Avino Silver & Gold Mines Ltd (ASM) 2024 Q4 法說會逐字稿

Welcome to the Avino Silver & Gold Mines fourth quarter and year end 2024 financial results conference call and webcast.

歡迎參加 Avino Silver & Gold Mines 2024 年第四季暨全年財務業績電話會議與網路直播。

(Operator Instructions)

(接線員指示)

I'd 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 fourth quarter year end 2024 financial results conference call and webcast. To join this webcasting call, there is a link in our news release dated March 4 and in yesterday's news release, which can be found on our website under News 2025.

謝謝，接線員。各位早安，歡迎參加 Avino Silver & Gold Mines Limited 2024 年第四季暨全年財務業績電話會議與網路直播。若要加入本次網路直播通話，我們於 3 月 4 日發布的新聞稿以及昨日的新聞稿中皆提供連結，可在我們網站的 News 2025 分類下找到。

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 Hart; our Chief Operating Officer, Carlos Rodriguez; and our VP Technical Services, Peter Latta.

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 Hart；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 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所作的某些陳述，可能包含依適用證券法定義之「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.

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之任何義務。如需更多資訊，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。

The full financial statements and MD&A are now available on our website under the Investors tab and then click on financial statements. In addition, the full statements are available on Avino's profile, on SEDAR+ 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.

完整財務報表與管理階層討論與分析（MD&A）現已公布於我們網站的 Investors 分頁下，點選 financial statements 即可。此外，完整報表亦可於 Avino 在 SEDAR+ 與 EDGAR 上的公司檔案中取得。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。

Also, please note that all figures stated are in US dollars unless otherwise noted. Thank you.

另外請注意，除非另有說明，所有數字均以美元計。謝謝。

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

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

Thanks, Jen. Good morning, everyone, and welcome to Avino's Q4 year end 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 doing, followed by a Q&A.

謝謝，Jen。各位早安，歡迎參加 Avino 2024 年第四季暨全年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。

I will 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 CSR ESG initiatives.

我將先從營運面開始說明，接著交由 Avino 財務長 Nathan Harte 說明本期財務表現，然後由投資人關係主管 Jennifer North 概述第四季企業社會責任（CSR）與 ESG 計畫。

Please turn to slide 5 for Q4 and full year 2024 highlights. Avino and the entire team delivered an exceptional performance in 2024, achieving record financial results and a strong operational execution with full year guidance being realized after a very strong Q4.

請翻到第 5 張投影片，查看第四季與 2024 全年重點。Avino 與全體團隊在 2024 年交出卓越成績，創下破紀錄的財務成果並展現強勁的營運執行力；在第四季表現非常強勁的帶動下，全年指引亦順利達成。

The company posted record revenues and significant growth across key financial metrics, reflecting higher production, cost efficiencies, and strong metal prices. Nathan will provide an overview of the financials, but I want to take a moment to recognize that our success in 2024 is the result of years of strategic focus and dedication to our growth plan.

公司創下營收新高，並在關鍵財務指標上顯著成長，反映出更高的產量、成本效率提升以及強勁的金屬價格。Nathan 將概述財務表現，但我想先花點時間強調：我們在 2024 年的成功，是多年來策略聚焦並致力於成長計畫的成果。

Seeing these positive outcomes is truly inspiring, and I reflect on the many individuals who have contributed to guiding us along the way. The outstanding year is not just a milestone, it's a stepping stone towards even greater achievements for Avino.

看到這些正面成果確實令人振奮，我也想到一路以來許多為我們指引方向、做出貢獻的人。這個傑出年度不僅是一個里程碑，更是 Avino 邁向更大成就的踏腳石。

Our balance sheet is currently at a record high of $27.3 million, which is 916% higher than 2023 and represents the highest in company history. At the start of the year, we shared fantastic news that the underground development of La Preciosa had commenced following the receipt of all necessary permits for mining operations. This milestone is a significant step forward in our growth plan and a clear demonstration of our commitment to delivering on our goals.

我們目前的資產負債表達到 2,730 萬美元的歷史新高，較 2023 年高出 916%，為公司史上最高水準。年初我們分享了好消息：在取得採礦作業所需的全部許可後，La Preciosa 的地下開發已正式啟動。此一里程碑是我們成長計畫的重要進展，也清楚展現我們致力於達成目標的承諾。

On the topic of permits and the regulatory environment, just last week at the Mexico Mining Forum at PDAC, there appeared to be fresh optimism for the mining industry under President Claudia Scheinebaum's administration. We view this as a positive step for existing and future mining in Mexico.

談到許可與監管環境，上週在 PDAC 的墨西哥礦業論壇上，外界似乎對 Claudia Scheinebaum 總統政府下的礦業前景出現新的樂觀情緒。我們認為這對墨西哥現有與未來的採礦活動都是正向的一步。

Moving on to slide 6, we turn to our Q4 and year-end production results that were released in mid January and were as follows. Silver equivalent production increased by 32%. Avino produced almost 736,000 silver equivalent ounces in Q4 2024, representing a 32% increase from Q4 2023. The increase was driven by improved gold grades and increased mill throughput. Mail throughput increased 26%.

接著看第 6 張投影片，我們回顧於 1 月中旬發布的第四季與年終產量結果如下。白銀當量產量增加 32%。Avino 在 2024 年第四季生產接近 73.6 萬盎司白銀當量，較 2023 年第四季增加 32%。成長主要來自金品位提升以及磨礦廠處理量增加。磨礦廠處理量增加 26%。

We processed 182,000 tons in Q4 2024, a 26% increase compared to Q4 2023, and the highest quarter in the company's history. Mill availability and performance is a result of considerable efforts from our operations team in Durango, allowing for meaningful improvements in operational metrics, as well as improving the company's cash and working capital positions.

我們在 2024 年第四季處理 18.2 萬噸，較 2023 年第四季增加 26%，並創下公司史上最高單季。磨礦廠可用率與表現的提升，來自我們杜蘭戈營運團隊的重大努力，使營運指標獲得實質改善，同時也改善公司的現金與營運資金部位。

Gold production increased by 76%. Q4 2024 production of 2,560 gold ounces represented 76% increase compared to Q4 2023 and was our highest quarter of gold production in 2024. Improved feed grade accounted for the majority of the increase alongside the mill availability noted above.

黃金產量增加 76%。2024 年第四季黃金產量為 2,560 盎司，較 2023 年第四季增加 76%，也是 2024 年黃金產量最高的一季。除上述磨礦廠可用率提升外，進料品位改善是增長的主要原因。

Slide 7. Turning to slide 7, you will see on a yearly basis silver equivalent production increased 10%. Avino produced 2.6 million silver equivalent ounces in 2024, representing a 10% increase from 2023. The positive movement was primarily due to the improved copper and silver grades, improved copper recoveries, and higher mill feed compared to 2023.

第 7 張投影片。接著看第 7 張投影片，按年度計算，白銀當量產量增加 10%。Avino 於 2024 年生產 260 萬盎司白銀當量，較 2023 年增加 10%。正向變化主要來自銅與白銀品位提升、銅回收率改善，以及相較 2023 年更高的磨礦廠進料量。

In addition, the company also had improvement in its health and safety performance and reports of reduction in lost time incident frequency rate of 32% for 2024, down to 3.39 per 1 million hours worked, while seeing an increase in hours worked by 47% at the Avino operations. Reportable loss time and incident frequency rate also decreased to 0.07, down over 90% from 2023.

此外，公司在職業健康與安全表現方面亦有所改善；2024 年損失工時事故頻率率（LTIFR）下降 32%，降至每 100 萬工時 3.39，同時 Avino 營運的工時增加 47%。可通報之損失工時與事故頻率率亦降至 0.07，較 2023 年下降逾 90%。

Now moving on to slide 8, we'll review our Q4 operational updates beginning with the Avino Mine. The Avino Mine achieved its guidance target of between 2.5 million to 2.8 million silver equivalent ounces at 2.65 million ounces for 2024.

現在進入第 8 張投影片，我們將回顧第四季的營運更新，首先從 Avino 礦場開始。Avino 礦場於 2024 年達成其指引目標，白銀當量產量介於 250 萬至 280 萬盎司之間，實際為 265 萬盎司。

Higher realized metal prices for silver, gold, and copper in Q4 assisted in the strong financial and operating margins with records in most financial metrics and significant free cash flow generation. 2025 has begun positively with consistent production in the first months of the year.

第四季白銀、黃金與銅的實現金屬價格較高，帶動強勁的財務與營運利潤率，多數財務指標創下紀錄，並產生可觀的自由現金流。2025 年開局良好，年初前幾個月的產量維持穩定。

Moving on to La Preciosa. As mentioned earlier, in January, we announced the receipt of necessary approvals to move ahead with the underground development at La Preciosa, one of the largest undeveloped silver deposits in Mexico and the world.

接著談 La Preciosa。如先前所提及，我們於 1 月宣布已取得必要核准，可推進 La Preciosa 的地下開發；該礦為墨西哥乃至全球最大的未開發銀礦床之一。

Equipment mobilization and surface works have been ongoing with underground development getting underway. La Preciosa is an integral piece to our five-year plan and will deliver economic growth and benefit to the local communities in Durango.

設備動員與地表工程持續進行，地下開發亦已展開。La Preciosa 是我們五年計畫中的關鍵一環，將帶來經濟成長並惠及杜蘭戈（Durango）當地社區。

Please turn to slide 9, where we have photos of recent development activities and surface works and delivery of equipment. We are very pleased with the swift advancement at La Preciosa.

請翻到第 9 張投影片，當中有近期開發活動、地表工程以及設備交付的照片。我們對 La Preciosa 的快速推進感到非常滿意。

At this time, I will now hand it over to Nathan Harte, Avino's CFO, to present our record breaking Q4 in year end 2024 financial results. Nathan?

接下來，我將把時間交給 Avino 的財務長 Nathan Harte，為大家介紹我們在 2024 年第四季及全年創紀錄的財務結果。Nathan？

Thank you, David. It's my pleasure to be presenting our fourth quarter and year end 2024 financial and operating results to everyone who has joined us on the call and is viewing our presentation today.

謝謝你，David。很高興能向所有參與本次電話會議並觀看我們今日簡報的各位，報告 2024 年第四季及全年財務與營運成果。

Turning the slide 10 now for a snapshot of these record breaking financial highlights for the fourth quarter and year followed by the full table, slide 11. The fourth quarter results were what can only be described as our best in company history. We generated a record $24.4 million in revenues over the quarter with gross profit margins of 43%. On a cash basis, our gross profit margin was 49%, our highest in recent history, and up from 45% in the last quarter.

現在翻到第 10 張投影片，先快速瀏覽第四季與全年這些破紀錄的財務重點，接著在第 11 張投影片提供完整表格。第四季的表現可說是公司史上最佳。本季營收創下 2,440 萬美元新高，毛利率為 43%。以現金基礎計算，毛利率為 49%，為近期最高，亦較上一季的 45% 提升。

We generated &14.1 million in free cash flow, which translates to $0.10 per share. Our all in sustaining cash cost per silver equivalent ounce was $18.62, representing our lowest since 2022. This amount puts us in the lower quartile of junior producing peers and in the mid-range with intermediate producers in Mexico.

我們產生了 1,410 萬美元的自由現金流，折合每股 0.10 美元。我們每白銀當量盎司的全維持性現金成本（AISC）為 18.62 美元，為 2022 年以來最低。此水準使我們在初級生產同業中位於成本較低的四分位，並與墨西哥的中型生產商處於中間區間。

Moving over to our full year results. I want to highlight the annual revenue of $66.2 million, which is a record high for Avino and represents 51% increase from 2023, primarily driven by the growth we saw in our fourth quarter.

接著看全年結果。我想特別強調全年營收達 6,620 萬美元，創 Avino 歷史新高，較 2023 年成長 51%，主要受第四季成長所帶動。

Net income after taxes and all expenses was $8.1 million or $0.06 per share. After adjusting for non-recurring and non-cash expenses, adjusted earnings was $21.3 million on the year, or $0.15 per share, and mine operating cash flows before taxes was $27.6 million. All in sustaining cash costs for silver equivalent ounce was $20.57 which represents a deduction of 6% from 2023.

扣除稅負及所有費用後的淨利為 810 萬美元，或每股 0.06 美元。剔除一次性與非現金費用後，全年調整後盈餘為 2,130 萬美元，或每股 0.15 美元；稅前礦山營運現金流為 2,760 萬美元。每白銀當量盎司的全維持性現金成本為 20.57 美元，較 2023 年下降 6%。

Now onto the balance sheet. Our cash position was $27.3 million at the end of the 2024, driven by improved operational performance and sales in the fourth quarter. To put this in perspective, we had under $8 million in the treasury at the end of the third quarter, representing an almost $20 million increase in our cash position during Q4.

接著看資產負債表。截至 2024 年底，我們的現金部位為 2,730 萬美元，主要受惠於營運表現改善以及第四季銷售。作為對照，第三季末我們庫存現金不到 800 萬美元，代表第四季現金部位增加近 2,000 萬美元。

As highlighted in previous calls, balance sheet strength will be very key over the coming months as La Preciosa development gets underway. With no debt excluding operating equipment, we are well positioned to execute on our five-year organic growth plan.

如先前電話會議所強調，隨著 La Preciosa 開發啟動，未來數月資產負債表的強健將非常關鍵。除營運設備相關外我們沒有負債，因此具備良好條件執行我們的五年有機成長計畫。

Coming to slide 11, we see all other financial metrics and the significant increases both quarter over quarter and year over year. Highlighting the increases in cash provided by operating activities in both periods as well as the free cash flow numbers, these figures are both are materially higher than prior year periods.

來到第 11 張投影片，我們可看到其他財務指標，以及無論季對季或年對年皆有顯著成長。特別是兩個期間的營運活動所提供現金增加，以及自由現金流數字；這些數據均明顯高於前一年同期。

Capital expenditures in Q4 and for the year were $1.5 million and $6.6 million respectively. We came in below our 2024 guidance range of $7.3 million to $9 million primarily due to the deferral of certain expenditures to 2025 as we were awaiting the operating permits for La Preciosa.

第四季與全年資本支出分別為 150 萬美元與 660 萬美元。我們低於 2024 年指引區間（730 萬至 900 萬美元），主要因在等待 La Preciosa 的營運許可期間，將部分支出遞延至 2025 年。

With these permits received in January 2025, we expect to be within our previously released capital expenditure guidance for the year. Reminding everyone that approximately $5 million to $6 million are allocated for equipment and mine development at La Preciosa, which should give us access to over 1 million tonnes of mineralized material.

隨著 2025 年 1 月取得這些許可，我們預期今年將落在先前公布的資本支出指引範圍內。提醒各位，約有 500 萬至 600 萬美元將配置於 La Preciosa 的設備與礦山開發，這將使我們可取得超過 100 萬噸的礦化物料。

Here on slide 12 you can see our cash cost per ounce figures for the fourth quarter improved from Q4 of last year and we're well below previous quarters in 2024 as well, even with lower ounces sold than expected. We highlighted our expectations for a reduction in cost on our previous earnings call, and we remained pleased with the improvements as costs in Q4 were down 8% on a cash basis to $13.88 per ounce and 14% on an all in cash basis to $18.62 per ounce.

在第 12 張投影片中，各位可看到第四季每盎司現金成本較去年第四季改善，且相較 2024 年前幾季也明顯更低，即使實際售出盎司數低於預期亦然。我們在上一次財報電話會議中已提及成本下降的預期，而我們也對改善成果感到滿意：第四季以現金基礎計算的成本下降 8% 至每盎司 13.88 美元；以全現金基礎計算下降 14% 至每盎司 18.62 美元。

These reductions were primarily a result of increased mill availability and ounces sold further aided by the Mexican peso showing some further weakness against the US dollar in Q4. The jump in ounces sold is partially a result of increased inventory sales solely due to the timing of shipments with no intentional strategy to hold back sales in previous quarters.

這些下降主要來自磨礦廠可用率提升以及售出盎司數增加，此外第四季墨西哥披索兌美元進一步走弱亦有所助益。售出盎司數的跳升部分源於庫存銷售增加，純粹是出貨時點所致，並非先前季度刻意延後銷售的策略。

On a full year basis, our cash cost per ounce came in at $14.84, representing a 5% reduction from 2023. All in sustaining cash cost per ounce came in at $20.57, a 6% decrease in 2023. The full year cost per ounces reductions were driven by higher grades and production through the mill, as well as the overall weakness of the Mexican peso to the US dollar on average basis in 2024 compared to 2023.

以全年來看，我們每盎司現金成本為 14.84 美元，較 2023 年下降 5%。每盎司全維持性現金成本為 20.57 美元，較 2023 年下降 6%。全年每盎司成本下降主要由更高品位與磨礦廠處理量提升所驅動，並且 2024 年墨西哥披索兌美元平均走弱（相較 2023 年）亦有助益。

Coming to slide 13, you can see our cost per tonne processed for the quarter came down fairly significantly, especially from a quarter over quarter perspective. We saw a meaningful drop compared to Q4 2023, with cash costs per tonne coming in at $51.11 representing a 17% reduction.

來到第 13 張投影片，各位可看到本季每處理一噸的成本相當明顯地下滑，尤其從季對季角度更為顯著。相較 2023 年第四季，我們看到顯著下降；每噸現金成本為 51.11 美元，代表下降 17%。

On the all-in cost side for the quarter, the trend was similar as our cost per tonne was $74.29, a 16% decrease compared with Q4 of last year. Both metrics for 2024 were lower compared to the year-to-date numbers in Q3, and we did see reductions compared to the full year 2023 results.

就本季的全包成本而言，趨勢相近，我們的每噸成本為 74.29 美元，較去年第四季下降 16%。2024 年這兩項指標均低於第三季的年初至今數字，且相較 2023 年全年結果亦有所下降。

Cash cost per ton process was reduced by 2% and all in cash costs per ton processed by 5% when compared with 2023 figures. As shown by our profit margins, these improvements have meaningful impacts on our bottom line. With the Maximin peso weakening in Q4 and into 2025, the pressure on our cost structure has eased. We have been implementing measures to protect our cost structure for 2025.

與 2023 年數據相比，每處理噸的現金成本下降 2%，每處理噸的全包現金成本下降 5%。如我們的利潤率所示，這些改善對我們的最終盈餘有實質影響。隨著 Maximin 比索在第四季並延續至 2025 年走弱，我們成本結構所承受的壓力已趨緩。我們一直在推行措施，以保障 2025 年的成本結構。

Tariff discussions continue to put uncertainty in the currencies in which we operate in and reducing our risk associated with costs will be key throughout the year. With metal prices remaining elevated and permits received at La Preciosa, we are excited to be shifting focus to growth in the coming quarters.

關稅相關討論持續為我們營運所在的貨幣帶來不確定性，而降低與成本相關的風險將是全年關鍵。在金屬價格維持高位且 La Preciosa 已取得許可的情況下，我們很高興能在未來幾季把重點轉向成長。

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

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

Thank you, Nathan. Moving on to slide 14, we have listed the ESG CSR initiatives that were completed in the fourth quarter.

謝謝你，Nathan。接著看第 14 張投影片，我們列出了第四季已完成的 ESG 與 CSR 計畫。

As we have mentioned, 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. Fourth quarter activities were focused on SDG number three, good health and well-being; number four, quality education; number five, gender equality; and number six, environment or clean water and sanitation.

如我們先前提到，Avino 遵循 ESG 標準以及聯合國永續發展目標（SDGs），兩者共同致力於解決世界面臨的最迫切挑戰。第四季的活動聚焦於 SDG 第 3 項「良好健康與福祉」、第 4 項「優質教育」、第 5 項「性別平等」，以及第 6 項「環境／潔淨用水與衛生」。

During the quarter, the following support was provided. Materials were donated for general upkeep of the community's elementary and secondary schools. A talk called Cafe Rosa was sponsored and supported by Avino personnel on breast cancer awareness and prevention. A vibration analysis was carried out and supported by Avino mine supervisors. Monthly maintenance of the community landfills was carried out.

本季提供了以下支援。捐贈物資用於社區小學與中學的一般維護。由 Avino 人員贊助並支持一場名為 Cafe Rosa 的講座，主題為乳癌認知與預防。在 Avino 礦場主管的支持下進行了振動分析。並執行社區垃圾掩埋場的每月維護。

Avino supported traditional day of the dead celebrations with a unique mandate that all costumes were to be made from recycled paper. This initiative aimed to promote the reuse of materials contributing to the conservation, care and protection of the environment, while also raising awareness among future generations. Samsung tablets were awarded for first place, with backpacks with school supplies awarded for second and third place.

Avino 支持傳統的亡靈節慶祝活動，並提出一項獨特要求：所有服裝必須以回收紙製作。此倡議旨在推廣材料再利用，促進環境的保育、照護與保護，同時提升未來世代的環保意識。第一名獲頒 Samsung 平板電腦，第二與第三名則獲頒附文具的背包。

An important initiative called the Orange Campaign was launched to educate both community members and Avino employees about the prevention and eradication of violence against individuals regardless of gender, sexual identity, age, or any other factor. As part of this campaign, self-defense workshops have been offered along with educational materials and awareness posters that have been distributed throughout the community.

我們啟動了一項重要倡議「橘色行動」（Orange Campaign），以教育社區居民與 Avino 員工，預防並根除針對個人的暴力行為，不論其性別、性別認同、年齡或任何其他因素。作為該活動的一部分，我們提供了自我防衛工作坊，並發放教育資料與宣導海報，張貼於社區各處。

Waste materials such as wood, tires, and plastics were donated to community members, giving a second life to items that would otherwise be discarded. This initiative helps reduce the mine's ecological footprint. Our CS team has collaborated with an external company to obtain solar boilers with subsidized prices for our workers and community members for their homes. The CSR team works tirelessly to bridge gaps and address diverse needs, whether economic, educational, or otherwise by responding to requests, providing support, and sharing valuable information.

我們將木材、輪胎與塑膠等廢棄材料捐贈給社區居民，讓原本可能被丟棄的物品獲得第二次生命。此倡議有助於降低礦場的生態足跡。我們的 CS 團隊與外部公司合作，為員工與社區居民爭取以補貼價格購買家用太陽能鍋爐。CSR 團隊不懈努力，透過回應需求、提供支援並分享有價值的資訊，來彌補落差並滿足多元需求，無論是經濟、教育或其他方面。

Finally, I'm pleased to share that we've been working on our inaugural sustainability report, which reflects our commitment to transparency, accountability, and responsible business practices. By sharing our environmental, social, and governance efforts, we aim to build trust with our stakeholders, demonstrate our positive impact, and continuously improve our sustainability performance. We look forward to making available on our website very soon.

最後，我很高興分享，我們一直在編製首份永續報告，反映我們對透明度、問責與負責任商業實務的承諾。透過分享我們在環境、社會與公司治理方面的努力，我們希望與利害關係人建立信任，展現我們的正面影響，並持續提升永續績效。我們期待很快就能在公司網站上提供。

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

接下來我將把時間交回給 David，繼續簡報並說明我們下一季的計畫。David？

Thanks, Jen. Moving to slide 15, we were thrilled to see metal prices continue their rally into the fourth quarter and maintain their strength. Coupled with their solid production results, this positions us favorably as we advance towards our transformational growth objectives, particularly with the development of La Preciosa.

謝謝，Jen。看第 15 張投影片，我們很高興看到金屬價格的漲勢延續至第四季並維持強勁。再加上穩健的產量成果，這使我們在推進具轉型意義的成長目標時處於有利位置，尤其是 La Preciosa 的開發。

We are currently mining at levels 13.5 and 14 at Elena Tolosa, and exploration drilling has commenced on the Avino Vein below the ET mine where we previously hit the highest grade hole in company history. The Vein is open a long strike and at depth following the previous successful drill program.

我們目前在 Elena Tolosa 的 13.5 與 14 水平進行採礦，並已在 ET 礦下方的 Avino 礦脈啟動探勘鑽探；先前我們在該處鑽獲公司史上最高品位的孔段。在先前成功的鑽探計畫之後，該礦脈沿走向與深部仍為開放狀態。

As outlined on slide 16, we want to reemphasize the company's growth plans. We have 3 assets within a 20 kilometer footprint totaling 371 million silver equivalent ounces. In the same area, we have an operating mill complex which is currently producing from our Avino Mine and additional access to water, power, and tailing storage.

如第 16 張投影片所述，我們希望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 3.71 億盎司白銀當量。在同一區域內，我們擁有一座正在運作的選礦廠綜合設施，目前由 Avino 礦供料生產，並且另有水源、電力與尾礦儲存的額外取得管道。

As you can see on this slide, our goal is to scale up by 2029 through production from these three assets. By capitalizing on our existing assets and resources, we can execute our growth plans efficiently and effectively. This approach not only mitigates risks associated with new project development but also positions us for the long success and value creation.

如本投影片所示，我們的目標是透過這三項資產的產量，在 2029 年前擴大規模。藉由善用既有資產與資源，我們能以高效率且有效的方式執行成長計畫。此作法不僅降低新專案開發相關風險，也讓我們具備長期成功與價值創造的有利條件。

In conclusion, this record breaking year would not have been possible without the dedication, expertise, and hard work of our operational teams and employees across the company. Their commitment to excellence, teamwork and innovation has been instrumental in achieving these milestones.

總結而言，若沒有我們營運團隊與全公司員工的投入、專業與辛勤工作，這個破紀錄的年度不可能達成。他們對卓越、團隊合作與創新的承諾，對於達成這些里程碑至關重要。

On behalf of our leadership, thank you for your efforts and contributions. Your work continues to drive Avino's success. We would also like to thank our shareholders for their continued support. We are pleased for Avino shareholders who have stayed the course with us. Throughout the year, I've had the opportunity to connect with many of you, and we truly appreciate your trust, confidence, and ongoing commitment to Avino. With a solid financial foundation, strong operational performance, and positive market trends, Avino is well positioned for continued growth and value creation in 2025 and beyond.

我謹代表管理團隊，感謝各位的努力與貢獻。各位的工作持續推動 Avino 的成功。我們也要感謝股東長期以來的支持。我們很高興 Avino 的股東一路與我們並肩前行。在這一年中，我有機會與許多各位交流，我們由衷感謝各位對 Avino 的信任、信心與持續承諾。憑藉穩健的財務基礎、強勁的營運表現與正向的市場趨勢，Avino 已為 2025 年及更長遠的持續成長與價值創造做好準備。

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

接下來我們將進入問答環節。接線員？

(Operator Instructions)

(接線員指示)

Heiko Ihle, H.C. Wainwright.

Heiko Ihle，H.C. Wainwright。

Hi David, Nate, and team. Hey, nice to see the stock price performance today. Well done. Can you give a quarter by quarter breakdown for what you expect to spend in CapEx at La Preciosa this year? I mean, I assume it's going to taper off by Q3 a little bit, right? But maybe just on an actual cash basis what you expect to spend in Q1, 2, 3, and maybe even 4 if you want to be so kind?

嗨，David、Nate 以及團隊。嘿，很高興看到今天股價的表現。做得很好。你們能否按季度拆解一下，今年在 La Preciosa 預計要投入的資本支出（CapEx）是多少？我的意思是，我想到了第三季應該會稍微趨緩一些，對吧？但也許可以用實際現金支出的角度，說明你們預計在第一、第二、第三季，甚至如果你願意的話第四季，各會花多少？

Thanks, Heiko. Nathan here. I can break it down a little bit. Obviously we're almost all the way through Q1, so we spend a little bit of money, but again, nothing out of line with if you just move it across the year. We expect a lot of the development expenditures to be Q2 and Q3, and then in Q4, taper off a little bit and then we'll be looking for the future for OpEx or operating Costs.

謝謝你，Heiko。我是 Nathan。我可以稍微拆解一下。顯然我們第一季幾乎快走完了，所以我們已經花了一些錢，但同樣地，若把它攤到全年來看，並沒有超出常態。我們預期大部分的開發支出會落在第二季和第三季，然後第四季會稍微趨緩，接著我們會著眼於未來的營運支出（OpEx）或營運成本。

But qualifying it?

但能不能量化一下？

Sure. Sorry, so we did put out in our guidance, about $5 million to $6 million total, and that's what we're sticking with. So say, yeah, a little light for Q1 and Q2 and Q3 will be heavier and then tapering off at the end of the year.

當然。抱歉，我們在指引中有提到，總額大約是 500 萬到 600 萬美元，而我們會維持這個數字。所以可以說，第一季會比較少一些，而第二季和第三季會比較多，然後在年底會逐步趨緩。

Okay, so call it [1221].

好的，所以大概可以說是[1221]。

Sure.

當然。

Okay. Cool. You've processed almost 182,000 tonnes in the quarter, highest throughput you ever had, very fancy headlines. Can you provide some color on what bottlenecks, if any, you're starting to see at the plant? And I should know this, but I don't. Can you expand the plan from here without additional permits? Because obviously, La Preciosa is going to start to kick in as well.

好。很棒。你們本季處理了將近 182,000 噸，是你們有史以來最高的處理量，標題也很吸睛。你們能否補充一下，目前在廠區開始看到哪些瓶頸（如果有的話）？我應該知道這點，但我不確定。從現在起，在不需要額外許可的情況下，你們能擴建這座廠嗎？因為顯然 La Preciosa 也將開始貢獻。

Yeah. Peter here, Heiko, thanks for the question. As far as bottlenecks we're seeing now, we're getting pretty close to the maximum throughput of the mill now. And keeping in mind, why this process took a little bit of time is this -- last year was the first year we ran full ET material, which is a little bit coarser and a little bit more abrasive. So it took us a little while to get our operating practices to the point where we can get the mill on plane.

是的。Heiko，我是 Peter，謝謝你的問題。就我們目前看到的瓶頸而言，我們現在已經相當接近磨礦廠的最大處理量。而且要記得，之所以這個過程花了一點時間，是因為——去年是我們第一年全面處理 ET 物料，這種物料顆粒較粗、磨蝕性也更高。所以我們花了一些時間把操作方式調整到能讓磨機穩定在最佳狀態運轉。

And that's really what we showed in 2024 is that we were able to understand the maintenance practices and the upgrades needed to get to that kind of name plate 2,500 tonnes per day capacity which we're getting very close to.

而這正是我們在 2024 年所展現的：我們已能掌握維護作法與所需的升級，以達到那種名牌產能——每日 2,500 噸——我們現在已非常接近。

So with regards to expanding the plant, we don't need any permit, but we will need another -- a few pieces of equipment in order to add an additional fifth circuit. And you know that's the experience that we've done in the past, obviously, you're familiar with adding Circuit 4 and Circuit 3 before that. So that's something we could entertain certainly.

至於擴建廠房，我們不需要任何許可，但我們需要再添購——幾項設備，才能新增第五個迴路（circuit）。你也知道，這是我們過去做過的經驗；很明顯你也熟悉我們先前新增第 4 迴路，以及更早之前的第 3 迴路。所以這確實是我們可以考慮的選項。

Okay, so this is -- I don't want to say rubber stamp, but this is easy to do?

好的，所以這——我不想說是走個形式，但這是很容易做到的？

Say that again.

你再說一次。

So getting an additional circuit would be easy to do if need be?

所以如果有需要，新增一個迴路會很容易做到嗎？

It would be straightforward to do it a practice that we've done in the past, yeah.

會的，這會是很直接的作業，畢竟我們過去就做過這樣的實務操作，是的。

Perfect. I'll get back to queue.

完美。我回到隊列。

Jake Sekelsky, Alliance Global Partners.

Jake Sekelsky，Alliance Global Partners。

Hey, David, Nathan, thanks for taking my questions. Nathan, you touched on the decline in costs in Q4, which is good to see. I'm just curious, are these levels that we should expect to see in 2025, on the back of a week or (inaudible) or do you feel there might be some more lay low hanging fruit on the cost side to capitalize on?

嘿，David、Nathan，謝謝回答我的問題。Nathan，你提到第四季成本下降，這很高興看到。我只是好奇，這些水準是否是我們在 2025 年也應該預期會看到的——在某個一次性因素或（聽不清）之後——還是你覺得在成本端還有一些更容易摘取的果實可以再加以利用？

Yeah, it's a fair question. So on the tonnage side, the cost per tonne side, we expect it to be fairly level. Obviously we've taken a risk reduction approach by hedging compared to the Mexican peso on the US dollar and given some of the uncertainty.

是的，這是個合理的問題。就噸數端、每噸成本端而言，我們預期會相對持平。顯然，考量到一些不確定性，我們採取降低風險的做法，針對墨西哥披索兌美元進行避險。

On the cost per ounce side, I mean that is partially driven by mil feed and grade and the recoveries we get, so it's hard to say 100%, but we expect to be, similar to potentially a little bit lower from where our yearly all in cost numbers were. So we were right around 20%, 20,5% on the year. The goal is to be around that same level, if not lower, but the goal is about the same level.

至於每盎司成本，我的意思是，這部分部分取決於磨礦入料與品位，以及我們取得的回收率，所以很難 100% 斷言。但我們預期會與我們年度的全包成本數字相近，甚至可能略低一些。所以我們全年大約在 20%、20.5% 左右。

Okay, that's helpful. And then just back to La Preciosa, you have to provide a bit more color on the cadence of the ramp up book there in the delivery of fresh ore to the mills. Do you think we'll start to see those benefits in Q4? Or do you think it's more of a Q1 '26 type event?

好的，這很有幫助。接著回到 La Preciosa，你能否再多補充一些那邊爬坡（ramp-up）的節奏，以及新鮮礦石送到磨礦廠的進度？你覺得我們會在第四季開始看到效益嗎？還是你覺得更像是 2026 年第一季才會發生的事件？

Yeah, fair question. I think we are on track with the guidance we put out, which did include some material from La Preciosa. We were hoping to start blasting very soon and obviously all the operating permits as we've already announced are in place.

是的，這是個合理的問題。我認為我們正按著我們發布的指引在推進，而該指引確實包含了來自 La Preciosa 的一些物料。我們希望很快就能開始爆破，且如我們先前已公告的，所有營運許可都已到位。

So I think we're looking at Q4 more so before any tonnage would potentially hit the mill. But again we are taking a conservative approach, and it's possible that we do stockpile for a little bit to make sure we can run at full capacity in the smaller circuits and then start processing later in the year or even potentially in Q1 of '26, but the goal is for later in Q4.

所以我認為更可能要到第四季，才會有任何噸數可能進到磨礦廠。但同樣地，我們採取保守作法，也有可能我們會先堆存一段時間，以確保小迴路能以滿載運轉，然後在年底較晚時點才開始處理，甚至可能到 2026 年第一季；但目標是第四季較晚的時候。

Understood. Okay, that's all for me. Congrats again on the quarter.

了解。好的，我的問題就到這裡。也再次恭喜你們這一季的表現。

Joseph Reagor, Roth Capital Partners.

Joseph Reagor，Roth Capital Partners。

Hey guys, can you hear me all right?

嘿，各位，你們聽得到我說話嗎？

Hey Joe, we hear you Joe.

嗨，Joe，我們聽得到你，Joe。

So kind of just following on what Jake was just asking. So are you guys planning to do like a PEA or a resource update on La Preciosa that's kind of a more accurate view of how you guys plan to mine it because like the old resource is kind of more of like bulk tonnage resource.

所以算是延續 Jake 剛剛問的問題。你們是否計畫在 La Preciosa 做像是 PEA（初步經濟評估）或資源量更新，讓外界更精準了解你們打算如何開採？因為舊的資源量看起來比較像是大宗噸位型的資源。

Yeah. No, very fair question, Joe. We will be doing a resource update that will go out next year, so there'll be a cut off later this year. And we are looking at all options here to look at how we would justify some of the economics.

是的。不，這是個很合理的問題，Joe。我們會做資源量更新，預計明年發布，所以今年稍晚會有一個截止日。而且我們也在評估各種選項，看看要如何支持一些經濟性的論證。

Okay. And then, As far as reporting goes, would you guys treat this kind of like you used to treat San Gonzalo, where we'll get it broken out as essentially like a separate mine, even though it's being processed at one mil?

好的。那就揭露方式而言，你們會不會像以前對 San Gonzalo 那樣處理，把它拆分出來，基本上視為一座獨立礦山來揭露，雖然它是在一號選廠處理？

Hey, Joe, Nathan here. So that's correct, yeah, I mean, obviously it's a separate, we're treating it a bit like a satellite deposit, but it will be a separate operation with separate financial and operating metrics.

嗨，Joe，我是 Nathan。對，沒錯。我的意思是，顯然它是獨立的；我們有點把它當作衛星礦床來處理，但它會是一個獨立的營運單位，並有獨立的財務與營運指標。

Okay. And then on that basis, what do you think the tonnage will be on a kind of an annual basis that you guys have as a goal to process from there?

好的。那以此為基礎，你們覺得從那邊處理的噸位，以年度來看，你們的目標大概會是多少？

Are you referring to this year or future years?

你是指今年還是未來幾年？

Future, like once you get it ramped up.

未來，比如說等你們把產能拉升之後。

I think, yeah, so this year, obviously, it's all wrap up. I think 2026 we're hoping for close to 400 to 500 tonnes per day. And long term, I mean, based on the current permit, we can go quite high, but I think we're targeting about I think 1,500 and there's options to increase that depending on what we do with Martha. So that's the marketing.

我想，是的，所以今年顯然主要是收尾。我想 2026 年我們希望接近每日 400 到 500 噸。長期來看，依照目前的許可，我們可以拉得相當高，但我想我們的目標大概是 1,500（噸/日），而且視我們對 Martha 的安排而定，也有提高的選項。所以這就是我們對外的說法。

Okay. All right, that's helpful, guys. Thanks, I'll turn it over.

好的。好，這很有幫助，各位。謝謝，我把時間交回去。

(Operator Instructions) John Tunazos, John Tunazos Very Independent.

(接線員指示) John Tunazos，John Tunazos，Very Independent。

Hello, David. Could you give us a flavor of the conditions on the ground socially in the neighborhood of your mines and mills, given the closing of the US border? And I guess, the off the books revenues from human trafficking or narcotics, et cetera are less, and the on the books revenues from auto and other legitimate exports are challenging.

你好，David。鑑於美國邊境關閉，你能否談談你們礦山與選廠周邊在地社會層面的現況？我想，人口販運或毒品等「帳外」收入變少了，而汽車與其他合法出口等「帳上」收入也面臨挑戰。

So I just wonder what those people do if they stop being coyotes, et cetera. Are they going to be miners or are they going to be active in illicit activities, some other thing? And is there any visible change to the neighborhood?

所以我只是想知道，如果那些人不再當「蛇頭」（coyotes）之類的，他們會做什麼？他們會去當礦工，還是會轉而從事其他非法活動，或其他事情？而且社區周邊是否有任何可見的變化？

No, we employ 450 people directly. We impact probably 3 times that in the local communities. When we go to the mine sites, the parking lot is full of cars with license plates from the US, so they're all coming back home to work for us because we pay a good dollar rate there.

不，我們直接雇用 450 名員工。我們對當地社區的影響人數大概是那個的 3 倍。我們去礦區時，停車場滿是掛著美國車牌的車，所以他們都回到家鄉來替我們工作，因為我們那邊支付的美元薪資水準不錯。

And as Jen had mentioned earlier, we do a lot in the communities. We hand out Galaxy tablets and televisions at the schools, and we do a lot for the community, and there's going to be a sustainability report that comes out here very soon which will lay out a lot of that information.

而且如 Jen 先前提到的，我們在社區做了很多事。我們在學校發放 Galaxy 平板和電視，我們為社區做了很多；而且很快會發布一份永續報告，會把其中很多資訊列出來。

We're nowhere near the border, so we're in the state of Durango. It's a safe place. There's no human trafficking or anything like that that I'm aware of going on in our jurisdiction. It's just a farming and cattle ranching community. It's a safe jurisdiction. Yeah, like 11 hours away from the border. So it's a long way away from the border.

我們離邊境非常遠，我們在杜蘭戈州（Durango）。那裡很安全。在我們的管轄範圍內，據我所知沒有任何人口販運之類的事情。那裡就是農業與畜牧社區。是一個安全的轄區。對，離邊境大概 11 小時車程。所以離邊境很遠。

You mentioned hedging the peso in your presentation. Given the GDP impacts to Mexico from closing the border, it's very possible the peso could weaken a lot. Could you elaborate on the amount of hedging you have, et cetera?

你在簡報中提到對披索進行避險。考量到邊境關閉對墨西哥 GDP 的影響，披索很可能會大幅走弱。你能否進一步說明你們避險的規模等？

Sure, John, Nathan here. So we hedge knowing what our budget rate is and knowing that we want to beat that for 2025, understanding that it could go weaker, it could go stronger, largely depend on what the US government decides to do.

當然可以，John，我是 Nathan。我們避險是基於我們知道預算匯率是多少，也知道我們希望在 2025 年能優於那個水準，同時理解匯率可能走弱也可能走強，很大程度取決於美國政府決定怎麼做。

Having said that, all of our contracts are in place to basically provide us with a lot of upside and just limit any downside exposure. So I won't get into too much of the details on each individual contract, but it allows for a lot of upside and to follow with the spot market if needed.

話雖如此，我們所有合約的設計基本上是讓我們保有很大的上行空間，同時限制任何下行曝險。所以我不會深入每一份合約的細節，但它讓我們保有很大的上行空間，必要時也能跟隨即期市場。

What percent hedge are you for this year?

你們今年的避險比例是多少？

What percent hedge on our OpEx? I mean, we can take this call offline if you prefer, but nowhere near 50%.

你是問我們營運成本（OpEx）的避險比例嗎？如果你願意，我們可以私下再談，但遠不到 50%。

Thank you very much. Thank you.

非常感謝。謝謝。

Thank you. That concludes our Q&A session. I'll now hand the conference back to David Wolfin, President and CEO, for closing remarks. Please go ahead.

謝謝。問答環節到此結束。接下來我把會議交回給總裁兼執行長 David Wolfin 作結語。請開始。

Thank you all for joining us today. This is a very exciting time for the company with the high metal prices, new mine being developed. We appreciate your patience in getting to the point to this point. We look forward to delivering on our five-year growth plans. Thanks again and have a great day.

感謝各位今天加入我們。在金屬價格高企、且新礦正在開發之際，對公司而言這是一個非常令人振奮的時刻。我們也感謝各位的耐心，讓我們走到今天這一步。我們期待能落實我們的五年成長計畫。再次感謝，祝各位有美好的一天。

Thank you, everyone. This concludes today's event. You may disconnect at this time and have a wonderful day. Thank you for your participation.

謝謝大家。今天的活動到此結束。您現在可以斷線，祝您有美好的一天。感謝您的參與。