Avino Silver & Gold Mines Ltd (ASM) 2025 Q3 法說會逐字稿

Welcome to the Avino Silver & Gold Mines third quarter 2025 financial results conference call and webcast. (Operator Instructions) The conference is being recorded. (Operator Instructions) I would now like to turn the conference over to Jennifer North, Head of Investor Relations. Please go ahead.

歡迎參加 Avino Silver & Gold Mines 2025 年第三季財務業績電話會議和網路直播。（操作員指示）會議正在錄音。（操作員指示）現在我將會議交給投資者關係主管珍妮佛諾斯。請繼續。

Thank you, operator. Good morning, everyone, and welcome to our Q3 earnings call and webcast. To join this webcast and conference call, there is a link in our news release of yesterday's date, which can be found on our website under News 2025. In addition, a link can be found on the homepage of the Avino website. The full financial statements and MD&A are now available on our website under the Investors tab and then click on Financial Statements.

謝謝接線生。各位早安，歡迎參加我們的第三季財報電話會議和網路直播。要參加本次網絡直播和電話會議，請參閱我們昨天發布的新聞稿中的鏈接，該新聞稿可在我們網站的“新聞 2025”欄目下找到。此外，在 Avino 網站的主頁上也可以找到連結。完整的財務報表和管理層討論與分析現已發佈在我們的網站的“投資者”選項卡下，然後點擊“財務報表”即可查看。

In addition, the full statements are available on Avino's profile on SEDAR+ and on EDGAR. Before we get started, I remind you to view our precautionary language regarding forward-looking statements and the risk factors pertaining to these statements. And 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.

此外，完整的聲明可在 Avino 在 SEDAR+ 和 EDGAR 上的資料中找到。在開始之前，我提醒您先查看我們關於前瞻性陳述的警示性語言以及與這些陳述相關的風險因素。請注意，管理團隊今天在本次電話會議上發表的某些聲明可能包含適用證券法意義上的前瞻性資訊。

Forward-looking statements are subject to known and unknown risks, uncertainties and other facts that may cause the actual results to be materially different than those expressed by or implied by such forward-looking statements. For additional information, we refer you to the detailed cautionary note in this presentation for this call or on our press release of yesterday's date.

前瞻性陳述受已知和未知風險、不確定性及其他事實的影響，這些因素可能導致實際結果與此類前瞻性陳述所表達或暗示的結果有重大差異。如需了解更多信息，請參閱本次電話會議簡報中的詳細警示說明或我們昨天發布的新聞稿。

On the call today, we have the company's President and CEO, David Wolfin; our Chief Financial Officer, Nathan Harte; and our VP of Technical Services, Peter Latta. 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. Thank you.

今天參加電話會議的有公司總裁兼執行長大衛·沃爾芬；財務長內森·哈特；以及技術服務副總裁彼得·拉塔。我想提醒大家，本次電話會議正在錄音，稍後將提供重播。本次電話會議和網路直播的回放資訊和簡報將在我們的網站上提供。另外，請注意，除非另有說明，所有數字均以美元為單位。謝謝。

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

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

Thanks, Jen. Good morning, everyone, and welcome to Avino's third quarter 2025 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.

謝謝你，珍。各位早安，歡迎參加 Avino 2025 年第三季財務業績電話會議和網路直播。我們將重點介紹我們的財務和營運業績，然後介紹我們目前正在進行的工作，最後進行問答環節。

I will start with a discussion on operations and overall performance 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 the Q3 CSR/ESG initiatives.

我將首先討論營運和整體業績，然後交給 Avino 的財務長 Nathan Harte，讓他討論該期間的財務表現。然後，我們的投資者關係主管 Jennifer North 將概述第三季企業社會責任/環境、社會和治理 (CSR/ESG) 舉措。

Please turn to slide 5. Our strategic vision for transformational growth remains focused on transitioning from a single production operation to a multi-asset Mexican mid-tier producer. We have had eventful third quarter, and our performance was guided by five key drivers: number one, operational excellence; number two, portfolio optimization; number three, a disciplined approach to financial management and capital allocation; number four, strategic exploration and drilling to unlock further resource potential; number five, continued growth and strengthened market recognition.

請翻到第5張投影片。我們實現轉型成長的策略願景仍然是從單一生產營運轉型為擁有多個資產的墨西哥中型生產商。第三季我們經歷了許多挑戰，我們的業績主要得益於以下五個關鍵因素：第一，卓越的營運；第二，投資組合優化；第三，嚴謹的財務管理和資本配置方法；第四，策略性勘探和鑽井，以釋放更多資源潛力；第五，持續成長和市場認可度的提升。

The first driver is operational excellence. Our team at site advanced automation and process upgrades, which has been reflected in our strong mill performance and sustained throughput. In addition, the progress at La Preciosa has been exceptional.

首要驅動因素是卓越營運。我們現場團隊進行了先進的自動化和製程升級，這體現在我們強大的工廠性能和持續的產量上。此外，拉普雷西奧薩島的進展也十分顯著。

Operations management have expanded the workforce with ongoing equipment training to support operational efficiency. Subsequent to the end of the quarter, we had started processing La Preciosa's material through Circuit number 1, which is well ahead of expectations.

營運管理部門透過持續的設備培訓擴大了員工隊伍，以提高營運效率。季度結束後，我們已經開始透過 1 號迴路處理 La Preciosa 的物料，遠遠超出了預期。

Portfolio optimization, our second key driver, is reflected in the August announcement where we reported the acquisition of the outstanding royalties and contingent payments on La Preciosa. Acquiring these consolidates ownership, improving project economics and enhancing operational flexibility at La Preciosa.

投資組合優化是我們的第二個關鍵驅動因素，這體現在 8 月的公告中，我們在公告中宣布收購了 La Preciosa 的未付特許權使用費和或有付款。收購這些資產鞏固了所有權，改善了 La Preciosa 專案的經濟效益，並增強了其營運靈活性。

By removing third-party obligations, this reduces financial and operational complexity, strengthening Avino's overall asset portfolio. We believe that this enhances shareholder value by optimizing our portfolio and positioning Avino for sustained growth.

透過消除第三方義務，這降低了財務和營運的複雜性，從而增強了 Avino 的整體資產組合。我們相信，這將透過優化我們的投資組合和使 Avino 實現持續成長來提升股東價值。

Our third driver focuses on our disciplined approach to financial management and capital allocation. Avino achieved another quarter of strong financial performance, which is reflective of improved mill availability and consistent operational discipline demonstrated by our team. With record cash of $57 million and working capital of $51 million, our balance sheet continues to build strength. Nathan will provide a detailed overview of the financials later in the call.

我們的第三個驅動因素是我們在財務管理和資本配置方面採取的嚴謹方法。Avino 又一個季度取得了強勁的財務業績，這反映了工廠出貨率的提高以及我們團隊所展現出的持續營運紀律。公司現金餘額達到創紀錄的 5,700 萬美元，營運資金達 5,100 萬美元，資產負債表持續增強。Nathan 將在稍後的電話會議中提供財務方面的詳細概述。

Fourth, we remain committed to strategic exploration and drilling to unlock additional resource potential. In August, we reported results of four drill holes from La Preciosa, which were drilled to twin previous drilling. The assay results from the intercepts of La Gloria and Abundancia were very positive.

第四，我們將繼續致力於策略勘探和鑽探，以釋放更多資源潛力。8 月份，我們公佈了拉普雷西奧薩島四個鑽孔的鑽探結果，這些鑽孔是為了與先前的鑽孔進行配對而鑽探的。La Gloria 和 Abundancia 的截獲樣本的檢測結果非常正面。

Highlights include from hole 2503, 1,638 grams of silver and 1.92 grams of gold over 7.9 meters of true width. Included in that is 15,352 grams of silver and 1.55 grams of gold over 0.37 meters of true width. The intercept grades are significantly higher than the average grades outlined in our current resource, highlighting the potential we aim to capture by using underground mining methods.

亮點包括從 2503 號孔中，在 7.9 公尺的真實寬度內，發現了 1,638 克白銀和 1.92 克黃金。其中包括 15,352 克白銀和 1.55 克黃金，總寬度為 0.37 公尺。截獲礦石的品位明顯高於我們目前資源中概述的平均品位，這凸顯了我們旨在透過地下採礦方法獲得的潛力。

In addition, the larger widths encountered at both La Gloria and Abundancia were a welcome surprise, underscoring that there is still much to learn about the deposit despite the 1,500 drill holes and substantial exploration investment performed by previous operators. We just released a further four holes on October 27, which have also returned excellent grades. The full results for both news releases are on our website under the News Release tab.

此外，在 La Gloria 和 Abundancia 發現的較大寬度是一個令人欣喜的驚喜，這表明儘管之前的運營商進行了 1500 個鑽孔和大量的勘探投資，但對於該礦床仍有很多需要了解的地方。我們在 10 月 27 日又發布了四個球洞，這些球洞的評級也非常出色。兩份新聞稿的完整結果均可在本網站「新聞稿」欄位下查看。

Our final driver for the quarter reflects continued growth and strengthened market recognition. Avino was proud to be included in the Toronto Stock Exchange 2025 TSX30, distinguishing itself by ranking fifth among top-performing companies.

本季最後一個驅動因素反映了持續成長和市場認可度的提高。Avino 很榮幸入選多倫多證券交易所 2025 年 TSX30 指數，並在表現最佳的公司中排名第五，脫穎而出。

For the three years ended June 30, 2025, Avino's share price performance increased 610% and market capitalization increased 778%. In addition to this, Avino was added to the Market Vectors Junior Gold Miners Index and VanEck Junior Gold Miners ETF, GDXJ, effective market close on September 19, 2025. These achievements underscore the decisive steps we've taken to advance Avino's transformational growth strategy and reinforce the investment case for Avino.

截至 2025 年 6 月 30 日的三年內，Avino 的股價表現成長了 610%，市值成長了 778%。此外，Avino 於 2025 年 9 月 19 日收盤後被納入 Market Vectors Junior Gold Miners Index 和 VanEck Junior Gold Miners ETF (GDXJ)。這些成就凸顯了我們為推動 Avino 的轉型成長策略所採取的決定性步驟，並強化了對 Avino 的投資理由。

Moving to slide 6. We turn to Avino's Q2 2025 production results, which were released in mid-October, reflecting steady operational performance. Overall results continue to support the company's original production estimate of 2.5 million to 2.8 million silver equivalent ounces.

切換到第6張投影片。讓我們來看看 Avino 在 10 月中旬發布的 2025 年第二季生產業績，該業績反映了其穩定的營運表現。整體結果繼續支持該公司最初的產量預估，即 250 萬至 280 萬盎司白銀當量。

On slide 7, we put together various photos of recent development activity at La Preciosa. We are very pleased with the progress we are making. At this time, I will now hand it over to Nathan Harte, Avino's CFO, to present our record financial performance for Q3 2025. Nathan?

在第 7 張幻燈片中，我們匯總了 La Preciosa 近期發展活動的各種照片。我們對目前的進展非常滿意。現在，我將把發言權交給 Avino 的財務長 Nathan Harte，由他來介紹我們 2025 年第三季創紀錄的財務表現。內森？

Thank you, David. It is my pleasure to be presenting another quarter of strong financial and operating results to everyone who has joined us and is viewing our presentation today. Here on slide 8, we have an overview of our financial and operating highlights and improved balance sheet with the full table on the next slide.

謝謝你，大衛。我很高興向今天所有參加和觀看我們演示的各位介紹我們又一個季度強勁的財務和營運業績。第 8 張投影片概述了我們的財務和營運亮點以及改進的資產負債表，完整表格請見下一張投影片。

Our third quarter results demonstrated -- continue to demonstrate profitability and the ability to grow. We generated $21 million in revenues, up 44% from Q3 of last year and consistent with the last quarter, despite lower sliver equivalent ounces sold.

我們第三季的業績顯示——並繼續表明我們具備獲利能力和成長能力。儘管銀條當量盎司銷量有所下降，但我們仍實現了 2,100 萬美元的收入，比去年第三季度增長了 44%，與上一季持平。

Gross profit was just shy of $10 million and on a cash basis was $11.1 million after removing non-cash expenses. Gross profit margin was 47%, inclusive of the non-cash items. This was significantly improved from the 39% we saw in Q3 of last year; and on a cash basis, this margin was 53% compared to 45% in Q3 of last year.

毛利略低於 1,000 萬美元，扣除非現金支出後，現金利潤為 1,110 萬美元。毛利率為 47%，其中包括非現金項目。與去年第三季的 39% 相比，這一數字有了顯著提高；以現金計算，這一利潤率為 53%，而去年第三季為 45%。

Avino earned its highest ever quarterly profit with $7.7 million in net income after taxes or $0.05 per share in the third quarter. This was up significantly compared to Q3 of last year, where we earned $1.2 million or $0.01 per share.

Avino 第三季實現稅後淨收入 770 萬美元，即每股 0.05 美元，創下有史以來最高的季度利潤。與去年第三季相比，這一數字大幅成長，當時我們獲利 120 萬美元，即每股 0.01 美元。

Adjusted earnings were $11.6 million or $0.07 per share compared to $5 million or $0.04 per share in Q3 of last year, representing a significant improvement. Cash flow from operating activities and free cash flow both improved from Q3 of last year as well. We generated $8.3 million from operating activities or $0.05 per share, and free cash flow after all capital expenditures came in at $4.5 million.

經調整後的收益為 1,160 萬美元，即每股 0.07 美元，而去年第三季為 500 萬美元，即每股 0.04 美元，這代表著顯著的改善。經營活動產生的現金流和自由現金流均較去年第三季有所改善。我們從經營活動中獲得了 830 萬美元的收入，即每股 0.05 美元；扣除所有資本支出後，自由現金流為 450 萬美元。

Included in these capital expenditures were some development costs at La Preciosa for the third quarter. And on a stand-alone basis, free cash flow from Avino was $5.4 million. Our cash cost per silver equivalent ounce was $17.06, up 14% from Q3 last year. On an all-in basis, we came in at $24 per silver equivalent ounce sold, 9% higher than the third quarter of last year.

這些資本支出中包括 La Preciosa 第三季的部分開發成本。單獨來看，Avino 的自由現金流為 540 萬美元。我們每盎司白銀當量現金成本為 17.06 美元，比去年第三季上漲 14%。綜合來看，我們售出的白銀當量價格為每盎司 24 美元，比去年第三季高出 9%。

I will discuss the increase in per ounce cost in an upcoming slide and explain how the movement in silver price in relation to gold and copper prices during the third quarter did impact our silver equivalent ounces sold calculations and added to our cost per ounce figures.

我將在下一張投影片中討論每盎司成本的增加，並解釋第三季白銀價格相對於黃金和銅價格的走勢如何影響了我們白銀當量盎司的銷售計算，並增加了我們的每盎司成本。

Now on to the balance sheet. Our cash position was a record $57.3 million at the end of the quarter, it was up $20 million from last quarter and $30 million from the end of the year. Working capital increased by over $10 million in the quarter as a result of the increased cash offset by the deferred consideration on the royalty retirement transaction. Subsequent to the quarter end and as of today, our cash position is approximately $65 million.

接下來來看資產負債表。截至本季末，我們的現金餘額達到創紀錄的 5,730 萬美元，比上一季增加了 2,000 萬美元，比年底增加了 3,000 萬美元。由於現金增加，抵銷了特許權使用費退還交易的遞延對價，本季營運資金增加了 1,000 多萬美元。截至本季末，我們的現金儲備約為 6,500 萬美元。

With our improved balance sheet and La Preciosa moving forward, Avino is in its most stable financial position in its 57-year history. With no debt, excluding operating equipment and the deferred consideration payable, we continue to be well positioned to execute on our five year organic growth plan and are continuing with the reviews for accelerating the time line of these plans.

隨著資產負債表的改善和 La Preciosa 專案的推進，Avino 處於其 57 年歷史上最穩定的財務狀況。除營運設備和遞延對價應付外，我們沒有債務，因此我們仍然處於良好的狀態，可以執行我們的五年有機成長計劃，並且正在繼續審查以加快這些計劃的時間表。

With La Preciosa now processing in our Mill Circuit 1 at between 200 tonnes and 250 tonnes per day, we're excited for 2026, as we embark on the transition to being a multi-asset producer with the synergies of one centralized milling location.

La Preciosa 目前在我們 1 號磨粉廠每天加工 200 噸至 250 噸咖啡豆，我們對 2026 年充滿期待，因為我們將開始向多資產生產商轉型，利用一個集中式磨粉廠的協同效應。

Turning over to slide 9, we see some other financial metrics and the significant increases compared to Q3 and year-to-date amounts in 2024. Just wanted to highlight again the per share metrics where we see $0.05 earned on a cash flow basis, $0.07 earned on an adjusted earnings basis and free cash flow generated again was $5.4 million, excluding just under $1 million spent on La Preciosa.

翻到第 9 張投影片，我們可以看到一些其他的財務指標，以及與 2024 年第三季和年初至今的金額相比的顯著增長。我想再次強調每股指標，其中以現金流計算為 0.05 美元，按調整後收益計算為 0.07 美元，產生的自由現金流為 540 萬美元，不包括在 La Preciosa 上花費的近 100 萬美元。

Here on slide 10, you can see our cost per ounce figures did increase when compared to Q3 of last year as well as last quarter, coming in again at $17.09 per silver equivalent payable ounce. For the year-to-date cash costs were $14.95, 3% lower than the first nine months of last year.

從第 10 張投影片可以看出，與去年第三季以及上一季相比，我們的每盎司成本確實有所增加，再次達到每盎司白銀當量應付價格 17.09 美元。今年迄今的現金成本為 14.95 美元，比去年同期下降了 3%。

As I mentioned before, I do want to highlight that the movement in silver price did have an impact on our silver equivalent payable ounces calculation and that did also impact our cost per ounce figures. Using the prices from our forecast at the beginning of 2025 of $30 per ounce silver, $2,700 per ounce gold and $9,200 per ounce -- per tonne copper, our cash cost per ounce for the third quarter and year-to-date would have been $15.88 and $14.56, respectively, which is in line with our expectations that we set out at the beginning of the year.

正如我之前提到的，我想強調的是，白銀價格的波動確實影響了我們計算的白銀當量應付盎司數，這也影響了我們的每盎司成本數據。根據我們 2025 年初的預測，白銀價格為每盎司 30 美元，黃金價格為每盎司 2700 美元，銅價格為每盎司 9,200 美元，那麼我們第三季和年初至今的每盎司現金成本分別為 15.88 美元和 14.56 美元，這與我們年初至今的每盎司現金成本分別為 15.88 美元和 14.56 美元，這與我們年初至今的每盎司現金成本分別為 15.88 美元和 14.56 美元，這與我們年初至今的每盎司現金成本分別為 15.88 美元和 14.56 美元，這與我們年初至今的每盎司現金成本分別為 15.88 美元和 14.56 美元，這與我們年初至今的每盎司現金成本分別為 15.88 美元和 14.56 美元，這與我們年初至今的預期一致。

On an all-in sustaining cost basis, our third quarter costs were $24.06 per silver equivalent ounce, up 9% from Q3 of last year. Year-to-date, the costs were $21.64 per ounce, which were very similar to the first nine months of 2024.

以全部維持成本計算，我們第三季的成本為每盎司白銀當量 24.06 美元，比去年第三季成長 9%。今年迄今為止，每盎司的成本為 21.64 美元，與 2024 年前九個月的成本非常相似。

Again, highlighting the silver price impact on these figures. Using the same method, our all-in sustaining cost per silver equivalent payable ounce was $22.36 for the third quarter and is fairly consistent with Q3 of last year. The year-to-date figure would be $21.08, which would have been 2% lower than last year.

再次強調白銀價格對這些數據的影響。採用同樣的方法，我們第三季每盎司白銀當量應付成本為 22.36 美元，與去年第三季基本一致。今年迄今的數字為 21.08 美元，比去年同期下降了 2%。

As we manage the first stage of growth, we are pleased that our cost structure continues to remain intact even with the increased activity arising from bringing a second mine online. We look forward to further economies of scale, as La Preciosa is now in production and it continues to contribute to our overall production profile.

在管理成長的第一階段之際，我們很高興地看到，即使隨著第二個礦山的投產，業務量增加，我們的成本結構仍然保持不變。我們期待進一步實現規模經濟效益，因為 La Preciosa 目前已投入生產，並將繼續為我們的整體生產狀況做出貢獻。

Coming to slide 11, you can see our cost per tonne processed for the quarter and year-to-date continue to remain consistent, further reinforcing the points made on the last slide. Cost per tonne processed on a cash basis was $53.18, down 2% compared to Q3 of last year.

來到第 11 張投影片，您可以看到我們本季和年初至今的每噸加工成本持續保持穩定，進一步印證了上一張投影片中提出的觀點。以現金計算，每噸加工成本為 53.18 美元，比去年第三季下降 2%。

On the year-to-date figures, we came in 8% lower than the comparable period as a result of better mill availability and solid mining rates. On the all-in side for the quarter, a very similar story with a 3% reduction per tonne processed for the quarter and 7% reduction overall on the year-to-date figure. Our cost per tonne remains extremely competitive for an underground operation.

由於選礦廠出貨量增加和採礦速度加快，今年迄今的業績比去年同期下降了 8%。從本季整體來看，情況也十分相似，本季每噸加工量下降了 3%，年初至今的總產量下降了 7%。對於地下作業而言，我們的每噸成本仍然極具競爭力。

As shown by our profit margins, our cost structure continues to remain intact. We are poised to take advantage of the increased metal price environment, as we make the transition to being a multi-asset producer.

從我們的利潤率可以看出，我們的成本結構仍然保持不變。隨著我們向多元化資產生產商轉型，我們將充分利用金屬價格上漲的有利環境。

As we touched on last quarter, tariff discussions continue to put uncertainty in the currencies in which we operate in and reducing our risk associated with costs has been top of mind over the year. There are no direct significant impacts to our operations from these tariffs. However, we are subject to movements between the US dollar and the Mexican peso.

正如我們上個季度所提到的，關稅談判持續為我們的經營貨幣帶來不確定性，降低與成本相關的風險一直是今年以來我們最關心的問題。這些關稅不會對我們的營運產生直接的重大影響。但是，我們會受到美元和墨西哥比索之間匯率波動的影響。

Our hedging program for the Mexican peso impacted the bottom line positively by about $1 million, as we had made USD to Mexican peso hedges earlier in the year and at the end of 2024 to protect our budget. We also currently have a $1 million, $1.5 million derivative asset on our balance sheet, which represents the mark-to-market balance at the end of the quarter, as most of our hedges are still well in the money even after realizing $1 million in foreign exchange gain in the quarter.

我們的墨西哥比索對沖計劃對最終利潤產生了約 100 萬美元的積極影響，因為我們在今年早些時候和 2024 年底進行了美元兌墨西哥比索的對沖，以保護我們的預算。目前，我們的資產負債表上還有 100 萬美元和 150 萬美元的衍生資產，這代表了季度末的市值餘額，因為即使在本季度實現了 100 萬美元的外匯收益之後，我們的大部分對沖交易仍然處於盈利狀態。

And with that, I'll turn it over to Jennifer North, Head of Investor Relations, for an overview of our recent ESG and CSR initiatives.

接下來，我將把發言權交給投資者關係主管珍妮佛諾斯，讓她概述我們最近的 ESG 和 CSR 舉措。

Thank you, Nathan. Please follow along to slide 12 for an update of our ESG/CSR initiatives. Avino follows the ESG standards and aligns with the United Nations sustainable development goals, or the SDGs. Avino's efforts throughout the quarter contributed to progress on multiple SDGs, reflecting our ongoing commitment to responsible and sustainable development.

謝謝你，內森。請翻到第 12 頁，了解我們 ESG/CSR 措施的最新進展。Avino 遵循 ESG 標準，並與聯合國永續發展目標（SDGs）保持一致。Avino 在本季度所做的努力為多個永續發展目標的實現做出了貢獻，這體現了我們對負責任和永續發展的持續承諾。

During the third quarter, the CSR teams led the following strategic projects in the communities: Several school graduation sponsorships, donations of scrap material for further use in the communities, road maintenance and rehabilitation, delivery of low-cost water tanks and cisterns, organized and sponsored a second health fair that was held in the communities offering free access to specialized medical services and preventative care.

第三季度，企業社會責任團隊在社區開展了以下策略計畫：贊助多所學校的畢業典禮，捐贈廢棄物供社區進一步利用，道路維護和修復，提供低成本水箱和蓄水池，組織並贊助了在社區舉辦的第二次健康博覽會，提供免費的專業醫療服務和預防保健。

This event was coordinated with the state government, civil associations, medical units and volunteers providing much needed care and services. This initiative reaffirms Avino's commitment to health equity as a fundamental right, particularly in rural areas where access to medical services is limited.

本次活動由州政府、民間團體、醫療單位和志工共同協調組織，為民眾提供急需的照護和服務。這項措施重申了 Avino 對健康公平作為一項基本權利的承諾，尤其是在醫療服務取得有限的農村地區。

Mining and historic -- sorry, mining and history museum project in Durango, a promotional video was produced and historical photographs were selected to be exhibited as part of Avino's display in the museum. This project is approaching the final delivery stage of materials for the exhibition.

在杜蘭戈的採礦和歷史博物館項目中，製作了一段宣傳視頻，並挑選了一些歷史照片作為 Avino 在博物館的展覽的一部分進行展出。該項目已接近展覽材料交付的最後階段。

A new subsidized access program for construction materials, cement, mortar, roofing sheets and school footwear was introduced, facilitating access for interested families. Avino participated in an employment fair, providing 50 individual consultations to share information about the company and receive job applications from interested people.

一項針對建築材料、水泥、砂漿、屋頂板和校鞋的新補貼計劃出台，方便了有興趣的家庭獲得這些物資。Avino參加了一場招聘會，提供了50次一對一諮詢，向有興趣的人介紹公司資訊並接收求職申請。

Avino continued developing activities focused on strengthening community ties, improving basic infrastructure, facilitating access to social support programs and supporting long-term institutional and strategic projects.

Avino 繼續開展以加強社區聯繫、改善基礎設施、促進獲得社會支持計劃以及支持長期機構和戰略項目為重點的活動。

Our CSR teams continue to do phenomenal work, and we're excited to share these initiatives with our shareholders as a reflection of how we're creating meaningful impact beyond our operations. I will now turn it back over to David to continue with the presentation providing our activities for the coming quarter. David?

我們的企業社會責任團隊持續做出卓越的貢獻，我們很高興與股東分享這些舉措，以體現我們如何在業務運營之外創造有意義的影響。現在我將把發言權交還給大衛，讓他繼續介紹我們下一季的活動。大衛？

Thanks, Jen. Moving to slide 13. Summarizing our current and upcoming activities, I mentioned earlier, our focus on strategic exploration and drilling to realize the full potential of our resource base. This includes our recent commitment to AI integration, which is designed to improve data analysis, target generation and overall exploration efficiency. With the support of VRIFY's AI software, almost 6 gigabytes of data was compiled for analysis.

謝謝你，珍。切換到第13張投影片。總結我們目前和即將開展的活動，正如我之前提到的，我們專注於策略勘探和鑽探，以充分發揮我們資源基礎的潛力。這包括我們近期對人工智慧整合的投入，旨在提高數據分析、目標產生和整體勘探效率。借助 VRIFY 的 AI 軟體，我們收集了近 6 GB 的數據進行分析。

Using the data, VRIFY generated 211 additional feature engineered data layers, including rock and soil geochemistry maps, vein and fault distant grids, strike field maps, lineaments, density and complexity maps. This is exciting technology, and we are looking forward to the implementation of future drill programs at Avino and La Preciosa.

利用這些數據，VRIFY 產生了 211 個額外的特徵工程資料層，包括岩石和土壤地球化學圖、脈體和斷層遠距離網格、走向場圖、線性構造、密度和複雜性圖。這項技術令人振奮，我們期待在阿維諾和拉普雷西奧薩實施未來的鑽探計劃。

Over to slide 14. At Avino, the 2025 drilling commenced in April with the program consisting of nine planned holes from surface with six now completed. The objective of the ET area drill program is twofold: one, to test the down dip extension of the system below the current lowest mining level and as well as to test the extension of the system along strike to the west.

請看第14張投影片。在 Avino，2025 年鑽探計畫於 4 月開始，該計畫包括從地表鑽探 9 個孔，目前已完成 6 個孔。ET 區域鑽探計畫的目標有兩個：一是測試該系統向下傾斜延伸到目前最低採礦水準以下的情況，二是測試該系統沿走向向西延伸的情況。

The Avino vein remains open at depth and along strike and earlier results have shown comparable grades and widths to those currently being mined. Drilling continues with over 3,500 meters drilled to date. The latest results will be publicized when the assays have been received and all data has been verified.

阿維諾礦脈在深處和走向上仍然開放，早期的勘探結果表明，其品位和寬度與目前正在開採的礦脈相當。鑽探工作仍在繼續，迄今已鑽探超過3500公尺。待檢測結果送達且所有資料核實無誤後，我們將公佈最新結果。

At Avino, we are currently mining and hauling from level 12.5 at Elena Tolosa; and as just mentioned, exploration drilling is ongoing on the Avino vein below the ET mine. Over at La Preciosa, a second surface drill was deployed at La Preciosa to confirm prior drill results from previous operators to improve the understanding of grade zonation close to the scheduled mining areas near the ramp.

在 Avino，我們目前正在 Elena Tolosa 的 12.5 層進行採礦和運輸；正如剛才所提到的，ET 礦場下方的 Avino 礦脈的勘探鑽探工作正在進行中。在 La Preciosa，第二台地面鑽機被部署在 La Preciosa，以確認先前營運商的鑽探結果，從而更好地了解斜坡附近預定採礦區域的品位分區情況。

Earlier drill core from previous operators were extensively utilized to provide sample data for earlier technical reports, so remaining samples were limited. Drilling information will be utilized in underground mine planning, 3D modeling as well as an update to the resource estimate that is due Q1 2026.

先前營運商的早期鑽孔岩心被廣泛用於為早期的技術報告提供樣本數據，因此剩餘的樣本有限。鑽探資訊將用於地下礦場規劃、3D建模以及2026年第一季即將發布的資源估算更新。

In addition, Avino is planning on releasing its first mineral reserve estimate at the same time. As outlined on slide 15, I'd like to highlight the company's growth strategy. Within a 20-kilometer footprint, we have three key assets, including our operating mill complex, which currently processes material from Avino mine. We also have access to water, power and tailing storage, critical infrastructure that supports our ability to expand production efficiently.

此外，Avino也計劃同時發布其首個礦產儲量估算報告。如投影片 15 所述，我想重點介紹公司的成長策略。在方圓 20 公里的範圍內，我們擁有三項關鍵資產，其中包括我們正在營運的選礦廠，目前正在處理來自 Avino 礦場的物料。我們還擁有水、電和尾礦庫等關鍵基礎設施，這些基礎設施支持我們有效地擴大生產規模。

Collectively, our assets host 277 million silver equivalent ounces in measured and indicated mineral resources and an additional 94 million silver equivalent ounces in inferred mineral resources, providing a strong foundation for future production growth.

我們的資產合計擁有 2.77 億盎司白銀當量已探明和指示的礦產資源，以及 9,400 萬盎司白銀當量的推斷礦產資源，為未來的生產成長奠定了堅實的基礎。

As you can see on this slide, our goal is to scale up by 2029 through production from these three assets. Leveraging our existing assets and resources, we are well positioned to execute our growth plans efficiently and effectively.

正如您在這張投影片中所看到的，我們的目標是到 2029 年透過這三項資產的生產實現規模化。憑藉我們現有的資產和資源，我們完全有能力有效率、有效地執行我們的成長計劃。

We concluded the quarter with more record-breaking financial metrics, which reflect the strength of our strategy and dedication of our team, both which drive our success as we pursue the next phase of growth. On behalf of leadership, thank you to our entire team for your efforts and contributions.

本季末，我們取得了更多破紀錄的財務指標，這反映了我們策略的實力和團隊的奉獻精神，這兩點都推動著我們走向下一個成長階段並取得成功。我謹代表領導階層，感謝全體團隊成員的努力與貢獻。

We appreciate the continued confidence of our shareholders. With a clear vision and disciplined approach, we are confident that long-term shareholders will be well positioned to share in the success we are working hard to achieve.

我們感謝股東們一直以來的信任。憑藉著清晰的願景和嚴謹的方法，我們相信長期股東將能夠分享我們努力實現的成功。

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

現在我們想把通話轉入問答環節。操作員？

(Operator Instructions)

（操作說明）

Jake Sekelsky, Alliance Global Partners.

Jake Sekelsky，Alliance Global Partners。

Hey, David, Nathan, and team, thanks for taking my questions.

嗨，David、Nathan和團隊，謝謝你們回答我的問題。

Hey, Jake.

嘿，傑克。

So just at La Preciosa, you mentioned that fresh ore is now being processed at Circuit 1. Can you just remind us what the targeted throughput rate is there from La Preciosa over the next few quarters and what that ramp looks like?

所以，就在 La Preciosa，您提到現在 1 號迴路正在處理新鮮的礦石。您能否提醒我們一下，La Preciosa 工廠未來幾季的目標吞吐量是多少，以及產能提升的具體情況？

Yeah, Jake. Hi, this is Peter here. So we're starting at one circuit, Circuit 1. If you recall, we have four independent circuits there at site and we are just filling one circuit and we'll be ramping up to filling two circuits, the two smaller circuits next year.

是的，傑克。大家好，我是彼得。所以我們從一個電路開始，電路 1。如果你還記得的話，我們現場有四個獨立的電路，我們目前只填滿了一個電路，明年我們將逐步填滿另外兩個電路，也就是兩個較小的電路。

Got it. Okay. And I guess, are there any specific levers you think you might be able to pull here over the next quarter or two that might accelerate those plans?

知道了。好的。那麼，您認為在接下來的一個季度或兩個季度裡，有哪些具體的措施可以加快這些計畫的實施？

Yeah, Jake, Nathan here. I think we've been messaging to the market kind of all year and before is that we want to start with Circuit 1, make sure we've got enough tonnage to get ahead of the mill for a little while to make sure we don't have to do any start and stopping and then try and run -- with the goal of running Circuit 1 and Circuit 2 for pretty much the entirety of 2026.

是的，傑克，我是內森。我認為我們今年以來一直在向市場傳達的信息是，我們希望從第一階段開始，確保我們有足夠的噸位來領先於工廠一段時間，以確保我們不必進行任何啟動和停止，然後再嘗試運行——目標是在 2026 年幾乎全年運行第一階段和第二階段。

So for now, we're just going to start with Circuit 1, and then we're continuing a lot of development, which I think we've alluded to a few times, we're developing in four different areas right now. So yeah, the goal is really just one circuit for the rest of the quarter and then into 2026 will be two circuits.

所以目前，我們先從電路 1 開始，然後我們將繼續進行大量的開發工作，我想我們已經多次提到過，我們目前正在四個不同的領域進行開發。所以，是的，本季剩餘時間的目標就是建造一個電路，然後到 2026 年將建造兩個電路。

Got it. Okay, that's helpful. That's all for me. Thanks again.

知道了。好的，這很有幫助。我就說這些了。再次感謝。

Thanks.

謝謝。

Heiko Ihle, H.C. Wainwright.

海科·伊勒，H.C. 溫賴特。

Hi, David, team. Thanks for taking my questions here.

嗨，David，團隊成員們。感謝您回答我的問題。

Good morning.

早安.

Excited to hear at La Preciosa ore getting processed. And obviously, I was at the site last week, it was really nice to be there. But given the strong potential of La Preciosa, can you give a bit of color on what you're seeing with the drilling there versus your prior expectations? I think it'd be helpful to just see like not just as it pertains to grades, but also how you're advancing versus your expectations, rock stability, all that kind of stuff?

很高興聽到拉普雷西奧薩礦石正在加工的消息。顯然，我上週去過現場，在那裡感覺真的很好。但鑑於拉普雷西奧薩油田的巨大潛力，您能否就目前鑽探的情況與您先前的預期有何不同，做一些說明？我覺得不僅要看成績，還要看你的進步與預期之間的差距、岩壁的穩定性等等，這些都會很有幫助？

Yeah. Sure, Heiko. Obviously, we put out those drill results, those eight holes and some of those are very significant and high grade. So what we're seeing is kind of that -- and there's a great slide in it, but we really see some hotspots in the deposit. And that's kind of what we knew or kind of what we expected, and that's exactly what we're seeing.

是的。當然，海子。顯然，我們公佈了那些鑽探結果，那八個孔，其中一些結果非常重要，而且品位很高。所以我們看到的情況就是這樣——雖然其中有一個很大的滑坡，但我們確實看到礦床中存在一些熱點。這和我們之前所知道的或預料到的情況差不多，而現在我們看到的也正是如此。

Also, when it comes to the width, this deposit does pinch and swell. So we're seeing some significant improvements in width in some areas, but that is going to be quite variable. So intervals of beyond 5 meters, which are a typical mining width is what we've seen in some of those drill holes. So that's really positive news.

此外，就寬度而言，該沉積物確實會收縮和膨脹。因此，我們看到某些地區的寬度有了顯著改善，但這會因地區而異。因此，我們在一些鑽孔中看到的間隔超過了 5 米，而 5 米是典型的採礦寬度。這真是個好消息。

With regards to ground support. This is -- we're still pretty high up in the system. So there is some oxidation, which does require a little bit more ground support, but that's something, once again, that we kind of expected, and we do expect that to decrease as we go further and deeper into the mine.

關於地面支援方面。這意味著——我們在系統中仍然處於相當高的位置。所以存在一些氧化現象，這確實需要更多的地面支撐，但這再次是我們預料之中的，而且我們預計隨著我們深入礦井，這種情況會減少。

Cool. Nate, hey, earlier on this call, you mentioned accelerating some longer-term plans. I mean this got me a bit curious, what exactly could be accelerated? You have obviously the balance sheet to do it right now, but how much would it all cost?

涼爽的。內特，嘿，在之前的通話中，你提到要加快一些長期計劃的實施。這讓我有點好奇，究竟是什麼可以被加速呢？你們顯然有能力現在就這麼做，但這一切需要花多少錢呢？

Yeah. I mean hard to put a number on it right now because the plan -- there's no final plans or anything. Obviously, judging by our balance sheet, you can tell that we have a lot of flexibility moving forward. So we're just undertaking some internal studies that if we get into a position where they get a little more further down the path, we will go public with.

是的。我的意思是，現在很難給出一個確切的數字，因為計劃——還沒有最終計劃之類的東西。顯然，從我們的資產負債表來看，可以看出我們未來發展有很大的彈性。所以我們正在進行一些內部研究，如果研究進展順利，我們就會對外公佈。

But for now, it's -- we're just entertaining on a number of expansion opportunities either at the Avino Mill or potentially some other opportunities on both sides. That's essentially it for now. I can't really put a number on it.

但就目前而言，我們只是在考慮一些擴建機會，無論是在 Avino Mill 還是雙方的其他一些機會。目前基本上就這些了。我真的無法給出一個確切的數字。

I'll phrase the question differently then. What kind of number would you be willing to spend given your current balance sheet?

那我換個方式問。鑑於您目前的財務狀況，您願意投入多少資金？

We've been pretty disciplined, and it's nice to be in the position we're in. And we do expect to continue to generate pretty solid cash flow quarter-over-quarter, especially as La Preciosa ramps up. So I think we're going to continue to be disciplined in that approach. But if the right expansion opportunity is there and the IRR is there, then we will definitely go forward with it. Again, I don't want to put a number, again, on the call, but we can chat about it later, if you want, Heiko.

我們一直都很自律，很高興能取得現在這樣的成績。我們預計，隨著 La Preciosa 的產能提升，我們將繼續實現相當穩健的季度現金流。所以我認為我們會繼續堅持這種嚴謹的方法。但如果存在合適的擴張機會和內部報酬率，那麼我們一定會推進。我不想在通話中透露具體號碼，但如果你想的話，我們可以稍後再聊，海科。

Heiko, just to reiterate, we've been laser-focused on developing La Preciosa and bringing it into production. So that's where we're focusing the majority of our energies as far as execution is concerned. And as Nathan mentioned, there is in the background doing some additional optimization studies.

海科，我再重申一遍，我們一直全力以赴地開發 La Preciosa 並將其投入生產。所以，在執行方面，我們把大部分精力都集中在了這方面。正如 Nathan 所提到的，幕後還有一些額外的優化研究正在進行中。

Fair enough. Cool. And then one really quick one for Nate. You had a nice FX gain in the past quarter. What are you seeing in Q4 so far that given in a week we'll be halfway through the Q4?

很公平。涼爽的。然後，給內特一個簡短的提問。上個季度你的外匯收益不錯。鑑於一周後第四季就過半，您目前對第四季的情況有何看法？

Sorry, can you repeat the first part, Heiko, I think I just missed that.

抱歉，海科，你能再說一次第一部分嗎？我好像沒聽清楚。

Yeah, no worries. Yeah, you had a really good FX gain in Q3, what were you seeing in Q4 so far?

沒事的。是的，你們第三季的外匯收益非常可觀，那麼第四季目前為止情況如何？

Sorry, again, I'm not quite sure I understand X, I can't hear it maybe.

抱歉，我還是不太明白X的意思，可能是我聽不見。

Foreign exchange, foreign exchange, you made like $1 million --

外匯交易，外匯交易，你賺了100萬美元——

Yeah. So that's -- thanks for highlighting that. And we did try and highlight that a little bit on the call. But we did -- when we put together a 2025 budget, we did some hedging on a portion between the peso and USD just to protect our cost structure. But yeah, we got about $1 million in income from that.

是的。所以——謝謝你指出這一點。我們在電話會議上也盡量強調了這一點。但我們確實這麼做了——在製定 2025 年預算時，我們對比索和美元之間的部分匯率進行了一些對沖，以保護我們的成本結構。是的，我們從中獲得了約100萬美元的收入。

And as well, we still have a fairly sizable derivative asset on the balance sheet that will start getting realized in the fourth quarter and into Q1 of next year as well. But we've got a lot of hedges that are in the money that now we started to top up, and we're getting closer to where spot is over the last few months. But yeah, moving forward, we should continue to see some more benefits from those over the next six months.

此外，我們的資產負債表上還有相當可觀的衍生資產，這些資產將在第四季開始變現，並延續到明年第一季。但我們有很多對沖頭寸都處於盈利狀態，現在我們開始追加投資，並且在過去幾個月裡，我們越來越接近現貨價格。是的，展望未來，在接下來的六個月裡，我們應該會繼續看到這些措施帶來更多的好處。

Perfect. I'll step back in the queue, and get back in line.

完美的。我重新回到隊伍裡，再排一次。

Thank you.

謝謝。

Joseph Reagor, ROTH Capital Partners.

Joseph Reagor，ROTH Capital Partners。

Hey, David and team. Thanks for taking my questions as well. I guess on La Preciosa, two questions there. One, Nate, this is probably one for you. From an accounting standpoint, at what point or what factors will make you reach this point where you'll begin to report it as commercial production as opposed to like a CapEx offset?

嗨，David 和團隊。感謝您耐心解答我的問題。我想關於拉普雷西奧薩島，有兩個問題。第一，內特，這或許很適合你。從會計角度來看，在什麼情況下或哪些因素會導致你開始將其作為商業生產而非資本支出抵銷進行報告？

Yeah. So that's a pretty good question. So that -- the standard of that's kind of changed, like you will -- under IFRS, so which we report on based on the Canadian standards, international standards, I guess. So we will be reporting revenue offset with costs of sales as soon as we start selling, so you don't really -- not like previously, I know with the Avino Mine, probably about eight or nine years back. So no, that will be -- we'll be presenting that separately in the MD&A as well to -- as soon as we can and then everything will be attributable to cost of sales.

是的。這確實是個好問題。所以——這個標準已經發生了一些變化，就像你會看到的——根據國際財務報告準則（IFRS），我們根據加拿大標準和國際標準進行報告。因此，一旦開始銷售，我們將報告收入與銷售成本的抵銷情況，所以你實際上——不像以前那樣，我知道阿維諾礦的情況，大概是八、九年前。所以，不，我們會在管理層討論與分析中單獨列出這一點，我們會盡快這樣做，然後所有費用都將計入銷售成本。

Okay. So immediately. And then on the actual mine plan there, when will we get kind of an official either financial study or guidance or both from you guys as far as tonnes, grade, recovery rate expectations, et cetera?

好的。立即行動。那麼關於實際的礦山計劃，我們什麼時候才能從你們那裡得到一份正式的財務研究報告或指導意見，或者兩者都有，比如噸位、品位、回收率預期等等？

So I'll let Peter probably handle the study part of that. But yeah, we are moving forward with that. And on the financial side, we will be putting out guidance for 2026 that includes both. And then on public studies, I'll pass it over to Peter.

所以，學習方面的工作大概就交給彼得負責吧。是的，我們正在推進這項工作。在財務方面，我們將發布包含這兩方面的 2026 年業績指引。至於公共研究方面，我將交給彼得回答。

Yeah. No, we'll be looking at putting out reserves next year, I think David mentioned that in the call. That's something we're focused on, so we will have an idea of grades and recoveries and that sort of thing in that study.

是的。不，我們明年會考慮動用儲備金，我想大衛在電話會議中提到過這一點。這是我們關注的重點，所以我們會在那項研究中了解成績、恢復情況等等。

We won't require, just being a producing issuer, to issue any sort of financial results. That's one of the requirements from Section 22 of the technical report that's not required to issue, but we will have everything else in that report.

我們作為發行人，無需發布任何財務業績報告。這是技術報告第 22 節中的一項要求，雖然不需要發布，但報告中將包含其他所有內容。

Okay. Alright. Thanks. I'll turn it over.

好的。好吧。謝謝。我把它翻過來。

Thanks, Jeff.

謝謝你，傑夫。

Chen Lin, Lin Asset Management.

陳琳，林資產管理公司。

Hi, thank you. Thank you for taking my questions. A great year, guys, congratulations for this; job well done.

您好，謝謝。謝謝您回答我的問題。夥計們，今年太棒了，祝賀你們；幹得好！

Thank you.

謝謝。

Yeah. Many of my questions has been answered. I just want to just drill down on La Preciosa. What is the limiting factor, the development or the mill or to limit -- and what do you see the maximum tonnage per day, you can go through process -- mine and process from La Preciosa for the next --

是的。我的很多疑問都得到了解答。我只想深入了解拉普雷西奧薩島。限制因素是什麼？是開發還是選礦廠，或是其他限制因素？您認為從拉普雷西奧薩礦開採和加工，每天的最大噸位是多少？--

Yeah. Thanks, Chen. Thanks for your question. This is Peter here. So the mill is limited to 2,500 tonnes per day within those four circuits, those two smaller circuits of 250 tonnes each and then two larger circuits of 1,000 tonnes each.

是的。謝謝陳。謝謝你的提問。這是彼得。因此，該磨機每天的產量被限制在 2500 噸，分為四個迴路，其中兩個較小的迴路每個迴路產量為 250 噸，另外兩個較大的迴路每個迴路產量為 1000 噸。

And so we are contemplating an expansion of the mill as well. But we're trying to match, obviously, the mining rate and the milling rate. And as we've just gotten into La Preciosa in the last couple of months here, this is -- we've done -- we're ahead of schedule as far as development is concerned. But it's understanding how the rock behaves and the mining rate that we can achieve on a consistent basis before we ramp that up. So that's really what we're doing and keeping in mind that we want to match that mining throughput and mill throughput.

因此，我們也正在考慮擴建工廠。但很顯然，我們正在努力使採礦速度和選礦速度相符。在過去的幾個月裡，我們才剛進入 La Preciosa 項目，就開發而言，我們已經超前於計劃。但是，在加強開採力度之前，我們需要先了解岩石的特性以及我們可以持續達到的開採速度。所以，這就是我們正在做的事情，並且要記住，我們希望採礦吞吐量和選礦吞吐量相匹配。

Right. Do you have any -- well, what's the mining limit? Do you have some idea now with two circuits supposedly?

正確的。你們有——嗯，挖礦上限是多少？現在你對這兩個電路有什麼想法嗎？

Yeah. I mean the goal is to ramp to the -- using the two small circuits as of next year, as I think Nathan mentioned earlier with the question. And then there are plans that we could potentially fill the entire circuit with La Preciosa.

是的。我的意思是，目標是從明年開始逐步增加——使用這兩個小型電路，正如我認為 Nathan 之前在問題中提到的那樣。還有計劃是讓 La Preciosa 填滿整個賽道。

It's in our long-term mine plan, but we're going to look to shrink that.

雖然它在我們長期的礦業規劃中，但我們將努力縮小其規模。

Okay. Entire circuit, so I mean entire 1,000 tonnes per day, you are talking about.

好的。整個迴路，也就是你所說的每天1000噸的整個迴路。

No, 2,500 tonnes. So we're looking -- yeah, long term, there is the ability to get up to 2,500 tonnes just at La Preciosa, but as we've all kind of been alluding to, we're looking at expansion plans where we can produce from both assets at a higher rate.

不，是2500噸。所以我們正在考慮——是的，從長遠來看，僅拉普雷西奧薩油田就有能力達到 2500 噸的產量，但正如我們一直在暗示的那樣，我們正在考慮擴建計劃，以便能夠以更高的速度從這兩個油田生產。

Right. And it seems to be La Preciosa the grade is, it seems to be much higher --

正確的。看來La Preciosa的評分要高得多。--

Yeah, I can speak to that. So the previous operators drilled approximately 0.5 million meters, 1,500 drill holes, but most of that was on Martha. So there's a lot of potential infill drilling and expansion drilling on La Gloria and Abundancia and some other near surface veins that we're going to go after next year.

是的，我對此深有體會。因此，先前的作業者鑽探了大約 50 萬米，1500 個鑽孔，但其中大部分是在瑪莎上。因此，明年我們將對 La Gloria 和 Abundancia 以及其他一些近地表礦脈進行大量的加密鑽探和擴鑽。

Okay. Great. Thank you. Finally, what's like the permit you have on La Preciosa? What's the maximum you can pull the ore out of La Preciosa from --

好的。偉大的。謝謝。最後，您在拉普雷西奧薩島獲得的許可證是什麼樣的？從拉普雷西奧薩礦場最多能開採出多少礦石？--

The permit isn't restricted by the throughput to pull out of the mine.

許可證並未限制從礦山提取礦石的吞吐量。

And we've tasked our engineers to look at further expansion, underground development for next year. So we're heading to site in a few weeks for budgeting season. I'm sure we're going to be dealing with that. And so we'll make that public once we have it.

我們已責成工程師研究明年進一步擴建和地下開發方案。所以，幾週後我們就要去現場進行預算編制了。我相信我們肯定會遇到這個問題。所以一旦有了結果，我們就會對外公佈。

Okay. Great. Thank you. Congratulations, again.

好的。偉大的。謝謝。再次恭喜。

Thank you.

謝謝。

Thanks, Chen.

謝謝陳。

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

（操作員指示）問答環節到此結束，現在我將把電話交給大衛‧沃爾芬，請他作總結發言。

Thank you. With another strong quarter behind us, which included excellent operational performance, a very healthy cash position, an additional quarter of cash of over $57 million and working capital of $51 million, Avino is well positioned to capitalize on the positive market trends in the precious metals sector. We are focused and on track to deliver sustainable growth and long-term value for all stakeholders and shareholders.

謝謝。又一個強勁的季度過去了，其中包括出色的營運表現、非常健康的現金狀況、超過 5700 萬美元的額外現金以及 5100 萬美元的營運資金，Avino 已做好充分準備，把握貴金屬行業的積極市場趨勢。我們正集中精力，朝著為所有利害關係人和股東實現永續成長和長期價值的目標穩步前進。

Thank you for joining the Avino Q3 call today. Have a nice day.

感謝您今天參加 Avino 第三季電話會議。祝你今天過得愉快。

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，您可以斷開線路了。感謝您的參與。