Endeavour Silver Corp (EXK) 2025 Q3 法說會逐字稿

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

感謝您的耐心等待。這是會議接線員。歡迎參加 Endeavour Silver 2025 年第三季財務業績電話會議。（操作員指示）會議正在錄音。（操作說明）

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

現在我將把會議交給投資人關係副總裁艾莉森‧佩蒂特女士。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。在開始之前，請您查看我們的管理層討論與分析報告，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。我們的管理層討論與分析以及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 Chief Executive Officer; Elizabeth Senez, our Chief Financial Officer; and Don Gray, Endeavour's Chief Operating Officer. Following Dan's formal remarks, we will open the call for questions. And now over to Dan.

今天的電話會議有：Endeavour Silver 執行長 Dan Dickson；財務長 Elizabeth Senez；以及 Endeavour 營運長 Don Gray。在丹的正式演講結束後，我們將開始接受提問。現在把麥克風交給丹。

Thank you, Allison, and welcome, everyone. Q3 has been a transformational quarter at Endeavour Silver. With Terronera now in commercial production and Kolpa's first full quarter under production. Our production profile, we have significantly expanded our operational capabilities and strengthened our position in the market. This progress sets the stage for continued growth and improved performance as we move forward.

謝謝艾莉森，也歡迎各位。第三季是 Endeavour Silver 的一個變革性季度。Terronera 現已投入商業生產，Kolpa 也已完成第一個完整的季度生產。我們的生產規模顯著擴大，營運能力大幅提升，市場地位也得到鞏固。這項進展為我們未來的持續成長和業績提升奠定了基礎。

In Q3, Endeavour produced 1.8 million ounces of silver, 7,300 ounces of gold, totaling approximately 3 million silver equivalent ounces. This does not include Terronera and represents an 88% increase compared to Q3 2024, primarily due to the addition of the Kolpa mine and full quarter production from Guanacevi. We reported revenue of $111 million, an increase of 109% compared to the prior year, benefiting from the higher precious metal prices and increased production profile.

第三季度，奮進號礦生產了 180 萬盎司白銀、7,300 盎司黃金，總計約 300 萬盎司白銀當量。這還不包括 Terronera，與 2024 年第三季相比成長了 88%，主要原因是 Kolpa 礦的投產以及 Guanacevi 礦的季度全面投產。我們公佈的收入為 1.11 億美元，比上年增長 109%，這得益於貴金屬價格上漲和產量增加。

Mine operating cash flow before working capital changes rose by 102%, while cash costs increased to $18 of payable silver ounce. The increase is driven by the impact of higher royalties, higher profit participation, and higher cost of third-party mineralized material during the quarter, coupled with lower grades processed at Guanacevi and Bolanitos.

礦山營運現金流（不計營運資本變動）增加了 102%，而現金成本增加至每盎司應付白銀 18 美元。本季特許權使用費、利潤分成比例和第三方礦化材料成本增加，以及 Guanacevi 和 Bolanitos 礦區處理的礦石品位降低，都導致了價格上漲。

All-in sustaining costs increased from the same quarter in 2024 to $30.53 per ounce, net of byproduct credits due to a number of factors, including elevated exploration at Kolpa to validate historical resources, initial capital investment to upgrade facilities and an increase in treatment and refining charges.

綜合維持成本較 2024 年同期增加至每盎司 30.53 美元（扣除副產品抵免額），原因是多種因素，包括在 Kolpa 加大勘探力度以驗證歷史資源、升級設施的初始資本投資以及加工和精煉費用的增加。

All-in sustaining costs include $2.3 million of mark-to-market charge in the quarter for deferred share units granted in previous periods within G&A. Mine operating earnings increased to $15.6 million from $12.5 million in Q3 2024 due to the higher operating earnings out of Bolanitos and Guanacevi as well as $3.9 million in operating earnings from Kolpa, offset by Terronera's mine operating loss of $3.6 million during the commissioning period. The company reported a net loss of $37.5 million for the period after a loss on derivative contracts of $39 million.

全部維持成本包括本季對先前期間授予的遞延股份單位提列的 230 萬美元市值調整費用（計入一般及行政費用）。由於 Bolanitos 和 Guanacevi 礦山營運收入增加，以及 Kolpa 礦場營運收入增加 390 萬美元，礦場營運收入從 2024 年第三季的 1,250 萬美元增加到 1,560 萬美元，但 Terronera 礦場在調試期間的營運虧損 360 萬美元被抵銷。該公司報告稱，由於衍生性商品合約虧損 3,900 萬美元，該期間淨虧損 3,750 萬美元。

As previously reported, the company entered into four gold sales as part of the project loan facility in March 2024 when gold was trading at $2,325. As of September 30, the company's cash position was $57 million. And on October 16, the company announced that Terronera was officially reached commercial production following a successful commissioning phase.

正如之前報導的那樣，該公司在 2024 年 3 月進行了四筆黃金銷售，作為專案貸款安排的一部分，當時黃金的交易價格為每盎司 2325 美元。截至9月30日，該公司現金餘額為5,700萬美元。10 月 16 日，該公司宣布 Terronera 在成功完成調試階段後正式進入商業生產階段。

During commissioning, the operation performed at an average of 90% of its design capacity of 2,000 tonnes per day while also achieving at least 90% of its projected metal recoveries. This achievement not only underscores a transformational milestone for the company but also represents a pivotal moment in our corporate strategy, further strengthening our position as a leading mid-tier silver producer.

在調試期間，該作業平均達到其設計產能（每天 2,000 噸）的 90%，同時實現了其預期金屬回收率的至少 90%。這項成就不僅標誌著公司發展的一個轉型里程碑，也代表了我們企業策略的關鍵時刻，進一步鞏固了我們作為領先的中型白銀生產商的地位。

The company forecasts throughput of approximately 350,000 tonnes over the next six months, with average grades estimated to be about 120 grams per tonne silver and 2.5 grams per tonne gold. This higher grade zones are scheduled to be accessed in mid-2026.

該公司預測未來六個月的吞吐量約為 35 萬噸，平均品位估計約為每噸 120 克白銀和每噸 2.5 克黃金。這些更高等級的區域計劃於 2026 年年中開放。

During this period, the operating team will be working to refine and optimize the operating processes, incrementally improving throughput, recoveries and our operating processes and efficiencies. In January of 2026, the company will issue annualized 2026 production and cost guidance for Terronera with our consolidated guidance.

在此期間，營運團隊將致力於改善和優化營運流程，逐步提高產量、回收率以及我們的營運流程和效率。2026 年 1 月，公司將發布 Terronera 的 2026 年年度產量和成本指導，以及我們的綜合指導。

Since completing the Minera Kolpa acquisition on May 1, the integration of the asset and the team has progressed smoothly. On September 25, the company announced positive drill results from its ongoing exploration program at Kolpa, demonstrating outstanding potential. The exploration program is designed to target potential while also completing work to validate historical resource estimates. Part of the acquisition agreement includes $12 million of exploration spend to validate the historical resources over 24 months. In Q3, we incurred $1.5 million, which is included for infill and step-out drilling.

自 5 月 1 日完成對 Minera Kolpa 的收購以來，資產和團隊的整合進展順利。9月25日，該公司宣布其在科爾帕進行的勘探計畫取得了積極的鑽探結果，展現了巨大的潛力。此勘探計劃旨在發掘潛在資源，同時完成驗證歷史資源估算的工作。收購協議的一部分包括 1,200 萬美元的勘探支出，用於在 24 個月內驗證歷史資源。第三季度，我們支出了 150 萬美元，其中包括加密鑽探和延伸鑽探的費用。

In Q3 2025, Kolpa produced 1.3 million silver equivalent ounces, including its base metals, continuing to remain on track to align with Kolpa's historical performance benchmarks of 5 million silver equivalent ounces. Grades were marginally lower than expected. However, throughput was slightly higher, resulting in slightly higher cash cost per ounce than the historical site trend and management's expectations.

2025 年第三季度，Kolpa 生產了 130 萬盎司白銀當量（包括其基本金屬），繼續保持著與 Kolpa 歷史業績基準 500 萬盎司白銀當量一致的勢頭。成績略低於預期。然而，產量略高，導致每盎司現金成本略高於歷史趨勢和管理層的預期。

Additionally, investments are being made to modernize some parts of the plant and surrounding infrastructure to support a potential increase in production. The mine received permits to increase throughput to 2,500 tonnes per day, and the team is executing improvements in the mill and the mine to support an expansion. Management expects to complete its evaluation of an expanded operation late this quarter.

此外，公司正在投資對工廠的部分設施及週邊基礎設施進行現代化改造，以支持潛在的產量成長。該礦已獲得許可，可將日處理量提高到 2500 噸，團隊正在對選礦廠和礦山進行改進，以支援擴建。管理層預計將在本季末完成擴大營運的評估。

Lastly, before we open the call to questions, we continue to advance Pitarrilla and are excited for the next chapter as we move this project forward, focusing on the upgrading the inferred resources to indicate while engineers are working on various studies to support a tailings dam permit and a feasibility study to be published mid 2026.

最後，在正式開始提問之前，我們將繼續推進 Pitarrilla 項目，並對下一階段的發展感到興奮，我們將重點提升推斷資源量，同時工程師們正在進行各種研究，以支持尾礦壩許可證的申請和可行性研究，該研究將於 2026 年年中發布。

With that, operator, I'd like to open up to questions.

那麼，接線員，接下來我想回答一些問題。

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

（操作說明）Heiko Ihle，H.C. Wainwright。

I mean you hinted at some of this a bit earlier on the call but maybe walk us through what you've been seeing with Kolpa versus expectations. And I know you can just talk about grades and costs, the obvious ones, but also like labor relations, equipment uptime, work you've seen with the communities, other unexpected impact actual versus anticipated 12 months ago, either better or worse than pre-acquisition.

我的意思是，你之前在電話會議中已經稍微提到過一些這方面的內容，但能否給我們詳細介紹一下你從 Kolpa 那裡看到的與預期相比有哪些不同？我知道你可以只談論等級和成本，這些顯而易見的方面，但也可以談論勞資關係、設備正常運行時間、你與社區合作的情況、其他意想不到的影響（實際影響與 12 個月前的預期影響相比，是比收購前更好還是更差）。

Yeah, there's a lot in there. I mean, obviously, the key drivers for a lot of our cost profile, it comes down to throughput. Our throughput was above 2,000 tonnes per day. Obviously, it's designed to be 2,000 tonnes per day and grades were just slightly lower.

是的，裡面內容很多。我的意思是，很顯然，我們成本構成的關鍵驅動因素，歸根結底是吞吐量。我們的日產量超過2000噸。顯然，它的設計日產量為 2000 噸，而礦石等級略低一些。

I mean, obviously, we're seeing a higher price environment, and there's always opportunities to go into some lower grade areas. And I think we, as management, have to be very mindful that we're balancing that to extend mine life versus cash flow today. Obviously, when we took control as of May 1, we have some standards that we want to keep as a company with regards to what our assets and our facilities are, and we started some of those programs. And then a big chunk is that we're spending on exploration as well.

我的意思是，很顯然，我們現在面臨的是高價環境，但總有機會進入一些檔次較低的地區。我認為，作為管理層，我們必須非常注意平衡延長礦山壽命與當前現金流之間的關係。顯然，自從我們在 5 月 1 日接管公司以來，我們希望公司在資產和設施方面保持一些標準，並且我們已經啟動了一些相關項目。此外，我們也把很大一部分資金用於勘探。

So the exploration has gone as expected, if not better. As I said, in early September, we put out results, and we'll continue to put out results as we go through our exploration program to really validate these historical resources. I think it's very important that we get that 43-101 estimate up to date and published so we can speak to guidance and cost profiles on the forward basis as opposed to always looking at benchmark going back.

所以，勘探工作進展順利，甚至比預期還要好。正如我所說，我們在 9 月初公佈了結果，隨著勘探計劃的推進，我們將繼續公佈結果，以真正驗證這些歷史資源。我認為，及時更新並公佈 43-101 的估算結果非常重要，這樣我們才能展望未來，討論指​​導意見和成本概況，而不是總是回顧過去的基準。

Labor relations, community relations, we did a lot of work on that going into the acquisition of Kolpa, and those are aligned to what we saw. They've got very good community relations, very good labor relations. I think we're very impressed with the operating team they're very gunhoed to try to push this 2,500 tonne per day plant and expansion forward.

在收購 Kolpa 之前，我們在勞資關係和社區關係方面做了很多工作，而這些都與我們所看到的相符。他們與社區關係很好，與勞工關係也很好。我認為我們對營運團隊印象深刻，他們充滿幹勁，努力推進這座日產 2500 噸的工廠和擴建項目。

We're still trying to go through some of the cash flows and the ultimate benefits in ensuring that there's going to be economies of scale to really push that 2,500. So whether we have that capacity or how we push that for an underground mine is very important. But again, it's been one quarter.

我們仍在努力分析一些現金流和最終收益，以確保能夠實現規模經濟，並真正推動 2,500 的目標。所以，我們是否具備這種能力，或是我們如何推進地下礦井的建設，都非常重要。但再說一遍，這才過去一個季度。

Our expectation is that we will be delivering cash flow from Kolpa. If you look at it from a mining free cash flow because of the investments we've made in improvements in the plant and the exploration, it's higher than or lower than what we wanted. But ultimately, I think it will deliver us good cash flow in 2026 and beyond.

我們預計 Kolpa 專案將帶來現金流。如果從採礦自由現金流的角度來看，由於我們對工廠改進和勘探進行的投資，其金額可能高於或低於我們的預期。但最終，我認為它將在 2026 年及以後為我們帶來良好的現金流。

Fair enough. I promise the next one is a lot less loaded. And just a quick clarification. Terronera seems to have had eight days of downtime in Q3 what happened? And also, we're halfway through Q4 at this point. Has there been any downtime this quarter so far? And same question, if so, what happened?

很公平。我保證下一輛車的載貨量會少很多。還有一點需要澄清。Terronera 第三季似乎有八天的停機維護，發生了什麼事？而且，現在我們已經過了第四季的一半了。本季至今是否出現停機維護？同樣的問題，如果真是這樣，發生了什麼事？

Yeah. I mean that's a very fair question. We had very good results, I think, leading into September -- July, we did close to 2,000 tonnes per day. In August, we brought that back to around 1,800 to focus on recoveries or even 1,600 tonnes per day to focus on recoveries and then -- and did very well until about September 22, September 23, somewhere around that timeline. We had a shutdown for seven days.

是的。我的意思是，這確實是個很合理的問題。我認為，到九月為止，我們取得了非常好的成績——七月份，我們每天的產量接近 2000 噸。8 月份，我們把產量降到了每天 1800 噸左右，以專注於回收利用，甚至降到了每天 1600 噸，以專注於回收利用，然後——而且一直做得很好，直到 9 月 22 日、9 月 23 日左右，大概就是那個時間段。我們停工了七天。

And obviously, we expected to announce commercial production on October 1, just getting through September with that consistency and being shut down and it was an electrical issue, and we had to get some specific resistors, which is a very small investment, but ultimately something we didn't have on hand, and they're made to order. So it wasn't that they're available off the shelf either.

顯然，我們原本預計在 10 月 1 日宣布商業化生產，9 月份的生產一直很穩定，但後來停產了，原因是電氣問題，我們需要一些特定的電阻器，這是一筆很小的投資，但最終是我們手頭沒有的，而且這些電阻器是按訂單生產的。所以，它們也不是隨處可得的。

And we had to wait for that, and it took a little bit longer, a couple of days longer than what we expected. But nonetheless, we started up that plant late September again and got going. Since October, we haven't had any up and down days in November here, we're about a week into November.

我們必須等待，而且比預期的時間長一些，大概多等了兩天。但即便如此，我們在九月下旬還是重新啟動了那家工廠，並開始運作。自十月以來，十一月我們這裡一直風平浪靜，現在已經進入十一月一周左右了。

We had 0.5 day, 1.5-day. We have had intermittent. We're not going to be running fully at 2,000, more like what we saw in Q3, which is still a great rate above 90%. Ultimately, we are in that kind of honeymoon phase now of, hey, we're in commercial production. We really need to hit our targets and our throughputs.

我們經歷過0.5天、1.5天的情況，也經歷過間歇性的情況。我們不會完全達到 2000 的水平，更像是第三季的情況，但這仍然是一個高於 90% 的非常好的比例。歸根結底，我們現在正處於蜜月期，因為，嘿，我們已經進入商業生產階段了。我們真的需要達成目標和產量目標。

And like I say, over the next six months, it's going to be about refining and optimizing that plant. We're still refining little things, but again, above what our threshold was for commercial production or declaring commercial production.

正如我所說，在接下來的六個月裡，我們將致力於完善和優化該工廠。我們仍在對一些小細節進行改進，但再次強調，已經超過了我們商業化生產或宣布商業化生產的門檻。

Very fair. As you know, I'm quite positive on the assets. So it's nice to see it all come together and actually seeing it in person last week.

非常公平。如你所知，我對這些資產相當看好。所以很高興看到這一切最終得以實現，而且上週我還親眼看到了成果。

Thanks for the question Heiko.

謝謝你的提問，海科。

Wayne Lam, TD Securities.

Wayne Lam，TD證券。

Maybe just following up on Heiko's question, maybe at Terronera, do you have an update on maybe how the performance has gone in the month of October? And just curious what kind of stockpile you might have ahead of the mill.

或許可以接著 Heiko 的問題問一下，Terronera，您能否更新十月份的演出狀況？我只是好奇你們在磨坊前會儲備什麼樣的庫存。

And then maybe just in terms of the grade, the mine plan in the early years had around double the initially guided grades here. So just wondering what you're seeing in terms of access to those higher-grade zones and reconciliation to date versus plan.

而且，就礦石品位而言，早期的礦山計畫品位大約是最初指導品位的兩倍。所以我想知道，就目前而言，您在進入這些高級區域方面看到了什麼，以及與計劃相比，目前的進展如何。

Yeah, sure. Lots in there again. Thanks for the question, Wayne. For stockpile, and this we've been saying for a long time, we have room for about 60,000 tonnes. We can kind of push that to 80,000 tonnes. Because of the topography at Terronera and where we have laydown yards, we don't have the ability to carry six months of stockpile in front of us. So it's about making sure we have sufficient stopes available underground and be able to go from underground rig to the crusher.

當然可以。裡面又有很多東西。謝謝你的提問，韋恩。至於庫存，我們一直以來都說，我們有大約 6 萬噸的庫存空間。我們可以把這個數字提高到 8 萬噸。由於 Terronera 的地形以及我們堆場的位置，我們無法在前面儲備六個月的庫存。所以關鍵在於確保我們有足夠的地下採場，並且能夠從地下鑽孔機直接進入破碎機。

Grades thus far, we're in an area where it's lower grade, and that's just a function in our -- ultimately, in our initial mine plans or feasibility study, it's about focus on IRR payback period. And ultimately, when you're kind of going through these refinements, nothing is perfect yet in that plant. We want to make sure we're not putting metal into our tailings dam and getting the best recoveries we can on some of that higher-grade material.

就目前來看，我們所處的礦區礦石品位較低，這主要是因為我們最初的礦場計畫或可行性研究主要關注內部報酬率的投資回收期。最終，當你在進行這些改進時，工廠裡還沒有任何東西是完美的。我們希望確保不會將金屬放入尾礦壩中，並盡可能從一些高品位材料中獲得最佳回收率。

Now we've had pretty decent recoveries, but again, there are still some minor issues that we work might be down for half an hour or an hour, and we want to make sure we don't have those surges. So we designed now that the plum of the resource, the Terronera plum, which is basically the middle shoot.

現在我們已經取得了相當不錯的恢復情況，但是，仍然存在一些小問題，我們預計這些問題可能會導致服務中斷半小時或一小時，我們希望確保不會出現這些突發情況。所以我們現在設計的資源中的精華，Terronera 李子，基本上是中間的嫩芽。

We're about 100 meters away from that area. And ultimately, we have plans that comes in mid 2026. So right now, we're putting through lower grade, what we deem to be lower grade. So as I said on -- earlier on the call, about 2.5 grams gold, 120 grams silver is our expectations for that next six months. And then we bring La Luz which is a high-grade deposit in that's about a kilometer away to supplement what's coming out of Terronera.

我們距離那個區域大約100公尺。最終，我們制定了計劃，將於 2026 年年中實施。所以現在，我們正在處理等級較低的產品，我們認為這些產品等級較低。正如我之前在電話會議上所說，我們預計未來六個月黃金產量約為 2.5 克，白銀產量約為 120 克。然後，我們引入了距離約一公里外的高品位礦床 La Luz，以補充 Terronera 的產量。

So again, midyear next year, we're going to see those grades pick up to what you're going to see in Q3, Q4, Q1, Q2, but we should start seeing that in Q2, Q3. Ultimately, grade reconciliation, there's a couple of things that have been happening that we've seen. A, on the vein, our grade reconciliation is relatively in line. We're getting a lot of stock work.

所以，明年年中，我們會看到這些成績回升到第三季、第四季、第一季、第二季的水平，但我們應該會在第二季、第三季開始看到這種情況。最終，在成績核對方面，我們看到了一些改變。A，從這個角度來看，我們的等級核對結果相對一致。我們接到了很多庫存工作。

So for those on the call that aren't familiar, stockwork would be the mineralization between veins. So we have a hanging wall footwall vein on Terronera. And in between, we have what grades to be about 150 to 200 grams silver equivalents. And obviously, that has a lot of value, and we've moved from either longitudinal stoping or cut and fill stoping doing some transverse stoping. And so in these areas that we should have been a little bit higher grade, we're bringing in lower grade, but we're getting more tonnes, more ounces and ultimately extend mine life.

所以對於參加電話會議但不太熟悉的人來說，礦脈之間的礦化作用就是礦脈之間的礦化。所以我們在 Terronera 上發現了一條上盤下盤脈。介於兩者之間的是，我們還有一些等級的銀當量約為 150 至 200 克。顯然，這很有價值，我們已經從縱向採礦或挖填採礦轉向了一些橫向採礦。因此，在這些我們本應開採出品位更高的礦石的區域，我們開採出了品位較低的礦石，但我們獲得了更多的噸位、更多的盎司，最終延長了礦山壽命。

And we are in no position to update resources. It's still relatively early days in it, and it's a question of how long these stock works continue on. As we get into that main shoot with the higher grade, bigger widths, we don't expect that stock work. So we expect those grades to come through. But otherwise, to answer that question, our grades have aligned relatively well to what our resource model has.

我們目前沒有能力更新資源。現在還處於相對早期的階段，這些股票能持續多久還有待觀察。當我們開始拍攝更高等級、更大寬度的鏡頭時，我們並不指望那些庫存鏡頭能派上用場。所以我們期待這些成績能夠出來。但除此之外，要回答這個問題，我們的成績與我們的資源模型基本吻合。

And then as far as October, October has been a pretty steady month, not any huge events, knock on wood. So it's kind of continuing on. And again, we want to make sure we refine and optimize what we can do in the plant and then really focus on driving down costs next year. It's a big push to get us through into commercial production, and I commend our team on doing that. And now it's really focusing on operating efficiencies and processes and making sure we hit our marks.

至於十月份，一直都很平靜，沒有什麼大事發生，希望以後也是如此。所以這件事還在繼續。我們再次強調，我們希望確保改進和優化工廠的各項工作，然後真正專注於明年降低成本。進入商業生產階段對我們來說是一個巨大的挑戰，我讚揚我們的團隊為此付出的努力。現在，公司真正關注的是營運效率和流程，以及確保我們達到目標。

Okay. Perfect. That was great detail, Dan. Maybe just wondering on the balance sheet with Terronera now having declared commercial production, have you continued to execute on the ATM over the past month? And now that you're commercial, would you be able to refinance that facility for a larger amount? And what could be the timeline beyond that?

好的。完美的。丹，你提供的細節很棒。或許只是想了解一下，既然 Terronera 已經宣布商業化生產，那麼在過去一個月裡，你們是否繼續執行 ATM 計畫？既然您現在是商業用途，您是否可以對該貸款進行再融資，以獲得更大的貸款金額？那麼，之後的時間線會是怎麼樣的呢？

Sure, Wayne, I'll take that. This is Elizabeth Senez, the CFO. So in terms of your first question on the ATM, no, we've not used the ATM in the past month. You can see in our Q3 that we used $15 million during Q3. But since the end of September, we've not used the ATM.

當然，韋恩，我接受。這位是財務長伊麗莎白·塞內茲。所以關於你的第一個問題，即自動櫃員機，不，我們上個月沒有使用過自動櫃員機。從我們第三季的財報可以看出，我們在第三季使用了 1500 萬美元。但自九月底以來，我們就沒用過自動櫃員機了。

And then regarding your second question on the project finance and our plans, what to do with that now that we're in commercial production, yes, we are evaluating our options with how to refinance now that we are in commercial production. We anticipate doing that in the next six months.

至於你第二個關於專案融資和我們計劃的問題，既然我們已經進入商業生產階段，我們該如何處理這個問題，是的，我們正在評估各種方案，考慮如何在進入商業生產階段後進行再融資。我們預計將在未來六個月內完成這項工作。

Okay. That's great. And maybe just one last one for me. Just on the balance sheet flexibility. You guys were in a bit of a negative working capital position the past quarter. Do you have enough in terms of supplies and spares available at the various sites to mitigate or have any buffer to some of the -- any potential hiccup?

好的。那太棒了。也許最後，我還能再來一杯。僅就資產負債表的彈性而言。你們上個季度的營運資金狀況有點緊張。各個站點是否有足夠的物資和備件來緩解或應對任何潛在的突發情況？

Yeah, I'll take that, Wayne. Ultimately, we believe so. You'll see our warehouse inventory is a healthy number. Obviously, going into a new operation, mid-maxes has to be determined and if you get that experience and what those trends are. We have the idea that we have sufficient inventory and warehouse inventory to be able to work through that, giving us effectively that flexibility.

是的，我接受，韋恩。最終，我們相信確實如此。你會看到我們的倉庫庫存量很充足。顯然，進入一個新的營運階段，必須確定中期目標，並累積經驗，了解這些趨勢。我們認為我們有足夠的庫存和倉庫庫存來應對這種情況，這實際上給了我們很大的靈活性。

I say that and know that there's always something out there that will come up, and that's our job as management to kind of make sure that we manage that properly if there's something that we've not seen and comes up in that sense. But we feel like we have lots of flexibility. You're right about the negative working capital on our balance sheet for the last two quarters. A big portion of that is actually our derivative liabilities.

我這麼說，也知道總是會有事情發生，而身為管理階層，我們的職責就是確保妥善處理那些我們沒有預料到的事情。但我們感覺我們有很多靈活性。您說得對，我們近兩個季度的資產負債表上確實存在負營運資本。其中很大一部分實際上是我們的衍生性商品負債。

Again, I touched on the $39 million derivative liability based on the hedges that we put in from the project loan financing that we did in 2024, we put those hedges in. So again, we've seen gold prices come from $4,500 down to $4,000, that's reduced that a little bit. But ultimately, our goal is now to get our balance sheet in a strength position, and we have positive working capital and hopefully see that sooner rather than later.

我再次提到了基於我們在 2024 年進行的專案貸款融資的對沖而產生的 3,900 萬美元衍生性商品負債，我們進行了這些對沖。所以，我們看到黃金價格從每盎司 4500 美元跌至 4000 美元，這稍微降低了一些。但歸根結底，我們現在的目標是使我們的資產負債表處於有利地位，我們擁有正的營運資本，並希望能夠盡快看到這一目標的實現。

Alex Terentiew, National Bank.

Alex Terentiew，國家銀行。

Just got a couple of questions on spending. And first one really just on CapEx. It looks like CapEx spending so far this year relative to guidance has been a bit lower than planned. Am I correct in assuming we could see a bit of a catch-up in Q4? Or it's just spending a little bit below planned here? That's my first question.

剛剛收到幾個關於消費的問題。首先，這其實只是資本支出方面的問題。今年迄今的資本支出似乎比預期略低於計畫。我的理解是否正確，我們或許可以在第四季看到一些追趕的跡象？還是只是實際支出比計劃略低一些？這是我的第一個問題。

Yeah. No, it's a very good question. I think you're going to see pretty consistent at Bolanitos and Guanacevi. Obviously, at Kolpa, it probably will end up being a little bit similar as we finish off some of these projects going into the end of the year.

是的。不，這是一個很好的問題。我認為在博拉尼托斯和瓜納塞維球場你會看到相當穩定的局面。顯然，在 Kolpa，隨著我們在年底前完成一些項目，情況可能也會有些類似。

For Terronera, we haven't put out specific guidance around sustaining capital and what we need for mine development. But I don't see it being outsized. I think mostly to answer that question, it comes down to the existing ones operation. It's what we've seen is what you'll get in Q4.

對於 Terronera 礦區，我們還沒有發布關於維持資本和礦山開發所需資金的具體指導意見。但我並不認為它規模過大。我認為要回答這個問題，主要取決於現有系統的運作。我們已經看到的，就是你們在第四季將會看到的。

Okay. And then just sticking with Kolpa, I mean, I know you guys are working towards evaluating that underground expansion. Can you -- in the past, you did give some guidance on spending there, but can you give us any color kind of maybe even over the next six months or a little bit how we can think about spending on that? I know you have the permit to construct. Obviously, you're doing some underground development as well.

好的。然後就繼續說 Kolpa 吧，我的意思是，我知道你們正在努力評估這個地下擴建計畫。您過去曾就這方面的支出提供過一些指導，但您能否給我們一些關於未來六個月或更長時間的支出規劃？我知道你有施工許可證。顯然，你們也在進行一些地下開發工作。

I think it's -- from my view, it seems like it's pretty clear that you would go ahead. But until you officially made that decision, I guess, you can't say so. But I mean, any clarity on spending plans for the next six months?

我認為——從我的角度來看，很明顯你會繼續下去。但我想，在你正式做出決定之前，你不能這麼說。但我的意思是，未來六個月的支出計畫有任何明確的安排嗎？

Yeah, part of that for the next six months is difficult to say because we're coming through that budget season. That's part of that evaluation aspect of it. And ultimately, we really need to know what that capital is, and that's going to be all part of our guidance that will come out in January. I don't want to jump the gun on what it necessarily is.

是的，未來六個月的情況很難說，因為我們正處於預算季。這是評估環節的一部分。最終，我們確實需要知道這筆資金是多少，而這都將是我們一月份發布的指導意見的一部分。我不想妄下斷言它究竟是什麼。

And a little bit of the background on that Kolpa and the expansion of 2,500. They have applied for the expansion prior to our acquisition, and they've actually made some commitments on that expansion. For example, a ball mill, 2,500-tonne ball mill was already committed to on site when we kind of acquired it. And our concern just comes down to ensuring that there's sufficient economies of scale, not through the plant, not through the indirect costs of the camps and support on site.

還有一點關於 Kolpa 和 2,500 擴張的背景介紹。在我們收購之前，他們就已經申請了擴建，並且實際上已經就該擴建做出了一些承諾。例如，當我們收購這塊地時，現場已經建有一台 2500 噸的球磨機。我們所關心的只是確保有足夠的規模經濟效益，而不是透過工廠本身，也不是透過營地和現場支援的間接成本。

It's really down into the mine. And are we going to be able -- do we need to open up more stopes and have more labor, more equipment and not get economies of scale? Or are there some areas where we can get better tonnes out and be more efficient and actually see that benefit of economies of scale. And that's a process, like I say, we're kind of in the next two months. Hopefully, we can make a final decision on that and then move forward.

它真的深入礦井深處。我們是否能夠－我們是否需要開闢更多採石場，投入更多勞動力和設備，卻無法實現規模經濟？或者，在某些領域，我們能否提高產量，提高效率，真正看到規模經濟帶來的好處？就像我說的，這是一個過程，我們接下來兩個月都會經歷這個過程。希望我們能就此做出最終決定，然後繼續前進。

And again, that's part of all the trade-off studies of understanding what that total capital spend is. And like I say, should have that done by December and hopefully out in everybody's hands or minds by January or in January. So I can't give any more than that, right?

再次強調，這都是權衡研究的一部分，目的是了解總資本支出是多少。正如我所說，應該在 12 月之前完成，並希望在 1 月或 1 月就能讓每個人都能接觸到或了解。所以我不能再多給什麼了，對吧？

No, no, I understand. I know it's a time of year, and I was just pressing my luck and asking anyway. Last question, just on Kolpa. Q3 G&A, $2.245 million, I think, was the number there. And I noted that the deal closed in Q2. Is that kind of a number we should be expecting going forward on a quarterly basis? Or do you think that can come down a little?

不，不，我明白了。我知道現在是每年的這個時候，但我還是抱著僥倖心理問一下。最後一個問題，關於Kolpa。第三季一般及行政費用為 224.5 萬美元，我記得是這個數字。我注意到這筆交易是在第二季完成的。未來每季我們都應該預期會達到這樣的數字嗎？還是你認為這個數字還能再降一點？

Alex, it's Elizabeth. I'll take that question. So on the Q3 G&A, it was higher than anticipated because of the share price increase, which is affected the revaluation of our DSUs. So $2.7 million of expense during the quarter related to the DSUs. If you exclude that, from the quarterly G&A number, then that's our run rate going forward on corporate G&A.

亞歷克斯，我是伊莉莎白。我來回答這個問題。因此，由於股價上漲影響了我們DSU的重估，第三季G&A高於預期。因此，本季與DSU相關的支出為270萬美元。如果從季度一般及行政費用中排除這部分，那麼這就是我們未來公司一般及行政費用的運作率。

I think it's a very good question on that, Alex, because that flows into Kolpa, and we had the internal discussions of, well, we have G&A out of Vancouver, and we've given out these DSUs historically that get mark-to-market. And in itself, when you look at the all-in sustaining cost for Kolpa, that includes those DSUs being allocated and how we do our allocation is a weighted calculation and how we distribute the cost out of Vancouver to that. So that G&A is not cost at Kolpa. Kolpa's G&A cost in their indirect costs on a per tonne basis.

亞歷克斯，我認為這是一個很好的問題，因為這涉及到 Kolpa，我們內部討論過，我們有溫哥華的 G&A，而且我們歷史上發放過這些 DSU，這些 DSU 會按市值計價。而就科爾帕電站的整體維持成本而言，這包括分配的分散式電源單元，而我們的分配方式是加權計算，以及我們如何將成本從溫哥華分攤到那裡。因此，在 Kolpa，一般及行政費用不屬於成本。Kolpa 的一般及行政費用計入其每噸間接成本。

So obviously, there's no right or wrong answer to how you allocate those ounces. That's how we've done it. That's how it'll consistently be. It's a noncash item, but we do include that as it is an expense that historically goes through. So again, not reflective of Kolpa's performance, just an allocation on that all-in sustaining cost.

所以很顯然，如何分配這些盎司並沒有對錯。我們就是這麼做的。情況一直都會是這樣。雖然這是一項非現金項目，但由於這是一項歷來都會發生的支出，所以我們還是將其計入在內。所以，這並不能反映 Kolpa 的表現，只是全部維持成本的分配。

Soundarya Iyer, B. Riley Securities.

Soundarya Iyer，B. Riley Securities。

I just wanted to follow-up on the sustaining CapEx question asked earlier. So at Guanacevi, you spent about $13 million of the $19 million planned, and there is a considerable amount of development being done. So how critical is completing this development to maintaining production levels at Guanacevi? And what's the current pace of advancement over there?

我只是想就之前提出的持續資本支出問題做個後續說明。所以在瓜納塞維，你們花了大約 1300 萬美元，而計畫的預算是 1900 萬美元，目前正在進行大量的開發工作。那麼，完成這項開發對於維持瓜納塞維工廠的生產水準有多重要？那邊目前的進展速度如何？

Yeah. No, fair, it's a very good question. So as you pointed out, we spent $13 million year-to-date over the nine months, which is just about $3 million, just over $3 million per quarter, and that's what we were here in Q3. And again, we don't have a big catch-up in Q4.

是的。沒錯，這確實是個好問題。正如你所指出的，今年前九個月我們花了 1300 萬美元，也就是每季大約 300 萬美元，略高於 300 萬美元，這就是我們第三季的情況。再次強調，我們在第四季不需要進行大規模的追趕。

A lot of the Guanacevi sustaining capital is mine development. And we always want to stay ahead for mine development, and that's ultimately underground mining. We have sufficient development to continue on. And obviously, we try to -- always try to get it a bit ahead. And I think we're always a little bit of ambitious on our total capital, so $19 million when we come in at $16 million. I think it's positive.

Guanacevi 的大部分維持資金都用於礦業開發。我們始終希望在礦業開發方面保持領先地位，而這最終還是要靠地下採礦。我們擁有足夠的資源繼續發展。顯然，我們總是盡量讓它領先一步。而且我認為我們對總資本總是有點雄心勃勃，所以我們以 1600 萬美元的目標達到了 1900 萬美元。我認為這是件好事。

We've got the meters that we've needed to get this year thus far, and we expect that to come. Typically, what we see in Mexico is December slows down a little bit because of the Christmas. So we focus on ore extraction is less on mine development because of the kind of a two-week period around Christmas.

到目前為止，我們已經獲得了今年所需的計量器具，我們預計後續的計量器具也會到貨。通常情況下，墨西哥的12月會因為聖誕節而稍微放緩。因此，由於聖誕節前後兩週的時間，我們把重點放在礦石開採上，而不是礦山開發。

At Bolanitos, similarly, we did have some mine equipment that we purchased early this -- early Q3, but most of the work that we do at Bolanitos is mine development. Again, if you look at guidance, we're slightly behind what we expect to spend, but we're hitting our meters. So we don't see an expected change in our operating profile because of mine development at either of those operations.

同樣，在博拉尼托斯，我們確實有一些採礦設備，是在今年第三季初購買的，但我們在博拉尼托斯所做的大部分工作是礦山開發。再說一遍，如果你看一下指導意見，我們的支出略低於預期，但我們正在達到目標。因此，我們預計這兩個礦場的開發不會對我們的營運狀況造成預期變化。

No, that makes sense. And just one more on this third-party ore purchases that has gone up and increased the cash cost. So could you just provide some context on the economics of these purchases? And how does that fit into like your own ore extracted at the mine versus this third-party ore?

沒錯，這很有道理。還有一點要說明的是，第三方礦石採購價格上漲，增加了現金成本。那麼，您能否簡單介紹一下這些採購的經濟背景？那麼，您自己礦場開採的礦石與第三方礦石之間有什麼區別呢？

Yeah. Happy to give detail on that. We do have some third-party ore at Kolpa, which is a lot more lower impact ultimately to ounces and costs. But at Guanacevi, it's about 15% of our throughput now. And the Guanacevi plant was built in 1981 by the Mexican government. And under that original when it was passed on to who we bought it from, there's a requirement that 10% -- at least 10% of throughput can go through to local miners.

是的。我很樂意提供詳細資訊。我們在科爾帕有一些第三方礦石，最終對黃金產量和成本的影響要小得多。但在 Guanacevi，目前這大約占我們吞吐量的 15%。瓜納塞維工廠是墨西哥政府於 1981 年建造的。而根據當初轉讓給我們收購方的協議，其中規定至少 10% 的吞吐量可以流向本地礦工。

And in our district of Guanacevi, there's a lot of small local miners. And obviously, with higher prices, there's actually a lot more ore that's coming to our plant asking to be toll. The way we pay out, ultimately, we buy that toll ore for a percentage around 70%, and we have margins between 20% and 25% depending on the group, depending on recoveries and ultimately where prices end up.

在我們瓜納塞維區，有許多小型本地礦工。顯然，隨著價格上漲，實際上有更多的礦石運送到我們的工廠要求加工。最終，我們的支付方式是，我們以大約 70% 的比例購買收費礦石，根據不同的組別、回收率以及最終的價格走勢，我們的利潤率在 20% 到 25% 之間。

It does place -- displace our own ore, obviously, but at the same time, it extends life at Guanacevi. And as price has gone up, that cost per tonne when we're buying that ore tonne is higher because of what it contains of silver and gold. So with the price increases, we've gotten similar grades, sometimes lower grades, but the actual cost for that ore tonne is higher. And how we incorporate that in is purchase ore.

它確實會取代我們自己的礦石，這是顯而易見的，但同時，它也延長了瓜納塞維礦的壽命。隨著價格上漲，我們購買礦石時每噸的成本也更高了，因為礦石中含有白銀和黃金。因此，隨著價格上漲，我們得到的礦石品位雖然相似，有時甚至更低，但每噸礦石的實際成本卻更高了。而我們實現這目標的方式就是購買礦石。

So it's higher cost than our mine tonnes, but again, displaces ours, and we are making a profit somewhere around 20% to 25%. So we'll continue to do that. And again, more and more toll ore is coming to Guanacevi, and again, we're required to take at least 10%, and we've been taking higher than that. I hope that answers your question.

所以它的成本比我們礦山開採的噸位要高，但它取代了我們的礦山開採，而且我們還能獲得大約 20% 到 25% 的利潤。所以我們會繼續這樣做。而且，越來越多的收費礦石運送到瓜納塞維，我們被要求至少收取 10% 的費用，而我們收取的費用一直高於這個比例。希望我的回答能解答你的疑問。

(Operator Instructions) Cosmos Chiu, CIBC.

（操作說明） Cosmos Chiu，CIBC。

Thanks for a lot of good details on this call today. But overall, I guess my question is, Dan, when should we start expecting the company to generate positive free cash flow? You got in Q3, but based on prices now, when would you expect is it next year? Clearly, we're hitting an inflection point for the company, but when can we expect positive free cash flow?

感謝您今天在電話會議中提供的許多詳細資訊。但總的來說，我想問的是，丹，我們該何時開始期待公司產生正的自由現金流？你們在第三季就拿到貨了，但以現在的價格來看，你預計什麼時候能到貨？明年嗎？顯然，公司正處於一個轉折點，但我們何時才能期待正的自由現金流？

Yeah, it's very fair. I mean, obviously, we averaged $38 on silver. This quarter, we're up in the $48 range. So I would fully expect free cash flow in Q4. It's all predicated now that Terronera has gone from commissioning to commercial production. We hit our numbers in Q4, Q1. We're going to have free cash flow out of Terronera. I think it's easier to always speak it separately.

是的，這很公平。我的意思是，很顯然，我們白銀的平均價格是 38 美元。本季度，我們上漲到了 48 美元左右。因此，我完全預期第四季會有自由現金流。現在一切都建立在 Terronera 從委託製作階段過渡到商業製作階段的基礎上了。我們在第四季和第一季都達到了業績目標。我們將從 Terronera 獲得自由現金流。我認為最好還是分開說。

Guanacevi and Bolanitos and Cosmos, I have had this conversation, the mature assets. I think where they are in their life cycle, we've got to make sure that the grades that we're pulling out of the grades that make free cash flow at this point in time. We can always go into back old areas and trade dollars, but it's also about harvesting and what our job as a management team is to deliver rate of return, right, rate of return on investment.

Guanacevi、Bolanitos 和 Cosmos，我已經和他們討論過這些成熟的資產。我認為，就它們所處的生命週期階段而言，我們必須確保我們從中挑選出的等級，是目前能夠產生自由現金流的等級。我們當然可以回到以前的領域進行資金交易，但這也關乎收穫，以及我們作為管理團隊的職責是實現回報率，對吧，投資回報率。

Guanacevi have done a phenomenal job for us to build our company. They are going to be high-cost assets going forward. The transition that we've gone through over the last two years and been a bit of a heavy lift some days is trying to find assets that are long life, low cost. Terronera in itself completely changes our profile.

Guanacevi 為我們公司的發展做出了卓越的貢獻。它們未來將成為高成本資產。過去兩年我們經歷了轉型，有時這確實是一項艱鉅的任務，那就是尋找壽命長、成本低的資產。Terronera本身就徹底改變了我們的形象。

As we go through Q4, Q1, Q2, it's going to be our job to work to get those cost profiles down to what we expected in the feasibility study. It's not going to be $88 that we have there. It's going to -- we've seen inflation 25%, 30%. So we can be around $120 to $130. I think that's going to be good. Of course, we want to be $88, but the world has changed.

隨著第四季、第一季和第二季的到來，我們的任務是努力將這些成本降低到我們在可行性研究中預期的水平。我們那裡不會有 88 美元。情況將會如此——我們已經看到通貨膨脹率達到 25%、30%。所以價格大概在 120 到 130 美元之間。我覺得這會是好事。當然，我們希望價格是 88 美元，但世界已經改變了。

Right now, we have aspects around Terronera that's making our cost higher. We're running diesel gensets because we're waiting for a permit from the Mexican government, the power arm to ultimately let us start using our LNG plant that's completed. So we've had the construction permit. Now we're waiting for our vaporization plant permit to be able to take the LNG, turn it into electricity. We expect that relatively soon. We didn't have any setbacks in Mexico.

目前，Terronera 的一些方面導致我們的成本較高。我們目前使用柴油發電機組，因為我們正在等待墨西哥政府（電力部門）的許可，以便最終允許我們開始使用已經建成的液化天然氣工廠。我們已經拿到施工許可證了。現在我們正在等待汽化廠許可證，以便能夠接收液化天然氣並將其轉化為電力。我們預計這種情況很快就會發生。我們在墨西哥沒有遇到任何挫折。

There was an LNG truck that exploded in Mexico City. It required everybody to put an emergency response plan. Hopefully, we get that before the year is out, but that's out of our control. But that diesel cost versus LNG costs, you're talking about $0.33 per kilowatt hour compared to LNG, our expectation of $0.17. Big savings that comes from that.

墨西哥城發生了一起液化天然氣運輸車爆炸事故。它要求每個人都制定緊急應變計劃。希望我們能在年底前實現這個目標，但這不在我們的控制範圍之內。但柴油成本與液化天然氣成本相比，柴油成本為每千瓦時 0.33 美元，而我們預期液化天然氣成本為每千瓦時 0.17 美元。這可以節省一大筆錢。

Ultimately, we're trucking some waste, trucking some ore for the we want. Part of that is our MEA regional permit that we received. We have (inaudible) some Conagua stuff. Again, great dialogue through the authorities. We expect that to come.

歸根結底，我們運送一些廢料，運送一些我們想要的礦石。其中一部分是我們獲得的MEA區域許可證。我們有（聽不清楚）一些 Conagua 的東西。再次強調，與有關部門的對話非常有效。我們預計這種情況會發生。

All that to say, over the next to answer your question on free cash flow, we expect it soon, and we expect those costs at Terronera to really improve over the -- partly from some of these permits, partly from our operational efficiencies. So Q4, Q1 free cash flow, again, Kolpa is going to be in a great position again, we get that stuff out, and you'll see that in January. I hope that helps answer the question, Cos.

綜上所述，關於您提出的自由現金流問題，我們預計很快就會實現，並且我們預計 Terronera 的成本將在未來一段時間內得到真正的改善——部分原因是由於這些許可證，部分原因是由於我們的營運效率。所以，第四季和第一季的自由現金流，Kolpa 將會再次處於非常有利的位置，我們會公佈這些數據，你們將在 1 月看到。希望這能解答這個問題，Cos。

Yes, yes, that does. And I do have a follow up. And Q4 and Q1 positive free cash flow, when can I start asking you about capital return in terms of potentially a dividend, share buybacks or a reverse ATM and other sort of capital return policy like that. Is that me asking about using your ATM? I can potentially ask you about share buybacks.

是的，確實如此。我還有一個後續問題。如果第四季和第一季都是正自由現金流，我什麼時候可以開始詢問有關資本回報的問題，例如潛在的股利、股票回購或反向ATM以及其他類似的資本回報政策？是我在問如何使用你們的ATM嗎？我可以向您諮詢股票回購方面的事宜。

Yeah. No, it's very fair, and I think we're still in that transition, right? So we're excited about what Terronera is going to deliver to us from a cash flow standpoint. And I can understand when you look at those numbers, it comes down dividends. What we haven't really talked about today is the opportunity with Pitarrilla.

是的。不，這很公平，我認為我們仍處於過渡階段，對吧？因此，我們對 Terronera 將為我們帶來的現金流效益感到非常興奮。我明白，當你查看這些數字時，你會發現關鍵在於股息。今天我們還沒有真正談到與 Pitarrilla 的合作機會。

So Pitarrilla, 600 million ounces in the ground, half of that sulfides. Obviously, I touched that we have a feasibility study out next year. There's the envelope numbers that you can look at for Pitarrilla, and it's a very compelling asset. We foresee any of the cash flow that we have at Terronera going into pushing on Pitarrilla. Our goal is to produce 30 million ounces by 2030, 30 by 30.

所以皮塔里拉，地下有 6 億盎司的黃金，其中一半是硫化物。顯然，我提到我們明年將發布一份可行性研究報告。你可以查看 Pitarrilla 的信封編號，這是一項非常有說服力的資產。我們預計 Terronera 的所有現金流都將用於推進 Pitarrilla 專案。我們的目標是到 2030 年生產 3,000 萬盎司黃金，30 到 30 年。

We think Pitarrilla being between 3,000, 4,000 tonne per day operation. The grades run around 300 grams. silver, silver equivalent, 60% of that silver. It could have a mine life of 10, 15, 20, 25 years, but ultimately being a low-cost asset. So round about saying that cash flow that we're going to generate is going to go into Pitarrilla and completely transform Endeavour Silver, and then we can start talking about returning cash to our shareholders.

我們認為 Pitarrilla 的日產量在 3,000 至 4,000 噸之間。這些銀的等級約為每克300克，含銀量為60%。它的礦山壽命可能為 10 年、15 年、20 年、25 年，但最終會成為一項低成本資產。簡而言之，我們將產生的現金流將投入 Pitarrilla，徹底改變 Endeavour Silver，然後我們就可以開始討論向股東返還現金了。

I think it's very important that we deliver here at Terronera and hit our marks that will give us the ability to go out and build Pitarrilla. But I really think the numbers that we're going to see of the Pitarrilla feasibility study are going to be compelling and allow us to invest at that operation or that development project.

我認為，在 Terronera 取得成績並達到我們的目標非常重要，這將使我們有能力建立 Pitarrilla。但我真的認為，我們將看到的皮塔里拉可行性研究的數據將會很有說服力，並使我們能夠投資於該營運或開發專案。

So investing in Pitarrilla likely come first before capital churn?

所以，投資 Pitarrilla 可能優先於資金周轉？

Yes.

是的。

Okay. But how about -- as you mentioned, Dan, you had to do it, but you had to put in some forward sales contracts in place, some hedges in place for part of your gold production and gold prices have now since done a lot better, and it's created some volatility for you in terms of accounting. Also mark-to-market, you're selling gold at lower price now. Any thoughts in terms of buying those back?

好的。但是，正如你提到的，丹，你不得不這樣做，但你必須簽訂一些遠期銷售合同，對部分黃金產量進行一些套期保值，而黃金價格現在表現好得多，這在會計方面給你帶來了一些波動。此外，以市值計價，你現在賣黃金的價格也更低了。有沒有考慮過回購這些產品？

Yeah. We talk about it all the time. And ultimately, as Elizabeth said in an earlier question, we have a project loan facility right now, and we're always looking to try to improve our cost profile, of course. That's our job as management and taking that project loan and trying to get it refinanced and put it at the corporate level is something that we're looking at.

是的。我們一直在談論這件事。最後，正如伊莉莎白在前面的問題中所說，我們目前有一個專案貸款機制，當然，我們也一直在努力改善我們的成本狀況。作為管理層，這是我們的職責，我們正在考慮如何獲得專案貸款，並嘗試對其進行再融資，將其納入公司層級。

Obviously, part of that whole discussion and security around everything is those hedge contracts that sit with those project loan providers. And that's part of our discussion. We haven't made any decision on how to handle those hedges going forward, whether we leave them fully in, fully take them out or partial. And when we figure that out, obviously, we'll announce that to the market. We don't have one way or the other at this point in our heads.

顯然，圍繞這一切的討論和安全保障的一部分，是與專案貸款提供者簽訂的對沖合約。這也是我們討論的一部分。我們還沒有決定如何處理這些樹籬，是全部保留、全部移除還是部分移除。當我們弄清楚這一點後，顯然會向市場公佈。目前我們還沒有形成明確的答案。

Okay. Sounds good. And maybe one last question. I don't know that Guanacevi was older than us the mill, but hopefully, it's aged okay. But on that, as you mentioned, Q3 throughput, higher grade, lower, how should we look at throughput and grade into Q4? And then Bolanitos, as you mentioned, both throughput and grade were lower in Q3. How should we look at Q4?

好的。聽起來不錯。或許還有一個問題。我不知道瓜納塞維磨坊比我們磨坊的歷史還要悠久，但希望它保存得還不錯。但是，正如您所提到的，第三季的產量、高等級、低等級，我們應該如何看待第四季度的產量和等級？正如您所提到的，Bolanitos 第三季的產量和品味都較低。我們該如何看待第四季？

Yeah. Throughput would be similar. I mean we know they're pretty steady state between 1,100, 1,200 tonnes per day for both operations. Ultimately, grades have continued in October to be slightly lower. We always look at the trend for the year. I know for the year, we've trended relatively on plan.

是的。吞吐量應該差不多。我的意思是，我們知道這兩個項目的日產量都相當穩定，在 1100 到 1200 噸之間。最終，10月份的成績仍然略有下降。我們總是會關注年度趨勢。我知道今年以來，我們的進展基本上符合計畫。

If you look at our production profile that we put out for guidance at Guanacevi, Bolanitos, we're kind of trending towards the bottom end of that guidance, and that's because of the grades that we're seeing really out of Bolanitos and a little bit lower grades out of Guanacevi, but mostly the lower gold grades out of Bolanitos. I expect that to continue here in Q4.

如果你看一下我們在 Guanacevi 和 Bolanitos 發布的生產指導概況，你會發現我們的產量正趨向於指導範圍的下限，這是因為我們在 Bolanitos 看到的金品位確實較低，而 Guanacevi 的金品位稍低一些，但主要是 Bolanitos 的金品位較低。我預計這種情況將在第四季繼續下去。

Trevor Ward, Private Investor.

特雷弗·沃德，私人投資者。

It's been quite some time since I last spoke almost two years ago. Obviously, a lot has changed in two years. I will say, obviously, like I mentioned earlier, obviously, these other talking heads, it sounds to me, for the most part, a lot of them represent clients, whereas myself being a personal investor, obviously, it's rather disappointing to see my portfolio, which I'm mostly exposed with Endeavour.

距離我上次說話已經很久了，差不多兩年了。顯然，兩年間發生了許多變化。顯然，就像我之前提到的那樣，很明顯，這些其他的“評論員”，在我看來，他們中的大多數，大多代表的是客戶，而我自己作為一名個人投資者，看到我的投資組合（我主要投資於奮進集團）的情況，顯然會感到相當失望。

So to fall so hard, so fast in one month. And it's -- I think it's almost 30% or thereabouts. So just a couple of questions in terms of going forward. Obviously, another big loss in this third quarter. And if I'm correct, I think I heard you say initially that this third quarter, you didn't include Terronera?

一個月內就墜入如此深淵，如此迅速。我認為差不多有 30% 左右。那麼，關於未來的發展，我還有幾個問題。顯然，第三季又遭遇了重大虧損。如果我沒記錯的話，我好像聽到你最初說過，第三季你們沒有把 Terronera 納入考量？

Correct.

正確的。

Terronera -- so -- so when you say you didn't include Terronera in the third quarter, it didn't -- obviously, it didn't make any money, or you just included the losses from there into the third quarter.

Terronera——所以——所以當你說你沒有把 Terronera 計入第三季度時，顯然，它沒有盈利，或者你只是把那裡的虧損計入了第三季度。

No. So let me clarify that then, Trevor. Yeah, ultimately, in our income statement, Terronera is included, and it was going through the commissioning phase. We actually recognize the revenue, we recognize the cost of sales. Obviously, we incur it, sits on our balance sheet.

不。那我就來解釋一下吧，特雷弗。是的，最終，Terronera 被計入了我們的損益表，當時它正處於調試階段。實際上，我們會確認收入，也會確認銷售成本。顯然，這筆費用是我們產生的，會記入我們的資產負債表。

The working capital numbers sit on our balance sheet. Where Terronera has not been included is in our production profile metrics. So as we've gone through construction into commissioning and commissioning now into commercial production, going forward, our cash costs, our all-in sustaining costs, our production profile will include Terronera's numbers.

營運資金數據列在我們的資產負債表上。Terronera 尚未納入我們的生產概況指標。因此，隨著我們從建設到調試，再到商業生產，展望未來，我們的現金成本、全部維持成本、生產概況都將包括 Terronera 的數據。

Prior to that, it's unfair to kind of throw those in because they're so volatile. We've got days we're operating, not operating, we're testing different things. It's not reflective of what we see going forward at Terronera. So it's just not in our operating metrics when we report that or speak to that, speaking to numbers that aren't reflective of what we see going forward.

在此之前，把它們放進去是不公平的，因為它們波動性很大。我們有時正常營業，有時不營業，我們在測試不同的東西。這並不能反映我們對 Terronera 未來發展的願景。所以，當我們報告或談論此事時，我們的營運指標中並沒有包含這些數字，這些數字並不能反映我們未來所看到的情況。

And I hear you from a standpoint on losses and a significant loss coming through on Q3, and I'm appreciative of that. And that's a big function of that, Trevor, is the loss derivatives that we're recognizing on a mark-to-market basis under accounting rules under IFRS. And ultimately, it was $39 million this quarter. That's a reflection of gold price going from $2,300 or $2,325 when we entered into these hedges.

我理解你們對虧損以及第三季將出現重大虧損的看法，對此我表示感謝。特雷弗，這在很大程度上取決於我們根據 IFRS 會計準則按市值計價確認的損失衍生品。最終，本季營收達 3,900 萬美元。這反映出，當我們進行這些對沖交易時，黃金價格從每盎司 2300 美元或 2325 美元下跌。

And at the end of the quarter, I think gold sat around $4,400. So that delta of $2,000 plus times 68,000 ounces of gold, we recognize that immediately as it's happened. And it creates and go to the last question, it creates a lot of noise in that income statement and a lot of volatility. And unfortunately, those are the IFRS rules.

到季度末，我認為黃金價格在每盎司 4400 美元左右。因此，2000 美元乘以 68,000 盎司黃金的差額，我們一看到它發生就立即意識到了。它會造成，而且會引出最後一個問題，它會在損益表中造成很多噪音和很大的波動。不幸的是，這些就是國際財務報告準則（IFRS）的規定。

We don't change that. It is what it is. We have to report to that. It creates so much noise that sometimes it's nice pulling that out. And that's why you'll have various companies use adjusted earnings or adjusted EPS, et cetera, et cetera, to take away some of that noise that are onetime items or mark-to-markets that aren't actually cash.

我們不會改變這一點。就是這樣。我們必須向他們報告。它產生的噪音太大了，有時候把它關掉反而挺好的。因此，你會看到各種公司使用調整後的收益或調整後的每股收益等等，以消除一些一次性項目或按市值計價而非實際現金的噪音。

So again, we'd love to have that go the other way. But if that is the other way, that means my revenue number goes down, the value of the company goes down. If you've held Endeavor for two years as we talked, I would argue that our share price is a lot higher.

所以，我們當然希望事情能朝相反的方向發展。但如果情況反過來，那就代表我的收入會下降，公司的價值也會下降。如果你像我們談話時一樣持有 Endeavor 的股票兩年，我認為我們的股價現在要高得多。

I know there's movements over the last 30 days where silver hit $55, now we're sitting at $48. That's going to be reflected in our share price. And those movements are sometimes hard, but I think the volatility of Endeavor has attracted a lot of different shareholders into us. And over time, I hope our share price appreciates and you stick with us.

我知道過去 30 天白銀價格有所波動，最高達到 55 美元，現在回落到 48 美元。這將反映在我們的股價上。這些變動有時很艱難，但我認為 Endeavor 的波動性吸引了許多不同的股東加入我們。我希望隨著時間的推移，我們的股價能夠上漲，而您也能繼續持有我們的股票。

Yeah, sure. So these derivatives going forward are kind of I kind of get it. I understand it to some extent where it went from $2,325, obviously, you're having to pay the difference there. I mean, obviously, I suppose you needed the input -- you needed the money, so you had to take this option, right?

當然可以。所以這些衍生性商品的未來發展方向，我大概能理解了。我多少能理解價格從 2325 美元漲到現在的部分，顯然，你需要支付差價。我的意思是，很顯然，我想你需要這筆投資——你需要錢，所以你不得不選擇這條路，對吧？

Well, that's ultimately it. When we entered in the Project 1 facility in 2022, all the offers on the table, putting in $6,800 gold hedge. Our gold hedge on 68,000 ounces at $2,300 when gold was at $1,600, $1,700 felt like a good thing. At $4,400 probably feels a little bit differently, obviously.

好了，最終就是這樣。2022 年我們進入 Project 1 融資專案時，所有報價都擺在桌面上，投入了 6,800 美元的黃金對沖資金。當金價為每盎司 1600 美元、1700 美元時，我們以每盎司 2300 美元的價格對沖了 68,000 盎司黃金，感覺這是一件好事。4400 美元的價格感覺可能就有點不一樣了，這很正常。

So now going forward, what's the exposure to the same scenario happening in the next quarter, the following quarter, these recurring charges in terms of the derivatives how does that look going forward?

那麼展望未來，如果下一季、下季再次出現同樣的情況，衍生性商品方面的這些經常性費用會面臨怎樣的風險？未來情況會如何？

Yeah. So right now, we originally entered into 68,000. I think we're sitting on about 57,000 in that. So it rolls off over time. We have no interest in entering any other gold hedges. But that means Pitarrilla comes and depending on the market, depending on how we want to finance that, we're going to look at it.

是的。所以現在，我們最初投入了 68,000。我想我們大概有 57,000 美元吧。所以隨著時間的推移，這種影響就會消失。我們對進行任何其他黃金對沖交易都沒有興趣。但這意味著 Pitarrilla 將會到來，我們將根據市場情況，根據我們想要如何為其融資，來考慮這個問題。

Our preference is to stay out of that hedge. If you're going to invest in Endeavour Silver, you believe in the silver price going up. That's the first hypothesis. I really believe that we want to -- we don't want to take that away from our shareholders. And there's times maybe little things in your quarters or whatever have you that we do things, but fully recognize that you're buying a silver company because you believe silver price is going up.

我們傾向於不參與這種對沖。如果你打算投資 Endeavour Silver，表示你相信白銀價格會上漲。這是第一個假設。我真心相信我們想要這樣做──我們不想剝奪股東的這種權利。有時候，你可能會做一些小事，例如在你的帳戶裡，或者其他什麼地方，但要充分認識到，你購買白銀公司是因為你相信白銀價格會上漲。

Sure. Okay. But I didn't quite understand that. How long -- how much -- what are you looking at? Let's just give an average price of this cost in the quarters going forward. I mean, $39 million is a big chunk. I mean how does that show in real terms on paper? Or I don't quite understand that.

當然。好的。但我當時不太明白。多久？多少錢？你打算怎麼做？我們不妨給出未來幾季這項成本的平均價格。我的意思是，3900萬美元可不是小數目。我的意思是，這在紙上是如何實際體現的？或者說，我不太明白。

Yeah, maybe Yes. So we have 57,000 ounces sold at $2,325 over the next 18 months, 20 months, we'll roll out of that. And so ultimately, our cash flow coming in is going to be $2,325, and we recognize that loss on a mark-to-market basis that flows through as the price happens.

嗯，也許是吧。因此，在接下來的 18 個月到 20 個月裡，我們將以每盎司 2,325 美元的價格售出 57,000 盎司，然後我們將逐步完成這一目標。因此，最終，我們的現金流入將為 2,325 美元，我們將以市值計價確認這筆損失，並隨著價格的變動而反映出來。

So if gold goes to $5,000 at the end of this quarter, you're going to see more loss go through, and that's that delta from $4,400 to $5,000. If gold goes from $4,400 to $4,000 like you've seen, you're going to see a reversal of that derivative liability. So you're going to have a gain in our income statement, $400 times the 57,000. Again, that rolls off, that noise goes away.

所以如果黃金在本季末漲到 5000 美元，你會看到更大的損失發生，這就是從 4400 美元到 5000 美元的差額。如果黃金價格像你看到的那樣從 4400 美元跌到 4000 美元，你就會看到這種衍生負債逆轉。所以，我們的損益表上將會出現收益，金額為 400 美元乘以 57,000。那種聲音又消失了，噪音也跟著消失了。

Is it not possible -- and there's no way you can buy yourself out of it or refund in somewhere else.

難道不可能嗎？ ——你既無法花錢擺脫困境，也無法在其他地方退款。

And that was Cosmos's question previously, can you buy yourself out of it. And again, right now, with where our cash is going, we're not in a position to go spend $90 million to buy out those hedges. And it's the right thing, wrong thing. We haven't made a decision on that at this point in time.

而這正是 Cosmos 之前提出的問題：你能用錢擺脫困境嗎？而且，就目前我們的資金流向而言，我們還沒有能力花費 9,000 萬美元來收購這些對沖部位。這既是對的，也是錯的。目前我們尚未就此做出決定。

Okay. So that was -- because I didn't understand his question, but now I get to see it. So ultimately, the best thing to do would be hopefully to find the money somewhere to buy yourself out of the situation, considering that going forward, gold, silver could reach much higher prices, it's going to hurt even more.

好的。那是因為我沒聽懂他的問題，但現在我明白了。所以歸根究底，最好的方法或許是設法弄到錢來擺脫困境，因為展望未來，黃金、白銀的價格可能會更高，那樣損失會更大。

Correct. But we just need to produce and deliver into those hedges. We're good. Thanks for the questions, Trevor. Much appreciate it, and thanks for being a shareholder.

正確的。但我們只需要生產並交付到這些對沖區域。我們很好。謝謝你的提問，特雷弗。非常感謝，也感謝您成為股東。

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。我謹將會議交還給丹·迪克森，請他作總結發言。請繼續。

Thank you, operator, and I appreciate everybody listening in on our Q3 financial call. Again, a very transformational quarter for Endeavor with us bringing Terronera online.

謝謝接線員，也謝謝大家收聽我們的第三季財務電話會議。對 Endeavor 而言，這又是一個具有變革意義的季度，我們成功地將 Terronera 上線。

We're very excited about what it's going to mean for us going forward. Q4, Q1, Q2 and ultimately get out guidance here in January on next year. And again, with where prices are, I expect, again, a big and ultimately exciting future for our company. Thanks a lot.

我們對它未來將帶給我們的影響感到非常興奮。第四季、第一季、第二季度，並最終在明年一月發佈業績指引。再次強調，就目前的價格水平而言，我預計我們公司將迎來一個巨大且令人振奮的未來。多謝。

This brings to a close 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，祝您有個愉快的一天。