Endeavour Silver Corp (EXK) 2025 Q1 法說會逐字稿

Thank you for standing by. This is the conference operator. Welcome to the Endeavour Silver first-quarter 2025 financial results conference call. (Operator Instructions) The conference is being recorded. (Operator Instructions)

感謝您的支持。我是會議主持人。歡迎參加 Endeavour Silver 2025 年第一季財務業績電話會議。（操作員指示）會議正在錄音。（操作員指示）

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 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.

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示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。

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. And now over to Dan.

參加今天電話會議的有 Endeavour Silver 執行長 Dan Dickson、財務長 Elizabeth Senez 和 Endeavour 營運長 Don Gray。在丹正式發言之後，我們將開始提問。現在輪到丹了。

Thank you, Allison, and welcome, everyone. Q1 marked a strong start to the year for Endeavour Silver with solid production figures and continued progress on key developments. With Guanacevi and Bolanitos performing in line with plan, and Terronera now producing concentrate as it approaches the final stages of construction, we're quickly approaching a major milestone. The addition of this transformational asset will soon become a key contributor to our production profile, marking a significant step forward in our growth strategy.

謝謝你，艾莉森，歡迎大家。第一季標誌著 Endeavour Silver 今年開局強勁，生產數據穩健，關鍵研發持續取得進展。隨著 Guanacevi 和 Bolanitos 的業績按照計劃順利完成，以及 Terronera 開始生產精礦並接近建設的最後階段，我們很快就要迎來一個重要的里程碑。這項轉型資產的加入很快就會成為我們生產狀況的關鍵貢獻者，標誌著我們的成長策略向前邁出重要一步。

In Q1, Endeavour produced 1.2 million ounces of silver and 8,300 ounces of gold, totaling 1.9 million silver equivalent ounces. We reported revenue of $64 million, in line with the prior year, benefiting from the higher precious metal prices. Direct operating costs per tonne increased by 6% compared to Q1 2024 caused by 6% lower throughput, while total direct operating costs remained relatively flat.

第一季度，Endeavour 礦場生產了 120 萬盎司白銀和 8,300 盎司黃金，總計 190 萬盎司白銀當量。受惠於貴金屬價格上漲，我們報告的收入為 6,400 萬美元，與上年持平。由於吞吐量下降 6%，每噸直接營運成本與 2024 年第一季相比增加了 6%，而總直接營運成本則保持相對穩定。

The company reported a net loss of $32.9 million for the period primarily due to unrealized noncash impact of gold hedging and forward swap contracts entered into March 2024. These contracts, which relate to the portion of the forecasted gold production from the Terronera project were implemented as part of the senior debt facility used to finance its construction. As gold rose from $2,600 to $3,100 in the quarter, the loss reflects a mark-to-market accounting adjustment and does not represent cash outflow.

該公司報告本期淨虧損 3,290 萬美元，主要原因是 2024 年 3 月簽訂的黃金對沖和遠期掉期合約的未實現非現金影響。這些合約與 Terronera 專案預測的黃金產量部分有關，是作為用於資助其建設的優先債務融資的一部分實施的。由於本季金價從 2,600 美元上漲至 3,100 美元，該損失反映了以市價計價的會計調整，並不代表現金流出。

Excluding mark-to-market adjustments, the company reported a small adjusted loss of $200,000 compared to income of $300,000 in Q1 2024. Cash costs were $15.89 per ounce of silver and all-in sustaining costs were $24.48 net of gold credits, both slightly below annual guidance, primarily driven by the higher byproduct gold credits.

不計入市價調整，該公司報告的調整後虧損為 20 萬美元，而 2024 年第一季的收入為 30 萬美元。現金成本為每盎司白銀 15.89 美元，扣除黃金信用額後的總維持成本為 24.48 美元，均略低於年度指導值，主要原因是副產品黃金信用額增加。

As of March 31, 2025, the company's cash position was $65 million and working capital was $15 million. Cash and working capital decreased from December 31, 2024, as the company continued investment in development activities at Terronera.

截至 2025 年 3 月 31 日，該公司的現金狀況為 6,500 萬美元，營運資金為 1,500 萬美元。由於公司繼續投資 Terronera 的開發活動，現金和營運資本自 2024 年 12 月 31 日起減少。

Terronera is in its final stages of construction and started producing its first batch of concentrate at the end of Q1. And as of our latest news release on May 6, commissioning is currently underway. Terronera represents a game-changing opportunity for Endeavour Silver and is poised to redefine the trajectory of our company. As we move closer to commercial production, we remain excited about the transformational impact this asset will have on our business.

Terronera 目前正處於建設的最後階段，並於第一季末開始生產第一批濃縮物。截至我們 5 月 6 日發布的最新新聞稿，調試工作目前正在進行中。Terronera 為 Endeavour Silver 帶來了一次改變遊戲規則的機會，並有望重新定義我們公司的發展軌跡。隨著我們越來越接近商業化生產，我們仍然對這項資產將為我們的業務帶來的變革性影響感到興奮。

With the projected mine life spanning well over a decade, Terronera will serve as a long-term cornerstone asset in our portfolio, underpinning our growth strategy and reinforcing our position as a leading mid-tier silver producer. As the commissioning phase progresses, attention will be given to increasing feed and run times and ramping up to full throughput. The company will provide operational guidance as ramp-up advances.

Terronera 的預計礦場壽命將超過十年，它將成為我們投資組合中的長期基石資產，支撐我們的成長策略並鞏固我們作為領先中型白銀生產商的地位。隨著調試階段的進展，將專注於增加進料和運行時間並提高到滿載生產。隨著產能的提升，公司將提供營運指導。

On April 1, we announced the acquisition of the Kolpa mine in Peru, and on May 1, we closed that transaction. We're excited about the addition of Kolpa to Endeavour's operating and growth pipeline as it significantly enhances our current production profile with significant exploration upside and existing infrastructure to support a long mine life.

4月1日，我們宣布收購秘魯的Kolpa礦，並於5月1日完成交易。我們很高興 Kolpa 加入 Endeavour 的營運和成長管道，因為它顯著增強了我們目前的生產狀況，具有顯著的勘探優勢和現有的基礎設施，可以支援較長的礦場壽命。

Kolpa represents a compelling opportunity where we can leverage our proven technical expertise and development capabilities. The project aligns with our existing operations and supports our strategy of building a scalable silver dominant asset base. The company is working towards validating and updating the historical resource estimate prepared by the previous owners.

Kolpa 代表著一個極具吸引力的機會，我們可以利用我們成熟的技術專長和開發能力。該項目與我們現有的業務一致，並支持我們建立可擴展的白銀主導資產基礎的策略。該公司正在努力驗證和更新前所有者準備的歷史資源估算。

In the meantime, using Kolpa's 2024 annual production of 5 million silver equivalent ounces as a guide, and with Terronera expected to come online in the near term, we are well positioned for a significant step change in production. When combined with our two producing assets, Guanacevi and Bolanitos, Endeavour is on track to achieve annualized production of approaching 20 million silver equivalent ounces.

同時，以 Kolpa 2024 年 500 萬盎司白銀當量的年產量為指導，加上 Terronera 預計近期投產，我們已做好準備，實現產量的重大轉變。結合我們的兩大生產資產 Guanacevi 和 Bolanitos，Endeavour 預計將實現接近 2000 萬盎司白銀當量的年產量。

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

我很高興回答大家的提問。接線員，請繼續我們的問答環節。

(Operator Instructions) Nick Giles, B. Riley Securities.

（操作員指示）Nick Giles，B. Riley Securities。

Dan and team, congrats on all the progress this quarter, really good to see. And my first one is just on Terronera. I think you said you'll provide guidance as the ramp-up advances. So what -- my question is, what do you ultimately need to see in the ramp to have the confidence to come out with something more formal, specifically on the cost side?

丹和團隊，祝賀本季取得的所有進展，真的很高興看到。我的第一部作品是關於 Terronera 的。我想您說過，您會在業務成長過程中提供指導。那麼——我的問題是，您最終需要在坡道中看到什麼才能有信心提出更正式的建議，特別是在成本方面？

Yeah. I mean, first and foremost, it's going to come down to production and throughput, and we want to see that we maintain consistent throughput through the mill and all the way to the filter press. That way, we have confidence on timelines of that ramp-up. Ultimately, we have a very short-planned ramp-up of about 90 days, and that obviously could be plus or minus the 90 days. And because of that uncertainty, we don't want to give production guidance until we know at a higher probability of how many months we'll be operating at Terronera.

是的。我的意思是，首先，這將取決於生產和吞吐量，我們希望看到從工廠到壓濾機的整個過程中保持一致的吞吐量。這樣，我們對這成長的時間表就有信心了。最終，我們有一個非常短的計劃，大約 90 天，而且顯然可能會加或減 90 天。由於這種不確定性，我們不想給出生產指導，直到我們確切知道 Terronera 的營運月份數。

It doesn't make a lot of sense to get to the market six months if we're only going to be operating for five months or six months, we're going to be seven months. So that's the first and foremost is the production guidance. And then behind that comes the cost and the impact of the cost.

如果我們只打算營運五個月或六個月，那麼花六個月的時間進入市場就沒有多大意義了，我們需要七個月的時間。因此，首要的是生產指導。接下來是成本和成本的影響。

Obviously, in the first three to six months of commercial production, we'll be running lower grade ore than what would be deemed in our long-term mine plan just to make sure we're getting through all the bugs, and we just want to go through that when we understand grades and ultimately the timeline that we'll be operating for 2025 and then provide guidance around costs with that.

顯然，在商業生產的前三到六個月內，我們將運行比我們的長期礦山計劃中認為的品位更低的礦石，只是為了確保我們能夠解決所有問題，我們只是想在了解品位和最終確定 2025 年運營時間表後再進行這項工作，然後提供有關成本的指導。

Obviously, for 2026, we'll come out with operational guidance and costs with the other mines.

顯然，到 2026 年，我們將推出其他礦場的營運指導和成本。

Yeah, that all makes sense. I appreciate those comments. Maybe just as a follow up, it seems like wet commissioning has gone well to date, but what are kind of the most near-term priorities and just ensuring that the ramp kind of stays on path specifically at the plant?

是的，這一切都是有道理的。我很感謝這些評論。也許只是作為後續行動，到目前為止濕式調試似乎​​進展順利，但近期的優先事項是什麼？如何確保產量提升保持在工廠的正常軌道上？

Yeah. I'm going to defer that to Don. I mean -- but before I give it to Don, ultimately, I'd say wet commissioning, it's hard to say how well it's going to date because it's a start-and-stop process. Ultimately, some days, we feel like you're making steps forward. Other days, you take a break. And I think that's just part of the nature of commissioning. You've got punchless items that you need to do. But as far as particulars of what's required, I'll defer to Don on that.

是的。我將把此事交給唐處理。我的意思是——但在我把它交給唐之前，最終，我想說濕調試，很難說它會進行得如何，因為它是一個啟動和停止的過程。最終，有些日子，我們感覺你正在向前邁進。其他日子，你就休息一下。我認為這只是委託的本質的一部分。您有一些無意義的事情要做。但至於具體要求，我會聽從唐的意見。

Yeah. So Nick, thanks for your question. To stay on path, our team there is really focused on going system by system, and you start at the upper end of the plant and work through to the lower end of the plant. And that's what we've been doing now. We've been running the mills and checking systems out, making sure bearings and clearances and things like that are running well.

是的。尼克，謝謝你的提問。為了保持正軌，我們的團隊真正專注於逐個系統地進行，從工廠的上端開始，一直到工廠的下端。這就是我們現在正在做的事情。我們一直在運行工廠並檢查系統，確保軸承和間隙等運作良好。

And then we've just started to feed water and shortly the tailing down into the tailings filter area, that will really get things rolling. So it's just a process of working down through the system.

然後我們就開始往尾礦過濾區注水並很快將尾礦注入尾礦，這樣事情就會真正開始運作。所以這只是一個透過系統進行運作的過程。

Got it, Don. That's all very helpful. Guys, one more if I could. Just, Dan you remind me what's ultimately the capital intensity -- this is at Kolpa. What's the capital intensity of the throughput expansion from 1,800 tonnes per day to the 2,500 level?

明白了，唐。這一切都非常有幫助。夥計們，如果可以的話，再來一個。只是，丹，你提醒了我最終的資本密集度是什麼——這是在科爾帕。吞吐量從每天 1,800 噸擴大到 2,500 噸的資本密集度是多少？

Yeah. At this point in time, just early estimates work that was previously done by the predecessors. And it's anywhere from $12 million to $16 million to 2,000 to 2,500 tonnes per day capacity.

是的。此時，只是對前輩們已經完成的工作進行了初步估算。其投資額在 1,200 萬美元至 1,600 萬美元之間，日產量為 2,000 噸至 2,500 噸。

Got it. Okay. Very clear. Well guys, again, congrats on the progress and keep up the good work.

知道了。好的。非常清楚。好吧，夥計們，再次祝賀你們取得的進步，並繼續努力。

Wayne Lam, TD Securities.

道明證券的 Wayne Lam。

Sorry, maybe just one follow-up question on the previous ramp-up period. Can you just clarify on that 90-day ramp-up? Is that 90 days from when you've started wet commissioning? Or if you could just clarify what specific timeline period you're kind of referring to?

抱歉，也許我只想問一個關於之前加速期的後續問題。您能否解釋一下 90 天的加速計畫？從開始濕調試開始就是 90 天嗎？或者您能否澄清一下您所指的具體時間段？

Yeah, it'd be from May 1. May 6, we put that out, just to keep it easy, May 1.

是的，從 5 月 1 日起。5 月 6 日，我們把它放出來，只是為了簡單起見，5 月 1 日。

Okay. Great. And then just curious on the cost of completion on the $332 million at Terronera. It looks like you guys have about $7 million remaining in guide spend. Is that inclusive of all the costs through the commissioning and the ramp-up phase? Or just wondering if perhaps we should be baking in a modest increase in the funding requirement as you guys kind of continue to ramp-up?

好的。偉大的。我只是好奇 Terronera 3.32 億美元的完工成本。看起來你們還剩下大約 700 萬美元的指導費用。這是否包括調試和啟動階段的所有成本？或者只是想知道，隨著你們繼續加大投入，我們是否應該適度增加資金需求？

Hi, Wayne, this is Libby Senez. So to answer your question on how much to complete. The build cost, yeah, you're right, we're about $10 million off from the guided total. And we're not anticipating many more costs to go into that build cost during the operating phase -- during the ramp-up phase, all those costs are operating costs and go into to the cost of the inventory, not into the build cost of the project.

你好，韋恩，我是利比·塞內茲。所以要回答你關於要完成多少的問題。建設成本，是的，您說得對，比指導總額少了約 1000 萬美元。我們預計在營運階段不會有更多的成本計入建造成本——在上升階段，所有這些成本都是營運成本，計入庫存成本，而不是項目建設成本。

Okay. Great. Thanks. And then maybe just last one on the balance sheet. How comfortable are you guys in terms of the cash balance and working capital requirements need to fund Terronera through the ramp-up? And just curious how you're thinking about the flexibility here on the balance sheet? And if there's potential to quickly refinance once you've declared commercial production?

好的。偉大的。謝謝。然後也許只是資產負債表上的最後一個。你們對於 Terronera 在擴張過程中所需的現金餘額和營運資金需求有多放心？我只是好奇您如何看待資產負債表的彈性？一旦宣布商業化生產，是否有可能快速再融資？

Yeah, there's a handful in there. I mean any time with ramp-up and going through commission, there's a lot of uncertainty. Obviously, our cash balance being at $65 million at March 31 feels healthy. At the end of the day, working capital is about $15 million. We're at that phase of the project where it's high stress, high anxiety and pushing to get it there to make sure we don't run too low in cash and it's something that we're going to be monitoring very closely over the next kind of two, three months to see how ramp-up is going, to see where cash balances are.

是的，裡面有一把。我的意思是，任何時候，隨著業務的擴大和委託的進行，都會存在許多不確定性。顯然，截至 3 月 31 日，我們的現金餘額為 6500 萬美元，這感覺很健康。最終，營運資金約 1500 萬美元。我們正處於專案的高度緊張和高度焦慮階段，我們必須竭盡全力確保現金不會過低，我們將在接下來的兩三個月內密切關注這一情況，以了解進度和現金餘額。

As far as when we get into commercial production and what we do with the project loan facility. And again, that's at the overnight rate plus 4.25% right now, it falls to 3.75%. Always looking to lower our cost of capital. Obviously, it completely changes the project because it's now derisked and in operations.

至於我們何時開始商業生產以及我們如何處理專案貸款。再說一次，這是隔夜利率加上目前的 4.25%，降至 3.75%。始終尋求降低資本成本。顯然，它徹底改變了項目，因為它現在已經消除了風險並投入營運。

As the management team, it's our job to find the best cost of capital and also with that, to make sure that we have sufficient liquidity to get through what we need to get through. Obviously, Guanacevi and Bolanitos right now are creating cash flow for us. But like I say, we're at the stress point of the build and we're coming down to the end. And the sooner we can get into commercial production, obviously, the better for Terronera and ultimately, the company.

作為管理團隊，我們的工作是找到最佳的資本成本，並確保我們有足夠的流動性來完成我們需要完成的任務。顯然，Guanacevi 和 Bolanitos 現在正在為我們創造現金流。但就像我說的，我們正處於建設的壓力點，即將到達終點。顯然，我們越早投入商業化生產，對 Terronera 乃至整個公司就越有利。

Alright, perfect. Thanks for taking my questions and best of luck with the ramp-up in the months ahead.

好的，完美。感謝您回答我的問題，祝您未來幾個月一切順利。

(Operator Instructions) Heiko Ihle, HC Wainwright.

（操作員指示）Heiko Ihle，HC Wainwright。

Thanks for taking my questions. Hust building on your prepared remarks from earlier and the first question that was asked in the Q&A portion earlier. Are there still meaningful cash flows going into Terronera in Q2? And if so, you might give us a best guess estimate how much is getting shipped here in Q2 and what it's being spent on?

感謝您回答我的問題。這只是基於您先前準備好的發言以及先前在問答環節中提出的第一個問題。第二季是否仍有大量現金流入 Terronera？如果是這樣，您能否給我們一個最佳估計，即第二季度運送了多少貨物以及花費了哪些費用？

Yeah. We are still sending money in April. We were sending money down there to get everything completed, get into the commissioning process. Libby touched on it a little bit, too. What's changed in the accounting world is ultimately revenues are recognized in the income statement and cost of sales are recognized in the income statement.

是的。四月我們仍在匯款。我們把錢寄到那裡，以便完成所有工作，進入調試階段。利比 (Libby) 也稍微談到了這一點。會計領域發生的變化是，最終收入在損益表中確認，銷售成本在損益表中確認。

And obviously, from going from 0 tonnes hopefully up to 2,000 tonnes. They'll be making a loss here in Q2 as we're commissioning. But we don't capitalize that anymore, and there is cash outflow. Unfortunately, we don't have April data ready and complete. So I don't want to comment exactly how much cash we sent down in April, but we did continue to fund in April.

顯然，希望從 0 噸增加到 2,000 噸。由於我們正在調試，他們在第二季度將會出現虧損。但我們不再將其資本化，並且存在現金流出。不幸的是，我們還沒有準備好完整的四月數據。因此，我不想評論我們在四月究竟發放了多少現金，但我們確實在四月繼續提供資金。

But now with kind of the full plant being done, tailings pressed in there, it's about instrumentation and going through commissioning. There's still costs incurred with that. Obviously, there's going to be costs incurred with finishing up various little things. But the big spend has been done. That's hopefully have slowed down, and now it's just about commissioning going into operations.

但是現在整個工廠已經完工，尾礦被壓入其中，接下來就是儀器和調試。這仍然會產生成本。顯然，完成各種小事都會產生成本。但巨額支出已經完成。希望這一速度已經放慢下來，現在只需進行調試並投入營運。

That's a good answer. And obviously, I wrote these questions before I joined the question queue. So I had to adjust a little bit. Shifting gears completely on Kolpa, and purely out of curiosity, it's obviously a huge operation on 25,000 hectares of claims. And in your press release announcing the deal, there was a little note in there that only 10% of the claims have seen work thus far. Can you walk us through some of the higher priority targets that you have for this year and even beyond that, now that the deal is formally closed?

這是一個很好的答案。顯然，我在加入提問隊列之前就寫了這些問題。所以我必須稍微調整一下。完全轉向科爾帕，純粹是出於好奇，這顯然是在 25,000 公頃土地上進行的大規模行動。在你們宣布該交易的新聞稿中，有一條小註釋指出，迄今為止只有 10% 的索賠得到了解決。既然交易已經正式完成，您能否向我們介紹今年乃至以後的一些更優先的目標？

Yeah. I mean we actually have a significant budget at Kolpa, again, it was from predecessors and what they have worked on from October to December. They made a new discovery on a vein they called Poderosa. That wasn't in their historical resource estimate. We have just got our boots on the ground with regards to our exploration team and trying to help the Kolpa team out with their exploration plans.

是的。我的意思是，我們在 Kolpa 實際上有一筆相當大的預算，這筆預算來自前任以及他們從 10 月到 12 月的工作。他們在一條被稱為 Poderosa 的礦脈上有了新的發現。這不在他們的歷史資源估算之內。我們的勘探團隊剛剛踏上實地，並試圖幫助科爾帕團隊完成他們的勘探計劃。

I think we've done a phenomenal job mining the Kolpa asset. They've done a phenomenal job growing that asset. We think where we can help them out is exploration, the work that we can do on it. There is a main structure that supports about half the production at Kolpa. We think there's opportunities for additional structures like that, and perhaps Poderosa is one of those.

我認為我們在挖掘 Kolpa 資產方面做得非常出色。他們在增加該資產方面做出了非凡的貢獻。我們認為我們可以幫助他們的地方就是探索，也就是我們可以進行的工作。科爾帕 (Kolpa) 約一半的產量都由一個主要結構支撐。我們認為還有機會建造類似的附加建築，而 Poderosa 或許就是其中之一。

And we have effectively a $12 million exploration program for the next 24 months or from when we acquired it in 24 months. Then there's also tension veins coming off the main structure that were recently discovered again by the predecessors, and we're working on that.

我們實際上有一個價值 1200 萬美元的勘探計劃，用於未來 24 個月或從我們收購礦起的 24 個月內。然後，還有一些從主結構中伸出的張力脈絡，最近被前輩們再次發現，我們正在對此進行研究。

So right now, on near term, we're going to continue to focus on some of these veins that they were previously working on. And we're going to take a step back with our exploration team, look at some brownfield opportunities and look for markers on surface through geochem work, trenching work, geophysics to try to identify some of the more significant structures.

因此現在，就短期而言，我們將繼續關注他們之前正在研究的一些礦脈。我們將與我們的勘探團隊一起退一步，尋找一些棕地機會，並透過地球化學工作、溝槽工作和地球物理學尋找地表標記，以嘗試識別一些更重要的結構。

There's a lot of veins. There's a lot of workings over the history. So it's very similar to almost Bolanitos, Guanacevi, that we went through 20 years ago where we can bring in exploration techniques and expertise and hopefully, uncover more resources. I would point that there is a historical resource of about 118 million ounces. We are working to validate that and ultimately eventually grow from there.

有很多靜脈。歷史上有很多事發生。因此，它與我們 20 年前經歷的博拉尼托斯、瓜納塞維非常相似，我們可以引入勘探技術和專業知識，並希望發現更多資源。我想指出的是，歷史資源量約為 1.18 億盎司。我們正在努力驗證這一點，並最終從那裡開始發展。

So we have some time. They have a mine plan in place. And before we get too much comment, we just want to get more into the data and validate a lot of the historical work they've done just to our standards. We're more comfortable talking about it, Heiko.

所以我們還有一些時間。他們已經制定了礦山計劃。在我們收到太多評論之前，我們只是想更多地了解數據並驗證他們所做的大量歷史工作是否符合我們的標準。我們更願意談論它，Heiko。

That's extremely helpful. I'm going to get back in queue. And thanks again for the answer and good quarter.

這非常有幫助。我要回到隊列中。再次感謝您的回答和善意的回饋。

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 做最後發言。

Thank you, operator, and thanks for everybody attending our Q1 session. As everyone likely knows, Q2 is going to be a very important quarter for us. Obviously, we're really focused to get Terronera ramped up and into commercial production as soon as possible and look forward to our Q2 earnings call in July or August. Thank you.

謝謝接線員，也謝謝大家參加我們的 Q1 會議。眾所周知，第二季對我們來說將是一個非常重要的季度。顯然，我們真正專注於讓 Terronera 盡快投入商業生產，並期待 7 月或 8 月召開第二季財報電話會議。謝謝。

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。