Endeavour Silver Corp (EXK) 2024 Q3 法說會逐字稿

Welcome to the Endeavour Silver Corp. third-quarter 2024 results conference call. (Operator Instructions) The conference is being recorded.

歡迎參加 Endeavour Silver Corp. 2024 年第三季業績電話會議。（操作員指示）會議正在錄音。

(Operator Instructions) I would now like to turn the conference over to Allison Pettit, Director of Investor Relations. Please go ahead.

（操作員指示）現在，我想將會議交給投資者關係總監 Allison Pettit。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 edrsilver.com. On today's call, we have Dan Dickson, Endeavour Silver's CEO; Elizabeth Senez, our CFO; and Don Gray, Endeavour's COO. Following Dan's formal remarks, we will open the call for questions.

謝謝接線員，大家早安。在我們開始之前，我請您查看我們的 MD&A，以了解有關前瞻性陳述的警告性語言以及與這些陳述相關的風險因素。我們的 MD&A 和財務報表可在我們的網站 edrsilver.com 上查閱。今天的電話會議由 Endeavour Silver 的執行長 Dan Dickson 主持；我們的財務長 Elizabeth Senez；以及 Endeavour 的營運長唐·格雷 (Don Gray)。丹正式發言後，我們將開始提問。

And now, over to Dan.

現在，交給丹。

Thank you, Allison, and welcome, everyone. It's been a busy third 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.

謝謝你，艾莉森，歡迎大家。Endeavour Silver 的第三季非常忙碌。隨著金價創下歷史新高且白銀價格也開始跟隨其後，該公司的現金流和財務狀況應會繼續受益於金價的上漲。

From an operational standpoint, Q3 brought an unexpected challenge as the company operated at reduced capacity due to a trunnion failure of the primary ball mill at the Guanacevi mine. Temporary modifications were completed in August, allowing processing to continue at roughly 50% of capacity.

從營運角度來看，第三季帶來了意想不到的挑戰，因為由於 Guanacevi 礦場的主球磨機耳軸出現故障，導致公司產能下降。臨時改造已於 8 月完成，目前處理能力可持續達到約 50%。

The estimated timeline back to full capacity remains at 15 weeks with the mine being in full operation next month. I would like to extend my thanks to our operations team for their dedicated efforts in mitigating the issue. Q3 silver equivalent production totaled 1.6 million ounces or 875,000 ounces of silver and 9,300 ounces of gold; tracking well towards the updated 2024 production guidance of 7.3 million to 7.6 million silver equivalent ounces.

該礦將於下個月全面投入運營，預計恢復滿載生產的時間仍為 15 週。我要向我們的營運團隊表示感謝，感謝他們為緩解這一問題所做的不懈努力。第三季白銀當量產量總計160萬盎司，即87.5萬盎司白銀和9,300盎司黃金；產量與最新公佈的 2024 年 730 萬至 760 萬盎司白銀當量產量指引相符。

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 we expect the production profile in the fourth quarter to be similar to Q3.

白銀當量品位符合預期，其中黃金品位略高，白銀品位略低。預計未來情況將類似，我們預計第四季的生產狀況將與第三季相似。

At Terronera, substantial progress was made during the third quarter. Surface construction reached 77% at September 30 with more than $258 million spent to-date. The finish line is in sight as Terronera continues to remain on track for commissioning near the end of the year, and we are excited to have this transformative project added to our production profile in 2025.

在 Terronera，第三季取得了實質進展。截至 9 月 30 日，地面建設已完成 77%，迄今已花費超過 2.58 億美元。Terronera 專案仍在按計劃於年底前投入運行，終點線就在眼前，我們很高興能在 2025 年將這個變革性專案添加到我們的生產計劃中。

Moving to our financials, we reported top line revenue of $53 million, up 8% year-over-year, benefiting from the higher precious metal prices compared to Q3 2023. Cost of sales totaled $41 million, a decrease of 12% compared to Q3 2023, driven by lower silver ounces sold in the quarter as well as cost management measures undertaken at Guanacevi following the new trunnion failure, which also includes the termination of a third-party contract mining activities.

談到我們的財務狀況，我們報告的營收為 5,300 萬美元，年增 8%，受惠於與 2023 年第三季相比貴金屬價格上漲。銷售成本總計 4,100 萬美元，與 2023 年第三季相比下降 12%，原因是本季度銷售的白銀盎司數量減少，以及在新的耳軸故障後在 Guanacevi 採取的成本管理措施，其中還包括終止第三方合約採礦活動。

Direct operating costs on a per tonne basis and a per ounce basis were elevated due to the reduced operating capacity at Guanacevi. Because of the reduced operating capacity, management withdrew cost guidance for 2024 in August. The company reported a net loss of $17 million for the three-month period ended September 30, 2024, compared to a $2.3 million loss in Q3 of 2023.

由於瓜納塞維 (Guanacevi) 的營運能力下降，每噸和每盎司的直接營運成本均有所上升。由於營運能力下降，管理層於 8 月撤回了 2024 年的成本指引。該公司報告稱，截至 2024 年 9 月 30 日的三個月淨虧損為 1,700 萬美元，而 2023 年第三季的虧損為 230 萬美元。

Excluding certain non-cash and unusual items and items that are subject to volatility which are unrelated to the company's operations, adjusted income was $1.6 million compared to an adjusted loss of $8.3 million in Q3 2023. As at September 30, the company's cash position was $55 million and working capital was $29 million.

不包括與公司營運無關的某些非現金和不尋常項目以及易波動的項目，調整後收入為 160 萬美元，而 2023 年第三季調整後虧損為 830 萬美元。截至 9 月 30 日，該公司的現金狀況為 5,500 萬美元，營運資金為 2,900 萬美元。

During the quarter, the company completed drawdowns of $25 million from the senior secured debt facility for Terronera, and subsequent to the quarter, the company completed its final drawdown of $35 million. As I mentioned earlier, the overall progress at Terronera reached 77% with more than $258 million of the project's budget spent to date. Project commitments totaled $270 million, which is 99% of the $271 million capital budget and remains on track for commissioning near the end of Q4 2024.

本季度，該公司從 Terronera 的優先擔保債務工具中提取了 2,500 萬美元，本季結束後，該公司完成了 3,500 萬美元的最終提取。正如我之前提到的，Terronera 的整體進度達到了 77%，迄今為止專案預算已花費超過 2.58 億美元。專案承諾總額為 2.7 億美元，佔 2.71 億美元資本預算的 99%，預計在 2024 年第四季末投入使用。

During the third quarter, 1,050 meters of underground mine development was completed for a cumulative total of 5,550 meters, and the team continued progressing Portals 1, 2, and 4, with long-hole stopes being developed and initial production planned for Q4. The underground explosive magazines were also completed with the explosive use permit applications submitted for approval and anticipated in the new year.

第三季度，已完成地下礦開採 1,050 米，累計開採量達 5,550 米，團隊繼續推進 1 號、2 號和 4 號礦門，並正在開發長孔採場，計劃在第四季度進行初期生產。地下炸藥庫也已完工，炸藥使用許可證申請已提交審批，預計新年完成。

On the Upper Platform, surface mill and infrastructure construction is 90% complete and continues to transition to operations. The Coarse Ore Stockpile and Reclaim Tunnel reached 100% completion with pre-commissioning testing beginning in the third quarter and the primary jaw crusher was commissioned, with rock in August, marking a major project milestone.

在上層平台，地面銑刨和基礎設施建設已完成 90%，並繼續轉入營運階段。粗礦石堆場及回收隧道已 100% 完工，預調試測試於第三季度開始，主要顎式破碎機已於 8 月投入使用，標誌著該項目的一個重要里程碑。

The excavation of the tailings storage facility, embankment, key trench is 100% complete with the secondary key at 40% complete. Structural steel columns and beams were erected for the Concentration Filter building and equipment mechanical structures and remains on the critical path for commissioning in Q4. Through September 30, procurement was 99% complete, and the project team continues to expedite pending arrivals.

尾礦庫、路堤、關鍵溝渠的開挖已完成 100%，次要關鍵溝渠的開挖已完成 40%。濃縮過濾器廠房和設備機械結構已建造好結構鋼柱和梁，目前仍處於第四季度調試的關鍵路徑上。截至9月30日，採購已完成99%，專案團隊正持續加快待到貨速度。

And lastly, from a community relations standpoint, with local community support continue to be a major commitment, in Q3, the company supported a series of local initiatives and investments such as: the inauguration of an early-childhood development center, scholarships for university students in Santiago de Pinos, municipal road maintenance, workshops for business entrepreneurship for local residents, environmental education program for primary schools, community tree donation, and summer community workshops for children and youth.

最後，從社區關係的角度來看，當地社區的支持仍然是公司的主要承諾，在第三季度，公司支持了一系列當地舉措和投資，例如：開設兒童早期發展中心、為聖地亞哥德皮諾斯的大學生提供獎學金、市政道路維護、為當地居民舉辦創業研討會、為小學舉辦環境教育計劃、社區樹木捐贈以及為兒童和青少年舉辦的夏季社區研討會。

For a fulsome construction update at Terronera, I encourage you to visit our website where you'll find our quarterly photo gallery showcasing the latest developments, progress and information.

要了解 Terronera 的完整建設更新，我鼓勵您訪問我們的網站，在那裡您可以找到我們的季度照片庫，展示最新發展、進展和資訊。

With that, I'm happy to open up to questions. Operator, please proceed to our Q&A session.

因此，我很樂意回答大家的問題。接線員，請繼續我們的問答環節。

(Operator Instructions) Heiko Ihle, H.C. Wainwright.

(操作員指示) Heiko Ihle，H.C.溫賴特。

Hey, team. I assume you guys can hear me okay.

嘿，團隊。我想你們應該都能聽到我的聲音。

We can hear you really well, Heiko. It's nice to hear from you.

我們聽得很清楚，Heiko。很高興收到你的來信。

Perfect. I was going through your October 21 press release regarding Terronera earlier today again. Just a few follow-ups from the release. You hinted at a few of them earlier on this call. You mentioned that you're recruiting and training team members.

完美的。今天早些時候，我再次閱讀了您 10 月 21 日有關 Terronera 的新聞稿。這只是發布後的幾個後續事件。您之前在這次通話中暗示了其中的幾個。您提到您正在招募和培訓團隊成員。

How many folks are currently on the payroll? And can you maybe give a trajectory for staffing levels with the timeline from now until full employment at the site?

目前有多少人在領薪水？您能否給出從現在到現場實現充分就業期間人員配備水準的時間表？

I can tell you that full employment at the site when we're in operations is about just over 500 people. Currently, we're well over 750 people at site. In fact, we have a second shift coming to help push us to the end of the year here with regards to our tailings filter press.

我可以告訴你，我們營運時現場的充分就業人數大約剛超過 500 人。目前，現場人數已超過 750 人。事實上，我們將進行第二次轉變，以幫助我們推動尾礦濾壓機在今年年底前完工。

As far as the ramp-up of where we're exactly right now compared to where we're going to be when we're in full operations, I think we have about 250 Endeavour Silver employees, and I think there's actually 800 contract workers on site trying to push to get us to the end here.

就我們目前的情況與全面運營時的情況相比而言，我認為我們大約有 250 名 Endeavour Silver 員工，而且我認為現場實際上有 800 名合約工在努力推動我們到達終點。

Impressive numbers. Building on all of that, and again, you had some talking points that preempted some of this in your prepared remarks. Are you seeing community embracement from all of this? I mean, there's still a decent amount of local job creation from all of this. What are you seeing?

令人印象深刻的數字。基於所有這些，您再次在準備好的發言中提出了一些談話要點，取代了上述部分內容。您是否看到了社區對這一切的接納？我的意思是，這一切仍然可以創造大量當地就業機會。你看到了什麼？

Can you maybe give some examples of -- and obviously, you're doing the scholarships and you're doing all sorts of stuff. Is it working? Are they embracing it?

您能否舉幾個例子——顯然，您正在辦理獎學金並做各種各樣的事情。它能正常工作嗎？他們接受它嗎？

Yeah, I'll touch on a bit, maybe pass it to Don, who's at site a bit more than I am. But ultimately, we've had a community relations group on site since 2013 when we really acquired the property. And I got to hand it to our explorations team that's done a phenomenal job of incorporating things that would help the community benefit from our mine and ultimately incorporating them with understanding what we're doing at Terronera, I'd say over our last four or five years, we've had great engagement with the community. I think Santiago De Los Pinos will benefit greatly, and I think they're greatly involved.

是的，我會稍微談一下，也許會把它傳給 Don，他在現場的時間比我多一點。但最終，自 2013 年我們真正獲得該房產以來，我們就在現場設立了一個社區關係小組。我必須把它交給我們的勘探團隊，他們做了一項出色的工作，將能夠幫助社區從我們的礦山中受益的東西結合起來，並最終將它們與理解我們在 Terronera 所做的事情結合起來，我想說，在過去的四五年裡，我們與社區進行了很好的互動。我認為聖地亞哥德洛斯皮諾斯將受益匪淺，而且我認為他們會積極參與。

We've hired people there and ultimately brought a lot of direct and indirect jobs to the community. As far as the programs that we have, and it's similar to what we've always done at Guanacevi and Bolanitos, I mean it -- we feel like we're neighbors and to be a good neighbor, you got to be part of the community and help out where we can.

我們在那裡僱用了員工，最終為社區帶來了許多直接和間接的就業機會。就我們所進行的計畫而言，它與我們在瓜納塞維 (Guanacevi) 和博拉尼托斯 (Bolanitos) 一直在開展的項目類似，我的意思是——我們感覺自己就像鄰居一樣，而要成為一個好鄰居，你就必須成為社區的一部分，並儘我們所能提供幫助。

Obviously, I touched on some in my talk with tree donations, community support for various days like Day of the Dead. We're always involved with that and we're always looking at ways to incorporate ourselves in the community because, obviously, having a social license to operate has been a foundation of Endeavour, and I think that's going to continue to be the case.

顯然，我在演講中提到了一些問題，例如樹木捐贈、社區對亡靈節等各種節日的支持。我們一直致力於此事，也一直在尋找融入社區的方法，因為顯然，獲得社會經營許可一直是 Endeavour 的基礎，我認為這種情況會繼續存在。

Don, I don't know if there's anything else you want to add or other community programs that we're doing that you see has been greatly beneficial.

唐，我不知道您是否還有什麼要補充的，或者您認為我們正在進行的其他社區計畫是否對您有很大幫助。

I think I'll mentioned on our -- we have a phased training program for our mill operators, and many of the people in the area don't have experience, and so, we're bringing them in for early training. And when we first started the program, we had a few vacancies in there.

我想我會提到——我們為工廠操作員制定了分階段的培訓計劃，該地區的許多人沒有經驗，因此，我們會讓他們接受早期培訓。當我們剛啟動該計劃時，那裡有幾個空缺職位。

And then as the word got around that the training was good and the company was serious, we filled out all the slots. So, I think that's a real tribute to our guys, putting together good programs and working with the community.

隨著人們紛紛表示培訓很好而且公司很認真，我們就填滿了所有的名額。所以，我認為這是對我們的員工的真正讚揚，他們制定了優秀的計劃並與社區合作。

Very good. And then just completely different follow-up on something else. Can you give some color on where we should model G&A for the remainder of the year and maybe even 2025, assuming the share price stays where it is, given the revaluation of the DSU liabilities, the cash-settled one that you encountered this quarter, please?

非常好。然後對其他事情進行完全不同的跟進。您能否詳細說明一下，假設股價保持現狀，考慮到 DSU 負債的重新估價，即您本季度遇到的以現金結算的負債，我們應該如何模擬今年剩餘時間甚至 2025 年的 G&A 費用？

Yeah. No, for sure. It's -- I'm not going to get too much into 2025, but ultimately, if you look back at the history of Endeavour, our G&A from a cash perspective has always been about USD8 million to USD10 million. And then you can put in the DSUs and mark-to-market on DSUs or stock-based comp. I don't know why our G&A would ramp up significantly in 2025 compared to 2024. And I believe we're tracking right along those lines of $8 million to $10 million in cash G&A.

是的。不，當然。我不會過多談論 2025 年，但最終，如果回顧 Endeavour 的歷史，從現金角度來看，我們的 G&A 一直約為 800 萬美元到 1000 萬美元。然後，您可以放入 DSU，並根據 DSU 或股票薪資進行市價調整。我不知道為什麼我們的 2025 年 G&A 費用會比 2024 年大幅增加。我相信我們正朝著 800 萬到 1000 萬美元的現金 G&A 方向發展。

Very good. I'll get back to queue. Thank you so much.

非常好。我會回到隊列。太感謝了。

Lucas Pipes, B. Riley Securities

Lucas Pipes、B. Riley 證券

Thank you so much, operator. This is Nick Giles asking questions on behalf of Lucas. Dan and team, congrats on all the progress at Terronera so far. Maybe a question for both Dan and Don. Just would love to get a little bit more color about the ramp process, how to think about timing? And ultimately, what would you consider the largest potential bottlenecks during that process? Thank you very much.

非常感謝，接線生。這是尼克吉爾斯 (Nick Giles) 代表盧卡斯提出的問題。丹和團隊，祝賀 Terronera 迄今為止的所有進展。這可能是丹和唐都想問的問題。只是想了解更多關於坡道過程的詳細信息，如何考慮時間安排？最後，您認為過程中最大的潛在瓶頸是什麼？非常感謝。

Thanks, Nick. I can help out a little bit with Don. Ultimately, we expect a three-month ramp-up. We're hoping to go a little bit quicker and I'll leave it to Don what he expects the bottlenecks could be, but I'm sure there's many that come through his head.

謝謝，尼克。我可以為唐提供一點幫助。最終，我們預計三個月內會出現成長。我們希望能稍微快一點，至於瓶頸是什麼，我交給唐來決定，我相信他心裡有很多想法。

Yeah,I mean, it's normal -- you have the normal start-up items, and we do have much of the upper platform completed. So, there's a lot of things we can get prechecked in advance. Where we'll have the focus is on the -- especially on the concentrate and the tailing filters there. We want to get one circuit up and running real well, and then we can complete a lot of the commissioning.

是的，我的意思是，這是正常的——你有正常的啟動項目，而且我們確實已經完成了大部分上層平台。所以，我們可以提前檢查很多事情。我們的重點是——特別是那裡的精礦和尾礦過濾器。我們希望讓一個電路真正正常運行，然後我們就可以完成很多調試工作。

So, our focus will be there, and we feel we brought in the right talent, have the vendor support. So we think it'll go along as planned.

所以，我們的重點將放在那裡，我們覺得我們引進了合適的人才，並得到了供應商的支持。因此我們認為一切都將按計劃進行。

Don, that's great to hear. I appreciate the color. Any updated view on cash costs or all-in sustaining, just based on current gold and silver prices?

唐，聽到這個消息我很高興。我很欣賞這個顏色。僅基於目前的黃金和白銀價格，對現金成本或全維持成本有何最新的看法？

Yeah, I'm guessing, Nick, you're asking for 2025 and related to Terronera?

是的，我猜，尼克，你問的是 2025 年並且與 Terronera 有關？

That's correct.

沒錯。

Yeah, our plan will be, once we get into commissioning and into ramp up, we'll come out with 2025 guidance early next year. Ultimately, our feasibility study that came out in 2021, we updated that great -- prior to start of the build or ultimately making our investment decision. And our cost per tonne at the time was $81, and we fully understand that we've seen a lot of inflationary pressures over the last two years, and we've seen that at our existing operations want us to be in Guanacevi and Bolanitos.

是的，我們的計劃是，一旦我們進入調試和提升階段，我們將在明年年初推出 2025 年的指導方針。最終，我們在 2021 年發布的可行性研究報告中，在開始建造或最終做出投資決策之前，對其進行了更新。我們當時每噸的成本是 81 美元，我們完全理解過去兩年來我們看到的巨大的通膨壓力，而且我們看到，我們現有的業務希望我們在瓜納塞維和博拉尼托斯開展業務。

As we get into, going through all our budgeting and make sure our cost driver is right, it will take a little bit of time, and we want to make sure we understand all the numbers and then the timelines to come out with that. So you can bear with us. We expect them to come out, like I say, in January, February of next year.

當我們開始進行所有預算並確保我們的成本驅動因素正確時，這將花費一點時間，並且我們希望確保我們理解所有數字，然後製定時間表。所以你得忍耐一下。正如我所說，我們預計它們將於明年一月或二月問世。

Fair enough. No, I appreciate that. And if I can squeeze one more in, maybe a question for Elizabeth. It would be great to get your perspective on target liquidity, cash on balance sheet just as Terronera reaches full run rates?

很公平。不，我很感激。如果我可以再擠出時間的話，也許我會問伊莉莎白一個問題。當 Terronera 達到滿載運轉率時，能否了解一下您對目標流動性、資產負債表上現金的看法？

Yeah. So, as you saw at the end of September, we had $55 million in cash. And obviously, during the month of October, we've been continuing to build Terronera. But what we're seeing is that a lot of the deposits that were made in advance with our vendors are now being applied to our activities.

是的。所以，正如你在九月底看到的，我們有 5500 萬美元的現金。顯然，十月我們一直在繼續打造 Terronera。但我們看到，我們向供應商預付的許多定金現在都用於我們的活動。

So the cash burn at Terronera has been slowing down. So we do anticipate a smooth cash position as we move into 2025 and start that ramp-up process and to see cash flows coming in at Terronera early in 2025.

因此，Terronera 的現金消耗一直在放緩。因此，我們確實預計，在進入 2025 年並開始這一加速過程時，現金狀況將平穩，並且 Terronera 將在 2025 年初實現現金流。

Great. That's super helpful. Dan, Elizabeth, Don, to you and the rest of the team, continued best of luck. Thanks so much.

偉大的。這非常有幫助。丹、伊莉莎白、唐，祝你和團隊的其他成員好運。非常感謝。

Thanks, Nick. Good questions.

謝謝，尼克。好問題。

Nicholas Clarke, TD Cowen.

尼古拉斯·克拉克（Nicholas Clarke），TD Cowen。

Hi, Dan and team. Thanks for taking my questions. Nick Clarke here asking on behalf of Craig Hutchison. Just one question, if I could circle back on Terronera and maybe this is just a little more of a clarification. But if we're looking at about 99% of that $271 million budget being committed currently, would it be fair to think of that remaining 23% left on fiscal completion as being covered by those commitments? Or would there be a little bit of a delta there? Thank you.

嗨，丹和團隊。感謝您回答我的問題。尼克克拉克 (Nick Clarke) 在此代表克雷格哈奇森 (Craig Hutchison) 提出詢問。只有一個問題，如果我可以回到 Terronera 的話題上，也許這樣會更清楚一點。但是，如果我們考慮到目前已承諾的 2.71 億美元預算中的 99%，那麼是否可以公平地認為，財政完成後剩下的 23% 將由這些承諾覆蓋？或者那裡會有一點點差異？謝謝。

Yeah, I'm happy to answer that. I mean, Libby and Don are sitting right now in Mexico. Ultimately, the $270 million committed and the $258 million spent; the $258 million spent includes prepays and advances that Libby touched on with Nick's -- Giles' question there. Ultimately with what's left, and it's a very dynamic question because we have a lot going on with regards to our LNG vaporization plant. Ultimately, we've been saying to the market that's going to be ready in 2025.

是的，我很樂意回答這個問題。我的意思是，利比和唐現在坐在墨西哥。最終承諾的2.7億美元和花費的2.58億美元；花費的 2.58 億美元包括預付款和預付款，利比在回答尼克——吉爾斯的問題時提到了這一點。最終還剩下什麼，這是一個非常動態的問題，因為我們在液化天然氣汽化工廠方面有很多事情要做。最終，我們一直告訴市場，我們將在 2025 年做好準備。

We're opening by the end of the first quarter, but we could ultimately be in commercial production before that's completed. We have the embankment on our tailings dam. Originally, it's estimated to be $40 million in that $271 million. We think we can start up with this lower embankment. Of course, we are trying to hit what our percentage completion was or actual expectation and then mine development.

我們將在第一季末開業，但我們最終可能會在開業前投入商業生產。我們的尾礦壩上有堤防。最初，估計這2.71億美元中有4000萬美元。我們認為可以從這個較低的路堤開始。當然，我們正在努力達到完成率或實際預期，然後再進行礦場開發。

And depending on that commissioning timeline, it's difficult. But we do know we're in the ballpark. We're not coming out with a commitment of exactly what our spend will be, but we're on a good track right now.

並且根據該調試時間表，這很困難。但我們確實知道我們已經在合理範圍內。我們不會承諾具體的支出金額，但目前我們的進展良好。

Got it. Okay. Thank you. So just to clarify, if you look at 77% of $271 million, that's around $209 million, but that is not suggesting that you guys are $50 million off of where you were hoping to be?

知道了。好的。謝謝。所以需要澄清的是，如果你看 2.71 億美元的 77%，那就大約是 2.09 億美元，但這並不是說你們比預期少了 5000 萬美元？

Correct.

正確的。

Great. Thanks, guys.

偉大的。謝謝大家。

Jake Sekelsky, Alliance Global Partners.

聯盟全球合作夥伴 (Alliance Global Partners) 的傑克·塞克爾斯基 (Jake Sekelsky) 說道：

Hey, Dan and team. Thanks for taking my questions.

嘿，丹和團隊。感謝您回答我的問題。

I'm happy to take your questions.

我很高興回答您的提問。

So, can you just provide a bit of color on the return to steady state at Guanacevi, maybe on the timing and any hiccups you think you might encounter getting back to more normalized levels?

那麼，您能否稍微介紹一下 Guanacevi 恢復穩定狀態的情況，例如時間安排以及您認為在恢復到更正常水平的過程中可能遇到的任何問題？

Yeah, I'll happily pass that to Don.

是的，我很樂意將其轉交給唐。

I think as Dan mentioned in the opening comments, our operating team did a really good job working on the milling circuit and keeping that going. And also, they've done equally as good a job on the repair work, maintaining close contact with the foundry because we did have to have some things put together, and that's continuing like we planned. So I think we're in good shape. We have the contractor lined up for when the parts get there and the components, and we don't expect any glitches there.

我認為正如丹在開場白中提到的那樣，我們的營運團隊在銑削迴路工作和保持其運作方面做得非常出色。而且，他們在修復工作上也做得同樣出色，與鑄造廠保持著密切聯繫，因為我們確實需要把一些東西放在一起，而這一切都按照我們的計劃繼續進行。所以我認為我們的情況很好。當零件和零件到達時，我們已經安排好承包商，我們預計不會有任何問題。

Okay, that's helpful. Then just, a broad sense with where precious metals prices are, I'm just curious, has that caused you guys to revisit any of the near-term or medium-term mine plans or how you're looking at milling at Guanacevi?

好的，這很有幫助。那麼，從廣義上講，貴金屬價格如何，我只是好奇，這是否促使你們重新審視任何近期或中期的採礦計劃，或者你們如何看待 Guanacevi 的選礦？

Yeah,I mean that's a good question. It's something that we look at every year. It's that time of the year right now of budgeting the mine plans and finalizing those for next year. And I would say even at Terronera, it's a dynamic with where prices are.

是的，這是一個好問題。這是我們每年都會關注的事情。現在正是製定礦山計劃預算和敲定明年計劃的時候。我想說，即使在 Terronera，價格也是動態的。

And obviously, in our resource models, we have indicated ounces, we have inferred ounces. And often, we, as Endeavour with our underground mining have brought in inferred ounces and indicated ounces into the mine plans. Sometimes potential ounces aren't even in our resource.

顯然，在我們的資源模型中，我們已經指示了盎司，我們已經推斷了盎司。通常，我們作為地下採礦的奮進者，將推斷盎司和指示盎司納入採礦計劃。有時，我們的資源甚至還沒有達到潛在的量。

With higher prices, it allows us to go in some areas that we may be abandoned in the past. And again, we're going through our resource update for 2024 or year-end 2024, and we'll come out with that probably in our MD&A or our information -- at our AIF ultimately for year-end.

價格上漲使我們能夠進入一些過去可能被拋棄的地區。再次強調，我們正在進行 2024 年或 2024 年底的資源更新，我們可能會在 MD&A 或資訊中——最終在年底的 AIF 中——公佈這一資訊。

Okay. Thanks for that. That's all for me. Thanks, again.

好的。謝謝。對我來說這就是全部了。再次感謝。

Thanks for the questions, Jake.

謝謝你的提問，傑克。

(Operator Instructions) Stephen Soock, Stifel.

（操作員指示） Stephen Soock，Stifel。

Hi, Dan and team. Congrats on a on a good quarter despite some operational challenges. So kudos to all of you. Just wanted to ask about the underground at Terronera, has there been any test mining or update on how the ore body underground conditions look compared to expectations now that you're well into it? And maybe just as a follow-on, how comfortable are you with the amount of underground development established now that we're just ahead of the start of production?

嗨，丹和團隊。儘管面臨一些營運挑戰，但本季仍表現良好。我向你們所有人表示敬意。只是想問一下關於 Terronera 地下的情況，現在您已經深入其中了，是否進行過試採，或者更新礦體地下狀況與預期相比的情況？也許只是作為後續問題，在我們即將開始生產之前，您對現在建立的地下開發規模感到滿意嗎？

Great question, Stephen. I'll let Don respond.

很好的問題，史蒂芬。我會讓唐來回應。

Okay. So, we are -- we have developed an area to do a test stope. We're actually close to beginning some blasting in that stope and extracting the ore. The good thing is that area, it will be a long-hole stope in that area. Originally in the feasibility, it was cut and fill.

好的。所以，我們已經開發了一個區域來進行試驗採場。實際上，我們即將開始在該礦場進行爆破並開採礦石。好消息是，那個區域將會是一個深孔採場。最初在可行性研究中，它是採用挖填方式。

And we have seen ground conditions in the mine better than what -- in the veins, better than what we anticipated from the feasibility study. So, we've been looking at that, doing a lot of rock mechanics work and feel there's some upside there.

我們發現礦井的地面條件比礦脈的條件好，比可行性研究預測的還要好。因此，我們一直在研究這個問題，做了很多岩石力學工作，覺得其中有一些好處。

For the development, because we are finding more areas for -- that we'll put in the mine plan as long hole stoping, that just takes the pressure off of so much development to get the cut and fill stopes ready. So we'll be in good shape.

對於開發，因為我們正在尋找更多的區域 - 我們將在礦山計劃中將其作為長孔採礦法，這只會減輕大量開發以準備切割和填充採礦法的壓力。因此我們的狀態會很好。

That's great to hear and hopefully continues. I know that have really positive implications on your ASIC number if you're able to cut down that life of mine development through more long holes. So that's great. Maybe just on a bit of a different note, can you just give us a quick update on what's happening at Pitarrilla and maybe just what to look forward to there through 2025 at a high level?

很高興聽到這個消息並希望能夠繼續下去。我知道，如果您能夠透過更長的孔縮短礦井開發的壽命，這將對您的 ASIC 數字產生非常積極的影響。這太棒了。或許只是稍微換個話題，您能否向我們簡單介紹一下 Pitarrilla 的最新情況，以及對 2025 年高層的期望？

Yeah, , it's a great question, actually, Stephen. Ultimately, which was in our original guidance for the year, we're going to spend about $5 million at Pitarrilla advancing an underground ramp that we had towards what's called our Manto zone.

是的，實際上這是一個很好的問題，史蒂芬。最終，按照我們今年的最初指導方針，我們將在 Pitarrilla 花費約 500 萬美元，推進通往所謂的 Manto 區的地下坡道。

And then we feel like there's some feeder structures there. So we've been drilling there for the last almost three months, and we should have news out on Pitarrilla in the coming weeks to push that forward. Ultimately, we really believe in what we have at Pitarrilla.

然後我們感覺到那裡有一些饋線結構。因此，我們過去近三個月一直在那裡進行鑽探，未來幾週內，我們應該會發布有關皮塔里拉 (Pitarrilla) 的消息來推動這項工作的進展。最終，我們確實相信 Pitarrilla 所擁有的一切。

We think ultimately, what we purchased two years ago from SSR Mining is a special asset. For those that aren't familiar with Pitarrilla, we have 600 million ounces of silver defined, plus zinc and lead. Ultimately, we've been looking at Pitarrilla as an underground operation or potential for an underground operation. And like I say, we should have some news out on that in the next couple of weeks.

我們最終認為，兩年前從 SSR Mining 購買的是一項特殊資產。對於那些不熟悉 Pitarrilla 的人來說，我們已經確定了 6 億盎司的銀，還有鋅和鉛。最終，我們一直將 Pitarrilla 視為一個地下行動或潛在的地下行動。正如我所說，我們應該會在接下來的幾週內發布一些有關該問題的消息。

So great timing for that question, Stephen.

史蒂芬，這個問題問得真是時候。

Perfect. Well, I'll stay tuned. That's it from me, guys. I appreciate the color.

完美的。好吧，我會繼續關注。朋友們，這就是我要說的了。我很欣賞這個顏色。

Thanks for the questions.

感謝您的提問。

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。我想將會議交還給 Dan Dickson 並請他作最後發言。

Thank you, operator, and thanks for everyone attending our Q3 financial call. Like I said at the beginning of our call today, it was a bit of a challenging quarter with the trunnion. I think our operating team did a phenomenal job to mitigate that as best we could. Terronera continues to be on track, and we're excited to see what Q4 and 2025 brings for the company. Thank you, everyone, for attending.

謝謝接線員，也感謝所有參加我們第三季財務電話會議的人。就像我今天在電話會議開始時所說的那樣，對於耳軸來說這是一個充滿挑戰的季度。我認為我們的營運團隊做了出色的工作，盡最大努力緩解這種情況。Terronera 繼續保持正軌，我們很高興看到第四季和 2025 年為公司帶來什麼。感謝各位的參加。

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。您可以斷開您的線路。感謝您的參與並祝您有愉快的一天。