Coeur Mining Inc (CDE) 2025 Q1 法說會逐字稿

Good day and welcome to the Coeur Mining first-quarter 2025 financial results conference call. (Operator Instructions) Please note this conference is being recorded. I would now like to turn the conference over to Mitchell Krebs, President and CEO. Please go ahead.

大家好，歡迎參加 Coeur Mining 2025 年第一季財務業績電話會議。（操作員指示）請注意，本次會議正在錄音。現在，我想將會議交給總裁兼執行長 Mitchell Krebs。請繼續。

Good morning, everyone, and thanks for joining our call today to discuss our first-quarter results. Joining me are Mick Routledge, Aoife McGrath, and Tom Whelan, and we will all be available to answer questions at the end of the call.

大家早安，感謝您今天參加我們的電話會議討論我們的第一季業績。與我一起參加會議的還有 Mick Routledge、Aoife McGrath 和 Tom Whelan，我們都將在通話結束時回答問題。

Before we start, please note our cautionary language regarding forward-looking statements and refer to our SEC filings on our website. The first quarter highlights shown on slide 3 summarize our solid start to the year, which led to the fourth consecutive quarter of positive EPS and another quarter of positive free cash flow.

在我們開始之前，請注意我們關於前瞻性陳述的警告性語言，並參考我們網站上的美國證券交易委員會 (SEC) 文件。幻燈片 3 上顯示的第一季亮點概括了我們今年的良好開局，這導致我們連續第四個季度實現正每股收益，並又一個季度實現正自由現金流。

These were great outcomes considering the first quarter is expected to be our lightest quarter of the year, and we had several onetime and quarter-specific items that we had previously telegraphed.

考慮到第一季預計將是我們今年業績最清淡的一個季度，而且我們之前已經公佈過幾項一次性和特定季度的項目，因此這已經是很好的結果了。

The combination of higher prices, the addition of SilverCrest liquidity and a partial quarter from Las Chispas, along with Rochester's progress toward achieving steady state and consistent performance from our other operations drove these strong results, which allowed us to eliminate nearly $130 million of debt and metal prepay facilities in the quarter and leave us well positioned to achieve our full year guidance ranges.

價格上漲、SilverCrest 流動性的增加、Las Chispas 的部分季度業績、羅徹斯特在實現穩定狀態方面取得的進展以及我們其他業務的持續表現，這些因素共同推動了這些強勁的業績，使我們能夠在本季度消除近 1.3 億美元的債務和金屬預付款，並使我們處於有利地位，能夠實現全年指導範圍。

We're now set to accelerate the pace of further debt reductions based on strong anticipated silver and gold production growth from our balanced portfolio of five North American operations. This growth is expected to drive full year adjusted EBITDA to over $700 million and free cash flow to more than $300 million, which should leave us with a year-end leverage ratio close to zero.

基於我們北美五家業務的均衡投資組合中預期的強勁白銀和黃金產量成長，我們現在準備加快進一步削減債務的步伐。預計這一增長將推動全年調整後 EBITDA 超過 7 億美元，自由現金流超過 3 億美元，這將使我們年底的槓桿率接近零。

It was only a few quarters ago when annualized adjusted EBITDA was only about $100 million, free cash flow was negative $300 million, and our leverage ratio was over 4 times, which highlights the degree of change now underway at the company.

僅在幾個季度前，年度調整後 EBITDA 僅為 1 億美元左右，自由現金流為負 3 億美元，而我們的槓桿率超過 4 倍，這凸顯了公司目前正在發生的變革程度。

Just a couple of other points before turning the call over to Mick. First, on Las Chispas, the integration is proceeding smoothly. The operation delivered very strong high-grade production at extremely low costs during the portion of the quarter that we owned it.

在將電話轉給 Mick 之前，我還有幾點想說。首先，在「奇斯帕斯」計畫上，整合工作進展順利。在我們擁有該業務的季度裡，該業務以極低的成本實現了非常強勁的高品位生產。

As we anticipated, the teams have gelled exceptionally well. On the exploration front, recent emphasis on near-mine drilling resulted in a significant discovery in the gap zone between the Babicanora and Las Chispas zones. In addition, several high-grade results have been received in and adjacent to the Las Chispas zone. Aoife will share some additional details on these developments in a few minutes.

正如我們預期的那樣，兩支球隊配合得非常好。在勘探方面，最近對近礦井鑽探的重視導致在 Babicanora 和 Las Chispas 區域之間的間隙區域有了重大發現。此外，在 Las Chispas 地區及其周邊地區也獲得了多項高品位成果。Aoife 將在幾分鐘內分享有關這些發展的更多細節。

Second, in our interactions with current and prospective shareholders, one of the most popular topics is our thought process for deploying the accelerating cash flows we anticipate generating in the coming quarters. It's a great conversation to have given the years of heavy investment that's been made to position the company like it is right when gold and silver prices are rising.

其次，在我們與現有和潛在股東的互動中，最受歡迎的話題之一是我們對未來幾季預計產生的加速現金流的部署思考過程。這是一次非常好的對話，因為多年來，公司一直投入大量資金，使公司處於黃金和白銀價格上漲的有利位置。

Our Board is committed to pursuing ways to generate per share value for our shareholders, and we're actively engaged with them about how best to accomplish that while continuing to strengthen the balance sheet and reinvest in the business given the number of attractive opportunities that exist within the company.

我們的董事會致力於為股東尋找每股價值的途徑，並且我們積極與他們合作，討論如何最好地實現這一目標，同時考慮到公司內部存在的許多誘人機會，繼續加強資產負債表並重新投資於業務。

We look forward to continuing the conversations with our shareholders and with our Board as we deliver on what should be a record year for the company, and we'll provide more details as we have them. Finally, we published our 2024 responsibility report today, which is summarized on slide 20.

我們期待繼續與股東和董事會進行對話，以實現公司創紀錄的一年，我們將提供更多詳細資訊。最後，我們今天發布了 2024 年責任報告，該報告摘要請見第 20 張投影片。

Being responsible stewards and acting with integrity and respect are central to our mission of pursuing a higher standard. And I encourage you to have a look and read about everything we've accomplished over the past year. Mick, over to you.

成為負責任的管家並以誠信和尊重的態度行事是我們追求更高標準的使命的核心。我鼓勵您看看並閱讀我們在過去一年中所取得的所有成就。米克，交給你了。

Thanks, Mitch. The addition of Las Chispas, Rochester's ramp-up and consistent contributions from the rest of the mine sites were the main headlines during first quarter. Before getting into the details of our good start to 2025, I'm happy to report that based on MSHA data, Coeur finished 2024 as the safest mining company amongst our peers in the United States, marking our third consecutive year of doing so.

謝謝，米奇。Las Chispas 的加入、羅徹斯特的產能提升以及其他礦場的持續貢獻是第一季的主要新聞。在詳細介紹我們 2025 年良好開局之前，我很高興地報告，根據 MSHA 數據，Coeur 在 2024 年成為美國同行中最安全的礦業公司，這是我們連續第三年獲此殊榮。

We take a lot of pride in our deeply entrenched safety culture, and we will continue to set the bar high in this critical area. Mitch mentioned the word balanced in describing our portfolio of mines, and it bears noting that with the additions of Las Chispas and the expanded Rochester, Coeur's asset base has never been more balanced, with no single operation contributing more than roughly a quarter of total revenue.

我們對我們根深蒂固的安全文化感到非常自豪，我們將繼續在這一關鍵領域設定高標準。米奇在描述我們的礦山組合時提到了「平衡」這個詞，值得注意的是，隨著拉斯奇斯帕斯 (Las Chispas) 金礦和羅徹斯特金礦的擴建，科爾金礦的資產基礎從未如此平衡，沒有任何單一業務貢獻的收入超過總收入的四分之一。

That is quite a departure from past years, when revenue from Palmarejo alone approached 50% of the total in some periods. The importance of having all mines making meaningful contributions, spreads operating risk and lends consistency and predictability to our overall portfolio.

這與過去幾年的情況大不相同，當時 Palmarejo 的收入在某些時期就接近總收入的 50%。讓所有礦場做出有意義的貢獻非常重要，這分散了營運風險，並為我們的整體投資組合提供了一致性和可預測性。

Going through the sites and starting with our newest Las Chispas. Partial first quarter production of 714,000 ounces of silver and over 7,000 ounces of gold was right down the fairway versus SilverCrest's budget. Daily average mine production exceeding 1,300 tons per day was better than planned, bringing in higher-margin ounces with cost per ounce for gold and silver coming to $744 and $8.38, respectively, for the period.

瀏覽各個網站並從我們最新的 Las Chispas 開始。第一季部分產量為 714,000 盎司白銀和 7,000 多盎司黃金，與 SilverCrest 的預算完全不符。日均礦產量超過 1,300 噸，優於計劃，帶來了更高利潤，在此期間黃金和白銀每盎司成本分別達到 744 美元和 8.38 美元。

Slide 7 provides a great reminder of how special Las Chispas is in terms of grade, cost and margin profile. Staying with Mexico, the Palmarejo team delivered another solid quarter. Gold production was up 2% and silver production up 9% compared to the fourth quarter, driven by good productivity in Guadalupe to finish the quarter strongly.

投影片 7 很好地提醒了我們 Las Chispas 在等級、成本和利潤率方面的特殊性。帕爾馬雷霍隊繼續代表墨西哥參賽，本季表現再創佳績。與第四季相比，黃金產量增加了 2%，白銀產量增加了 9%，這得益於瓜達盧佩礦良好的生產效率，為本季畫上了圓滿的句號。

The Palmarejo and Las Chispas teams are engaging with sharing of best practices and new perspectives taking place in both directions with lots of opportunities to realize efficiencies and productivity enhancements in Coeur's expanded Mexico operations footprint as well as sharing and working with our teams at Kensington and Silvertip.

Palmarejo 和 Las Chispas 團隊正在積極分享最佳實踐和新觀點，為 Coeur 擴大墨西哥業務範圍提供大量機會，實現效率和生產力的提升，並與 Kensington 和 Silvertip 的團隊共享和合作。

Turning to Rochester. Crusher performance continued to improve with optimization of the mile-long three stage crushing circuit, and this remains job number one. The team placed 7 million tons during the quarter, relying less on direct-to-pad tons than in the prior quarter as more material goes through the crusher. The team continues to work down the line to identify and implement adjustments and modifications to progress improvements in availability.

轉向羅徹斯特。隨著一英里長的三級破碎迴路的優化，破碎機的性能不斷提高，這仍然是首要任務。該團隊在本季度投放了 700 萬噸礦石，由於更多的礦石通過破碎機，因此與上一季度相比，對直接輸送至墊塊的礦石的依賴有所減少。團隊將繼續努力確定並實施調整和修改，以進一步提高可用性。

Recovery rates continue to track to predicted levels and are expected to trend higher as the average crush size trends down throughout the year towards an expected average of 7/8 inch, which is what our budget and reaffirmed full year guidance assumes.

回收率繼續追蹤預測水平，並且預計會呈上升趨勢，因為平均破碎尺寸全年呈下降趨勢，趨向於預期的平均值 7/8 英寸，這是我們的預算和重申的全年指導所假設的。

One other note on Rochester, the team commenced the 8 million tons stripping campaign for the partial removal of the Stage 1 and 2 reclaimed leach pads to allow for infill drilling later in the year as we look to bring forward higher-grade material into Rochester's mine plan.

關於羅徹斯特的另一點說明，團隊開始了 800 萬噸的剝離活動，以部分移除第一階段和第二階段的回收浸出墊，以便在今年晚些時候進行填充鑽探，我們希望將更高品位的材料納入羅徹斯特的礦山計劃。

Moving to Kensington. Gold production increased by 6% compared to the first quarter a year ago, with the operation well positioned to reap the benefits of the multiyear investment in underground and mine development and exploration and a return to positive free cash flow this year.

搬到肯辛頓。與去年同期第一季相比，黃金產量增加了 6%，該業務預計將從多年來對地下和礦山開發和勘探的投資中獲益，並在今年恢復正自由現金流。

Finishing up with Wharf, first quarter production came in slightly higher compared to the first quarter of last year as weather tends to pose challenges there during the winter months, but Wharf is well positioned to deliver another strong year in 2025.

最後以九龍倉為例，由於冬季天氣往往帶來挑戰，九龍倉第一季的產量與去年第一季相比略有增加，但九龍倉已做好準備，在 2025 年再創輝煌。

With that, I will pass the call over to Aoife.

說完，我將把電話轉給 Aoife。

Thanks, Mick. Exploration got off to a very strong start in 2025, with as many as 21 rigs active in the quarter with encouraging results across the board. As a recap, the company's exploration investment in 2025 is expected to total $77 million to $93 million, of which approximately 85% is focused on expansion and scout drilling.

謝謝，米克。2025 年的勘探工作開局非常強勁，本季活躍鑽井平台多達 21 個，全面取得了令人鼓舞的成果。總結一下，該公司 2025 年的勘探投資預計總額為 7,700 萬至 9,300 萬美元，其中約 85% 用於擴建和偵察鑽探。

At Las Chispas, the key aims were to complete the integration of the team and reorient exploration programs from the wider region to a greater focus on the main asset. This integration has now been completed and programs aimed at maintaining a steady mine life are in place.

在 Las Chispas，主要目標是完成團隊的整合，並將勘探計劃從更廣泛的區域重新調整到更專注於主要資產。目前，整合工作已經完成，旨在維持穩定礦場壽命的計畫也已到位。

You can see on slide 9, more details about a notable new discovery that was made during the quarter of a new vein called Augusta, which to date has been defined over 200 meters along strike and 150 meters down dip. It is running multi-kilo silver, very high-grade gold and remains open in every direction.

您可以在幻燈片 9 上看到有關在奧古斯塔 (Augusta) 新礦脈四分之一區域發現的值得注意的新發現的更多詳細信息，迄今為止，該礦脈的走向已超過 200 米，傾角超過 150 米。它蘊藏著數公斤的銀和高品位的黃金，並且向各個方向開放。

In addition to the highly encouraging discovery in the Gap zone, drilling on multiple veins on and adjacent to the Las Chispas block have returned high-grade intercepts that show increasing strike length on each vein. Early days at Las Chispas, but very encouraging results from the outset.

除了在 Gap 區發現令人振奮的金礦外，在 Las Chispas 區塊及其附近的多條礦脈上進行的鑽探也發現了高品位截距，且每條礦脈的走向長度都在增加。Las Chispas 才剛起步，但從一開始就取得了令人鼓舞的成果。

At Palmarejo, ongoing programs encompass the full spectrum of exploration from district scale target generation through to expansion drilling. A pilot program of high-resolution geophysics was flown in late 2024 and is proving highly impactful. Exploration can now more accurately identify the subsurface locations of favorable host rocks and structures, meaning scout drilling should assess targets more efficiently.

在 Palmarejo，正在進行的項目涵蓋了從區域規模目標生成到擴展鑽探的全方位勘探。高解析度地球物理學試點計畫於 2024 年底啟動，並被證明具有重大影響。勘探現在可以更準確地識別有利圍岩和構造的地下位置，這意味著偵察鑽探應該更有效地評估目標。

An exciting structural study and mineralization review was also undertaken during the quarter, which shows consistent styles of mineralization across the district, indicating very high prospectivity in all four major belts, three of which are still underexplored and are shown on slide 10.

本季度還進行了一項令人興奮的結構研究和礦化審查，結果顯示整個地區的礦化類型一致，表明所有四個主要帶的勘探前景非常高，其中三個仍未得到充分勘探，如幻燈片 10 所示。

The recently signed agreement gives us full access to the entire Guazapares Ejido area that covers Independencia Sur and the historic San Miguel and La Union resources, along with many other targets in the Guazapares trend in the northeast of the claim block.

最近簽署的協議使我們能夠全面進入整個 Guazapares Ejido 地區，該地區涵蓋 Independencia Sur 和歷史悠久的 San Miguel 和 La Union 資源，以及索賠區塊東北部 Guazapares 趨勢中的許多其他目標。

Also of note during the quarter is the validation drilling that commenced at Independencia Sur. Drilling testing the historic Fresnillo resources and their continuity from established veins and mines on core ground is proving highly encouraging with high-grade results in the corridor.

本季也值得注意的是在 Independencia Sur 開始的驗證鑽探。對歷史悠久的弗雷斯尼洛資源及其與核心地面上已建立的礦脈和礦井的連續性進行的鑽探測試結果令人鼓舞，走廊中的結果品位很高。

At Silvertip, a brand-new geological model was completed, which is proving an exciting tool for targeting and exploration program planning. In addition, we more than tripled the land package at Silvertip in the first quarter by staking over 60 kilometers of strike length of prospective ground that has the same geologic setting as Silvertip. With that, I'll pass the call over to Tom.

在 Silvertip，一個全新的地質模型已經完成，它被證明是一個用於目標定位和勘探計劃規劃的令人興奮的工具。此外，我們在第一季將 Silvertip 的土地數量增加了兩倍多，在與 Silvertip 具有相同地質環境的預期地塊上投資了超過 60 公里的走向長度。說完這些，我就把電話轉給湯姆。

Thanks, Aoife. I'll begin with a brief review of our 1Q financial results, our first quarter with the inclusion of Las Chispas, albeit for only 45 days. Despite our lightest production quarter, we are proud to be able to report a fourth consecutive quarter of net income and a third straight quarter of free cash flow.

謝謝，Aoife。我將首先簡要回顧我們的第一季財務業績，這是我們納入 Las Chispas 的第一個季度，儘管只有 45 天。儘管這是我們生產最不景氣的一個季度，但我們仍然自豪地報告連續第四個季度的淨收入和連續第三個季度的自由現金流。

With the previously telegraphed messy first quarter behind us, we look forward to a series of boringly predictable quarters as we embark on the final steps on our journey of achieving our deleveraging goal of net debt to EBITDA of nil.

隨著先前預測的混亂的第一季的過去，我們預計接下來的幾個季度將是乏味且可預測的，因為我們將邁出實現去槓桿目標（即淨債務與 EBITDA 之比為零）的最後一步。

As noted on slide 11, with just under 90,000 ounces of gold and 4 million ounces of silver sold during the quarter, we got a serious sneak peek at what the consolidated core portfolio can generate in terms of financial results.

如投影片 11 所示，本季售出了近 9 萬盎司黃金和 400 萬盎司白銀，我們對合併核心投資組合在財務表現所能產生的效果有了深刻的了解。

Key financial headlines for the quarter included revenue of $360 million, quarterly adjusted EBITDA of $149 million, net income of $33 million and free cash flow of $18 million. We were pleased to see our adjusted EBITDA margin increased to 41% during Q1, essentially doubling from the prior year. As we had flagged during the year-end conference call, there were several one-timers and first quarter specific matters totaling $130 million, which impacted our Q1 free cash flow.

本季的主要財務數據包括：營收 3.6 億美元、季度調整後 EBITDA 1.49 億美元、淨收入 3,300 萬美元以及自由現金流 1,800 萬美元。我們很高興看到，第一季調整後的 EBITDA 利潤率成長至 41%，較上年同期翻了一番。正如我們在年終電話會議中提到的那樣，有幾項一次性事件和第一季特定事項總計 1.3 億美元，影響了我們第一季的自由現金流。

Slide 13 provides a clean snapshot of these five items. Helping to offset these outflows was the monetization of $72 million from SilverCrest finished goods and bullion balances we inherited on the closing of the transaction.

投影片 13 清楚地展示了這五項內容。交易結束時，我們從 SilverCrest 成品和金條餘額中獲得了 7,200 萬美元的貨幣化，這有助於抵消這些資金流出。

The monetization did not flow through the revenue line, but did positively impact the Las Chispas operating segment free cash flow. Excluding the monetization, Las Chispas Q1 free cash flow was $20 million, not too shabby for six weeks. It is important to highlight that absent these one-timers and first quarter specific items, first quarter free cash flow would have been approximately $76 million.

貨幣化並沒有流入收入線，但確實對 Las Chispas 營運部門的自由現金流產生了積極影響。不計貨幣化，Las Chispas 第一季的自由現金流為 2000 萬美元，對於六週來說還不錯。值得強調的是，如果沒有這些一次性項目和第一季的特定項目，第一季的自由現金流將約為 7,600 萬美元。

Based on our updated forecast pricing of $2,900 and $32 for gold and silver, respectively, we expect to generate on average $75 million to $100 million of free cash flow per quarter for the rest of 2025. Note 3 of the interim financial statements in the 10-Q provides the details of our preliminary purchase price allocation of SilverCrest.

根據我們最新的黃金和白銀預測價格分別為 2,900 美元和 32 美元，我們預計 2025 年剩餘時間內每季平均將產生 7,500 萬至 1 億美元的自由現金流。10-Q 中期財務報表註 3 提供了我們對 SilverCrest 的初步購買價格分配的詳細資訊。

Three important accounting nuances that we wanted to highlight include, first, the inventory acquired in the approximately 150,000 tons stockpile at Las Chispas was recorded at fair value, which will lead to higher costs applicable to sales as we monetize the inventory from the stockpile. We have disclosed Las Chispas adjusted CAS in the earnings to give you a sense of the accounting impact.

我們要強調的三個重要的會計細節包括：首先，在 Las Chispas 約 150,000 噸庫存中獲得的庫存是按公允價值記錄的，這將導致當我們從庫存中將庫存貨幣化時適用於銷售的成本更高。我們在收益中揭露了 Las Chispas 調整後的 CAS，以便您了解會計影響。

Secondly, with just over $1 billion allocated to the mineral property and plant property and equipment of Las Chispas expect higher amortization expense. And third, there are nearly $300 million of deferred tax liabilities, which arose as a result of the purchase price accounting.

其次，由於分配給 Las Chispas 礦產財產和廠房財產及設備的資金略高於 10 億美元，因此預計攤銷費用會更高。第三，由於購買價格會計而產生的遞延稅負債接近 3 億美元。

These deferred tax liabilities will unwind as we amortize the mineral property and plant property and equipment balances, which will impact future income tax expense every quarter. It is important to note that none of the above items impact free cash flow, but they will impact net income.

隨著我們攤銷礦產財產和廠房財產及設備餘額，這些遞延稅負債將會解除，這將影響未來每季的所得稅費用。值得注意的是，上述項目都不會影響自由現金流，但會影響淨收入。

Slide 15 tells the story of Coeur's rapidly strengthening balance sheet. With the help of SilverCrest's pristine balance sheet, not only did we use their finished goods and bullion balances to help offset an otherwise messy first quarter, we used the closing cash acquired of approximately $100 million to begin building our cash balances up to $78 million at the end of March, and we repaid another $85 million on our revolving credit facility, which at quarter end stood at only $110 million drawn.

投影片 15 講述了 Coeur 資產負債表迅速增強的情況。在 SilverCrest 完美資產負債表的幫助下，我們不僅使用他們的成品和金條餘額來抵消原本混亂的第一季度，我們還使用獲得的約 1 億美元的期末現金開始在 3 月底將我們的現金餘額增加到 7800 萬美元，並且我們償還了循環信貸額度中的另外 8500 萬美元，而季度末的循環信貸額度僅 1.1 億美元。

We expect that the remaining revolver balance should be repaid by the third quarter of this year and maybe sooner if prices can remain at these elevated levels. A significant benefit of this debt reduction is that we expect to cut our interest expense in half versus the 2024 level of $51 million.

我們預計剩餘的循環信貸餘額將在今年第三季償還，如果價格能夠維持在高位，也許會更快。此次減債的一個顯著好處是，我們預期利息支出將比 2024 年的 5,100 萬美元減少一半。

I'll now pass the call back to Mitch.

我現在將電話轉回給米奇。

Thanks, Tom. Before moving to the Q&A, I want to quickly highlight slide 17 that summarizes our top priorities over the remainder of 2025. With several key company catalysts now converging at the same time that prices are reaching much higher levels, we offer investors peer-leading leverage to both silver and gold and provide our shareholders with exposure to a rapidly strengthening profile as 2025 unfolds. We look forward to updating you as we deliver what should be a record year for Coeur Mining.

謝謝，湯姆。在進入問答環節之前，我想快速強調第 17 張投影片，其中總結了我們在 2025 年剩餘時間內的首要任務。隨著幾大關鍵公司催化劑的匯聚，以及價格達到更高水平，我們為投資者提供對白銀和黃金的同行領先槓桿，並為我們的股東提供在 2025 年到來時迅速增強的投資機會。我們期待向您通報最新情況，因為今年將是 Coeur Mining 創紀錄的一年。

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

好了，讓我們開始提問吧。

(Operator Instructions) Wayne Lam, TD Securities.

（操作員指示） Wayne Lam，道明證券。

Yeah, thanks, morning guys. Maybe just at Rochester, good to see the increase in tonnage through the crushing circuit. Just wondering when you would expect to see the benefit of that roll through the silver recoveries.

是的，謝謝大家，早安。也許只是在羅徹斯特，很高興看到破碎迴路的噸位增加。只是想知道您何時能夠看到白銀復甦帶來的好處。

And then just curious on the direct-to-pad material, is this quarter representative of the percentage of DTP material that you would expect on a run rate basis? Or would you expect that percentage through the crusher to increase as well over the coming quarters?

然後我只是對直接到墊材料感到好奇，這個季度是否代表了您預期的運行率基礎上的 DTP 材料的百分比？或者您是否預計未來幾季通過破碎機的百分比也會增加？

Yeah, thanks, Wayne. I'll start and then Mick, you can add to my answer. Look, the team out there is doing a great job stepping up to this much higher mining and processing rate, 2.5 times increase over prior years, whether it's at the mining, crushing, processing, refining recoveries or tracking model. Grades are nicely ahead.

是的，謝謝，韋恩。我先開始，然後 Mick，你可以補充我的答案。你看，無論是在採礦、破碎、加工、精煉回收還是追蹤模型方面，我們的團隊都做得非常出色，採礦和加工率都比前幾年提高了 2.5 倍。成績明顯進步。

We produced what we expected in the first quarter. We've kind of repeatedly proven to ourselves the crusher can do what we need it to do, both from a throughput and a and a crush size standpoint. So we're pleased with how things are going.

我們在第一季的產量達到了預期。我們已經反覆證明，無論是從吞吐量還是從破碎尺寸的角度來看，破碎機都可以完成我們需要它做的事情。我們對目前的情況感到滿意。

I think the budget and guidance are built off a 7/8 inch target. I think through the first quarter, that was at about 0.925 for the material that went through all three stages of crushing. So as we see that crush size continue to trend down, we'll see those recoveries continue to go up and confident that we can hit our full year guidance like we suggested in our release this morning.

我認為預算和指導是基於 7/8 英寸的目標制定的。我認為在第一季度，經過三個破碎階段的材料的比例約為 0.925。因此，當我們看到壓榨量繼續呈下降趨勢時，我們將看到回收量繼續上升，並且有信心我們可以達到全年預期，就像我們在今天上午的發布中所建議的那樣。

As far as DTP, that will likely decline as we go forward and as crusher availability continues to improve. But Mick, do you want to go ahead and answer Wayne's question further?

就 DTP 而言，隨著我們前進以及破碎機可用性的不斷提高，這一數字可能會下降。但是米克，你想繼續回答韋恩的問題嗎？

Yeah. And just to say, going forward, year-on-year, that will decline on the DTP profile. But as we reported previously, we expected to put about 6 million tons of DTP through the pipe this year and at 1.5 million in Q1, we're around about the run rate that we thought we would be at.

是的。可以這麼說，從現在開始，DTP 的形象將會逐年下降。但正如我們之前報導的那樣，我們預計今年的 DTP 產量約為 600 萬噸，而第一季的產量為 150 萬噸，這大約達到了我們預期的運行率。

On the crusher itself, as Mitch said, the recoveries are tracking the model. As we see softer ores, it's great to have the flexibility in the crushing circuit that we didn't have previously so that we can bypass that tertiary part of the crushing circuit and still provide the right tons to the pad.

就破碎機本身而言，正如米奇所說，回收率正在追蹤模型。當我們看到更軟的礦石時，破碎迴路具有以前沒有的靈活性，這非常好，這樣我們就可以繞過破碎迴路的第三部分，並且仍然為墊層提供正確的噸位。

Overall, when I see the crusher working and the material going through all three stages of the crusher, we delivered about 70% of that material at 5/8 of an inch. So the overall blend and the target for this year at 7/8 of an inch is within reach, not quite there yet, but very typical challenges on a start-up on equipment this kind in this type. And we're dealing with all of those things, and I'm really happy about where we are today.

總體而言，當我看到破碎機工作並且材料經過破碎機的所有三個階段時，我們以 5/8 英寸的尺寸輸送了大約 70% 的材料。因此，今年的整體混合和 7/8 英寸的目標是可以實現的，雖然還沒有完全實現，但對於此類設備的啟動來說，這是一個非常典型的挑戰。我們正在處理所有這些事情，我對我們目前的狀況感到非常高興。

Okay, great, thanks. And then maybe just at Wharf, just curious on the stronger outlook this quarter versus the prior quarterly guide being significantly lower for Q1. Just wondering what was driving the stronger performance versus the expectations? And if you might expect to see any bit of an offset to that performance over the coming quarters?

好的，太好了，謝謝。然後也許只是在九龍倉，只是好奇本季的前景是否比之前的季度指南更強勁，而第一季的前景則明顯較低。只是想知道是什麼推動了比預期更強勁的表現？您是否預計未來幾季的表現會有所下降？

Mick, do you want to cover Wharf?

米克，你想報道碼頭嗎？

Yeah, Wharf, it's really just -- it's all about timing and where we are in the pit at any time. At the moment, we expect to deliver on the guidance at Wharf for the full year. We've seen some grade profile tweaks and some tonnage tweaks.

是的，Wharf，這真的只是——一切都與時機以及我們隨時處於哪個位置有關。目前，我們預計九龍倉全年業績將實現預期。我們已經看到了一些等級概況調整和一些噸位調整。

But overall, because that's an on-off heap leach pad type system, we are constrained on throughput. So overall, then it's all about managing grade and hitting the plan. And Wharf is very predictable. I'm really happy about how it's performing, and we expect it to continue performing at that level.

但總體而言，由於這是一個開關堆浸墊式系統，我們的吞吐量受到限制。所以總的來說，一切都與管理等級和執行計劃有關。而九龍倉則非常具有可預測性。我對它的表現感到非常滿意，我們期望它能夠繼續保持這樣的水平。

Okay, perfect, thanks. And then maybe just last one on the cost front. You guys had cited maybe a bit lower costs on consumables. Are you seeing any impact of maybe lower labor costs as well in Mexico? And then just maybe as an offset to that, can you comment on some of the cost pressures you might be seeing at Rochester and Kensington?

好的，非常好，謝謝。然後也許只是成本方面的最後一個問題。你們提到消耗品的成本可能會低一點。您是否也看到了墨西哥勞動成本降低的影響？那麼也許作為對此的抵消，您能否評論一下您可能在羅徹斯特和肯辛頓看到的一些成本壓力？

Yeah, I'll start and then Tom, feel free to chime in. I think with Las Chispas only having been part of the company for six weeks, that labor cost differential is still to be seen. But given the employment increase that we'll see from Las Chispas going forward, that overall labor cost, we should see an overall benefit there.

是的，我先開始，然後湯姆，請隨意加入。我認為，由於 Las Chispas 加入公司六週，勞動成本差異仍有待觀察。但考慮到 Las Chispas 未來將帶來的就業成長以及整體勞動成本，我們應該會看到整體效益。

In terms of any real cost pressures, I mean, we've really not seen much at all. There's a good slide in the deck. You might have seen it, Wayne. I think it's slide 16 that just shows quarter-over-quarter, whether it's looking back 12 months or back over 12, 24 months, the declines have been pretty significant.

就任何實際成本壓力而言，我的意思是，我們確實沒有看到太多。甲板上有一張很好的幻燈片。你可能已經看到了，韋恩。我認為第 16 張投影片顯示的是季度環比情況，無論是回顧 12 個月還是回顧 12 個月、24 個月，下降幅度都非常顯著。

So we're in really this nice sweet spot here where we're not seeing the cost pressures on the cost side, and we're seeing the margin expansion with the higher prices. And in fact, if you look quarter-over-quarter, our average realized gold price this quarter was 41% higher than a year ago quarter.

因此，我們確實處於一個非常有利的位置，我們沒有看到成本方面的成本壓力，而且我們看到利潤率隨著價格上漲而擴大。事實上，如果按季度來看，我們本季的平均黃金實現價格比去年同期高出 41%。

Silver average realized price was, I think, 36% higher than the first quarter of last year, and our cost per ounce were essentially flat, right? So we're seeing that margin expansion big time that Tom alluded to in his comments. But Tom, anything else you want to add?

我認為，白銀平均實現價格比去年第一季高出 36%，而每盎司成本基本上持平，對嗎？因此，我們看到湯姆在評論中提到的利潤率大幅擴大。但是湯姆，你還有什麼要補充的嗎？

On labor, again, for the most part, across our asset base, we do annual raises in that first quarter. And so those kind of held in, in that, especially across the US sites in that 2% to 3%. And we haven't experienced any particularly concerning trends at all around turnover. So that kind of is locked in for the year.

關於勞動力，同樣，在我們的資產基礎上，我們大部分在第一季都會進行年度加薪。因此，這些比例控制在 2% 到 3% 之間，尤其是在美國。我們在營業額方面沒有經歷任何特別令人擔憂的趨勢。所以這一年的情況已經確定了。

And then we're watching diesel and cyanide and power costs. And for the most part, they're trending the right way. So pretty happy with the cost guidance and nice to see us in the lower end of the range through the first quarter.

然後我們關注柴油、氰化物和電力成本。並且在大多數情況下，它們的趨勢都是正確的。因此，對於成本指導我們感到非常滿意，並且很高興看到我們在第一季處於該範圍的低端。

Okay, perfect. Thanks for taking my questions, and looking forward to the improvement through the year.

好的，完美。感謝您回答我的問題，並期待今年能取得進步。

Yeah, thanks a lot, Wayne, I appreciate it.

是的，非常感謝，韋恩，我很感激。

Joseph Reagor, ROTH Capital Partners.

羅仕證券資本合夥公司的約瑟夫‧里格 (Joseph Reagor)。

Hey, management team. Thanks for taking the questions and congrats on the start of the year.

嘿，管理團隊。感謝您回答問題並祝賀新的一年的開始。

Yeah, thanks Joe.

是的，謝謝喬。

So I guess first thing on the inventory accounting, how long do you think it's going to take to work through the extra stockpiled ore inventory at Las Chispas to bring? And what level do you expect that inventory number on the balance sheet to get back down to because traditionally, it's been more in the high 70s versus the 220 it is now?

因此，我想首先要考慮的是庫存核算，您認為需要多長時間才能處理完 Las Chispas 的額外庫存礦石？您預計資產負債表上的庫存數量將回落到什麼水平，因為傳統上庫存數量通常在 70 多，而現在是 220？

Tom smiling that he got an accounting question. Tom, do you want to take that?

湯姆笑著說他有一個會計問題。湯姆，你想拿走那個嗎？

Yeah, so again, the inventory -- the big increase in the inventory relates to the stockpile out in front of the process plant at Las Chispas. So it's 150,000 tons, which if you think about it, that's roughly five months production.

是的，再次強調，庫存——庫存的大幅增加與 Las Chispas 加工廠前面的庫存有關。所以是 15 萬噸，如果你想的話，這大約是五個月的產量。

And so that balance will gradually go down as Mick continues to mine and we'll put new tons on that stockpile at a lower cost and then we'll deplete the existing stockpile, we'll process all that material. So you'll see that number come down over -- and for accounting purposes, we've estimated that, that will happen over the next year.

因此，隨著米克繼續開採，這種平衡將逐漸下降，我們將以較低的成本將新的噸位放入庫存中，然後我們將耗盡現有的庫存，我們將處理所有這些材料。因此，你會看到這個數字下降——出於會計目的，我們估計，這將在明年發生。

In terms of materials and supplies, though, I mean, we've added a prudent level of inventory. The team at Las Chispas have done a great job of making sure they have the right amount of spare parts, et cetera, et cetera. And so you will see an increase on the balance sheet as it relates to their materials and supply, but we're not worried about that whatsoever.

不過，就材料和供應而言，我的意思是，我們增加了審慎的庫存水準。Las Chispas 的團隊做了出色的工作，確保他們擁有適量的備件等等。因此，您會看到資產負債表上與其材料和供應相關的金額增加，但我們對此並不擔心。

Okay. And is there like a rough targeted number you'd like to see that inventory be at year-end total dollar number value?

好的。您是否希望看到庫存達到年底總美元價值的粗略目標數字？

I think we'll have to wait and see in terms of exactly how the material comes off that stockpile. And I don't think we have a particular target. What we have guided the team down at Las Chispas, who've done a terrific job. The integration is going super well, by the way, is to just deliver the budget that the SilverCrest Board had approved back in December for the year.

我認為我們必須拭目以待，看看這些材料究竟是如何從庫存中開採出來的。我認為我們沒有特定的目標。我們指導了 Las Chispas 的團隊，他們做得非常出色。順便說一下，整合進展非常順利，只是交付了 SilverCrest 董事會去年 12 月批准的年度預算。

So again, no real specific target. And again, the value that's on that stockpile is, again, it's mainly driven by the accounting requirement to fair value it. So with this -- it's going to have an impact on our earnings as we deplete, it's not going to have an impact on our free cash flow.

所以，再說一遍，沒有真正的具體目標。再說一遍，庫存的價值主要取決於公允價值的會計要求。因此，隨著資源的消耗，它會對我們的收益產生影響，但不會對我們的自由現金流產生影響。

Okay. Fair enough. And then bigger picture question for Mitch. Now that you're in the process of digesting the SilverCrest acquisition, how do you think about M&A going forward? Is the next thing on the list to start reviewing potentially a sale of something, say, Wharf or Kensington? Or is it to look for more acquisitions? Or is there a temporary pause here for a period of time?

好的。很公平。然後是針對米奇的更大問題。現在你們正在消化 SilverCrest 收購案，你們如何看待未來的併購？下一步要開始審查的事情是否可能是出售某些東西，例如碼頭或肯辛頓？還是尋求更多收購？還是這裡暫時停頓一段時間？

Yeah, I think Tom's words of -- was it boringly predictable or predictably boring. Either way, that's what we want to do. Yeah, that's what we're going to be the next at least for the foreseeable future. Our investors have waited a long time to see the benefits of all this investment that we're now starting to be able to generate and point to.

是的，我認為湯姆的話——是無聊得可預見還是可預見的無聊。不管怎樣，這就是我們想要做的。是的，至少在可預見的未來，我們會這樣做。我們的投資者已經等待了很長時間才看到我們現在開始能夠產生和指出的所有這些投資的利益。

And then delivering on that is our focus. Of course, we'll always look at things that come across or that we identify as opportunities that fit through our filters of North America and make us better, not necessarily just bigger and all those things, which really makes for a pretty short list.

實現這一目標就是我們的重點。當然，我們總是會專注於遇到的事物，或者我們認為符合北美篩選條件的機遇，這些機會可以讓我們變得更好，而不一定只是變得更大，所有這些事情，實際上構成了一個相當短的清單。

But in the meantime, what we have out in front of us here at the company is pretty spectacular, and we've worked a long time to get to this point. So we look forward on just delivering on that and showing the kind of cash flows here in the coming quarters that we alluded to in our comments.

但同時，我們公司所面臨的情況是相當驚人的，為了達到這一點，我們已經努力了很長時間。因此，我們期待實現這一目標，並在未來幾季展示我們在評論中提到的那種現金流。

Okay, that's fair enough. I'll turn it over thanks.

好的，這很公平。我會轉交給您的，謝謝。

Mike Siperco, RBC Capital Markets.

加拿大皇家銀行資本市場 (RBC Capital Markets) 的 Mike Siperco。

Yeah, thanks very much for taking my questions and I'd like to go back to Rochester, but maybe just to segue from the last question. Could you go into a little bit more detail on how you're thinking about Silvertip? I know you said accelerate resource growth and potentially invest some more cash into Silvertip.

是的，非常感謝您回答我的問題，我想回到羅徹斯特，但也許只是為了銜接上一個問題。您能否更詳細地談談您對 Silvertip 的看法？我知道您說過要加速資源成長並可能向 Silvertip 投入更多現金。

But prices have moved quickly in the last three or six months. Does that change your thinking? And maybe conceptually, what sort of milestone should we be looking for at Silvertip over the next couple of years?

但過去三到六個月價格變動很快。這是否改變了你的想法？從概念上來說，未來幾年我們應該在 Silvertip 上期待什麼樣的里程碑？

Yeah, hi Mike. Thanks for the question. Look, we remain confident in the scale of the district there at Silvertip and that we're on the edges of a very large system. And that's why we tripled the land package there in the first quarter that Aoife mentioned.

是的，嗨，麥克。謝謝你的提問。你看，我們仍然對 Silvertip 地區的規模充滿信心，而且我們正處於一個非常龐大的系統的邊緣。這就是 Aoife 提到的我們在第一季將那裡的土地價格增加了兩倍的原因。

We've been targeting and been, I think, talking over the last few months about sort of a five year time frame to have Silvertip in a position to be a go, no-go construction decision. We all want Silvertip to turn into a cash contributor versus a cash consumer, but we also don't want to cut any corners.

我想，我們一直在瞄準並且在過去幾個月裡一直在談論一個五年的時間框架，讓 Silvertip 能夠做出可行或不可行建設的決定。我們都希望 Silvertip 能夠成為現金貢獻者而不是現金消費者，但我們也不想偷工減料。

We need to go through the project stage gates. We need to keep drilling to keep improving our understanding of the deposit, keep building critical mass of the resource, support the study work that we're going to be doing.

我們需要通過專案階段門。我們需要繼續鑽探，以不斷加深對礦床的了解，不斷累積資源的臨界質量，支持我們將要進行的研究工作。

We'll be kicking off an internal or an initial assessment here in middle part of the year, probably third quarter, and that should be completed later next year. That will give us some good sort of concrete information to consider next steps where we go from there.

我們將在今年年中（可能是第三季）啟動內部或初步評估，並預計在明年稍後完成。這將為我們提供一些很好的具體信息，以考慮下一步該怎麼做。

We have kind of built up our organizational capabilities to support the advancement of Silvertip, whether it's on Aoife's exploration team, Mick and the projects team, overall leadership there. So we can devote some time and energy to better understanding what sorts of funding or permitting assistance might exist to potentially enhance the economics or shorten that timetable at Silvertip.

我們已經建立了組織能力來支持 Silvertip 的發展，無論是 Aoife 的勘探團隊、Mick 和專案團隊，還是整體領導。因此，我們可以投入一些時間和精力來更好地了解可能存在哪些類型的資金或許可援助，以潛在地提高經濟效益或縮短 Silvertip 的時間表。

But we're going to take some time and make sure we do it right, go through the project stage gates, keep drilling. And while we do all that, we can continue to generate the free cash flow and do everything that we've got set up in front of us here from our other operations.

但我們需要花一些時間，確保我們做得正確，透過專案階段關卡，繼續鑽探。在我們做所有這些事情的同時，我們可以繼續產生自由現金流，並完成我們在其他業務中已經設定的所有任務。

So it's an interesting time to have a large and growing critical minerals project in Canada for sure. And so we'll start turning our focus a bit more to that than we have been now that we're in a better position to do so. Does that give you what you're looking for, Mike?

因此，現在肯定是加拿大開展大型且不斷發展的關鍵礦產項目的好時機。因此，我們將開始把更多的注意力放在這一點上，因為我們現在處於更有利的位置。這能滿足你的要求嗎，麥克？

Yeah, that's good color. Thanks. And just to be clear, the initial assessment you were talking about, that would be internal only, right, not a public document?

是的，顏色很好。謝謝。需要明確的是，您所說的初步評估只是內部評估，不是公開文件，對嗎？

That's right.

這是正確的。

Okay. And then if we could flip back to Rochester, I just want to make sure that I understand it, and I know this has been a topic of conversation. What should we really be watching there in Q2 and beyond in terms of optimizing recoveries in the leach cycle and getting the operation to where you want it to be?

好的。然後，如果我們可以回到羅徹斯特，我只是想確保我理解了這一點，而且我知道這一直是一個話題。在優化浸出循環中的回收率以及使操作達到您想要的水平方面，我們在第二季度及以後應該真正關注什麼？

Is it total tonnage, crush tons, the ratio between the two? Or is it really getting as much material down to 5.8 million? I mean I know it's a blend of all of the above, but if there's a metric that someone could look at and say, okay, we're on the right track or maybe we're taking a pause here, what would that be?

是總噸位、破碎噸位，還是兩者的比例？或者它真的把材料數量減少到 580 萬了嗎？我的意思是，我知道這是以上所有因素的混合，但如果有一個指標可以讓某人看一眼並說，好吧，我們走在正確的軌道上，或者也許我們應該在這裡暫停一下，那會是什麼呢？

I think it's crusher run time, just availability. And as we do that, we'll see the other pieces fall into place. So I think that's, for me, the key metric. Mich, do you --

我認為這是破碎機的運行時間，只是可用性。當我們這樣做的時候，我們就會看到其他部分都各就各位。所以我認為這對我來說是關鍵指標。Mich，你--

Yeah, I mean, overall, in the long run, our target is to get to about 8 million tons placed on the pad on a quarterly basis. And as you saw, we're placing about 7 million tons this time around, and that's improving. That balance between DTP and crushed material, we, of course, want to crush as much as we can.

是的，我的意思是，總的來說，從長遠來看，我們的目標是每季在發射台上投放約 800 萬噸放射性物質。如您所見，我們這次投放了約 700 萬噸，而且情況正在好轉。當然，我們希望盡可能地粉碎 DTP 和粉碎材料之間的平衡。

But that DTP product is valuable, and we'll continue to deliver that throughout this year, probably a little bit more in -- through the middle part of the year and less so at the back end. And then just seeing the performance stay on the recovery curve as we see the size fraction come down, which we've seen so far, but we're tracking that.

但是 DTP 產品很有價值，我們將在今年全年繼續提供該產品，可能在年中提供的產品更多一些，而在年底提供的產品較少。然後，隨著規模分數的下降，我們看到效能保持在恢復曲線上，這是我們迄今為止所看到的，但我們正在追蹤它。

So you should see us continue to improve on that predictability and delivery of lower size fraction tons to the pad. And then a quarter or two quarters later, you're going to see the metal coming from that performance improvement.

因此，您應該會看到我們繼續提高可預測性，並將較小尺寸的噸位運送到發射台。然後一個季度或兩個季度後，你會看到業績改善帶來的收益。

Okay. So if we watch the -- you reported 5.1 million tons crushed in Q4, 5.5 million tons in Q1. Should we be really watching that number? And if that number continues to move higher, that's how you see at a high level at least that the crushing circuit is on the right track to deliver as much of that 7 million tons to 8 million tons as possible. Is that a fair way to put it?

好的。因此，如果我們觀察到——您報告第四季度壓榨量為 510 萬噸，第一季壓榨量為 550 萬噸。我們真的應該關注這個數字嗎？如果這個數字繼續走高，那麼至少從高層次上看，壓榨流程正走在正確的軌道上，可以盡可能多地交付 700 萬噸至 800 萬噸。這樣說公平嗎？

Exactly, yeah. If there's one number to watch, Mike, that would be the one.

確實如此。如果有一個數字值得關注，麥克，那就是這個數字。

Okay, very good. Thanks very much for taking my questions. I'll pass it on.

好的，非常好。非常感謝您回答我的問題。我會傳達的。

Thanks Mike.

謝謝邁克。

(Operator Instructions) Brian MacArthur, Raymond James.

（操作員指示）布萊恩·麥克阿瑟、雷蒙德·詹姆斯。

Good morning and thank you for taking my questions and I apologize. I had sort of the same ones that we've sort of asked, but maybe if I can do it differently. First, Tom, on the accounting, I assume at Las Chispas, what you've done is you've written up the gold and silver inventory to value it like a $3,000 gold or something and whatever it was, $31 silver.

早安，謝謝您回答我的問題，我深感抱歉。我遇到的問題和我們問的差不多，但也許我可以換個方式來做。首先，湯姆，關於會計，我假設在 Las Chispas，你所做的就是將黃金和白銀庫存記入賬目中，將其估價為 3,000 美元黃金或類似的東西，以及 31 美元白銀。

Is that the way I think about it from an accounting basis, and that's basically what you're going to run through the income statement. But obviously, the cash has already been consumed. Is that kind of what's going on there when I sort of calculate what the difference is between to get up to that 218 million tons, there's like, I think, 60 million of gold and whatever it is of silver. Is that the right way to think about it?

這是我從會計基礎的角度思考的問題嗎？這基本上就是您要透過損益表來了解的內容。但顯然，現金已經被消耗掉了。當我計算出 2.18 億噸的儲量差異時，我想其中有 6000 萬噸黃金和 6000 萬噸白銀，這是怎麼回事？這是正確的思考方式嗎？

Yeah, you got it. So those all the -- most of the tons on that -- or all of the tons on that stockpile will flow through our income statement, but we won't make net income from them, if that makes sense. Yeah, we have to mark-to-market it with a small estimate for -- it is great all these accounting questions -- small estimate for the cost to complete. So again -- but again, from a free cash flow perspective, there's no change and just it has an impact on net income. So we just want to highlight that.

是的，你明白了。因此，所有這些 — — 其中的大部分噸數 — — 或者庫存中的所有噸數都將流入我們的損益表，但我們不會從中獲得淨收入，如果這說得通的話。是的，我們必須用一個小的估計值來進行市價調整——對於所有這些會計問題來說，這都是一個很好的估計值——對於完成成本的小估計。所以，再說一次——但從自由現金流的角度來看，沒有變化，只是對淨收入有影響。所以我們只是想強調這一點。

Right, and I think you were clear, too, on the deferred taxes, there's nothing in there that you have to catch up on. It's all book accounting the way things are allocated. Is that right? It's just going to affect the consolidated tax rate, but not the cash tax rate?

是的，我認為你也清楚，關於遞延稅款，其中沒有任何東西是你必須補繳的。一切都按照帳簿會計的方式分配。是嗎？這只會影響綜合稅率，而不會影響現金稅率？

Exactly, exactly. And so perversely, it will have a positive impact to our net income. As that deferred tax liability gets smaller, when you take a credit off the balance sheet, it hits your earnings. So again, that will make the tax rate a little wonky. And so happy to work through that with anyone separately as you try and estimate out the deferred tax liability reversal in due course.

確實如此。因此，相反，它會對我們的淨收入產生正面的影響。隨著遞延稅負債變得越來越小，當您從資產負債表上扣除貸方金額時，它會影響您的收益。所以，這又會使稅率有點不穩定。當您嘗試估算出遞延所得稅負債逆轉時，我很高興能與任何人單獨解決這個問題。

Okay, and maybe just to put this to bed, I think what we're really after is make sure like obviously, there's been prepays and a lot of other cash things on the balance sheet that had to be paid. Is it fair to say now pretty well that's all gone and what we see is what we get going forward as far as cash flow, there's no other catch-ups or cleanups or anything from a cash basis. Is that a fair comment?

好的，也許只是為了解決這個問題，我認為我們真正想要的是確保資產負債表上有預付款和許多其他必須支付的現金。現在是否可以公平地說，一切都已經過去了，而我們看到的是我們在未來的現金流方面所得到的，從現金基礎上來說，沒有其他的追趕或清理或任何事情。這是一個公正的評論嗎？

That's very fair. Yeah, it kind of cleared the decks here in the first quarter and what you have now is what we have left is what you see.

這非常公平。是的，第一季的情況基本上已經明朗，剩下的就是我們所看到的。

Okay, and maybe just following up on another question on Silvertip. As you said you talked about it five years, but the world has changed a lot. You're also presumably going to have most of the debt done by the end of this year.

好的，也許只是想跟進一下關於 Silvertip 的另一個問題。正如你所說，你已經談論了五年，但世界已經發生了很大變化。到今年年底，你大概還會還清大部分債務。

Would it be fair to guess that you'd be more likely to pay a dividend or return capital through a buyback before big investments in Silvertip? Would that be kind of the thinking still going forward, assuming we stay at commodity prices where we are today?

在對 Silvertip 進行大筆投資之前，您是否更有可能支付股息或透過回購返還資本？假設大宗商品價格維持在目前的水平，這種想法還會繼續嗎？

Yeah, I think that's fair. Obviously, I don't want to get ahead of ourselves or our Board, but I think five years would be a long time to wait, especially after our investors have waited a long time already. I think we -- obviously, we ended the quarter with $78 million of cash and $110 million on the revolver.

是的，我認為這很公平。顯然，我不想超越我們自己或董事會，但我認為等待五年是一段很長的時間，尤其是我們的投資者已經等待了很長時間。我認為我們——顯然，我們在本季結束時擁有 7800 萬美元的現金和 1.1 億美元的循環信貸額度。

Those things will change quite rapidly as we go forward here. And as long as we're continuing to reinvest in the business the way we plan to, at these prices, the free cash flow we anticipate generating should leave some room to consider a potential return to our shareholders in the near term rather than waiting down the road to decide what we're going to do about Silvertip.

隨著我們不斷前進，這些事情將會迅速改變。只要我們按照計劃繼續以這些價格對業務進行再投資，我們預計產生的自由現金流應該會留下一些空間來考慮短期內對股東的潛在回報，而不是等到以後再決定如何處理 Silvertip。

Great, thanks very much for those clarifications. Very helpful.

太好了，非常感謝這些澄清。非常有幫助。

No, thanks for the questions, Brian.

不，謝謝你的提問，布萊恩。

Thank you. This concludes our question-and-answer session. I would like to turn the conference back over to Mitchell Krebs for any closing remarks.

謝謝。我們的問答環節到此結束。我想將會議交還給 Mitchell Krebs 做最後發言。

Okay. Thanks, everybody, for taking the time to talk with us today. We look forward to speaking again following the release of our second quarter results in early August. Thanks, and have a good day.

好的。謝謝大家今天抽出時間與我們交談。我們期待在 8 月初發布第二季業績後再次與您交談。謝謝，祝您有美好的一天。

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。