Endeavour Silver Corp (EXK) 2025 Q2 法說會逐字稿

Thank you for standing by. This is the conference operator. Welcome to the Endeavour Silver second quarter 2025 financial results conference call.

感謝您的支持。我是會議主持人。歡迎參加 Endeavour Silver 2025 年第二季財務業績電話會議。

(Operator Instructions)

（操作員指示）

The conference is being recorded.

會議正在錄製中。

(Operator Instructions)

（操作員指示）

I would now like to turn the conference over to Allison Pettit, Vice President, Investor Relations. Please go ahead.

現在，我想將會議交給投資者關係副總裁 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 Endeavour Silver's CEO Dan Dickson; our CFO Elizabeth Senez; and Endeavour's COO, Don Gray. 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 的執行長 Dan Dickson、財務長 Elizabeth Senez 和 Endeavour 的營運長 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. Q2 marked an eventful quarter for Endeavour Silver. The commissioning of Terronera, the acquisition of Kolpa, and its ongoing integration. This is transforming our company. As we move forward, our focus remains firmly on achieving commercial production at Terronera.

謝謝你，艾莉森，歡迎大家。對 Endeavour Silver 來說，第二季是一個多事之秋。Terronera 的投入使用、Kolpa 的收購及其持續的整合。這正在改變我們的公司。隨著我們不斷前進，我們的重點依然是實現 Terronera 的商業化生產。

In Q2, Endeavour produced 1.5 million ounces of silver and 7,800 ounces of gold, totaling approximately 2.5 million silver equivalent ounces, including some of our base metals now. This represents a 13% increase compared to Q2 of 2024, with the inclusion of our new mine in Peru, Kolpa.

第二季度，Endeavour 生產了 150 萬盎司白銀和 7,800 盎司黃金，總計約 250 萬盎司白銀當量，其中包括我們現在的一些賤金屬。隨著我們在秘魯的新礦 Kolpa 的加入，這一數字與 2024 年第二季相比增長了 13%。

We reported revenue of $85 million an increase of 46% compared to prior year, benefiting from the higher precious metal prices and increased production. Mine operating cash flow before working capital changes rose by 21%, while operating costs remained below guidance with cash costs coming in at $15.35 per ounce of payable silver and all in sustaining costs were $25 or $0.16 per ounce, net of byproduct credits.

我們報告的收入為 8500 萬美元，比上年增長 46%，受益於貴金屬價格上漲和產量增加。營運資本變動前的礦場營運現金流成長了 21%，而營運成本仍低於指引值，現金成本為每盎司應付白銀 15.35 美元，所有維持成本為 25 美元或每盎司 0.16 美元（扣除副產品抵免）。

Direct operating costs per tonne were relatively flat compared to the same period last year. Mine operating earnings decreased to $7.7 million from $10.2 million in Q2 of 2024, impacted by a $6 million loss at Terronera during the commissioning phase and increased depreciation.

每噸直接營運成本與去年同期相比相對持平。受 Terronera 在調試階段損失 600 萬美元以及折舊增加的影響，礦山營業利潤從 2024 年第二季的 1,020 萬美元降至 770 萬美元。

The company reported a net loss of $20 million for the period, primarily due to Terronera's operating losses during commissioning, increased G&A related to the acquisition of Kolpa, a $10 million non-cash loss on derivatives with increased depreciation and tax expenses during the quarter.

該公司報告本季淨虧損 2,000 萬美元，主要原因是 Terronera 在調試期間的營運虧損、收購 Kolpa 相關的一般及行政費用增加、衍生性商品非現金損失 1,000 萬美元以及本季度折舊和稅費增加。

As of June 30, the company's cash position was $52 million. However, working capital was negative. If we excluded the non-cash derivatives, there is a $14 million surplus. This is by design with Terronera nearing commercial production. On August 5, the company gave an update on throughput and recoveries as the mine makes its way towards commercial production.

截至 6 月 30 日，該公司的現金狀況為 5,200 萬美元。然而，營運資本為負。如果我們排除非現金衍生性商品，則盈餘為 1,400 萬美元。這是 Terronera 即將實現商業化生產的設計。8 月 5 日，隨著礦場邁向商業化生產，該公司更新了產量和回收率。

With throughputs averaging between 1,900 and 2,000 tonnes per day, and silver and gold recoveries averaging 71% and 67% during the second half of July, the company will be introducing higher grade material to help enhance recoveries and sustain the design throughput of 2,000 tonnes per day.

7 月下半月，該公司日均產量在 1,900 至 2,000 噸之間，銀和金的回收率平均為 71% 和 67%，因此，該公司將引入更高品位的材料，以幫助提高回收率並維持日均 2,000 噸的設計產量。

With ramp up advancing, Terronera continues to move closer to commercial production, adding a long term asset to our portfolio while reinforcing the company's position as a leading mid-tier silver producer.

隨著產能的不斷提升，Terronera 繼續向商業化生產邁進，為我們的投資組合增添了長期資產，同時鞏固了公司作為領先的中型白銀生產商的地位。

Since the Minera Kolpa transaction closed on May 1, integration of the new asset and teams has been going well. The company has continued to work on validating and updating the historical resources prepared by the previous owners, and as such is unable to provide production guidance for Kolpa until a current 43,101 resource exists. However, management expects a similar production profile to Kolpa's 2024 annual production of 5 million silver equivalent ounces.

自 5 月 1 日 Minera Kolpa 交易完成以來，新資產和團隊的整合進展順利。該公司一直致力於驗證和更新前所有者準備的歷史資源，因此在當前 43,101 資源存在之前無法為 Kolpa 提供生產指導。不過，管理層預計產量狀況與 Kolpa 2024 年 500 萬盎司白銀當量的年產量類似。

Kolpa's May and June production annualize our production output track to align with Kolpa's historical performance, which would be annualized at 4.8 million ounces of silver equivalent production. Kolpa has continued to assess and is planning towards a 2,500 tonne per day operation, and we've included additional capital in our outlook to achieve these production levels next year.

Kolpa 5 月和 6 月的產量年化後，我們的產量軌跡與 Kolpa 的歷史表現保持一致，即年化產量為 480 萬盎司白銀當量。Kolpa 繼續評估並計劃實現每天 2,500 噸的產量，並且我們在展望中加入了額外資本，以在明年實現這些生產水準。

When combined with Guanacevi and Bolañitos and with Terronera coming online in the near term, Endeavour is on track to achieve an annualized production profile of 20 million silver equivalent ounces and expects that in 2026.

當與 Guanacevi 和 Bolañitos 以及近期上線的 Terronera 結合時，Endeavour 預計將實現年產量 2000 萬盎司白銀當量的目標，預計在 2026 年實現這一目標。

Lastly, before we open this call to questions, we continue to advance the Pitarrilla project. Exploration work is focused on upgrading inferred resources to indicate it, and engineers are working on various studies to support tailings dam permits and an economic study. Again, it's been a very eventful and busy quarter, and with that I'm happy to open this up to questions. Operator, please proceed to our Q&A session.

最後，在我們開始提問之前，我們將繼續推進 Pitarrilla 計畫。勘探工作的重點是升級推斷資源以表明這一點，工程師正在進行各種研究以支持尾礦壩許可證和經濟研究。再次，這是一個非常忙碌和多事的季度，因此我很高興能夠回答大家的提問。接線員，請繼續我們的問答環節。

(Operator Instructions)

（操作員指示）

Heiko Ihle, H.C. Wainwright.

Heiko Ihle、H.C. Wainwright。

Hey there, thanks for taking my questions and congratulations to Allison for becoming part of the management team. Well done. And commercial production at Terronera is obviously nearing in your experience and just knowing exactly what goes on at the site on a daily basis. Can you maybe just give a bit of a color on what you're seeing there right now?

嘿，感謝您回答我的問題，並祝賀 Allison 成為管理團隊的一員。做得好。顯然，根據您的經驗，Terronera 的商業化生產即將到來，並且您可以清楚地了解現場每天發生的情況。您能否稍微描述一下現在在那裡看到的情況？

I mean, in your release you discuss 71% silver recoveries and 67% gold recoveries, but these figures are from two weeks ago and the same thing with the 1,900 to 2,000 tonne per day throughput rate. Any idea what we're seeing this week more recently and then more importantly, is the ramp up going faster than what you had previously thought because it's sure quicker than what we had in our model.

我的意思是，在您的新聞稿中，您討論了 71% 的銀回收率和 67% 的金回收率，但這些數據是兩週前的，與每天 1,900 至 2,000 噸的吞吐率相同。您知道我們本週最近看到了什麼嗎？更重要的是，成長速度是否比您之前想像的要快，因為它肯定比我們模型中的速度要快。

Yeah, thanks for the questions, Heiko. I mean, I'll be able to answer that past when we'd always said we thought we could get through commissioning and ramp up in a relatively short period of time, and obviously we were targeting kind of a commercial production, July 31, and we're very close to that. We really want to see our recoveries kind of get within kind of 90% of the historical life of mine recoveries.

是的，謝謝你的提問，Heiko。我的意思是，我可以回答這個問題，因為我們總是說，我們認為我們可以在相對較短的時間內完成調試並加速生產，顯然我們的目標是在 7 月 31 日實現商業化生產，而且我們已經非常接近這個目標了。我們確實希望看到我們的採收率達到礦山歷史採收率的 90% 左右。

If I recall correctly over life of mine for Terronera, in our optimized plan it was about 88% or 89% recoveries of silver and 76% to 78% recoveries on gold and obviously we've kind of reached that from a gold standpoint. Silver grades have been slightly lower.

如果我沒記錯的話，在我的 Terronera 生涯中，我們的優化計劃是銀的回收率大約是 88% 或 89%，金的回收率大約是 76% 至 78%，顯然從黃金的角度來看我們已經達到了這個目標。銀的品位略有下降。

Just on some of the lower grade or that we're putting that through and then some design, not necessarily modifications, just getting the sag mill and the ball mill to grind size as designed and with the grind size coming down, we'll see increased recoveries on silver.

僅針對一些較低等級的銀，或者我們正在對其進行一些設計，不一定是修改，只需讓球磨機和球磨機按照設計研磨尺寸，隨著研磨尺寸的下降，我們將看到銀的回收率增加。

As far as the last couple weeks on site, I haven't particularly been there, so there's nothing that I'm seeing, but on a daily reporting standpoint we did bring back our tonnes a little bit just to focus on recoveries and make sure we get that grind size that we need again to align to the recoveries that we expect in the feasibility study and the work we've subsequently done. I don't know, I've got Don Gray sitting here with you. I don't know if you've got anything to add to that, Don, with regards to what's happening on site and things that we're seeing.

就過去幾週在現場的情況而言，我並沒有特別去過那裡，所以我沒有看到什麼，但從每日報告的角度來看，我們確實將噸位稍微提高了一點，只是為了關注回收率，並確保我們獲得我們需要的研磨尺寸，以再次與我們在可行性研究和隨後完成的工作中預期的回收率保持一致。我不知道，唐·格雷 (Don Gray) 和你一起坐在這裡。唐，我不知道您是否還有什麼要補充的，關於現場發生的事情和我們所看到的事情。

Yeah, I think that, I think like Dan said, the focus right now is on is on getting especially our grind size to the design criteria that we had from the met testing. And the order is very grind size dependent versus dependent on other things like reagents and things like that. So as we get the grind size zeroed in like on the sag mill, we'll see good recoveries on the flash cell, for example. So that's what they're focused on that site and they're really zeroing in on that now.

是的，我認為，就像丹所說的那樣，現在的重點是讓我們的研磨尺寸達到我們在測試中得到的設計標準。並且順序很大程度上取決於研磨尺寸，而不是取決於試劑等其他東西。因此，當我們像在下垂磨機上一樣將研磨尺寸歸零時，我們將看到閃蒸槽中的良好回收率。這就是他們在那個網站上關注的重點，現在他們真的把注意力集中在這個網站上。

And then, I know this was a lot, so I'll keep you on one very brief just conceptually with Minera Kolpa, the integration I assume is taking a decent amount of everybody's time here on this call. Is that making you essentially unable to go after another target or are you still looking for additional things, meaningful acquisitions that are out there? Thank you very much.

然後，我知道內容很多，所以我會從概念上簡要介紹一下 Minera Kolpa，我認為這次整合佔據了大家在這次通話中的大量時間。這是否意味著您基本上無法追求另一個目標，或者您仍在尋找其他有意義的收購？非常感謝。

Yeah, no problem, that's a good question. I mean, there's only so much capacity that we can pick up as a management team and definitely when we announced the acquisition of Kolpa on May 1 and obviously or April 1 and closed it on May 1, it takes up some of our executive time. The one thing that is great about Kolpa is its management team.

是的，沒問題，這是個好問題。我的意思是，作為一個管理團隊，我們能承擔的工作量是有限的，而且當我們在 5 月 1 日宣布收購 Kolpa 並於 4 月 1 日完成收購時，這無疑佔用了我們一些管理時間。Kolpa 最出色的一點是它的管理團隊。

It reported into two groups. One was a closed-end fund, the other was a property management or real estate company that was actually listed in Lima. So they do have the administrative capabilities to kind of report into us. We didn't have to add a lot of bodies, obviously I've probably been working our team a little bit harder than what they want and what I want, but there's certain times in a company's history that those opportunities present themselves, and we took a kick at it.

報告分為兩組。一個是封閉式基金，另一個是實際上在利馬上市的物業管理或房地產公司。所以他們確實有向我們報告的行政能力。我們不需要增加很多人員，顯然我可能讓我們的團隊比他們和我想要的更努力，但在公司歷史上的某些時候，這些機會會出現，我們抓住了它。

Are we done? We're not done. We need a bit of a breather. We really need Terronera to be in commercial production and cash flows for it to generate positive free cash flow, improve our balance sheet, forward and ultimately pay down debt and then focus on building our balance sheet to be able to take on something like Pitarrilla.

我們做完了嗎？我們還沒完成。我們需要稍事休息一下。我們確實需要 Terronera 進行商業化生產並產生現金流，以產生正的自由現金流，改善我們的資產負債表，最終償還債務，然後專注於建立我們的資產負債表，以便能夠承擔 Pitarrilla 這樣的業務。

But Dale, our VP of Corporate Development, continues to review things. We've had a lot of various assets or various opportunities coming to our desk in Peru now just because of that acquisition, but we need a bit of a breather. We need to get where we need to be and then obviously continue to see something that what we'd want to be is a creative and make sense for Endeavour and to stay silver focused and continue to grow the company.

但我們的企業發展副總裁戴爾仍在繼續審查事情。由於那次收購，我們在秘魯獲得了許多不同的資產或機會，但我們需要稍事休息。我們需要達到我們需要達到的目標，然後顯然會繼續看到一些我們想要的東西，那就是創造性的、對 Endeavour 有意義的東西，並繼續專注於白銀並繼續發展公司。

Wayne Lam, TD.

韋恩·拉姆（Wayne Lam），TD。

Yeah, thanks, morning guys. Thanks for taking my questions. Yeah, maybe just a follow-up at Terronera, obviously a lot of focus around the impending commercial production announcement. So I guess, with the tonnage being essentially over 90%, in the month of July of design capacity. So just to clarify, you guys are just, kind of trying to optimize the recoveries to get closer to design and that's the only I guess impediment to a commercial production announcement or is there anything else and just curious.

是的，謝謝大家，早安。感謝您回答我的問題。是的，也許只是 Terronera 的後續行動，顯然人們的注意力都集中在即將發布的商業生產公告上。因此我估計，7 月的噸位基本上已經超過設計容量的 90%。所以只是為了澄清一下，你們只是試圖優化恢復以更接近設計，我認為這是商業生產公告的唯一障礙，或者還有其他什麼，只是好奇。

That's it, Wayne. I mean we don't want to pigeonhole ourselves to that and from a concentrate spec standpoint we want to hit that but we're generally there, so it's really comes down to hitting recoveries getting design -- the grind size down to design and need it for recoveries and. We expect that relatively short. We're moving in a good direction and hopefully we're close.

就是這樣，韋恩。我的意思是，我們不想把自己局限於此，從濃縮物規格的角度來看，我們希望達到這個目標，但我們通常都在那裡，所以它實際上歸結為達到回收率，獲得設計 - 將研磨尺寸縮小到設計並需要它來回收。我們預計這個時間相對較短。我們正朝著好的方向前進，希望我們能夠接近目標。

Yeah, seems like you guys are, on the verge of an announcement and given the expectation that the recoveries would also improve, alongside the grade, as well. Maybe turn to Kolpa, the operating cost per tonne this quarter seems to be, a little bit higher relative to those under the prior operator of the past two years. So just wanted to ask what's driving that and should we anticipate that to come down as you guys kind of sink your teeth a little bit more into the operations of the mine.

是的，看起來你們即將發佈公告，並且預計復甦情況和等級也會提高。也許轉向 Kolpa，本季每噸的營運成本似乎比過去兩年之前的營運商的營運成本略高一些。所以只是想問一下是什麼推動了這一趨勢，當你們更深入地了解礦山運營時，我們是否應該預期這一趨勢會下降。

Yeah, obviously there's integration costs that are flowing through in in May and June when someone comes in obviously additional flights everybody's trying to, whether it's IT systems, some of that gets expense through that development changing their accounting policies a little bit of understanding everything. I obviously.

是的，顯然，當有人在五月和六月增加航班時，就會產生整合成本，每個人都在嘗試，無論是 IT 系統，其中一些是透過開發產生的費用，改變他們的會計政策，稍微了解一下一切。我顯然。

Our expectations to be more aligned to what they did in 2024. There is obviously inflationary pressures when a new company comes in. They have additional ass. We want to be good custodians of that mine and kind of support them and improve.

我們的期望與他們在 2024 年的表現更加一致。當新公司進入時，顯然存在通膨壓力。他們有額外的屁股。我們希望做好該礦的管理者，為他們提供支援和改進。

There's some things we want to improve, but honestly, they did everything really well. If we stayed at 2,000 tonnes for the next six months, I'd expect costs to come down and more aligned to 2024, but again we are looking at going to 2,500 tonnes we have put in kind of growth capital in our outlook. We haven't completely finalized when that's going to occur some permits are required for that.

有些事情我們想要改進，但說實話，他們在各方面都做得很好。如果我們在未來六個月內保持 2,000 噸的產量，我預計成本將會下降並與 2024 年更加一致，但我們再次考慮將產量提高到 2,500 噸，我們在展望中已投入了成長資本。我們還沒有完全確定何時會發生這種情況，因為這需要一些許可證。

But we do expect kind of an increase and hopefully next year, sometime in 2026 we're at 2,500. Maybe it starts earlier but we don't have enough information to kind of define that timeline exactly yet.

但我們確實預期會有一定成長，希望明年，也就是 2026 年的某個時候，我們的數字能達到 2,500。也許它開始得更早，但我們還沒有足夠的資訊來準確地定義這個時間表。

Okay, got it. Yeah, I guess that that would be my last question just on that comment on the expansion which you guys had kind of telegraphed as a potential optimization at the plant on the acquisition announcement, in terms of getting to the 2,500 tonne per day, what is. I guess, is that 12.5 million the incremental capital that you would need to get there? And then on the permitting side, what exactly would be needed, for that incremental expansion?

好的，明白了。是的，我想這是我關於擴張的評論的最後一個問題，你們在收購公告中已經表示過，這是工廠的潛在優化，就達到每天 2,500 噸而言，具體是什麼。我猜，1250 萬美元就是你實現這目標所需的增量資本嗎？那麼在許可方面，對於這種漸進式擴張來說，究竟需要什麼呢？

Yeah, so the 12.5 million is the incremental cost required to get there. In our sustaining capital we've included some capital in the sustaining that would if we didn't do an expansion, it still would contribute to 2000 tonnes per day, so i.e., mine development or partly with tailing's expansion, but there are parts of it as i.e. installing floatation cells and the actual mill that is that $12.5 million. They have the permit to expand. They need the permit to operate. I'll let Don clarify.

是的，所以 1250 萬美元是實現這一目標所需的增量成本。在我們的維持資本中，我們已經將一些維持資本納入其中，如果我們不進行擴張，它仍然會貢獻每天 2000 噸，即礦山開發或部分尾礦擴張，但其中還有部分，例如安裝浮選槽和實際工廠，即 1250 萬美元。他們有擴張的許可證。他們需要許可證才能經營。我會讓唐來澄清。

Yeah, that's correct. That is in the process and of course you know in different countries that different agencies approve like the environmental permit and then approve the operating permit and that's kind of where we're at on some of the expansion items.

是的，沒錯。這正在進行中，當然，你知道在不同的國家，不同的機構會批准環境許可證，然後批准運營許可證，這就是我們在一些擴展項目上的位置。

Okay perfect yeah seems like a well time transaction and certainly looking forward to the optimizations ahead. Thanks for taking my questions.

好的，完美，是的，這似乎是一筆及時的交易，當然期待未來的優化。感謝您回答我的問題。

Nick Giles, B. Riley Securities.

尼克吉爾斯 (Nick Giles)，B. Riley 證券。

Hi. This is Soundarya Iyer here on behalf of Nick Giles from B. Riley Securities. If I may, I just wanted to touch on the financials, like how are you thinking about hedging on a go forward basis given that the equity appears to be impacted, by the volatility in financial statements?

你好。我是 B. Riley Securities 的 Nick Giles 代表 Soundarya Iyer。如果可以的話，我只想談談財務問題，例如，考慮到股權似乎受到財務報表波動的影響，您如何考慮進行對沖？

Yeah, I'm happy to answer that. Right now we have we do have some hedge contracts on our balance sheet. We have 68,000 ounces of gold that we sold effectively at $2,325 in March of 2024. And that's our derivative of liability and ultimately our derivative of loss.

是的，我很樂意回答這個問題。目前我們的資產負債表上確實有一些對沖合約。我們擁有 68,000 盎司黃金，於 2024 年 3 月以 2,325 美元的價格有效出售。這就是我們的責任衍生性商品，最終也是我們的損失衍生性商品。

Our preference is not to hedge precious metals. Obviously we're a silver company. We believe people that want to buy the Endeavour name and play first and foremost, their hypothesis is silver is going up. If you think silver is going down, I don't think you could buy a silver company. And we want to give that exposure to our shareholders.

我們傾向於不對貴金屬進行對沖。顯然我們是一家銀業公司。我們相信那些想要購買 Endeavour 品牌並首先參與其中的人，他們的假設是白銀價格會上漲。如果您認為白銀價格正在下跌，我認為您不應該購買白銀公司。我們希望將這種關注傳遞給我們的股東。

We do have some colors put in place, that we did this this quarter. We colored about 990,000 ounces of silver between $31 and $42. That's all designed around our lending facility similar to our 68,000 ounces of gold. But as we start getting into cash flow at Terronera and start paying down that debt. I wouldn't expect us to really do any hedge programs around silver and ultimately precious metals.

我們確實已經確定了一些顏色，我們在本季就做到了這一點。我們以 31 美元至 42 美元的價格染制了約 990,000 盎司的白銀。這一切都是圍繞著我們的貸款機製而設計的，類似於我們的 68,000 盎司黃金。但隨著 Terronera 開始產生現金流並開始償還債務。我不指望我們真的會針對白銀以及貴金屬實施任何對沖計劃。

Thank you. That's helpful. Just maybe one more on the working capital side. So how should we think about working capital over the second half of 2025? Like should we expect a release soon this year or it could be more towards, achieving the throughput targets or --

謝謝。這很有幫助。在營運資金方面可能還差一個。那我們該如何看待2025年下半年的營運資金？例如我們是否應該期待今年盡快發布，或者它可能更傾向於實現吞吐量目標，或者--

Yeah, I mean, it's all tied to commercial production at Terronera, and the cash flows that Terronera is going to generate. Obviously, and as I said, kind of my spiel before the questions is it was by design that our working capital was going to get this low. I mean we have $52 million in cash, but we do have a significant payables, and that's all part of building a mind and getting through commissioning and then getting to positive cash flow so.

是的，我的意思是，這一切都與 Terronera 的商業生產以及 Terronera 將產生的現金流有關。顯然，正如我所說的，我在提問之前就說過，我們的營運資金之所以這麼低是經過精心設計的。我的意思是我們有 5200 萬美元的現金，但我們確實有大量的應付款，而這都是建立思路、完成調試並實現正現金流的一部分。

Our expectation is Terronera gets deposit cash flow and that working capital improves over the next two quarters, three quarters, and all be beyond that and we start lowering our debt that we're carrying in. And then, ultimately looking at next transaction and next bill, but, again expect working capital to improve in the second half of the year as Terronera goes into production.

我們的預期是，Terronera 將獲得存款現金流，營運資本將在未來兩季、三季內改善，我們將開始降低所承擔的債務。然後，最終查看下一筆交易和下一張帳單，但是，隨著 Terronera 投入生產，預計下半年營運資金將再次改善。

(Operator Instructions)

（操作員指示）

Phil Ker, Ventum Financial.

Ventum Financial 的 Phil Ker。

Thanks operator. Just a couple of questions on my end, Dan, at Bolañitos, the mill underperformed on the back of some component replacements. Has the throughput normalized now?

謝謝接線生。丹，我這邊只想問幾個問題，在 Bolañitos，由於一些零件的更換，工廠的表現不佳。現在吞吐量已經恢復正常了嗎？

Yeah, that's a great question. I'm glad you brought that up, so actually you're right, like our throughput out of the mill in in Q2 is lower than what we've seen over the last four or five years. Replace some parts in the crusher, replace the motor on one of the mills, it costs us about 10 to 12 days. We are back up to the 1,200 tonnes per day. Ultimately, our cost at Bolañitos were higher because of that just with the lower throughput, same amount of cost over less tonnes.

是的，這是一個很好的問題。我很高興你提出這個問題，所以實際上你是對的，就像我們第二季度的產量低於過去四到五年的水平。更換破碎機的某些部件，更換其中一台磨機的電機，這花費我們大約 10 到 12 天的時間。我們的產量已恢復至每天 1,200 噸。最終，我們在 Bolañitos 的成本更高，因為吞吐量較低，但成本相同，噸數較少。

Yeah, obviously, Bolañitos isn't a big part, going forward, but it's still important. There's a phenomenal little mine that's been scrappy and continues to find resources and extend mine life and good gas costs. So we expect Q3 and Q4 to be back in line.

是的，顯然，博拉尼托斯在未來不會扮演重要角色，但他仍然很重要。有一個非凡的小礦井，它一直很艱苦，不斷尋找資源，延長礦井壽命，並具有良好的天然氣成本。因此我們預計第三季和第四季將恢復正常。

And if you look at our guidance between Guanacevi and Bolañitos in January and where we're at, we're right in that range with Bolañitos being slightly behind plan, but again, we expect that to catch up here in in Q3 and Q4.

如果你看一下我們一月份對 Guanacevi 和 Bolañitos 之間的指導以及我們現在的情況，我們正處於這個範圍內，Bolañitos 稍微落後於計劃，但是，我們再次預計在第三季度和第四季度會趕上。

Perfect. That's great and over at Kolpa, now that you've taken the keys and got under the hood a little bit more, assuming that maybe you've dove into some of the exploration potential there, have you had a little bit more boots on the ground and evaluated some of the targets and opportunities there and if you could highlight some of those for us, that'd be great.

完美的。這很好，在科爾帕，既然你已經拿到了鑰匙，並且對內部情況有了更多的了解，假設你可能已經深入那裡的一些勘探潛力，你是否有更多的實地考察並評估了那裡的一些目標和機會，如果你能為我們強調其中的一些，那就太好了。

Yeah, that's another great question. Obviously, when we bought Kolpa, we explained to kind of our audience that we really like the exploration potential.

是的，這又是一個很好的問題。顯然，當我們收購 Kolpa 時，我們向我們的受眾解釋說，我們真的很喜歡它的勘探潛力。

Luis Castro, our Senior Vice President of Exploration, has been down there a couple times. We are kind of aligning and where we thought we could bring a lot of value was exploration and kind of coming up with a more systematic approach, a lot more service work.

我們的勘探高級副總裁路易斯卡斯特羅 (Luis Castro) 已經去過那裡幾次了。我們正在進行某種調整，我們認為我們可以帶來很多價值的地方是探索，並提出更系統化的方法，更多的服務工作。

They did a lot of what we see in Latin America following in the vein. It pinches out and doing crosscuts underground and Louis kind of trying to get them to go back to surface and do some Geochem, Geophysics, and identify that way with surface work and then be more systematic about how we're drilling and what we're doing that.

他們做了很多我們在拉丁美洲看到的事情。它會在地下進行收縮和橫切，路易斯試圖讓他們回到地面並進行一些地球化學、地球物理學研究，並將這種方式與地面工作聯繫起來，然後更有系統地了解我們如何鑽探以及我們正在做什麼。

Assays have to go out to third parties so we can include that into our current resource they've been putting into their assay lab. So we're, we are kind of reorganizing the exploration group. We do expect to get some exploration results out relatively soon.

分析必須交給第三方，這樣我們才能將其納入他們投入分析實驗室的現有資源中。所以我們正在重組探索小組。我們確實期望能夠相對快速地獲得一些勘探結果。

There's a vein called Poderosa West that we touched on acquisition, seeing good grades and good widths, but again, we want to get kind of a group of holes together so it's actually meaningful, and we expect that to be out in the next couple weeks. Things have been aligning exactly as our expectation.

我們在收購時曾接觸過一條名為 Poderosa West 的礦脈，它品質良好，寬度適中，但同樣，我們希望將一組礦洞集中在一起，這樣才真正有意義，我們預計這將在未來幾週內完成。事情正如我們預期的那樣發展。

That when I say next couple weeks I mean sometime by mid-September I'm getting eyes from our staff. Everything's lining up to our expectation work needs to continue to be done, but we're happy with the acquisition as it is now.

當我說接下來的幾週時，我的意思是大約在九月中旬，我會引起我們工作人員的注意。一切都符合我們的預期，工作需要繼續進行，但我們對目前的收購感到滿意。

Very good. So fair to say that as you prioritize and evaluate the various targets that, maybe a little bit more aggressive efforts will be laid out in 2026.

非常好。因此，公平地說，當你確定優先順序並評估各種目標時，也許 2026 年會做出更積極的努力。

Yeah, I mean under the agreement there's a contingent payment of $10 million based on the resource that we publish and if we publish $100 to $120 million we pay a sliding scale payment up to $10 million. We have to spend $12 million on expiration over 24 months over that two year period. Otherwise if we don't spend that $12 million that goes towards the $10 million dollar payment. So we expect a program of $12 million over the next 24 months.

是的，我的意思是，根據協議，根據我們發布的資源，我們將支付 1000 萬美元的附帶費用，如果我們發布 1 億到 1.2 億美元，我們將支付最高 1000 萬美元的浮動費用。我們必須在這兩年內花費 1200 萬美元用於 24 個月的到期日。否則，如果我們不花掉這 1200 萬美元，那麼這筆錢將用於支付 1000 萬美元。因此，我們預計未來 24 個月內該專案的資金將達到 1,200 萬美元。

Alex Terentiew, National Bank.

國家銀行的 Alex Terentiew。

Hi guys, thanks for taking my call. I apologize if you already answered this question. I'm, traveling at the moment, so I just got on a bit late, but at Kolpa, on the expansion, you said development capital you're spending about $13 million this year, or that's your guidance is that, I mean, does that mean there is going to be more for an expansion to get 2,500 next year? Or I'm just trying to understand kind of, timing of getting there, what would be required to operate those levels.

大家好，感謝您接聽我的電話。如果您已經回答了這個問題，我深感抱歉。我目前正在旅行，所以我來得有點晚，但在 Kolpa，關於擴張，您說今年的開發資本支出約為 1300 萬美元，或者這是您的指導，我的意思是，這是否意味著明年擴張到 2500 人將有更多的資金？或者我只是想要了解到達那裡的時機以及操作這些級別需要什麼。

Yeah, so what we've included in our disclosure, ultimately, it's we have $18 million in sustaining capital and $13 million in expansion. That $18 million as I say, includes expansionary stuff, but if we didn't expand, it's part of sustaining and that has value going forward. The $13 million is effectively, size and scale of the tailings, filter press and installation of the mill and flotation cells, and we talked about that a little bit earlier.

是的，我們在揭露中最終包含的內容是，我們有 1800 萬美元的維持資本和 1300 萬美元的擴張資本。正如我所說，這 1800 萬美元包括擴張性資金，但如果我們沒有擴張，它就是維持資金的一部分，並且具有未來的價值。1300 萬美元實際上是指尾礦、壓濾機以及磨機和浮選機安裝的大小和規模，我們之前已經討論過這一點。

We do expect that to get to 2,500 tonnes per day and as I say it's just a question on timing and Don has spoken to you it's there are some operating permits that are needed that are expected relatively soon which impacts that timing but we could get that all done and get to 2,500 if everything's aligned perfectly this year. Is there any other capital, Don you think that we would need next year?

我們確實希望達到每天 2,500 噸，正如我所說，這只是一個時間問題，唐已經和你說過，有一些運營許可證需要發放，預計很快就會發放，這會影響時間安排，但如果今年一切順利，我們可以完成所有工作，達到 2,500 噸。唐，您認為我們明年還需要其他資金嗎？

I mean we're going through the budgeting right now, so we'll be evaluating that, but the major push is for this expansion capital and getting that completed on time, and so that's our big push right now.

我的意思是我們現在正在製定預算，所以我們會對其進行評估，但主要推動力是擴張資本並按時完成，所以這是我們現在的大力推動。

Okay, makes sense thank you. Yeah, no, that's good, I was kind of assuming a bit more spending next year, but it seems like you've brought forward some of that this year instead, so that's fine.

好的，有道理，謝謝。是的，不，這很好，我本來預計明年的支出會多一些，但看起來你今年已經提前了一些，所以沒問題。

Well, you're correct actually on one of those things and maybe we spoke in the past with the tailings facility and the expansion that was not originally in, our forecast on May 1 and because of rainy season and timing we did bring some of that forward to try to get that done before rainy season just for efficiencies.

嗯，實際上您在其中一件事上是正確的，也許我們過去曾談到尾礦設施及其擴建，而這原本並不在我們 5 月 1 日的預測中，由於雨季和時間安排，我們確實將其中的一些提前，試圖在雨季之前完成，以提高效率。

(Operator Instructions)

（操作員指示）

Craig Stanley, Raymond James.

克雷格史丹利、雷蒙詹姆斯。

Thank you and hi all. Couple quick questions for me Terronera. How are the filter presses working?

謝謝大家，大家好。請向 Terronera 詢問幾個簡單的問題。壓濾機如何運作？

Well, thanks for the question. They're working really well. It took about a month to get the first filter press, going, as we have for those that don't know, we have about 4,000 tonnes capacity on our filter presses at the back end of the plant.

嗯，謝謝你的提問。他們工作得非常好。我們花了大約一個月的時間讓第一台壓濾機開始運轉，對於那些不知道的人來說，我們工廠後端的壓濾機的產能約為 4,000 噸。

We want to make sure we had redundancy for startup and obviously into operations and eventually if we ever needed to increase production. So we have two kind of twin filter presses that do 2,000 tonnes per day each. We call it filter press one, filter press 1, nothing special with that, but.

我們希望確保在啟動和運營過程中，以及最終需要增加產量時，都有足夠的冗餘。因此，我們有兩種雙壓濾機，每台每天可處理 2,000 噸。我們稱之為壓濾機一號、壓濾機1，這沒什麼特別的，但是。

With filter press 1 getting up and commissioning, we were taking sensors and parts and filter press 2, and it took about a month to get it commissioned and operating as we expected and then Metso provided the parts and sensors that we needed for filter press 2 to get that going and that took about only a week to get up and commissioning and operating and we've switched between 1 and 2, and as you saw, like I say, we saw our numbers for July.

隨著 1 號壓濾機的啟動和調試，我們將感測器和零件帶到 2 號壓濾機上，大約需要一個月的時間才能使其按預期投入調試和運行，然後美卓提供了 2 號壓濾機所需的零件和感測器，只需一周時間即可啟動、調試和運行，我們在 1 號壓濾機和 2 號壓濾機之間，正如您所看到的，我看到了 7 月份的數據

The filter presses have gone really well. We bought a bunch of cloths early on. We've been lucky in the sense that the first cloths we put on the filter press has gone well. The concentrate filter we started up, we got our output pretty good. We're still working on somethings there and starting to change some cloths with regards to the specs of the concentrate. But I think, and Don will touch on this is ultimately I think it went a lot smoother than what we expected, which was a pleasant surprise.

壓濾機運作得非常好。我們很早就買了一堆布料。我們很幸運，因為我們放在壓濾機上的第一批布料運作良好。我們啟動了濃縮過濾器，獲得了相當不錯的輸出。我們仍在做一些工作，並開始根據濃縮物的規格更換一些布料。但我認為，唐最終會談到這一點，我認為事情比我們預期的要順利得多，這是一個驚喜。

Yeah, I think anyone that's been involved with, historically with filter press commissioning and operation sometimes is the bottleneck for your, for your production and it once it got up and running, it just wasn't neither the tailing nor the concentrate filters and. Now the concentrate filter is running really well. We're getting good moisture content, getting good moisture content on the tailing filter, so it went really well. We're really pleased with the performance there.

是的，我認為任何參與過壓濾機調試和運行的人有時都會認為它是您生產的瓶頸，一旦它啟動並運行，它就不再是尾礦過濾器也不是精礦過濾器了。現在濃縮過濾器運作良好。我們獲得了良好的水分含量，尾礦過濾器上也獲得了良好的水分含量，所以一切都很順利。我們對那裡的表現非常滿意。

Thanks. Kolpa, what would you think you'd put out a press release with the results of an updated technical report? Yeah actual for the initial 43-101, I guess under you guys.

謝謝。科爾帕，您認為您會發布一份包含最新技術報告結果的新聞稿嗎？是的，實際上最初的 43-101，我猜在你們之下。

Yeah, well, we did on acquisition we actually put out a 43-101. It just had no resources and referred to the historical resources we've engaged SGS to kind of go through that and we have the twin holes, there's work to be done to validate all the work that they've historically done d.

是的，我們在收購時確實推出了 43-101。它只是沒有資源，並參考歷史資源，我們已經聘請了 SGS 來處理這個問題，我們有雙孔，需要做一些工作來驗證他們過去所做的所有工作。

Obviously, we want to make sure that number aligns a little bit to what we expected with their historical resource and that's going to take some time it's probably mid-2026 we would try to really push for the beginning of next year but.

顯然，我們希望確保這個數字與我們根據他們的歷史資源所預期的數字有點一致，這需要一些時間，可能是 2026 年中期，我們會努力在明年年初真正推動。

It's, it looks difficult to get it done for that soon, but we'll see. We got, like I say, we know what we're doing. We have an operating plan, but just to get clarity out there in the marketplace, we want to make sure we get that current resource out there. This will take some time.

看起來，很快就能完成這個任務，但我們會拭目以待。正如我說的，我們知道自己在做什麼。我們有一個營運計劃，但為了讓市場更加清晰，我們希望確保獲得現有的資源。這需要一些時間。

And then just finally, Pitarrilla, updated studies still coming out here in the early new year?

最後，Pitarrilla，新年伊始還會發布更新的研究報告嗎？

Early new year is probably optimistic at this point just because Terronera split a little bit on us and we want to move some bodies from Terronera into the Pitarrilla. We do have, various engineering groups SRK, SGS working on studies.

此時，新年伊始可能是一個樂觀的時刻，因為 Terronera 在我們身上出現了一些裂痕，我們想將一些屍體從 Terronera 轉移到 Pitarrilla。我們確實有各種工程小組 SRK、SGS 正在進行研究。

The biggest thing that we've been focusing on is the tailings dam site, so we can get that, all that work done, part of that that study and then ultimately into the government because that is the one key permit that's needed again for everybody on the call we have a MIA, we have our environmental impact assessment there. We have a permit to build the plant. We have permit correct, mining underground. We've got a 2 kilometer at it already into Pitarrilla. The biggest pollen neck from a permanent standpoint will be the tailings dam. We own over 5,000 hectares there.

我們一直關注的重點是尾礦壩場，因此我們可以完成所有工作，進行部分研究，然後最終提交給政府，因為這是每個人都需要的關鍵許可證，我們有一個 MIA，我們在那裡進行了環境影響評估。我們有建造該工廠的許可證。我們有許可證，可以進行地下採礦。我們已經走了 2 公里，到達了 Pitarrilla。從永久角度來看，最大的花粉頸將是尾礦壩。我們在那裡擁有超過5,000公頃的土地。

It's in a great jurisdiction, great state of Durango in Mexico, so it will take a little bit of work, but we feel like we'll be able to get that permitted and then hopefully moving and continue to advance Pitarrilla.

它位於墨西哥杜蘭戈州的一個很棒的管轄區內，所以需要做一些工作，但我們覺得我們能夠獲得許可，然後希望能夠繼續推進 Pitarrilla。

(Operator Instructions)

（操作員指示）

We have no further questions at this time. I would like to turn the conference back over to Dan Dickson for any closing remarks.

目前我們沒有其他問題。我想將會議交還給 Dan Dickson 做最後發言。

Thanks operator and thanks to all our shareholders and you know Q2 had a lot going on, and we're getting very close on Terronera. We completely realize as a management team that the focus is on Terronera and delivering commercial production and ultimately cash flows and ultimately getting Terronera to what we expect it can do and beyond that, growth with Pitarrilla.

感謝營運商，感謝我們所有的股東，您知道第二季度有很多事情要做，我們在 Terronera 方面已經非常接近了。作為管理團隊，我們完全意識到重點在於 Terronera，實現商業化生產，最終實現現金流，並最終使 Terronera 達到我們預期的目標，除此之外，還要與 Pitarrilla 共同成長。

But with Kolpa coming in and Guanacevi and Bolañitos continue to perform and we were on the track to improve our balance sheet significantly here over the next six months and then hopefully continue to grow after that. So have a good day and talk to everybody soon.

但隨著科爾帕的加入以及瓜納塞維和博拉尼托斯的持續表現，我們將在未來六個月內大幅改善我們的資產負債表，並希望在此之後繼續增長。祝您有美好的一天並儘快與大家交談。

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。