每股 0.02 美元，EBITDA 接近 900 萬美元。調整後盈餘呈現相似的趨勢：相較 2023 年有所改善，今年迄今已產生 1,140 萬美元或每股 0.08 美元。

Cash flow from operations before working capital movements was $9.1 million compared to $4.1 million in the first nine months of 2023. On a per share basis, this year has generated $0.07 with the comparable 2023 period being $0.03 generated.

營運現金流（未計入營運資金變動前）為 910 萬美元，相較 2023 年前九個月的 410 萬美元。以每股計算，今年已產生 0.07 美元，而 2023 年同期為 0.03 美元。

After working capital adjustments, cash flow from operations generated was $7.6 million compared to just under $1 million in the first nine months of 2023. For 2024, we have been free cash flow positive with $2.6 million generated. This is a meaningful swing from the $6.5 million used in 2023 and is a testament to Avino's operational performance in Q2 and Q3 of this year.

在營運資金調整後，營運活動產生的現金流為 760 萬美元，相較 2023 年前九個月僅略低於 100 萬美元。2024 年我們已轉為自由現金流為正，產生 260 萬美元。這相較 2023 年使用的 650 萬美元是顯著的轉變，也證明 Avino 在今年 Q2 與 Q3 的營運表現。

Here on slide 9, you can see our cost per ounce figures for the third quarter improved from Q2 and back to our expected trend line, even with lower ounces sold than expected. We highlighted our expectations for a reduction in cost on our Q2 earnings call, and we are pleased with the improvement. The reduction was primarily a result of increased mill availability and strong production grades and was further aided by the Mexican peso showing some weakness against the US dollar in Q3.

在第 9 張投影片，您可以看到第三季每盎司成本較 Q2 改善，並回到我們預期的趨勢線，即使實際售出的盎司數低於預期。我們在 Q2 財報電話會議中已強調成本下降的預期，對於本次改善我們感到滿意。成本下降主要來自磨礦廠可用率提升與強勁的生產品位，此外第三季墨西哥披索兌美元走弱也進一步帶來助益。

Our cash cost per ounce number for Q3 came in at $14.94. As you can see on the chart, this has improved from last quarter and from Q3 of last year and below the 2024 average to date. All-in sustaining cash cost per ounce came in at $22.06, decreasing from last quarter. This was also impacted by lower ounces sold as we do expect further reductions.

第三季每盎司現金成本為 14.94 美元。如圖所示，這較上一季與去年第三季皆有改善，且低於 2024 年迄今平均水準。每盎司全維持現金成本（AISC）為 22.06 美元，較上一季下降。此數字也受到售出盎司數較低的影響，我們預期後續仍會進一步下降。

The lower ounces sold in the period were primarily a reflection of mill availability in late June up until mid-July. We rebounded in August and September, however, and our strong September production did remain in concentrate inventory at September 30. Ounces sold subsequent to September 30 have been higher than the previous months, and we look forward to reviewing our fourth quarter figures.

本期售出盎司數較低，主要反映磨礦廠在 6 月下旬至 7 月中旬的可用率狀況。不過我們在 8 月與 9 月已回升，而 9 月強勁的產量在 9 月 30 日仍保留於精礦庫存中。9 月 30 日之後的售出盎司數高於前幾個月，我們也期待檢視第四季數據。

Coming to slide 10, you can see our cost per tonnes processed for the quarter was materially improved from last quarter. We see more improvement compared to Q2 on this slide versus the cost per ounce slide as there was no production to sales time gap. On a cash cost basis, we came in under $50 per tonne, a decrease of 27% from last quarter, which demonstrates the operational strength of our team.

來到第 10 張投影片，您可以看到本季每處理噸成本較上一季大幅改善。相較於每盎司成本的投影片，本頁面相對 Q2 的改善更明顯，因為不存在生產到銷售之間的時間落差。以現金成本計算，我們低於每噸 50 美元，較上一季下降 27%，展現我們團隊的營運實力。

Running an underground mine at these cost levels is a tremendous achievement. This quarter's operational results brought our average for the year down to $55.68 and is more in line with our lofty expectations at the Avino Mine. All-in sustaining cash cost per tonne process tells a similar story for the quarter at $72.15, below recent quarters and in line with Q1 2024. The average for the year so far is $78.46, and this is where we expect to be rounding out the year. With the Mexican peso weakening since the election, the pressure on our cost structure has eased.

以這樣的成本水準營運地下礦是一項極為卓越的成就。本季營運成果使我們今年平均降至 55.68 美元，並更符合我們對 Avino 礦山的高標準期待。每處理噸全維持現金成本同樣呈現類似趨勢，本季為 72.15 美元，低於近期季度並與 2024 年 Q1 相當。今年迄今平均為 78.46 美元，這也是我們預期年底將落在的水準。自選舉以來墨西哥披索走弱，使我們成本結構所承受的壓力有所緩解。

We are taking measures to protect our cost structure for the rest of the year and into 2025, especially with the recent strength of the US dollar. With metal prices remaining elevated and the anticipation of La Preciosa, we are looking forward as our focus shifts to the growth side throughout the rest of '24 and into '25.

我們正採取措施，以保護今年剩餘期間及延伸至 2025 年的成本結構，特別是在近期美元走強的情況下。在金屬價格維持高檔且 La Preciosa 項目可期之際，我們展望未來，並將重心在 2024 年剩餘時間及 2025 年轉向成長面。

At this point, I will now turn it over to Jennifer North, Head of Investor Relations, for an overview of our Q3 ESG and CSR initiatives.

接下來，我將把時間交給投資人關係主管 Jennifer North，為大家概述我們第三季的 ESG 與 CSR 計畫。

Thank you, Nathan. Moving on to slide 11. We have listed the ESG, CSR initiatives that were completed in the third quarter of 2024. Avino follows the ESG standards and the United Nations Sustainable Development Goals or the SDGs that work together to address the most pressing challenges facing the world. Third quarter activities were focused on SDG number four, quality education; SDG number six, environment, clean water, and sanitation; and SDG number nine, industry innovation and infrastructure, to build resilient infrastructure, promote inclusive and sustainable industrialization and foster innovation.

謝謝你，Nathan。接著看第 11 張投影片。我們列出了 2024 年第三季已完成的 ESG、CSR 計畫。Avino 遵循 ESG 標準以及聯合國永續發展目標（SDGs），共同致力於因應全球最迫切的挑戰。第三季的活動聚焦於 SDG 第 4 項「優質教育」；SDG 第 6 項「環境、潔淨用水與衛生」；以及 SDG 第 9 項「產業創新與基礎建設」，以建構具韌性的基礎設施、促進包容且永續的工業化並推動創新。

In the communities, the following support was provided in San Jose de Avino, bridgework to prevent overflows during rainy season, road maintenance, installation of a new bell in the Avino church, landfill maintenance and delivery of school supplies.

在社區方面，我們於 San Jose de Avino 提供以下支持：橋梁工程以防止雨季溢流、道路維護、在 Avino 教堂安裝新鐘、垃圾掩埋場維護，以及提供學校用品。

In Ignacio Zaragoza, there was water irrigation work done for a special celebration, landfill rehabilitation and a social perception study focused on how to motivate future generations in the communities. In Panuco de Coronado, we are looking to assist the community in coordinating better health systems.

在 Ignacio Zaragoza，我們為一項特別慶典進行了灌溉用水工程、垃圾掩埋場復育，以及一項社會觀感研究，聚焦於如何激勵社區的未來世代。在 Panuco de Coronado，我們希望協助社區更好地協調健康照護系統。

For all the communities, we are looking into various community programs that Avino can help collaborate between company, [C] Capital and state government, food, health, construction, and education. Currently, we have 471 direct jobs. 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 Durango area.

針對所有社區，我們正在研議各類社區方案，讓 Avino 能協助促成公司、[C] Capital 與州政府之間在食品、健康、建設與教育等面向的合作。目前我們有 471 個直接就業機會。這個就業數通常可帶動約 3 倍的間接就業機會，涵蓋杜蘭戈地區周邊社區的服務業、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?

我現在把時間交還給 David，請他繼續簡報，說明我們對下一季度的規劃。David？

Thanks, Jen. Moving to slide 12. We are thrilled to see the metal prices continue the rally in the third quarter and continue to remain strong. Our solid production results position us favorably as we prepared to achieve our transformational growth objectives through the advancement of La Preciosa.

謝謝，Jen。我們翻到第 12 張投影片。我們很高興看到金屬價格在第三季持續上漲，並且仍然維持強勢。我們穩健的產量表現讓我們處於有利位置，得以在推進 La Preciosa 的過程中，朝著我們具轉型意義的成長目標邁進。

I would like to thank our operations team for doing a tremendous job in Q3 by keeping costs down, while increasing production. We have seen higher grade material continue well through October and for the first part of November. We continue to prioritize our plans for the Gloria and Abundancia veins at La Preciosa. In addition, we are currently mining at Level 14 at Elena Tolosa, and we expect to move up to level 12.5 later in the quarter where we expect higher silver grades.

我要感謝我們的營運團隊在第三季表現出色，在壓低成本的同時提高產量。我們看到較高品位的礦料一路延續到 10 月，並持續到 11 月上旬。我們仍然優先推進 La Preciosa 的 Gloria 與 Abundancia 礦脈計畫。此外，我們目前在 Elena Tolosa 的第 14 水平進行採礦，並預期在本季稍晚上移至第 12.5 水平，屆時我們預期銀品位會更高。

As outlined on slide 13, we want to reemphasize the company's growth plans. We have three assets within a 20-kilometer footprint, totaling hundreds of millions of silver equivalent mineral resources. In the same area, we have an operating mill complex, which is currently producing from the Avino Mine. Additionally, access to water, power tailing stores, all the ingredients to grow organically without the major capital investments required that would expect if we were starting from scratch. As you can see on this slide, our goal is to scale up by 2029 through production from these three assets.

如第 13 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，合計擁有數億盎司銀當量的礦產資源。在同一區域，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，我們具備取水、電力、尾礦庫等條件，具備在不需要從零開始所需的大型資本投入下進行有機成長的所有要素。如投影片所示，我們的目標是透過這三項資產的產量，在 2029 年前擴大規模。

By capitalizing on our existing assets and resources, we can execute our growth plans efficiently and effectively. This approach not only mitigates risk associated with new project development but also positions us for the long-term success and value creation.

透過善用我們既有的資產與資源，我們能以高效率且有效的方式執行成長計畫。此一作法不僅降低新專案開發相關風險，也讓我們在長期成功與價值創造方面更具優勢。

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

接下來我們把電話會議進入問答環節。接線員？

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

(接線員指示) Heiko Ihle，H.C. Wainwright。

Hey, David and team. Thanks for taking my questions. Let's talk about the production increase at the Avino Mine. I just this morning went through your October 17 production press release again. You pin the strong production on more performance and availability. At this point, we're one, two days, we will be halfway through Q4. Would it be fair to model the same performance uptime availability, et cetera, for Q4 as what you saw in Q3? Or have there been any impacts that may change these things either positively or negatively?

嗨，David 和團隊。謝謝你們回答我的問題。我們來談談 Avino 礦山的產量提升。我今天早上又重新看了一遍你們 10 月 17 日的產量新聞稿。你們將強勁產量歸因於更好的表現與可用率。以目前來看，再過一兩天我們就會進入第四季的一半。以第三季所見的表現、開機時間、可用率等，來推估第四季也會相同，這樣是否合理？或者是否有任何因素可能正面或負面地改變這些情況？

Hi, Heiko. Thank you very much for the question. I think that's fair at this point. December obviously is a bit slower month with the amount of holidays that we have. But I think what we've seen so far has been a continuation of that, but we're always conscious of going into the holiday season. And certainly, it's a very important season to our Mexican.

嗨，Heiko。非常感謝你的提問。我認為以目前來看這樣推估是合理的。12 月因為假期較多，顯然會是比較慢的一個月份。但就我們目前看到的情況而言，仍是延續先前的趨勢，只是我們一向會留意進入假期季的影響。而且這確實是對我們墨西哥團隊非常重要的季節。

Okay. Just maybe a question for Nate, but I'll throw it in here anyways. You had mine operating cash flow of $6.7 million in the quarter. Do you guys have a sensitivity analysis or just some guidance maybe even so the impact of a $1 change in the price of silver has in your mine operating cash flow maybe even for the fiscal year, Q4 and then if you want to take a crack at it, maybe even for 2025, given some of the other cost increases that are probably especially in the longer term associated with the higher commodity pricing?

好的。這題可能是問 Nate 的，但我還是先在這裡提出。你們本季礦山營運現金流為 670 萬美元。你們是否有敏感度分析，或是一些指引，說明白銀價格每變動 1 美元，對你們的礦山營運現金流的影響？也許可以針對全年、第四季，若你願意也可以談談 2025 年，考量到其他成本上升，尤其是長期而言可能與較高商品價格相關的成本增加？

Nathan here. I mean, given the length of that question, it's tough to answer that one on the spot. I think from a purely mine operating cash flow perspective, I mean at that level, a $1 increase is -- it's pretty close to 100%, obviously. And we have seen improvements on the cost side. But as I mentioned, just with that, there's a lot of other inputs that go into mine operating cash flows.

我是 Nathan。這個問題很長，要我當場回答有點困難。若純粹從礦山營運現金流的角度來看，在那個水準下，白銀價格每上漲 1 美元——幾乎就是接近 100% 的影響，顯然如此。而且我們在成本端也確實看到改善。但如我提到的，影響礦山營運現金流的還有很多其他投入因素。

So if everything remains constant, sure, it's dollar for dollar, but there are a lot of other inputs that go into that. Happy to discuss that one offline if it's easier.

所以如果其他條件都不變，當然可以說是 1 美元對 1 美元的影響，但其中還有很多其他變數。如果比較方便，我也很樂意會後再跟你討論。

I think that makes more sense. I'll get back to you. Thank you.

我想那樣比較合理。我再跟你聯繫。謝謝。

Jake Sekelsky, Alliance Global Partners.

Jake Sekelsky，Alliance Global Partners。

Hey, David, Nathan, and team. Thanks for taking my questions. So starting with the stockpiled material La Preciosa, can you just remind us what's remaining on those stockpiles? Just trying to get a sense of how we should be looking at that heading into 2025?

嗨，David、Nathan 和團隊。謝謝你們回答我的問題。先從 La Preciosa 的堆存礦料談起，你們能否提醒我們那些堆存料還剩下多少？我只是想了解一下，展望 2025 年我們應該如何看待這部分。

Yeah. I think we've processed all that we're going to process from it. We sampled a lot of different areas to just get an idea of the grade, and I think we processed through what we want to process.

好的。我想我們已經把能處理的都處理完了。我們對許多不同區域做了取樣，以了解品位情況，而我認為我們已經處理到我們想處理的程度了。

Got it. Okay. And staying in that being as we're getting near the underground at La Preciosa, can you just touch on sort of some of the development costs that you see coming in the next few quarters to reach fresh ore and maybe even the timing of that material getting to the mill?

了解。好的。另外，既然我們也快要在 La Preciosa 進入地下開採，你能否談談接下來幾季為了到達新鮮礦石，可能會有哪些開發成本？以及那些礦料送到選礦廠的時間點大概會是何時？

Sure, Nathan here. I think key, obviously, is getting into the underground and getting started. And that will determine the exact timing of the capital spend and the development cost there. In our '24 guidance, we did put out CapEx estimates of about $3 million to $4 million in costs associated with that initial development. And we're still thinking that that's probably accurate.

當然，我是 Nathan。我認為關鍵顯然是進入地下並開始作業。而這將決定資本支出與相關開發成本的確切時點。在我們 2024 年的指引中，我們提出與初期開發相關的資本支出估計約為 300 萬到 400 萬美元。我們目前仍認為這個估計大致正確。

Having said that, with an improved balance sheet, we are looking at ways to increase how we can -- or to increase the throughput much quicker, I guess, accelerate those plans. So we'll provide a bit more color to that probably early in the new year. But as of now, yes, we still stick with the same guidance we had.

話雖如此，隨著資產負債表改善，我們也在尋找方法，看看如何能——或是說更快地提高處理量，加速這些計畫。我們可能會在新年初提供更多細節。但就目前而言，是的，我們仍維持原先的指引不變。

Got it. Okay. And then just lastly, Nathan, you touched on the weakening peso on the back of the election. Are you getting a bit more aggressive on hedging there? Or is that something that you're already working through as you get through 2025 budgeting?

了解。好的。最後一題，Nathan，你提到選舉後比索走弱。你們在那方面會更積極進行避險嗎？或者這是你們在做 2025 年預算時已經在處理的事項？

Yes. It's a pretty topical question. Obviously, I'm sure we're not the only ones looking at it right now. Given the weakness we saw especially in 2023 and all the way up to the potentially the Mexican election, we are taking some measures to protect ourselves, especially above this 20%, 20.5% range from peso to USD.

是的。這是一個相當切題的問題。顯然，我相信我們不是唯一目前在關注這件事的公司。鑑於我們在2023年看到的疲弱走勢，並且一路延續到可能的墨西哥大選前後，我們正在採取一些措施來保護自己，特別是在比索兌美元超過20%、20.5%這個區間之上。

So yes, we are definitely taking some measures to make sure that for 2025 budgeting purposes, we have an expected peso rate that we can use and accurately stick close to, just it helps with cost management. And it has been quite volatile this past year, and we want to make sure that the company is set up good for 2025.

所以是的，我們確實正在採取一些措施，以確保在2025年預算編製上，我們有一個可用且能夠相對準確貼近的預期比索匯率，這有助於成本管理。而過去一年匯率波動相當大，我們希望確保公司在2025年能有良好的準備。

But metals remain unhedged.

但金屬仍未進行避險。

Yes. As David said, we do not hedge any of our metals.

是的。如David所說，我們不對任何金屬進行避險。

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。

Joseph Reagor, ROTH Capital Partners.

Joseph Reagor，ROTH Capital Partners。

Hey, David and team. Thanks for taking the question. I guess, first at La Preciosa, can you guys give us just an updated outlook on your time line there as far as what items still need to happen and when?

嗨，David和團隊。謝謝讓我提問。我想先問La Preciosa，你們能否就那邊的時程提供最新展望，包含還有哪些事項需要完成，以及大概何時？

The final item that needs to happen is the military needs to go to site to check the building that we create -- we built to house the explosives. That's it. We've satisfied everything else.

最後一項需要完成的是軍方需要到現場檢查我們建造的建物——我們建來存放炸藥的那棟。就這樣。其他所有事項我們都已滿足。

Okay. And the timeline on that so that you guys can get going with the underground development?

好的。那這件事的時間表呢？這樣你們就能開始地下開發？

Up to them, but we're hoping before the end of the year.

取決於他們，但我們希望在年底之前。

Okay. Great. And then I guess a question for Nathan on taxes. Your effective tax rate has been a bit elevated the last two quarters. And I've seen that with a couple of other Mexican-based mining companies.

好的。太好了。接著我想問Nathan一個關於稅務的問題。你們過去兩個季度的有效稅率有點偏高。我也在其他幾家以墨西哥為基地的礦業公司看到類似情況。

Is there anything we should be reading into that or is it just a timing thing?

這有什麼需要特別解讀的嗎？還是只是時間點的因素？

That's a good question. I think a lot of it you can see at least from our perspective, a chunk of that is on deferred side, which is more so reflective of people using up their tax losses, they would have generated in probably 2023. I know that's the case for us. So I would think that should stabilize a little bit.

這是個好問題。我認為至少從我們的角度來看，其中一大部分是在遞延稅的部分，這更多反映的是大家在用掉他們的稅務虧損，這些虧損很可能是在2023年產生的。我們這邊確實是這樣。所以我認為這應該會稍微穩定一些。

And on the current side, yes, I mean, obviously, Q2 and Q3 were very profitable quarters for us. So we're paying our fair share to the Mexican Government.

至於當期稅的部分，是的，我的意思是，顯然第二季和第三季對我們來說都是非常獲利的季度。所以我們也在向墨西哥政府繳納應繳的份額。

But when we get to La Preciosa up and running, we have significant tax losses to carry forward that we inherited from core.

但當La Preciosa投產並開始運作後，我們有可結轉的重大稅務虧損，這是我們從Core那邊承接而來的。

So there should be some relief there as we get La Preciosa moving.

因此，隨著La Preciosa推進，稅負方面應該會有一些緩解。

Okay. Thanks. I'll turn it over.

好的。謝謝。我把時間交回去。

Matthew O'Keefe, Cantor Fitzgerald.

Matthew O'Keefe，Cantor Fitzgerald。

Thanks, operator. Good morning, everyone. Most of my questions were answered, but I just wanted to ask just on the sustaining capital, I mean your cost per tonne that was in a very nice range here. Just wondering on sustaining capital when you're looking at all-in sustaining. That bounces around a fair bit. Is there a -- are there any -- what can we expect sort of going forward as a range? And are there any major -- at Avino Mine, are there any major items coming up or are we kind of past most of that?

謝謝，接線員。各位早安。我的大部分問題都已經被回答了，但我想再問一下維持性資本支出（sustaining capital）。我的意思是，你們每噸成本落在一個很不錯的區間。想請問在看全維持成本（all-in sustaining）時，維持性資本支出波動蠻大的。它上下起伏不少。未來大概可以期待落在什麼區間？另外，在Avino礦山，有沒有什麼即將到來的重大項目，還是我們已經大致度過那段高峰了？

There's probably -- yes, sorry, Matt, Nathan here, there is probably going to be a bit more in Q4, just as we do some upgrades to the crusher mill grades. So we expect probably similar to Q3, maybe a bit more. But I think a couple of million a year kind of what we've guided everyone on the sustaining side. And so we think that will stick. And then, of course, obviously, we're going to have capital La Preciosa, and that will be development and the non-sustaining capital.

可能——是的，抱歉，Matt，我是Nathan。第四季可能會再多一些，因為我們會對破碎與磨礦等級做一些升級。所以我們預期大概會和第三季差不多，可能略高一些。但我認為在維持性資本支出方面，每年大約幾百萬美元，這也是我們對大家的指引。所以我們認為這會維持。當然，另外我們還會有La Preciosa的資本支出，那將屬於開發性與非維持性資本支出。

Right. Okay. And on the peso, you addressed that. I'm just wondering how sensitive are your costs to peso movement?

了解。好的。關於比索，你們已經提到了。我想問的是，你們的成本對比索波動有多敏感？

Fairly sensitive. I think we obviously get our revenue coming in, in US dollars and most of our cost in Mexico and a pretty lean team here in Vancouver. We're probably close to 75% on the peso with some capital and operating payments being in USD. But the majority is peso.

相當敏感。我想我們的收入顯然是以美元流入，而大部分成本在墨西哥發生；在溫哥華這邊的團隊也相當精簡。我們大概有接近75%是比索曝險，部分資本與營運付款是以美元支付。但大多數仍是比索。

Hence, why we're looking to protect from any further volatility in the peso. I think we suffered quite heavily in 2023, along with a lot of the other Mexican producers. So yeah, that's it.

因此我們才會希望防範比索進一步的波動。我認為我們在2023年承受了相當大的衝擊，其他許多墨西哥生產商也是如此。所以，是的，就這樣。

Good. All right. That's it for me. Congrats on a good quarter.

很好。好。我這邊就到這裡。恭喜你們有個不錯的季度。

(Operator Instructions) We have reached the end of the question-and-answer session. And I will now turn the call over to David Wolfin, President and CEO, for closing remarks.

(接線員指示) 我們已到達問答環節的結束。現在我將把電話交給總裁兼執行長David Wolfin作結語。

Thank you all for joining our call today. We're very excited about the company's future. We are fully capitalized to reach our goals at La Preciosa, and we're maintaining a disciplined approach with the strong margins and a clean balance sheet. Stay tuned for encouraging news to follow a La Preciosa once we get the necessary approvals. Have a great day.

感謝各位今天加入我們的電話會議。我們對公司的未來感到非常振奮。我們已具備充足資金以達成La Preciosa的目標，並在強勁利潤率與乾淨的資產負債表下，維持紀律性的做法。一旦取得必要核准，請持續關注後續關於La Preciosa的令人鼓舞的消息。祝各位有美好的一天。

This concludes today's conference, and you may disconnect your lines at this time. Thank you for your participation.

今天的會議到此結束，您現在可以掛斷電話。感謝您的參與。