Coeur Mining Inc (CDE) 2025 Q3 法說會逐字稿

Good day, and welcome to the Coeur Mining third-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 年第三季財務業績電話會議。（操作說明）請注意，本次活動正在錄影。

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

現在我謹將會議交給總裁兼執行長米切爾·克雷布斯先生。請繼續。

Good morning, everyone, and thanks for joining our call today to discuss our third-quarter results. Before I kick off, please note our cautionary language regarding forward-looking statements and refer to our SEC filings that are on our website.

各位早安，感謝各位今天參加我們的電話會議，共同討論我們第三季的業績。在正式開始之前，請注意我們關於前瞻性聲明的警示性措辭，並參閱我們網站上的美國證券交易委員會文件。

The third-quarter highlights on slide 3 showcase our second consecutive quarter of record results driven by higher realized prices, strong production levels, and solid cost management. As a result, our cash balance is growing rapidly and is expected to exceed $500 million at year-end, placing us solidly in a net cash position heading into 2026. Based on recent price levels, we now expect our full-year EBITDA to exceed $1 billion and our full-year free cash flow to top $550 million, both of which are higher than our prior estimates.

第三季亮點（幻燈片 3）展示了我們連續第二季創下業績紀錄，這得益於更高的實際售價、強勁的生產水平和穩健的成本管理。因此，我們的現金餘額正在迅速增長，預計到年底將超過 5 億美元，這將使我們在進入 2026 年時處於穩健的淨現金狀況。根據最近的價格水平，我們現在預計全年 EBITDA 將超過 10 億美元，全年自由現金流將超過 5.5 億美元，這兩個數字都高於我們先前的估計。

Mick and Tom will provide some further operational and financial details in a few minutes, but a couple of other highlights I wanted to quickly mention. Our Las Chispas silver and gold operation in Sonora, Mexico, had another consistent quarter of production during its second full quarter, since the SilverCrest transaction closed back in February. Its free cash flow increased by 34% to $66 million in the third quarter.

Mick 和 Tom 將在幾分鐘後提供一些營運和財務方面的更多細節，但我想快速提及其他幾個重點。自 2 月 SilverCrest 交易完成以來，我們在墨西哥索諾拉州的 Las Chispas 金銀礦在第二個完整季度又實現了穩定的產量。第三季度，其自由現金流成長了34%，達到6,600萬美元。

In addition to their solid operational and financial results, we issued an exploration update last month that highlighted several high-grade intercepts at Las Chispas. We couldn't be more pleased with the SilverCrest transaction and the addition of the Las Chispas operation and its team. It's a great example of well-timed M&A that has allowed us to significantly up-tier our asset portfolio by adding low-cost silver production and immediately bolster our balance sheet, which has put the company in a terrific position as we look ahead to what should be an even stronger fourth quarter and a record-breaking year in 2026.

除了穩健的營運和財務表現外，我們上個月還發布了一份勘探進度報告，重點介紹了拉斯奇斯帕斯礦區的幾個高品位礦段。我們對 SilverCrest 的交易以及 Las Chispas 營運團隊的加入感到無比滿意。這是一個時機恰當的併購的絕佳例子，它使我們能夠透過增加低成本的白銀生產來大幅提升我們的資產組合，並立即增強我們的資產負債表，這使公司處於非常有利的地位，展望未來，我們預計第四季度業績將更加強勁，2026 年將創下歷史新高。

On the share repurchase program, we managed to get nearly 10% of our initial $75 million program completed so far, and we'll continue to evaluate our repurchase activities and overall capital allocation priorities with our Board over the coming months.

在股票回購計畫方面，我們目前已完成最初 7,500 萬美元計畫的近 10%，未來幾個月我們將繼續與董事會一起評估我們的回購活動和整體資本配置優先事項。

At Rochester, the team continued to make solid progress toward achieving steady state. We mentioned during our last call that we took extended downtime early in the third quarter to make some modifications to the crusher corridor, which have proven to be successful. Mick will talk more about the progress there in a few minutes.

在羅徹斯特，該團隊繼續穩步推進，朝著穩定狀態邁進。我們在上次電話會議中提到，我們在第三季初進行了長時間的停機，對破碎機走廊進行了一些改造，事實證明這些改造是成功的。米克稍後會詳細介紹那方面的進展。

Finally, you'll see we fine-tuned our full-year production guidance ranges, and we also tweaked our cost guidance ranges. These narrower production guidance ranges resulted in a small increase to the midpoint of our full-year gold production guidance and a slight decrease to the midpoint of our full-year silver production guidance. The main drivers to these adjustments are Las Chispas, Palmarejo, and Wharf being nicely ahead of plan offset by some Rochester ounces being pushed into 2026 to reflect lower-than-planned crushed tonnes so far this year.

最後，您會看到我們對全年產量預期範圍進行了微調，我們也調整了成本預期範圍。由於產量預期範圍收窄，我們全年黃金產量預期中位數略有上升，而全年白銀產量預期中位數略有下降。導致這些調整的主要原因是拉斯奇斯帕斯、帕爾馬雷霍和沃夫的產量遠超計劃，但羅徹斯特的部分盎司產量被推遲到 2026 年，以反映今年迄今為止的壓榨噸數低於計劃。

Before I turn it over to Mick, I just want to quickly thank the team. Our safety and environmental performance this year is among the best in our company's 98-year history, and the operational and financial results speak for themselves. It's great to see these themes all coming together at the same time, the impact of our recent investments in expansions and exploration, the SilverCrest acquisition, and now these higher prices to generate these strong results for our shareholders from our balanced platform of North American assets.

在把麥克風交給米克之前，我只想快速地感謝團隊。今年，我們在安全和環境方面的表現是公司98年歷史上最好的之一，營運和財務表現足以說明一切。很高興看到這些因素同時匯聚在一起，包括我們近期在擴張和勘探方面的投資、對 SilverCrest 的收購，以及現在更高的價格，這些都為我們北美均衡的資產平台帶來了強勁的回報，從而為我們的股東創造了豐厚的回報。

Mick, over to you.

米克，該你了。

Thanks, Mitch. The third quarter was another solid step forward for Coeur, marked by strong execution and operating discipline throughout the business. Consolidated gold and silver production continued a 2025 trend of positive sequential quarterly increases, delivering over 111,000 ounces of gold and 4.8 million ounces of silver. Adjusted CAS per ounce for gold and silver also continued that positive trend compared to Q3 2024 at $1,215 per ounce and $14.95 per ounce respectively.

謝謝你，米奇。Coeur 第三季又向前邁出了堅實的一步，其特點是整個業務部門執行力強、營運紀律嚴明。2025 年黃金和白銀綜合產量延續了季度環比增長的趨勢，交付超過 111,000 盎司黃金和 480 萬盎司白銀。與 2024 年第三季相比，黃金和白銀的調整後每盎司 CAS 價格也繼續保持正面趨勢，分別為每盎司 1,215 美元和每盎司 14.95 美元。

Looking in more detail at each of the operations, rock-solid consistent production and cost performance with a balanced portfolio was the key takeaway in the quarter. Beginning with Las Chispas, the operation continues to perform exceptionally well, with silver production increasing to 1.6 million ounces and gold production to 17,000 ounces, generating $66 million of free cash flow, as Mitch mentioned earlier.

更詳細地了解每項營運情況，本季最關鍵的收穫是穩健穩定的生產和成本績效以及均衡的產品組合。從拉斯奇斯帕斯礦場開始，該礦的營運表現持續非常出色，白銀產量增加到 160 萬盎司，黃金產量增加到 17,000 盎司，產生了 6,600 萬美元的自由現金流，正如米奇之前提到的那樣。

The mine's outperformance to date and expectations for a strong finish to the year led us to increase the range of 2025 silver and gold production gains. I'm also pleased to report that the full integration of Las Chispas is now complete. Kudos to the entire team for a job well and safely done.

該礦迄今的優異表現以及對今年年底強勁收官的預期，促使我們提高了 2025 年白銀和黃金產量成長的預期範圍。我很高興地報告，拉斯奇斯帕斯的全面整合現已完成。向整個團隊致敬，他們出色且安全地完成了工作。

Turning to Palmarejo. The mine delivered $47 million of free cash flow during the quarter, with strong recoveries and mill throughput that reached their highest levels in six quarters. The pace of exploration activity has also increased in the East District outside the Franco-Nevada gold stream area of interest, including drilling, mapping, and site work in the highly prospective Camuchin and [Guazapares] trends, which we believe will be key drivers in Palmarejo's next leg of growth.

轉向帕爾馬雷霍。該礦在本季度實現了 4,700 萬美元的自由現金流，回收率強勁，選礦廠處理量達到六個季度以來的最高水準。在弗朗哥-內華達金礦流區域以外的東部地區，勘探活動的步伐也加快了，包括在極具前景的卡穆欽和瓜薩帕雷斯礦帶進行鑽探、測繪和現場工作，我們認為這將是帕爾馬雷霍下一階段增長的關鍵驅動力。

Palmarejo's strong performance year to date and expectations for a good finish to the year supported an uptick in their full-year 2025 production guidance ranges, and driven by continued strong cost management, a reduction in their full-year 2025 CAS guidance ranges. Turning to Rochester. The priority in the third quarter remained on building consistency and momentum through the three-stage crushing line, which continues to drive steady sequential growth in production at a lower overall cost profile.

Palmarejo 今年迄今為止的強勁表現以及對今年良好收官的預期，促使其上調了 2025 年全年產量指導範圍；同時，由於持續強勁的成本控制，其下調了 2025 年全年 CAS 指導範圍。轉向羅徹斯特。第三季的重點仍然是透過三段破碎生產線建立穩定性和發展勢頭，這繼續推動產量穩定成長，同時降低整體成本。

Gold and silver production increased 3% and 13% respectively compared to the second quarter, driving a second successive quarter of free cash flow at $30 million. I'm pleased to report that the average particle size continues to trend downward for material passing through all three stages of crushing, from a P80 of around 0.92 inches in the second quarter to slightly better than budget levels of 0.84 inches in the third quarter. And the related recoveries continue to track our PSD models just as we expected.

與第二季相比，黃金和白銀產量分別成長了 3% 和 13%，推動自由現金流連續第二季達到 3,000 萬美元。我很高興地報告，經過所有三個破碎階段的物料的平均粒徑繼續呈下降趨勢，從第二季度的 P80 約 0.92 英寸下降到第三季度略好於預算水平的 0.84 英寸。相關復甦情況也繼續與我們的 PSD 模型相符，正如我們預期的那樣。

As mentioned last quarter, the team took an extended down period in July to successfully implement several modifications after startup to further enhance the tremendous processing power and efficiency of the crushing train. We also managed through some premature belt wear challenges in the secondary reclaimed feeder during the quarter with a few more minor modifications to address this in the fourth quarter.

正如上個季度所提到的，該團隊在 7 月進行了較長時間的停工，以便在啟動後成功實施幾項改進，從而進一步提高破碎列車的巨大處理能力和效率。本季我們也解決了二級回收給料機皮帶過早磨損的問題，並在第四季度進行了一些小的改進來解決這個問題。

This downtime resulted in a slight decrease in tonnes crushed compared to the prior quarter, however, Total tonnes placed on Stage 6 in the third quarter increased over 9% to 8.3 million tonnes by utilizing our available fleet and supplementing crushed tonnes with direct-to-pad material. Revised 2025 production and cost guidance ranges at Rochester reflect the cumulative effects of this year-to-date downtime and the expected timing of ounces coming from Stage 6.

與上一季相比，此次停工導致破碎噸數略有下降，但是，透過利用我們現有的車隊並用直接堆場材料補充破碎噸數，第三季度第六階段的總噸數增加了 9% 以上，達到 830 萬噸。羅徹斯特煤礦 2025 年產量和成本指導範圍的修訂反映了今年迄今停產的累積影響以及第六階段預計產出黃金的時間。

Moving to Kensington. The positive impact of the recently completed multi-year underground development program continues to shine through in the form of a stronger, more consistent production profile. Gold production increased for the third consecutive quarter, exceeding 27,000 ounces. CAS per ounce at Kensington has shown similar sequential improvement in 2025, reaching $1,659 in the quarter.

搬到肯辛頓。最近完成的多年地下開發計畫的正面影響持續顯現，表現為更強勁、更穩定的生產狀況。黃金產量連續第三個季度成長，超過27,000盎司。肯辛頓的每盎司 CAS 價格在 2025 年也呈現類似的環比改善，本季達到 1,659 美元。

These positive trends contributed to free cash flow of $31 million, Kensington's highest quarterly cash flow in over six years. In light of strong results to date, coupled with greater flexibility and productivity taking root throughout the mine, Kensington's 2025 production guidance has increased, and its 2025 CAS per ounce range has been narrowed downward.

這些積極的趨勢促成了 3,100 萬美元的自由現金流，這是 Kensington 六年多來最高的季度現金流。鑑於迄今為止的強勁成果，以及整個礦場日益增強的靈活性和生產力，肯辛頓礦場 2025 年的產量指導方針有所提高，其 2025 年每盎司黃金的 CAS 範圍有所縮小。

Finishing up at Wharf, the mine achieved its third consecutive quarter of increased production and lower costs applicable to sales. Quarterly gold production increased by 16% to 28,000 ounces, leading to free cash flow of an impressive $54 million. This great year-to-date performance led us to increase full-year gold production guidance by 3,000 ounces, at the same time moving CAS guidance down by $125 per gold ounce. As Mitch mentioned, the power of Coeur's balanced North American portfolio is fully enjoying this moment of record-setting metals prices.

截至目前，Wharf礦區已連續第三個季度實現產量成長和銷售成本下降。季度黃金產量成長 16% 至 28,000 盎司，帶來令人矚目的 5,400 萬美元自由現金流。今年迄今為止的出色表現促使我們將全年黃金產量預期上調 3,000 盎司，同時將 CAS 預期下調每盎司黃金 125 美元。正如米奇所提到的那樣，Coeur 均衡的北美投資組合的強大實力，正充分受益於當前金屬價格創紀錄的局面。

With that, I'll pass the call over to Tom.

這樣，我就把電話轉給湯姆了。

Thanks, Mick. As highlighted on slide 8, our strong Q3 financial results demonstrate the power of our five-asset portfolio, which is delivering as expected. It was pretty exciting to see the surge in quarterly free cash flow and EBITDA margin during the quarter. Perhaps more exciting is the resulting dramatic improvement of the company's financial position in such a short period of time.

謝謝你，米克。如幻燈片 8 所示，我們強勁的第三季財務業績證明了我們五項資產組合的實力，該組合正在按預期發揮作用。本季自由現金流和 EBITDA 利潤率的大幅成長令人非常興奮。更令人興奮的是，公司財務狀況在如此短的時間內得到了顯著改善。

Metal sales climbed 15% to $555 million during the quarter, driven primarily by a healthy increase in the number of ounces sold and further accentuated by the 15% higher silver price quarter over quarter. This strong top-line revenue growth combined with overall solid cost control led to several new quarterly financial records for net income, adjusted EBITDA, free cash flow, and adjusted EBITDA margin. One neat metric to highlight is that Coeur's free cash flow party continued at a pace of roughly $2 million per day during Q3, and we expect this rate to increase with the expected higher Q4 realized prices.

本季金屬銷售額成長 15% 至 5.55 億美元，主要得益於黃金盎司銷量的大幅成長，而白銀價格則是環比上漲 15% 也進一步推動了這一成長。強勁的營收成長加上整體穩健的成本控制，使得公司在淨利潤、調整後 EBITDA、自由現金流和調整後 EBITDA 利潤率方面均創下多個新的季度財務記錄。值得一提的是，Coeur 的自由現金流在第三季度繼續以每天約 200 萬美元的速度增長，我們預計隨著第四季度實際價格的預期上漲，這一速度還會加快。

Turning to the balance sheet on slide 11. Our cash balance grew to $266 million. We took advantage of our improving financial position to early repay $10 million of higher-cost capital leases as we aimed to drive down our interest expense even further. We have now repaid over $228 million in debt during 2025, driving our net debt below $100 million. We closed the quarter with a net debt ratio of 0.1 times.

請看第 11 頁的資產負債表。我們的現金餘額成長至2.66億美元。我們利用財務狀況的改善，提前償還了 1,000 萬美元的高成本資本租賃款項，以期進一步降低利息支出。截至目前，我們已償還了 2025 年超過 2.28 億美元的債務，使我們的淨債務降至 1 億美元以下。本季末，我們的淨負債比率為0.1倍。

We are prepared to declare victory on achieving our long-term goal of net debt to EBITDA of nil during Q4 2025, which is nicely ahead of schedule. Included in our Q3 2025 earnings was a significant milestone around our $630 million of US net operating losses. As the students of accounting on this call will appreciate, we recorded these US net operating losses on the balance sheet during the third quarter.

我們已做好準備，宣布將在 2025 年第四季實現淨債務與 EBITDA 為零的長期目標，這比原計劃提前了很多。我們在 2025 年第三季財報中計入了一個重要的里程碑，即我們在美國淨經營虧損達 6.3 億美元。正如參加本次電話會議的會計專業的學生所了解的那樣，我們在第三季將這些美國淨營業虧損計入了資產負債表。

This accounting requirement resulted in a one-time $162 million non-cash tax benefit for accounting purposes during the quarter, which is a reflection of the strong performance of the US operations over the past three years on a cumulative basis. We have enhanced our guidance and disclosure relating to tax matters to provide additional color on the go-forward effective tax rate and on quarterly taxes paid.

這項會計要求在本季度帶來了一次性 1.62 億美元的非現金稅收優惠，這反映了過去三年美國業務累積的強勁表現。我們加強了有關稅務事項的指導和揭露，以更詳細地說明未來的有效稅率和季度稅款繳納情況。

Speaking of guidance, we have fine-tuned our 2025 production and cost guidance as is the normal cadence after the end of the third quarter. As Mitch referenced, the overall production changes are truly minor tweaks and speak to our overall predictability over the past three years. Despite a stronger peso than we had budgeted and higher royalty obligations due to stronger gold and silver prices, we're particularly excited to lower our cost guidance at three of our five mines, which reflects the efforts of our business improvement culture and signs that our 2025 inflation estimates were conservative.

說到業績指引，我們已經按照慣例在第三季結束後對 2025 年的產量和成本指引進行了微調。正如米奇所提到的，整體生產變化只是一些細微的調整，也反映了我們過去三年來的整體可預測性。儘管比索匯率高於我們的預算，且由於黃金和白銀價格走強，特許權使用費義務也更高，但我們尤其高興的是，我們下調了五座礦山中三座的成本預期，這反映了我們業務改進文化的努力，也表明我們對 2025 年通膨的預測是保守的。

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

這樣，我現在就把電話轉回給米奇。

Thanks, Tom. Before moving to the Q&A, I want to quickly highlight slide 13 that summarizes our top priorities for the remainder of the year. We've made tremendous progress this year by delivering on our strategy and pursuing opportunities to further improve the quality of the business. We expect this discipline and focus to result in a strong finish to the year and to position us exceptionally well for a record year in 2026.

謝謝你，湯姆。在進入問答環節之前，我想快速重點介紹第 13 張投影片，其中總結了我們今年剩餘時間的首要任務。今年，我們透過落實策略並尋求機會進一步提高業務質量，取得了巨大的進步。我們期望這種紀律和專注能夠為今年畫上一個圓滿的句號，並為我們在 2026 年創造紀錄奠定非常有利的地位。

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

那麼，接下來我們就進入提問環節。

(Operator Instructions) Mike Siperco, RBC Capital Markets.

（操作員說明）Mike Siperco，RBC Capital Markets。

Thanks, operator, and good morning, and thanks for taking my question, team. Maybe starting possibly with -- good morning. Maybe starting with Mick on Rochester, or I assume it's Mick anyways. None of the guidance change. And what you're seeing in the second half of the crusher, can you talk a bit more about what's needed to get the operation up to full capacity or steady state, let's say, into 2026 from a throughput perspective?

謝謝接線員，早安，也謝謝團隊回答我的問題。或許可以先說一句——早安。或許是從羅徹斯特的米克開始，或者我猜應該是米克。指導方針沒有任何改變。從破碎機後半部來看，您能否再詳細談談，從吞吐量的角度來看，要使該設備在 2026 年達到滿載運轉或穩定狀態，需要做些什麼？

Mick, you want to go ahead and take that?

米克，你想拿走它嗎？

Yeah. Mike, thanks for the question. Absolutely. Yeah, we telegraphed a little bit that we're going to do those extended shutdowns during July. We did that, and we got three really strong projects done, one on the primary, which was really to help us get more efficiently in and out of the primary to maintain that asset around a real system underneath the primary. So that allows us to then run more consistently at the primary level.

是的。麥克，謝謝你的提問。絕對地。是的，我們之前已經透露過，我們將在7月進行長時間的停工。我們做到了，並完成了三個非常強大的項目，其中一個是關於主幹道的，這實際上是為了幫助我們更有效率地進出主幹道，以便在主幹道下方的實際系統周圍維護該資產。這樣一來，我們就能夠在小學階段更穩定地開展工作。

On the secondary, it was about some modifications that we did to split the two secondary systems up so that we can run one of the systems while maintaining the other one, which also impacts productivity improvements. And then the third key project that we did during the quarter was an auto sampler downstream around the tertiary system. That allowed us to both drive up time to get more tonnes through the pipe and to get better visibility of the size fraction online during dynamic operations.

在輔助系統方面，我們進行了一些修改，將兩個輔助系統分開，以便我們可以在維護另一個系統的同時運行其中一個系統，這也有助於提高生產效率。然後，我們在本季完成的第三個重點項目是三級系統下游的自動採樣器。這使我們能夠加快管道輸送速度，從而輸送更多噸物料，並在動態操作期間更好地在線查看粒度分佈。

So all three of those projects have really driven the opportunity for more uptime for size control and productivity at Rochester. That was done in the third quarter, and we've seen some good things. That's getting some traction. And we're looking forward to better results going forward.

因此，這三個項目確實為羅徹斯特帶來了更大的正常運行時間，從而提高了規模控制和生產力。那是在第三季完成的，我們已經看到了一些好的結果。這種做法正在獲得一些關注。我們期待未來能取得更好的成績。

And just, Mike, to piggyback on what Mick just highlighted, to get to the point of what's needed to get up to capacity out there, I'd say that the unplanned downtime late in the third quarter regarding that conveyor belt under the secondary crushed ore stockpile, that cropped up, which caused us to lose a little bit of momentum there on the back of completing those projects that Mick just highlighted.

麥克，我想補充一下米克剛才提到的，為了達到產能目標，我想說的是，第三季末二級碎礦堆場下方傳送帶的意外停機，導致我們在完成米克剛才提到的那些項目後，失去了一些勢頭。

That'll get addressed here in November. And that should -- there's always going to be something I'm sure that pops up from time to time, but that's probably the one thing that we need to get behind us. And then we'll hopefully have some clear runway on the back side of that. Is that fair to say, Mick?

這個問題將在11月解決。而且，我確信總是會有一些東西時不時地冒出來，但這可能是我們需要克服的一件事。然後我們希望在那之後能有一段暢通無阻的跑道。這樣說公平嗎，米克？

It's absolutely fair to say. The trend is positive. We're seeing some better numbers as we go through this month and year to date now that we've got those projects behind us. And we'll just continue to tweak. I'm really actually quite happy where we're at. It's not unusual that we do some of these modifications after startup. And in relative terms compared to the industry average, it's been quite a lean set of modifications, to be fair. So far, so good.

這話一點沒錯。趨勢是正面的。隨著這些項目的完成，本月和今年迄今的數據都出現了一些改善。我們會繼續進行調整。我其實對我們目前的狀況非常滿意。啟動後進行一些此類修改並不罕見。公平地說，與業界平均相比，這套改裝方案相當精簡。到目前為止，一切都很好。

Did that help, Mike?

這樣有幫助嗎，麥克？

Yeah. And I guess just to follow up on that, that was going to be my next question. I mean, when you look at the issues that you have been addressing, either sort of planned or unplanned, would you say this is more normal course adjustment during a ramp-up of an operation this size? Or are you seeing more with respect to either the conveyors or the wear or the material you're running that maybe needs more of a step back and some readjustment? Or is it both?

是的。我想，接下來我要問的就是這個問題了。我的意思是，當你審視你一直在處理的問題，無論是計劃內的還是計劃外的，你會說這是在如此大規模的業務擴張過程中更正常的調整嗎？或者您發現傳送帶、磨損或您正在運行的物料方面存在更多問題，需要進行更多調整和重新調整？或者兩者都是？

I'd say it's much more of the former, Mike. Things that when you run a large crusher train like this for a little while, if something pops up, you fix it and then you move on. Mick, fair to say?

我覺得比較接近前者，麥克。當你像這樣運行大型破碎機列車一段時間後，如果出現任何問題，你就把它修好，然後繼續運行。公平地說，米克？

Absolutely fair to say. They're not atypical conveyors, belts, adjustments to chutes, a little bit on striker bars around the secondary that we'll make adjustments on that'll give a bit more longevity on the belts and we should see the benefits of that going forward.

這麼說完全正確。它們不是非典型的輸送機、皮帶，對溜槽進行調整，對二級輸送機周圍的撞擊桿進行一些調整，這將延長皮帶的使用壽命，我們應該會在將來看到這些調整的好處。

So then if I can ask and maybe without getting into guidance specifics, the original 2025 guidance had called for about 20,000 ounces of gold and 2 million ounces of silver in Q3 and Q4. Is that still a quarterly run rate that you feel confident can be reached next year?

那麼，如果我可以問一下，也許不涉及具體指導意見，最初的 2025 年指導意見是第三季和第四季黃金產量約為 20,000 盎司，白銀產量約為 200 萬盎司。您認為明年還能達到這個季度平均值嗎？

Yeah, I'd say the step up from '25 to '26 will be pretty material out there. Getting closer to that on a full-year basis, that annual kind of plus 30-million-tonne crushing rate, which is really where we need to be to achieve that kind of annual 7 million to 8 million ounces of silver, 70,000 ounces of gold on an annual basis. So we expect to see some momentum in the fourth quarter heading in that direction, and then sustain that more throughout 2026, and that's going to give us a nice incremental step up year over year out there.

是的，我認為從 25 年到 26 年的提升幅度會相當大。全年來看，要接近這個目標，即每年超過 3000 萬噸的破碎率，這才是我們真正需要達到的目標，才能實現每年 700 萬至 800 萬盎司的白銀和 7 萬盎司的黃金。因此，我們預計第四季度將朝著這個方向發展，並在整個 2026 年保持這種勢頭，這將使我們每年都能取得不錯的進步。

Okay, great. Maybe one more for me, and then I'll turn it over. Just on growth, nice segue to M&A. Obviously, Las Chispas has worked out pretty nicely for you over the last 12 months or so. You seem to be anyways well into cash harvest at this point. How are you thinking about other opportunities, either producing or in development out there in the market? And maybe if you can address that in the context of how you're thinking about Silvertip in the longer term?

好的，太好了。也許我還能再吃一個，然後我就會翻過來。就成長而言，這自然而然地引出了併購話題。顯然，在過去的12個月左右的時間裡，拉斯奇斯帕斯對你來說發展得相當不錯。看來你現在已經開始大賺一筆了。您如何看待市場上其他正在開發或正在生產的機會？或許您可以結合您對銀尖魚長期發展的思考來談談這個問題？

Yeah. Yeah, sure. Thanks for the question. Look, we came into this year very internally focused on some clear priorities around closing and integrating SilverCrest, ramping up Rochester to steady state, and paying down debt quickly. And now here we are almost in November, and you can say that we've either completed or are well on our way to checking the box on all of those. And we're always looking at things that we could do to potentially make this a better business up to the quality of the company and the operations that we have.

是的。當然可以。謝謝你的提問。今年年初，我們內部的重點非常明確，包括完成 SilverCrest 的關閉和整合、使 Rochester 的營運步入穩定狀態以及快速償還債務。現在我們即將進入十一月，可以說我們已經完成了所有這些目標，或者正在順利地朝著這些目標邁進。我們一直在尋找各種方法，以使公司在現有品質和營運水平的基礎上，成為更好的企業。

Not that much of a focus on going back into the development stage game after having just come out of a period pretty heavy investment at Rochester, Kensington, and exploration. Being in this free cash flow positive phase is somewhere where we'd like to remain for a while. And so any opportunities that we look at, though, have to fit a fairly rigid set of criteria around being gold and silver and improve the quality of the business, sticking in our jurisdictions where we are. So we're always looking at those things.

在羅徹斯特、肯辛頓和勘探領域進行了相當大幅度的投資之後，並沒有太專注於重新進入開發階段。我們希望能夠維持目前的自由現金流為正的狀態一段時間。因此，我們所關注的任何機會都必須符合一套相當嚴格的標準，即黃金和白銀，並提高業務質量，同時留在我們所在的司法管轄區。所以我們一直在關注這些事情。

There's not a lot of those, frankly, that fit all those criteria. So we're always actively monitoring and evaluating those kinds of opportunities. Just turning to Silvertip for a second, that's very much a part of how we think about growth in the future. Not necessarily in the near term, but looking out a bit longer term, that's a significant leg up in growth, in particular on the silver side. That could bring in a pretty chunky amount of annual silver production, assuming Silvertip becomes a mine.

坦白說，符合所有這些條件的並不多。因此，我們一直在積極關注和評估這類機會。再以 Silvertip 為例，這很大程度上反映了我們對未來成長的思考方式。短期內未必如此，但從長遠來看，這將大大促進成長，尤其是在白銀領域。假設 Silvertip 礦場能夠開採出來，那麼每年可以帶來相當可觀的白銀產量。

I think, I said last quarter we kicked off an initial assessment here to take a look at that project. We'll need to complete that next year, consider whether we move on to the PFS phase, and then if the project clears that hurdle, then on to the feasibility study stage. obviously permitting, and then a lot of drilling. So all of those things take time.

我想，正如我上個季度所說，我們在這裡啟動了一項初步評估，以考察該計畫。我們需要在明年完成這項工作，考慮是否進入預可行性研究階段，如果專案通過了這個階段，那就進入可行性研究階段。當然，還需要獲得許可，然後進行大量的鑽探工作。所以所有這些都需要時間。

We don't want to do anything to cut any corners or any shortcuts. We want to make sure we get it right. Of course, Canada's providing a lot of support for critical minerals projects like Silvertip. So we're getting our arms around that and seeing how that might affect the overall timeline. So it's out there a few years, but it's something that we're continuing to advance. And I think it's probably going to look pretty attractive, especially in the current metals price environment.

我們不想走任何捷徑或投機取巧。我們想確保萬無一失。當然，加拿大為像銀尖礦這樣的重要礦產計畫提供了許多支持。所以我們正在了解情況，看看這可能會對整體時間表產生怎樣的影響。雖然這項技術已經問世幾年了，但我們仍在不斷推動它的發展。我覺得它可能會顯得很有吸引力，尤其是在當前的金屬價格環境下。

Okay, great. Thank you very much. I appreciate you taking my questions.

好的，太好了。非常感謝。感謝您回答我的問題。

Yes, thanks, Mike. Appreciate it.

好的，謝謝你，麥克。謝謝。

Joseph Reagor, Roth Capital Partners.

Joseph Reagor，Roth Capital Partners。

Hey, Mitch and team. Thanks for taking the questions.

嗨，米奇和團隊。謝謝您回答問題。

Yes, hi, Joe.

是的，你好，喬。

So this first thing, I know you guys gave a little bit of guidance on how the tax rate's going to look this year, but what should we be thinking about as far as next year and beyond now that you have this deferred tax asset?

首先，我知道你們已經對今年的稅率情況給出了一些指導，但是既然你們現在有了這筆遞延所得稅資產，那麼對於明年及以後的情況，我們應該考慮些什麼呢？

Tom?

湯姆？

Sure. Thanks. We're taking bets on whether we get a tax question, so thank you. So again, it was critical to highlight the setting up of the tax asset. And so for years, we've really had basically a zero effective tax rate on our US earnings. And so that will change starting next year. The federal rate's 21%. The states, you might want to add in like 3% on average. And so that should be the go-forward kind of rate.

當然。謝謝。我們打賭會不會有人問到稅務問題，謝謝大家。因此，再次強調設立稅務資產至關重要。因此多年來，我們在美國的收入實際上基本上已經享受零有效稅率。所以這種情況從明年開始就會改變。聯邦利率為 21%。各州平均可能需要增加 3% 左右。因此，這應該是未來的發展方向。

We'll tweak that, of course. We have to wait and see how fast we chew through all of the net operating losses and trying to predict how fast that's going to happen with these increasing commodity prices. It's a high-class problem to have, but we should even be in a situation where there's a potential to actually pay US income tax, which was in 2026, federal income tax, which with a pipe dream many, many years ago. So I don't know if that gave you enough color, Joe, but that's how you should be thinking about it.

我們當然會對此進行調整。我們只能拭目以待，看看我們能多快消化掉所有的淨經營虧損，並試圖預測在商品價格不斷上漲的情況下，這種情況會以多快的速度發生。這是一個令人羨慕的“高階煩惱”，但我們甚至應該有機會真正繳納美國所得稅，這原本是2026年聯邦所得稅的範疇，而這在很多很多年前只是一個遙不可及的夢想。所以，喬，我不知道這樣解釋是否足夠讓你明白，但你應該這樣思考。

No, that's helpful. And then it was a good quarter overall, but I did note Palmarejo and Las Chispas saw a little bit of a drop in grade. Was there anything to that, or is it just sequencing? Is it at Las Chispas? Was it related to the stockpiles that were processed? Any color you guys can give there for what drove that?

不，這很有幫助。總體來說，這是一個不錯的季度，但我注意到帕爾馬雷霍和拉斯奇斯帕斯的評分略有下降。這其中有什麼玄機嗎？還是只是排序問題？是在拉斯奇斯帕斯嗎？這是否與已處理的庫存有關？你們能不能提供一些關於造成這種情況的原因的資訊？

Yeah, I think you actually just almost answered the question with your answer there -- with your suggestions at least. Mick, do you want to give a little more color?

是的，我覺得你剛才的回答——至少你的建議——實際上已經基本回答了這個問題。米克，你想再增添一些色彩嗎？

Yeah. I mean, in underground, thin-veined mines, of course, we're always characterizing a little bit more ore as we go through the production phase. And when we do that, we then look to see whether that ore is economic. And then you can either stockpile that ore or you can run it through the pipe. With Palmarejo, of course, we've got upside in our mill and capacity there. So we chose to run some of that.

是的。我的意思是，在地下薄礦脈礦山中，當然，隨著生產階段的進行，我們總是會逐漸對更多的礦石進行表徵。然後，我們會進一步考察這種礦石是否具有經濟價值。然後你可以選擇儲存這些礦石，或透過管道輸送出去。當然，在帕爾馬雷霍，我們的工廠和產能還有很大的進步空間。所以我們選擇運行其中一些程式。

We ran about, I think, 6% more tonnes through the pipe in the quarter, and that helped to make those adjustments to the gains. But at Las Chispas, for sure, we ran a lot of that historic stockpile down. And that's a great thing, so that we've now got a very clear view of the stockpile that we have sitting there at Las Chispas.

我認為，本季我們管道輸送量增加了約 6 噸，這有助於對收益進行調整。但在拉斯奇斯帕斯，我們確實消耗了大量的歷史庫存。這是件好事，這樣我們就能非常清楚地了解我們在拉斯奇斯帕斯存放的庫存情況。

Okay. All right. Well, congrats on a good quarter, and I'll turn it over.

好的。好的。恭喜你本季業績不錯，我這就翻頁。

Okay. Thanks a lot, Joe.

好的。非常感謝，喬。

Kevin O'Halloran, BMO Capital Markets.

Kevin O'Halloran，BMO資本市場。

Hey, Mitch and team. Thanks for taking my questions.

嗨，米奇和團隊。謝謝您回答我的問題。

Hi. Yeah, sure.

你好。當然可以。

So yeah, great to see the cost guidance coming down at most of the operations, and it looks like that's mostly on the back of the higher guided production. But can you guys comment on what you're seeing from a unit cost perspective and any main cost pressures that you might be seeing across the portfolio?

是的，很高興看到大多數業務的成本預期都在下降，而且這似乎主要是由於更高的預期產量所致。但各位能否從單位成本的角度談談你們的看法，以及你們在整個產品組合中可能看到的主要成本壓力？

Thanks for the question. I think we have that inflation slide in the deck that we typically include that shows from our perspective, we're still squarely in that sweet spot of strong rising prices and flat input costs into the business, I think slide 9 in the deck. Combined, those are close to, I think, around 60% of our total OpEx.

謝謝你的提問。我認為我們在簡報中通常會包含一張關於通膨的投影片，它從我們的角度來看，我們仍然處於物價強勁上漲和業務投入成本持平的最佳狀態，我認為是簡報中的第 9 張投影片。加起來，我認為這兩項加起來接近我們總營運支出的 60% 左右。

And you can see that whether you look over the last 12 months or the last 24 months, it's a pretty attractive cost environment that we're seeing. So not a lot of pressure there, no tariff pressure at all, at least yet. But I don't know, Mick, Tom, is there anything on the unit cost side that you want to say?

你可以看出，無論是回顧過去 12 個月還是回顧過去 24 個月，我們所處的成本環境都相當有吸引力。所以這方面壓力不大，至少目前還沒有關稅壓力。但是，米克、湯姆，關於單位成本方面，你們有什麼要補充的嗎？

Yes. I mean, look, we saw inflation three years ago or two years ago, and we put really robust cost controls in place at all of the sites. And they're holding true. We're still focused on costs, even in this nice price environment. And being disciplined in that space helps drive the margins. So yeah, we're enjoying that.

是的。我的意思是，你看，我們在三年前或兩年前就看到了通貨膨脹，我們在所有工廠都實施了非常嚴格的成本控制措施。事實證明，他們所言非虛。即使在當前良好的價格環境下，我們仍然關注成本控制。而在這個領域保持自律有助於提高利潤率。是的，我們很享受這種感覺。

Kevin, one thing I had to pile on is just from a royalty perspective, I mean, that's something that can impact costs. And so despite paying some higher royalties, even out at Rochester, we've had a royalty that will start paying based on these prices. And so that drove a lot of the Rochester increase. But I think it's fantastic that we're able to lower the cost at the other three mines despite the higher royalty pressure. And don't forget the peso as well. The peso has been very strong. And Mick and Sandra and the team down in Mexico have done a great job on costs. So really happy.

凱文，我必須補充一點，從版稅的角度來看，這會影響成本。因此，儘管在羅徹斯特等地支付了更高的版稅，但我們已經開始根據這些價格支付版稅了。因此，這很大程度上推動了羅徹斯特的成長。但我認為，儘管面臨更高的特許權使用費壓力，我們仍然能夠降低其他三個礦場的成本，這真是太棒了。別忘了還有比索。比索一直非常強勢。米克、桑德拉以及墨西哥的團隊在成本控制方面做得非常出色。真的太開心了。

Great. Yeah, thanks. That's helpful. Moving on, you kind of already touched on this at Palmarejo, but with higher metals prices, I think pretty much everyone in the industry is facing the decisions of whether to send lower-grade ore to the mill. Maybe it was previously considered waste, and now with metals prices, it can go to the mill. You mentioned you're seeing a bit of that at Palmarejo. Are you seeing or facing any of those sorts of decisions at any of the other operations? And do you expect an impact going forward, or do you expect to be sticking largely to the mine plans?

偉大的。嗯，謝謝。那很有幫助。接下來，您在帕爾馬雷霍已經稍微談到了這一點，但隨著金屬價格上漲，我認為業內幾乎每個人都面臨著是否將低品位礦石送往選礦廠的決定。也許它以前被認為是廢料，但現在金屬價格上漲，可以送到冶煉廠了。你提到你在帕爾馬雷霍也看到了這種情況。您在其他任何行動中是否曾經遇到或面臨過類似的決策？您預計未來會受到影響嗎？還是預計會基本按照礦場計畫進行？

Yeah, Mick, do you want to?

米克，你想嗎？

Yeah, I mean, look, on an annual basis, we try our best to stick to the mine plans. We're always finding that marginal hole, and then we make a decision about that to stockpile that or do we run it. And the great thing is, though, we don't just look at that grid; we look at the recovery. So if you look at Palmarejo, for instance, some of that lower-grade material actually recovered better. And so the balance of play on that was good, and that's why you see that positive outcome at Palmarejo. So just the grade by itself has to be coupled with the tonnes and the recovery performance.

是的，我的意思是，你看，每年我們都會盡力堅持礦山計畫。我們總是能發現那些微不足道的缺口，然後我們會決定要囤積起來還是投入使用。但最棒的是，我們不僅關注網格，還關注恢復情況。例如，如果你看看帕爾馬雷霍礦區，你會發現一些低等級的材料實際上回收得更好。因此，比賽的平衡性很好，這就是為什麼你在帕爾馬雷霍球場看到了積極的結果。因此，僅憑礦石等級本身也必須結合噸位和回收率來考慮。

Great. Appreciate that, guys. Well, that's all from me. I'll leave it there. Thanks.

偉大的。謝謝各位。好了，我的報告就到這裡。我就說到這兒吧。謝謝。

Okay. Thanks, Kevin.

好的。謝謝你，凱文。

(Operator Instructions) There are no further questions at this time.

（操作說明）目前沒有其他問題。

Okay. Well, hey, we appreciate everybody's time today. Thanks for joining our call. We wish you all a happy Halloween, safe, healthy holiday season ahead, and we'll talk to you when we report fourth quarter and year-end results early next year. Thanks. Have a good day.

好的。大家好，感謝大家今天抽出時間。感謝您參與本次通話。祝大家萬聖節快樂，假期平安健康，我們將在明年初公佈第四季和全年業績時與大家見面。謝謝。祝你有美好的一天。

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

會議到此結束。感謝各位參加今天的報告會。您現在可以斷開連線了。