Endeavour Silver Corp (EXK) 2024 Q2 法說會逐字稿

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

感謝您的耐心等待，我是會議操作員，歡迎參加 Endeavor Silver Corp 2024 年第二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 Allison Pettit, Director of Investor Relations. Please go ahead.

現在我想將會議交給投資者關係總監艾莉森佩蒂特 (Allison Pettit)。請繼續。

Thank you, operator, and good morning, everyone before we get started, I ask that you view our MD&A precautionary 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 edrsilver.com.

謝謝運營商，大家早上好，在我們開始之前，我請您查看我們關於前瞻性陳述以及與這些陳述相關的風險因素的 MD&A 預防性語言。我們的 MD&A 和財務報表可在我們的網站 edrsilver.com 上取得。

On today's call, we have Dan Dickson, Endeavour Silver's CEO; Elizabeth Senez, our Chief Financial Officer; and Don Gray, Endeavour's COO.

出席今天的電話會議的有 Endeavour Silver 執行長 Dan Dickson； Elizabeth Senez，我們的財務長；以及 Endeavour 的營運長 Don Gray。

Following Dan's formal remarks, we will open the call for questions. And now over to Dan.

在丹正式發言後，我們將開始提問。現在輪到丹。

Thank you, Allison, and welcome, everyone. It's been a productive second quarter at Endeavour Silver as gold reached new all-time highs and with silver starting to follow the company's cash flow and financial position should continue to benefit from these higher prices at Terronera, there was significant advance of the upper platform surface infrastructure and the overall project progress reached 65% at June 30. Terronera is on track for commissioning in Q4 2024, and we're excited for it to contribute to our production profile next year and become a cornerstone asset.

謝謝艾莉森，歡迎大家。Endeavour Silver 的第二季度是富有成效的，因為金價創下歷史新高，白銀開始追隨公司的現金流，財務狀況應繼續受益於 Terronera 的價格上漲，上平檯面大幅上漲截至6月30日，基礎設施建設整體進度達65%。Terronera 預計將在 2024 年第四季投入運行，我們很高興它能為我們明年的生產做出貢獻並成為基石資產。

Q2's silver equivalent production totaled 2.2 million ounces or 1.3 million ounces of silver and 10,500 ounces of gold. We are in great position to meet the upper range of our 2024 production guidance.

第二季的白銀當量產量總計為 220 萬盎司，即 130 萬盎司白銀和 10,500 盎司黃金。我們完全有能力滿足 2024 年生產指導的上限。

Silver equivalent grades have been in line with expectations, with gold grades slightly higher and silver grades slightly lower. This is expected to be similar going forward, and therefore, we expect a similar production profile for the second half of the year.

白銀等價品位符合預期，黃金品位略高，白銀品位略低。預計未來情況將類似，因此，我們預計今年下半年的生產情況將類似。

We reported top line revenue of $58 million, up 17% year-over-year due to higher metal prices compared to Q2 2023. Cost of sales totaled $48 million, up 28% from Q2 2023 due to the strength in Mexican peso contributing to higher labor, power and consumable costs and continued inflationary effects from 2023 that flowed into 2024.

由於金屬價格較 2023 年第二季上漲，我們報告的營收為 5,800 萬美元，較去年同期成長 17%。銷售成本總計 4,800 萬美元，較 2023 年第二季成長 28%，原因是墨西哥比索走強導致勞動力、電力和消費品成本上升，以及從 2023 年到 2024 年持續的通膨影響。

At Guanacevi, purchased material from local miners increased to 18% of throughput and accounted for $5 million of our cost of sales. In Q2 2023, purchased material was $1.5 million. With higher purchased metal prices, the availability and costs of the purchased material have both increased. There are a number of benefits of purchasing the local material and management expects the purchase of materials remain elevated for the foreseeable future.

在瓜納塞維，從當地礦工購買的材料增加到吞吐量的 18%，占我們銷售成本的 500 萬美元。2023 年第二季度，採購的材料價值 150 萬美元。隨著採購金屬價格的上漲，採購材料的可用性和成本都增加了。購買當地材料有許多好處，管理層預計在可預見的未來材料採購量仍將保持在較高水準。

The higher prices also means higher royalty expense, and we are generating mining profits increasing our special mining duties, which are impacting our cost metrics. Direct operating costs or mining, processing and site administrative costs are within management's expectations.

更高的價格也意味著更高的特許權使用費，我們正在產生採礦利潤，增加我們的特殊採礦稅，這影響了我們的成本指標。直接營運成本或採礦、加工和現場管理成本在管理階層的預期之內。

Cash costs and all-in sustaining costs benefit from the higher gold credit than estimated at the beginning of the year, offsetting the higher royalties, special mining duty and increased purchased material.

現金成本和整體維持成本受益於高於年初估計的黃金信貸，抵消了更高的特許權使用費、特別採礦稅和增加的採購材料。

The company reported a net loss of $14 million for the three-month period ended June 30 2024 compared to a $1 million loss in Q2 2023. Excluding certain noncash and unusual items and items that are subject to volatility, which are unrelated to the company's operations, the adjusted loss was $1.0 million compared to the adjusted earnings of $1.6 million in Q2 2023.

該公司報告稱，截至 2024 年 6 月 30 日的三個月期間淨虧損 1,400 萬美元，而 2023 年第二季淨虧損 100 萬美元。不包括與公司營運無關的某些非現金和異常項目以及易波動的項目，調整後虧損為 100 萬美元，而 2023 年第二季調整後收益為 160 萬美元。

With production results and construction results previously released, today's substantial share price action was unexpected and still the magnitude is somewhat puzzling. With higher precious metals prices clearly, there's an expectation for better earnings. And I believe this is one data point over time, we will deliver on those expectations.

鑑於先前發布的生產業績和施工業績，今天股價的大幅波動是出乎意料的，而且幅度仍然有些令人費解。隨著貴金屬價格明顯上漲，人們預期收益會更好。我相信隨著時間的推移，這是一個數據點，我們將實現這些期望。

As of June 30 2024, the company's cash position was $68 million and working capital was $65 million. The company raised $14.7 million through share issuances primarily to fund Terronera. And during the quarter, the company completed its first drawdown of the Terronera senior secured debt facility drawing $60 million.

截至2024年6月30日，該公司的現金狀況為6,800萬美元，營運資金為6,500萬美元。該公司透過發行股票籌集了 1,470 萬美元，主要用於資助 Terronera。本季度，該公司完成了 Terronera 優先擔保債務融資的首次提取，提取金額為 6,000 萬美元。

Subsequent to the reporting end, the company completed a second draw of $50 million and has an additional $45 million committed and available for future drawdowns, expected in the third or fourth quarter.

報告結束後，該公司完成了第二次提取 5,000 萬美元，並承諾額外提取 4,500 萬美元，可用於未來提取，預計在第三季或第四季提取。

As I mentioned earlier, the Terronera project reached 65% completion with more than $204 million in the project budget spent to date. Project commitments totaled $260 million, which is 96% of our $271 million capital budget, and remains on track for commission in Q4 2024, as we continue to advance on schedule.

正如我之前提到的，Terronera 專案已完成 65%，迄今為止專案預算已支出超過 2.04 億美元。專案承諾總額為 2.6 億美元，占我們 2.71 億美元資本預算的 96%，隨著我們繼續按計畫推進，專案仍有望在 2024 年第四季投入使用。

Over 1,250 meters of underground mine development were completed in Q2 for a cumulative total of 4.5 kilometers, and our mine crews continue working in portals one, two and four declines. Development has cut through the Terronera vein and we started to develop test stopes.

第二季完成了超過 1,250 公尺的地下礦井開發，累計總長度為 4.5 公里，我們的採礦人員繼續在一號、二號和四號斜道入口工作。開發已經貫穿了 Terronera 的脈絡，我們開始開發測試採場。

On the upper platform surface and infrastructure construction is 88% complete, with concrete and structural steel erection being fully complete and mechanical piping and electrical installation, is well underway. The excavation of the tailings storage facility maintenance key tranche is about 95% complete, and the lower platform is nearly 50% complete.

上平檯面基礎建設已完成88%，混凝土和鋼結構安裝已全部完成，機械管道和電氣安裝正在順利進行中。尾礦庫維護關鍵部分的開挖工作已完成約95%，下部平台已完成近50%。

Concrete work on the lower platform is scheduled to start early Q3 and remains the critical path for commissioning in Q4. Through June 30 87 to 95 procurement packages are now complete and it's now really an exercise in execution and productivity, over the next six months. The company anticipates commissioning using temporary power with the LNG and power generation to be operational subsequent to commissioning, the temporary power has been planned and is expected to be available for Q4. Similarly there will be other minor structures under construction during commissioning.

下部平台的具體工作計劃於第三季初開始，並且仍然是第四季度調試的關鍵路徑。截至 6 月 30 日，87 至 95 個採購包現已完成，在接下來的六個月裡，這實際上是執行力和生產力的鍛鍊。該公司預計將使用臨時電力與液化天然氣進行調試，並在調試後投入運行，臨時電力已計劃好，預計將在第四季度投入使用。同樣，在調試期間還將有其他小型結構在建設中。

And lastly, from a community relations standpoint with the local community support continue to be a major commitment a plant operator training program was established a comprehensive training and support service plans is being prepared for groups, and individuals seeking to form businesses that can provide local business and services within the community.

最後，從社區關係的角度來看，當地社區的支持仍然是一項重大承諾，制定了工廠操作員培訓計劃，正在為尋求建立能夠提供當地業務的企業的團體和個人制定全面的培訓和支持服務計劃和社區內的服務。

Again for a wholesome construction update at Terronera I would encourage you to visit our website, where you'll find our early photo gallery showcasing the latest development progress and information on Terronera.

再次，為了獲得 Terronera 的健康建設更新，我鼓勵您訪問我們的網站，在那裡您會找到我們的早期照片庫，其中展示了 Terronera 的最新開發進展和資訊。

Before we move to the Q&A part of the call, I would also like to highlight that we published our 2023 Sustainability Report titled Transformation in Motion in May, that provides a deep dive into Endeavour's sustainability commitments performance and ongoing approach to responsible mining. You can view the full report and the company's strategy, on our website under the Sustainability tab.

在我們進入電話會議的問答部分之前，我還想強調一下，我們在5 月發布了題為《行動中的轉型》的2023 年可持續發展報告，該報告深入探討了Endeavour 的可持續發展承諾績效和負責任採礦的持續方法。您可以在我們網站的「永續發展」標籤下查看完整報告和公司策略。

With that operator I'm happy to open this up to some questions. Let's please proceed to that session operator.

我很樂意與該操作員一起回答一些問題。讓我們繼續討論該會話操作員。

(Operator Instructions).

（操作員說明）。

Jake Sekelsky with Alliance Global Partners.

傑克·塞克爾斯基與聯盟全球合作夥伴。

Hey, Dan and team, thanks for taking my question.

嘿，丹和團隊，感謝您提出我的問題。

No problem, Jake. Happy to take them.

沒問題，傑克。很高興接受他們。

So just starting with the finished goods build during the quarter. I'm just curious were ounces withheld for higher prices this quarter or is this just a function of timing?

因此，從本季的成品開始。我只是好奇本季是否因價格上漲而扣留了盎司，或者這只是時間的函數？

Just the timing function. I believe our last shipments kind of went out about 28, we didn't sell anything in advance. And, obviously, because of where we are in the position of building Terronera we're not holding back sales and don't expect to hold back sales at this time.

只是計時功能。我相信我們最後一批發貨大約是 28 件，我們沒有提前出售任何東西。而且，顯然，由於我們在建造 Terronera 時所處的位置，我們不會抑制銷售，也不希望此時抑制銷售。

Okay. That's helpful. And then just on foreign exchange. I'm just curious; do you think the peso has weakened to a level where you might start putting in broader company hedges in place? Or do you want to see a bit more weakness there?

好的。這很有幫助。然後就是外匯。我只是好奇；您是否認為比索已經貶值到您可以開始實施更廣泛的公司對沖的水平？或者你想看到那裡有更多的弱點嗎？

I do think there's a little bit more weakness coming in the Mexican peso just based on policy of government, but it's always difficult to determine when that weakness will show up and how long it will persist for.

我確實認為，僅基於政府政策，墨西哥比索就會出現更多疲軟，但總是很難確定這種疲軟何時會出現以及會持續多久。

At this time we have no plans to enter into any more FX hedges. We were required to enter into FX hedges under our build, under the debt facility and we are required to enter into when we go into operations some operational FX hedges but we haven't made a determination when we'll put that in place. Again I think we'll see some more weakness in the Mexican peso but we'll see.

目前我們沒有計劃進行更多的外匯對沖。我們被要求在我們的建設下、在債務融資下進行外匯對沖，並且在我們開始營運時，我們被要求進行一些可操作的外匯對沖，但我們尚未決定何時實施。我再次認為我們會看到墨西哥比索進一步走軟，但我們會看到的。

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

知道了。好的。這就是我的全部。謝謝。

Lucas Pipes with B. Riley.

派普斯 (Lucas Pipes) 與 B. Riley)。

Thank you very much, operator. Good afternoon, everyone. My first question is kind of higher level on the operating environment in Mexico. Obviously there was an election. New administration has yet to take office. But I wondered if maybe with the election in the rearview mirror there's a bit more clarity as to the priorities from a regulatory standpoint on the incoming administration? Thank you very much.

非常感謝您，接線生。大家下午好。我的第一個問題是墨西哥營運環境的更高水準。顯然有一次選舉。新政府尚未就職。但我想知道，隨著選舉的結束，從監管角度來看，即將上任的政府的優先事項是否會更加清晰？非常感謝。

Yeah. I mean, you're correct on June 2 there is an election, the MORENA Party won and probably what was expected was even better than better results for them than what was originally expected, the new President, Claudia Sheinbaum.

是的。我的意思是，你是對的，6 月2 日舉行了一次選舉，MORENA 黨獲勝，對他們來說，新總統克勞迪婭·謝因鮑姆（Claudia Sheinbaum）可能會獲得比最初預期更好的結果。

She is a successor to effectively AMLO and it will be interesting over the first couple of years in office how closely she follows the platform, which is expected to be relatively closely. She has privately and now kind of percolated out into the press, mining world, should be more pro-mining necessarily than AMLO, she is definitely more pro business.

她實際上是奧夫拉多爾的繼任者，在上任的頭幾年裡，有趣的是她對這個平台的關注程度，預計會相對密切。她私下已經滲透到媒體、採礦界，應該比 AMLO 更支持採礦業，她肯定更支持商業。

But the reforms that were put in place that have been lost through a bunch of we're still waiting on the Supreme Court decision. There's been some chatter that those will be repealed, but reput in front of the legislature in the fall.

但已經實施的改革已經透過一系列措施而失敗，我們仍在等待最高法院的裁決。有一些傳言稱這些規定將被廢除，但今年秋天在立法機關面前受到了關注。

So there is still some uncertainty coming through the current government. How this changes we'll probably be able to see that better in the next six months, I think when it comes to Mexico there's been a lot of rhetoric coming out of AMLO. I think that's going to dissipate. But ultimately it's still one of the best jurisdictions in the world to operate from a mining standpoint.

因此，現任政府仍存在一些不確定性。在接下來的六個月裡，我們可能會更好地看到這種變化，我認為當談到墨西哥時，奧夫拉多爾發表了很多言論。我認為這種情況將會消失。但最終從採礦的角度來看，它仍然是世界上運作最好的司法管轄區之一。

Again, I don't think some of the compliance requirements that are being put in or ultimately in those mining reforms will impact Endeavour significantly just because we have departments that can handle that. But again, until that comes through and actually gets properly approved or properly put through legislation, it's difficult to comment on it.

再說一遍，我認為礦業改革中正在實施或最終實施的一些合規要求不會僅僅因為我們有可以處理這些問題的部門而對 Endeavour 產生重大影響。但同樣，在這件事得到落實並真正得到適當批准或適當通過立法之前，很難對此發表評論。

Really appreciate your perspective. That's helpful. You note the additional $45 million available at Terronera in the second half of 2024. And I wondered is there any specific project milestones attached to that release? And if so, if you could maybe comment and elaborate on those? Thank you.

真的很欣賞你的觀點。這很有幫助。您注意到 Terronera 將於 2024 年下半年追加 4,500 萬美元的資金。我想知道該版本是否有任何特定的專案里程碑？如果是這樣，您是否可以評論並詳細說明這些內容？謝謝。

No, there is no specific milestones required to the independent engineers represent the banks. They do these reports and they looked at our monthly report. I won't go through that new stations to do, but everything remains on track, and we think that will be available on that, I can say six months.

不，代表銀行的獨立工程師沒有具體的里程碑要求。他們做了這些報告，並查看了我們的月度報告。我不會經過那些新的車站，但一切都保持在正軌上，我們認為這將是可用的，我可以說六個月。

Terrific. Dan, really appreciate your comments to you and the team. All the best. Best of luck.

了不起。丹，非常感謝您對您和團隊的評論。一切順利。祝你好運。

Thanks for the questions, Lucas. Good to hear from you.

謝謝你的提問，盧卡斯。很高興收到你的來信。

Craig Hutchison with TD Cowen.

克雷格·哈奇森 (Craig Hutchison) 和 TD Cowen。

Hi, guys. Just wanted to know on the underground development rates. It looks like it did pick up nicely in the second quarter. In the past I think initially you had some underground to technical issues. But can you just probably comment in terms of how that's going? Are you tracking to plan ahead of time behind plans? Just any kind of sort of sense in terms of how the underground development work is going?

嗨，大家好。只是想知道地下開發率。看來第二季確實有不錯的回升。過去，我認為最初您遇到了一些地下技術問題。但你能大概評論一下事情的進展嗎？您是否在計劃之後提前跟踪計劃？對於地下開發工作的進展有什麼感覺嗎？

Yes. No it's a really good observation Craig. Ultimately we are tracking the plan now, initially with any outset when we started at it. And there's a little bit of a learning curve just understanding ground positions and water conditions. I think the ground conditions are we defined a bit better than expectations based on technical reports.

是的。不，克雷格的觀察非常好。最終，我們現在正在追蹤該計劃，從我們開始時的任何一開始就開始追蹤該計劃。光是了解地面位置和水況就需要一點學習曲線。我認為我們定義的地面條件比基於技術報告的預期要好一些。

Water and water management is really in line with expectations, if not a little bit less. So things have been going relatively well. We have good days, we have bad days but we're hitting our mark and expect to have the mine development complete, so we can kind of hit our tonnage expectations for 2025.

水和水的管理確實符合預期，甚至少了一點。所以事情進展得相對順利。我們有好的時候，也有不好的時候，但我們正在達到目標，並期望完成礦山開發，這樣我們就可以達到 2025 年的噸位預期。

Okay. And just in terms of the overall progress 65% complete year-to-date. But can you give us some kind of sense of how you guys arrived at that number. I imagine it's a combination of dollars spent versus your budget and kind of the milestones. But just with sort of three or four months ahead of commissioning here I just want to get a sense to achieving the remaining 35-odd percent that's achievable really in the last three, four months stretch here.

好的。僅就整體進度而言，今年迄今已完成 65%。但你能為我們介紹一下你們是如何得出這個數字的嗎？我想這是花費的美元與預算和里程碑的結合。但是，距離這裡的調試還有大約三、四個月的時間，我只是想了解一下，在過去的三、四個月裡，能否實現剩下的 35% 左右的目標。

Yes, and it's a very fair question. And just from a layman standpoint, if you look at we were at 53% at the end of the first quarter and now we are effectively 65%. It's obviously a delta of 12%. You apply that over the next two quarters that takes to 77% from 65% to 77% and to 90%. One of the items that's going to be not complete for well or commissioning but probably complete slightly after ultimately, will be our LNG and power generation plant.

是的，這是一個非常公平的問題。僅從外行人的角度來看，第一季末我們的利用率為 53%，而現在我們實際上已達到 65%。顯然，增量為 12%。在接下來的兩個季度中應用這一點，需要從 65% 到 77%，再到 90%。我們的液化天然氣和發電廠是尚未完成油井或調試但可能在最終完成後不久完成的項目之一。

We had some delays of getting permits there. We are going to be on diesel generators for start of commissioning and possibly into commercial production. So ultimately, we're not tracking to 100% for commissioning.

我們在那裡獲得許可證的過程中遇到了一些延誤。我們將在柴油發電機上開始調試，並可能進入商業生產。所以最終，我們並沒有達到 100% 的調試率。

And as I say, there's some minor structures when that comes to mind as a maintenance shop that will be still being built while we're in commissioning and our expectations is that it will still be lower in there.

正如我所說，當我們想到維修車間時，會有一些小型結構，在我們調試期間仍在建造中，我們的期望是那裡的結構仍然會較低。

So thinking about as we're going to get to 100% complete prior to commissioning isn't the way to think about it it's probably more between 85% and 90% when we're there. And even as we go into commercial production, it's not necessarily that we'll be 100% complete either.

因此，在調試之前考慮我們將達到 100% 的完成度並不是正確的想法，當我們到達那裡時，我們可能會在 85% 到 90% 之間完成。即使我們進入商業生產，也不一定能 100% 完成。

Okay. That's great. Maybe last question for me just with regards to the commissioning by year-end, do you anticipate producing sort of first concentrate at that point? Or is that more early Q1 next year? Thanks.

好的。那太棒了。也許我的最後一個問題是關於年底前的調試，您預計屆時會生產第一份濃縮液嗎？或者明年第一季會更早嗎？謝謝。

Thanks to your tax, yes I mean that's getting into quite specifics. I think probably the other way I would hope to hear is that we expect to have some concentrate by the end of the year and that's kind of our expectation. Obviously, from commissioning to commercial production, it comes down to capacity and making sure, we're hitting our capacity numbers to declare commercial production but there'll be some tonnes produced during commissioning of course. It's just it's a matter of how much and exactly when that timing hits.

感謝您的稅收，是的，我的意思是，這已經變得非常具體了。我想我希望聽到的另一種方式可能是我們希望在今年年底前集中精力，這就是我們的期望。顯然，從調試到商業生產，這取決於產能，並確保我們達到了宣布商業生產的產能數字，但當然在調試期間會生產一些噸。問題只是時機到來的程度和準確時間。

Great. Thanks, guys and good luck.

偉大的。謝謝，夥計們，祝你好運。

Thanks for the questions, Craig.

謝謝你的提問，克雷格。

Heiko Ihle with H.C. Wainwright.

Heiko Ihle 與 H.C.溫賴特。

So the Terronera drawdown of the remaining $45 million, would you be able to give us some insight to when you expect to take the remainder? I assume you -- at least some of it will be needed this quarter?

那麼，Terronera 提取了剩餘的 4500 萬美元，您能否告訴我們您預計何時提取剩餘部分？我想您—本季至少需要其中一些？

Hi, this is Elizabeth Senez. Yes, we do plan to draw down this quarter.

嗨，我是伊麗莎白·塞內斯。是的，我們確實計劃在本季縮減開支。

Any idea how much or is it just played by year?

知道多少或只是按年播放嗎？

Yes, we'll see how the spend goes, but the majority of the construction spend will be incurred this quarter that's remaining. So yes, that would be the expectation.

是的，我們將看看支出如何，但大部分建設支出將在本季剩餘的時間內發生。所以是的，這就是期望。

Okay. Thank you very much. Just second question last one Dan, maybe a little bit of a philosophic question, but you guys have completed a good part of Terronera as of today obviously. Would you be able to maybe give us some color on things that went better? Maybe some things that got worse during the construction process? Maybe any line items that made the team change anything related to construction in the middle of the process?

好的。非常感謝。只是第二個問題，丹，也許有點哲學問題，但截至今天，你們顯然已經完成了 Terronera 的很大一部分。您能給我們一些進展更好的事情的資訊嗎？也許在施工過程中有些事情變得更糟？也許有任何專案讓團隊在流程中改變了與施工相關的任何內容？

Yes. I mean that's a big question. I mean every day there's things that feel like they go better and there are days that things feel like they go worse. And I think our operational team and our construction team has done a phenomenal job of always kind of finding plan Bs if needed to or even plan Cs and looking at alternatives, because obviously nothing is linear and nothing goes exactly as planned. Nothing specifically comes to mind with regards to big changes. It's just timing of different things where we make adjustments either from a concrete standpoint.

是的。我的意思是這是一個大問題。我的意思是，每天都會有一些事情感覺變得更好，也有一些日子感覺事情變得更糟。我認為我們的營運團隊和施工團隊做得非常出色，總是在需要時找到 B 計劃，甚至 C 計劃並尋找替代方案，因為顯然沒有什麼是線性的，也沒有什麼完全按計劃進行。關於重大變化，我沒有想到任何具體的事情。只是根據不同的情況，我們從具體的角度進行調整。

Obviously the footprint that Terronera is on is very small and it takes a lot of planning with regards to when we bring equipment up because ultimately, we have a laydown yard down in Port Varta and things typically don't laydown up at Terronera for longer than 48 hours.

顯然，Terronera 的佔地面積非常小，我們在搬運設備時需要進行大量規劃，因為最終我們在瓦爾塔港有一個堆放場，而物品通常不會在 Terronera 堆放超過48小時。

So we call it just in time building and some of that stuff, some of the great engineering that we've done, obviously timing, we got some releases down in the tailings facility, it was later expected to some market a lot of work that has to be done geotechnical work.

所以我們稱之為及時建設，其中一些東西，我們所做的一些偉大的工程，顯然是時機，我們在尾礦設施中釋放了一些，後來預計一些市場會做很多工作必須完成岩土工程。

I think every day there's things that guys make decisions on that are slightly different than what plan is. I got to commend on Gray and his team and how well that's gone. I even think about the mine plan and different iterations of the mine plan how we could be more efficient on that.

我認為每天人們所做的決定都會與計劃略有不同。我必須讚揚格雷和他的團隊以及他們的出色表現。我甚至考慮了採礦計劃和採礦計劃的不同迭代，我們如何提高效率。

And come up with seven different distinct mine plans and that will continue to change because even as we get into the Terronera, we're getting into with our reserves for the 96 million ounces and plummet of reserves at the base which is where target and that's about 20 meters thick.

並提出七種不同的獨特採礦計劃，這將繼續改變，因為即使我們進入 Terronera，我們的儲量也將達到 9600 萬盎司，而基地的儲量急劇下降，這是目標所在，這就是厚約20米。

It's not that the ore body ends there. It's just that that's where our estimated based on our confidence with drilling. As we get into that we're going to hopefully drill out and we find more depth and that will change our mine plans again. So I think our team has done a phenomenal job being flexible and making adjustments on the run. But it all lines up. And again we're tracking for commissioning in the fourth quarter.

礦體並非就此結束。這只是我們根據我們對鑽探的信心所進行的估計。當我們進入這個階段時，我們希望能夠鑽探並找到更多深度，這將再次改變我們的採礦計劃。所以我認為我們的團隊在靈活性和運作中做出調整方面做得非常出色。但這一切都是一致的。我們再次追蹤第四季度的調試情況。

Trevor Ward private investor.

特雷弗·沃德私人投資者。

Hey, Dan, good morning, everybody. Obviously pretty shocking. I'm a bit of a gambler. So I got a lot of eggs in one basket with Endeavour. So when we see your stock has tumble like it is today, I mean I'm down personally almost 32000 on paper in one day. Fortunately since we last spoke actually up overall since I got my position. But I'm just curious as a layman as somebody who's not well educated especially in the buying and selling of stocks I decided to get into silver. But I have bought and sold things over time.

嘿，丹，大家早安。顯然相當令人震驚。我有點像賭徒。所以我用奮進號在一個籃子裡裝了很多雞蛋。因此，當我們看到你們的股票像今天這樣暴跌時，我的意思是，我個人一天之內就跌了近 32000 點。幸運的是，自從我上任以來，我們上次的發言實際上總體上是一致的。但作為一個外行人，我只是很好奇，因為我沒有受過良好的教育，尤其是在股票買賣方面​​，我決定投資白銀。但隨著時間的推移，我也買賣過東西。

And so if I manufacture something like I make surfboards and things out there if I make you a surfboard and let's say for instance with all my costs it costs me $23. Obviously that's not relative but say it costs me $23 after all my costs.

因此，如果我製造類似衝浪板之類的東西，如果我為您製造衝浪板，那麼舉例來說，加上我的所有成本，它花費了我 23 美元。顯然這不是相對的，但在扣除所有費用後，我花了 23 美元。

And then I sell it for $29. I would say that I made $6. So maybe you can explain to me in layman terms why you don't make the adjustments whereby it's easier for us to understand how you lose money if your overall costs are way less than what you sold before? Can you explain that to me laymen terms and where these other interest costs come why the losses have been so huge in this quarter?

然後我以 29 美元的價格賣掉它。我想說我賺了 6 美元。所以也許你可以用外行人的話向我解釋為什麼你不進行調整，這樣我們就更容易理解如果你的總體成本遠低於你之前銷售的成本，你是如何虧損的？您能否向我解釋一下外行人術語以及這些其他利息成本從何而來，為什麼本季的損失如此巨大？

I mean the overall consensus for the market was that you would show a profit of $0.04. Whereas why you're showing a loss of $0.06. I mean it's pretty devastating to investors. And then you said you're curious why the market has reacted the way it has. I mean I understand the whole market is down today but maybe you can enlighten me a little bit more in layman's terms how it's computed into such a big loss. Answer.

我的意思是，市場的整體共識是您將獲得 0.04 美元的利潤。而為什麼您顯示虧損 0.06 美元。我的意思是這對投資者來說是毀滅性的。然後你說你很好奇為什麼市場會做出這樣的反應。我的意思是，我知道今天整個市場都在下跌，但也許你可以用外行人的術語告訴我，它是如何計算成如此大的損失的。回答。

Yes. It's a very fair question Trevor. And I think part of it and one of the things in the mining space we talk about cash costs we've talked about all-in sustaining costs. Obviously cash cost is kind of on an operating basis all-in sustaining cost takes into account G&A which costs exploration dollars that we spend to increase and extend mine life hopefully grow the mines.

是的。這是一個非常公平的問題，特雷弗。我認為其中一部分以及採礦領域的一件事我們談論的是現金成本，我們談論的是全部維持成本。顯然，現金成本是在營運基礎上的，所有維持成本都考慮到一般行政費用，這會花費我們用於增加和延長礦山壽命並希望擴大礦山的勘探費用。

And then sustaining capital and sustaining capital obviously from an income stand income statement standpoint doesn't hit earnings. And we always try to have this one metric that solves or distinguishes the company and allows peer groups to kind of compare themselves relatively quickly. And I think as accounted by trade you need a balance sheet income statement and cash flow statement to fully understand what's actually happening with the company.

然後，從損益表的角度來看，維持資本和維持資本顯然不會影響收益。我們總是試圖建立一個能夠解決或區分公司的指標，並允許同儕群體相對快速地進行相互比較。我認為，按照貿易核算，您需要資產負債表損益表和現金流量表才能充分了解公司的實際情況。

And unfortunately there's in the IFRS world or the accounting principles world there's been a lot more noise that goes through the income statement now than there was before and makes it a lot more difficult for the layman's term to understand what's going through an income statement and ultimately our financial statements.

不幸的是，在國際財務報告準則世界或會計原則世界中，現在損益表中的噪音比以前多得多，這使得外行人更難以理解損益表中的內容，並最終我們的財務報表。

In our case, for this quarter, we have a $9 million loss related to derivatives. And under our credit facility for Terronera, we're required to hedge 68,000 ounces of gold that we locked in at $2,325, I believe on March 28.

就我們而言，本季我們與衍生性商品相關的損失為 900 萬美元。根據我們為 Terronera 提供的信貸安排，我們需要對沖 68,000 盎司黃金，我相信是在 3 月 28 日鎖定的，價格為 2,325 美元。

Obviously, gold appreciated during the quarter, which is a great thing, great for the long-term benefit of Endeavour. But we do recognize a loss on those forward contract -- those contracts amounting to about $75 per ounce this quarter. That translates in the $7.5 million loss in derivatives, that's not impacting to our current operations and obviously, out of our hands. And as I say, long-term it's probably a benefit. Short-term, it's a movement. It's a mark-to-market.

顯然，黃金在本季升值，這是一件好事，對奮進集團的長期利益非常有利。但我們確實承認這些遠期合約的損失——本季度這些合約的損失約為每盎司 75 美元。這意味著衍生性商品損失了 750 萬美元，這不會影響我們目前的運營，而且顯然超出了我們的控制範圍。正如我所說，從長遠來看，這可能是有利的。短期來看，這是一場運動。這是按市值計價的。

Obviously, gold today is around $24.50. Other times during the quarter, it got down to $23, $25, $23.50. And possibly at the end of Q3, when we go through this with gold below $2,400, you recognize a gain on that on those derivative contracts. We also have FX derivative contracts that go through our income statement. With all about it makes noise and that's driving our $14 million loss for the quarter.

顯然，今天的黃金價格約為 24.50 美元。在本季的其他時候，價格跌至 23 美元、25 美元、23.50 美元。可能在第三季末，當我們在金價低於 2,400 美元的情況下經歷這一過程時，您會認識到這些衍生性合約的收益。我們的損益表中還有外匯衍生性商品合約。所有這些都會產生噪音，這導致我們本季虧損 1,400 萬美元。

Again, we look at it as a management team from an adjusted things that we can operate on. And our cost to produce at Guanacevi on an operating basis or at both our operations was $13.43 that excludes depreciation. I think depreciation needs to be considered in there and that's a total production cost per ounce and that's about $22 for us.

再次，我們將其視為一個管理團隊，從調整後的事物中我們可以操作。我們在瓜納塞維的營運成本或我們兩個營運點的生產成本為 13.43 美元（不包括折舊）。我認為需要考慮折舊，即每盎司的總生產成本，對我們來說約為 22 美元。

But we do have other things that boost our income statement and that's investing into the future of the company. We have our exploration properties. So we have exploration Pitarrilla one of the things that come mainly to mine. It's one of the world's largest undeveloped silver deposits. We don't capitalize that work. We expense it to our income statement.

但我們確實還有其他事情可以提高我們的損益表，那就是對公司未來的投資。我們有我們的勘探資產。因此，我們對 Pitarrilla 的探索主要是針對我的事情之一。它是世界上最大的未開發銀礦之一。我們不會利用這項工作。我們將其計入損益表。

Again that creates noise but we think that brings long-term value to our shareholders. And the fact that we want to bring Pitarrilla into production when Terronera is done and there's a lot of work left to be done there, but we think that will be beneficial long-term to shareholders. So, of course, today's drop of about 20%, a lot higher than our peers. And that's what we find puzzling, because we did put out our production numbers and the production numbers are in line with expectations.

這再次產生了噪音，但我們認為這為我們的股東帶來了長期價值。事實上，我們希望在 Terronera 完成後將 Pitarrilla 投入生產，而且還有很多工作要做，但我們認為這將對股東長期有利。所以，當然，今天的跌幅約為20%，比我們的同行高很多。這就是我們感到困惑的地方，因為我們確實公佈了我們的生產數字，並且生產數字符合預期。

Our Terronera construction, which is a lot of what people are looking at for the future value of this company, is in line with expectations. The additional noise going through income statement can be frustrating and that goes through it, but I never like to look at our share price on a one-day basis. So even if we're up 20%, that's a great day but it's meaningful -- not as meaningful if you can put that stack that together with one week, one month, one quarter, one year. So again, we wish it wasn't down 20% today, which is about 15% higher than our peers. I think that will grind back. So stick with us and I believe we'll be able to deliver on this going forward.

我們的 Terronera 建設是人們對這家公司未來價值的許多關注，它符合預期。損益表中的額外噪音可能會令人沮喪，但我從來不喜歡單日查看我們的股價。因此，即使我們上漲了20%，這也是美好的一天，但它很有意義——如果你能把這一堆錢與一周、一個月、一個季度、一年放在一起，那就沒有那麼有意義了。所以，我們再次希望它今天沒有下跌 20%，這比我們的同行高出約 15%。我認為這會磨回來。因此，請繼續關注我們，我相信我們將能夠實現這一目標。

Okay. Yes. So what about in the future there? How many other derivatives not that I really understand what derivatives are. But going forward how much more of this are you still leverage for that? I mean how do we know that in the third quarter, the fourth quarter, you haven't got all these other derivatives that are stacking up further and of course, losses in future quarters?

好的。是的。那麼那裡的未來呢？還有多少衍生性商品不是我真正了解的衍生性商品是什麼。但展望未來，您還能利用多少槓桿來實現這一目標？我的意思是，我們怎麼知道在第三、第四季度，你沒有得到所有其他衍生性商品進一步增加，當然還有未來幾季的損失？

Yes. And they'll be there. So, the 68,000 ounce gold contracts that we're going to sell are going to effectively roll out in 2025 and 2026. So those are going to be there. If gold price continues to appreciate and we're looking at gold at $2,800 I think you'd agree that's positive for the company long-term.

是的。他們會在那裡。因此，我們要出售的 68,000 盎司黃金合約將在 2025 年和 2026 年有效推出。所以這些都會在那裡。如果金價繼續升值並且我們將金價定在 2,800 美元，我認為您會同意這對公司的長期發展是有利的。

Ultimately, if it goes down and then positive for the company long-term, but ultimately it's going to create losses going through our income statement until those roll out. If it goes the other way it's going to create gains to it. So they're going to be there.

最終，如果它下降，然後對公司的長期發展有利，但最終它將在我們的損益表中造成損失，直到這些損失出來。如果它朝相反的方向發展，它將為其創造收益。所以他們會在那裡。

I would again from a layman standpoint they are non-cash items. It doesn't mean we're losing cash off our balance sheet. It means we're recognizing the decision that we've had to do through our credit facility that loss now for the future. Under IFRS we're required to do it from a mark-to-market standpoint and that's fine. Again it rolls out over the next two years. And so I can't promise that it won't be there.

我再次從外行人的角度來看，它們是非現金物品。這並不意味著我們正在從資產負債表中損失現金。這意味著我們正在認識到我們必須透過信貸安排做出的決定，即現在的損失是為了未來。根據《國際財務報告準則》，我們需要從以市價計價的角度來做這件事，這很好。它再次在未來兩年內推出。所以我不能保證它不會在那裡。

Well, it helps. Okay. Thanks. All the best.

嗯，這有幫助。好的。謝謝。一切順利。

Thanks for the questions. Trevor.

感謝您的提問。特雷弗.

Thanks, everyone.

謝謝大家。

Henry Westenberg Private Investor.

亨利·韋斯特伯格私人投資者。

Good morning. Very interesting call. We're all very excited about Terronera. But could you give us a few words on this year's progress on Pitarilla. Is there anything moving there? Or you kind of get that in the bench until you get Terronera up and running?

早安.非常有趣的電話。我們都對 Terronera 感到非常興奮。但您能為我們介紹一下 Pitarilla 今年的進展嗎？那裡有東西在動嗎？或者你可以把它放在替補席上，直到你讓 Terronera 啟動並運行？

Yes, it is moving and we've got a $5 million budget at Pitarrilla for 2024. We are starting to drill at Pitarrilla now. We have a one kilometer added at the beginning of the year we've extended that area. It's going to we expect it to go through some gains in a zone in the back half of this year.

是的，它正在發生變化，我們為 Pitarrilla 制定了 2024 年 500 萬美元的預算。我們現在開始在皮塔里拉鑽探。今年年初，我們擴大了該區域，並增加了一公里。我們預計它將在今年下半年在一個區域內經歷一些上漲。

So we'll have results and a plan put together for the marketplace hopefully by the end of this year. We are excited about it. Obviously it's one of the world's largest undeveloped silver deposits. It's got a resource defined close to 600 million ounces of silver plus one in Vic. We are looking at it from an underground standpoint. We are underground miners.

因此，我們希望在今年年底之前為市場制定結果和計劃。我們對此感到興奮。顯然，它是世界上最大的未開發銀礦之一。它的白銀資源量接近 6 億盎司，再加上維多利亞州的一盎司。我們是從地下的角度來看它的。我們是地下礦工。

I know Pitarrilla and a lot of people out in the market place understand Pitarrilla as an open-pit mine from a historical feasibility study that was done by Silver Standard or SSR Mining. Again, we're looking at it from an underground standpoint. It just started drilling to confirm some of the hypothesis that we have with regards to feeder structures and mantles. Again expect to have information out by the end of the year on that.

我認識 Pitarrilla，市場上的許多人從 Silver Standard 或 SSR Mining 進行的歷史可行性研究中了解到 Pitarrilla 是一個露天礦場。同樣，我們是從地下的角度來看它的。它剛開始鑽探，以證實我們關於支線結構和地幔的一些假設。再次期望在今年年底前獲得相關資訊。

That's terrific. Thank you.

太棒了。謝謝。

Thanks for the question, Henry.

謝謝你的提問，亨利。

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

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。請繼續。

Thank you operator and thank you for everybody listening today. I think Q3 in the back half of the year is going to be an exciting time for Endeavour. We try to bring Terronera into commissioning and ultimately commercial production to significantly increase our production profile and ultimately cut our cost profile.

謝謝接線生，也謝謝今天收聽的大家。我認為今年下半年的第三季對於奮進來說將是一個令人興奮的時刻。我們嘗試將 Terronera 投入調試並最終進行商業生產，以顯著提高我們的產量並最終降低我們的成本。

So thank you again for listening and I hope to talk to you guys soon.

再次感謝您的聆聽，我希望很快能與你們交談。

This brings to an 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。