Ero Copper Corp (ERO) 2025 Q2 法說會逐字稿

Thank you for standing by. This is the conference operator. Welcome to the Ero Copper second-quarter 2025 operating and financial results conference call. (Operator Instructions) And the conference is being recorded. (Operator Instructions)

感謝您的支持。我是會議主持人。歡迎參加 Ero Copper 2025 年第二季營運與財務績效電話會議。（操作員指示）會議正在錄音。（操作員指示）

I would now like to turn the conference over to Courtney Lynn, Executive Vice President, External Affairs and Strategy. Please go ahead.

現在，我想將會議交給負責外部事務和策略的執行副總裁 Courtney Lynn。請繼續。

Thank you, operator. Good morning, and welcome to Ero Copper's Second Quarter Earnings Call. Our operating and financial results were released yesterday afternoon and are available on our website, along with our financial statements and MD&A for the three and six months ended June 30, 2025. A corresponding earnings presentation can be downloaded directly from the webcast and is also available in the Presentations section of our website.

謝謝您，接線生。早安，歡迎參加 Ero Copper 第二季財報電話會議。我們的經營和財務表現已於昨天下午公佈，可在我們的網站上查閱，同時公佈的還有截至 2025 年 6 月 30 日的三個月和六個月的財務報表和管理與分析報告 (MD&A)。對應的收益簡報可以直接從網路廣播下載，也可以在我們網站的簡報部分找到。

Joining me on the call today are Makko DeFilippo, President and Chief Executive Officer; Wayne Drier, Executive Vice President and Chief Financial Officer; Gelson Batista, Executive Vice President and Chief Operating Officer; and Farooq Hamed, our new Vice President of Investor Relations, who joins Ero in mid-July. Many of you already know Farooq, and I'm sure you'll have the opportunity to connect with him soon.

今天與我一起參加電話會議的還有總裁兼執行長 Makko DeFilippo、執行副總裁兼財務長 Wayne Drier、執行副總裁兼營運長 Gelson Batista 以及我們新任投資者關係副總裁 Farooq Hamed，他將於 7 月中旬加入 Ero。你們中的許多人已經認識法魯克，我相信你們很快就會有機會與他聯繫。

Before we begin, I'd like to remind everyone that today's discussion will include forward-looking statements, which involve risks and uncertainties that may cause actual results to differ materially. For a detailed discussion of these risks and their potential impact on our business, please refer to our most recent annual information form available on our website as well as on SEDAR and EDGAR. Unless otherwise noted, all figures discussed today are in US dollars.

在我們開始之前，我想提醒大家，今天的討論將包括前瞻性陳述，其中涉及風險和不確定性，可能導致實際結果大不相同。有關這些風險及其對我們業務的潛在影響的詳細討論，請參閱我們網站以及 SEDAR 和 EDGAR 上提供的最新年度資訊表。除非另有說明，今天討論的所有數字均以美元為單位。

With that, I'll now turn the call over to Makko DeFilippo.

說完這些，我現在將電話轉給 Makko DeFilippo。

Thank you, Courtney, and thank you all for taking the time to join us today. I want to spend some time talking about the important foundational work we've been doing over the last several months to illustrate why 2025 is really a year of two halves. Early this year, we initiated an operational excellence framework.

謝謝你，考特尼，也謝謝大家今天抽出時間來參加我們的活動。我想花點時間談談我們過去幾個月所做的重要基礎工作，以說明為什麼 2025 年實際上是一個由兩個部分組成的年份。今年年初，我們啟動了卓越營運框架。

During the first half of the year, we made significant progress across our operating portfolio, laying the necessary groundwork to deliver safe and sustainable growth in production for years to come. It was a period of significant change, driven by a back-to-basics approach, combined with some major steps forward in strategy and technology across our operations.

今年上半年，我們的經營組合取得了重大進展，為未來幾年實現安全、永續的生產成長奠定了必要的基礎。這是一個重大變革的時期，由回歸本源的方法推動，並結合我們在整個營運中的策略和技術的一些重大進步。

During this transformation, we refined our operating strategies, improved predictive maintenance, reduced our unplanned downtime, improved our fleet management and dispatch systems as well as hired and integrated new leadership in critical roles all throughout the company.

在此次轉型過程中，我們完善了營運策略，改善了預測性維護，減少了計劃外停機時間，改善了車隊管理和調度系統，並在整個公司的關鍵職位上聘用和整合了新的領導層。

This fundamental groundwork was necessary and nonlinear. The significant changes we have made across the company are focused on stabilizing operating performance and preparing our organization for the long-term growth we see ahead of us. This work was undertaken while successfully completing the necessary repairs at Tucuma and completely changing the mining method at our Xavantina operations. I am extremely proud of our teams for their effort on Ero's transformation over the last six months, and we are starting to see the benefits reflected in our operating results.

這項基本基礎工作是必要的，而且是非線性的。我們在整個公司範圍內做出的重大改變主要是為了穩定經營業績，並為我們的組織迎接未來的長期成長做好準備。這項工作是在成功完成圖庫馬 (Tucuma) 的必要修復並徹底改變 Xavantina 作業的採礦方法的同時進行的。我為我們的團隊在過去六個月中為 Ero 的轉型所做的努力感到非常自豪，我們也開始看到這些努力在我們的經營業績中得到體現。

Second quarter culminated in the announcement of commercial production at Tucuma and was highlighted by significant quarter-on-quarter increases in production from both Caraiba and Xavantina. The turnaround at Caraiba and Xavantina contributed to record consolidated copper production and solid financial performance, leading indicators that we have the right teams in place and the right operating framework to achieve our results, but I certainly recognize the first half was not without its challenges. When I look ahead to the second half of the year, I see a different picture. The foundational work we have completed over the last several months is setting us up well to continue building momentum in the coming quarters.

第二季度，圖庫馬 (Tucuma) 銅礦宣布實現商業化生產，卡賴巴 (Caraiba) 銅礦和薩萬蒂納 (Xavantina) 銅礦的產量較上季大幅成長。Caraiba 和 Xavantina 的扭轉局面有助於創下綜合銅產量記錄和穩健的財務業績，這些指標表明我們擁有合適的團隊和正確的營運框架來實現我們的業績，但我當然承認上半年並非沒有挑戰。當我展望下半年時，我看到了不同的景象。我們在過去幾個月中完成的基礎工作為我們在未來幾季繼續保持發展勢頭奠定了良好的基礎。

Our revised guidance range reflects our expectation that our third quarter will be better than the second, the fourth quarter better than the third and that 2026 will be better than 2025. The way I think about this is that we arrived a bit late to the station, but if you step back with me and look at the second half of the year in isolation from the first, you will see an annualized rate that is closely aligned with our longer-term production outlook across each of our operations, late to the station, but full steam ahead.

我們修訂後的指導範圍反映了我們的預期，即第三季度將優於第二季度，第四季度將優於第三季度，2026 年將優於 2025 年。我對此的看法是，我們到達站點的時間有點晚，但如果你和我一起退一步，將下半年與上半年分開來看，你會看到年化率與我們每項業務的長期生產前景密切相關，雖然到達站點的時間有點晚，但我們正在全速前進。

Before I turn the call over to Wayne to discuss our financial results, I would like to share a bit of detail on our improved operating performance at Caraiba and Xavantina, the progress we are making at Furnas and how this all aligns with our broader strategy. At Caraiba, we saw a solid turnaround in operating performance this quarter, highlighted by a 25% increase in copper production when compared to Q1.

在我將電話轉給韋恩討論我們的財務表現之前，我想先分享一些有關我們在 Caraiba 和 Xavantina 改善的營運業績、我們在 Furnas 取得的進展以及這一切如何與我們更廣泛的策略保持一致的細節。在 Caraiba，我們本季的經營業績出現了穩定好轉，其中銅產量與第一季相比成長了 25%。

Initiatives that we launched to enhance operating performance and drive efficiencies are delivering results. A few of the behind-the-scenes highlights achieved during the second quarter include a 50% reduction in unplanned infrastructure downtime, record pace backfill rates and a more than 10% improvement across the board in our mobile equipment fleet availability.

我們為提高營運績效和推動效率而推出的措施正在取得成效。第二季度取得的一些幕後亮點包括：計劃外基礎設施停機時間減少 50%、創紀錄的補給速度以及行動裝置車隊可用性全面提高 10% 以上。

In parallel, we have started deploying new to Caraiba but well-established technologies in dispatch, tracking and monitoring that are transforming the way we operate. We are shifting our focus slightly in Pilar during the second half of the year to optimize our mining center of mass within the upper levels of the mine. We expect this strategy to result in full year copper production trending to the low end of guidance, but we see this implementation paired with ongoing operational improvements, giving us the ability to enhance our cost control efforts, and we expect C1 cash costs to be in the bottom half of our guidance range for the full year.

同時，我們已開始在 Caraiba 部署調度、追蹤和監控等領域的新技術，這些技術正在改變我們的營運方式。我們將在今年下半年稍微調整皮拉爾礦的重點，以優化礦井上層的採礦重心。我們預計這項策略將導致全年銅產量趨向於指導範圍的低端，但我們看到這項實施與持續的營運改善相結合，使我們能夠加強成本控制力度，我們預計 C1 現金成本將處於全年指導範圍的下半部分。

At Xavantina, we spent the first half of the year setting up the mine for mechanization, a long-term investment that will unlock considerable value for the operation. We spent some additional time in H1 to get this transition setup right. We worked during Q2 to prepare the mine, prepare our teams, hire new roles that were needed on site, all fundamentally geared to ensure we could do it successfully and safely.

在 Xavantina，我們花了上半年的時間進行礦井機械化建設，這是一項長期投資，將為礦場營運帶來巨大的價值。我們在 H1 上花了一些額外的時間來正確完成此過渡設定。我們在第二季度致力於礦井準備、團隊組建、現場所需新職位的招聘，所有這些都是為了確保我們能夠成功、安全地完成工作。

The additional time was worth it. Gold production was up an impressive 17% versus Q1, and we expect the full benefit of mine mechanization to flow through our results in the second half of the year as mine tonnages improved sequentially. Our low-profile equipment is working well. The stopes we have mined using mechanized methods have been a definitive success, and we see a clear pathway towards meaningfully increasing production volumes from Xavantina over the next several months.

額外的時間是值得的。黃金產量與第一季相比大幅成長了 17%，我們預計，隨著礦場產量連續增加，礦場機械化帶來的全部好處將在下半年反映在我們的業績上。我們的低調設備運作良好。我們採用機械化方法開採的礦場取得了明確的成功，我們看到了一條清晰的道路，可以在未來幾個月內顯著提高 Xavantina 的產量。

At Furnas, we completed our Phase 1 drill program in early July and have maintained eight drill rigs on the project to ensure we can complete most of the Phase 2 drill program, an additional 17,000 meters by year-end. Our Phase 2 program includes a greater proportion of extensional holes to depth and we are already seeing strong signs of success in this program.

在弗納斯，我們於 7 月初完成了第一階段鑽探計劃，並在該項目上保留了 8 台鑽機，以確保我們能夠完成第二階段鑽探計劃的大部分工作，到年底再完成 17,000 米。我們的第二階段計劃包括更大比例的延伸孔深度，我們已經看到該計劃成功的強烈跡象。

Technical work streams to support the preliminary economic analysis for Furnas are ongoing, and we remain on track to complete this study during the first half of next year. To briefly recap, we are delivering on our 2025 strategy. We set out this year to improve our existing operations, achieve commercial production at Tucuma, delever our balance sheet, aggressively advance long-term growth initiatives at Furnas and initiate returns to shareholders. We are well on our way. I was in our offices and on site last week in Brazil, and I am proud and thankful for the work our global leadership team is doing to achieve these objectives.

支持 Furnas 初步經濟分析的技術工作流程正在進行中，我們預計在明年上半年完成這項研究。簡單回顧一下，我們正在實施我們的 2025 年策略。今年，我們著手改善現有運營，實現圖庫馬的商業化生產，降低資產負債表的槓桿率，積極推進弗納斯的長期成長計劃，並開始向股東回報。我們進展順利。上週我去了我們在巴西的辦公室和現場，我對我們的全球領導團隊為實現這些目標所做的工作感到自豪和感謝。

To ensure we have sufficient time for Q&A, I will leave it there and pass the call to Wayne, who will provide more detail on our financial results.

為了確保我們有足夠的時間進行問答，我將就此打住並將電話轉給韋恩，他將提供有關我們財務結果的更多詳細資訊。

Thank you, Makko. Our strong financial results were driven by record consolidated copper production and favorable metal prices, contributing to adjusted EBITDA of $82.7 million and adjusted net income attributable to owners of the company of $48.1 million or $0.46 per share. Our liquidity position remains solid at $113 million, including $68.3 million in cash and cash equivalents and $45 million of undrawn availability under our revolving credit facility.

謝謝你，Makko。我們強勁的財務表現得益於創紀錄的綜合銅產量和有利的金屬價格，調整後的 EBITDA 達到 8,270 萬美元，歸屬於公司所有者的調整後淨收入達到 4,810 萬美元或每股 0.46 美元。我們的流動資金狀況依然穩健，為 1.13 億美元，其中包括 6,830 萬美元的現金和現金等價物以及 4,500 萬美元的循環信貸額度下未提取的可用資金。

During the quarter, we deleveraged our balance sheet by paying down $10 million of our revolver and $9 million of our copper prepayment facility. Combined with stronger EBITDA compared to the first quarter, these actions lowered our net debt-to-EBITDA ratio from 2.4 times to 2.1 times. With higher production levels projected in the second half of the year, we expect to accelerate the deleveraging in the coming months.

在本季度，我們透過償還 1000 萬美元的循環信貸和 900 萬美元的銅預付款貸款來降低資產負債表的槓桿率。加上相比第一季更強勁的 EBITDA，這些措施將我們的淨債務與 EBITDA 比率從 2.4 倍降低至 2.1 倍。由於預計下半年產量水準將上升，我們預計未來幾個月去槓桿將加速。

As part of our foreign exchange hedge program, our total notional position at quarter end was $240 million, consisting of zero-cost collars with a weighted average floor and ceiling of BRL5.53 and BRL6.52 per US dollar, respectively. These extend through June 2026. While the real to dollar exchange rate has remained largely within our collar range for the quarter -- the previous quarter, we did record a modest realized gain of $0.2 million during the quarter.

作為我們外匯對沖計劃的一部分，我們季度末的名義總頭寸為 2.4 億美元，包括零成本領圈期權，加權平均下限和上限分別為每美元 5.53 巴西雷亞爾和 6.52 巴西雷亞爾。這些期限將延續至 2026 年 6 月。雖然本季（上一季）實際兌美元匯率基本上保持在我們的區間範圍內，但我們在本季確實實現了 20 萬美元的小幅收益。

I'll now pass the call back to Makko for some closing remarks.

現在我將把電話轉回給 Makko，請他發表一些結束語。

Thank you, Wayne. Before we move into the Q&A session, I want to take a moment to reiterate our commitment to delivering on our strategy at Ero. With operational improvements well underway and the commercial production of Tucuma behind us, we expect to continue our deleveraging path, further advance our long-term growth initiatives and position ourselves to initiate shareholder returns.

謝謝你，韋恩。在我們進入問答環節之前，我想花點時間重申我們對在 Ero 實現策略的承諾。隨著營運改善的順利進行和圖庫馬的商業化生產，我們預計將繼續我們的去槓桿化道路，進一步推進我們的長期成長計劃，並為股東回報做好準備。

With that, I'll now turn the call back to the operator to open the line for questions.

說完這些，我現在將電話轉回給接線生，以便開通問答熱線。

Thank you. We'll now begin the question-and-answer session. (Operator Instructions)

謝謝。我們現在開始問答環節。（操作員指示）

Dalton Baretto, Canaccord Genuity.

道爾頓·巴雷托（Dalton Baretto），Canaccord Genuity。

Thanks. Good morning, Makko, team. I want to start by asking about Tucuma. Your disclosure says that you ran at about 75% of design capacity in the last two weeks of June. Just wondering if you can give us a July update and also sort of highlight what kind of assumptions went into the updated guidance?

謝謝。早上好，Makko，團隊。我想先詢問一下圖庫馬的情況。您的揭露表明，您在六月的最後兩週的運行量約為設計容量的 75%。只是想知道您是否可以向我們提供 7 月份的更新情況，並重點介紹更新後的指南中包含哪些假設？

Yeah, thank you, Dalton. Yes. Thank you, Dalton. Look, from my perspective, just to recap, I think the important thing to note at Tucuma, obviously, we achieved those levels of production in June. When I look at the difference from the first half to the second half and what we've been able to achieve, we've gone from some clear bottlenecks in being able to achieve design rates to now achieving rates that are at or slightly below where we -- where our design rate is, but the requirement today is different.

是的，謝謝你，道爾頓。是的。謝謝你，道爾頓。從我的角度來看，回顧一下，我認為在圖庫馬需要注意的重要一點是，顯然我們在六月就達到了這些生產水準。當我回顧上半年與下半年的差異以及我們所取得的成就時，我發現我們已經擺脫了實現設計速率方面的一些明顯瓶頸，現在我們實現的速率已達到或略低於我們的設計速率，但今天的要求有所不同。

We need to achieve the results more consistently. We've been able to demonstrate both in June and July that we can operate at much higher rates. So I think the main take away from us on this call is that the transition from H1 to H2, H1 was about addressing bottlenecks. H2 is about achieving rates we've already achieved, but doing it more consistently.

我們需要更持續地取得成果。我們已經在六月和七月證明，我們可以以更高的速度運作。所以我認為我們在這次電話會議上得到的主要結論是從 H1 到 H2 的過渡，H1 是為了解決瓶頸問題。H2 是關於實現我們已經實現的速率，但要更一致地實現。

So I don't want to get into specific numbers about July themselves. But what I can say is that when I look ahead to Q3 and Q4, we've been able to achieve the rates during the month for days and weeks. We need to do that consistently over the full quarter, and we expect to continue to improve sequentially through the back half of the year.

所以我不想談論七月的具體數字。但我可以說的是，當我展望第三季和第四季時，我們已經能夠在當月連續幾天和幾週內實現這一比率。我們需要在整個季度持續這樣做，並且我們預計下半年業績將繼續逐年改善。

Can you comment on sort of what percentage of design you're assuming for Q3 and then again for Q4, just on average?

您能否評論一下您假設的第三季和第四季的設計百分比是多少，平均而言？

Yes. Look, I think where we get to by year-end, obviously, I think in our original guidance range, we'd assumed that we got to just about design capacity at the tail end of this year. We're assuming that rolls through now into the first quarter of next year. And so when I look at our projection for Q3, Q4 going in the back half, again, it's not -- it's in line with what we achieved in the second half of June. So getting to that 80%-ish or so of design capacity by year-end.

是的。看，我認為我們到年底會達到什麼水平，顯然，我認為在我們最初的指導範圍內，我們假設我們在今年年底就達到了設計產能。我們假設這種情況會持續到明年第一季。因此，當我查看我們對第三季、第四季下半年的預測時，它與我們在 6 月下半月的成績一致。因此到年底將達到設計產能的 80% 左右。

Great, thanks Makko.

太好了，謝謝 Makko。

Fahad Tariq, Jefferies.

法哈德·塔里克，傑富瑞。

Hi, thanks for taking my question. At Caraiba, I'm just trying to reconcile how good the cash costs have been in the second quarter and what the guidance is for the full year. It sounds like production is going to get better in the second half of this year. The optimization improvements, they're all kind of trending well. I'm just trying to understand, is there a potential for cash cost to come in below the guidance range at Caraiba? Or is there some upward pressure that you can highlight?

你好，謝謝你回答我的問題。在 Caraiba，我只是想協調第二季的現金成本狀況和全年的預期。聽起來今年下半年的生產會好轉。優化改進都呈現出良好的趨勢。我只是想了解一下，Caraiba 的現金成本是否有可能低於指導範圍？或者您可以強調一下是否存在一些上行壓力？

Yes. Thanks. It's a great question. Look, I mean, obviously, we're well into our operational improvement program here at Caraiba, and we're seeing those benefits. We started this journey in the first part of the year with Gelson and our leadership team on site, having some really strong success so far. I think where we see the upward pressure in cost in the second half relative to the first is really the shift in strategy.

是的。謝謝。這是一個很好的問題。你看，我的意思是，顯然，我們在 Caraiba 的營運改進計劃已經進展順利，我們看到了這些好處。我們在今年上半年與 Gelson 和我們的領導團隊一起開始了這一旅程，到目前為止取得了一些非常巨大的成功。我認為，下半年相對於上半年成本上升的壓力其實是策略的轉變。

So we're seeing a bit lower grades than the first half in the second half, and that's contributing to a bit of an upward trajectory relative to the first half. I'd say when you look at the full year in context of our original guidance range, we still see that coming at the lower half of the range. Again, that's been, I would say, supported by ongoing favorable TC/RC environment as well as elevated byproduct metal prices as well.

因此，我們看到下半年的成績比上半年略低，而這導致下半年相對於上半年的成績略有上升。我想說，當你根據我們最初的指導範圍來看待全年時，我們仍然會看到這一數字處於該範圍的下半部分。再次，我想說，這受到了持續有利的 TC/RC 環境以及副產品金屬價格上漲的支持。

So for sure, there's the potential there to be at the very low end or potentially below, but we're looking at lower grades in the second half of the year, higher throughput volumes. And we expect that for that reason to be in the lower half of the range.

因此，可以肯定的是，價格有可能處於非常低的水平或更低的水平，但我們預計下半年的產量會更低，吞吐量會更高。因此，我們預計該數字將處於該範圍的下半部分。

Okay. And then on Xavantina, can you just remind us how grades have been reconciling to the plan, at least in the first half of this year? And how should we be thinking about grades in the second half? Will the mechanized mining result in greater dilution?

好的。然後關於 Xavantina，您能否提醒我們，至少在今年上半年，成績與計畫的配合如何？那我們該如何考慮下半年的成績呢？機械化採礦是否會導致更大的稀釋？

I'm going to answer this in two parts. So we've spent the time to set up the mine, as I said in the opening remarks, to ensure that mechanization could deliver results successfully and safely. We've mined several stopes so far. Our dilution of stopes has actually been less than what we experienced in manual mining. And so we're really, really pleased with the progress we're seeing there.

我將分兩部分來回答這個問題。因此，正如我在開場白中所說的那樣，我們花時間建立礦井，以確保機械化能夠成功且安全地產生成果。到目前為止，我們已經開採了幾個礦場。我們的採場稀釋程度實際上比手工採礦要小。因此，我們對所看到的進展感到非常非常高興。

I'd reiterate it's only a handful of stopes. We have many more ahead of us for the balance of the year, but the initial start on that program has been a definitive success. And we see grades in line with our expectations for the full year. Obviously, we had a bit of a softer Q1 in terms of grades, but going into Q2 and certainly what we're seeing in Q3 and Q4, we expect grades to be in line with our expectations and the overall block model.

我要重申的是，這只是少數礦段。我們在今年餘下的時間裡還有很多工作要做，但該計劃的初步啟動已經取得了明確的成功。我們看到全年的成績符合我們的預期。顯然，就成績而言，我們第一季的表現有些疲軟，但進入第二季度，當然，從第三季和第四季的情況來看，我們預計成績將符合我們的預期和整體區塊模型。

Great, thank you.

太好了，謝謝。

Orest Wowkodaw, Scotia Capital Inc.

Orest Wowkodaw，蘇格蘭資本公司

Hi, good morning. I wanted to ask a couple of questions similar vein to Dalton here. Just coming back to Tucuma, can you give us an update on what the remaining bottlenecks are in terms of the operation running at steady-state throughput for longer periods of time? It sounds like you're still somewhat in the stop-start phase, if I heard your comments earlier. And just curious again, if you'd provide any kind of throughput number for July to give us a sense of progress?

嗨，早安。我想在這裡問幾個與道爾頓類似的問題。回到圖庫馬，您能否向我們介紹一下在長期穩定吞吐量運作方面還存在哪些瓶頸？如果我之前聽過您的評論，聽起來您似乎仍處於停止-啟動階段。再次好奇，您是否可以提供 7 月的吞吐量數字，讓我們了解進展？

Yes. Thanks, Orest. Good question. I'd say definitely not stop start, I wouldn't characterize it that way. I think where we're -- again, looking at the first half and differences in the second half of the year, we're seeing rates that we need to achieve. We're seeing those routinely and regularly. But when I think about the second half and the remaining hurdles we need to go through, we've been operating this plant for a year.

是的。謝謝，奧雷斯特。好問題。我想說絕對不會停止開始，我不會那樣描述它。我認為，再看看上半年和下半年的差異，我們看到了我們需要實現的利率。我們經常、經常地看到這些情況。但當我考慮到下半年以及我們需要克服的剩餘障礙時，我們已經運作這個工廠一年了。

Our objective now is on -- is really geared towards preventative maintenance so that we can ensure consistency of operating performance. So when I look at our best days and weeks, they're well ahead of where we need to be going in the tail end of this year to achieve our guidance, but we need to do that for the entire month and then the entire quarter. And so that's really what we're seeing now and our big focus. We've deployed some additional resources. We've got support from Caraiba and our teams there to be able to ensure that we can do that in the second half.

我們現在的目標是——真正面向預防性維護，以便我們能夠確保營運績效的一致性。因此，當我回顧我們最好的日子和星期時，它們遠遠超出了我們在今年年底實現指導所需的水平，但我們需要在整個月和整個季度都這樣做。這就是我們現在所看到的，也是我們關注的重點。我們已經部署了一些額外的資源。我們得到了 Caraiba 和我們團隊的支持，以確保我們能夠在下半場做到這一點。

So again, distinctly different for the first half of the year. We had fundamental bottlenecks that need to be addressed. Those were piping valves, some of the pumps that we need to switch out. We made those changes. Now we're really into the operational consistency phase of the operation.

因此，今年上半年的情況又明顯不同。我們存在一些需要解決的根本瓶頸。那些是管道閥門，還有一些我們需要更換的幫浦。我們做出了這些改變。現在我們真正進入了行動的操作一致性階段。

Okay. And any comments on throughput for July?

好的。對七月份的吞吐量有什麼評論嗎？

No, Orest, no comments on July.

不，奧雷斯特，七月沒有評論。

Okay. Maybe just shifting gears. I apologize if I missed it, but I didn't -- I don't think I saw anything in your disclosure about the shaft sinking at Pilar. Can you just give us a quick update there? Is it tracking on schedule, on budget? Or where are things at on that?

好的。也許只是換個方式。如果我錯過了，我很抱歉，但我沒有——我認為我沒有在你的披露中看到任何有關皮拉爾礦井下沉的內容。能簡單跟我們介紹一下最新情況嗎？是否按照計畫和預算進行？或那裡的情況如何？

Yes. Great question, Orest, and thank you for asking. The shaft project is going really well. At the end of June, we're about 700 meters below surface. So roughly halfway, I think, at this point, end of July here, roughly halfway down. Obviously, CapEx is tracking well with our expectations, and we expect that to be operational in 2027, which is reflected in our longer-term outlook for Caraiba.

是的。奧雷斯特，這個問題問得好，謝謝你的提問。豎井工程進展非常順利。六月底，我們位於地下約 700 公尺處。所以我認為，現在大約已經過了一半，也就是七月底，大約已經過了一半。顯然，資本支出與我們的預期相符，我們預計它將在 2027 年投入運營，這反映在我們對 Caraiba 的長期展望中。

Fantastic, thank you.

太棒了，謝謝。

Ralph Profiti, Stifel.

拉爾夫·普羅菲蒂（Ralph Profiti），Stifel。

Thanks, operator. Good morning, everyone. Makko, I want to ask a question on Caraiba. The contribution from the Surubim pit. Just wondering what -- how much of that was in the second quarter numbers? How much of that is planned for the second half of the year? And when you talk about mining tonnage sort of outperforming, is this a haulage distance issue? Is this drill and blast optimization, something on grade control? Just wondering where that outperformance is coming?

謝謝，接線生。大家早安。Makko，我想問一個關於 Caraiba 的問題。來自 Surubim 礦坑的貢獻。只是想知道——第二季的數字是多少？下半年計畫完成多少？當您談到採礦噸位表現優異時，這是運輸距離問題嗎？這是鑽孔和爆破優化，還是與品位控制有關？我只是想知道這種優異表現從何而來？

I think the question on outperformance is yes to all those things, to be fair. There's been a big focus on operational excellence. The team has been doing an incredible job there, again, not just on the maintenance side, but also a review of all our block designs, ventilation improvements, consistency of our haulage fleet, lots of small improvements that are contributing to those gains.

公平地說，我認為關於超額表現的問題對於所有這些事情的答案都是肯定的。人們一直非常重視卓越營運。團隊在那裡做了令人難以置信的工作，不僅在維護方面，而且還審查了我們所有的區塊設計、通風改進、運輸車隊的一致性，許多小的改進都有助於實現這些收益。

Surubim is a great question. I think as everyone on this call knows, Surubim is an important contributor to our production profile in the second half of this year and next year. So we certainly see those benefits coming in as we get to the -- as we've gone through now for the last 18 months through the final pushback, at least what we know today, the final pushback with the Surubim operation and now getting into some of the higher grades and those become increasingly meaningful to our production profile in the second half of this year and then also in 2026.

Surubim 是一個很好的問題。我想，正如參加電話會議的每個人都知道的那樣，Surubim 是我們今年下半年和明年生產狀況的重要貢獻者。因此，我們肯定會看到這些好處的到來——正如我們在過去 18 個月中經歷的最後阻力一樣，至少我們今天所知道的，Surubim 作業的最後阻力，現在進入一些更高等級，這些對我們今年下半年以及 2026 年的生產狀況越來越有意義。

And that's aligned with our long-term strategy. It's important to the overall value of Caraiba hasn't changed. Again, we've been on a journey there at Surubim for the last few years since we opened that operation back up. And now it's really the period where we get to generate the returns on that pre-stripping that we've done for the last several years.

這與我們的長期策略一致。重要的是，Caraiba 的整體價值沒有改變。再說一次，自從我們重新開始營運以來，過去幾年我們一直在 Surubim 進行探索。現在正是我們從過去幾年的預剝離工作中獲得回報的時期。

Okay, great. And how has the power situation been at (technical difficulty) --

好的，太好了。電力狀況如何（技術難度）——

Sorry, cut out on this end. I know the question is about power, but the second half of that question was completely cut out for us on this end. Can you just repeat that?

抱歉，從這一端剪掉。我知道問題是關於權力的，但是這個問題的後半部分對我們來說完全是多餘的。你能再說一次嗎？

My apologies. Just wondering how the plant is responding to the incremental power draw requirements.

我很抱歉。只是想知道工廠如何應對增量電力消耗要求。

At Tucuma, yes, we don't see any bottlenecks. As I said on our last conference call, we don't see any barriers with respect to power at Tucuma. Again, really the main focus for us is on preventative maintenance and making sure that we can achieve consistent performance.

在圖庫馬，是的，我們沒有看到任何瓶頸。正如我在上次電話會議上所說的那樣，我們認為圖庫馬在電力方面不存在任何障礙。再次強調，我們真正關注的是預防性維護和確保我們能夠實現一致的效能。

Great, thank you. Good luck.

太好了，謝謝。祝你好運。

Bryce Adams, Desjardins.

布萊斯亞當斯 (Bryce Adams)，德斯雅爾丹 (Desjardins)。

Thanks for the presentation, Makko. Also following on from Dalton's questions. I too was hoping for some more color on July Tucuma numbers. If you can't talk to the mining and milling rates, can you talk to how much stockpiled material you had on site as of June? And were you drawing on or adding to the stockpiles in July?

感謝 Makko 的演講。這也是道爾頓的後續問題。我也希望七月的圖庫馬數字能更加豐富多彩。如果您無法談論採礦和銑削率，您能談論截至六月現場有多少庫存材料嗎？您在 7 月是增加了庫存還是增加了庫存？

Yeah, thank you, Bryce. Yes. Thank you, Bryce. Good question. With respect to stockpile, yes, our mining rates have obviously trended above where we needed to be since we started the pre-stripping. We slowed down mining rates a bit in Q2 just because the stockpile volumes that we have available are so significant. And in July, we started now again to really add to that stockpile.

是的，謝謝你，布萊斯。是的。謝謝你，布萊斯。好問題。關於庫存，是的，自從我們開始預剝離以來，我們的採礦率顯然已經趨於高於我們需要的水平。由於我們可用的庫存量非常大，我們在第二季度稍微放慢了採礦速度。從七月開始，我們又開始真正增加庫存。

So we're still in that 1.5 million to 2 million tonne range, which is where we've been basically since we started production or at least got through the tail end of last year. So that stockpile volumes remain the same. We expect the second half of this year to build a bit more of additional stockpile as we increase mining rates. And again, that's aligned with our long-term strategy at Tucuma.

因此，我們的產量仍處於 150 萬至 200 萬噸的範圍內，自從我們開始生產以來，或至少到去年年底，我們的產量基本上一直處於這個水平。這樣庫存量就維持不變。隨著採礦率的提高，我們預計今年下半年將會累積更多的額外庫存。再次強調，這與我們在圖庫馬的長期策略一致。

Got it. Thanks so much.

知道了。非常感謝。

Anita Soni, CIBC World Markets.

加拿大帝國商業銀行全球市場部的安妮塔·索尼（Anita Soni）。

Well. Good morning, Makko and team. First time I'm asking a question on your call. I just wanted to get an understanding on Caraiba, the magnitude of the grade decline that you're expecting in the back half of the year. So currently, the first half is averaging 1.22% and trended up a little in Q2 from Q1. So does it -- is it in a similar kind of range band, like will we get down to 1.1%? Or is it 1.2%, 1.15%?

出色地。早上好，Makko 和團隊。這是我第一次在您的電話中提問。我只是想了解一下 Caraiba 的情況，以及您預計今年下半年成績下降的幅度。目前，上半年平均為 1.22%，第二季較第一季略有上升。那麼，它是否處於類似的範圍之內，例如，我們會降到 1.1% 嗎？還是1.2%、1.15%？

Yeah, great, thank you and thanks for the question. I appreciate first time hearing your voice on this call. So thanks for asking. I think two things are important when you look at the plant throughput and grade profile at Caraiba in the second half of the year. Number one is that Surubim becomes an increasingly important contributor to our mix of plant fleet feed.

是的，太好了，謝謝你，也謝謝你提出這個問題。我很高興第一次在電話中聽到您的聲音。謝謝你的提問。我認為，當你觀察下半年 Caraiba 工廠的產量和品位概況時，有兩件事很重要。首先，Surubim 成為我們工廠飼料組合中越來越重要的貢獻者。

Surubim has a lower average grade than our underground mines. It's high margin, especially the second half of this year to next year, but that will drag down overall blended throughput grades in the second half of this year. Our guidance range assumes on a full year basis will be somewhere between 1.1 -- or sorry, yes, 1.1% and 1.2%. So you can run through the numbers in the second half of the year based on that. But I think the most important distinction is that you've got this increasing contributor of Surubim to our overall mix, which is lower grade than our underground operations.

Surubim 的平均品位低於我們的地下礦場。利潤率很高，尤其是今年下半年到明年，但這將拖累今年下半年的整體混合吞吐量等級。我們的指導範圍假設全年成長率將在 1.1（或抱歉，是的，1.1% 和 1.2%）之間。因此，您可以據此計算出下半年的數字。但我認為最重要的區別是，Surubim 對我們整體產品的貢獻越來越大，其等級低於我們的地下作業。

Okay. And then what are you targeting for the exit rate on the throughput at the -- I think you mentioned 80 -- was it 80% throughput of the nameplate capacity?

好的。那麼，您對吞吐量的退出率的目標是多少——我想您提到了 80——是銘牌容量的 80% 吞吐量嗎？

Yes. If I look at where we're projecting to exit at the end of the year, as I said, we've closed out June achieving more than 75% of our target capacity. When I look at our days and weeks, we've achieved well beyond that. Really, the objective here in the second half is to do that more consistently day on day, week on week and quarter-on-quarter. If I look at the normalized exit velocity at year-end, we expect to be above 80%. So I think the main message here is our revised guidance range considers that we have continued improvement, but it's not outside of the range that we've already been able to demonstrate we can achieve.

是的。如果我看一下我們預計在年底退出的情況，正如我所說，我們在 6 月已經實現了超過 75% 的目標產能。當我回顧我們的每一天和每一周時，我發現我們所取得的成就遠遠超出了這一點。實際上，下半年的目標是每天、每週、每季更一致地做到這一點。如果我看一下年底的標準化退出速度，我們預計會超過 80%。因此，我認為這裡的主要訊息是，我們修訂後的指導範圍考慮到我們已經持續改進，但這並不超出我們已經能夠證明我們可以實現的範圍。

Okay. Can I move to a question on Xavantina? Could you -- in the technical report, and I can't see it explicitly stated, but can you remind me what the nameplate capacity of the mill of the processing plant is there?

好的。我可以轉到有關 Xavantina 的問題嗎？您能否－在技術報告中，我沒有看到明確說明，但您能否提醒我加工廠的磨機的銘牌容量是多少？

Yes. The design capacity, it's disclosed in our tech report around 300,000 tonnes of ore. So it's still a small plant overall, and we expect to still have roughly -- even though we're seeing increased volume quarter-on-quarter, we expect to use an increasingly -- increasing share of that capacity, but still not at full design rates by year-end.

是的。我們的技術報告揭露，設計產能約為 30 萬噸礦石。因此，總體而言，它仍然是一個小型工廠，我們預計仍然有大約 - 儘管我們看到產量逐季增加，但我們預計將使用越來越多的 - 增加該產能的份額，但到年底仍不會達到全部設計率。

And how do you see that ramping up going into 2026?

您認為到 2026 年這數字將如何成長？

Yes. Look, we're doing that work now. It's a great question. 2026, we just kicked off our budget process this week. What I can tell you is that we're very excited about Xavantina for 2026 and the work that our teams are doing there, but it's a bit too early to talk specifically about how we see that coming in.

是的。看，我們現在正在做這項工作。這是一個很好的問題。 2026 年，我們本週剛啟動了預算流程。我可以告訴你的是，我們對 2026 年 Xavantina 以及我們的團隊在那裡所做的工作感到非常興奮，但現在具體談論我們如何看待它還為時過早。

Obviously, we -- if you look at the second half of this year and the annualized rate that's implied in our revised guidance range and you look at that, it's still 50,000 to 60,000 ounces of production. And so we're pretty happy with what we're seeing in the second half of this year, and we expect that to continue into 2026.

顯然，如果你看一下今年下半年以及我們修訂後的指導範圍中隱含的年化產量，你會發現產量仍然在 50,000 到 60,000 盎司之間。因此，我們對今年下半年的業績感到非常滿意，我們預計這種勢頭將持續到 2026 年。

And I'm sorry if I missed it, but was -- could you explain why the recovery rates went down at Xavantina this quarter?

如果我錯過了，我很抱歉，但是——你能解釋為什麼本季 Xavantina 的回收率下降了嗎？

Yes. Look, Xavantina, we have a mix -- the deposit itself there has -- it's a composition. It's a quartz vein that has carbonaceous material in it. Our recovery rates can be variable depending on how much carbonaceous material we get in there. Again, I think that's a temporary reduction, and it does happen from time to time, but we don't see that continuing through the rest of the year.

是的。瞧，Xavantina，我們有一種混合物——那裡的礦床本身就有——它是一種成分。它是一條含有碳質物質的石英脈。我們的回收率可能會有所不同，具體取決於我們獲得的碳質材料的數量。再說一次，我認為這只是暫時的減少，而且這種情況確實時有發生，但我們認為這種情況不會持續到今年年底。

Thank you for taking my question.

感謝您回答我的問題。

Guilherme Rosito, Bank of America.

吉列爾梅·羅西托，美國銀行。

Thank you. Can you guys hear me all right?

謝謝。你們聽得到我說話嗎？

Yes, we can. Thank you.

是的，我們可以。謝謝。

Perfect.

完美的。

Thank you. Good morning, guys. Thank you for taking my questions. So, my first one is maybe broad and you touched a bit on that in your opening remarks. But if we look at Ero Copper's history, you guys always delivered guidance. And now for the past two years, you had to revise it downwards. And I know you touched a bit on that. But as you look back, what are the main lessons you guys are taking from this experience? What do you think were the challenges? And what are you learning? And how is that changing how you guys are thinking about Furnas and how you develop that project?

謝謝。大家早安。感謝您回答我的問題。所以，我的第一個問題可能比較寬泛，您在開場白中稍微提到了這一點。但如果我們回顧 Ero Copper 的歷史，你們總是能提供指導。而現在，在過去的兩年裡，你必須向下修正它。我知道你稍微談到了這一點。但當你回顧時，你們從這次經驗中得到的主要教訓是什麼？您認為面臨的挑戰是什麼？你在學什麼？這如何改變你們對 Furnas 的看法以及你們開發該專案的方式？

Then my second question is to Wayne. Now that Tucuma commercial production was finally declared, next step is starting to return cash to shareholders and cash returns. So what do you think is a reasonable time line to expect you guys starting to starting the actual cash returns? Thank you.

我的第二個問題是問韋恩的。現在圖庫馬終於宣布實現商業化生產，下一步就是開始向股東返還現金和現金回報。那麼您認為預計您將開始獲得實際現金回報的合理時間表是什麼時候？謝謝。

Yes. Thank you. Two zingers there. Appreciate the question. Look, it's a fair one on guidance, and I appreciate the question. There's a couple of things that I think are really important to note. In this transition that happened this year, we made a lot of changes all throughout the organization. The depth and extent of those changes to be -- as I said in my opening remarks, obviously arrived a bit late to the station where we had hoped to be at the outset of this year.

是的。謝謝。這裡有兩句妙語。感謝你的提問。看，這是一個公平的指導，我很感謝這個問題。我認為有幾件事確實值得注意。在今年發生的這次轉變中，我們在整個組織中做出了許多改變。正如我在開場白中所說的那樣，這些變化的深度和廣度顯然有點晚了，我們今年年初就希望達到這個水平。

I think there's a couple of things that took a little bit longer, particularly at Xavantina and Tucuma. Those are for different reasons. When I look at what happened at Xavantina in this past year, again, I'm really proud of the decisions we made. We want to make sure that we could perform safely and consistently. And so we took a bit of extra time there than original plan. And I think those results will be demonstrated clearly in the second half of the year.

我認為有幾件事花費的時間更長一些，特別是在 Xavantina 和 Tucuma。這些都是出於不同的原因。當我回顧去年 Xavantina 發生的事情時，我再次為我們所做的決定感到自豪。我們希望確保我們能夠安全、持續地工作。因此我們在那裡花費的時間比原計劃要多一些。我認為這些結果將在今年下半年得到清晰體現。

At Caraiba, a little bit different, right? New teams coming on board, looking at the operating strategy, how can we improve performance there. And as you see, that's had an impact on guidance, but again, improving margins to help offset that. And then at Tucuma, look, this is a notoriously difficult time to get projections right. I think we've come a long way in achieving stability and consistency of operating performance. We addressed the bottlenecks that we had in the early part that were associated with design.

在 Caraiba，有點不同，對吧？新團隊加入，研究營運策略，看看我們如何提升績效。如您所見，這對指導產生了影響，但利潤率的提高有助於抵消這種影響。然後在圖庫馬，你看，這是一個眾所周知的很難做出正確預測的時期。我認為我們在實現營運績效的穩定性和一致性方面已經取得了長足的進步。我們解決了早期與設計相關的瓶頸。

And we see those bottlenecks as being behind us. I think if you look at the capacity of our organization, and I'm looking at our site leadership team on site leaders around this table. If you look at what we've been able to do at Xavantina and Caraiba this year, we have the capacity in our organization to achieve excellent operating performance safely to improve our maintenance performance, and that's why we've got some comfort going in the second half of the year on guidance.

我們認為這些瓶頸已經過去了。我想，如果你看看我們組織的能力，我正在看這張桌子周圍的現場領導團隊和現場領導。如果你看看我們今年在 Xavantina 和 Caraiba 所做的事情，我們組織有能力安全地實現出色的營運績效，從而提高我們的維護績效，這就是為什麼我們對下半年的指導感到放心。

And yes, look, I appreciate the question. I think there's been a lot of changes in our organization in the last 6 months. Really happy with the leadership team that we've assembled and what we're doing here. And again, I think the updated guidance reflects our commitment to consistent operating performance to doing it safely and being transparent and realistic about where we're at. One important thing to note is that the high end of our guidance across the board is still at the low end of our prior guidance. We certainly see scenarios where that's achievable if things go extremely well, but we're looking at the realities that we faced in the first half of the year and flowing those through.

是的，我很感謝你提出這個問題。我認為過去六個月我們的組織發生了很多變化。對我們組建的領導團隊以及我們在這裡所做的工作感到非常滿意。我再次強調，我認為更新後的指導意見反映了我們對持續經營績效的承諾，即安全地經營，並對我們的現狀保持透明和現實的態度。需要注意的一件重要事情是，我們整體指導的高端仍然處於我們先前指導的低端。如果一切進展順利，我們當然會看到實現這一目標的情景，但我們正在審視上半年面臨的現實，並將其付諸實踐。

So I think our -- to answer your question directly, I think the updated guidance range that we've put out now reflects a lot of the feedback and learnings that we have over the last year. So I hope that answers the question. Yes. And then the last piece of that, the question that you asked me, just going through the notes here is how does that impact how you think about Furnas. I'd say it doesn't. Furnas is still a development project fundamentally. We're in our drill program.

所以我認為我們的——直接回答你的問題，我認為我們現在發布的更新指導範圍反映了我們在過去一年中收到的許多反饋和經驗教訓。我希望這能回答這個問題。是的。然後最後一個問題，也就是你問我的問題，只要看這裡的筆記，就會知道這對你對 Furnas 的看法有何影響。我認為不是這樣的。從根本上來說，Furnas 仍然是一個開發項目。我們正在進行演習計劃。

We've been able to execute to our expectations. We expected that we'd finish our Phase 1 drill program by the end of June, and we did the first few days of July. So right on track with our expectations there. And Furnas really is going from the drilling phase now into the PEA, and we're pretty happy with that timeline that we have in terms of coming out the first half of next year with that. So I hope that answers your questions. If you've got any more than happy to take that conversation offline and have a more in-depth discussion. Go ahead, Wayne.

我們已經能夠實現我們的期望。我們預計在六月底完成第一階段的演習計劃，事實上我們在七月初就完成了。這與我們的預期完全一致。現在 Furnas 已經從鑽探階段進入初步經濟評估階段，我們對明年上半年完成這一目標的時間表感到非常滿意。我希望這能解答你的問題。如果您還有任何疑問，請很樂意將該對話轉至線下並進行更深入的討論。繼續吧，韋恩。

Sure. Thanks. Guilherme, in terms of your second question, obviously, I think we've had a slightly slower start to our ability to deleverage our balance sheet and build up cash reserves. So I think we're still very thoughtful about that. We'd like to see the deleveraging continue through the end of the year. We obviously have robust discussions with our Board around when is the appropriate time to start considering shareholder returns. But as I said, I think we would like to -- the main -- the first focus is obviously to get the balance sheet back to where we want it to be. And I think that's going to be the priority through the rest of the year.

當然。謝謝。吉列爾梅，關於你的第二個問題，顯然，我認為我們在去槓桿和建立現金儲備方面起步稍慢一些。所以我認為我們對此還是非常深思熟慮的。我們希望看到去槓桿化持續到今年年底。我們顯然與董事會就何時開始考慮股東回報的適當時機進行了深入的討論。但正如我所說，我認為我們希望——主要的——首要的重點顯然是讓資產負債表回到我們想要的水平。我認為這將是今年剩餘時間的首要任務。

Thank you, Makko and Wayne. Super clear, super transparent.

謝謝你，Makko 和 Wayne。超清晰，超透明。

Thank you. Craig Hutchison, TD Securities Inc.

謝謝。克雷格‧哈奇森（Craig Hutchison），道明證券公司

Hi, good morning guys. Just one question for me. Just on Caraiba, one of your initiatives to control cost was to focus on Pilar's mine fleet on the upper levels of the mine to reduce haul distances. I was just wondering how sustainable this is? Is this something you can achieve for the next couple of years? Or is it more focused just on this year alone?

大家早安。我只有一個問題。就在卡賴巴礦，你們控製成本的舉措之一就是將重點放在礦井上層的皮拉爾礦井車隊上，以減少運輸距離。我只是想知道這有多可持續？這是您在未來幾年內可以實現的目標嗎？還是僅僅關註今年？

Yes. Thanks, Craig, for the question. We certainly see the opportunity with the drilling that we've done in the upper mine, the nonavailable resources to continue this strategy over the next couple of years until the shaft comes online. I think there's the balance to be had there between some of the higher grades we have in the deepening, some of the continued development -- as you know, Craig, we -- operating flexibility for Pilar was always part of our strategy, and we've been really happy that over the last six months to a year, the work that we've done with mobilizing a second development contractor has afforded the opportunity to look at some of these strategies and think differently about our near-term plans. Again, I think overall, we certainly see the potential to continue there.

是的。謝謝 Craig 提出這個問題。我們當然看到了在礦井上部進行的鑽探所帶來的機會，以及在未來幾年繼續實施這一戰略直至礦井投入使用之前可用的資源。我認為，我們在深化過程中的一些更高等級和一些持續發展之間需要取得平衡——正如你所知，克雷格，我們——Pilar 的運營靈活性一直是我們戰略的一部分，我們非常高興在過去的六個月到一年的時間裡，我們通過調動第二個開發承包商所做的工作提供了機會來審視其中的一些戰略，並以不同的方式思考我們的近期計劃。再次，我認為總體而言，我們確實看到了繼續下去的潛力。

Taking these operational initiatives and looking into the future, irrespective of whether we're mining in the shallow parts of the mine or the deeper part of the mine, the work that we're doing now on maintenance, predictive maintenance, people tracking, dispatch systems, getting back to basics with some of the technology that Gelson and the team are implementing, those will benefit all areas of the mine. So whether we're mining the shallow part of the deepening for the years to come.

採取這些營運措施並展望未來，無論我們是在礦井的淺層還是深層開採，我們現在在維護、預測性維護、人員追蹤、調度系統方面所做的工作，以及回歸基礎，利用 Gelson 和團隊正在實施的一些技術，都將使礦井的所有區域受益。那麼，未來幾年我們是否會開採深化開採的淺層部分。

And I think that's really the key theme for me is this operational framework that we put in place early in the year, our teams have worked really hard to achieve the results that we've been able to achieve. We still see a pathway for improved performance. And that's our focus for the next 6 months and 18 months. And obviously, those will benefit our performance greatly when the shaft comes online in 2027.

我認為對我來說真正的關鍵主題是我們在今年年初建立的這個營運框架，我們的團隊非常努力地實現了我們所能實現的成果。我們仍然看到了提高績效的途徑。這是我們未來 6 個月和 18 個月的重點。顯然，當礦井於 2027 年投入使用時，這些將大大提高我們的業績。

Okay, great guys. Best of luck.

好的，很棒的傢伙。祝你好運。

(Operator Instructions)

（操作員指示）

Matthew Murphy, BMO Capital Markets.

馬修·墨菲，BMO資本市場。

I have a follow-up on Tucuma. You've mentioned a few times just the push for consistency, preventative maintenance. Wondering if you can add any color about which areas of the mill need the most attention. I think you had some work on the tailings filter last quarter. Anything else you can flag that needs focus at this point and how you're addressing it?

我對圖庫馬 (Tucuma) 有一個後續報導。您曾多次提到要推動一致性和預防性維護。想知道您是否可以補充一些關於工廠哪些區域最需要關注的資訊。我認為您上個季度對尾礦過濾器做了一些工作。您還能指出目前需要關注的其他事項嗎？您如何解決它？

Yes. As I said, year into the operation here, our main focus areas, and I'll let Gelson add if he's got any color to add here. But our main focus areas at Tucuma, obviously, the filter presses an area of additional attention and preventative maintenance routines. Again, we've got 2 filters that have been operating for a year, one that's been operating only for a short period of time, given that it was down for a significant portion of the ramp-up. And so making sure that we've got the systems in place and the people in place and teams in place to be able to do that.

是的。正如我所說，這裡已經運營一年了，這是我們的主要關注領域，如果 Gelson 有什麼要補充的，我會讓他補充。但我們在圖庫馬的主要關注點顯然是壓濾機，這是我們額外關注和預防性維護的一個區域。再次，我們有兩個過濾器已經運行了一年，其中一個只運行了很短的一段時間，因為它在相當長的一段時間內處於停機狀態。因此，我們要確保系統、人員和團隊都到位，以便能夠做到這一點。

And then also on the crushing and conveying systems, right? Those have been operating for a year and making sure that we've got consistency of performance there. When I look to the milling and flotation side, we've had a really strong performance there in terms of throughput rates, recoveries have all been good.

然後還有破碎和輸送系統，對嗎？這些系統已經運作了一年，並確保了我們在那裡的一致性能。當我看磨礦和浮選方面時，我們在吞吐率方面表現非常出色，回收率也都很好。

So we see less of a focus, I'd say, more at the front of the plant. Obviously, we assume lower availability for our crushing and conveying systems overall, but still need some attention points there to address. Gelson, I don't know if you have anything to add on that.

因此，我認為我們的關注點較少，更多的是集中在工廠的前部。顯然，我們假設我們的破碎和輸送系統的整體可用性較低，但仍需要解決一些注意事項。蓋爾森，我不知道你對此還有什麼補充。

No, Marco, thank you. I think you hit there. Asset management strength and optimization on the predictive maintenance. I think these are key aspects across the board on the entire plant and the areas that you mentioned on the crushing and conveying and of course, the filter.

不，馬可，謝謝你。我認為你擊中了那裡。資產管理實力及預測性維護的最佳化。我認為這些是整個工廠的關鍵方面，以及您提到的破碎和輸送以及過濾器等領域。

Okay, thank you.

好的，謝謝。

Orest Wowkodaw, Scotia Capital Inc.

Orest Wowkodaw，蘇格蘭資本公司

Oh, actually my question has been answered. Thank you.

哦，其實我的問題已經得到解答了。謝謝。

Thanks, Orest.

謝謝，奧雷斯特。

This concludes the question-and-answer session. I'd like to turn the conference back over to Makko DeFilippo for any closing remarks.

問答環節到此結束。我想將會議交還給 Makko DeFilippo 並請他做最後演講。

Yes. Thank you for joining the call, everyone. I appreciate the time on a Friday before the long weekend for those dialing in from Canada. Just a reminder that all of us are available for any follow-up questions, and we'll chat soon. Thank you very much.

是的。謝謝大家參加電話會議。我很感謝在長週末前的星期五能有時間接待那些從加拿大撥入電話的人。提醒一下，我們所有人都可以回答任何後續問題，我們很快就會聊天。非常感謝。

This brings to a close today's conference call. You may disconnect your lines. Thank you for participating and have a pleasant day.

今天的電話會議到此結束。您可以斷開線路。感謝您的參與並祝您有個愉快的一天。