Coeur Mining Inc (CDE) 2023 Q3 法說會逐字稿

Good day, and welcome to the Coeur Mining Third Quarter 2023 Financial Results Conference Call. (Operator Instructions) Please note this event is being recorded.

美好的一天，歡迎參加 Coeur Mining 2023 年第三季財務業績電話會議。 （操作員說明）請注意此事件正在被記錄。

I would now like to turn the conference over to Mitch Krebs, President and CEO. Please go ahead.

現在我想將會議交給總裁兼執行長米奇·克雷布斯 (Mitch Krebs)。請繼續。

Good day, everyone, and thanks for joining our third quarter 2023 earnings call. Before getting underway, please note our cautionary language on forward-looking statements in today's slide deck and refer to our SEC filings on our website. I'll kick off with a quick overview on Slide 3 before turning the call over to Mick, Aoife and Tom.

大家好，感謝您參加我們的 2023 年第三季財報電話會議。在開始之前，請注意我們今天幻燈片中有關前瞻性陳述的警告性語言，並參閱我們網站上的 SEC 文件。我將首先快速概述幻燈片 3，然後將通話轉給 Mick、Aoife 和 Tom。

While silver is set to take a larger role with the Rochester expansion project now behind us, it was the gold side of the business that drove stronger third quarter results. Gold production increased 15% and costs per gold ounce declined 13%, which drove a material increase in our adjusted EBITDA. These results were primarily due to a bounce back quarter at Kensington as well as a strong gold quarter at Palmarejo. In total, quarterly revenue increased 10% to $195 million on total production of approximately 78,000 ounces of gold and 2.3 million ounces of silver.

雖然隨著羅徹斯特擴建計畫的結束，白銀將發揮更大的作用，但推動第三季業績更強勁的是黃金業務。黃金產量增加了 15%，每金盎司成本下降了 13%，這推動了我們調整後 EBITDA 的大幅成長。這些結果主要歸功於 Kensington 季度的反彈以及 Palmarejo 黃金季度的強勁表現。總體而言，季度營收成長了 10%，達到 1.95 億美元，總產量約為 78,000 盎司黃金和 230 萬盎司白銀。

Obviously, the key headline is the completion of the expansion at Rochester. The first ounces were produced from the new leach pad and process plant during the quarter, and the focus is now on handing off the new 3-stage crushing circuit to the operating team to ramp it up as safely and quickly as possible, which Mick will talk more about in a couple of minutes. In the meantime, Rochester is delivering a significant step-up in production levels. They recovered over 500,000 ounces of silver and 8,000 ounces of gold in October alone, roughly 2 to 3x higher than in prior months so far this year.

顯然，最重要的標題是羅徹斯特擴建的完成。第一盎司是在本季度從新的浸濾墊和加工廠生產出來的，現在的重點是將新的三級破碎迴路移交給營運團隊，以盡可能安全、快速地提高產量，米克將幾分鐘後再詳細討論。與此同時，羅徹斯特正在顯著提高生產水準。光是 10 月份，他們就回收了超過 50 萬盎司白銀和 8,000 盎司黃金，大約比今年迄今前幾個月高出 2 到 3 倍。

Some of you were able to witness firsthand the size and scale of this operation in September but some recent photos, starting on Slide 10 of today's presentation, also do a good job of showing the newly expanded infrastructure. With crusher commissioning now underway, work has already started to remove the legacy crusher, which allows us to access higher-grade ore located beneath it that we plan to mine beginning early next year. Once at the 32 million tonne per year processing rate, Rochester is expected to be North America's largest open pit heap leach operation. And here in the U.S., it's expected to become the country's largest source of domestically produced and refined silver at a time when silver demand for electronic applications and renewable power sources is rapidly climbing.

你們中的一些人在 9 月親眼目睹了這次行動的規模和規模，但從今天簡報的幻燈片 10 開始的一些最近的照片也很好地展示了新擴建的基礎設施。隨著破碎機的調試正在進行，拆除舊破碎機的工作已經開始，這使我們能夠獲得位於其下方的更高品位的礦石，我們計劃從明年初開始開採這些礦石。一旦達到每年 3,200 萬噸的處理速度，羅徹斯特預計將成為北美最大的露天堆浸廠。在美國，隨著電子應用和再生能源的白銀需求迅速攀升，預計它將成為該國最大的國內生產和精煉白銀來源。

Finally, and most importantly, it is poised to be a truly transformational operation for Coeur with lower-cost silver and gold ounces at 2.5x higher production levels with several near-mine opportunities to expand and enhance the life of mine through exploration, which Aoife will touch on shortly. With Rochester's free cash flow as a key driver, a top priority in 2024 will be to start reducing our leverage levels now that the recent period of elevated investment is starting to fall away. Tom will provide a balance sheet update in a few minutes.

最後，也是最重要的一點，這將成為 Coeur 的真正的轉型行動，以低成本白銀和金盎司，產量提高 2.5 倍，並提供多個近礦機會，透過勘探擴大和提高礦山壽命，Aoife稍後會談到。由於羅徹斯特的自由現金流是關鍵驅動力，鑑於最近一段時期的投資增加已開始回落，2024 年的首要任務將是開始降低槓桿水平。湯姆將在幾分鐘內提供資產負債表更新。

One other comment on exploration. Drilling at Kensington accelerated during the quarter with the latest results continuing to demonstrate the near-mine potential to add to its mine life. Aoife will provide some additional details shortly.

另一種關於探索的評論。肯辛頓的鑽探在本季度加速，最新結果繼續證明了近礦區延長其礦山壽命的潛力。 Aoife 很快就會提供一些額外的細節。

With that, I'll turn the call over to Mick.

這樣，我就把電話轉給米克。

Thanks, and good day, everyone. As Mitch mentioned, the team delivered solid quarterly results capped off by improvements at Kensington and the good news regarding the end of construction at the Rochester expansion project.

謝謝，大家好。正如米奇所提到的，該團隊交付了可靠的季度業績，並因肯辛頓的改進以及羅徹斯特擴建項目施工結束的好消息而結束。

Beginning with Rochester, the third quarter was characterized by the full-scale effort to integrate the newly expanded infrastructure into our Nevada operation located in what is widely recognized as the world's #1 mining jurisdiction. Our progress on those fronts has been truly impressive with first production from the new leach pad and process plant taking place in September. The great October silver and gold results that Mitch mentioned earlier position us for a very strong fourth quarter, and we remain on track to achieve 2023 production guidance. Commissioning of the new crusher is underway with full ramp-up set to take place during the first half of 2024.

從羅徹斯特開始，第三季的特點是全面努力將新擴建的基礎設施整合到我們位於被廣泛認為是世界第一採礦管轄區的內華達州業務中。我們在這些方面取得的進展確實令人印象深刻，新的浸濾墊和加工廠已於 9 月開始投產。米奇之前提到的 10 月份白銀和黃金的出色業績使我們在第四季度表現非常強勁，並且我們仍有望實現 2023 年的產量指導。新破碎機的調試正在進行中，預計將於 2024 年上半年全面投入生產。

Looking at Slide 9, the majority of the extensive systems testing has now been completed, which is verifying that mining capacity can support the planned ramp-up to the full 155,000 tonnes per day needed by the end of 2024. Rochester's strong reputation in Northern Nevada is helping to ensure that we have the best possible workforce in place to deliver on our goals. The expansion to increase throughput 2.5x required a modest 20% increase in headcount, which highlights the economies of scale we expect to enjoy going forward. We are fully staffed and trained for the job ahead.

查看投影片 9，大部分廣泛的系統測試現已完成，這正在驗證採礦能力是否能夠支持到 2024 年底將產量提高到每天所需的 155,000 噸的計劃。羅徹斯特在內華達州北部的良好聲譽正在幫助確保我們擁有最優秀的員工來實現我們的目標。為了將吞吐量提高 2.5 倍而擴張，需要將員工人數適度增加 20%，這凸顯了我們預計未來將享受到的規模經濟。我們配備了充足的人員並接受了未來工作的培訓。

Aside from the inherent positive attributes of Rochester, the true differentiator for Coeur is the expansion offers us all the growth benefits of a large new mine but with a degree of familiarity and extensive learnings gained that cannot be matched from the stand-alone new mine. Our people, our facilities and infrastructure and the deep well of technical expertise that we are drawing from is a key competitive advantage. Looking back at the build, Coeur's culture of safety and accountability served as a rock-solid foundation for a truly excellent safety result at this construction project over 2.5 million hours with just a single lost time incident.

除了羅徹斯特固有的正面屬性之外，Coeur 的真正區別在於，擴建為我們提供了大型新礦的所有增長優勢，同時還提供了獨立新礦場無法比擬的一定程度的熟悉度和廣泛的學習經驗。我們的員工、我們的設施和基礎設施以及我們所汲取的深厚的技術專業知識是我們的關鍵競爭優勢。回顧整個建設過程，Coeur 的安全和問責文化為這個建設項目在超過 250 萬小時的時間裡取得真正出色的安全成果奠定了堅實的基礎，並且僅發生了一次誤工事故。

Turning to Slide 4 and looking at Palmarejo. Tonnes milled increased with a strong contribution from Guadalupe, leading to higher recoveries, especially on the gold side, where production increased by 16% to nearly 27,000 ounces. Palmarejo also took a big step forward in the quarter through the completion of the high compression tailings in the open pit backfill project on budget and ahead of schedule. Its completion secures tailings and waste rock storage capacity for the remainder of Palmarejo's mine life. More importantly, we estimate that it will reduce overall water utilization needed for the tailings process by 16%, while backfilling the legacy open pit there and providing a head start on our future reclamation efforts.

翻到幻燈片 4，看看 Palmarejo。在瓜達露佩的強勁貢獻下，研磨噸數增加，導致回收率提高，特別是黃金方面，產量增加 16% 至近 27,000 盎司。 Palmarejo 在本季度也向前邁出了一大步，按預算提前完成了露天礦坑回填項目的高壓縮尾礦。它的完成確保了 Palmarejo 剩餘礦山壽命的尾礦和廢石儲存能力。更重要的是，我們估計尾礦處理所需的整體用水量將減少 16%，同時回填那裡的遺留露天礦坑，並為我們未來的複墾工作提供一個良好的開端。

Moving on to Kensington, which delivered a significantly improved quarter as excess water flows have abated and paste placement continues to exceed targets. The fourth quarter is expected to be similarly improved but the paste issues from earlier this year have impacted full year results, leading us to refrain Kensington's production guidance to between 81,000 and 85,000 ounces.

接下來是肯辛頓 (Kensington)，該季度的業績顯著改善，因為過量的水流量已經減少，漿料放置繼續超出目標。預計第四季度也會有類似的改善，但今年稍早的錫膏問題已經影響了全年業績，導致我們將 Kensington 的產量指引限制在 81,000 至 85,000 盎司之間。

Finishing up with Wharf, third quarter production was as expected, and the operation is well positioned for a good finish to the year. As a result, the low end of Wharf's gold production guidance has been revised upwards by 3,000 ounces to 88,000 ounces with the high end remaining at 95,000 ounces.

九龍倉集團第三季​​的生產符合預期，為今年的良好收官做好了準備。因此，九龍倉黃金產量指引下限上調了 3,000 盎司至 88,000 盎司，上限維持在 95,000 盎司。

With that, I'll pass the call over to Aoife for a review of exploration.

這樣，我會將電話轉接給 Aoife，以審查探索情況。

Thanks, Mick, and hello, everyone. As Mitch mentioned, we made some great progress in exploration during the quarter. On September 12, we released a press release that indicated the ongoing success of exploration programs at Kensington. Drilling in 2023 has demonstrated the continuation of all key mineralized structures to the south and down dip. At Lower Kensington, we intersected some of the best grade thicknesses ever encountered, the strike length has been increased by 760 feet, and we have intersected subparallel structures and linking structures with the potential to host some higher-grade shoots.

謝謝米克，大家好。正如米奇所提到的，我們在本季的勘探方面取得了一些重大進展。 9 月 12 日，我們發布了一份新聞稿，表明肯辛頓的勘探項目正在取得持續成功。 2023 年的鑽探已證明所有關鍵礦化結構均繼續向南和下傾延伸。在下肯辛頓，我們橫斷了一些有史以來最好的品位厚度，走向長度增加了 760 英尺，並且我們橫斷了近平行結構和連接結構，有可能容納一些更高品位的芽。

Drilling in Upper Kensington has discovered a new zone, Zone 30B, that has already been defined over 950-foot strike length and 850-feet down depth. These most recent positive developments from Kensington's multiyear exploration program followed the successful addition of 1.5 years of mine life, net of depletion, at year-end 2022, the first such mine life addition at Kensington since 2018.

上肯辛頓的鑽探發現了一個新區域，即 30B 區域，該區域的走向長度已超過 950 英尺，深度超過 850 英尺。肯辛頓(Kensington) 多年勘探計劃取得的這些最新積極進展是在2022 年底成功延長了1.5 年礦山壽命（扣除枯竭後）之後的結果，這是肯辛頓(Kensington) 自2018 年以來首次實現此類礦山壽命延長。

Over at Rochester, and referring to slides 11 and 12, ongoing geology modeling work there is continuing to enhance our understanding of the controls to mineralization at this deposit. A set of high-angle structures have been outlined that seem to control higher gold grades. These structures form part of a [4-mile] long and up to 2-mile wide corridor that extends from north of the Rochester pit south to and including Nevada Packard pit. The opportunity for higher grades on these structures will be tested in more detail in 2024 and beyond.

在羅徹斯特，請參閱投影片 11 和 12，正在進行的地質建模工作正在繼續增強我們對該礦床礦化控制的理解。一組高角度結構已被概述，似乎可以控制更高的黃金品位。這些結構構成了一條[4英里]長、2英里寬的走廊的一部分，該走廊從羅徹斯特礦坑北部向南延伸至內華達帕卡德礦坑（包括內華達帕卡德礦坑）。這些結構獲得更高等級的機會將在 2024 年及以後進行更詳細的測試。

I'll now turn the call over to Tom.

我現在會把電話轉給湯姆。

Thanks, Aoife. I will begin with a brief review of our third quarter financial results before providing a balance sheet update. Turning to the financial highlights on Slide 15. Third quarter revenue and adjusted EBITDA saw healthy increases compared to the prior quarter, driven primarily by increased gold sales at Palmarejo and Kensington, which also led to lower consolidated CAS per ounce.

謝謝，奧菲。在提供資產負債表更新之前，我將先簡要回顧我們第三季的財務表現。轉向幻燈片 15 中的財務亮點。第三季度收入和調整後 EBITDA 與上一季相比出現健康增長，這主要是由於 Palmarejo 和 Kensington 的黃金銷量增加，這也導致每盎司綜合 CAS 下降。

Operating cash flow swung to a negative $2 million as we continue to build up significant inventory on the new leach pad at Rochester as well as the timing of the semiannual interest payment on our 5 1/8% senior notes. As noted by Mitch and emphasized by Mick, we are expecting strong fourth quarter production, which we expect to drive a significant increase in operating cash flow across all sites.

由於我們繼續在羅徹斯特的新浸濾墊上建立大量庫存，以及我們的 5 1/8% 優先票據半年度利息支付的時間，營運現金流轉向負 200 萬美元。正如 Mitch 所指出的和 Mick 所強調的，我們預計第四季度的產量將強勁，這將推動所有工廠的營運現金流大幅增加。

Turning to costs on Slide 16. We continued to experience inflationary pressures, but we are aggressively managing costs and implementing business improvement initiatives to mitigate this key risk. Despite the continued inflationary pressures, increased throughput at Palmarejo and Kensington helped drive down consolidated gold CAS by almost $200 per ounce quarter-over-quarter.

轉向幻燈片 16 上的成本。我們繼續面臨通膨壓力，但我們正在積極管理成本並實施業務改進計劃，以減輕這一關鍵風險。儘管通膨壓力持續存在，但 Palmarejo 和 Kensington 吞吐量的增加使得綜合黃金 CAS 環比每盎司下降了近 200 美元。

Turning to the balance sheet. We ended the quarter with total liquidity of $280 million, comprised primarily of cash and cash equivalents of $53 million and total available borrowing capacity under the revolving credit facility of $220 million. We finished the quarter with a slightly lower net debt-to-EBITDA ratio versus the end of the second quarter. It is important to note that we expect higher quarter-over-quarter EBITDA on the back of strong Q4 production across all sites, including a monster fourth quarter at Rochester. The expected flush of ounces at Rochester that we've been discussing on previous conference calls and consistent with our annual guidance is taking place during this quarter as we ramp up the Merrill-Crowe flow rates and monetize many of the ounces placed throughout 2023 on the new leach pad. To give context to Rochester's Q4 production, we recovered 537,000 ounces of silver and over 8,000 ounces of gold during the month of October, which is more combined metal than we produced during the entire third quarter.

轉向資產負債表。截至本季末，我們的流動性總額為 2.8 億美元，主要包括 5,300 萬美元的現金和現金等價物，循環信貸安排下的可用借款能力總額為 2.2 億美元。與第二季末相比，本季末我們的淨負債與 EBITDA 比率略有下降。值得注意的是，由於所有工廠第四季度生產強勁，包括羅徹斯特第四季的強勁表現，我們預計季度 EBITDA 將會更高。我們在先前的電話會議上一直在討論，並且與我們的年度指導一致，預計羅徹斯特的盎司量將在本季度發生，因為我們提高了Merrill-Crowe 的流量，並將2023 年全年放置在羅徹斯特的許多盎司貨幣化。新的瀝濾墊。為了了解羅徹斯特第四季的產量，我們在 10 月回收了 537,000 盎司白銀和超過 8,000 盎司黃金，這比我們整個第三季度生產的金屬總量還要多。

The company's hedging program remains a key price risk mitigation tool during this period of capital intensity and ramp up at Rochester. We have almost 70% of our hedgeable fourth quarter gold production locked in at $1,977 per ounce and nearly 50% of our fourth quarter silver production hedged at $25.47 per ounce. As of September 30, the hedge book sits with an unrealized gain of approximately $12 million on the remaining 2023 hedges. Combined with the realized gains year-to-date, we expect just under $20 million of total gains from our 2023 hedging activities.

在羅徹斯特資本密集度和成長時期，該公司的對沖計畫仍然是緩解價格風險的關鍵工具。我們第四季近 70% 的可對沖黃金產量鎖定在每盎司 1,977 美元，第四季近 50% 的白銀產量鎖定在每盎司 25.47 美元。截至 9 月 30 日，對沖帳簿上剩餘 2023 年對沖的未實現收益約為 1,200 萬美元。結合今年迄今已實現的收益，我們預計 2023 年對沖活動的總收益將接近 2,000 萬美元。

I wanted to highlight two final key data points related to the Rochester expansion. We have incurred $704 million and have paid $648 million of the POA 11 capital cost as at September 30, 2023, leaving approximately $60 million to $80 million to be paid during the final quarter of the year. Importantly, we remain within the guided capital cost range of between $710 million and $730 million.

我想強調與羅徹斯特擴張相關的最後兩個關鍵數據點。截至 2023 年 9 月 30 日，我們已產生 7.04 億美元，並已支付 POA 11 資本成本中的 6.48 億美元，剩下約 6000 萬至 8000 萬美元需要在今年最後一個季度支付。重要的是，我們的資本成本指引範圍保持在 7.1 億美元至 7.3 億美元之間。

I'll now pass the call back to Mitch.

我現在將電話轉回給米奇。

Thanks, Tom. Slide 18 summarizes our top priorities for the remainder of the year. Safely and efficiently ramping up Rochester during the fourth quarter remains job 1. With another stronger quarter at Kensington and consistent performance from Palmarejo and Wharf, we are well positioned to deliver a strong fourth quarter and achieve our full year guidance.

謝謝，湯姆。投影片 18 總結了我們今年剩餘時間的首要任務。第四季度安全、高效地提升羅徹斯特的產量仍然是首要任務。憑藉 Kensington 另一個強勁的季度以及 Palmarejo 和 Wharf 的穩定表現，我們有能力實現強勁的第四季度業績並實現我們的全年指導。

Over the past 3 to 5 years, we have been deliberately reinvesting in the business for the long term. As we now begin to deliver the benefits from this more than $1 billion of investments in exploration and expansions, we look forward to seeing our investors benefit from our sector-leading growth, especially on the silver side, longer mine lives, declining costs, transition to positive free cash flow and a more conservative balance sheet.

在過去的三到五年裡，我們一直在刻意對業務進行長期再投資。隨著我們現在開始從勘探和擴張方面超過10 億美元的投資中獲益，我們期待看到我們的投資者從我們行業領先的增長中受益，特別是在白銀方面、更長的礦山壽命、降低的成本、轉型積極的自由現金流和更保守的資產負債表。

With that, let's go ahead and open it up for questions.

接下來，讓我們繼續提問。

(Operator Instructions) The first question today comes from Mike Parkin with National Bank.

（操作員說明）今天的第一個問題來自國家銀行的邁克·帕金（Mike Parkin）。

Nice to see Rochester banging at some pretty good numbers there in October. Just a couple of accounting questions. So the CapEx that you reported on your cash flow statement, is that reconciling more with what's incurred or paid on Rochester?

很高興看到羅徹斯特在十月份取得了一些不錯的成績。只是幾個會計問題。那麼，您在現金流量表中報告的資本支出是否與羅徹斯特發生或支付的費用更相符？

Mike, it's -- yes, definitely incurred, incurred so that will be -- that it's -- yes, and so incurred and then the cash out the door is cash out the door and the rest sits in payables. So that's why you see that elevated accounts payable number.

麥克，是的，肯定發生了，發生了，所以將會發生，是的，所以發生了，然後外面的現金就是外面的現金，其餘的都在應付帳款中。這就是為什麼您會看到應付帳款數量增加。

Right. Okay. So the accounts payable will be what's coming down in the fourth quarter.

正確的。好的。因此，應付帳款將在第四季下降。

You got it.

你說對了。

Perfect. Okay. And then just in terms of leach kinetics, I know it's kind of early days to speak to it, but do you have any concern with the thermal load on the pad being sufficient for the winter months? Like should we expect a little bit of a slowdown in recoveries maybe in Q1 and then a pickup as the pad warms up in the second quarter at Rochester?

完美的。好的。然後就浸出動力學而言，我知道現在談論它還為時過早，但是您是否擔心墊上的熱負荷足以滿足冬季需求？就像我們是否應該預期第一季的復甦可能會有所放緩，然後隨著羅徹斯特第二季的升溫而有所回升？

Yes. So of course, there's some weather and winter dynamics there. But in reality, what we're seeing right now is the recoveries from all of the material that we crushed in the existing ex-pit. So we haven't yet ramped up the new Limerick crusher, which is expected to deliver a different size fraction for us and actually improve the recovery. So for now, we should experience the similar recoveries that we've been getting over this last year for this material that we got on pad 4 and here on pad 6. As we flush out that inventory, that will be in place over the last year, and then we start ramping up the crusher, we'll see that change a little bit. The current recoveries though are landing right on the curve based on the testing that we did. All that learning from the last 2 years is really valuable, and we've been calibrating that recovery curve in preparation for this new crusher getting ramped up in the first half of 2024.

是的。當然，那裡有一些天氣和冬季動態。但實際上，我們現在看到的是我們在現有露天礦坑中粉碎的所有材料的回收。因此，我們還沒有升級新的利默里克破碎機，預計它將為我們提供不同的粒度並實際提高回收率。因此，現在，我們應該會經歷與去年在墊 4 和此處在墊 6 上獲得的這種材料類似的回收情況。當我們清空該庫存時，該庫存將在去年就位。年，然後我們開始提高破碎機的性能，我們會看到一點點變化。不過，根據我們所做的測試，目前的恢復率正落在曲線上。過去 2 年的經驗教訓非常有價值，我們一直在校準恢復曲線，為這款新型破碎機在 2024 年上半年投入使用做好準備。

Sure. And I guess as you're ramping up tonnes stacked, even if there's a bit of a slowing in winter months recovery, you're still putting way more ounces on month after month. So production is still probably going to rise month after month.

當然。我想，當你增加堆積噸數時，即使冬季恢復速度有所放緩，你仍然會逐月增加更多盎司的庫存。因此產量仍可能逐月上升。

So yes, we'll see the flush from the inventory from earlier in the year, of course. And so that is likely to dip just a little bit initially, and then you'll see that general ramp-up as we get the crusher online. We've already got about 9.3 million tonnes placed on pad 6. And so we'll be getting the ounces from that where we'll get that crusher ramped up and start again placing new material on the back end of this year.

所以，是的，我們當然會看到今年早些時候庫存的增加。因此，最初可能會略有下降，然後當我們將破碎機投入使用時，您會看到整體上升。我們已經在 6 號平台上放置了大約 930 萬噸。因此，我們將從那裡獲取盎司，我們將在那裡啟動破碎機，並在今年年底再次開始放置新材料。

Okay. And is that 90.3 million tonnes, is that as of end of October?

好的。截至 10 月底，這是 9,030 萬噸嗎？

9.3 million. Yes, that's 9.3 million to date.

930萬。是的，迄今已達 930 萬。

(Operator Instructions) The next question comes from [Tom Luther] with [KCL] Company.

（操作員說明）下一個問題來自 [KCL] 公司的 [Tom Luther]。

When do you see your stock going up?

你什麼時候看到你的股票上漲？

Yes, I'll take that. Like I said in my comments and in the release, we look forward here to seeing a few catalysts converge here as we go into 2024 with the transition into positive free cash flow, reducing the leverage levels on the balance sheet, seeing some pretty significant growth on the silver side of the business from a U.S. operation. So we'll see more silver contribution in our revenue and more U.S. contribution to our revenue, which combined with lower debt and transition to free cash flow, we think that those are the catalysts that should benefit our investors in terms of the share price.

是的，我會接受的。正如我在評論和新聞稿中所說，進入 2024 年，我們期待看到一些催化劑匯聚於此，向正自由現金流過渡，降低資產負債表上的槓桿水平，看到一些相當顯著的增長來自美國業務的白銀業務。因此，我們將看到白銀對我們收入的貢獻更大，美國對我們收入的貢獻更大，再加上較低的債務和向自由現金流的過渡，我們認為這些是我們的投資者在股價方面受益的催化劑。

This concludes our question-and-answer session. I would like to turn the conference back over to Mitch Krebs, President and CEO, for any closing remarks.

我們的問答環節到此結束。我想將會議轉回總裁兼執行長米奇·克雷布斯 (Mitch Krebs) 發表閉幕詞。

Okay. Well, thanks, everybody, for taking the time to talk with us today. Hard to believe, but -- to be saying this, but we wish everybody a safe and healthy holiday season, and we look forward to speaking again in early 2024 following the release of our fourth quarter and year-end results. Have a good day.

好的。好的，謝謝大家今天抽出時間與我們交談。難以置信，但是——話雖這麼說，但我們祝愿每個人都有一個安全健康的假期，我們期待在 2024 年初發布第四季度和年終業績後再次發表講話。祝你有美好的一天。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。