Ero Copper Corp (ERO) 2025 Q3 法說會逐字稿

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

感謝您的耐心等待。這是會議接線員。歡迎參加 Ero Copper 2025 年第三季營運與財務績效電話會議（操作說明）。本次會議正在錄音。（操作說明）

I would now like to turn the conference over to Farooq Hamed, VP, Investor Relations. Please go ahead.

現在我將把會議交給投資者關係副總裁法魯克·哈米德。請繼續。

Thank you, operator. Good morning, and welcome to Ero Copper's third-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 nine months ended September 30, 2025. A corresponding earnings presentation can be downloaded directly from the webcast and is also available in the Presentations section of our website.

謝謝接線生。早安，歡迎參加Ero Copper第三季財報電話會議。我們的經營和財務業績已於昨日下午發布，並已在我們的網站上公佈，同時公佈的還有截至 2025 年 9 月 30 日止三個月和九個月的財務報表和管理層討論與分析。對應的收益簡報可直接從網路直播下載，也可在我們網站的「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 Courtney Lynn, Executive Vice President, External Affairs and Strategy.

今天與我一起參加電話會議的有：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；以及負責對外事務和策略的執行副總裁 Courtney Lynn。

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.

在開始之前，我想提醒大家，今天的討論將包含前瞻性陳述，這些陳述涉及風險和不確定性，可能會導致實際結果與預期結果有重大差異。有關這些風險及其對我們業務的潛在影響的詳細討論，請參閱我們最新的年度資訊表，該資訊表可在我們的網站以及 SEDAR 和 EDGAR 上取得。除非另有說明，今天討論的所有數字均以美元計。

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

接下來，我將把電話交給 Makko DeFilippo。

Thank you, Farooq, and thank you all for taking the time to join us this morning. Speaking for everyone on this side of today's conference call, it is an exciting time over here at Ero.

謝謝法魯克，也謝謝大家今天早上抽出時間參加我們的節目。代表今天參加電話會議的所有人，Ero 目前正處於激動人心的時刻。

During our last quarterly update and in conversations with many stakeholders since then, we have been speaking to the fundamental transformation that has been underway at Ero this year. This work has continued to drive sequential improvements in quarterly performance and unlock new value drivers across our portfolio. These efforts are clearly evident in our Q3 results and in our Xavantina release yesterday.

在我們上一次季度更新以及此後與許多利益相關者的對話中，我們一直在談論 Ero 今年正在進行的根本性變革。這項工作持續推動季度業績的環比提升，並為我們的產品組合釋放了新的價值驅動因素。這些努力在我們的第三季業績和昨天發布的 Xavantina 中得到了充分體現。

I will speak to both on today's call while ensuring we have sufficient time for questions. Yesterday, before market opened, we announced the result of a dedicated behind-the-scenes effort we initiated late last year to create value from within our portfolio, specifically at the Xavantina operations. This work entailed sampling, metallurgical testing, characterization, and commercialization of stockpiled gold concentrates that have been produced in small but high-grade quantities since processing operations began over a decade ago.

我將在今天的電話會議上與他們兩人交談，同時確保我們有足夠的時間回答問題。昨天，在市場開盤之前，我們宣布了去年底啟動的一項專門的幕後努力的成果，旨在從我們的投資組合中創造價值，特別是 Xavantina 的營運。這項工作包括對十多年前開始加工作業以來少量但高品位生產的堆積金精礦進行取樣、冶金測試、表徵和商業化。

These efforts have culminated in the announcement of a maiden inferred resource of 24,000 tonnes grading approximately 37 grams per tonne, containing 29,000 ounces of gold. The estimate was based on detailed sampling of approximately 20% of the concentrate stockpile volume.

這些努力最終促成了首個推斷資源量的公佈，該資源量為 24,000 噸，品位約為每噸 37 克，含金量為 29,000 盎司。此估算是基於對約 20% 的精礦堆體積進行的詳細抽樣。

Late last month, just shy of one year since we laid out the initial work plan for this initiative with our teams, we commenced shipping gold concentrate, resulting in our first invoice this week, which Wayne will speak to in more detail. Looking ahead, we expect to sell between 10,000 and 15,000 tonnes of concentrate during Q4 2025 at an operating cost of approximately $300 to $500 per ounce of gold.

上個月底，距離我們與團隊制定該計劃的初步工作計劃不到一年，我們開始運送黃金精礦，本週收到了第一張發票，韋恩將對此進行更詳細的介紹。展望未來，我們預計在 2025 年第四季售出 10,000 至 15,000 噸精礦，營運成本約為每盎司黃金 300 至 500 美元。

At approximately 90% to 95% payability after deductions and treatment charges, this means in practical terms that we expect to significantly accelerate the deleveraging of our business, one of our core objectives for 2025. Sampling campaigns are ongoing to better quantify the remaining gold concentrate in stockpile, and we expect to sell the full volume over the next 12 to 18 months, resulting in what we expect to be a significant boost to gold sales and financial performance.

扣除各項費用和處理費用後，可支付率約為 90% 至 95%，這意味著實際上我們預計將大幅加快業務去槓桿化進程，這也是我們 2025 年的核心目標之一。我們正在進行抽樣調查，以更好地量化庫存中剩餘的黃金精礦，預計在未來 12 至 18 個月內售出全部數量，這將極大地促進黃金銷售和財務表現。

Before I jump back into the quarter itself, I'll just address what is likely the first question many of you have. How did October go? And how does that compare to underlying operational guidance ranges. While one month doesn't make a quarter, and we have a considerable amount of daylight between now and December 31, I am pleased to report that every single operation in our portfolio achieved not just 2025 calendar year monthly records for productivity and production, but they achieved all-time historic monthly records in October, beating some set many years ago.

在正式開始本季討論之前，我先回答一下大家可能會先提出的問題。十月過得怎麼樣？那麼，這與相關的營運指導範圍相比如何？雖然一個月還不到一個季度，而且距離 12 月 31 日還有相當長的時間，但我很高興地報告，我們投資組合中的每一項業務不僅在 2025 年日曆年內實現了月度生產力和產量記錄，而且在 10 月份還實現了歷史月度記錄，打破了多年前創下的一些記錄。

Starting at Caraíba, we built on the momentum of a solid Q3 and during the month of October, achieved all-time record mine tonnages from each of the Pilar, Vermelhos, and Surubim mines. New high watermarks across all of our mines at Caraíba supported all-time record monthly mill throughput of just over 400,000 tonnes, implying an annualized run rate well beyond our installed capacity. We achieved this result on the back of a successful debottlenecking exercise that was initiated early this year and completed during the third quarter at effectively 0 cost. Q4 at Caraíba is off to a good start with over 3,500 tonnes of copper produced in October, on par with our best month so far this year.

從 CaraÃba 礦場開始，我們延續了第三季穩健的成長勢頭，並在 10 月實現了 Pilar、Vermelhos 和 Surubim 三個礦山有史以來最高的礦山產量。卡拉伊巴所有礦山的新高水位線支撐了有史以來創紀錄的月度選礦廠處理量，略高於 40 萬噸，這意味著年化運行率遠遠超過了我們的裝機容量。我們之所以能取得這項成果，得益於今年年初啟動、第三季完成的消除瓶頸工作，而且成本幾乎為零。CaraÃba 第四季開局良好，10 月銅產量超過 3500 噸，與今年迄今為止最好的月份持平。

At Tucumã, sequential improvement in throughput volumes and grades following another sequential quarter of nearly 20% growth in copper production drove a new monthly record in October of approximately 3,300 tonnes of copper produced.

在圖庫米，銅產量連續第二季成長近 20%，吞吐量和品位也隨之逐週改善，推動 10 月銅產量創下新的月紀錄，約 3,300 噸。

Last but not least, at Xavantina, we produced just shy of 7,000 ounces of gold in October, excluding any benefits from our new concentrate sales operation. This is a particularly noteworthy result when you consider that our average quarterly production during the first half of the year was also 7,000 ounces. This result reflects the considerable effort we have put into successfully mechanizing Xavantina to make it safe and more productive.

最後但同樣重要的是，在 Xavantina，我們在 10 月生產了近 7,000 盎司黃金，這還不包括我們新的精礦銷售業務帶來的任何收益。考慮到我們上半年的平均季度產量也是 7,000 盎司，這是一個特別值得注意的結果。這一結果反映了我們為成功實現 Xavantina 機械化、使其更安全、更有效率所付出的巨大努力。

I'm very proud of what Rodrigo Fidelis and his team and the whole broader team at Xavantina have been doing to achieve these results.

我為 Rodrigo Fidelis 和他的團隊以及 Xavantina 的整個團隊為取得這些成果所做的工作感到非常自豪。

More broadly speaking, we have spent a lot of time this year changing the way we do things, challenging the status quo, incentivizing improvement and optimization across our organization and focusing on health and safety in order to drive productivity and operational excellence. The build we saw from a challenging first half of the year across the group, the green shoots in July and August, momentum from August into September and breaking all-time records in September and October has been energizing, and we expect many more production records to be broken over the coming months and years.

更廣泛地說，今年我們花了很多時間改變做事方式，挑戰現狀，激勵整個組織的改進和優化，並專注於健康和安全，以提高生產力和卓越營運。我們看到，集團在經歷了充滿挑戰的上半年後，在7月和8月出現了復甦的跡象，從8月到9月保持了強勁勢頭，並在9月和10月打破了歷史紀錄，這令人振奮，我們預計在未來的幾個月和幾年裡，將會有更多生產記錄被打破。

I'm deeply proud of the work we are doing to achieve these results, proud of our global leadership team for their commitment and thankful to our operational leadership for achieving these results while consistently improving our consolidated safety performance. That was a long detour to our third quarter results, but hopefully, that clears up the question queue.

我為我們為取得這些成果所做的工作深感自豪，為我們的全球領導團隊的奉獻精神感到自豪，並感謝我們的營運領導團隊在取得這些成果的同時，不斷提高我們的綜合安全績效。這稍微繞了點彎，才說到我們第三季的業績，但希望這能解答大家的疑問。

Getting back to the quarter itself, Q3 was another record for Ero on consolidated copper production due to increased contributions from Tucumã, up nearly 20% for the second consecutive quarter. As we look to Q4 and as evidenced by my commentary on October, we continue to build on our strengths here and are expecting Q4 to be the strongest production quarter of the year across all three of our operations.

回到本季本身，由於圖庫瑪銅礦的貢獻增加，Ero 第三季的綜合銅產量再次創下紀錄，連續第二季增加近 20%。展望第四季度，正如我在10月份的評論中所表明的那樣，我們將繼續鞏固我們在這一領域的優勢，並預計第四季度將成為我們所有三個營運部門今年生產業績最好的季度。

At Caraíba, plant throughput levels reached a quarterly volume record, supported by sequentially higher mining rates across all three mines in the complex, momentum we have carried so far into Q4. Grade declined as expected in the quarter as we switched our center of mass to the upper levels of the Pilar mine and received more ore from the Surubim pit, a strategy shift that was discussed at length last quarter.

在卡拉伊巴礦區，工廠的吞吐量達到了季度產量記錄，這得益於該礦區所有三個礦山的採礦速度逐季提高，這一勢頭一直延續到第四季度。正如預期的那樣，本季度礦石品位有所下降，因為我們將重心轉移到了皮拉爾礦的上層，並從蘇魯賓礦坑獲得了更多的礦石，這一戰略轉變在上個季度進行了深入討論。

We expect to continue to benefit from higher throughput levels going forward, the result of a multi-quarter debottlenecking effort in order to drive higher copper production. We expect strong production in Q4 to allow us to achieve the low end of our annual production guidance, and we expect cash costs to decline from Q3 levels during Q4, supporting our full year C1 cash costs in the lower half of our range.

我們預計未來將繼續受益於更高的產能水平，這是為提高銅產量而開展的多個季度的瓶頸消除工作的結果。我們預計第四季度強勁的產量將使我們能夠實現年度產量指引的下限，並且我們預計第四季度的現金成本將比第三季度的水平有所下降，這將使我們全年的 C1 現金成本保持在預期範圍的下半部分。

At Tucumã, production in the third quarter increased 19%, driven by the continued ramp-up of throughput at the mill, up approximately 37% quarter-on-quarter, partially offset by lower planned grades. As we look to Q4, we expect continued progress in increasing throughput levels, along with higher grades in the mine to drive the strongest production of the year. We're off to a good start in October and expect strong production in Q4 to allow us to achieve the low end of our annual production guidance.

在圖庫瑪礦區，第三季產量增加了 19%，這主要得益於該礦區產能的持續提升，環比增長約 37%，但部分被計劃產量下降所抵消。展望第四季度，我們預計產能將持續提升，礦山礦石品位也將提高，這將推動全年產量達到最高水準。10 月我們開局良好，預計第四季度產量強勁，這將使我們能夠實現年度產量預期的下限。

We have adjusted our full year C1 cash cost guidance at Tucumã to reflect higher-than-expected maintenance and freight costs incurred during Q3, which will be partially offset by the expected improvements in underlying costs in Q4.

我們已調整圖庫米全年 C1 現金成本預期，以反映第三季度發生的高於預期的維護和貨運成本，這些成本將被第四季度基礎成本的預期改善部分抵消。

At Xavantina, production increased by approximately 17% quarter-on-quarter as the mine began to benefit from our investments in mechanization during the first half of the year. We mined over 50,000 tonnes of ore in Q3, a level we haven't achieved since 2022.

Xavantina 礦的產量環比增長了約 17%，因為該礦在今年上半年開始受益於我們在機械化方面的投資。第三季我們開採了超過 5 萬噸礦石，這是自 2022 年以來我們從未達到的水平。

Looking ahead into Q4, as I touched on in my October commentary, we expect higher mine tonnage, higher tonnes processed and higher grade stopes to significantly drive higher gold production in Q4, which will allow us to achieve the lower end of gold production guidance and meet full year cost guidance ranges at Xavantina.

展望第四季度，正如我在 10 月的評論中所提到的，我們預計更高的礦山噸位、更高的處理噸位和更高的礦石品位將顯著推動第四季度黃金產量的提高，這將使我們能夠實現黃金產量指引的下限，並達到 Xavantina 全年成本指引範圍。

At Furnas, a central part of our growth strategy, physical work streams on site progressed well through the end of October. We have now completed approximately 50,000 meters of drilling, completing the drilling obligations set out in the agreement for both the Phase 1 and Phase 2 programs.

作為我們成長策略的核心部分，Furnas 的現場實際施工工作在 10 月底進展順利。我們目前已完成約 50,000 公尺的鑽探，完成了協議中規定的第一階段和第二階段計劃的鑽探義務。

The Phase 1 program completed early this year was drilled in support of an updated mineral resource estimate and preliminary economic analysis. Technical work streams to support the preliminary economic analysis remain ongoing, and we are on track to complete this study during the first half of next year.

今年年初完成的第一階段鑽探計畫旨在支持更新的礦產資源估算和初步經濟分析。為支持初步經濟分析而進行的技術工作仍在進行中，我們預計在明年上半年完成這項研究。

The drilling completed under Phase 2 of the agreement will be used in time to support the development of a pre-feasibility study. We currently do not anticipate slowing the drill program at Furnas based on the success of these programs and early insights into potential project economics.

根據協議第二階段完成的鑽探工作，日後將用於支持進行預可行性研究。根據這些項目的成功以及對潛在項目經濟效益的初步了解，我們目前不打算放慢弗納斯鑽探計劃的步伐。

We set out this year to turn around and stabilize our operations, achieve commercial production at Tucuma, delever our balance sheet, aggressively advance long-term growth initiatives at Furnas and in due course, initiate returns to shareholders. Transformative work is nonlinear, but seeing the momentum we have carried and the results flow through to an incredible September and October makes me confident we are on the right path.

今年，我們著手扭轉並穩定運營，在圖庫馬實現商業化生產，降低資產負債率，積極推進富納斯的長期成長計劃，並在適當的時候開始向股東返還回報。變革性的工作並非線性發展，但看到我們所取得的動力以及九月和十月的驚人成果，讓我相信我們走在正確的道路上。

Every area of our business is doing its part to achieve these goals and create additional value for all of our stakeholders out of what we believe is a truly remarkable asset portfolio. I am thankful as ever for the continued support and belief in our vision for Ero.

我們業務的各個領域都在盡自己的一份力量來實現這些目標，並利用我們認為真正卓越的資產組合，為所有利害關係人創造更多價值。我一如既往地感謝大家對我們 Ero 願景的持續支持和信任。

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環節，我將把電話轉給韋恩，他將詳細介紹我們的財務表現。

Thank you, Makko. Our third-quarter financial results reflected a 24% increase in copper concentrate sales at Tucuma, which, together with stronger copper and gold prices during the period drove revenue to $177 million or $14 million higher when compared to the second quarter. At the same time, operating costs increased due to expected lower mined and process grades at Caraíba and a change in the accounting treatment at Tucuma following the declaration of commercial production on July 1, 2025.

謝謝你，Makko。第三季財務表現反映出圖庫馬銅精礦銷售額成長了 24%，加上該期間銅價和金價走強，推動收入達到 1.77 億美元，比第二季增加了 1,400 萬美元。同時，由於卡拉伊巴礦的開採和加工品位預計會降低，以及圖庫馬礦在 2025 年 7 月 1 日宣布商業生產後會計處理方式的改變，營運成本有所增加。

As a reminder, ramp-up costs are no longer capitalized and depletion, depreciation and amortization began to be recognized at the operation. As a result, adjusted EBITDA totaled $77.1 million in the third quarter and adjusted net income attributable to owners of the company was $27.9 million or $0.27 per share.

提醒大家，啟動成本不再資本化，損耗、折舊和攤提開始在營運中確認。因此，第三季調整後的 EBITDA 總計為 7,710 萬美元，歸屬於公司所有者的調整後淨利潤為 2,790 萬美元，即每股 0.27 美元。

Our liquidity position at quarter end stood at $111 million, including $66.3 million in cash and cash equivalents and $45 million of undrawn availability under our revolving credit facility. We continue to deleverage our balance sheet, paying down $9 million on our copper prepayment facility during the quarter. Combined with higher 12-month trailing EBITDA, this resulted in further improvement in our net debt leverage ratio, which decreased to 1.9 times at the end of Q3 from 2.1 times in Q2 and 2.5 times at the end of 2024.

截至季末，我們的流動資金為 1.11 億美元，其中包括 6,630 萬美元現金及現金等價物，以及循環信貸額度下 4,500 萬美元的未提取可用資金。我們繼續降低資產負債率，本季償還了銅預付款項900萬美元。加上過去 12 個月 EBITDA 的提高，這使得我們的淨債務槓桿率進一步改善，從第二季末的 2.1 倍降至第三季末的 1.9 倍，並預計到 2024 年底將降至 2.5 倍。

With performance expected to be strongest across all three of our operations in the fourth quarter and additional cash flow from Xavantina's gold concentrate sales, we expect to materially accelerate deleveraging in the coming months. Since the beginning of Q4, we've already shipped 3,000 tonnes of gold concentrate at an invoiced value of approximately $10 million, providing early momentum towards that goal.

預計我們所有三項業務在第四季度的業績都將達到最強勁水平，加上 Xavantina 黃金精礦銷售帶來的額外現金流，我們預計將在未來幾個月大幅加快去槓桿化進程。自第四季度開始以來，我們已經交付了 3000 噸黃金精礦，發票價值約為 1000 萬美元，為實現該目標提供了早期動力。

As for our foreign exchange hedge program, our total notional position at quarter end was $290 million, consisting of 0 cost collars with a weighted average floor and ceiling of BRL 5.59 and BRL 6.59 per dollar, respectively. These extend through December 2026. The real trended stronger and below our collar range during the quarter, resulting in a realized gain of $2 million on these hedges.

至於我們的外匯對沖計劃，截至季度末，我們的名義總頭寸為 2.9 億美元，其中包括 0 成本領式期權，其加權平均下限和上限分別為每美元 5.59 巴西雷亞爾和 6.59 巴西雷亞爾。這些期限將持續到2026年12月。本季實際匯率走勢強勁，跌破了我們的領口範圍，導致這些對沖策略實現了 200 萬美元的收益。

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

現在我將把電話轉回給 Makko，請他作總結發言。

Thank you, Wayne. Before we move into the Q&A session, I want to take a moment here to reiterate our commitment to delivering on our strategy at Ero, the one that we set out in January of this year. Thank you for your continued support in our company. We look forward to speaking with you in the new year.

謝謝你，韋恩。在進入問答環節之前，我想藉此機會重申我們對 Ero 策略的承諾，該策略是我們今年 1 月制定的。感謝您一直以來對我們公司的支持。我們期待在新的一年與您交流。

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

接下來，我將把電話轉回給接線生，以便接聽提問。

(Operator Instructions) Fahad Tariq, Jefferies.

（操作說明）Fahad Tariq，傑富瑞集團。

On Xavantina, on the gold concentrate, maybe it's too early to tell, but how should we be thinking about the remaining 80% that has not been sampled yet? Is the assumption -- would it be a fair assumption to assume that the concentrates are homogenous and that it could be maybe close to 144,000 ounces of contained gold?

關於 Xavantina 的金精礦，現在下結論可能還為時過早，但對於尚未取樣的剩餘 80% 的金精礦，我們該如何看待呢？假設這些精礦是均質的，並且其中可能含有接近 144,000 盎司的黃金，這個假設是否合理？

Yes. Thank you for the question. I think everyone in this call is capable of dividing the 29,000 ounces by 0.2. We're very excited about the opportunity and what it means for our company, but I think it's too early to say exactly what that remaining volume will be. We fundamentally just need to do the work.

是的。謝謝你的提問。我認為在座各位都能算出29000盎司除以0.2。我們對這個機會以及它對我們公司的意義感到非常興奮，但我認為現在準確預測剩餘產量還為時過早。我們最根本的需求就是做好工作。

As we outlined in our prepared remarks and in the news release yesterday, we do expect to sell the full volume over the next 12 to 18 months, which should be a very significant boost to our financial performance. But in terms of outlining specific densities and grades for the volumes that have yet to be sampled, very difficult to do.

正如我們在準備好的發言稿和昨天的新聞稿中概述的那樣，我們預計在未來 12 至 18 個月內售出全部數量，這將極大地提振我們的財務表現。但是，要確定尚未取樣的體積的特定密度和等級，是非常困難的。

Okay. And then maybe just switching gears to just Brazil costs in general. One of your maybe mining peers, but more on the gold side has talked about significant labor contractor inflation -- yes, labor and contractor inflation in Brazil specifically. Just curious if you've seen anything that's been popping up on that.

好的。然後或許可以換個話題，談談巴西的整體物價水準。你的一位可能是礦業同行，但更偏向黃金領域的人談到了勞動力承包商價格大幅上漲的問題——是的，具體來說是巴西的勞動力和承包商價格上漲。只是好奇你有沒有看到這方面有什麼新狀況。

Yes. Look, also a great question. Let's take a step back and look over the last 8 years because I think context is important. What we saw from effectively 2017 until last year is that the rate of inflation in Brazil was outpaced by the depreciation of the currency. So I don't know what commentary or what company that came from.

是的。你看，這也是個好問題。讓我們回顧過去8年，因為我認為背景很重要。從 2017 年到去年，我們看到巴西的通貨膨脹率成長速度超過了貨幣貶值速度。所以我不知道這則評論是出自哪家公司，也不知道是哪家公司發的。

But it's fair to say that in US dollar terms, inflation is still running high in Brazil. We do see that in our labor agreements. We see that in our contractor pricing. And over the last two years, we have not benefited as much from a depreciating BRL as we did in prior years, right, from 2017 to 2022. As Wayne outlined, one of our strategies to help mitigate that is to put in cost of collars on the foreign exchange, which we have put in place for a portion of our spend next year with a floor that's higher than this year or at a weaker level than this year to help offset some of the inflation that we're seeing.

但公平地說，以美元計價，巴西的通膨率仍然很高。我們在勞動協定中確實看到了這一點。我們在承包商定價中也看到了這一點。在過去的兩年裡，我們並沒有像 2017 年至 2022 年那樣，從巴西雷亞爾貶值中獲益良多。正如韋恩所概述的那樣，我們緩解這種情況的策略之一是對外匯交易設置成本限制，我們已經為明年的一部分支出實施了這一策略，其下限高於今年或低於今年，以幫助抵消我們目前看到的一些通貨膨脹。

But again, I think whenever we talk about inflation cost in Brazil, it's important to overlay what's happening in the currency and our efforts to help mitigate that. We have a number of initiatives that we spoke to in the past that we call our full potential exercise. It's a combined effort from operations and procurement to continually seek as our business has grown over the past two years with integrating Tucuma and now the mechanization of Xavantina to enter into longer-dated contracts across the group.

但是，我認為每當我們談到巴西的通貨膨脹成本時，都必須將貨幣走勢以及我們為緩解通貨膨脹所做的努力結合起來考慮。我們過去曾討論過一些舉措，我們稱之為充分發揮自身潛力的實踐。過去兩年，隨著我們業務的成長，我們整合了 Tucuma，現在又實現了 Xavantina 的機械化，營運和採購部門共同努力，不斷尋求與集團簽訂更長期的合約。

And we have seen cost reductions on a -- at a -- I don't want to say at a significant level, but at least enough to offset the inflation that we're seeing in our business. So we're going to continue that work. Again, it's fundamental to the long-term protection of our operating margins, and we'll continue that work in the future.

我們已經看到成本降低——雖然——我不想說降低幅度很大，但至少足以抵消我們業務中出現的通貨膨脹。所以我們會繼續這項工作。再次強調，這對長期保障我們的營業利潤率至關重要，我們將來也會繼續這項工作。

Guilherme Rosito, Bank of America.

吉列爾梅·羅西托，美國銀行。

So my first one is on the value creation strategy in Xavantina. I just want to understand like regarding the timing, why have you guys announced it now and not before? Just given when you look at the cash OpEx of these concentrates, they look super accretive even under lower gold prices. Of course, it is even more now that prices are close to $4,000. So maybe just if you could expand on why doing it now and not before, it was a matter of time and having the capability to take a look at that?

我的第一個問題是關於 Xavantina 的價值創造策略。我只是想了解一下，關於時間安排，為什麼你們現在才宣布而不是之前宣布？單從這些精礦的現金營運支出來看，即使在金價走低的情況下，它們也顯得極具增值潛力。當然，現在價格接近 4000 美元，情況就更是如此了。所以，您能否詳細解釋為什麼現在做而不是以前做？這只是時間問題，以及是否有能力去研究這個問題？

And also, if you guys see potential for doing that to your other operations, which especially Caraíba, which has been running for some time and maybe has something in terms of concentrate stockpile or maybe the waste on the dams?

另外，如果你們認為這樣做對你們的其他業務也有潛力，特別是卡拉伊巴礦區，該礦區已經運營了一段時間，可能有一些精礦庫存，或者水壩上的廢料？

And then finally, on Tucumã, just a quick question. How are you guys seeing the operating rates throughout 2026 between quarters? When are you expecting now to reach nameplate capacity in throughput?

最後，關於圖庫瑪，我還有一個小問題。你們如何看待2026年各季度的營運率？您預計何時能達到額定吞吐量？

Perfect. Thank you. We'll go through those one by one. Thank you very much. So the value creation opportunity at Xavantina, it's worth stressing this is not an initiative that began in earnest when gold price hit $4,000 an ounce. This is something that we've known about for a few years. I was involved in my prior role in an engineering exercise to recover value from this material. We did quite a bit of engineering work a few years ago, and we had mixed results during that time.

完美的。謝謝。我們將逐一討論。非常感謝。因此，Xavantina 的價值創造機會值得強調，這並不是一項在金價達到每盎司 4000 美元時才真正開始的計劃。這件事我們幾年前就知道了。我之前的工作經驗中曾參與過一項工程項目，旨在從這種材料中回收價值。幾年前我們做了不少工程的工作，但那段時間的成果有好有壞。

And as you'll probably appreciate, we're fairly busy over the last few years building Tucumã. And so they sat on the back burner. With the change in leadership that we had this year, both on site and throughout our technical group, there was a few key initiatives that we outlined in late last year that were chased down in earnest. This was one of those initiatives.

您可能也知道，過去幾年我們一直忙於建造圖庫瑪。於是，它們就被擱置了。今年，無論是現場還是整個技術團隊，領導層都發生了變化，因此，我們在去年底提出的一些關鍵舉措得到了認真落實。這是其中一項舉措。

Again, the work that to unlock the value wasn't simply a matter of selling concentrate. It involved a significant effort in sampling, material characterization, metallurgical testing and a big effort from our commercial team to arrive at the point that we did just a few weeks ago. So I would say that the -- as a value creation initiative, it looked great when we started this and gold price was at $3,000 an ounce. It looks obviously fantastic at $4,000 an ounce, but the run-up in gold price was circumstantial with respect to timing.

再次強調，釋放價值的工作不僅僅是銷售濃縮液那麼簡單。為了達到幾週前我們所取得的成果，我們在取樣、材料表徵、冶金測試方面投入了大量精力，我們的商業團隊也付出了巨大的努力。所以我覺得，作為一項價值創造計劃，當我們啟動這項計劃時，金價為每盎司 3000 美元，當時看起來非常棒。金價每盎司 4000 美元看起來當然很棒，但金價上漲的時機具有一定的偶然性。

As I said, we started this in [earnest] late last year. So hopefully, that answers your first question. With respect to other opportunities across our portfolio in terms of creating value, I'd say we have a number of opportunities in terms of creating value from our operations. We're looking at a few things, one of which I'll talk about in a minute, which is at Tucuma.

正如我所說，我們在去年年底才正式啟動這項工作。希望這能解答你的第一個問題。至於我們投資組合中其他創造價值的機會，我認為我們在營運方面有很多創造價值的機會。我們正在關注幾件事，其中一件我稍後會談到，那就是在圖庫馬的事。

At Caraíba, look, we need to do the work. It's hard for me to say what other opportunities we have there. We need to do the work to determine if there's residual value at that operation. Obviously, we've spent the first half of this year focused on health and safety, operational excellence, detailed planning, health and safety across that -- across all of our assets and some of the value initiatives that we're working on, we're pretty excited about include some activities at Caraíba, but too early to say if that will be something similar.

在 CaraÃba，我們得努力工作。我很難說我們在那裡還有哪些其他機會。我們需要進行調查，以確定該操作是否還有剩餘價值。顯然，今年上半年我們一直專注於健康與安全、卓越營運、詳細規劃以及所有資產的健康與安全——以及我們正在進行的一些價值舉措，我們非常高興能在 CaraÃba 開展一些活動，但現在說這是否會類似還為時過早。

I don't expect the same level of opportunity. But for sure, we're chasing a few other high-value opportunities across the group. Tucuma 2026, the last question that you asked there. Look, -- we are seeing a continued ramp-up in our production rates and throughput levels at Tucuma. We're really encouraged by the progress coming out of September and October.

我並不期望能獲得同等的機會。但可以肯定的是，我們還在集團內部尋找其他一些高價值的機會。Tucuma 2026，這是你在那裡提出的最後一個問題。你看，我們在圖庫馬的生產力和產量水準正在持續提高。我們對九月和十月的進展感到非常鼓舞。

We have a lot more work to do, as I outlined, until December 31 at midnight. It's fair to say that our -- the improvements that we've been able to make since January, February, March to now are significant. But we see those improvements as reaching terminal velocity on throughput volume because of our filtration system. So we are looking right now at adding additional filtration capacity to help alleviate that bottleneck or at least take the step-up in the rate of improvement.

正如我之前概述的那樣，到 12 月 31 日午夜之前，我們還有很多工作要做。公平地說，我們從一月、二月、三月到現在所取得的進步是顯著的。但我們認為，由於我們的過濾系統，這些改進在吞吐量方面已經達到極限速度。因此，我們目前正在考慮增加額外的過濾能力，以幫助緩解這一瓶頸，或至少加快改進速度。

That work is happening right now. I wouldn't expect there to be a reaching design capacity until the second half of next year at this stage, but we'll talk about that more in January when we come out with our guide for the year.

這項工作目前正在進行中。現階段，我預計要到明年下半年才能達到設計能力上限，但我們會在一月份發布年度指南時對此進行更詳細的討論。

We are working on a lot of initiatives. In fact, last week, we had a mobile filter press arrive on site. And so we're pretty excited about getting that operating to help us break through some of the last challenges. It's important to note, we're not talking about large dollar investments, number one.

我們正在推進許多項目。事實上，上週我們公司運來了一台移動式壓濾機。因此，我們非常高興能夠啟動這項功能，以幫助我們克服最後的一些挑戰。需要特別指出的是，我們討論的不是大額投資，這是第一點。

Number two, I think silver lining here is that when you look across the rest of the asset, our crushing circuit, our grinding circuit, our flotation circuit is performing exceptionally well. And so with Gelson here and the whole team, we're looking well beyond the 4 million tonnes a year and how we can maximize the installed asset that we have as part of a debottlenecking exercise.

第二，我認為一線希望在於，縱觀整個資產，我們的破碎迴路、研磨迴路和浮選迴路都表現出色。因此，有了 Gelson 和整個團隊的幫助，我們的目光遠遠超出了每年 400 萬噸的產能，我們正在思考如何最大限度地利用我們現有的資產，以此作為消除瓶頸措施的一部分。

That is an important factor when you think about the longer-term production profile at Tucumã coming off later in the mine life. If we can increase throughput levels with a relatively modest investment, that will obviously go a long ways to stabilizing production volumes over the long term. So stay tuned, more information on that to come.

在考慮圖庫瑪礦山後期產量下降的長期生產前景時，這是一個重要的因素。如果我們能夠以相對適度的投資提高產量水平，這顯然將對長期穩定生產量大有裨益。敬請期待，更多資訊即將發布。

Hopefully, that answers your question on Tucumã.

希望這能解答你關於圖庫瑪的問題。

Emerson Vieira, Goldman Sachs.

埃默森‧維埃拉，高盛集團。

I have two sets of questions. The first one on the gold concentrate sales. Can you guys please share with us what is the expected timeline to sample the remaining 80% of the total stockpile volume, please?

我有兩組問題。第一篇是關於黃金精礦銷售的。請問各位能否告知一下，對剩餘80%的庫存總量進行抽樣檢測的預計時間表？

And the second one on the gold side, I just want to understand if this concentrate sales is also subject to the same conditions that the company has with Royal Gold. By that, I mean, should we assume that 25% of those 24,000 ounces shall be delivered at 40% of spot prices?

第二個問題是關於黃金的，我想了解這種精礦銷售是否也受到公司與 Royal Gold 相同的條件約束。我的意思是，我們是否應該假設這 24,000 盎司中的 25% 將以現貨價格的 40% 交付？

And moving on to Tucumã. Can you guys share with us what has been done? And what are the next steps on the ongoing improvement of the tailings filtration circuit?

接下來前往圖庫瑪。你們能跟我們分享一下都做了些什麼嗎？那麼，尾礦過濾迴路持續改善的下一步措施是什麼？

And also following on Tucumã, looking at the guidance and taking recoveries and grades from 3Q as a reference, the company's throughput -- I mean, Tucuma's throughput actually should almost double in the 4Q, so you can reach the 30,000 tonnes guidance. But I understand that grade should improve and throughput has been ramping up through the quarter.

此外，根據圖庫瑪礦的業績指引，並以第三季度的回收率和品位作為參考，該公司第四季度的產量——我的意思是，圖庫瑪礦的產量實際上應該幾乎翻一番，這樣就能達到3萬噸的指導目標。但我了解到，產品品質應該會有所提高，而且本季產量一直在逐漸增加。

So can you share with us what was the throughput figure for September maybe or any latest update on throughput figures, please? That's it.

能否告知我們9月份的吞吐量數據，或提供任何關於吞吐量數據的最新資訊？就是這樣。

One second, I'm just writing down your last question, so I get them all. I think we're -- yes, thanks for the question, Emerson. So starting to go through your first question, gold concentrate sales, what's the timing on the remaining volumes on sampling. But the practical reality here is that we did a large amount of work on the volume that was available to be sampled. We need to sell that volume before we continue sampling, and that's obviously what we're doing, as Wayne alluded to.

稍等片刻，我正在記下你最後一個問題，這樣我就能把所有問題都記下來了。我想我們是－－是的，謝謝你的提問，艾默生。那麼，我們開始回答你的第一個問題，黃金精礦銷售，剩餘樣品的採集時間安排是怎麼樣的。但實際情況是，我們對可供採樣的資料量進行了大量工作。我們需要先賣掉那批產品才能繼續進行樣品測試，這顯然是我們正在做的，正如韋恩所暗示的那樣。

Our objective is to do that as fast as possible. The reality is that we have a planned resource and reserve schedule. We believe at this point that our sales of concentrate volumes will supersede the rate of our resource update timing. And so what that means from a practical perspective is that we'll provide clarity on a quarterly basis in arrears for the concentrate volumes that we've sold next year.

我們的目標是盡快完成這項工作。事實上，我們有計劃好的資源和儲備安排。我們認為，目前我們的精礦銷售量將超過資源更新速度。因此，從實際角度來看，這意味著我們將按季度提供明年已售出濃縮物數量的後續數據。

And we'll talk about that more next year in our guidance with respect to giving some more directional levels on the quarterly cadence of concentrate sales. As Wayne said, and I mentioned, the first sale occurred this week. So we'd like to get a few more weeks and months of sales here going before we talk about the cadence for next year. So stay tuned on that side.

明年，我們將在業績指引中對此進行更詳細的討論，給出濃縮液銷售季度節奏的更多方向性指標。正如韋恩所說，我也提到過，第一筆交易發生在本週。所以我們希望在討論明年的節奏之前，再讓這裡的銷售情況持續幾週或幾個月。所以請繼續關注那邊的情況。

But as I said, the practical reality is that we're going to ship and sell as much and as quickly as we can and do that safely. And that means that we'll be providing updates quarterly in arrears as we go forward. But again, provide some additional forward-looking information on our guidance for next year in January.

但正如我所說，實際情況是，我們將盡可能多、盡可能快地發貨和銷售，並且確保安全。這意味著我們將按季度提供後續更新。但請再次說明，我們將在1月提供一些關於明年業績指引的更多前瞻性資訊。

Second question, are concentrate sales subject to the stream? Yes, they are. That's a pretty conventional term across all streaming agreements, so nothing unusual there. But the stream gold from concentrate sales or the gold from concentrate sales will be subject to the streaming agreement. We have a great relationship with Royal Gold. They've been an incredible partner for the growth and vision of Xavantina over the years, all the way from their first investment.

第二個問題，精礦銷售是否受制於流？是的，他們是。這是所有串流媒體協議中相當常見的條款，所以沒什麼不尋常的。但精礦銷售產生的流式黃金或精礦銷售產生的黃金將受流式協議的約束。我們與Royal Gold保持著良好的合作關係。多年來，他們一直是 Xavantina 發展和願景的強大合作夥伴，從​​他們的第一筆投資開始就一直如此。

And so we're really pleased that these deliveries will help to accelerate the effectively pay down to the Stage 3, which is an effective 6% stream tail. And if you want more information on that, you can look at the streaming agreements that we have filed on SEDAR. But effectively, it will help accelerate to the next phase, which is a step down from the 25% gold deliveries. And then Tucumã filtration capacity, what planned -- what is planned, what's been done, what's ongoing and throughput level clarity.

因此，我們非常高興這些交付將有助於加快有效支付到第三階段，即有效支付 6% 的流尾。如果您想了解更多相關信息，可以查看我們在 SEDAR 上提交的串流媒體協議。但實際上，這將有助於加速進入下一階段，而下一階段的黃金交付量將低於 25%。然後是圖庫瑪過濾能力，計劃是什麼——計劃了什麼，已經做了什麼，正在進行什麼，以及吞吐量水平的清晰度。

So as I mentioned early on, we do see this continued rate of improvement. It is slowing down, as I said, reaching terminal velocity on the rate of change, and that's just a function of requiring -- it looks like we'll require some additional filtration capacity. As I mentioned, a few months ago, we mobilized the mobile filter press on site. So that's being ramped up and operating now, which should help relieve a little bit of additional capacity.

正如我前面提到的，我們確實看到了這種持續的進步速度。正如我所說，它的速度正在減慢，變化率已達到極限速度，而這只是需求的一個函數——看來我們需要一些額外的過濾能力。正如我之前提到的，幾個月前，我們把移動式壓濾機運到了現場。所以這項計劃正在逐步推進並投入運營，這應該有助於緩解一些額外的產能壓力。

Gelson and the team are doing additional engineering work and looking at alternative sources for incremental tailings capacity to help break through that rate of change and get throughput volumes up. As you mentioned, we're still looking ahead on the back of a solid October, as I mentioned, we see that grades and recoveries are performing well. We expect that to continue into Q4, helping us to achieve the low end of our guidance range at 30,000 tonnes of copper for the year.

Gelson 和他的團隊正在進行額外的工程工作，並尋找其他途徑來增加尾礦產能，以幫助突破這種變化速度並提高吞吐量。正如您所提到的，我們仍然在10月份穩健成長的基礎上展望未來，正如我所提到的，我們看到成績和回收都表現良好。我們預計這一趨勢將持續到第四季度，幫助我們實現全年銅產量指導範圍的下限，即 3 萬噸。

On the throughput level itself, as I said, we are seeing continued improvement. We saw improvement in September, October. We expect to have a good month in November and December as well. I think on the last conference call, I mentioned sort of exit velocity around 80% of our design throughput. We might undershoot that by a little bit, but we've been able to continue to have high-grade feed from the mine that will help support production levels in Q4.

正如我所說，就吞吐量而言，我們看到了持續的改進。我們在九月和十月看到了改善。我們預計11月和12月也會是不錯的月份。我想在上次電話會議上，我提到出口速度大約是我們設計吞吐量的 80%。我們可能會略低於預期，但我們一直能夠從礦山獲得高品位礦石，這將有助於維持第四季度的生產水準。

Gelson, I don't know if there's anything you want to add on the specific work streams for the filtration capacity.

Gelson，我不知道你是否想就過濾能力的具體工作流程補充什麼。

Well, thanks, Makko. Thanks for the question as well. I mean you've mentioned before about sequential improvement in Tucuma. I think this is the progress for the entire year. There are various things on debottlenecking. We engage experts. They've been helping us for some time now and also optimization in the plant, but it varies from mostly on the filtration plant, but small things in the mill as well and the grinding system and also the thickener.

謝謝你，Makko。謝謝你的提問。我的意思是，你之前提到過圖庫瑪的順序改進。我認為這就是全年的進展。消除瓶頸的方法有很多種。我們聘請專家。他們已經幫助我們一段時間了，也幫助我們優化了工廠，但主要集中在過濾裝置上，但也包括磨粉機、研磨系統和濃縮機等一些小問題。

So this is ongoing, and we'll see the results in 2026.

所以這項工作仍在進行中，我們將在 2026 年看到成果。

Craig Hutchison, TD Cowen.

Craig Hutchison，TD Cowen。

Just on Xavantina, it sounds like it's a good start to Q4. But can you give us some guidelines in terms of what the mining rates are maybe on a quarterly basis? And as you kind of move into next year, what is your capability now that you have the mechanized equipment?

就 Xavantina 而言，聽起來第四季開局不錯。能否提供我們一些指導方針，例如按季度計算的挖礦速率是多少？展望明年，有了機械化設備，你們的能力如何？

And maybe just as a follow-up question, what should we think about in terms of the grades as we kind of move into next year given the updated reserves you guys have, which I think is just under 7 grams a tonne?

或許可以再問一個後續問題，考慮到你們更新後的儲量（我認為略低於每噸 7 克），我們在展望明年時應該如何看待礦石品位呢？

Yes. Thank you, Craig. When it comes to Xavantina, there's a few things to note there. Maybe step back just a minute before I talk about specific rates. One of our objectives for the strategy at Xavantina this year, obviously, unlock value from gold concentrate sales. So check that mark, check that off the list.

是的。謝謝你，克雷格。說到 Xavantina，有幾點要注意。在我談論具體利率之前，請允許我稍作停頓。很顯然，我們今年在 Xavantina 所訂定的策略目標之一，就是從黃金精礦銷售中釋放價值。所以，把這個標記打勾，把這項從清單上劃掉。

The second was to really extend the known limits of mineralization in the mine. And I think that was reflected really well in our resource update, specifically with the very significant increase in measured indicated resources and inferred resources. Our target was to uncover 1 million ounces. That was our objective.

第二點是真正擴展礦山中已知的礦化範圍。我認為這一點在我們的資源更新中得到了很好的體現，特別是測量到的指示資源量和推斷資源量都出現了非常顯著的增長。我們的目標是發現100萬盎司黃金。這就是我們的目標。

And when you look at what we put out yesterday, I think it's fair to say that we achieved that objective of 1 million ounces. Some of the last drill holes in the underground mine. We're looking at a recent intercept this morning that came out a few weeks ago, 15 meters at 11 to 12 grams per tonne. So we're seeing a significant increase in the potential for Xavantina, and that makes us very excited.

從我們昨天的產量來看，我認為可以公平地說，我們實現了100萬盎司的目標。地下礦井中最後幾個鑽孔。今天早上我們看到的是幾週前截獲的一條礦脈，深度為 15 米，品位為每噸 11 至 12 克。因此，我們看到 Xavantina 的潛力顯著提升，這讓我們非常興奮。

So again, coming back to the strategy for the year, mechanize the mine, make it safer, extend the limits of mineralization. Obviously, over the next few years, we've started this work now. We need to do additional infill drilling to confirm those resources, which are not yet mineral reserves. But we've been really happy with the effort on mechanization and what that means for Xavantina. We talked a little bit about mining rates in Q3.

所以，再次回到今年的策略，實現礦場機械化，提高安全性，擴大礦化範圍。顯然，在接下來的幾年裡，我們已經開始這項工作了。我們需要進行額外的加密鑽探以確認這些資源，這些資源目前還不是礦產儲量。但我們對機械化的努力以及這對 Xavantina 的意義感到非常滿意。我們在第三季稍微討論了一下挖礦速率。

Obviously, you can see that from an ore process perspective, big increase, right? So going up to 50,000 tonnes mined and processed during Q3. That implies a rate just over 15,000 tonnes. We've been able to at least match that in October, much higher grades, just a function of where we are in the ore body coming in at -- coming in at about 17 grams per tonne in October.

顯然，從礦石加工的角度來看，產量大幅成長，對吧？因此，第三季開採和加工量將達到 5 萬噸。這意味著產量略高於15,000噸。10 月我們至少達到了這個水平，品位更高，這完全取決於我們開採的礦石在礦體中的位置——10 月的品位約為每噸 17 克。

So very high grade. When we think about the variability in that deposit still exists, the mechanization has allowed us to increase the mining rate substantially and do it at a lower cost while making it more productive and safer at the same time.

品質非常高。考慮到該礦床仍然存在變異性，機械化使我們能夠大幅提高採礦速度，降低成本，同時提高生產效率和安全性。

Okay. 17 grams per tonne in October, well, okay. And then, I mean, obviously, probably not sustainable at those grades, but into next year, I guess, we'll look for updates with respect to those grades as well.

好的。 10月份每噸17克，嗯，好。然後，我的意思是，很顯然，這樣的成績可能無法持續，但我想，到了明年，我們也會關注這些成績的最新情況。

Yes. Look, Craig, I mean, I think if you go back in history and you look at what we've been able to do, again, we do get volatility month-on-month that tends to smooth out over a quarterly basis. So we're still expecting high grades in Q4, just as -- in particular, as a result of the excellent performance in October, some of the areas that we have available to mine. Again, we're doing at a lower cost today.

是的。克雷格，我的意思是，如果你回顧歷史，看看我們所取得的成就，你會發現，雖然每月都會出現波動，但這種波動往往會在季度層面趨於平緩。因此，我們仍然預計第四季度礦石品位會很高，尤其是在10月份表現出色之後，我們有一些區域可以進行開採。今天我們再次以更低的成本完成了這項工作。

We're doing it safer. And so I'm incredibly proud of the team at Xavantina for what they've been able to do this year.

我們這樣做比較安全。因此，我為 Xavantina 團隊今年所取得的成就感到無比自豪。

Anita Soni, CIBC World Markets.

Anita Soni，CIBC World Markets。

Just a couple of follow-ups to Craig's questions on Xavantina. So in terms of the -- I guess I was just looking for a split in the new reserve estimate, how much of it is sublevel stoping and how much of it is your typical room and pillar as a percentage?

關於 Craig 對 Xavantina 的提問，我還有幾點後續問題。所以，就——我猜我只是想了解一下新的儲量估算中，有多少是分段開採，又有多少是典型的房柱開採，以百分比表示？

Yes. Thank you. There is very little remaining room and pillar mining. It's going to be immaterial in the context of our total reserves. We're 100% focused on sublevel stoping. There's a little bit of residual room and pillar, but the overall majority is going to be sublevel stoping.

是的。謝謝。剩餘的礦室和礦柱開採空間已經非常有限了。從我們的總儲備來看，這無關緊要。我們百分之百專注於地下斷層開採。雖然還有一些剩餘的空間和柱子，但總體而言，大部分都將是低於地面的止擋。

Okay. So then when we look at the cutoff, I guess, in the cutoff analysis on resources, which is generally a little less conservative than what you would have on reserves, I think you used a consolidated mining and processing number of USD 107 -- is that a -- I mean, what should we be thinking about in terms of mining costs and processing -- I mean, processing costs, I guess, will be the same, but the mining cost, what kind of savings would we get versus the mining costs that you're delivering right now?

好的。所以，當我們查看資源截止值時，我想，在資源截止值分析中，這通常比儲量截止值稍微寬鬆一些，我認為您使用了107美元的綜合採礦和加工成本——這是——我的意思是，我們應該考慮採礦成本和加工成本的哪些方面——我的意思是，加工成本，我想，應該是採礦的，我們應該考慮採礦成本，目前可以節省多少？

Yes. Thanks. Good question. We look at this in detail. I'd say that we're early days on mechanization. (inaudible) back to, the original plan was to complete the mechanization of the mine by June of next year. It was such a resounding success. We accelerated that time line. Our last Jack Lake mining crew left site in September, and so we're 100% mechanized.

是的。謝謝。問得好。我們將對此進行詳細研究。我認為我們目前還處於機械化初期。 （聽不清楚）回到最初的計劃，原計劃是在明年六月之前完成礦山的機械化。它取得了巨大的成功。我們加快了這一進程。我們最後一批傑克湖採礦隊已於 9 月離開礦區，因此我們現在已經 100% 實現了機械化。

I think to give a specific cost reduction number is probably a bit immature given that we're still optimizing. But what we've seen so far, again, I wouldn't peg this for the long term, but something in the order of 30% to 35% reduction in mining costs is what we've seen so far in terms of BRL per tonne. Obviously, it's going to impact by FX and a few other variables there, but so far, about a 30% reduction in mining unit cost.

考慮到我們仍在優化階段，現在給出具體的成本降低數字可能還不太成熟。但就目前來看，我不會將此視為長期趨勢，但就每噸巴西雷亞爾而言，我們目前看到的採礦成本下降幅度約為 30% 至 35%。顯然，這會受到外匯和其他一些變數的影響，但到目前為止，採礦單位成本下降了約 30%。

Okay. And so can you just tell me what the processing costs are right now?

好的。那麼，您能告訴我一下目前的加工費用是多少嗎？

I don't have that right in front of me. We can certainly follow up on the call, yes after the call.

我手邊沒有那個東西。當然，我們可以在通話結束後跟進此事。

Okay. And then just one last question. A bit on the -- it's on the Matinha vein. As I look at what -- how the resource went to reserve, it's more than the 23% dilution that you were -- that I think you guys were using in the estimate. Can someone provide some color on what happened with that specific vein? I think the other vein looks -- the San Antonio vein looks kind of in line with the 23% dilution that you were talking about.

好的。最後一個問題。有點像——它和 Matinha 的風格很像。當我查看資源轉換為儲量的過程時，我發現實際稀釋率比你們之前估算的 23% 還要高——我認為你們在估算時使用的是這個數值。有人能詳細說明一下那條靜脈到底發生了什麼事嗎？我認為另一條靜脈看起來——聖安東尼奧靜脈看起來與你所說的 23% 的稀釋度基本一致。

But this one went from 11 gram per tonne in resources down to 6.65. So that's kind of close to half or 40% down. So is there anything in particular there that I should be thinking about?

但這種礦物的資源含量從每噸 11 克下降到 6.65 克。所以這差不多下降了一半，也就是 40%。那麼，我該特別注意些什麼呢？

Yes. Obviously, the right, the 23% is average across. I think when you get to specifics, and we can address this offline, too. I think it's probably a better form. But when you look at the planned stopes that we have with sublevel stoping, they're obviously larger than room and pillar. And so that tends to increase planned dilution when you look at any kind of variability in the ore body in terms of its orientation, dip, any contours, you tend to pull in more planned dilution when you're using larger stopes.

是的。顯然，右邊的23%是平均值。我認為，當我們談到具體細節時，我們也可以私下討論這個問題。我覺得這可能是一種更好的形式。但是，當你觀察我們採用分段採礦法規劃的採礦場時，你會發現它們顯然比室柱採礦法更大。因此，當礦體在方向、傾角、輪廓等方面存在任何變化時，計劃稀釋率往往會增加；當使用較大的採場時，計劃稀釋率往往會更高。

And so again, that 23% is the average across the ore body. So we can talk more specifically about the Matinha vein and some of the impacts there in the update offline. But hopefully, that gives you kind of a rough sense of what we're looking at.

因此，23% 是整個礦體的平均值。所以我們可以更具體地討論 Matinha 礦脈以及更新對那裡的一些影響。但希望這能讓你對我們正在研究的內容有個大致的了解。

Yes. And then just a last question. Are you going to file a 43-101 on this one? Or did you do it already? I'm sorry, I'm on the road right now.

是的。最後一個問題。你打算就此事提交 43-101 表格嗎？還是你已經做完了？抱歉，我現在在路上。

Yes. No worries. No, we will within 45 days of the -- when the news release went out yesterday. So expect that before year-end.

是的。不用擔心。不，我們將在新聞稿發布後的 45 天內完成——也就是昨天新聞稿發布後的 45 天內。所以預計會在年底前實現。

Roald Ross, Clarksons Securities.

羅爾德·羅斯，克拉克森證券。

Congrats also on the record production. I wanted to ask about the costs this quarter and maybe some commentary if there are any cost pressures in the business right now. So on Caraíba, it appears to be an 8% increase in mining costs and 28% increase in processing costs, while at Xavantina, there seems to be a jump in sustaining CapEx, so is there a trend of increasing costs or any color to add to that increase?

也祝賀你們取得了唱片製作的成功。我想詢問一下本季的成本情況，以及目前公司是否有任何成本壓力，並請您發表一些看法。因此，在 CaraÃba 上，採礦成本似乎增加了 8%，加工成本增加了 28%，而在 Xavantina 上，維持性資本支出似乎大幅增加，那麼成本是否有成長的趨勢，或者這種成長還有什麼其他原因嗎？

No, none other than what we outlined in the call. Obviously, we did increase production volumes a lot at Caraíba, which had an impact. But if you normalize that for volume, I think you see that it's pretty comparable quarter-on-quarter. Obviously, we had a higher grade in Q2. So Q3 was a bump up. We expect that to come down in Q4, as I outlined on the call at Caraíba.

不，除了我們在電話會議中概述的內容之外，沒有其他內容。顯然，我們在卡拉阿巴大幅提高了產量，這產生了一定的影響。但如果按成交量進行標準化處理，你會發現季度之間的差距相當大。顯然，我們第二季的成績更好。所以第三季業績有提升。正如我在 CaraÃba 的電話會議上概述的那樣，我們預計第四季度這一數字會下降。

Xavantina, I think there's some timing differences there on capital. So I wouldn't read too much into that in terms of increasing cost. I think I commented on one of the earlier questions about inflation in Brazil. That's a reality of all operations, I think not just in Brazil, but globally, quite frankly, and we're working hard to make sure that we offset that -- those inflationary pressures with hedges on the BRL so we can protect our operating margins going into next year.

Xavantina，我認為你們在資金方面存在一些時間上的差異。所以，我不認為這會導致成本增加。我想我之前評論過一個關於巴西通膨的問題。我認為，這不僅是巴西，而且在全球範圍內都是所有企業面臨的現實，坦白說，我們正在努力確保透過對沖巴西雷亞爾匯率來抵消這些通膨壓力，從而保護我們明年的營業利潤率。

Okay. Great. Second and final question also. It appears that the company is in a phase now where everything is sort of centered on getting Tucuma at the nameplate capacity. But after sort of achieving that later next year, how would you describe the vision of the company and sort of the next phase of the company?

好的。偉大的。第二個也是最後一個問題。看來該公司目前正處於一個階段，所有工作的重心都放在讓圖庫瑪達到標稱產能。但是，在明年稍後實現這一目標之後，您會如何描述公司的願景以及公司的下一個發展階段？

I expect that the furnace growth leg is a bit further into the future. How would you describe sort of that next phase for Ero?

我預計熔爐的成長高峰還需要一段時間才能到來。你會如何描述Ero的下一個發展階段？

No, that's exactly right. I mean I know we don't get asked a lot about it a lot anymore. But when you look across our portfolio, we still have a number of value-generative projects that are ongoing or in process. Gelson and I were on site at Caraíba over the weekend and reviewing the progress on our shaft project to access a higher-grade zone in the Pilar mine, which we think will transform the productivity and obviously, margins for that asset when that comes online in 2027.

沒錯，完全正確。我的意思是，我知道現在很少人問我們這個問題了。但縱觀我們的專案組合，我們仍然有許多正在進行或正在進行中的、能夠創造價值的專案。上週末，我和 Gelson 一起去了 CaraÃba 礦區，查看了我們豎井專案的進度。該計畫旨在進入 Pilar 礦區更高品位的礦層，我們認為，該計畫將於 2027 年投產，屆時將徹底改變該礦區的生產力，並顯著提高利潤率。

That's a big investment that we've committed to. We've been working that over a number of years. The shaft right now is about 870 meters below surface. And right now, it takes about five minutes to get down to that level in the kibble compared to almost an hour driving down the ramp. So that will make a very significant improvement in our company later on in 2027. Xavantina to that part of the portfolio.

這是一項我們已承諾的巨額投資。我們為此努力了好幾年。目前豎井位於地表下約 870 公尺處。現在，把狗糧降到那個高度只需要大約五分鐘，而開車下坡卻要將近一個小時。因此，這將對我們公司在 2027 年稍後帶來非常顯著的改善。Xavantina 負責此部分投資組合。

Obviously, big value creation exercise, incredibly proud of what we've been able to do there, not just in terms of unlocking value from gold concentrates, but also the mechanization of the mine. If you look at the planning and effort and execution of that -- those investments and that project, it's been a big success this year.

顯然，這是一項巨大的價值創造活動，我們為在那裡所取得的成就感到無比自豪，不僅體現在從黃金精礦中釋放價值方面，也體現在礦山的機械化方面。如果你看看那項計劃、努力和執行——那些投資和那個項目，你會發現它今年取得了巨大的成功。

And again, very proud of the work that we're doing there. We do see with keeping that 1 million ounce target in mind, we see opportunities there to eventually increase production. Obviously, that needs additional studies. There's ventilation, there's drilling, there's development involved in that and some infrastructure.

再次強調，我為我們在那裡所做的工作感到非常自豪。考慮到100萬盎司的目標，我們看到了最終提高產量的機會。顯然，這還需要進一步研究。這其中涉及通風、鑽探、開發以及一些基礎設施。

And so we're working on studies to help support that for the future. But clearly, with 1 million-ounce potential and growing. Again, I mentioned some of those deeper drill holes and the very strong mineralization we continue to see in San Antonio. We for sure see opportunity to expand that operation. That's something that we're working on for the next year. And then you hit on the head for us. It looks like a very compelling opportunity.

因此，我們正在進行相關研究，以期為未來提供支持。但很明顯，其潛力已達 100 萬盎司，而且還在成長。我再次提到了一些更深的鑽孔，以及我們在聖安東尼奧持續看到的非常強烈的礦化作用。我們確實看到了擴大這項業務的機會。這是我們明年要努力的方向。然後你一語中的。這看起來是一個非常誘人的機會。

Obviously, we're working hard right now on the preliminary economic analysis and the drilling, which we remains on track for the first half of next year. So if I take a big step back, I've had the distinct privilege of being the first employee at Ero Copper nine years ago and to watch what's happened this year and see our teams firing on all cylinders here at the end of Q3 and early into Q4.

顯然，我們目前正在努力進行初步經濟分析和鑽探工作，這項工作仍按計劃進行，將於明年上半年完成。所以，如果我回顧過去，我非常榮幸九年前成為 Ero Copper 的第一位員工，並見證了今年發生的一切，看到我們的團隊在第三季末和第四季初火力全開。

It's been an incredible year of transformation and pretty exciting to see the results that we've been able to produce. As I said, nothing is a guarantee or a layout for sure. We have a lot of daylight between now and December 31. But when I look at beyond December 31 in this year, I'm incredibly excited about the legwork that we've done and where we're heading.

過去的一年是充滿改變的一年，看到我們所取得的成果，我感到非常興奮。正如我所說，沒有什麼是絕對有保證的，佈局也不是板上釘釘的。從現在到12月31日，我們還有很長一段時間的日照時間。但展望今年12月31日之後，我對我們已經完成的工作以及我們未來的發展方向感到無比興奮。

(Operator Instructions) Since there are no more questions, this concludes the question-and-answer session. I would like to turn the conference back over to Makko DeFilippo for any closing remarks. Please go ahead.

（操作員說明）由於沒有其他問題，問答環節到此結束。我謹將會議交還給馬科·德菲利波，請他作總結發言。請繼續。

Yes. Thank you, everyone. Thank you for participating. For those of you that are traveling back from various site visits, safe travels. I look forward to following up over the coming days and weeks and giving an update on our outlook for 2026 early in the new year. Thank you very much.

是的。謝謝大家。感謝您的參與。祝福各位結束實地考察返程的旅途平安。我期待在接下來的幾天和幾週內跟進此事，並在新年伊始向大家介紹我們對 2026 年的展望。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，祝您有個愉快的一天。