Gatos Silver Inc (GATO) 2024 Q3 法說會逐字稿

Thank you for standing by. My name is Jamie, and I will be your conference operator. Presenting today will be Dale Andres, CEO of Gatos Silver; and Andre Van Niekerk, Chief Financial Officer. We will conclude today's session with a question-and-answer period where other members of the Gatos Silver management team will be available. (Operator Instructions)

感謝您的支持。我叫傑米，我將擔任您的會議接線生。今天發言的將是 Gatos Silver 執行長 Dale Andres；以及財務長 Andre Van Niekerk。今天的會議將以問答環節結束，Gatos Silver 管理團隊的其他成員也將出席。（操作員指令）

I would now like to turn the conference over to Dale Andres. Please go ahead.

現在我想將會議交給戴爾·安德烈斯。請繼續。

Thank you, operator, and good morning, everyone. I just want to remind everyone that Gatos we will be making forward-looking statements and those are subject to various risks and uncertainties that may cause actual results to vary and Gatos Silver does not assume the obligation to update any forward-looking statements.

謝謝接線員，大家早安。我只是想提醒大家，Gatos 將做出前瞻性陳述，這些陳述受各種風險和不確定性的影響，可能導致實際結果發生變化，而 Gatos Silver 不承擔更新任何前瞻性陳述的義務。

Just to start, as you can see on slide 3, there was a lot going on in the third quarter. On September 5, the company entered into a merger agreement with First Majestic. The proposed merger consolidates three world-class producing silver districts in Mexico, and that creating a leading primary silver producer.

首先，正如您在投影片 3 上看到的，第三季發生了很多事情。9月5日，該公司與First Majestic簽訂了合併協議。擬議的合併將鞏固墨西哥三個世界級的銀礦生產區，並創建一個領先的原生銀礦生產商。

We expect this transformative transaction to close in the first quarter next year, and that's, of course, subject to certain conditions, and I'll describe those a little bit more later in the presentation. The Los Gatos Joint Venture had record cash flow from operations and record free cash flow. This was primarily due to the strong operating performance and higher metal prices in the quarter.

我們預計這項轉型交易將於明年第一季完成，當然，這需要滿足某些條件，我將在後面的演講中進一步描述這些條件。洛斯加托斯合資企業的經營現金流和自由現金流均創下了歷史新高。這主要歸功於本季強勁的營運表現和更高的金屬價格。

We have revised guidance upward in early October, and the third quarter results put us in a strong position to achieve our revised annual guidance. I would also like to highlight the Los Gatos Joint Venture's free cash flow, and that was $42.6 million in the third quarter which provided sufficient cash flow to allow for $54.2 million of distributions to the joint venture partners during the quarter.

我們已於十月初上調了預期，第三季的業績使我們有強勁實力實現修訂後的年度預期。我還想強調一下洛斯加托斯合資企業的自由現金流，第三季的自由現金流為 4,260 萬美元，這提供了足夠的現金流，使得本季向合資夥伴分配 5,420 萬美元。

As a result of these cash distributions, Gatos Silver had a cash balance of $114.8 million at the end of October. And last week, the joint venture did make another $40 million distribution with our share being $28 million. So far this year, the joint venture has made close to $150 million in distributions to its partners.

由於這些現金分配，Gatos Silver 十月底的現金餘額為 1.148 億美元。上週，合資公司又分配了 4,000 萬美元，其中我們的份額為 2,800 萬美元。今年迄今為止，該合資企業已向其合作夥伴分配了近 1.5 億美元。

On September 25, we announced new mineral reserves and resources and an updated life of mine. The new plan extends the life of mine to the end of 2032 and that's at a milling throughput rate of 3,500 tonnes per day. Importantly, this added 36% to the total expected silver equivalent production over the life of mine, and that's compared to last year's plan.

9 月 25 日，我們公佈了新的礦產儲量和資源以及最新的礦場壽命。新計畫將礦場開採壽命延長至 2032 年底，日磨礦量為 3,500 噸。重要的是，與去年的計劃相比，這使礦山開採壽命內預期的白銀當量總產量增加了 36%。

During the third quarter, we continued our focus on exploration drilling on both near mine and other targets in the large Los Gatos district. We are seeing some interesting initial results at Central Deeps, and I will talk more about that in the exploration slide. Turning to slide 4. No throughput for the third quarter was 3,246 tonnes per day, and that's the seventh consecutive quarterly record.

第三季度，我們繼續專注於洛斯加托斯大區礦場附近和其他目標的勘探鑽探。我們在 Central Deeps 看到了一些有趣的初步成果，我將在勘探幻燈片中詳細討論這一點。翻到幻燈片 4。第三季的貨物吞吐量為每日 3,246 噸，這是連續第七個季度創下紀錄。

We do remain mine limited so we're currently shutting the mill down for three to four days per month for extended maintenance, which we do with our own crews and whether we need to do that time for maintenance or not, we shut it down for that amount of time. And that does ensure that the mill stays in very good shape.

我們的礦井資源確實仍然有限，因此我們目前每月要關閉工廠三到四天，進行延長維護，這是我們自己動手做的，無論我們是否需要在這段時間進行維護，我們都會關閉工廠那麼長時間。這確實確保了工廠保持良好的狀態。

But on an operating day basis, we're processing ore at a rate somewhere between 3,600 and just over 3,900 tonnes per day. Higher mill throughput compared to the third quarter of 2023 resulted in silver production being 9% higher at 2.42 million ounces and silver equivalent production, which includes zinc, lead and gold was 11% higher at 3.84 million ounces for the quarter.

但以營業日計算，我們每天加工礦石的速度在 3,600 噸到 3,900 噸之間。與 2023 年第三季相比，工廠產量更高，導致本季白銀產量增加 9%，達到 242 萬盎司，包括鋅、鉛和金在內的白銀當量產量增加 11%，達到 384 萬盎司。

Site operating unit costs were approximately $97 per tonne this quarter, and that's 8% lower than the third quarter last year. Cash costs for the quarter were 4% lower in the third -- 4% lower than in the third quarter of last year as well. And that's despite the higher throughput rates. Our continuous improvement initiatives continue to help drive costs lower and productivity is higher.

本季現場營運單位成本約為每噸 97 美元，比去年第三季低 8%。第三季的現金成本下降了 4%，也比去年第三季下降了 4%。儘管吞吐率較高，但情況仍然如此。我們的持續改善措施持續幫助降低成本並提高生產力。

We do have a number of initiatives underway to further increase ore production from the mine, including our underground equipment rebuild program and various operational improvement projects, which are focused on planning, maintenance, and operational execution. All-in sustaining costs per payable ounce of silver after byproducts were $9.61 and that's per ounce or 35% lower than the third quarter of last year, and that's helped by strong byproduct production and sales, and well within our revised guidance range for 2024.

我們確實正在實施多項舉措，以進一步提高礦山的礦石產量，包括我們的地下設備重建計劃和各種營運改進項目，這些項目專注於規劃、維護和營運執行。扣除副產品後，每盎司白銀的整體維持成本為 9.61 美元，比去年第三季每盎司低 35％，這得益於強勁的副產品生產和銷售，並且遠低於我們對 2024 年的修訂指導範圍。

Following sustaining costs per payable ounce of silver equivalent on a coproduct basis were just over $16 and that's 9% lower than the third quarter of 2023. This was slightly above our guidance range, and that really is a result of the higher realized silver price for the quarter for all-in sustaining cost performance, we do use actual realized prices. Moving to slide 5.

以副產品計算，每盎司白銀當量的維持成本略高於 16 美元，比 2023 年第三季低 9%。這略高於我們的指導範圍，這實際上是由於本季白銀實際價格上漲，為了維持整體成本績效，我們確實使用實際實現價格。移至投影片 5。

As a result of continued strong operational performance. In early October, we announced an increase to our full year 2024 production and cost guidance. Silver production is now expected to be between 9.2 million and 9.7 million ounces compared with the original guidance of 8.4 million to 9.2 million ounces, and this represents an increase of 10% at the low end of the range and 5% at the high end.

由於持續強勁的營運業績。10 月初，我們宣布上調 2024 年全年產量和成本預期。目前預計白銀產量在 920 萬至 970 萬盎司之間，而原來的預期產量為 840 萬至 920 萬盎司，這意味著產量範圍的低端將增長 10%，高端將增長 5%。

On a silver equivalent production basis, we're now expecting between 14.7 million and 15.5 million ounces, and that compares to the original guidance of 13.5 million to 15.0 million silver equivalent ounces. And this represents an increase of 9% at the low end of the range and 3% at the high end.

以白銀當量產量計算，我們目前預計產量在 1,470 萬至 1,550 萬盎司之間，而最初預期的產量為 1,350 萬至 1,500 萬盎司白銀當量。這意味著，最低端成長了 9%，而最高端成長了 3%。

Based on current mine plan sequencing at Cerro Las Gatos, the company expects full year zinc, lead and gold production to be near the high end of the original guidance range -- the guidance ranges for each of those of those metals.

根據 Cerro Las Gatos 目前的礦山計劃順序，該公司預計全年鋅、鉛和黃金產量將接近原始指導範圍的高端——即每種金屬的指導範圍。

On the cost side, we now expect full year by-product all-in sustaining costs to be between $8.50 and $10 per ounce of payable silver and that compares to the original guidance range of $9.50 to $11.50 per ounce, and this represents a decrease of 11% at the low end and 13% at the high end. And on a co-product basis for the all-in sustaining cost full year is expected to remain within our original guidance range, and that's between $14 and $16 per ounce of payable silver equivalent.

在成本方面，我們現在預計全年副產品全部維持成本在每盎司應付白銀 8.50 美元至 10 美元之間，而最初的指導範圍是每盎司 9.50 美元至 11.50 美元，這意味著低端下降了 11%，高端下降了 13%。而以聯產品為基礎，預計全年全維持成本將維持在我們最初的指導範圍內，即每盎司應付白銀當量 14 美元至 16 美元之間。

We remain on track to meet the sustaining capital expenditure guidance at Cerro Los Gatos of $45 million and remain on track for total exploration and resource development drilling expenditures of $18 million in 2024. We I'll now turn the call over to Andre to present our financial results. Andre?

我們仍有望實現 Cerro Los Gatos 4500 萬美元的持續資本支出指導，並預計在 2024 年實現 1800 萬美元的總勘探和資源開發鑽探支出。我們現在將電話轉給安德烈，讓他報告我們的財務結果。安德烈？

Thank you, Dale. Good morning, everyone. The 70% owned Los Gatos Joint Venture has strong operating performance and strong realized metal prices resulted in another quarter of robust cash flow generation. Cash flow provided by operations was $58.2 million, a new quarterly record.

謝謝你，戴爾。大家早安。持有 70% 股權的 Los Gatos 合資企業擁有強勁的營運業績和強勁的金屬實際價格，從而又一個季度產生了強勁的現金流。經營活動產生的現金流為 5,820 萬美元，創下季度新高。

The LT JV generated free cash flow of $42.6 million this quarter, 199% higher than the $14.3 million in Q3 2023 and also a new record for the LGJV. The increase from the comparable quarter last year was primarily due to significantly higher revenues as a result of higher metal prices and higher sales volumes.

LT JV 本季產生了 4,260 萬美元的自由現金流，比 2023 年第三季的 1,430 萬美元高出 199%，也創下了 LGJV 的新紀錄。與去年同期相比的成長主要由於金屬價格上漲和銷售量增加導致收入大幅增加。

Cash flow used in investing activities was $15.6 million in Q3 2024, $400,000 higher than in Q3 2023. Of that amount, $12.9 million was spent on sustaining capital expenditures and $2.1 million on resource development drilling. The LGJV made cash contribution -- distributions of $54.2 million during the third quarter to the LGJV partners.

2024 年第三季投資活動所用現金流為 1,560 萬美元，比 2023 年第三季高出 40 萬美元。其中，1,290 萬美元用於維持資本支出，210 萬美元用於資源開發鑽探。LGJV 在第三季向 LGJV 合作夥伴做出了現金貢獻——分配了 5,420 萬美元。

And as a result of the continued strong free cash flow generated in the third quarter, the joint venture made an additional $40 million in capital distributions on November 7 subsequent to the end of the quarter. In total, the joint venture has made $149.2 million of distributions to the two partners this year.

由於第三季繼續產生強勁的自由現金流，合資企業在本季結束後的 11 月 7 日額外進行了 4,000 萬美元的資本分配。總體而言，該合資企業今年已向兩家合作夥伴分配了 1.492 億美元。

Now turning to slide 7 to look at the financial results of the Los Gatos Joint Venture for the quarter. Revenues increased by 40% to $93.8 million in the third quarter higher volumes of metal sold and higher realized metal prices contributed to the significant increase in revenue for the quarter.

現在翻到第 7 張投影片來查看洛斯加托斯合資公司本季的財務表現。第三季營收成長 40% 至 9,380 萬美元，金屬銷售量增加和金屬實際價格上漲推動本季營收大幅成長。

The provisional revenue adjustment was a $1.5 million positive adjustment this quarter compared to a $3.2 million positive adjustment in Q3 2023. Cost of sales decreased slightly despite the higher sales volumes. Depreciation, depletion, and amortization expense increased by approximately 7%, primarily due to the larger capital base, partially offset by the impact of the increase in the mineral reserves and the extension of the life of mine.

本季的臨時收入調整為 150 萬美元，而 2023 年第三季的臨時收入調整為 320 萬美元。儘管銷售量較高，但銷售成本略有下降。折舊、耗竭和攤提費用增加約 7%，主要是由於資本基礎擴大，但礦產儲量增加和礦山壽命延長的影響部分抵消了增加。

An income tax expense of $13.9 million was recorded compared to an income tax benefit of $900,000 in Q3 2023. Income tax expense increased primarily due to higher taxable income. Finally, the LGJV recorded net income of approximately $25.7 million a significant increase from the $15.1 million net income recorded in Q3 2023.

記錄的所得稅費用為 1,390 萬美元，而 2023 年第三季的所得稅收益為 90 萬美元。所得稅費用增加主要是因為應稅收入增加。最後，LGJV 的淨收入約為 2,570 萬美元，較 2023 年第三季的 1,510 萬美元淨收入大幅增加。

Turning to slide 8 to review the financial results for Gatos Silver. Net income for the third quarter of 2024 was $9.9 million, approximately 200% higher than in Q3 2023. Basic and diluted earnings were $0.14 per share this quarter compared to $0.05 per share in Q3 2023. Adjusted net income was $15.2 million for Q3 2024 compared to $3.3 million for the prior year period.

翻到第 8 張幻燈片來查看 Gatos Silver 的財務表現。2024 年第三季的淨收入為 990 萬美元，比 2023 年第三季高出約 200%。本季基本和稀釋收益為每股 0.14 美元，而 2023 年第三季為每股 0.05 美元。2024 年第三季調整後淨收入為 1,520 萬美元，去年同期為 330 萬美元。

Net income was adjusted for the costs associated with the proposed merger with First Majestic. On a per share basis, adjusted net income was $0.22 per share basic. Equity income in affiliates increased to $18.2 million, primarily due to the increase in net income of the LGJV.

淨收入已根據與 First Majestic 擬議合併相關的成本進行了調整。以每股計算，調整後的淨收入為每股基本 0.22 美元。附屬公司的股權收入增加至 1,820 萬美元，主要由於 LGJV 的淨收入增加。

The company incurred general and administrative expenses of $10.4 million compared to $7.5 million in Q3 2023. The $2.9 million increase is primarily due to the $5.3 million of costs in the quarter associated with the proposed merger with First Majestic, partly offset by a decrease of $1.1 million in noncash stock-based compensation expense, a decrease of $900,000 in legal and consulting fees that are not associated with the proposed merger, and a decrease of $400,000 in insurance expense. And lastly, other income includes $1.5 million of the quarterly management fees received from the LGJV for the quarter.

該公司的一般及行政開支為 1,040 萬美元，而 2023 年第三季為 750 萬美元。290 萬美元的增幅主要由於本季度與 First Majestic 擬議合併相關的 530 萬美元成本，部分被非現金股票薪酬費用減少 110 萬美元、與擬議合併無關的法律和諮詢費用減少 90 萬美元以及保險費用減少 40 萬美元所抵消。最後，其他收入包括本季從 LGJV 收到的 150 萬美元季度管理費。

Turning to slide 9. As was mentioned earlier, the joint venture paid cash distributions of $54.2 million to the JV partners, Gatos Silver, and [Dowa] during the third quarter. of which we received $37.9 million. As a result, Gatos Silver ended the third quarter with a cash balance of $116.7 million.

翻到第 9 張投影片。如前所述，該合資企業在第三季向合資夥伴 Gatos Silver 和 [Dowa] 支付了 5,420 萬美元的現金分配。其中我們收到了 3790 萬美元。因此，Gatos Silver 第三季結束時的現金餘額為 1.167 億美元。

The company and the LGJV had cash and cash equivalents of $114.8 million and $47.3 million, respectively, on October 31, 2024, and on November 7, the LGJV made another capital distribution of $40 million, of which the company received an additional $28 million. Both GSI and the LGJV continue to remain debt-free. I will now hand it back to Dale.

截至 2024 年 10 月 31 日，該公司和 LGJV 的現金和現金等價物分別為 1.148 億美元和 4,730 萬美元，11 月 7 日，LGJV 再次進行了 4,000 萬美元的資本分配，其中該公司額外獲得了 2,800 萬美元。GSI 和 LGJV 均繼續保持無債務狀態。我現在將它交還給戴爾。

Thanks, Andre. On slide 10, this highlights how our business improvement initiatives are helping to drive our cost performance at the mine site, together with increased mill throughput Site operating costs per tonne milled have decreased by 9% over the past three years, and that's despite inflationary pressures and the substantial strengthening of the Mexican peso, and that's on average in 2024 compared to 2021.

謝謝，安德烈。投影片 10 重點介紹了我們的業務改進措施如何幫助提高礦場的成本績效，同時提高磨礦產量。

We are continuing to focus on the efficiency of our underground workforce and equipment including continuing our rebuild program, as I mentioned earlier, and advancing other productivity initiatives to sustainably mine above 3,200 tonne per day rate that we've been achieving so far in 2024, and with plans to further extend to 3,500 tonnes per day by mid-2025.

我們將繼續關注地下勞動力和設備的效率，包括繼續執行我之前提到的重建計劃，並推進其他生產力舉措，以可持續的方式開採 2024 年迄今已實現的 3,200 噸/日以上的礦石，併計劃到 2025 年中期將日產量進一步提高到 3,500 噸。

Turning to slide 11. We announced our new mineral reserve and life of mine on September 25. The large infill drilling program in 2023 and 2024 in the Southeast deeps have resulted in a successful conversion of 3 million tonnes in that zone to reserve status. This has enabled the mine life to be extended by another two years to the end of 2032 and that's even at the higher throughput rates of 3,500 tonnes per day were the previous life of mine averaged only 2,950 tonnes per day.

翻到第 11 張投影片。我們於 9 月 25 日公佈了新的礦產儲量和礦山壽命。2023 年和 2024 年在東南深層實施的大型加密鑽探計畫已成功將該區域的 300 萬噸資源轉化為儲量。這使得礦山壽命又延長了兩年，至 2032 年底，即使日產量達到 3,500 噸，而礦山之前的平均日產量僅為 2,950 噸。

So that's a significant increase. The life of mine continues to have a low all-in sustaining cost, providing for significant cash flow generation over the life of mine. The average annual after-tax free cash flow is expected to be approximately $80 million per annum based on reserve silver price assumption of $23 per ounce, and that's well below the current spot price and the operation does have significant leverage to higher metal prices.

因此，這是一個顯著的增長。礦山開採壽命內，總維持成本一直較低，因此能夠在礦山開採壽命內產生大量現金流。根據每盎司 23 美元的儲備白銀價格假設，預計年平均稅後自由現金流約為 8000 萬美元，遠低於當前現貨價格，而且該業務對更高的金屬價格具有顯著的槓桿作用。

At a silver price of $30 per ounce, the average annual after-tax free cash flow is expected to be approximately $111 million per annum and at $35, that average annual after-tax free cash flow would rise to $136 million per annum at those assumptions. Total silver equivalent production over the life of mine is expected to increase by 36% and total silver production expected to increase by 22%. And again, that's compared to the previous life of mine.

當白銀價格為每盎司 30 美元時，預計年平均稅後自由現金流約為 1.11 億美元；當白銀價格為 35 美元時，按照這些假設，年平均稅後自由現金流將升至 1.36 億美元。預計礦山壽命期間白銀當量總產量將增加 36%，白銀總產量將增加 22%。再次，這與我以前的生活相比。

An average annual production of 7 million ounces of silver and 14 million ounces of silver equivalent is expected during the 2025 to 2027 period over the next three years, and that is without further optimization potential, which we're driving towards. We are continuing to optimize the design of the copper separation circuit with a decision anticipated in early 2025, and we are also evaluating various recovery improvement options in the mill to help drive margins higher.

預計未來三年 2025 年至 2027 年期間，年均白銀產量為 700 萬盎司，銀當量產量為 1,400 萬盎司，這還沒有進一步優化的潛力，而這正是我們努力的方向。我們將繼續優化銅分離迴路的設計，預計在 2025 年初做出決定，同時我們也將評估工廠中的各種回收改進方案，以幫助提高利潤率。

Turning to slide 12. The third quarter marked a clear pivot in our execution towards unlocking value in the Los Gatos district on exploration with the completion of the Southeast Deeps infill program for the 2024 mineral reserve and resource update earlier in the year, efforts were redirected towards resource expansion, and that's both near mine and on growth-related drilling more broadly in the district.

翻到第 12 張投影片。第三季標誌著我們執行力的一個明顯轉折點，即釋放洛斯加托斯地區勘探價值。

While still early days, we had some very positive results in the Central Deeps area, and we're particularly encouraged by these results in Central Deeps as it opens up a large area for potential mineralization close to our existing infrastructure. And we currently have three surface rigs drilling in this zone. Further to the south, we are continuing to follow the high-grade plunge in the Southeast Deeps zone.

雖然還處於早期階段，但我們在 Central Deeps 地區取得了一些非常積極的成果，我們對 Central Deeps 的這些成果尤其感到鼓舞，因為它為靠近我們現有基礎設施的潛在礦化開闢了廣闊的區域。目前，我們在該區域有三台地面鑽機進行鑽探。再向南，我們繼續追蹤東南深區高品位的礦脈。

So we're continuing to drill there. And we continue to follow up on our previously announced results that hit mineralization at San Luis and we're mobilizing to start drilling at Lince this month, which is an exploration target in the northwest corner of the district that hasn't been drilled in the past 10 years.

所以我們將繼續在那裡進行鑽探。我們將繼續跟進先前宣布的聖路易斯礦化結果，並準備於本月開始在林斯進行鑽探，這是該地區西北角的一個勘探目標，過去 10 年從未進行過鑽探。

At the same time, we continue to advance our knowledge of key targets across all levels of the exploration pipeline from early-stage mapping across our 103,000 hectare property through to continued resource additions at Cerro Los Gatos. On slide 13 and in summary, the transformative combination with First Majestic that we announced in early September is expected to close in the first quarter of 2025.

同時，我們繼續加深對各個勘探層次關鍵目標的了解，從對 103,000 公頃土地的早期測繪到對 Cerro Los Gatos 的持續資源補充。在第 13 張投影片中，總結一下，我們在 9 月初宣布的與 First Majestic 的轉型合併預計將在 2025 年第一季完成。

We are progressing both the Mexican antitrust approval process and securities regulatory approvals. In the meantime, we continue to safely drive further mill throughput increases, and that's building on the last seven consecutive quarters of records together with mine productivity improvements and cost optimization. We remain focused on driving margin improvement across all aspects of the business with several value-enhancing initiatives being evaluated right now, including the higher recovery rates in the copper circuit in the mill.

我們正在推動墨西哥反壟斷審批流程和證券監管審批。同時，我們繼續安全地推動工廠產量進一步提高，這是在過去連續七個季度創下記錄的基礎上，加上礦山生產率提高和成本優化而取得的。我們仍專注於推動業務各個方面的利潤率提高，目前正在評估幾項增值舉措，包括提高工廠銅迴路的回收率。

And we are continuing our exploration drilling program for 2024, with a focus on near mine targets, as I said, and including the San Luis and Lince targets more broadly in the district. So we'll continue to update results, both on operating performance and our exploration as we progress through to the end of the year.

我們將繼續執行 2024 年的勘探鑽探計劃，重點關注礦山附近的目標，正如我所說，並更廣泛地包括該地區的聖路易斯和林斯目標。因此，我們將在年底前繼續更新經營業績和探索成果。

We do continue to generate strong operating margins and cash flow with regular distributions from the joint venture expected to continue, and with a growing cash balance at the corporate level with close to $115 million in the bank at the end of October, and that's before the recent receipt of the $28 million from our share of the most recent distribution last week. I'll now hand the call back over to the operator for questions.

我們確實繼續產生強勁的營業利潤率和現金流，預計合資企業的定期分配將繼續進行，公司層面的現金餘額不斷增長，截至 10 月底，銀行存款接近 1.15 億美元，這還不包括上週我們從最近一次分配中獲得的 2800 萬美元。我現在將把電話轉回給接線員以便回答問題。

(Operator Instructions) Thank you. There are no questions. I will now turn the conference back over to Dale for closing remarks.

（操作員指示）謝謝。沒有問題。現在我將會議交還給戴爾，請他作結束語。

Thank you, operator. We look forward to providing updates as we progress the First Majestic transaction and providing updates on our operational performance and exploration drilling as we progress in the meantime. Thanks for your time, everyone.

謝謝您，接線生。我們期待在 First Majestic 交易進展過程中提供最新動態，並在此期間提供有關我們的營運績效和勘探鑽探的最新進展。謝謝大家的時間。

That concludes our conference call for today. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連線。