Coeur Mining Inc (CDE) 2025 Q2 法說會逐字稿

Good day, and welcome to the Coeur Mining second-quarter 2025 financial results conference call. (Operator Instructions) Please note this event is being recorded.

大家好，歡迎參加 Coeur Mining 2025 年第二季財務業績電話會議。（操作員指示）請注意，此事件正在被記錄。

I would now like to turn the conference over to Mitch Krebs, Chairman, President and Chief Executive Officer. Please go ahead.

現在，我想將會議交給董事長、總裁兼執行長米奇·克雷布斯 (Mitch Krebs)。請繼續。

Good morning, everyone, and thanks for joining our call today to discuss our second-quarter results. Joining me are Mick Routledge, Aoife McGrath, and Tom Whelan along with other members of the team and we will all be available to answer your 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二季業績。與我一起參加會議的還有 Mick Routledge、Aoife McGrath、Tom Whelan 以及團隊的其他成員，我們都將在通話結束時回答您的問題。

Before I kick off, please note our cautionary language regarding forward-looking statements and refer to our SEC filings that are on our website. The second-quarter highlights shown on slide 3 reflects the continuing transformation of core mining into a peer leading precious metals producer with best-in-class silver exposure. The numerous all-time records achieved during the quarter highlight the fundamental step change that is now fully underway.

在我開始之前，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。投影片 3 上顯示的第二季亮點反映了核心採礦業持續轉型為同業領先的貴金屬生產商，擁有一流的白銀業務。本季創下的眾多歷史新高凸顯了目前正在全面展開的根本性變革。

The intersection of higher prices with a mine portfolio hitting its stride led to these impressive results, including free cash flow of $146 million, which led to the repayment of the remaining balance on our revolving credit facility helped fund initial repurchases under our new share repurchase program and still resulted in a much higher cash balance at quarter end.

價格上漲與礦山投資組合蓬勃發展相結合，帶來了這些令人印象深刻的業績，其中包括 1.46 億美元的自由現金流，這導致我們償還了循環信貸額度的剩餘餘額，有助於為我們新股票回購計劃下的初始回購提供資金，並且仍然導致季度末的現金餘額大幅增加。

With our strong first half performance, and with further production increases expected in the second half, we're updating our full year expectations for adjusted EBITDA to over $800 million and for free cash flow to more than $400 million. At these levels, our balance sheet is expected to continue strengthening at a rapid pace with the potential to be in a net cash position at year-end.

鑑於我們上半年的強勁表現，以及下半年產量預計進一步增加，我們將全年調整後 EBITDA 預期更新至 8 億美元以上，自由現金流預期更新至 4 億美元以上。在這些水準上，我們的資產負債表預計將繼續快速加強，並有可能在年底實現淨現金狀況。

All five operations delivered strong production, cost, and financial performance during the second quarter, which Mick and Tom will talk more about in a few minutes. Two key drivers that made the quarter so strong with the continued progress at Rochester and the first full quarter of contribution from Las Chispa. At Las Chispas, the integration has been nearly seamless and is essentially complete at this point.

所有五個業務部門在第二季度都實現了強勁的生產、成本和財務業績，Mick 和 Tom 將在幾分鐘後詳細討論這一點。本季表現如此強勁的兩個關鍵驅動因素是羅徹斯特的持續進展以及 Las Chispa 第一季的貢獻。在 Las Chispas，整合工作幾乎無縫銜接，目前已基本完成。

The operation continues to deliver high-grade production at very low cost and positions Coeur as a flagship global silver producer with a peer-leading growth profile. What's more a reoriented drilling program at Las Chispas is delivering exciting exploration results, which Aoife will talk more about.

該項目繼續以極低的成本提供高品位的產品，並使 Coeur 成為具有同行領先成長前景的全球旗艦白銀生產商。此外，Las Chispas 重新定位的鑽探計劃正在取得令人興奮的勘探成果，Aoife 將對此進行詳細介紹。

At Rochester, which is America's largest source of domestically produced and refined silver, another sizable jump in crushed tonnes in the second quarter is leading to expectations for a strong second half and for Rochester to achieve its full year guidance. Mick will provide some additional details on Rochester's progress shortly.

羅徹斯特是美國最大的國產和精煉白銀產地，其第二季度白銀壓榨噸數再次大幅增加，這引發了人們對羅徹斯特下半年產量強勁增長以及實現全年預期的預期。米克將很快提供有關羅徹斯特進展的更多細節。

On the topic of guidance, we've also reaffirmed our overall company-wide 2025 production and cost guidance ranges based on what is expected to be an even stronger second half of production growth, higher margins, and strong cash flow. Those full year 2025 gold and silver production levels summarized on slide 4, represent year over year expected increases of 20% and 62%, respectively.

在指導方面，我們也重申了全公司 2025 年的整體生產和成本指導範圍，因為預計下半年生產成長將更加強勁、利潤率將更高、現金流將更加強勁。投影片 4 總結了 2025 年全年黃金和白銀產量水平，預計將年增 20% 和 62%。

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

說完這些，我會把電話轉給米克。

Thanks, Mitch. Consolidated gold and silver production increased 25% and 27%, respectively, compared to the last quarter, totaling 108,000 ounces of gold and 4.7 million ounces of silver. Total adjusted CAS per ounce for gold and silver decreased by 5% and 6%, respectively, compared to last quarter to $1,260 per ounce for gold and $13.41 per ounce for silver.

謝謝，米奇。綜合黃金和白銀產量與上一季相比分別成長了 25% 和 27%，總計黃金 108,000 盎司和白銀 470 萬盎司。與上一季相比，黃金和白銀每盎司總調整後 CAS 分別下降 5% 和 6%，至黃金每盎司 1,260 美元，白銀每盎司 CAS 為 13.41 美元。

Now let's take a look at the individual state contributions to this solid performance. Beginning with Las Chispas, the team continues to deliver great results with silver production reaching nearly 1.5 million ounces and gold production adding 16,000 ounces, both running ahead of annual guided levels. As Mitch mentioned, the team continues to thrive as part of Coeur's organization with numerous great examples of cross-pollinating ideas and best practices.

現在讓我們來看看各州對此穩健表現的貢獻。從 Las Chispas 開始，該團隊繼續取得優異的成績，白銀產量達到近 150 萬盎司，黃金產量增加 16,000 盎司，均超出年度指導水平。正如米奇所提到的，該團隊作為 Coeur 組織的一部分繼續蓬勃發展，擁有許多相互交流的思想和最佳實踐的優秀範例。

Staying in Mexico and turning to Palmarejo, the mine generated an especially strong $42 million of free cash flow, driven by gold and silver production increases of 18% and 6%, respectively, compared to the first quarter. The new Hidalgo access portal continues to enhance overall mining flexibility and efficiency, and it's opening up new zones within the independency of deposit. Total tonnes milled at Palmarejo achieved the highest quarterly level in over a year, tremendous results from the team.

留在墨西哥並轉向帕爾馬雷霍，該礦產生了特別強勁的 4,200 萬美元自由現金流，這得益於與第一季相比黃金和白銀產量分別成長 18% 和 6%。新的伊達爾戈通道繼續提高整體採礦的靈活性和效率，並在礦床獨立範圍內開闢新的區域。Palmarejo 的碾磨總噸數達到了一年多以來的最高季度水平，團隊取得了巨大的成果。

Turning to Nevada. The good news continued at Rochester, where positive trends in each phase of the operation sustained our momentum in the second quarter. Production of silver and gold increased by 13% and 7%, respectively, compared to the prior quarter and by 50% and 79%, respectively, compared to last year's second quarter. The team did a great job driving of crushed tonnes by 24% compared to the previous quarter to 6.7 million tonnes.

轉向內華達州。羅徹斯特繼續傳來好消息，各業務階段的正面趨勢維持了我們第二季的發展動能。白銀和黃金產量分別比上一季成長了 13% 和 7%，比去年第二季分別成長了 50% 和 79%。該團隊表現出色，壓榨噸數較上一季成長 24%，達到 670 萬噸。

This additional crushed ore continues to display direct apart material, which fell to 1.1 million tonnes of the total 7.9 million tonnes placed during the quarter. Looking ahead, we anticipate more progress in driving crushed tonnes in the second half of the year. While our focus on average particle size distribution and recoveries continues, with several successful modifications we made to the crusher corridor during a scheduled down period late last month.

這些額外的碎礦石繼續顯示直接分離材料，在本季度總計 790 萬噸中下降至 110 萬噸。展望未來，我們預計下半年壓碎噸位將取得更多進展。雖然我們繼續關注平均粒徑分佈和回收率，但我們在上個月底的預定停機期間對破碎機走廊進行了幾項成功的改造。

Moving to Kensington. The higher gold price a 17% quarter-over-quarter production increase and a 9% quarter-over-quarter decline in CAS per ounce combined to generate $20 million of free cash flow for the quarter. With the multiyear capital investment program in underground mine development now wrapped up, the external contractor force was demobilized from site by June 1. The team also made good progress towards completing a new resort project that will contribute further to the efficiency improvements already in place at this revitalized operation.

搬到肯辛頓。金價上漲、產量環比增長 17% 以及每盎司 CAS 環比下降 9% 共同為本季度帶來了 2000 萬美元的自由現金流。隨著地下礦場開發的多年資本投資計畫的結束，外部承包商隊伍已於 6 月 1 日從現場撤離。該團隊在完成新度假村專案方面也取得了良好進展，這將進一步促進這項振興後的營運效率的提高。

Kensington remains well positioned at the halfway mark to deliver sustained free cash flow with greater operating flexibility. Finishing up with Wharf, strong gold grade under leach led to a great second quarter. Quarterly gold production increased by 18% to over 24,000 ounces marking the main second highest production level in two years and leading to free cash flow of $38 million.

肯辛頓仍處於有利地位，能夠提供持續的自由現金流和更大的營運彈性。最後以九龍倉為終點，浸出後金礦的黃金品位較高，為第二季帶來了優異的表現。季度黃金產量增加 18%，超過 24,000 盎司，創下兩年來第二高產量水平，並帶來 3,800 萬美元的自由現金流。

While we anticipate some grade moderation over the months ahead, Wharf is paid up for another strong year. With that, I'll pass the call over to Aoife.

雖然我們預計未來幾個月的成績會有所緩和，但九龍倉已為另一個強勁的一年做好了準備。說完這些，我將把電話轉給 Aoife。

Thanks, Mick. Exploration continued at pace in the second quarter with up to 27 rigs drilling across the portfolio. The team at last Chispas has been extremely busy with up to eight rigs drilling on that property. As you can see on slide 13, the key areas of focus are expansion and infill drilling on the Babicanora Block with the objectives of extending and infilling extensions to the known veins adjacent to existing operations. In addition, we are undertaking a significant expansion drill program on the Las Chispas Block and in the Gap Zone between there and Babicanora.

謝謝，米克。第二季度，勘探工作持續快速推進，整個投資組合中的鑽井平台數量達到 27 座。最後，Chispas 的團隊非常忙碌，有多達八台鑽機在該地產上進行鑽探。正如您在幻燈片 13 上看到的，重點關注領域是 Babicanora 區塊的擴建和加密鑽探，目的是延伸和加密現有作業附近已知礦脈的延伸部分。此外，我們正在 Las Chispas 區塊以及該區塊與 Babicanora 之間的 Gap Zone 開展一項重要的擴展鑽探計劃。

The Augusta vein discovered earlier this year continues to grow and continues to return multi-kilo intercepts. Geologic understanding of this part of the land package is growing rapidly, and this is assisting with even more effective exploration targeting. A new underground ramp to this zone will greatly enhance drill access in the second half of 2025.

今年稍早發現的奧古斯塔礦脈仍在繼續增長，並繼續產出數公斤的截距金。針對這部分土地的地質認知正在迅速增長，這有助於更有效地進行勘探定位。通往該區域的新地下坡道將在 2025 年下半年大大增強鑽探通道。

At Palmarejo, where seven rigs were active. Slide 14 highlights the large number of targets that are being drilled with a focus on the Hidalgo corridor, which is the northwestern continuation of the mine trend. Excellent results have been achieved here with the trend extended by 350 meters along strike year-to-date. In addition, drilling on the recently consolidated independency of sewer block is progressing well with the Southeast word extensions of the Nation Bruno and independency ovens being tested and previous drilling by Fresnillo being validated.

在帕爾馬雷霍，有七座鑽井平台正在作業。幻燈片 14 突出顯示了正在進行鑽探的大量目標，重點是伊達爾戈走廊，這是礦山趨勢的西北延伸。這裡取得了優異的成績，今年迄今為止，該走向已沿走向延伸 350 公尺。此外，最近合併的下水道獨立段的鑽探工作進展順利，Nation Bruno 和獨立爐的東南延伸段正在接受測試，Fresnillo 之前的鑽探工作也正在得到驗證。

Many results are pending, but visual inspection of the core indicates continuation of known veins. At San Miguel located further to the east in the Guazapares trend, drilling to validate historic resources commenced late in the quarter and is off to a very good start with visual results to date that are highly encouraging. We expect that these three programs will add meaningfully to Palmarejo's year-end resource calculations.

許多結果尚未公佈，但對岩心的目視檢查顯示已知礦脈仍在延續。在位於 Guazapares 走向更東邊的 San Miguel，為驗證歷史資源而進行的鑽探於本季度末開始，開局非常好，迄今為止的視覺結果非常令人鼓舞。我們預計這三個項目將對 Palmarejo 的年底資源運算產生重大影響。

At Kensington, four rigs were active, and the drilling pace has exceeded expectations with the programmed meters being achieved ahead of schedule and under budget. Excellent results have been obtained from all expansion and infill zones in both Upper and Lower Kensington from infill at Elmira in the recently discovered Elmira Hanging Wall Zone and at the Johnson Target. We're confident that these results will continue to support a consistent life of mine.

在肯辛頓，有四台鑽機投入使用，鑽井速度超出預期，提前完成了預定的鑽井任務，且低於預算。從最近發現的埃爾​​邁拉懸掛牆區和約翰遜目標的埃爾邁拉填充區，上肯辛頓和下肯辛頓的所有擴展區和填充區都獲得了優異的成績。我們相信，這些成果將繼續支持我穩定的生活。

At Wharf, as shown on slide 15, up to 2 rigs completed all expansion drilling at Juno, Foley under wedge. The focus is turning to infill drilling northwest of Juno or expansion drilling in 2024 showed mineralization continuing for an additional 500 feet. Results received to date indicate that these programs are on target to add meaningfully to Wharf's life of mine.

在碼頭，如幻燈片 15 所示，多達 2 台鑽機完成了朱諾、福利楔下的所有擴展鑽探。重點轉向朱諾西北部的填充鑽探或 2024 年的擴展鑽探，顯示礦化作用將持續 500 英尺。迄今為止收到的結果表明，這些計劃將為九龍倉礦場的生活帶來有意義的改變。

At Silvertip, exploration programs kicked off with four rigs active on the project during the quarter. In addition, final preparations were made for a busy summer program that got underway just at quarter end. We look forward to providing updates in the coming quarters.

在 Silvertip，勘探計畫已啟動，本季共有四台鑽孔機投入使用。此外，也為季度末開始的繁忙夏季專案做了最後的準備。我們期待在未來幾個季度提供更新資訊。

I'll now turn the call over to Tom.

我現在將電話轉給湯姆。

Thanks, Aoife. As highlighted on slide 8, our strong 2Q financial results paint the clearest picture yet of Coeur's ultimate potential with the inclusion of a full quarter of Las Chispas in our earnings results. A 15% and 5% increase in gold and silver prices, respectively, combined with 20% higher sales volumes led to an adjusted EBITDA margin of 51%, which is more than double our margin this time last year.

謝謝，Aoife。正如幻燈片 8 所強調的，我們強勁的第二季度財務業績最清晰地描繪了 Coeur 的最終潛力，其中將整整一個季​​度的 Las Chispas 納入了我們的盈利結果中。黃金和白銀價格分別上漲 15% 和 5%，加上銷售量成長 20%，調整後的 EBITDA 利潤率達到 51%，是去年同期利潤率的兩倍多。

Slide 12 provides some color on the easing inflationary pressures on our key operating costs. Despite an 8% appreciation in the Mexican peso this quarter, we have been able to protect and expand margins due to our strong cost controls and the lack of any meaningful tariff impact on our business to date. It was great to have Rochester and Kensington joined the free cash flow party this quarter.

投影片 12 展示了我們主要營運成本的通膨壓力有所緩解。儘管本季度墨西哥比索升值了 8%，但由於我們強有力的成本控制以及迄今為止關稅對我們的業務沒有任何重大影響，我們仍然能夠保護和擴大利潤率。羅徹斯特和肯辛頓本季加入自由現金流派對真是太好了。

In fact, all five mines delivered meaningful free cash flow for the company, which led us to achieve several quarterly record numbers, including $146 million of free cash flow, $244 million of adjusted EBITDA and $127 million of adjusted net income or $0.20 per share.

事實上，所有五座礦場都為該公司帶來了可觀的自由現金流，這使我們實現了幾個季度創紀錄的數字，包括 1.46 億美元的自由現金流、2.44 億美元的調整後 EBITDA 和 1.27 億美元的調整後淨收入或每股 0.20 美元。

Briefly touching on the balance sheet on slide 11. We are proud to announce we have fully repaid the $110 million balance that had remained on our revolving credit facility by quarter end which was one quarter ahead of schedule. Our total debt, including $90 million of capital leases is now below $400 million, which is nearly a $250 million decrease from this time last year.

簡單介紹投影片 11 上的資產負債表。我們很自豪地宣布，我們已在季度末全額償還了循環信貸額度中剩餘的 1.1 億美元餘額，比計劃提前了一個季度。我們的總債務（包括 9,000 萬美元的資本租賃）目前低於 4 億美元，比去年同期減少了近 2.5 億美元。

Cash and cash equivalents increased 44% versus Q1 to $112 million. Incredibly, our long-term target of achieving a net debt-to-EBITDA ratio of zero is now within sight, which led to our confidence to announce and initiate our return of capital strategy this quarter with a $75 million buyback program that Mitch mentioned.

現金和現金等價物較第一季增加 44%，達到 1.12 億美元。令人難以置信的是，我們實現淨債務與 EBITDA 比率為零的長期目標現在已經觸手可及，這使我們有信心在本季度宣布並啟動我們的資本回報戰略，其中包括 Mitch 提到的 7500 萬美元的回購計劃。

It is all coming together nicely just at the right time. Based on our reconfirmed guidance and our updated forecast pricing of $3,200 and $32 for gold and silver, respectively, we expect to generate second half free cash flow of between $250 million to $300 million. Coeur remains ideally positioned to deliver sector-leading returns to our shareholders and pursue the full suite of high-return organic growth projects in our pipeline.

一切都恰逢其時地順利完成。根據我們重新確認的指引和我們更新的黃金和白銀預測價格分別為 3,200 美元和 32 美元，我們預計下半年將產生 2.5 億至 3 億美元的自由現金流。Coeur 仍處於理想位置，能夠為股東帶來行業領先的回報，並全力推進我們計劃中的全套高回報有機成長項目。

Note 3 of the interim financial statements in the 10-Q provides the details of our preliminary purchase price allocation of SilverCrest. I wanted to provide an important update on three accounting nuances we highlighted during the Q1 earnings call, which impact EPS, but do not impact free cash flow. First of all, the inventory acquired in the 150,000 tonne stockpile at Las Chispas was recorded at fair value, which has led to higher reported cost applicable to sales as we monetize the inventory from the stockpile.

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。我想對我們在第一季財報電話會議上強調的三個會計細節提供重要的更新，這些細節會影響每股收益，但不會影響自由現金流。首先，在 Las Chispas 的 150,000 噸庫存中獲得的庫存是按公允價值記錄的，這導致當我們將庫存中的庫存貨幣化時，適用於銷售的報告成本更高。

Through the end of Q2, we have processed two-thirds of the acquired stockpiled material so this accounting nuance should come to a close early in the fourth quarter. Secondly, with just over $1 billion of the $1.5 billion purchase price paid for SilverCrest, allocated to the property, plant and equipment and mining properties balances at Las Chispas higher amortization expense is being recorded as expected.

到第二季末，我們已經處理了三分之二的收購庫存材料，因此這種會計細微差別應該在第四季初結束。其次，在收購 SilverCrest 所支付的 15 億美元中，有超過 10 億美元分配給了 Las Chispas 的財產、廠房和設備以及採礦財產餘額，因此預計攤銷費用會更高。

And third, the $336 million deferred tax liability, which arose from the purchase price accounting allocation exercise is subject to foreign exchange fluctuations in accordance with US GAAP. With an 8% appreciation of the peso during the quarter, the tax line included a noncash $28 million provision, which we have highlighted in the adjusted net income reconciliation.

第三，根據美國公認會計準則，因購買價格會計分配而產生的 3.36 億美元遞延所得稅負債將受到外匯波動的影響。由於本季比索升值了 8%，稅收項目包括 2,800 萬美元的非現金準備金，我們在調整後的淨收入調節表中對此進行了強調。

With that, I will now pass the call back to Mitch.

說完這些，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 16 that summarizes our top priorities for the second half of the year. Sitting at midyear, I'm proud of the progress we've made on each of these fronts, but there's still work to be done to unlock the compelling upside potential that remains embedded in our company.

謝謝，湯姆。在進入問答環節之前，我想快速強調第 16 張投影片，它總結了我們下半年的首要任務。值此年中之際，我為我們在各個方面取得的進展感到自豪，但仍有許多工作要做，以釋放公司所蘊含的巨大上升潛力。

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

好了，讓我們開始提問吧。

(Operator Instructions) Joseph Reagor, ROTH Capital Partners.

（操作員指示）Joseph Reagor，ROTH Capital Partners。

Congrats on a great quarter. Yes. So I guess, first thing, just talking about the upside of the company, Silvertip, you've given what the silver market is today, is there any opportunity to accelerate that into a development project? And then if you did what would the time line look like to bring that into production? Or is it just not something you guys are ready to do yet?

恭喜本季取得優異成績。是的。所以我想，首先，只是談論公司的優勢，Silvertip，考慮到當今的白銀市場，是否有機會將其加速為開發項目？那麼，如果您這樣做了，將其投入生產的時間表會是怎樣的？或者這只是你們還沒準備好要做的事？

Yes. Good question. I think in the first-quarter call, we talked about sort of five-year time frame to get Silvertip to a go, no-go decision. And maybe there are some opportunities to shave a little bit of time off of that, especially with some of Canada's support for critical minerals projects, expedited permitting, things like that. That said, we want to make sure that we don't cut any corners that we do it right.

是的。好問題。我認為在第一季的電話會議上，我們討論了五年的時間框架來讓 Silvertip 做出可行或不可行的決定。也許有一些機會可以縮短一點時間，特別是加拿大對關鍵礦產項目的一些支持，加快許可等等。話雖如此，我們還是想確保我們不會偷工減料，把事情做好。

And that's going to require us to go through the typical project stage gates. We did kick off an initial assessment last month, so that's sort of step one. And we'll keep progressing through those milestones. They're still drilling to be done, and there's permitting to be done.

這就要求我們經歷典型的專案階段關卡。我們上個月確實開始了初步評估，所以這是第一步。我們將繼續實現這些里程碑。他們仍在進行鑽探，也需要辦理許可。

So maybe that five-year time frame could be moved in a little bit, but I still think it's out there a few more years for sure and which gives us a nice clean runway here still to generate good, strong free cash flow and stay focused on everything that we have out ahead of us. Does that help answer the question?

因此，也許這個五年的時間框架可以稍微向前移動一點，但我仍然認為肯定還會有幾年的時間，這為我們提供了一個良好的清晰的跑道，仍然可以產生良好、強勁的自由現金流，並專注於我們面臨的一切。這有助於回答這個問題嗎？

Yeah. No, that's helpful. And then following on that, Silvertip is obviously one of the big things in the portfolio. But beyond that, what do you see as the biggest items that you guys can focus on to drive production growth between now and then?

是的。不，這很有幫助。接下來，Silvertip 顯然是投資組合中的大項目之一。但除此之外，您認為從現在到將來，可以專注於哪些最重要的項目來推動產量成長？

Yeah. It really goes to the brownfield exploration potential that we have around our existing sites. And it's not just one or two. It's really across the collection of assets. Over the last decade, we've methodically added to our land positions around each of our assets.

是的。這確實體現了我們現有場地周圍的棕地勘探潛力。而且這樣的情況不只一兩個。這確實涉及資產的收集。在過去的十年中，我們有條不紊地增加了每項資產周圍的土地部位。

We've more than tripled our land position. These are prospective deposits. I go through the list, many of them we talked about today, but Wharf has great opportunity. Palmarejo, especially off to the east, has immense opportunity. We started to realize some of the potential at Kensington, and there's more there to do. And then with the addition of Las Chispas earlier this year, there's a lot of potential there to target with increased levels of exploration.

我們的土地儲備增加了兩倍多。這些是預期存款。我瀏覽了名單，其中很多都是我們今天討論過的，但九龍倉有很大機會。帕爾馬雷霍，尤其是東部的帕爾馬雷霍，擁有巨大的機會。我們開始意識到肯辛頓的一些潛力，並且還有很多事情要做。隨著今年早些時候 Las Chispas 的加入，隨著勘探程度的提高，那裡還有很大的潛力可以挖掘。

So even with this year, I think our guidance range midpoint of our exploration guidance range is around $85 million. To the extent that we can accelerate some of that next year and beyond to try and capture some of those opportunities around existing operations, obviously, high-return, low-risk organic growth there. That's what comes to my mind first.

因此，即使是今年，我認為我們的勘探指導範圍中點也在 8500 萬美元左右。在某種程度上，我們可以在明年及以後加速其中的一些進程，試圖抓住現有業務中的一些機會，顯然，這就是高回報、低風險的有機成長。這是我首先想到的。

Is there anything guys that I left off there that you want to add?

各位，我還有什麼想補充的嗎？

We will continue to optimize Rochester, of course, and drive out performance. So there's more growth plan to come from Rochester. But overall, it's incremental improvements around operations and performance across the portfolio.

當然，我們將繼續優化羅徹斯特，並提高其性能。因此，羅徹斯特也制定了更多的成長計劃。但總體而言，這是整個投資組合在營運和績效方面的逐步改進。

Okay. Well, a good quarter. I'll turn it over.

好的。嗯，這是一個不錯的季度。我把它翻過來。

Thanks, Joe.

謝謝，喬。

(Operator Instructions) Brian MacArthur, Raymond James.

（操作員指示）布萊恩·麥克阿瑟、雷蒙德·詹姆斯。

I suspect this is for Tom, but I'm just -- on the free cash flow basis, I'm just trying to figure out the taxes because I thought in the US, you kind of have a lot of NOLs. But when I look at it this quarter, like the deferred taxes are a negative.

我懷疑這是給湯姆的，但我只是——在自由現金流的基礎上，我只是想弄清楚稅收，因為我認為在美國，你有很多 NOL。但當我看這個季度時，遞延稅款是負面的。

Now you mentioned you've got this true-up and everything else. But what I'm really just trying to figure out is how I should think about this going forward, whether anything has changed or whether I should still continue to just tax Mexico at the standard rate in the US at zero? I'm just not sort of seeing it in the financials the way I thought I might.

現在您提到您已經實現了這一點以及其他一切。但我真正想弄清楚的是，我應該如何看待這個問題，是否有什麼變化，或者我應該繼續按照美國的標準稅率對墨西哥徵稅為零？我只是沒有從財務狀況看到我所想的那樣。

Well, you're thinking about it the right way in terms of cash taxes. Mexico will continue to pay quarterly installments as well as that big onetime true-up at quarter end or in the first quarter along with the EBITDA tax. But interestingly enough, we had, as we talked about in the 10-K, $630 million of net operating losses, and we're actually starting to chew through those pretty aggressively.

嗯，從現金稅的角度來看，你的想法是正確的。墨西哥將繼續支付季度分期付款以及季度末或第一季的一次性大額補足款以及 EBITDA 稅。但有趣的是，正如我們在 10-K 報告中提到的那樣，我們的淨營運虧損為 6.3 億美元，我們實際上正在開始積極應對這些虧損。

But for the time being, best to just keep zero tax rate in the US and the Mexican taxes, and they're a bit lumpy in that first quarter as we true up for the year as well as pay the EBITDA tax. So -- and I'd have to maybe find a way to point to the taxes paid in the 10-Q. Maybe work with the offline on that one, Brian, just to help you refine your estimation process.

但就目前而言，最好還是保持美國和墨西哥的零稅率，而且在第一季度，當我們計算全年收入並支付 EBITDA 稅時，這些稅率會有些波動。所以——我可能必須找到一種方法來指出 10-Q 中繳納的稅款。也許可以與離線合作，布萊恩，只是為了幫助你完善你的估價流程。

No, that would be great, Tom. I wasn't trying to be difficult. I was actually just trying to figure out I thought there might be a little more cash flow there in the quarter. So that's great. And I just wanted to make sure nothing major has changed going forward.

不，那太好了，湯姆。我並不想製造麻煩。我實際上只是想弄清楚，我認為本季的現金流可能會多一點。這太棒了。我只是想確保未來不會發生任何重大變化。

Alex Terentiew, National Bank.

國家銀行的 Alex Terentiew。

Congratulations again on another good quarter. Two questions for you. One on the NCIB and other on Las Chispas. On the NCIB, I'm just wondering, are you -- is this kind of discretionary is that you're approaching it? Or do you have a program underway? I'm just trying to get a sense of how aggressive you may be on executing this, given your strong free cash flow and discussions on growth we've had in the past -- over the past call here. And just wondering, even if there's a chance to increase that? So that's the first one.

再次恭喜您又取得了一個良好的季度業績。問你兩個問題。一個在 NCIB，另一個在 Las Chispas。關於 NCIB，我只是想知道，您是否正在採取這種自由裁量權？或者您正在進行一個專案嗎？我只是想了解一下，考慮到您強勁的自由現金流以及我們過去（在之前的電話會議中）就增長問題進行的討論，您在執行這一計劃時可能會有多積極。我只是想知道，是否有機會增加這個數字？這是第一個。

And then just on Las Chispas, exploration, obviously hitting some really nice intercepts. Mine life looks to be kind of set to grow there. I don't know, I mean, maybe just remind me or refresh my memory what's the potential of that mine to increase? Or put it another way, maybe what's the constraint on production growth there right now?

然後就在 Las Chispas 進行探索，顯然取得了一些非常漂亮的攔截。我的生活似乎會在那裡發展。我不知道，我的意思是，也許只是提醒我或刷新我的記憶，那個礦井的潛力有多大？或者換句話說，目前那裡的生產成長受到什麼限制？

Yeah. Okay. Great. Good -- two good questions, Alex. I'll start with the buyback and then maybe Aoife, Mick, you can weigh in on the Las Chispas.

是的。好的。偉大的。很好——兩個好問題，亞歷克斯。我將從回購開始，然後也許 Aoife、Mick，你們可以對 Las Chispas 發表意見。

So in the US context, Alex, that buyback program we don't really refer to them as NCIBs here in the US, but there is a discretionary component to how we're approaching it and then a nondiscretionary. So when we're in blackout periods, which is about half the trading days of a year, we put in place a 10b5-1 plan with some parameters so that there can be some repurchase activity during those periods when we're blacked out. And then when we're not blacked out, we can pursue nondiscretionary -- or sorry, discretionary purchases during those windows.

因此，亞歷克斯，在美國，我們實際上並不將該回購計劃稱為 NCIB，但我們在處理該計劃時，既有自由裁量權的成分，也有非自由裁量權的成分。因此，當我們處於停電期間（約佔一年交易日的一半）時，我們會制定一個帶有一些參數的 10b5-1 計劃，以便在停電期間可以進行一些回購活動。然後，當我們沒有昏迷的時候，我們可以在那些時間段內進行非自由支配的購買——或者抱歉，自由支配的購買。

And so with the way we -- the timing worked out this time, we got the -- through the Board process, we announced it in May. We -- by the time we got everything in place, we wanted to get some repurchases done before we went into blackout. There weren't any repurchases done during this recent blackout period. But now as we come out of that here on the back of the second-quarter results, we look to step up our repurchase activity.

因此，按照我們這次選定的時間，我們透過董事會程序，在 5 月宣布了這一消息。當我們把所有事情都安排妥當後，我們想在停電之前完成一些回購。在最近的停牌期間沒有進行任何回購。但現在，隨著我們在第二季業績的推動下走出困境，我們希望加強回購活動。

We didn't put this program in place to not use it, use it up. And so we will get about that here now post second-quarter results. And hopefully, we'll see more activity during the next blackout than we did during this current one. So hopefully, that helps answer the buyback question.

我們實施這個計劃並不是為了不使用它，而是為了用完它。因此，我們將在第二季業績公佈後了解這一情況。希望下次停電時我們能看到比這次停電更多的活動。希望這有助於回答回購問題。

On Las Chispas, yeah, I'll let Aoife talk a little bit about exploration. They can talk about mining and processing potential. But as far as the game plan there really was to come in here in year one, continue with the consistent performance that Las Chispas has delivered in its first two years of operation. And with that, hopefully, we can replace what we mine this year here in 2025 and kind of maintain that six- or so year mine life that we inherited when we closed on that transaction. I think with the results that we're delivering so far from exploration, we're feeling good about that goal here in 2025.

在 Las Chispas，是的，我會讓 Aoife 談一點關於探索的事情。他們可以談論採礦和加工潛力。但就第一年的計劃而言，Las Chispas 將繼續保持其營運前兩年的穩定表現。這樣，我們希望能夠在 2025 年取代我們今年在這裡開採的資源，並維持我們在完成該交易時繼承的六年左右的礦山壽命。我認為，根據我們迄今為止探索所取得的成果，我們對 2025 年實現這一目標充滿信心。

Looking out a little bit further, Aoife, do you want to just talk about where the focus is going to be kind of in mine and near mine and the existing blocks? And then, Mick, maybe you can talk just from a mining and processing standpoint, what opportunities might exist there?

再看得更遠一些，Aoife，您是否想談談重點將放在哪裡：礦井內、礦井附近以及現有的區塊？然後，米克，也許您可以從採礦和加工的角度來談談，那裡可能存在哪些機會？

Yes. It's a good question, Alex. So we're -- if you look at slide 13, we're really busy on two main blocks at the moment on the Babicanora Block. And really what that's doing is sort of like a exploration by numbers we're stepping out from existing veins and then infilling so we can continue to mine that through existing and just extended infrastructure.

是的。這是個好問題，亞歷克斯。所以——如果你看幻燈片 13，你會發現我們目前在 Babicanora 街區的兩個主要街區上非常忙碌。而這實際上就像是一種數位探索，我們從現有的礦脈中走出來，然後填充，這樣我們就可以透過現有的和擴展的基礎設施繼續開採。

And the results from there are typical from the Babicanora Block. It's a very high-grade block. And when we drill there, we hit new veins in holes it's just the type of system it is. So we're very, very happy with the results we're getting down there.

那裡的結果是 Babicanora 區塊的典型特徵。這是一個非常高級的街區。當我們在那裡鑽探時，我們在洞中發現了新的礦脈，這就是這種類型的系統。因此，我們對所取得的成果非常非常滿意。

We're doing -- we focused also a lot on the Las Chispas Block. That hasn't seen as much work historically, but we are starting to see some higher grades there and in the Gap Zone between that block and the Babicanora Block which are actually highly encouraging because there's a slight change in the geology, but we're seeing really, really rich mineralization continue through there. So we're increasingly optimistic about those blocks. So I'll give this on the exploration front.

我們正在做——我們也非常關注 Las Chispas Block。從歷史上看，那裡並沒有進行過太多的工作，但我們開始在那裡以及該區塊和 Babicanora 區塊之間的間隙區看到一些更高品位的礦藏，這實際上非常令人鼓舞，因為地質情況略有變化，但我們看到非常非常豐富的礦化作用繼續在那裡進行。所以我們對這些區塊越來越樂觀。因此我將在探索方面給出這一點。

So when I said in my comments about a reoriented drill program, what we really did is pull in some of the regional exploration that SilverCrest had targeted for 2025, and we're really focused in the mine, Babicanora is obviously the most drilled area, but going up there to Las Chispas Block and then in between, Las Chispas and Babicanora has given us some more runway here that we're excited about.

因此，當我在評論中提到重新調整鑽探計劃時，我們真正做的是納入 SilverCrest 為 2025 年設定的一些區域勘探目標，並且我們真正專注於礦場，Babicanora 顯然是鑽探最多的區域，但從那裡到 Las Chispas Block，再到 Las Chispas 和 Babicanora 之間，我們在這裡獲得了更多的跑道，我們對此感到更多的跑道，我們在這裡獲得了更多的跑道，我們對此感到興奮。

Yeah. The focus is to really get to grips with this main assets in 2025 and then consider the regional in the future.

是的。重點是真正掌握2025年的主要資產，然後再考慮未來的區域資產。

And the mix from a mining processing.

以及採礦加工的混合物。

Yeah. From an operational perspective, really, with it being a thin vein underground mine. Having that six years of main life visibility in front of us is really more than adequate, as long as we can then continue, as Aoife said, to try and maintain that cover the depletion.

是的。從營運角度來看，它確實是一條薄礦脈地下礦場。正如 Aoife 所說，只要我們能夠繼續努力並保持這種狀態以彌補資源的枯竭，那麼擁有六年的主要生命可見性對我們來說就已經足夠了。

From an operational perspective, we're seeing a lot of flexibility, plenty of capacity in the processing plant which gives us some potential upside opportunities if we continue to find the capacity underground. And we have a good size stockpile that gives us a nice operational flexibility to maintain performance. And as we said in the dialogue, we're slightly ahead of our expected performance there for this year, and we expect to continue that for the rest of the year.

從營運角度來看，我們看到加工廠具有很大的靈活性和足夠的產能，如果我們繼續在地下尋找產能，這將為我們帶來一些潛在的上昇機會。我們擁有大量的庫存，這為我們提供了良好的營運靈活性，以保持效能。正如我們在對話中所說，我們今年的表現略高於預期，我們預計今年剩餘時間我們的表現將繼續保持這種水平。

Does that get to what you need there, Alex?

這能滿足你的需求嗎，亞歷克斯？

Yes. No, that's excellent.

是的。不，那太好了。

At this time, there are no further questions, which concludes our question-and-answer session. I would like to turn the conference back over to Mitch Krebs for any closing remarks.

目前，沒有其他問題，我們的問答環節到此結束。我想將會議交還給 Mitch Krebs 來做結束語。

Yeah. Thanks, everybody. Before I wrap up, I just want to say thanks to the team that's here with me in the room and throughout the company for executing such a terrific quarter and really getting the company to where we are today. It's been a lot of years of a lot of heavy lifting and a lot of great work by a lot of people. So I just want to make sure and extend my gratitude for that.

是的。謝謝大家。在結束之前，我只想對在場的各位團隊以及整個公司表示感謝，感謝你們完成瞭如此出色的一個季度，並真正使公司達到了今天的水平。多年來，許多人付出了大量的艱辛努力和出色的工作。所以我只是想確認並表達我的感激之情。

And we appreciate everyone's time here on the call today during a day that's got a lot of companies reporting. So thank you for joining. We look forward to discussing our third-quarter results with you in early November. Until then, enjoy the rest of your summer. Have a good day.

我們感謝大家今天抽空參加電話會議，因為今天有很多公司要發布報告。感謝您的加入。我們期待在 11 月初與您討論我們的第三季業績。到那時，盡情享受剩下的夏天吧。祝你有美好的一天。

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

此次會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。