Ero Copper Corp. (ERO) 2026 Q1 法說會逐字稿

Thank you for standing by -- conference operator. Welcome to the Ero Copper first quarter 2026 operating and financial results conference call. (Operator Instructions) The conference is being recorded.

感謝各位稍候——會議接線員。歡迎參加 Ero Copper 2026 年第一季營運與財務業績電話會議。(接線員指示) 本次會議將被錄音。

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

現在我想將會議交給投資人關係副總裁 Farooq Hamed。請開始。

Thank you, operator. Good morning, and welcome to Ero Copper's first 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 months ended March 31, 2026. A corresponding earnings presentation can be downloaded directly from the webcast and is also available in the Presentations section of our website.

謝謝，接線員。各位早安，歡迎參加 Ero Copper 第一季財報電話會議。我們的營運與財務業績已於昨天下午發布，並可在我們的網站上查閱，同時也包含截至 2026 年 3 月 31 日止三個月的財務報表與管理階層討論與分析（MD&A）。相對應的財報簡報可直接自網路直播下載，亦可於我們網站的「簡報」專區取得。

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.

今天與我一同參與電話會議的有：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；以及執行副總裁（對外事務與策略）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，我想提醒各位，今天的討論將包含前瞻性陳述，其中涉及風險與不確定性，可能導致實際結果出現重大差異。關於這些風險及其對我們業務之潛在影響的詳細說明，請參閱我們網站以及 SEDAR 與 EDGAR 上所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 good morning. These days, it is difficult to know exactly what each morning's news will bring. So let me start by saying I appreciate all of you dialing in for this. Before diving into the quarter, I wanted to share three observations on the back of several weeks of travel throughout Brazil, New York, Boston, comparing notes with Wayne from [Susqo] and a recent trip to Washington, D.C., all of which have implications for our sector and are highly relevant for Ero.

謝謝你，Farooq，各位早安。這些日子，很難確切知道每天早晨的新聞會帶來什麼。因此我先說，感謝各位撥冗參與本次電話會議。在深入討論本季之前，我想分享三點觀察，這些觀察來自於我在巴西、紐約、波士頓數週的出差行程、與 Wayne 就 [Susqo] 交流比較筆記，以及近期前往華盛頓特區的一趟行程；這些都對我們產業具有影響，且與 Ero 高度相關。

First, we see broad enthusiasm for copper backstopped by tight supply and a serious lack of quality development assets at a time where there is a structural shift occurring across the copper demand landscape.

第一，我們看到市場對銅的廣泛熱情，其背後有供給緊俏作為支撐；同時，在銅需求格局正發生結構性轉變之際，優質開發資產嚴重不足。

Second, sector-wide cost inflation is not only topical, it is a ground truth reality. While we are better inflated than many of our peers, and I'll come back to that shortly, we're not immune from it. Third and perhaps most relevant for our business is that Brazil is getting a lot of attention. The world has woken up to Brazil's deep capital markets, its economic diversity, resource production capacity and its relative strategic positioning in an increasingly complex world.

第二，全產業的成本通膨不僅是熱門話題，更是客觀且真實存在的現況。雖然我們的通膨壓力相較許多同業更為可控——我稍後會再談——但我們也無法完全免疫。第三點，或許也是與我們業務最相關的一點：巴西正受到高度關注。世界已經意識到巴西深厚的資本市場、其經濟多元性、資源生產能力，以及在日益複雜的世界中相對具戰略性的定位。

Capital inflows into Brazil have unsurprisingly against this backdrop, resulted in a considerable strengthening of the Brazilian real against the US dollar, which has a direct impact on our business. These observations matter because a lot of our work and strategy over the past year has been focused on making sure that Ero is as well positioned as possible to benefit from these copper market tailwinds, advancing our long-term growth strategy while protecting our bottom line from cost and currency pressures.

在此背景下，資金流入巴西並不令人意外，已使巴西雷亞爾兌美元顯著升值，這對我們的業務有直接影響。這些觀察之所以重要，是因為過去一年我們大量的工作與策略重點，都是在確保 Ero 能夠以最佳姿態受惠於銅市順風，同時推進我們的長期成長策略，並保護我們的獲利底線免受成本與匯率壓力影響。

I see this happening in three ways. First, our operating portfolio prominently features the right mix of commodities at the right time in the sector, and we are developing an extremely high-quality long-term asset in for us.

我認為這將透過三個面向實現。第一，我們的營運組合在此產業時點上，明顯具備正確的商品組合；同時，我們也正在為公司開發一項極高品質的長期資產。

Second, our operations do not rely on sulfuric acid. A considerable portion of our production base is from underground, and we operate in Brazil, where power is majority sourced from renewables, there are well-established local supply chains and diesel is subsidized. Third, with Brazil and the global spotlight, initiatives we undertook last year, particularly around foreign exchange rate risk management are serving to offset cost impacts from the rapid strengthening of the BRL we have seen so far this year.

第二，我們的營運不依賴硫酸。我們相當大一部分的產量來自地下礦，且我們在巴西營運；當地電力主要來自再生能源，並具備成熟的在地供應鏈，且柴油有補貼。第三，隨著巴西成為全球焦點，我們去年所推動的各項措施——特別是外匯匯率風險管理——正發揮作用，用以抵銷今年迄今我們所見 BRL 快速升值帶來的成本影響。

Circling back to Q1, from my perspective, this is the first quarter that shows our portfolio of investments and risk management in action. It shows where those investments are delivering and where there is more progress to come.

回到第一季，就我而言，這是第一個能夠展現我們投資組合與風險管理開始發揮作用的季度。它顯示了哪些投資正在帶來成果，以及哪些方面仍有進一步改善空間。

Before I turn the call to Jelson and Wayne to cover the details on our Q1 performance, I want to offer some perspective on what a difference a year makes. Looking back on the last 12 months, our consolidated copper production is up nearly 40% and gold sales volumes when including gold concentrates are up 77% year-on-year.

在我把電話交給 Jelson 與 Wayne 介紹第一季表現細節之前，我想先提供一些觀點，說明一年時間能帶來多大的差異。回顧過去 12 個月，我們的合併銅產量增加近 40%，而若包含金精礦在內，黃金銷售量年增 77%。

Quarterly revenue and adjusted EBITDA over the same period are up 110% and 100%, respectively. Our focus on debt reduction has resulted in year-on-year decreases in net debt of approximately $70 million, while our leverage ratio has reached targeted levels of 1 times, down markedly from approximately 2.4 times this time last year.

同期間，季度營收與調整後 EBITDA 分別成長 110% 與 100%。我們專注於降低負債，使得淨負債較去年同期減少約 7,000 萬美元；同時，我們的槓桿比率已達到目標水準的 1 倍，較去年此時約 2.4 倍明顯下降。

Most importantly, over the past year, we have put considerable focus on transforming safety across our operations. A few weeks ago, while in Brazil, I was with our teams at Tucumã to mark a significant milestone, four years without a lost time injury, representing more than 11 million hours worked from the moment we first broke ground. This milestone is rare in our business. I am cognizant it was earned shift by shift, and it belongs to our entire organization, past and present.

最重要的是，過去一年我們投入大量心力，推動各營運據點的安全轉型。幾週前我在巴西時，與 Tucumã 的團隊一同見證一項重要里程碑：連續四年無失能傷害（lost time injury），自我們首次動工以來累計超過 1,100 萬工時。這樣的里程碑在我們的產業中相當罕見。我深知這是每一個班次、一步一腳印累積而來，屬於我們整個組織——無論過去或現在的每一位成員。

Operationally, during the quarter, our mines tracked largely to plan. Across our copper operations, Q1 production and cost performance have us well positioned against full year guidance. At Xavantina, Q1 was the trough quarter we expected due to necessary ventilation and cooling investments as we advance that operation forward.

在營運方面，本季我們的礦山整體大致符合計畫。就我們的銅業務而言，第一季的產量與成本表現使我們在達成全年指引方面處於有利位置。在 Xavantina，第一季是我們預期的谷底季度，原因是我們在推進該營運時，必須進行必要的通風與降溫投資。

With that work substantially completed by the end of April, we expect to see mining rates and throughput show a step change increase in the second half of the year, supporting full year gold production and cost guidance. Gelson will speak to this in more detail.

由於相關工作在 4 月底前已大致完成，我們預期今年下半年採礦速率與處理量將出現階梯式提升，從而支持全年黃金產量與成本指引。Gelson 將就此作更詳細說明。

As Wayne discussed -- and as Wayne will discuss, our financial results in Q1 were bolstered by strong copper and gold prices, while our foreign exchange risk management program helped to mitigate some of the external cost pressures we are seeing elsewhere across the sector.

正如 Wayne 提到——以及 Wayne 將會進一步說明的——我們第一季的財務結果受惠於強勁的銅價與金價；同時，我們的外匯風險管理計畫也有助於緩解我們在產業其他領域所見的一些外部成本壓力。

With that and to ensure sufficient time for questions, I will turn the call over to Gelson, who will walk you through our operational performance, our production outlook for the remainder of the year and an update on key projects.

接下來，為確保有充足時間進行問答，我將把電話交給 Gelson；他將帶各位回顧我們的營運表現、今年剩餘期間的產量展望，以及重點專案的最新進度。

Thank you, Michael, and good morning, everyone. As Marco said at the outset, the work we have done across our operations is starting to come through in the numbers. At Caraíba, mill throughput in Q1 exceeded 1 million tonnes. I would highlight this is the only second quarter in the history where we have achieved that level with the first being Q4 of last year following the completion of our debottlenecking program.

謝謝你，Michael，各位早安。如 Marco 在開場時所說，我們在各營運據點所做的工作正開始反映在數字上。在 Caraíba，第一季磨礦廠處理量超過 100 萬噸。我要特別指出，這是歷史上僅第二個季度達到該水準；第一次是在去年第四季，當時我們完成了去瓶頸計畫之後。

Copper production declined from Q4 on lower head grades, reflecting planned stope sequencing at Pilar and reduced our feed from the Surubim open pit, where heavy-than average rainfall in January and February constrained mining rates. Caraíba's Q1 cash cost for the quarter of $2.79 per pound reflected these operational dynamics as well as the impact of a stronger BRL.

由於礦石品位下降，銅產量自第四季起下滑，反映Pilar礦區依計畫進行採場（stope）開採順序調整，以及我們自Surubim露天礦的供礦量減少；該礦區在1月與2月高於平均的強降雨限制了採礦速率。Caraíba第一季每磅2.79美元的現金成本反映了上述營運動態，以及巴西雷亞爾（BRL）走強的影響。

Looking ahead at Caraíba, we expect processed tonnes and grade in Q2 to be broadly similar to Q1 with strong production in the second half, driven by a normalization of mining rates and access to deeper and higher grade benches at Surubim as well as higher grades and tonnage from Pilar and Vermelhos due to planned stope sequencing.

展望Caraíba，我們預期第二季處理噸數與品位將與第一季大致相當；下半年產量將強勁，主要受惠於採礦速率恢復正常、Surubim可進入更深且品位更高的台階（bench），以及因計畫性採場開採順序調整，Pilar與Vermelhos的品位與噸數提高。

Q1 cash costs are expected to decline in step with high grades in the third and fourth quarters, supporting our reaffirmed full year cost guidance. At Tucumã, copper production decreased modestly from Q4 on lower process grades, partially offset by higher throughput. Tucumã's C1 cash cost for the quarter was $1.97 per pound, in line with our expectations as well as full year guidance. Looking to the balance of the year at Tucumã, we expect processed tonnes to increase from Q1 levels with processed copper grades projected to moderate. As a result, production is expected to be slightly weighted towards the second half on higher throughput with C1 cash costs expected to be relatively stable for the year, supporting our reaffirmed full year guidance at Tucumã.

隨著第三與第四季高品位礦石的帶動，預期現金成本將同步下降，支持我們重申的全年成本指引。在Tucumã，由於處理品位較低，銅產量較第四季小幅下降，但部分被更高的處理量所抵銷。Tucumã第一季C1現金成本為每磅1.97美元，符合我們的預期以及全年指引。展望Tucumã今年剩餘期間，我們預期處理噸數將較第一季增加，而處理銅品位預計將趨於溫和。因此，預期產量將略偏向下半年，主要來自更高的處理量；全年C1現金成本預期相對穩定，支持我們重申的Tucumã全年指引。

With respect to Tucumã tailings filtration circuit, we have two initiatives underway to unlock further capacity and increase overall throughput. First, as you know, we have placed orders for three new modular tailings filters. We continue to expect delivery of these units on site during the third quarter and for them to be operational during the fourth quarter.

就Tucumã尾礦過濾（filtration）回路而言，我們正推動兩項措施，以釋放更多產能並提升整體處理量。第一，如各位所知，我們已下單採購三套新的模組化尾礦濾機。我們仍預期這些設備將於第三季運抵現場，並於第四季投入運轉。

In parallel, we are in the process of adding additional filter plates to each of our three existing filter presses, which is the fulfillment of orders placed this time last year. The expansion of our existing installations will result in an increase in the capacity of each installed filter press by approximately 7%.

同時，我們正為現有三台濾壓機（filter press）各自加裝更多濾板（filter plates），以履行去年此時下達的訂單。擴充既有設備後，預計每台已安裝的濾壓機產能將提升約7%。

Taken together, these two initiatives are expected to meaningfully increase Tucumã's total tailings filtration capacity and allow us to achieve a significant increase in plant throughput as we exit 2026. To reiterate, while there continues to be potential for these two initiatives to deliver throughput benefit in later part of the year, they are not reflected in our 2026 guidance.

綜合而言，這兩項措施預期將顯著提升Tucumã的尾礦過濾總產能，並使我們在2026年末之際實現選礦廠處理量的顯著提升。再次強調，儘管這兩項措施在今年稍晚仍可能帶來處理量效益，但並未反映在我們的2026年指引中。

At Xavantina, this quarter was transitional as we completed necessary upgrades of our ventilation and cooling infrastructure required to support higher mining rates going forward, particularly as the mine gets deeper.

在Xavantina，本季屬於過渡期，我們完成了必要的通風與冷卻基礎設施升級，以支援未來更高的採礦速率，特別是在礦體逐步加深之際。

While this investment impacted first quarter gold production and costs, we expected Q1 to be the weakest gold production quarter of the year due to this critical infrastructure work alongside additional ground support investments made to enhance operational performance beginning in the second quarter.

雖然這項投資影響了第一季的黃金產量與成本，但我們原本就預期第一季將是全年黃金產量最弱的一季，原因在於這項關鍵基礎設施工程，以及我們額外投入地層支護（ground support）以提升自第二季起的營運表現。

Looking to the remainder of the year, we expect mining rates and throughput to pick up through the end of Q2 and maintain higher rates in Q3 and Q4. As a result, we expect 60% to 65% of Xavantina's production to be in the second half with cost declining significantly from Q1 levels and allowing us to maintain full year operating production and cost guidance at Xavantina. We also sold approximately 4,300 ounces of gold and concentrate in Q1.

展望今年剩餘期間，我們預期採礦速率與處理量將在第二季末前逐步回升，並在第三季與第四季維持較高水準。因此，我們預期Xavantina約60%至65%的產量將落在下半年，成本將自第一季水準顯著下降，使我們得以維持Xavantina全年營運產量與成本指引。我們亦於第一季出售約4,300盎司的黃金與精礦。

Concentrate sales volumes declined from Q4 due to the rainy season, which impacts our ability to drive the material before transporting to port. We expect gold concentrate sales volumes to benefit significantly from the dryer condition we are experiencing now.

由於雨季影響我們將物料運出並在運往港口前進行陸路運輸的能力，精礦銷售量較第四季下降。我們預期目前較乾燥的天候將使黃金精礦銷售量顯著受益。

Currently on site, we have approximately 12,000 tons of concentrate in the drying phase. As we have outlined on page 9 in our results presentation, while we are now firmly in the dry season, we are in the process of finalizing the installation of an industrial dryer and a mobile filter press to proactively support continuity of concentrate sales through the next rainy season.

目前在現場，我們約有12,000噸精礦正處於乾燥階段。如我們在業績簡報第9頁所述，雖然我們現在已明確進入乾季，但我們正完成工業乾燥機與移動式濾壓機的安裝，以主動支援在下一個雨季期間精礦銷售的連續性。

With that, I'll turn the call over to Wayne to walk through our financial results.

接下來，我將把電話會議交給Wayne，由他帶各位回顧我們的財務結果。

Thank you, Gelson, and good morning all. Revenue in the first quarter was $263.2 million, up from $125.1 million in Q1 2025, driven by stronger copper production from both Caraíba and Tucumã, higher realized prices for both copper and gold and the contribution of gold concentrate sales at Xavantina.

謝謝你，Gelson，各位早安。第一季營收為2.632億美元，高於2025年第一季的1.251億美元，主要受Caraíba與Tucumã兩地銅產量提升、銅與黃金的實現價格上升，以及Xavantina黃金精礦銷售貢獻所帶動。

Our consolidated copper C1 cash cost for the quarter was $2.39 per pound, up approximately 8% year-over-year. This increase reflects, in part, a stronger Brazilian real against the US dollar, which impacted our reported C1 costs in Q1 by approximately $0.06 per pound relative to our budgeted BRL5.40 rate. This real impact was fully offset on a cash flow basis by the $7.3 million realized gain from our foreign exchange hedge program during the period.

本季合併銅C1現金成本為每磅2.39美元，年增約8%。此增幅部分反映巴西雷亞爾兌美元走強；相較於我們預算採用的BRL5.40匯率，該匯率變動使第一季揭露的C1成本約增加每磅0.06美元。不過，在現金流層面，這項雷亞爾影響已被本期間外匯避險計畫所實現的730萬美元收益完全抵銷。

Page 8 of our results presentation shows the movement of the Brazilian real so far this year against our existing foreign exchange costs, which protects our cash flows below the BRL5.54 level. If the real remains at current levels, the impacts on reported C1 cash costs would be offset by an estimated realized foreign exchange gain of approximately $45 million to $50 million for the full year.

我們的業績簡報第8頁顯示今年迄今巴西雷亞爾的走勢，以及我們既有的外匯成本避險部位；該部位可在BRL5.54以下保護我們的現金流。若雷亞爾維持在目前水準，對揭露的C1現金成本之影響，預計將被全年約4,500萬至5,000萬美元的外匯已實現收益所抵銷。

From an absolute cost perspective, we are reasonably well insulated for the reasons Marco mentioned earlier. As you can see on Page 7 of our results presentation, which lays out our consolidated operating cost structure, the ongoing Middle East conflict has the potential, all else being equal, to add $0.05 to $0.10 per pound to operating costs if key inputs such as diesel, consumables, road transport and ocean freight stay at current levels. That said, we are not seeing any supply-related shortages at this time.

就絕對成本角度而言，基於Marco先前提到的原因，我們具備相當程度的緩衝。如各位在我們業績簡報第7頁所見，該頁列示我們的合併營運成本結構；在其他條件不變下，持續的中東衝突可能使營運成本每磅增加0.05至0.10美元，前提是柴油、耗材、陸路運輸與海運運費等關鍵投入維持在目前水準。不過，目前我們尚未看到任何與供應相關的短缺。

Turning to earnings. Adjusted EBITDA doubled year-over-year to $125.2 million for Q1. Adjusted net income attributable to shareholders was $72.4 million or $0.69 per share on a fully diluted basis. From a balance sheet perspective, we ended the first quarter with $91.2 million of cash and $55 million available under our senior revolving credit facility for a total available liquidity of $146 million. We continue to deleverage our balance sheet with net debt of $491 million at the end of Q1, an $11 million decrease compared to year-end 2025 and a $70 million year-over-year decrease.

接著談獲利。第一季調整後EBITDA年增一倍至1.252億美元。歸屬股東的調整後淨利為7,240萬美元，或在完全稀釋基礎下每股0.69美元。就資產負債表而言，我們在第一季末持有現金9,120萬美元，且在優先循環信用融資額度（senior revolving credit facility）下尚有5,500萬美元可動用，合計可用流動性為1.46億美元。我們持續降低槓桿；第一季末淨負債為4.91億美元，較2025年年底減少1,100萬美元，並較去年同期減少7,000萬美元。

Combined with significantly higher 12-month trailing EBITDA, this resulted in a material improvement in our net debt leverage ratio, which decreased to approximately 1 times from 2.4 times at the end of Q1 2025. Our top capital allocation priority remains the continued deleveraging of our balance sheet.

結合過去12個月顯著提高的EBITDA，這使我們的淨負債槓桿比率出現實質改善，從2025年第一季末的2.4倍降至約1倍。我們在資本配置上的首要優先事項仍是持續降低資產負債表的槓桿。

Having reached our target net debt leverage ratio of 1 times, the $145 million currently drawn on our revolver is our next focus for debt reduction. Beyond deleveraging, we are funding our internal growth projects and over time, expect to begin returning capital to shareholders. As we advance these objectives, we look forward to providing the market with additional color on our broader capital return framework.

在達到我們1倍的目標淨負債槓桿比率後，目前在循環信貸額度上已動用的1.45億美元，將是我們下一個專注的減債重點。在去槓桿之外，我們也在為內部成長專案提供資金，並預期隨著時間推進，將開始向股東返還資本。在推進這些目標的同時，我們也期待就更廣泛的資本回饋框架向市場提供更多說明。

With that, I'll pass the call back to Makko for some closing remarks.

接下來，我會把電話交回給Makko，請他做一些結語。

Thank you, Wayne. Before we open up to questions, two things I would like to leave everyone with this morning. First, we are focused on executing against our reaffirmed full year operational guidance. The first quarter was aligned with our expectations with our copper business achieving approximately 24% of our consolidated midpoint on the full year, which we still expect to be back half weighted.

謝謝你，Wayne。在我們開放提問之前，今天早上我想留給大家兩點。第一，我們專注於落實我們重申的全年營運指引。第一季的表現符合我們的預期，我們的銅業務約達到全年合併指引中點的24%，而我們仍預期全年將偏向下半年。

At Xavantina, we completed a necessary long-term investment in ventilation and cooling and are ramping up concentrate sales volumes now that we are in the dry season.

在Xavantina，我們完成了通風與降溫方面必要的長期投資，並且在進入乾季後，正逐步提升精礦銷售量。

Second, we've now drilled more than 60,000 meters at Furnas, and it's worth reminding everyone that PEA as strong as it is, only reflects the first 28,000 meters. We are planning a midyear update on our exploration results since then, plus progress on key PFS work streams. So stay tuned for that.

第二，我們在Furnas的鑽探已超過60,000公尺；值得提醒大家的是，儘管PEA相當強勁，但它僅反映了最初的28,000公尺。我們計畫在年中更新此後的勘探結果，以及關鍵PFS工作流的進展。敬請期待。

With that, operator, we will open the line up for Q&A.

那麼，接線員，我們將開放Q&A提問。

(Operator Instructions) Fahad Tariq, Jefferies.

(接線員指示) Jefferies的Fahad Tariq。

You mentioned quite a bit about Brazil and the dynamics there. Can you just talk about what you're seeing in terms of labor inflation?

你提到不少關於巴西以及當地的動態。能否談談你們看到的勞動力通膨情況？

Yeah. Thank you for the question. So I think more broadly speaking, I'll give a bit of nuance about our labor negotiations, which happen annually in the fall. Those are typically set around the standard inflation rate. So going back to last year in the fall, we negotiated on average, a 5% increase on labor year-on-year.

好的。謝謝你的問題。更廣泛地說，我補充一些我們勞資談判的細節；這通常在每年秋季進行。一般而言，談判結果通常會以標準通膨率為基準。回到去年秋季，我們談判後的勞動力成本年增幅平均約為5%。

If you go back over the last 10 years, this was historically absorbed by the depreciation of the Brazilian real. Obviously, as Wayne alluded to, and we spoke in the prepared remarks, the real strengthened significantly and hence, the hedge program that we've put in place to help offset some of that inflation. But 5% was the negotiated rate last year in the fall.

若回顧過去10年，這部分歷來多由巴西雷亞爾貶值所吸收。顯然，如Wayne所提及、我們在事先準備的講稿中也談到，雷亞爾顯著走強，因此我們建立了避險計畫，以協助抵銷部分通膨影響。但去年秋季談判的幅度就是5%。

Okay. Great. And just staying on the topic of just input costs. The slide is really helpful, so thanks for presenting that. Any issues on supply? So the cost part, I understand, but are there any concerns around any of these input supplies coming into Brazil?

了解。很好。另外延續投入成本的話題。那張投影片很有幫助，謝謝你們提供。供應方面有任何問題嗎？成本部分我理解，但這些投入品供應進入巴西是否有任何疑慮？

No concerns at this time. We monitor that pretty closely. Our organization lived through both COVID and a trucker strike in the past several years. And so we've been able to dust off those playbooks and proactively build up key consumables as a risk mitigation across all of our assets. That's something that we continue to monitor pretty closely.

目前沒有疑慮。我們對此監控得相當密切。過去幾年，我們的團隊經歷過COVID以及卡車司機罷工。因此我們能把那些應對手冊重新拿出來，並主動增加關鍵耗材的庫存，作為我們所有資產的風險緩解措施。這也是我們持續密切關注的事項。

As I said, deep knowledge across the organization and what to do in these type of environments. And so we proactively increased our reserve of imported consumables into Brazil. But again, we see no issues at this time.

如我所說，組織內部對於在這類環境下該怎麼做有深厚的經驗。因此我們主動提高了進口至巴西的耗材備庫。但再次強調，目前我們沒有看到任何問題。

Orest Wowkodaw, Deutsche Bank.

德意志銀行的Orest Wowkodaw。

The comment earlier about there's currently, I think, 12,000 tonnes of gold concentrate drying, is that indicative of what you expect to sell in Q2? And I'm wondering if you could provide any guidance for the year with respect to contained ounces in the gold concentrate.

先前提到目前大約有12,000噸的金精礦正在乾燥中，這是否代表你們預期在第二季出售的量？另外想請問，針對金精礦所含金量（contained ounces），你們能否提供全年指引？

Yeah. Thank you, Orest. Both great questions. We do have 12,000 tonnes drying as we saw in our Q1 performance and looking back in Q4, the rate of drying and transportation is a function of the sunny days during the month. As you can see on the slide 9 that we prepared showing average rainfall, obviously, May, June, July and August have very low rainfall on average, less than 10 millimeters.

好的。謝謝你，Orest。兩個都是很好的問題。我們確實有12,000噸正在乾燥；從第一季表現以及回看第四季可見，乾燥與運輸的速度取決於當月的晴天數。如你在我們準備的第9頁投影片所見，該頁顯示平均降雨量；顯然，5月、6月、7月與8月的平均降雨量非常低，低於10毫米。

And so we're expecting to ramp up sales volume pretty meaningfully here in Q2. But in terms of giving the exact amount, it's going to be predicated by the amount of sunny days during that time period. So hesitant to do that for obvious reasons.

因此我們預期在第二季將相當明顯地提升銷售量。但若要給出確切數量，仍取決於那段期間的晴天數。所以基於顯而易見的原因，我們對提供精確數字會比較保留。

When I look ahead to Q4, as Gelson mentioned and as shown on slide 9, we did make progress on some installations of equipment we ordered last year to help ensure continuity of deliveries and shipments through next year's rainy season. But again, for reasons that I think everyone on this call is well aware, we're unable to provide forward-looking guidance on concentrate sales.

展望第四季，如Gelson提到、且第9頁投影片也顯示，我們在去年訂購的一些設備安裝上已取得進展，以協助確保在明年雨季期間交付與出貨的連續性。但同樣地，基於我想本次電話會議上大家都很清楚的原因，我們無法提供精礦銷售的前瞻性指引。

What I can tell you is that we have seen nothing to date in terms of grade that suggests anything different from the resource that we put out on the sample volume.

我可以告訴你的是，截至目前我們在品位方面沒有看到任何跡象顯示會與我們在樣本量基礎上公布的資源量有所不同。

So we still see right around 1 ounce per tonne or a bit higher as being the benchmark there. And so I haven't seen any evidence that the grades are lower. But again, giving exact delivery schedule and timing still requires additional sampling from the material that we're extracting and then obviously, additional weather, favorable sunny weather to get that support.

因此我們仍認為大約每噸1盎司或略高是那裡的基準。我沒有看到任何證據顯示品位更低。但同樣地，要給出確切的交付排程與時間點，仍需要對我們正在開採的物料進行更多取樣，並且顯然也需要更多有利的晴朗天氣來支持乾燥作業。

As a follow-up, just as your free cash flow starts to accelerate here, I think Wayne talked about the revolver being the first focus in terms of paying that down. What -- can you walk us through your thinking on cadence after that with respect to either debt reduction or capital returns?

追問一下，隨著你們的自由現金流開始在此加速，我想Wayne提到循環信貸會是優先償還的重點。在那之後，就債務削減或資本回饋而言，你們能否說明一下你們對節奏（cadence）的思考？

Yeah. Thanks, Orest. I mean, obviously, we've achieved our net leverage ratio, as I said, of 1x, obviously, bringing the revolver down further will reduce that leverage even further. I think as we start to think about Furnace and the longer medium-term plans for that asset and with that project, we will keep in mind what those potential requirements are.

好的。謝謝你，Orest。我的意思是，很明顯我們已達到我所說的1倍淨槓桿比率；而進一步降低循環信貸餘額將使槓桿再度下降。我認為當我們開始思考Furnace以及該資產與該專案在較長的中期規劃時，我們會把那些潛在資金需求納入考量。

But I would say all things else being equal in this price environment, the free cash flow generation is going to accelerate meaningfully. And hopefully, we'll be in a position here in the not-too-distant future to talk about our plans for returning capital to shareholders.

但我會說，在其他條件相同且處於目前這樣的價格環境下，自由現金流的產生將會明顯加速。也希望在不久的將來，我們能夠在這裡談談我們向股東返還資本的計畫。

Stefan Ioannou, ATB Cormark.

Stefan Ioannou，ATB Cormark。

Just wondering, is there any updates or color on just how the shaft project is going at Pilar.

想請教一下，關於 Pilar 的竪井（shaft）專案進展，有沒有任何更新或可分享的細節？

Yeah, Stefan, I'll jump in and then Gelson can carry on if I missed any details here. Shaft is progressing well. As we discussed last quarter, we've now finalized the completion of the second leg. So we're starting the third and final leg of the shaft, which is a very important connection for us that was completed this year. Still targeting the shaft reaching shaft bottom at the end of this year or early into next year. And that's really the critical path for that project.

好的，Stefan，我先補充一下，如果我漏了任何細節，Gelson 可以再接著說。竪井進展良好。如同我們上季所討論的，我們現在已完成第二段的收尾。因此我們正開始第三段也是最後一段的竪井工程，這對我們而言是非常重要的連接點，並已在今年完成。我們仍以今年底或明年初到達井底（shaft bottom）為目標。而這確實是該專案的關鍵路徑。

When you look at the surface installation, substantively complete, the underground installation of conveyors and crusher chambers or the excavations are complete. We're installing that equipment very soon or in the process now. And so we're pretty happy with the progress. As I said, a critical path for us is reaching shaft bottom at the tail end of this year or early next year so that we can transition from sinking into transitioning that shaft over to the operational phase.

就地表端的安裝而言，基本上已完成；地下的輸送帶與破碎機硐室的安裝或相關開挖也已完成。我們很快就會安裝那些設備，或目前已在進行中。因此我們對進度相當滿意。如我所說，對我們而言的關鍵路徑是在今年年底或明年初到達井底，這樣我們才能從下沉掘進階段轉換，將該竪井移交到營運階段。

Mateus Moreira, Bradesco BBI.

Mateus Moreira，Bradesco BBI。

First question on your sales versus production gap for copper specifically. I noticed that sales for the quarter came above production figures for both Caraíba and Tucumã. I was just wondering how should we think about the gap between sales and production going forward? That's the first question.

第一個問題是關於你們銅的銷售量與產量之間的落差。我注意到本季 Caraíba 與 Tucumã 的銷售量都高於產量。想請問我們未來應該如何看待銷售與產量之間的差距？這是第一個問題。

Thanks for the question. And look, obviously, sales and production for us do on a quarterly basis, vary slightly. If you look at the volume of concentrate we produce, it's not as significant as some of the larger copper producers. So we sell in 10,000 tonne lots.

謝謝你的問題。你看，顯然對我們而言，銷售與產量在季度之間會有些微波動。如果看我們生產的精礦量，規模不像一些大型銅生產商那麼大。因此我們是以每批 10,000 噸的方式銷售。

And so depending on the timing of when we invoice and we close a lot, you can see some inventory buildup. We did have inventory build in the back end of Q4. We sold early in Q1. So that timing will always vary just depending on how we assemble our lots. I mean, obviously, we try our very best to sell everything we produce. But sometimes it's just the timing just doesn't work.

所以依據我們開立發票以及結算一批貨（lot）的時間點不同，你可能會看到一些庫存累積。我們在第四季後段確實有庫存增加。我們在第一季初就把它賣掉了。因此這個時間差會一直存在，取決於我們如何組合每一批貨。當然，我們會盡最大努力把所有生產的都賣出去。但有時候就是時間點對不上。

Okay. That's clear. And then moving to Tucumã. I mean, regarding the tailings filtration capacity at Tucumã, how has that been progressing? You previously shared that the equipment has been ordered and was in manufacturing. Just wondering, is there any updates there?

好的。很清楚。接著談 Tucumã。關於 Tucumã 的尾礦過濾（tailings filtration）產能，進展如何？你們先前提到設備已下單並在製造中。想請問這方面有沒有更新？

Yeah. Gelson spoke to, equipment is being manufactured. We still expect delivery here in the third quarter. That remains on track. So we're doing work on site now to prepare for those deliveries. And we expect them to be operational in the fourth quarter.

有的。如 Gelson 所說，設備正在製造中。我們仍預期在第三季交付。目前仍按計畫進行。因此我們現在正在現場做準備工作，以迎接交貨。並預期在第四季投入運轉。

I think the most probably salient point for this call is that, that is not reflected in our full year guidance. And I think we've made that abundantly clear, but to stress, it is not included in our full year guidance. But so far remains on track to be operational in the fourth quarter. As I said in our last quarterly call, it's very important that, that equipment is operational for 2027, not included in 2026 guidance.

我想這通電話最需要強調的一點是：這部分並未反映在我們的全年指引中。我認為我們已經說得非常清楚，但再強調一次，它不包含在我們的全年指引裡。不過目前仍按計畫在第四季投入運轉。如同我在上一季電話會議所說，該設備必須在 2027 年可運轉非常重要，但不包含在 2026 年指引中。

Dalton Baretto, Canaccord Genuity.

Dalton Baretto，Canaccord Genuity。

Makko, I thought I heard you say in your comments that your travels took you through Washington, DC. And I'm wondering if you can add some context around that. So what sort of discussions you're having given that your assets in Brazil? Anything that you can wrap around that?

Makko，我想我聽到你在評論中提到，你的行程經過華盛頓特區（Washington, DC）。我想請你補充一些背景。鑑於你們的資產在巴西，你們在那邊進行了哪些類型的討論？你能否就此提供一些說明？

Yeah. Thanks, Dalton. I was in DC, as you can probably imagine being an operating company, a well-established operating company in Brazil and the focus on diversifying supply chains across the Western world, including Canada and the United States, there is a big focus on investments into strategically aligned countries. You've seen the US government and the Canadian government enact critical minerals programs. We are invited to participate in a discussion around that.

好的。謝謝你，Dalton。我在華盛頓特區；你可以想像，作為一家在巴西營運、且已相當成熟的營運公司，隨著整個西方世界（包括加拿大與美國）聚焦供應鏈多元化，對於投資於在戰略上相互一致的國家有很大的關注。你也看到美國政府與加拿大政府推出關鍵礦物（critical minerals）相關計畫。我們受邀參與一場圍繞此議題的討論。

I think at this point, Dalton, there's not much more to say than that. I think the reality is it's an exciting time to be producing copper. It's an exciting time to be producing copper in Brazil and to be building a business in Brazil. We take the relationships with our government partners in Brazil, Canada and the U.S. very seriously.

我想目前為止，Dalton，除了這些之外沒有太多可以補充的。現實是，現在是生產銅的令人振奮時刻。在巴西生產銅、並在巴西建立事業，也是令人振奮的時刻。我們非常重視與巴西、加拿大及美國政府夥伴的關係。

And so we're invited to participate in critical minerals events. We show up in force to do that.

因此我們受邀參與關鍵礦物相關活動。我們也會以強大陣容出席參與。

Got it. And then just I wanted to ask about Paranapanema and how they're doing these days and whether given the rise in shipping costs and everything that's going on, whether that's becoming an option to place more concentrate there.

了解。另外我想問一下 Paranapanema，他們近況如何？以及在運費上升與目前各種情況之下，是否更可能成為把更多精礦送去那裡處理的一個選項？

Look, PMA is its own organization. They're working through some of the challenges they have. Obviously, it's a public company. So they disclose what they're doing there. I think the reality in today's market is that the attention on PMA is really one that's more strategic in nature.

你看，PMA 是一個獨立的組織。他們正在處理自身的一些挑戰。而且顯然它是一家上市公司。所以他們會對外揭露他們在那邊的作為。我認為在今天的市場中，市場對 PMA 的關注其實更多是偏向策略層面。

For our business, the change in global TC/RCs has offset the cost benefit of shipping locally to the local smelter. And so I think when you're looking forward at the future of PMA, and there continues to be a lot of interest in ramping up that operation, I think it's really around the strategic nature of that asset being one of the few smelters in the world and one of the few smelters in the Western world.

就我們的業務而言，全球 TC/RC（冶煉加工費/精煉費）的變化已抵消了把貨運到本地冶煉廠所帶來的成本優勢。因此當你展望 PMA 的未來，且市場仍對提升該營運的產能（ramp up）有很大興趣時，我認為重點在於該資產的策略性：它是全球少數的冶煉廠之一，也是西方世界少數的冶煉廠之一。

So I said we're -- we continue to monitor what happens there. We don't see it as being a huge benefit or impediment to our business in any way. Obviously, it's down the road from us, so we'd like to see continued movement and progress on that.

所以如我所說，我們會持續關注那邊的發展。我們不認為它會在任何方面對我們的業務帶來很大的助益或阻礙。當然，它就在我們附近，所以我們也希望看到那邊持續推進並取得進展。

And as I said, there's quite a bit of interest in getting PMA back up and running full steam ahead. We closely monitor the situation there.

正如我所說，市場對於讓 PMA 重新啟動並全速運轉的興趣相當高。我們正密切監控那裡的情況。

Guilherme Rosito, Bank of America.

Guilherme Rosito，美國銀行。

Yeah. So my first one is on the cost. Makko, I know you guys mentioned I was very clear with the sensitivities and hedges, that's really appreciated. But as we look to all the trends that we started the first quarter at a high level, higher than we were expecting for '17, for instance, which I understand is according to plan. BRL 490. We have pressures from potentially chemicals, fuel.

是的。所以我第一個問題是關於成本。Makko，我知道你們提到我對敏感度與避險的說明非常清楚，這點真的很感謝。但當我們回頭看第一季開始時的各項趨勢，從高層次來看，水準比我們原先對例如 2017 年的預期還要高，而我理解這是依計畫進行。巴西雷亞爾（BRL）490。我們也面臨來自化學品、燃料等可能帶來的壓力。

I'm just wondering when you look to the distribution of probabilities, does it make more sense for us to expect costs closer to the higher end of your C1 guidance versus the midpoint?

我只是想問，當你們看機率分布時，我們是否更應該預期成本會更接近你們 C1 指引的高端，而不是中點？

And then my second question is just maybe if you could comment a bit on the discussions around the mine shift in Brazil, what has evolved or not as we approach an election, do you think there's still time for any change to be made until this year? Or is it now a next year story as elections approach and we don't have any climate improve anything?

然後我的第二個問題是，或許你們能否稍微評論一下巴西關於礦山輪班制度的討論；隨著選舉接近，有哪些進展或沒有進展？你認為今年之內還來得及做出任何改變嗎？還是說，隨著選舉逼近、整體氛圍也不利於推動改善，這會變成明年的議題？

Yeah. Thank you for the questions. Both very good ones. On the cost side, look, I think when it comes to costs being elevated in Q1, particularly Xavantina, but also at Caraíba, I would point to the second half weighting. So we do expect all else being equal for cost to fall back down in line. Xavantina being the biggest outlier, but again, almost pure denominator volume-based when you look at the impact of C1 versus the full year guide.

是的。謝謝你的問題。兩個都非常好。在成本方面，你看，我認為第一季成本偏高，特別是在 Xavantina，但 Caraíba 也有，我會把重點放在下半年權重較高這件事上。因此，在其他條件相同的情況下，我們確實預期成本會回落並恢復一致。Xavantina 是最大的離群值，但同樣地，當你看 C1 相對於全年指引的影響時，幾乎純粹是分母端（產量）所驅動。

As Wayne outlined and as we've shown on slide 7, I believe, of the webcast presentation, the implied impact on diesel consumables that are diesel linked right now at steady state is about $0.05 to $0.10. That's part of the reason that we do provide a cost guidance range is there's uncertainty around those. With respect to the BRL, your guess is as good as mine. In fact, it's probably better than mine at this point. I think what we can say is that we've protected our business against a floor of BRL5.54, and that's really the most important message for the BRL.

正如 Wayne 所概述的，以及我們在網路直播簡報的第 7 張投影片（我記得是第 7 張）所展示的，目前在穩態下，柴油以及與柴油連動的耗材所隱含的影響約為 0.05 至 0.10 美元。這也是我們提供成本指引區間的部分原因，因為這些項目存在不確定性。至於 BRL，你的猜測跟我的一樣好。事實上，此刻可能還比我的更準。

Again, all else being equal and ignoring foreign exchange, given that $0.05 to $0.10 impact that we're seeing and notwithstanding the various gives and take, both on byproduct credits and on FX, I think it's reasonable to assume that we'll be trending at present moment towards the high end of the cash cost guidance range. But again, we have a number of months ahead of us, and it's a very, very volatile time. So I think it's really too early to give a clear steer one way or another, but we do see costs coming down pretty meaningfully as production volumes ramp up in the second half of the year.

同樣地，在其他條件相同且先不考慮匯率的情況下，鑑於我們看到的 0.05 至 0.10 美元影響，並且不論副產品抵減與匯率（FX）之間的各種拉鋸，我認為合理的假設是：以目前的狀況來看，我們的趨勢會偏向現金成本指引區間的高端。但同樣地，我們前面還有好幾個月，而且這是一段非常、非常波動的時期。所以我認為現在要給出明確的方向還太早；不過，隨著下半年產量爬升，我們確實看到成本會相當明顯地下滑。

On shift change, so for context for the rest of the people on this call, there's a movement happening in Brazil right now and some legislation being proposed in Congress to eliminate the 6x1 shift schedule. And what that means in practical terms is that most of our operators like all industrial operations in Brazil or most industrial operations operate 6 days on, 1 day off and on a 6-hour shift basis.

關於輪班變更，先給本次電話會議上其他人一些背景：巴西目前正在出現一股運動，國會也提出一些立法提案，打算取消 6x1 的輪班制度。實務上，這代表我們大多數操作人員——就像巴西所有工業營運或多數工業營運一樣——採取每 6 天上班、1 天休息，並以 6 小時班為基礎運作。

So the proposal is to, I would say, more closely align with conventional shift schedules, meaning that towards 8 hours, that incremental underground time would be a gain for us. I think it would be a gain for our workforce, quite frankly. It's one of those rare opportunities where you have a proposal at the federal level that is good for companies, good for our workforce.

因此，該提案是要更貼近傳統的輪班制度，也就是往 8 小時靠攏；對我們而言，地下作業時間的增加會帶來收益。坦白說，我認為這對我們的員工也會是好事。這是少見的機會：在聯邦層級提出的提案，同時對公司有利、也對我們的員工有利。

And in fact, when you look at what we've done over the last 12 months, all of our surface operations operate on 12-hour shifts. We've made some of those changes within the last 6 months and the feedback from our operators has been fantastic. And so we'd really like to see that legislation get passed through and change.

事實上，回顧我們過去 12 個月所做的事，我們所有地表作業都採 12 小時輪班。其中一些變更是在過去 6 個月內完成的，而操作人員的回饋非常好。因此我們非常希望這項立法能夠通過並帶來改變。

Obviously, there's a few roadblocks and hurdles to that getting passed. So difficult to say whether it's this year or next year. But given the positive momentum that we're seeing, not only within our own operations, but Brazil more broadly, we're hopeful that, that shift change gets implemented or that legislation gets passed. Again, not included in our guidance. So it's more of a longer-term benefit.

當然，這項法案要通過仍有一些路障與關卡。所以很難說會是今年還是明年。但鑑於我們看到的正向動能——不僅在我們自身營運內，也在更廣泛的巴西——我們希望這項輪班變更能夠落實，或是相關立法能夠通過。再次強調，這並未納入我們的指引。因此它更像是長期的效益。

But again, when I look at the continuity of shift change, I look at the feedback from our employees where we have made those changes and moving people to a 4-day on 4-day off rotation has just been such a positive change, not only for operations, but also for quality of life for our workforce. So really love to see it happen. Again, I think it would be a nice boost to productivity, but we're not relying on it for our guidance for this year.

不過，當我看輪班變更的延續性，再看我們在已經做出變更的地方所收到的員工回饋，把人員調整為 4 天上班、4 天休息的輪替，對營運以及員工生活品質都是非常正面的改變。所以真的很希望它能發生。同樣地，我認為這會對生產力帶來不錯的提升，但我們今年的指引並不仰賴這件事。

Thanks, Marko. If only I had a good guess with the bureau.

謝謝，Marko。要是我對那個局（bureau）也能猜得準就好了。

(inaudible)

（聽不清）

Anita Soni, CIBC.

Anita Soni，加拿大帝國商業銀行（CIBC）。

I think that most of them have been asked and answered, but I just wanted to get a little bit of detail on the grade profile at Xavantina into the back half of the year. I just want to understand how those costs will come down from the level that they were in Q1.

我想大部分問題都已經被問過也回答了，但我只是想更詳細了解一下 Xavantina 在今年下半年的品位走勢。我想理解成本要如何從第一季的水準下降。

Yeah. Thank you, Anita. The main difference we see is really in the two halves. So stronger grades second half. I think really, when you look at the first half is really about the change in volume from Q1 to Q2, but we expect grades to be relatively similar with a step-up in the second half.

是的。謝謝你，Anita。我們看到的主要差異確實在於上下半年。所以下半年品位更強。我認為，當你看上半年，主要是第一季到第二季的產量變化；但我們預期品位會相對類似，並在下半年出現一個上台階的提升。

I would say full year, still very closely aligned with reserve grade. So we don't see a major delta in terms of overall reserve grade for this year's production. Obviously, that depends a lot on sequence.

我會說全年仍然與儲量品位非常一致。因此，就今年產量而言，我們不認為整體儲量品位會出現重大的差異。當然，這在很大程度上取決於開採順序。

We've got in aggregate, close to 1 million ounces of reserves when you include the resources when you include all categories. So there's a lot of material there relative to our one-year production. But we see grades this year, full year on a blended basis being fairly well aligned with our reserve grade.

我們合計擁有接近 100 萬盎司的儲量——如果把資源量、以及所有類別都納入的話。因此，相對於我們一年的產量，那裡有相當多的物料。但我們看到今年的品位，以全年混合口徑來看，會與我們的儲量品位相當一致。

Okay. And then just in terms of the recovery rates, is that kind of the level at around 81%? Or would that also improve into the back half of the year? Just trying to get an understand our recoveries.

好的。然後就回收率而言，目前大概是在 81% 這個水準嗎？還是說在今年下半年也會改善？只是想更了解我們的回收率情況。

Yeah. Thank you, Anita. We see that improving for a couple of reasons. First quarter, we did replace some equipment that was aging in our operations. So we put in a new Falcon concentrator gravity concentrator that we expect to increase performance, and we are seeing that.

是的。謝謝你，Anita。我們認為回收率會改善，原因有幾個。第一季我們在營運中更換了一些老化設備。因此我們安裝了一台新的 Falcon 重力選礦濃縮機（gravity concentrator），預期能提升表現，我們也確實看到了改善。

We also are getting a little bit higher throughput volumes, which tends to stabilize the operation and also a little bit higher grade.

另外，我們的處理量也略有提高，這通常有助於穩定營運，同時品位也略有提升。

So when we look out to the rest of the year, we see recoveries normalizing in the high 80s with this grade profile. While that may be different from prior years, say that obviously depends on the amount of organic carbon that's coming in feed. And so we see the high 80s for this year as being the right number to look at on a normalized basis.

因此，展望今年剩餘時間，以目前的品位結構來看，我們預期回收率會回到接近常態、落在 80% 後段（high 80s）。這可能會與前幾年不同，當然那也取決於入料中有機碳（organic carbon）的含量。所以我們認為今年以常態化基礎來看，80% 後段是合適的參考數字。

Okay. And then as you go into next year, is that -- would it climb to say the 90%? Or is that the high 80s we should have it?

好的。那麼進入明年時，回收率會不會上升到例如 90%？還是我們應該以 80% 後段作為預期？

Yeah. Look, we're putting in considerable effort this year to improve operations. I think our target still remains low 90s. That's for sure, still our target. We have a few initiatives ongoing to help achieve that. And I would say stay tuned for that. We hope to be talking around some of those objectives and plans at Xavantina on our Capital Markets Day in the fall.

是的。你看，我們今年投入了相當多的努力來改善營運。我認為我們的目標仍然是 90% 出頭（low 90s）。這毫無疑問仍是我們的目標。我們有幾項正在進行的措施來協助達成。我會說請拭目以待。我們希望在秋季的資本市場日（Capital Markets Day）上，針對 Xavantina 的部分目標與計畫進一步說明。

Emerson Vieira, Goldman Sachs.

Emerson Vieira，高盛（Goldman Sachs）。

So just on Xavantina, I just want to understand what is your guys' expectations for good production comparing to the guidance. I mean it's pretty clear that grades should improve as well as throughput because you're getting access to the higher stopes, right? But even so, I mean, the change in production should be quite material to deliver on the low end of the guidance. So just trying to understand here if you guys think that Xavantina production is now more skewed to the low end of the guidance. So this is the first question.

關於 Xavantina，我想了解你們對良好產量（good production）相對於指引（guidance）的預期。我的意思是，很明顯隨著你們能進入更高的採場（stopes），品位應該會改善、處理量也會提高，對吧？但即便如此，產量的變化幅度也必須相當顯著，才能達到指引區間的低端。所以我想確認一下，你們是否認為 Xavantina 的產量現在更偏向指引的低端。這是第一個問題。

And just a second one on Tucumã. I mean, it's also pretty clear that we should see an improvement in second Q. But just looking at -- I mean, second half, but just looking at second Q specifically, I mean, what are your expectations for throughput in grades given that, I mean, grade should decline materially by the second half. But on the other hand, throughput should also improve. So just specifically on second Q for Tucumã and on Xavantina's good production guidance, please?

第二個問題是關於 Tucumã。同樣也很明顯我們應該會在第二季看到改善——我是說下半年——但就第二季本身來看，你們對處理量與品位的預期是什麼？因為品位在下半年應該會明顯下降。但另一方面，處理量也應該會提升。所以請就 Tucumã 的第二季，以及 Xavantina 的良好產量指引，具體說明一下？

Yeah. So when we think about Xavantina, I think it's important looking at throughput volume and I hear what you're saying on the step-up, I look at Q4, really the second half of last year in terms of throughput volume and what we achieved there as being aligned with our expectation. Obviously, a little bit of a step-up given some of the work we're doing now in development.

好的。談到 Xavantina，我認為重點在於處理量；我理解你提到的那個「跳升」。我會以去年下半年、尤其是第四季的處理量表現與我們當時達成的水準，作為符合我們預期的參考。當然，考量到我們目前在開發（development）方面所做的一些工作，處理量會有一定程度的提升。

When I look at the second half of April into May and the development rates that we're achieving as well as some of the productivity in preparing stopes and having better access to higher grade, we still see ourselves firmly within that guidance range.

再看四月下旬到五月的後半段，我們達成的開發速度，以及在準備採場（stopes）方面的生產力、並且能更好地進入較高品位區域，我們仍然認為自己穩穩落在該指引區間內。

So I understand the nature of the question. If we felt the guidance was at risk, then obviously, we'd be talking about a different guidance range. So we still feel comfortable with where we're at, particularly looking at the second half of April. and the first few days in May here. So I hope that addresses the question on Xavantina.

所以我理解這個問題的本質。如果我們覺得指引有風險，那我們顯然就會討論不同的指引區間。因此我們仍對目前狀況感到有信心，特別是看四月下旬以及五月前幾天的表現。希望這能回答你關於 Xavantina 的問題。

At Tucumã in terms of grade, when I think about the full year, I think you used the word material decrease in grade, but we're looking at a fairly elevated grade profile for the whole year. So we were 1.66 in Q1. Full year average, we're still looking around 1.4. So you can look at the rate of decline there. And I would argue that it's still very high grade across the full year.

至於 Tucumã 的品位，談到全年時，你用了「顯著下降」這個詞，但我們看到的是全年仍相對偏高的品位曲線。第一季我們是 1.66。全年平均我們仍預期大約在 1.4 左右，所以你可以看出下降的幅度。而我會認為就全年而言，這仍然是非常高的品位。

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.

問答環節到此結束。我想把電話會議交回給 Makko DeFilippo，請他做結語。請開始。

Thank you, everyone, for joining us this morning, and thank you for the questions. As always, we appreciate the thoughtful dialogue. We're available for any follow-up questions. So please feel free to reach out to our Investor Relations team directly, and we will make ourselves available as needed as always. Lastly, just a reminder that we have our Ero Capital Markets Day, September 14, that we are hosting in Sao Paulo and look forward to seeing many of you there. Thank you again. Have a great day, everyone.

感謝各位今天早上參與，也謝謝大家的提問。一如既往，我們很感謝這些深思熟慮的交流。如有任何後續問題，我們都可以回覆。因此請隨時直接聯繫我們的投資人關係（Investor Relations）團隊；我們也會一如既往在需要時提供協助。最後提醒一下，我們將於 9 月 14 日在聖保羅（Sao Paulo）舉辦 Ero 資本市場日（Capital Markets Day），期待在那裡見到各位中的許多人。再次感謝。祝大家今天愉快。

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。各位可以掛線。感謝參與，祝各位有個愉快的一天。