Endeavour Silver Corp (EXK) 2024 Q1 法說會逐字稿

Thank you for standing by. This is the conference operator. Welcome to the Endeavour Silver Corp., first-quarter 2024 financial results conference call. As a reminder, all participants are in listen-only mode and the conference is being recorded. (Operator Instructions)

謝謝你的支持。這是會議操作員。歡迎參加 Endeavor Silver Corp. 2024 年第一季財務業績電話會議。提醒一下，所有與會者都處於僅聽模式，並且正在錄製會議。（操作員說明）

I would now like to turn the conference over to Galina Meleger, Vice President of Investor Relations. Please go ahead.

現在我想將會議交給投資者關係副總裁加琳娜·梅萊格 (Galina Meleger)。請繼續。

Thank you, operator, and good morning, everyone. Before we get started, I ask that you view our MD&A for cautionary language regarding forward-looking statements and the risk factors pertaining to these statements. Our MD&A and financial statements are available on our website at www.edrsilver.com.

謝謝接線員，大家早安。在我們開始之前，我要求您查看我們的 MD&A，以了解有關前瞻性陳述以及與這些陳述相關的風險因素的警示性語言。我們的 MD&A 和財務報表可在我們的網站 www.edrsilver.com 上取得。

With us on today's call is Dan Dickson, Endeavour Silver's CEO; Libby Senez, our Chief Financial Officer; and Don Gray, our Chief Operating Officer. Following Dan's formal remarks, we will open the call for questions. And now, over to Dan.

參加今天電話會議的是 Endeavour Silver 執行長 Dan Dickson。 Libby Senez，我們的財務長；以及我們的營運長 Don Gray。在丹正式發言後，我們將開始提問。現在，交給丹。

Thank you, Galina, and welcome, everyone. On 2024, we hit the ground running with a solid start. Market sentiment has heated up as golds reached new all-time highs and silver is starting to follow up. Our cash flow benefit from these higher prices and our share prices outperformed our peer sets thus far in 2024.

謝謝你，加琳娜，歡迎大家。2024 年，我們取得了良好的開端。隨著金價觸及歷史新高，市場情緒升溫，白銀也開始跟進。我們的現金流受益於這些較高的價格，而 2024 年迄今我們的股價表現優於同業。

From an operating standpoint, our operations are hitting their targets. Moreover, we made remarkable progress in the construction of our next cornerstone mine, Terronera, solidifying a bright future for the company. It's exciting to think that this time next year, Terronera will be contributing production to our profile.

從營運角度來看，我們的營運正在實現目標。此外，我們的下一個基石礦山Terronera建設也取得了顯著進展，為公司的美好未來奠定了基礎。想到明年這個時候，Terronera 將為我們的簡介貢獻製作，真是令人興奮。

Consolidated Q1 silver equivalent production totaled 2.3 million silver equivalent ounces, or 1.5 million ounces of silver and 10,000 ounces of gold. This puts us in great shape to achieve 2024's production guidance between 8.1 million to 8.8 million silver equivalent ounces. The performance of both operating mines, Guanacevi and Bolanitos, remain steady and for lack of better word [script].

第一季白銀當量綜合產量總計為 230 萬盎司白銀當量，即 150 萬盎司白銀和 1 萬盎司黃金。這使我們能夠很好地實現 2024 年白銀當量 810 萬至 880 萬盎司的產量指導目標。瓜納塞維 (Guanacevi) 和博拉尼托斯 (Bolanitos) 兩個營運礦場的業績保持穩定，但缺乏更好的消息[腳本]。

Gold grades of both operations were slightly ahead of plan, offset by silver grades that were slightly below plan. Silver equivalents are flat, and we expect similar grade profile throughout 2024.

兩項業務的黃金品位均略高於計劃，但被略低於計劃的白銀品位所抵消。白銀等價物持平，我們預期 2024 年的品味狀況將類似。

Moving to our financials, we reported top-line revenue of $64 million, up 15% year over year due to higher volume sold and their higher realized gold price compared to Q1 2023. Cost of sales totaled $52 million, also up 32% from Q1 2023 due to a combination of increased ounces sold, higher direct costs, and depreciation. Direct costs have stabilized and aligned well with our 2024 plan costs. Mine operating earnings totaled $12 million. After expiration, G&A and income tax expense reported a net loss of $1.2 million, or $0.01 per share.

轉向我們的財務數據，我們報告的頂線收入為 6,400 萬美元，年增 15%，原因是與 2023 年第一季相比，銷售量增加，實現的黃金價格更高。由於銷售盎司增加、直接成本上升和折舊，銷售成本總計 5,200 萬美元，也較 2023 年第一季成長 32%。直接成本已穩定並與我們的 2024 年計劃成本保持一致。礦山營業收入總計 1,200 萬美元。到期後，G&A 和所得稅費用淨虧損 120 萬美元，即每股 0.01 美元。

At the site level, Guanacevi delivered mine free cash flow pretax of $6.5 million and Bolanitos contributed $4.5 million. The higher gold price has significantly benefited our Bolanitos operation.

在現場層面，Guanacevi 提供了 650 萬美元的礦山自由現金流，Bolanitos 貢獻了 450 萬美元。金價上漲使我們的 Bolanitos 業務受益匪淺。

The full effect of the 2023 cost escalations and appreciation in the Mexican peso impacted direct operating costs compared to Q1 2023. As a result, our direct operating costs per time were significantly higher compared to last year. However, compared to 2024 budget, our direct operating costs aligned well with budget. To be clear for our listeners, our direct operating costs are defined as mining, processing, and indirect costs.

與 2023 年第一季相比，2023 年成本上升和墨西哥比索升值的全面影響影響了直接營運成本。因此，我們每次的直接營運成本與去年相比明顯較高。然而，與 2024 年預算相比，我們的直接營運成本與預算吻合良好。為了讓聽眾清楚，我們的直接營運成本被定義為採礦、加工和間接成本。

Royalties, special mining duty, and purchased ore are included in our direct cost metrics and are all impacted by the higher metal prices. These costs, again, including our direct cost per ton, have all exceeded budget due to the higher metal prices. These account for roughly $50 per ton on our direct cost per ton. On a net basis, we did benefit from the higher byproduct gold credit, resulting in our cash costs and our all-in sustaining costs reporting below guidance.

特許權使用費、特殊採礦稅和購買礦石都包含在我們的直接成本指標中，並且都受到金屬價格上漲的影響。由於金屬價格上漲，這些成本，包括我們每噸的直接成本，都超出了預算。這些約占我們每噸直接成本的 50 美元每噸。從淨值來看，我們確實受益於較高的副產品黃金信貸，導致我們的現金成本和整體維持成本報告低於指引。

At March 31, we had cash on hand of $35 million and working capital roughly $56 million. During Q1, we raised gross proceeds of $39 million by our ATM facility. As a reminder, it's essential to highlight that in adherence to our agreement for drawdown on the senior secured debt, we were committed to self-fund development for up to $150 million before gaining access to the $120 million credit facility.

截至 3 月 31 日，我們手頭現金為 3,500 萬美元，營運資金約 5,600 萬美元。第一季度，我們透過 ATM 設施籌集了 3,900 萬美元的總收益。需要提醒的是，必須強調的是，為了遵守我們提取優先擔保債務的協議，我們承諾在獲得 1.2 億美元信貸額度之前，為開發案提供最多 1.5 億美元的自籌資金。

After quarter ended, we satisfied this condition, which in turn enabled us to draw on the first installment of the $60 million of $120 million committed. In connection with the draw, we also executed the final hedge contract terms to reduce financial risks on the project.

季度結束後，我們滿足了這一條件，這反過來又使我們能夠提取承諾的 1.2 億美元中的第一期 6000 萬美元。在抽籤過程中，我們也執行了最終的對沖合約條款，以降低專案的財務風險。

First, capitalizing on the strong gold price environment, we executed forward sale contracts for 68,000 ounces of gold at $2,325 per ounce. This represents 55% of the planned gold byproduct production during Terronera's initial three years of operations.

首先，利用強勁的金價環境，我們以每盎司 2,325 美元的價格執行了 68,000 盎司黃金的遠期銷售合約。這佔 Terronera 營運最初三年期間計劃黃金副產品產量的 55%。

Second, we secured the cost of the pesos by entering forward purchases of $45 million of US equivalent Mexican pesos, which covers the remaining construction period at a fixed rate of MXN16.56 per US dollar. Overall, we're pleased with the terms of the debt package as our finance team dedicated significant efforts to secure favorable terms while safeguarding the upside for our shareholders. We anticipate completing the remaining draw of $60 million in Q3, aligning with the completion of the Terronera build completed in Q4.

其次，我們透過遠期購買 4,500 萬美元等值的墨西哥比索來確保比索的成本，該採購涵蓋了剩餘的施工期，固定匯率為每美元 16.56 墨西哥比索。整體而言，我們對債務方案的條款感到滿意，因為我們的財務團隊付出了巨大努力來確保有利的條款，同時保障股東的利益。我們預計在第三季完成剩餘的 6000 萬美元的提取，與第四季度完成的 Terronera 建設的完成情況保持一致。

Let me give you a quick update on construction progress at Terronera. By the end of Q1, we achieved a significant milestone by surpassing the halfway point of construction, achieving 53% completion, income seen progress at both the surface construction, and underground mine development.

讓我向您簡單介紹一下 Terronera 的施工進度。截至第一季末，我們實現了一個重要的里程碑，施工進度已過半，完成率達 53%，地面施工和地下礦場開發收入都取得進展。

As I mentioned earlier, we spent $38 million towards development, bringing our total expenditure to $158 million. Our project commitment now stands at $225 million representing 83% of the $271 million capital budget. With site activities advancing rapidly, we've concentrated our effort on structural steel installation, which is 80% complete and major equipment installation for our upper mill platform.

正如我之前提到的，我們花費了 3800 萬美元進行開發，使我們的總支出達到 1.58 億美元。我們的專案承諾目前為 2.25 億美元，佔 2.71 億美元資本預算的 83%。隨著現場活動的快速推進，我們將工作重點放在了鋼結構安裝上，目前磨機上平台的主要設備安裝已完成 80%。

As our quarterly reporting is very comprehensive, I'll provide a few recent highlights of progress. Over the past year, we've emphasized the importance of accelerating mine development rates to 4 meters per day for critical heading, a goal we are steadily achieving to meet our production timeline.

由於我們的季度報告非常全面，我將提供一些最近的進展亮點。在過去的一年裡，我們強調了將關鍵掘進速度加快至每天 4 公尺的重要性，我們正在穩步實現這一目標，以滿足我們的生產時間表。

In this quarter alone, we completed over 1,000 meters of underground mine development, bringing our total to over 3,200 meters, keeping us on track for initial ore access in Q2. The majority of construction activities have progressed well at the upper plant site. Currently, surface construction stands at 56% complete.

僅在本季度，我們就完成了 1,000 多米的地下礦山開發，使總長度達到 3,200 多米，使我們能夠在第二季度實現初步礦石開採。上部廠區的大部分施工活動進展順利。目前，地面施工已完成56%。

On the procurement front, our bulk materials purchasing is on track with the construction schedule, allowing us to install many components upon immediate arrival to site, while making use of the project's lean footprint. Our COO has optimized a just-in-time delivery framework which has proven highly effective, all while maintaining a steadfast focus on continuous safety measures.

在採購方面，我們的散裝材料採購符合施工進度，使我們能夠在到達現場後立即安裝許多組件，同時利用專案的精益佔地面積。我們的營運長優化了及時交付框架，事實證明該框架非常有效，同時始終堅定地關注持續的安全措施。

Thanks to our growing workforce at the site, which now totals 550 employees and contractors, this quarter saw the achievement of other significant milestones. This includes successful setting of both the SAG and ball mills, placement of the regrind mill and flotation cells, and the commencement of installation for the crusher belt conveyors and apron feeders.

由於我們現場的員工隊伍不斷壯大，目前共有 550 名員工和承包商，本季也實現了其他重要里程碑。這包括成功設置半自磨機和球磨機、安置再磨機和浮選機，以及開始安裝破碎機皮帶輸送機和板式給料機。

Additionally, during Q1, we initiated excavation of the TSF embankment key trench in the lower platform area, which are 60% and 45% complete, respectively. Concrete work is anticipated to start in Q2 on the lower platform. And lastly, on the community relations side, a new minor trainer program for local community members was established to provide training and employment.

此外，第一季度，我們啟動了下平台區域 TSF 路堤關鍵溝槽的開挖工作，分別完成了 60% 和 45%。較低平台的具體工作預計將於第二季開始。最後，在社區關係方面，為當地社區成員建立了一個新的未成年人培訓師計劃，以提供培訓和就業。

If you're interested in viewing photos and video footage of the construction during progress, I encourage you to visit our website. You'll find our currently photo gallery showcasing the latest developments as well as the video filmed in mid-March.

如果您有興趣查看施工過程中的照片和影片片段，我鼓勵您訪問我們的網站。您會發現我們目前的照片庫展示了最新進展以及三月中旬拍攝的影片。

Before we move to Q&A, I'd like to highlight that we recognize that our long-term success goes beyond achieving financial metrics. Next week, we will publish our 2023 sustainability report that speaks to our ongoing actions to mine responsibly and help shape a more inclusive sustainable future for our business and our stakeholders. 2023 marked the second year implementing our three-year sustainability strategy and we will be reporting on our progress to date. I would recommend you take time to view our new report after it's published online.

在我們進行問答之前，我想強調一點，我們認識到我們的長期成功不僅僅是實現財務指標。下週，我們將發布 2023 年永續發展報告，闡述我們持續採取的負責任採礦行動，幫助我們的企業和利害關係人塑造更具包容性的永續未來。 2023 年是我們實施三年永續發展策略的第二年，我們將報告迄今為止的進展。我建議您在我們的新報告在線發布後花點時間查看它。

Additionally, we're pleased to announce the nomination of a new Board member, Angela Johnson, at our 2024 Annual Meeting of Shareholders to be held on May 28. Her technical background and ESG experience is an exceptional fit for our existing Board members and helps us achieve succession planning objectives to ensure core Board competencies and expertise are in place.

此外，我們很高興地宣佈在 5 月 28 日舉行的 2024 年股東年會上提名新董事會成員 Angela Johnson。她的技術背景和 ESG 經驗非常適合我們現有的董事會成員，並幫助我們實現繼任計畫目標，以確保核心董事會能力和專業知識到位。

That wraps my formal comments for today. Together with the other members of our management team, we would be happy to take questions. Operator, please open the lines.

我今天的正式評論就到此為止。我們很樂意與我們管理團隊的其他成員一起回答問題。接線員，請開通線路。

(Operator Instructions) Lucas Pipes, B. Riley.

（操作員說明）Lucas Pipes，B. Riley。

Thank you very much, operator, and good afternoon, everyone. Dan, I wanted to ask a little bit about the exchange rate in Latin America and how you would expect that to both impact your operating cost expectations as well as any impact on the cap cost side. Thank you very much.

非常感謝接線員，大家下午好。丹，我想問一些有關拉丁美洲匯率的問題，以及您預計匯率將如何影響您的營運成本預期以及對上限成本的影響。非常感謝。

Yeah, Lucas, that's a good question. We did use a 17:1 ratio in our assumptions and our guidance for 2024. Through Q1, we are effectively very close to 17:1. Our expectation is the Mexican peso will have a rate here around 17:1. So from an operating standpoint, we stick with where our guidance is, which is ultimately $14 to $15 cash costs, all-in sustaining costs we expect to be $22 to $23.

是的，盧卡斯，這是個好問題。我們在 2024 年的假設和指導中確實使用了 17:1 的比率。通過第一季度，我們實際上非常接近 17:1。我們預計墨西哥比索的匯率約為 17:1。因此，從營運角度來看，我們堅持我們的指導方針，即最終現金成本為 14 至 15 美元，我們預計整體維持成本為 22 至 23 美元。

Obviously, in Q1, we're below that guidance, and I think that's a function of the gold price. If you look at our costs, our direct operating costs per ton, they're in line with where our plan was.

顯然，在第一季度，我們低於該指引，我認為這是金價的函數。如果你看看我們的成本，我們每噸的直接營運成本，它們與我們的計畫相符。

From a construction standpoint, we entered into $45 million worth of FX contracts. So we've effectively locked that in at $16.6. So the impact for Terronera going forward would be muted because of that. But of course, like I say, I think the peso is going to -- it seems to stabilize here at 17:1. I expect that to stay there for the year.

從建設的角度來看，我們簽訂了價值 4500 萬美元的外匯合約。因此，我們實際上將其鎖定在 16.6 美元。因此，對特羅內拉未來的影響將會減弱。但當然，正如我所說，我認為比索將會穩定在 17:1。我預計這一情況將持續一年。

Thank you. Thank you, Dan. And Dan, good job at Guanacevi. And you noted that silver grades were slightly below plan. So my question is when you would expect those to be maybe more kind of on plan or above plan. And with the plant there, you exceeded the 1,200 tons per day level, and curious if there's more to do on that. Thank you very much.

謝謝。謝謝你，丹。丹，瓜納塞維幹得好。您注意到白銀的品味略低於計劃。所以我的問題是，你什麼時候會期望這些可能會更多地符合計劃或高於計劃。有了工廠，您每天的產量就超過了 1,200 噸，您很好奇是否還有更多工作要做。非常感謝。

Yeah. From a grade standpoint, we actually exceeded plan this quarter from a gold standpoint and slightly under plan from a silver standpoint on grades at Guanacevi. That's normal variations in the ore body and we expect to be something similar for the next three quarters as well. So we're just over 400 grams of silver and about 1.2 -- or just under 1.2 grams of gold. I think those are very favorable grades and that's our expectation for the year.

是的。從成績的角度來看，本季度我們實際上超出了計劃（從黃金角度來看），從白銀角度來看，瓜納塞維（Guanacevi）的成績略低於計劃。這是礦體的正常變化，我們預計未來三個季度也會出現類似情況。因此，我們的白銀含量略高於 400 克，黃金含量約為 1.2 克，即略低於 1.2 克。我認為這些都是非常有利的成績，這也是我們對今年的期望。

As far as running 1200 tons per day through the Guanacevi plant, we're exceeding our capacity of 1,200 tons per day. Our hope is that will continue. Obviously, we put guidance out with the estimation of 1,200 tons per day.

就瓜那塞維工廠每天生產 1200 噸而言，我們已經超越了每天 1,200 噸的產能。我們希望這種情況能夠持續下去。顯然，我們給的指導意見是每天 1,200 噸。

But we did a lot of work in the plant in 2023 of refurbishing things, and obviously we have the ability to push it beyond that 1,200 tons per day and now it's all predicated on the mine keeping up to speed. We don't want to get too far ahead of ourselves. At the same time, like I said in my comments, Guanacevi has been very steady and the expectation is we'll easily meet that 1,200 tons going forward.

但我們在 2023 年對工廠進行了大量翻新工作，顯然我們有能力將其每天的產量提高到 1,200 噸以上，而現在這一切都取決於礦山能否跟上速度。我們不想走太遠。同時，正如我在評論中所說，Guanacevi 一直非常穩定，預計我們將輕鬆實現 1,200 噸的目標。

Thank you very much. And maybe quick one, just with the backdrop of much stronger precious metal prices, what's your take on M&A in the space, either as a buyer yourself or more broadly in the ecosystem? Thank you very much.

非常感謝。也許很快，在貴金屬價格大幅上漲的背景下，您對這一領域的併購有何看法，無論是作為買家還是更廣泛地在生態系統中？非常感謝。

Yeah. I mean, from ourselves, our standpoint is we need to execute on Terronera and get Terronera into production. And I think when -- at the end of this year, if we can execute on Terronera, get commissioning in Q4 and for commercial production for 2025, we're going to see that reflected in our share price.

是的。我的意思是，從我們自己的角度來看，我們的立場是我們需要在 Terronera 上執行並將 Terronera 投入生產。我認為，到今年年底，如果我們能夠在 Terronera 上執行，在第四季度進行調試並在 2025 年進行商業生產，我們將看到這一點反映在我們的股價中。

Now you never say never, there's always opportunities out in the marketplace. From our standpoint, we want to see something that's accretive. But I don't think the full value of Terronera is built into our share price yet. Again, I think that needs to be executed this year for that to be reflected there.

現在你永遠不會說永遠，市場上總是有機會。從我們的角度來看，我們希望看到一些增值的東西。但我認為 Terronera 的全部價值尚未體現在我們的股價中。再說一遍，我認為今年需要執行這一點，以便在其中得到體現。

And from a broader standpoint, yeah, we're seeing higher prices. Obviously, last year, we saw margins get constrained just because of higher costs, and I think that's percolated its way through the industry. I think cash is important. Obviously, there hasn't been a lot of capital available in our industry and there needs to be investments from an exploration standpoint and a development standpoint, which will create more opportunity for prices to increase, especially from a silver standpoint.

從更廣泛的角度來看，是的，我們看到價格上漲。顯然，去年我們看到利潤率因成本上升而受到限制，我認為這已經滲透到整個產業。我認為現金很重要。顯然，我們行業還沒有大量可用資金，需要從勘探和開發的角度進行投資，這將為價格上漲創造更多機會，特別是從白銀的角度來看。

I can't speak for the entire industry. I know as Endeavour, we want to be here 10 years from now. We continue to look for development projects. We look for exploration projects.

我不能代表整個產業。我知道，作為奮進號，我們希望 10 年後仍能在這裡。我們繼續尋找開發項目。我們尋找勘探項目。

But right now, our resources are dedicated towards Terronera, mainly from a cash standpoint and also from a labor standpoint. There's only so much time and energy that we have that we can put in certain projects. And we really like our Pitarrilla project that's coming in behind Terronera.

但目前，我們的資源專門用於 Terronera，主要是從現金的角度來看，也從勞動力的角度來看。我們能投入某些專案的時間和精力是有限的。我們真的很喜歡 Terronera 後面的 Pitarrilla 專案。

So again, for us, I think we want to get through 2024 and look at that landscape. And from a broader standpoint, I think people are always going to be inquisitive and we always try to build a bigger, better company.

因此，對我們來說，我認為我們希望度過 2024 年並審視這一前景。從更廣泛的角度來看，我認為人們總是會好奇，我們總是試圖建立一家更大、更好的公司。

Dan, I appreciate your thoughts. Keep up the good work. Thank you.

丹，我很欣賞你的想法。保持良好的工作。謝謝。

Thanks, Lucas, and thanks for the questions.

謝謝盧卡斯，也謝謝你提出的問題。

Heiko Ihle, H.C. Wainwright.

海科‧伊勒 (Heiko Ihle)，H.C.溫賴特。

Hey there, Dan and team. Thanks for taking my questions, and I assume you can hear me okay?

嘿，丹和團隊。感謝您回答我的問題，我想您能聽到我的聲音，好嗎？

We can hear you well, Heiko.

我們能清楚地聽到你的聲音，Heiko。

Thanks, Dan. Just glancing at the gold with silver ratio during the quarter, obviously, gold production increased quite markedly. And in fact, gold was so strong that it made quite a measurable impact on cash costs given gold byproduct credits. At this point, we're halfway through Q2 and gold's still at $23.30.

謝謝，丹。看看本季黃金與白銀的比率，顯然，黃金產量成長相當明顯。事實上，黃金如此強勁，以至於考慮到黃金副產品信用，它對現金成本產生了相當大的影響。目前，第二季已過半，金價仍處於 23.30 美元。

Just conceptually, can you provide a bit of guidance if you expect to see this through the remainder of the year and the impact on cash costs, and if you anticipate this fully offsetting the impact of the higher Mexican peso?

僅從概念上講，如果您預計在今年剩餘時間內看到這一情況及其對現金成本的影響，並且您預計這將完全抵消墨西哥比索走高的影響，您能否提供一些指導？

Yeah. The higher Mexican peso is all built into our guidance, to start with, at 17:1. So of course, if we see the appreciation in the Mexican peso, a higher gold price offsets that. Again, I think the Mexican peso stabilized here. So hopefully, it stays where it's at because it's a significant portion of our costs. From a labor standpoint, it's about 30% of our operating costs, which is obviously tied to the Mexican peso.

是的。首先，較高的墨西哥比索已納入我們的指導中，即 17:1。當然，如果我們看到墨西哥比索升值，金價上漲就會抵銷這一點。我再次認為墨西哥比索在此穩定。所以希望它能保持在原來的位置，因為它占我們成本的很大一部分。從勞動力的角度來看，這約占我們營運成本的 30%，這顯然與墨西哥比索掛鉤。

For gold, like I said in my comments, initially, our gold grades were slightly ahead of plan and that's just normal variations in body. Where I think there is opportunity is Bolanitos. Obviously, Bolanitos has more gold production on a proportional basis compared to Guanacevi and allows us to potentially get into some other areas of Bolanitos that we haven't been in because of the lower gold price.

對於黃金，正如我在評論中所說，最初，我們的黃金等級略高於計劃，這只是身體的正常變化。我認為有機會的地方是博拉尼托斯。顯然，與瓜納塞維相比，博拉尼托斯的黃金產量按比例更高，這使我們有可能進入博拉尼托斯的其他一些地區，因為金價較低，我們沒有進入這些地區。

So if we have higher gold production, of course that means a bigger gold credit. I think, Heiko, what we look at as a management team is our direct operating costs per ton. So the things that we can manage, mining costs, processing costs, and the indirect costs, solar G&A on-site.

因此，如果我們的黃金產量更高，當然意味著更大的黃金信貸。我認為，Heiko，作為管理團隊，我們關注的是每噸的直接營運成本。因此，我們可以管理的內容包括採礦成本、加工成本以及間接成本、現場太陽能 G&A。

Our goal is to meet plan on that and we end up in a higher gold price environment. Of course, that byproduct credit lowers our all-in sustaining costs and our cash costs. But we're -- like I say, we try to control what we can control, and that's the inputs that are going into our operating costs.

我們的目標是實現計劃，最終我們將處於更高的金價環境中。當然，副產品信用降低了我們的整體維持成本和現金成本。但就像我說的，我們試圖控制我們可以控制的事情，這就是我們營運成本的投入。

Fair enough. And then just a longer-term question, your direct operating costs in the quarter increased by about 10%. In your release, you stated this was based on ongoing ventilation and water management challenges that affected productivity. Obviously, none of this translates to Terronera at all. And I just looked at some of the pictures here on your website and it looks like this thing is really coming together.

很公平。然後是一個更長期的問題，本季你們的直接營運成本增加了大約 10%。在您的新聞稿中，您表示這是基於影響生產力的持續通風和水管理挑戰。顯然，這一切都不適用於特羅內拉。我剛剛看了你們網站上的一些圖片，看起來這個東西真的融合在一起了。

But then you also state in the release that you're encountering ongoing inflationary pressures and costs that I assume may ultimately be seen at Terronera a bit. I mean, commissioning at this point, Q4 is not that far out. Should the analysts community start thinking a bit of inflationary costs for the side or should the current numbers that we have stay as a good baseline for where we should be at?

但您也在新聞稿中指出，您正面臨持續的通膨壓力和成本，我認為最終可能會在 Terronera 看到一些情況。我的意思是，從此時開始調試，第四季已經不遠了。分析師群體是否應該開始考慮一些通膨成本，或者我們是否應該將目前的數據作為我們應該達到的良好基準？

Yeah. That's a very good question, Heiko. And we haven't provided guidance from an operational standpoint for Terronera since April of 2023 when we announced construction decision. And at that time, we put out an optimized plan that highlighted an $81 cost per ton, and that cost per ton had come down from the feasibility study of $87 to $81 because of the economies of scale going from 1,700 tons per day to 2,000 tons per day. That estimate was done effectively December of 2022, January of 2023.

是的。這是一個非常好的問題，海科。自 2023 年 4 月宣佈建設決定以來，我們一直沒有從營運角度為 Terronera 提供指導。當時我們提出了一個優化方案，強調每噸成本是81美元，而每噸成本已經從可行性研究的87美元降到了81美元，因為規模經濟從每天1700噸降到了2000噸。此估算於 2022 年 12 月和 2023 年 1 月有效完成。

Since the start of 2023 across the industry and specifically in Mexico, you've had the appreciation in the Mexican peso by 15%. You've had inflationary pressures specifically on steel, reagents, power costs, all in Mexico. So it would be very fair to assume that you've had escalations from an operating standpoint at Terronera going from $81 maybe get into the $95 or $100 range. We haven't gone through and rebuilt those estimates from an operational standpoint.

自 2023 年初以來，整個產業，特別是墨西哥，墨西哥比索升值了 15%。在墨西哥，尤其是鋼鐵、試劑、電力成本，都面臨通膨壓力。因此，從 Terronera 的營運角度來看，您可以合理地假設價格從 81 美元升級到 95 美元或 100 美元。我們還沒有從營運的角度重新審視和重建這些估計。

As we go into production, hopefully later this year, like I say, commissioning for Q4, management will update those costs and we'll provide guidance in the marketplace going into 2025. But again, if you just look what's happened across the industry, what's happened in Mexico, it's fair to say that those operational costs are higher than what we put out when we initially did that optimized plan.

當我們投入生產時，希望在今年晚些時候，就像我說的，第四季度的調試，管理層將更新這些成本，我們將在 2025 年之前為市場提供指導。但同樣，如果你看看整個行業發生的事情，墨西哥發生的事情，可以公平地說，這些營運成本高於我們最初制定優化計劃時提出的成本。

Fair enough. Great answer. Great quarter. Obviously, the stock is reacting quite favorably, and I'll get back in queue. Thank you.

很公平。很好的答案。很棒的季度。顯然，股票的反應相當有利，我會重新排隊。謝謝。

Thanks, Heiko. Thanks for the questions.

謝謝，海子。感謝您的提問。

Craig Hutchison, TD Securities.

克雷格‧哈奇森 (Craig Hutchison)，道明證券。

Hi, guys. Can you talk about the cadence --

嗨，大家好。能談談節奏嗎--

Hey, Craig.

嘿，克雷格。

Hey, Dan. Can you talk about the cadence of the remaining spend at Terronera? I think you said 53% in March, commissioning maybe six to nine months away. I imagine that the spend that you guys reported last time about 2% to 3% a month will accelerate. But if you could just talk to how that spend will accelerate between now and then the commissioning?

嘿，丹。您能談談 Terronera 剩餘支出的節奏嗎？我想你說的是 3 月的 53%，調試可能還需要六到九個月的時間。我想你們上次報告的每月大約 2% 到 3% 的支出將會加速。但您能否談談從現在到調試期間支出將如何加速？

Yeah. That's a good question, Craig. And the fact that we are reaching our peak construction within well really this month, next month through August, the key components being the upper platform, As I said, 80% of steel is complete there. So now, we're going into piping and electrical. That's been going very well with our contractor.

是的。這是個好問題，克雷格。事實上，我們在本月、下個月​​到 8 月確實達到了施工高峰，關鍵零件是上層平台，正如我所說，80% 的鋼材已經完成。現在，我們將討論管道和電氣。我們的承包商進展順利。

Mine development remains a critical path into production. We are hitting ore in Q2. So this quarter, we expect to start having ore come out of the mine. We have crossed the vein. Everything looks really good from that standpoint. So there's additional spend from mine development standpoint. And then the key other critical path is our tailings facility.

礦山開發仍然是生產的關鍵途徑。我們在第二季開始開採礦石。因此，本季度，我們預計將開始從礦山中開採礦石。我們已經跨越了血脈。從這個角度來看，一切看起來都非常好。因此，從礦山開發的角度來看，還有額外的支出。然後另一個關鍵路徑是我們的尾礦設施。

Our tailings facility, we call it the lower platform. That's where our dry stack tailings facility will be, our concentrator will be, and ultimately our LNG plant.

我們的尾礦設施，我們稱之為下平台。這就是我們的乾堆尾礦設施、選礦廠以及最終的液化天然氣工廠的所在地。

Our LNG plant remains delayed. It's expected to start commencing putting in the concrete this quarter, and then obviously vertical construction after that. Our expectation is that LNG plant won't be complete, which is about 10% of the production of 100%. That won't be completed until 2025. So we will be on diesel gensets when we go into commissioning in Q4.

我們的液化天然氣工廠仍然延遲。預計本季開始澆築混凝土，然後顯然是垂直施工。我們的預期是液化天然氣工廠不會完工，這大約是100%產量的10%。該工程要到 2025 年才能完成。因此，當我們在第四季度進行調試時，我們將使用柴油發電機組。

But ultimately, from the 2% to 3%, that's going to pick up significantly. And we're going to -- like I said, I think we said we have $225 million committed. A lot of that's going to be pushed through in this quarter and then early Q3. So lots going on, but we have really no more procurement. It's now just about executing. And as we execute the embankment for the tailings facility, which has been going relatively well, we'll be on track for commissioning in Q4.

但最終，從 2% 到 3%，這個數字將會顯著上升。正如我所說，我們將承諾投入 2.25 億美元。其中許多工作將在本季以及第三季初完成。發生了很多事情，但我們確實沒有更多的採購。現在只需要執行即可。當我們為尾礦設施建造路堤時，進展相對順利，我們將在第四季度投入運作。

Okay, great. And just maybe as a follow-up on that, I understand the LNG getting commissioned beginning 2025. How long -- what's the throughput you can run the plant at on diesel alone?

好的，太好了。也許作為後續行動，我了解到液化天然氣將於 2025 年開始投入使用。僅使用柴油即可運行該工廠多久？

Yeah. Our diesel gensets will have the same output as our LNG plant which is just shy of 13 megawatts. So the plan is everything should be up and going on these diesel gensets. What the diesel gensets will do is increase our operating costs compared to the LNG plant.

是的。我們的柴油發電機組的輸出功率與我們的液化天然氣工廠相同，略低於 13 兆瓦。因此，計劃是這些柴油發電機組的一切都應該正常運作。與液化天然氣工廠相比，柴油發電機組會增加我們的營運成本。

Okay, great. And then once you guys reached commissioning, what's the timeframe to reach commercial production? Like what type of -- what is the definition for you guys for commercial production? How long do you guys think it'll take to get there?

好的，太好了。然後，一旦你們完成調試，達到商業生產的時間範圍是多少？例如什麼類型──你們對商業製作的定義是什麼？你們認為需要多長時間才能到達那裡？

Yeah. I don't have the specific definition. It's a multitude of factors of getting into commercial production or qualifying for commercial production. We initially estimated three to four months. I think -- we think we can do that a lot quicker than three to four months. But as we approach and understand where our bottlenecks are and if we can pre commission some of the upper platform before Q4, that would be ideal, but we'll give guidance to the marketplace as we approach Q4 on that.

是的。我沒有具體的定義。進入商業生產或獲得商業生產資格需要考慮多種因素。我們最初估計三到四個月。我認為——我們認為我們可以比三到四個月更快地做到這一點。但當我們接近並了解我們的瓶頸在哪裡時，如果我們可以在第四季度之前預先調試一些上部平台，那將是理想的，但我們將在接近第四季度時向市場提供指導。

Okay, great. And one last question for you, just on the second tranche drawdown, can you remind me what the milestone is to access that additional money?

好的，太好了。最後一個問題，關於第二筆提款，您能提醒我獲得額外資金的里程碑是什麼嗎？

Yeah. Right now, we like to say in April, we pulled off $60 million, and in that, we had a cash requirement of sitting in our account, which we ultimately call overrun facility, of $24 million. We're required to build that up to $28 million, and then independent engineers are doing a visit for the lenders late May just to kind of update to make sure what's happening in our reports is what's happening on-site, and that's one of the terms, and then other bunch of minor terms that need to be executed on going into that.

是的。現在，我們想說的是，在 4 月份，我們籌集了 6000 萬美元，其中，我們的帳戶中有 2400 萬美元的現金需求，我們最終將其稱為超支設施。我們需要籌集 2800 萬美元，然後獨立工程師將在 5 月底拜訪貸方，只是為了進行更新，以確保我們報告中發生的情況就是現場發生的情況，這是其中之一條款，然後是其他一些需要執行的次要條款。

Okay, great. Thanks, guys.

好的，太好了。多謝你們。

Thanks, Craig, for the questions.

謝謝克雷格的提問。

Robert Carlson, Janney Montgomery Scott.

羅伯特·卡爾森，珍妮·蒙哥馬利·斯科特。

Congratulations on the quarter and progress made so far. But do you guys utilize hedges?

恭喜本季和迄今為止的進展。但是你們會利用樹籬嗎？

Yeah, Robert. Well, we entered into a gold hedge, which is a requirement under our lending facility. So we entered into 68,000 ounces of gold that will be delivered through 2025 and 2026, a little bit into 2027, and that was priced out at $2,325 per ounce of gold.

是的，羅伯特。好吧，我們進行了黃金對沖，這是我們貸款安排的要求。因此，我們買入了 68,000 盎司黃金，這些黃金將在 2025 年和 2026 年交付，稍微到 2027 年，其定價為每盎司 2,325 美元。

Otherwise, we don't hedge silver. One of our mandates is to make sure that for our shareholder holders who are investing in Endeavour Silver is to provide that upside that we expect to come on a silver price standpoint.

否則，我們不會對沖白銀。我們的任務之一是確保為投資 Endeavour Silver 的股東提供我們期望從白銀價格角度來看的上漲空間。

From inter quarter standpoint, we'll enter into things very short term, so under 90 days, but that's just generally trying to take advantage of spikes in the silver price.

從季度間的角度來看，我們將在很短的時間內進行交易，因此在 90 天之內，但這通常只是試圖利用白銀價格的飆升。

So with Terronera never coming on board like next year, there's no plans to establish a hedging program for silver?

既然 Terronera 從未像明年那樣加入，那麼沒有計劃建立白銀對沖計劃嗎？

No, there is no plan to establish a hedging program for silver. I think what we're seeing right now in the silver market is an environment that's going to be very favorable to silver price. I mean, from an industrial standpoint, we've seen significant demand increase because of solar panels, the electrification of the world, obviously trying to reduce carbon. But the monetary story for silver has been lagging for the last two, three years, and we've seen gold really take off and ultimately make new all-time highs.

不，沒有計劃建立白銀對沖計劃。我認為我們現在在白銀市場上看到的環境將非常有利於白銀價格。我的意思是，從工業的角度來看，由於太陽能板、世界電氣化，我們已經看到需求顯著增加，顯然是在努力減少碳排放。但白銀的貨幣故事在過去兩三年裡一直滯後，而我們已經看到黃金真正起飛並最終創下新的歷史高點。

Silver is still well off its all-time highs of $50. Today, obviously, we're sitting just above $28. So I think there's a lot of runway there for silver over the next year or couple of years, and we want to leave that upwards movement in silver price for our shareholders.

白銀仍遠低於 50 美元的歷史高點。顯然，今天我們的價格略高於 28 美元。因此，我認為未來一年或幾年白銀還有很大的發展空間，我們希望將白銀價格的上漲留給我們的股東。

Great. Thank you.

偉大的。謝謝。

Thanks, Robert.

謝謝，羅伯特。

(Operator Instructions) Jake Sekelsky, Alliance Global Partners.

（操作員說明）Jake Sekelsky，Alliance Global Partners。

Hey, Jake. Thanks.

嘿，傑克。謝謝。

Hey, Dan and team. Thanks for taking my questions. So just building on that last question a bit, I'm going (technical difficulty) tailwind from stronger gold byproduct credits this quarter and more so at current levels. I'm wondering if there's a level in gold where you'd look at hedging out some additional gold production outside of the requirements for the Terronera facility.

嘿，丹和團隊。感謝您回答我的問題。因此，在最後一個問題的基礎上，我將從本季度更強勁的黃金副產品信貸中受益（技術難度），在當前水平上更是如此。我想知道黃金是否達到一定水平，您會考慮在泰羅內拉設施的要求之外對沖一些額外的黃金產量。

Yeah. I mean, that's a fair question. I think there's a lot of runway left in the precious metal space, but it's not something that we'd really entertain for this year. Obviously, we want to make sure we protect the downside of the company with having so much investment going into Terronera, but we think the 68,000 ounces of gold that we've already hedged out for when we get into operations for Terronera provides that.

是的。我的意思是，這是一個公平的問題。我認為貴金屬領域還有很多發展空間，但這並不是我們今年真正感興趣的事情。顯然，我們希望確保透過對 Terronera 進行大量投資來保護公司的下行風險，但我們認為，當我們開始 Terronera 營運時，我們已經對沖的 68,000 盎司黃金提供了這一點。

For the remaining operation, the Bolanitos and Guanacevi, we've produced about 30,000 to 35,000 ounces of gold. I think we're comfortable that gold is on its way upwards. Obviously, there's always downside potential, but we use $1,840 in our guidance forecast and from a cash flow standpoint. Again, maybe we get into Q3 and we sell some gold forward a little bit, but we wouldn't get beyond the 90 days.

對於剩下的業務，即 Bolanitos 和guanacevi，我們生產了大約 30,000 至 35,000 盎司黃金。我認為我們對金價上漲感到滿意。顯然，下行潛力總是存在的，但從現金流的角度來看，我們在指導預測中使用 1,840 美元。再說一次，也許我們進入第三季度，我們會賣出一些遠期黃金，但我們不會超過 90 天。

Okay, that's fair. And then just on Terronera, can you just touch on the labor outlook there as we head towards commissioning later this year?

好吧，這很公平。然後就 Terronera 而言，當我們今年晚些時候投入使用時，您能談談那裡的勞動力前景嗎？

Yeah. I mean, from a labor standpoint, we handle all the mine development internally. So from our mining team, which will transition from development into our operations, we'll be consistent and be fully up on labor from operational readiness standpoint for the plant.

是的。我的意思是，從勞工的角度來看，我們在內部處理所有礦山開發。因此，我們的採礦團隊將從開發過渡到運營，從工廠運營準備的角度來看，我們將保持一致並充分利用勞動力。

We've already started that process. We've made hires for plant operations. And obviously from an indirect standpoint, we're relatively staffed up there as well. So there shouldn't be a significant change or a huge hiring process between now and Q4. We have people that we need to add, but we've already been working on operational readiness plans so we can execute well in Q4.

我們已經開始了這個過程。我們已經招募了工廠營運人員。顯然，從間接的角度來看，我們那裡的人員也相對較多。因此，從現在到第四季度，不應該有重大變化或龐大的招募流程。我們需要增加人員，但我們已經在製定營運準備計劃，以便我們可以在第四季度順利執行。

Again from a labor cost standpoint, everything we've done this year from an operational standpoint was done at 17:1 at Mexico peso to US dollar. When we go into operations for Terronera, that would be a similar FX rate that we would use. For Bolanitos and Guanacevi 30% of our cost is related to labor and that's similar for Terronera.

同樣，從勞動成本的角度來看，我們今年從營運角度所做的一切都是按照墨西哥比索兌美元 17:1 的匯率完成的。當我們開始 Terronera 營運時，我們將使用類似的外匯匯率。對於 Bolanitos 和guanacevi，我們 30% 的成本與勞動力有關，Terronera 的情況也類似。

Again, when we go back and look at 2022's optimized plan, that would have been done at 21:1 ratio. So now, that's at 17:1 ratio. So you'd have higher labor costs from an operational standpoint just because of the FX move. But again, when we go into 2025, we'll provide that additional detail for the market.

同樣，當我們回過頭來看2022年的優化計劃時，這應該是按照21:1的比例完成的。現在，比例為 17:1。因此，從營運角度來看，僅僅因為匯率變動，您的勞動成本就會更高。但同樣，當我們進入 2025 年時，我們將為市場提供更多細節。

Got it. Okay. That's all for me. Thanks again.

知道了。好的。這就是我的全部。再次感謝。

Thank for the questions, Jake. Much appreciated.

謝謝你的提問，傑克。非常感激。

This concludes the question-and-answer session. I would like to turn the conference back over to Dan Dickson for any closing remarks.

問答環節到此結束。我想將會議轉回丹·迪克森（Dan Dickson）發表閉幕詞。

Thanks, operator, and thanks to everyone who's tuned in today for our Q1 2024 earnings release. Again, I think we've done an extremely good job of just executing our plan from an operational standpoint. It's our job to execute on Terronera this year. We can execute on Terronera over the next two quarters. We should begin the commissioning for Q4 2024, and it will be nice to see that production profile come into the Endeavour production profile for 2025. Thanks, everyone, and have a good day.

感謝營運商，感謝今天收聽我們 2024 年第一季財報發布的所有人。再說一次，我認為從營運的角度來看，我們在執行計劃方面做得非常好。今年我們的工作就是在 Terronera 上執行。我們可以在接下來的兩個季度在 Terronera 上執行。我們應該在 2024 年第四季開始調試，很高興看到生產檔案進入 2025 年的 Endeavor 生產檔案。謝謝大家，祝你有美好的一天。

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

今天的電話會議到此結束。您可以斷開線路。感謝您的參與並祝您有個愉快的一天。