Hudbay Minerals Inc (HBM) 2022 Q2 法說會逐字稿

Good morning, ladies and gentlemen. Thank you for standing by. Welcome to the Hudbay Minerals, Inc. Second Quarter 2020 Results Conference Call. (Operator Instructions) I would like to remind everyone that this conference call is being recorded today, August 9, 2022, at 8:30 a.m. Eastern Time.

早上好，女士們，先生們。謝謝你的支持。歡迎參加 Hudbay Minerals, Inc. 2020 年第二季度業績電話會議。 （操作員說明）我想提醒大家，本次電話會議正在錄製，即今天，2022 年 8 月 9 日，東部時間上午 8:30。

I will now turn the conference over to Candace Brule, Vice President of Investor Relations. Please go ahead.

我現在將會議轉交給投資者關係副總裁 Candace Brule。請繼續。

Thank you, operator. Good morning, and welcome to Hudbay's 2022 Second Quarter Results Conference Call. Hudbay's financial results were issued yesterday and are available on our website at www.hudbay.com. A corresponding PowerPoint presentation is available, and we encourage you to refer to it during this call.

謝謝你，接線員。早上好，歡迎參加 Hudbay 的 2022 年第二季度業績電話會議。 Hudbay 的財務業績昨天發布，可在我們的網站 www.hudbay.com 上查閱。提供了相應的 PowerPoint 演示文稿，我們鼓勵您在此次通話中參考它。

Our presenter today is Peter Kukielski, Hudbay's President and Chief Executive Officer. Accompanying Peter for the Q&A portion of the call will be Steve Douglas, our Senior Vice President and Chief Financial Officer; Andre Lauzon, our Senior Vice President and Chief Operating Officer; and Eugene Lee, our Senior Vice President, Corporate Development and Strategy.

我們今天的演講者是 Hudbay 總裁兼首席執行官 Peter Kukielski。陪同彼得參加電話問答環節的將是我們的高級副總裁兼首席財務官史蒂夫·道格拉斯；我們的高級副總裁兼首席運營官 Andre Lauzon；以及我們的企業發展和戰略高級副總裁 Eugene Lee。

Please note that comments made on today's call may contain forward-looking information, and this information by its nature is subject to risks and uncertainties, and as such actual results may differ materially from the views expressed today. For further information on these risks and uncertainties, please consult the company's relevant filings on SEDAR and EDGAR. These documents are also available on our website. As a reminder, all amounts discussed on today's call are in U.S. dollars unless otherwise noted.

請注意，對今天電話會議的評論可能包含前瞻性信息，並且該信息的性質存在風險和不確定性，因此實際結果可能與今天表達的觀點存在重大差異。有關這些風險和不確定性的更多信息，請查閱公司在 SEDAR 和 EDGAR 上的相關文件。這些文件也可以在我們的網站上找到。提醒一下，除非另有說明，否則今天電話會議中討論的所有金額均以美元為單位。

And now I'll pass the call over to Peter Kukielski. Peter?

現在我將把電話轉給 Peter Kukielski。彼得?

Thank you, Candace. Good morning, everyone, and thanks for joining us. Over the quarter, we've seen a volatile commodity markets and continued inflationary pressures that have affected industries across the globe. At Hudbay, we continue to focus on operating efficiencies and effective risk management systems in order to mitigate these forces. As you will see in today's presentation, we had a strong operating quarter with unit operating cost within guidance expectations and our consolidated cash cost benefit from our commodity diversification with higher gold by-product credits. As a result, we have reaffirmed our 2022 production and cost guidance.

謝謝你，坎迪斯。大家早上好，感謝您加入我們。在本季度，我們看到了波動的大宗商品市場和持續的通脹壓力，影響了全球各行各業。在 Hudbay，我們繼續關注運營效率和有效的風險管理系統，以減輕這些影響。正如您將在今天的演示文稿中看到的那樣，我們的運營季度表現強勁，單位運營成本在指導預期之內，我們的綜合現金成本受益於我們的商品多樣化和更高的黃金副產品信用。因此，我們重申了 2022 年的生產和成本指導。

Beginning on Slide 3, we achieved a solid operational quarter, setting us up for a strong second half of the year. Our consolidated copper production in the quarter was 25,700 tonnes, in line with our expected quarterly cadence and 4% higher than in the first quarter. Consolidated gold production increased 9%, another record for Hudbay due to higher gold grades in Peru and higher outputs at New Britannia. Consolidated zinc production in the second quarter was 23% lower than the first quarter primarily due to lower tonnes and grades at 777, as the mine approached the end of its life and the continued transition towards mining the gold lenses at Lalor with a corresponding decrease of production from the base metal zones.

從幻燈片 3 開始，我們實現了穩健的運營季度，為今年下半年的強勁表現奠定了基礎。我們本季度的綜合銅產量為 25,700 噸，符合我們預期的季度節奏，比第一季度高 4%。由於秘魯的黃金品位較高和新不列顛尼亞的產量較高，綜合黃金產量增加了 9%，這是 Hudbay 的另一個記錄。第二季度的綜合鋅產量比第一季度下降 23%，主要是由於該礦接近使用壽命結束時噸位和品位下降至 777，以及繼續向在 Lalor 開採金鏡片的過渡，相應減少了從賤金屬區生產。

Consolidated cash costs decreased to $0.65 per pound of copper from $1.11 in the first quarter. This improvement was a result of higher zinc and gold by-product credits and higher copper production. Consolidated sustaining cash costs decreased to $1.87 per pound in the second quarter compared to $2.29 in the prior quarter due to the same reasons affecting cash costs. Both measures were within the 2022 guidance ranges.

綜合現金成本從第一季度的每磅銅 1.11 美元降至 0.65 美元。這種改善是由於鋅和黃金副產品信用增加以及銅產量增加的結果。由於影響現金成本的相同原因，第二季度綜合持續現金成本降至每磅 1.87 美元，而上一季度為 2.29 美元。這兩項措施都在 2022 年的指導範圍內。

Consolidated all-in sustaining cash costs decreased to $1.93 in the second quarter from $2.54 in the first quarter due to the same reasons I've already mentioned along with lower corporate selling and administrative expenses. Operating cash flow before change in noncash working capital was $124 million during the second quarter, reflecting a market increase from the first quarter, primarily as a result of an increase in noncash working capital, higher realized zinc metal prices, and higher copper, gold, and zinc sales volumes.

由於與我已經提到的相同原因以及較低的公司銷售和管理費用，第二季度綜合持續現金成本從第一季度的 2.54 美元降至 1.93 美元。第二季度非現金營運資本變動前的營運現金流為 1.24 億美元，反映出市場較第一季度有所增加，主要是由於非現金營運資本增加、已實現的鋅金屬價格上漲以及銅、黃金、和鋅銷量。

Second quarter adjusted net earnings per share was $0.12 after adjusting for a noncash gain related to the revaluation of the environmental provision and the specific asset impairment loss, among other items. This compares to an adjusted net earnings per share of $0.02 in the first quarter. Second quarter adjusted EBITDA was $141 million, 28% higher than the previous quarter, primarily as a result of the same factors affecting operating cash flow.

在對與環境條款重估和特定資產減值損失等相關的非現金收益進行調整後，第二季度調整後的每股淨收益為 0.12 美元。相比之下，第一季度調整後的每股淨收益為 0.02 美元。第二季度調整後的 EBITDA 為 1.41 億美元，比上一季度增長 28%，主要是由於影響經營現金流的相同因素。

We exited the quarter with $259 million in cash as well as undrawn availability of nearly $365 million under our revolving credit facilities. We believe that our current liquidity combined with future cash flow from operations position us well to weather the volatility and commodity prices experienced during the second quarter.

我們在本季度結束時擁有 2.59 億美元的現金以及循環信貸額度下的近 3.65 億美元的未提取可用性。我們相信，我們目前的流動性與未來的運營現金流相結合，使我們能夠很好地應對第二季度經歷的波動和商品價格。

I think it is important to note that as part of our risk management efforts, we enter into short-term quotational period hedges to manage provisional pricing adjustments on our concentrate sales. This resulted in our realized prices closely matching the spot prices in any given period and eliminates the risk of pricing adjustments in first quarter.

我認為重要的是要注意，作為我們風險管理工作的一部分，我們會進行短期報價期對沖，以管理我們精礦銷售的臨時定價調整。這導致我們的實際價格與任何特定時期的現貨價格密切匹配，並消除了第一季度定價調整的風險。

Turning to Slide 4. Our Peru operation benefited from higher mill throughput and slightly higher grade compared to the first quarter. We produced approximately 21,000 tonnes of copper, 14,000 ounces of gold, over 584,000 ounces of silver, and 390 tonnes of molybdenum. Production of all metals was higher than the first quarter. As previously disclosed, full year production in Peru is expected to benefit from higher grades in the fourth quarter of 2022. As such, full year production of all metals remains on track to achieve guidance ranges for '22.

轉到幻燈片 4。與第一季度相比，我們的秘魯業務受益於更高的軋機產量和略高的品位。我們生產了大約 21,000 噸銅、14,000 盎司黃金、超過 584,000 盎司銀和 390 噸鉬。所有金屬的產量均高於第一季度。如前所述，秘魯的全年產量預計將受益於 2022 年第四季度的更高品位。因此，所有金屬的全年產量仍有望實現 22 年的指導範圍。

Total ore mine declined slightly quarter-over-quarter due to higher amount of waste being mined. Ore mine from Pampacancha increased in the second quarter as mining grades in the pit returned to normal productivity levels following heavy rains and delays in the water management system earlier in the year. Ore milled during the second quarter was higher compared to previous quarter, and copper, gold, and silver grades also increased.

由於開采的廢物量增加，礦石總量環比略有下降。 Pampacancha 的礦石在第二季度有所增加，因為在今年早些時候大雨和水管理系統延遲之後，礦坑的採礦品位恢復到正常的生產力水平。與上一季度相比，第二季度碾磨的礦石更高，銅、金和銀的品位也有所增加。

Second quarter combined unit operating costs in Peru were within the guidance range at $12.02 per tonne, lower than the first quarter due to lower milling costs and higher throughput. Peru's cash costs in the second quarter were $1.82 per pound of copper, higher than the previous quarter, primarily due to higher mining and general and administrative costs and lower byproduct credits, partially offset by lower milling costs. Cash costs are expected to decline with higher expected copper production and contributions from precious metal byproduct credit in the fourth quarter. However, full year cash costs are expected to trend towards the upper end of the 2022 guidance range, reflecting the current inflationary cost environment.

秘魯第二季度的綜合單位運營成本在指導範圍內，為每噸 12.02 美元，低於第一季度，原因是製粉成本降低和吞吐量增加。秘魯第二季度的現金成本為每磅銅 1.82 美元，高於上一季度，這主要是由於較高的採礦和一般和管理成本以及較低的副產品信貸，部分被較低的銑削成本所抵消。隨著第四季度銅產量的增加和貴金屬副產品信貸的貢獻，預計現金成本將下降。然而，全年現金成本預計將趨向 2022 年指導範圍的上限，這反映了當前的通脹成本環境。

Peru's sustaining cash cost increased compared to the first quarter mainly due to the same factors affecting cash costs and slightly higher sustaining capital expenditures.

秘魯的持續現金成本與第一季度相比有所增加，主要是由於影響現金成本的相同因素以及持續資本支出略高。

Moving on to Manitoba on Slide 5. But before getting into the quarterly results, I'd like to acknowledge the team at Flin Flon and their efforts over the 18 years of steady operations at the 777 mine. Many of our workers come from multigenerational families by Hudbay employees over our 90 years of continuous operation in Flin Flon. Since our discovery in 1915, Hudbay has developed and operated 29 mines in the Flin Flon, Snow Lake greenstone belt, and we will continue to evaluate future exploration programs in the area while we ramp up production and our operations in Snow Lake.

在幻燈片 5 上轉到曼尼托巴省。但在進入季度業績之前，我想感謝 Flin Flon 的團隊以及他們在 777 礦場 18 年的穩定運營中所做的努力。在 Flin Flon 連續經營 90 年的過程中，我們的許多員工都來自 Hudbay 員工的多代家庭。自 1915 年發現以來，Hudbay 已在弗林弗隆、雪湖綠岩帶開發和經營 29 座礦山，我們將繼續評估該地區未來的勘探計劃，同時提高在雪湖的產量和運營。

The last ore was hoisted up at 777 shaft in June 17 and closure activities to safety decommission the mine and place the Flin Flon concentrator on care & maintenance are well underway. Hudbay employees and equipment have been transitioned from 777 to Lalor to support Lalor's ramp up to 5,300 tonnes a day by the end of the year. Our sincerest thanks goes to everyone in Flin Flon for their hard work over the life of 777 mine and for contributing to the success of the entire Flin Flon operation.

最後一塊礦石於 6 月 17 日在 777 豎井吊起，關閉活動以安全退役礦山並將 Flin Flon 選礦廠置於維護和保養狀態。 Hudbay 的員工和設備已從 777 過渡到 Lalor，以支持 Lalor 在年底前將日產量提高到 5,300 噸。我們衷心感謝 Flin Flon 的每一個人，感謝他們在 777 礦山的整個生命週期中辛勤工作，並為整個 Flin Flon 運營的成功做出了貢獻。

During the second quarter, the Manitoba operations reduced nearly 45,000 ounces of gold, over 17,000 tonnes of zinc, 5,000 tonnes of copper, and 281,000 ounces of silver. Gold and silver production increased by 4% and 1%, respectively, while copper and zinc production decreased by approximately 14% and 23%, respectively, compared to the first quarter. Precious metals production increased due to higher throughput recoveries at the New Britannia mill, while copper and zinc production declined due to lower grades at Lalor and 777.

在第二季度，曼尼托巴省的業務減少了近 45,000 盎司黃金、17,000 多噸鋅、5,000 噸銅和 281,000 盎司白銀。與第一季度相比，黃金和白銀產量分別增長 4% 和 1%，而銅和鋅產量分別下降約 14% 和 23%。由於 New Britannia 工廠的產量回收率提高，貴金屬產量增加，而由於 Lalor 和 777 的品位較低，銅和鋅產量下降。

Full year production of all metals in Manitoba are on track to achieve guidance ranges for 2022. Ore mined at Lalor increased by 7% in the second quarter, while production at 777 decrease as the mine approached closure in June, resulting in an overall 1% decline in total all mines in Manitoba compared to the first quarter. Mined zinc and copper grades were lower compared to the first quarter but in line with the mine plan, while precious metal grades remained relatively constant.

曼尼托巴省所有金屬的全年產量有望達到 2022 年的指導範圍。第二季度在 Lalor 開采的礦石增加了 7%，而隨著該礦在 6 月份接近關閉，產量減少了 777，導致總體下降 1%與第一季度相比，曼尼托巴省所有礦山總數下降。與第一季度相比，開采的鋅和銅品位較低，但符合礦山計劃，而貴金屬品位保持相對穩定。

The combined Snow Lake mills process 2% more ore in the second quarter compared to the previous quarter, tracking the increase in Lalor's production over the same period. The New Britannia mill achieved higher than targeted throughput in the second quarter, averaging approximately 1,590 tonnes per day due to a number of improvement initiatives aimed at increasing throughput and further improving recoveries.

與上一季度相比，合併後的 Snow Lake 工廠在第二季度處理的礦石比上一季度增加了 2%，這與同期 Lalor 產量的增長情況相符。由於採取了一系列旨在提高產量和進一步提高回收率的改進舉措，新不列顛尼亞工廠在第二季度實現了高於目標的吞吐量，平均每天約 1,590 噸。

With the inclusion of doré, the gold and silver recoveries of the New Britannia mill have also improved significantly in relation to previous quarters. Still mill recoveries are consistent with the metallurgical models of head grades delivered.

隨著 doré 的加入，新不列顛尼亞工廠的黃金和白銀回收率也比前幾個季度有了顯著改善。靜止磨機的回收率與交付的頭部等級的冶金模型一致。

Manitoba combined unit operating costs decreased 5% compared to the previous quarter, mainly due to lower costs at 777 as the mine approached closure, partly offset by higher inflationary cost pressures of commodities, fuel, and Lalor contractor costs.

與上一季度相比，馬尼托巴省的綜合單位運營成本下降了 5%，主要是由於礦山接近關閉時成本降低至 777，部分被商品、燃料和勞氏承包商成本的通脹成本壓力上升所抵消。

Looking ahead to the second half of 2022, we expect combined unit operating cost to increase due to ongoing inflationary cost pressures and the removal of the lower-cost Flin Flon operations. As such, we expect the full year combined unit cost to trend towards the upper end of the 2022 guidance range.

展望 2022 年下半年，由於持續的通脹成本壓力和成本較低的 Flin Flon 業務的取消，我們預計綜合單位運營成本將增加。因此，我們預計全年綜合單位成本將趨向 2022 年指導範圍的上限。

Gold cash cost net of byproduct credits in the second quarter was negative $207 per ounce, which was lower than the first quarter and well below the 2022 guidance range as the operation benefited from higher zinc byproduct credits, lower operating costs, and higher gold production.

第二季度扣除副產品信用的黃金現金成本為負 207 美元/盎司，低於第一季度，遠低於 2022 年的指導範圍，因為該業務受益於更高的鋅副產品信用、較低的運營成本和更高的黃金產量。

On Slide 7, we begin our discussion of the progress we've made on our organic growth pipeline. The most advanced and exciting growth project is our Copper World Complex in Arizona. In June, we released the results of the preliminary economic assessment for the Copper World Complex, which incorporates the recently discovered copper ore deposits along with the Rosemont deposits that have been renamed to the East deposits.

在幻燈片 7 上，我們開始討論我們在有機增長管道上取得的進展。最先進和最令人興奮的增長項目是我們在亞利桑那州的銅世界綜合體。 6 月，我們發布了銅世界綜合體的初步經濟評估結果，其中包括最近發現的銅礦床以及已更名為東礦床的 Rosemont 礦床。

The PEA outlined a 2-phase mine plan. Phase 1 reflects a standalone operation on private land, and patented mining claims over a 16-year mine life with average annual copper production of approximately 86,000 tonnes from mined resources. Phase 1 cash costs and sustaining cash cost are $1.15 and $1.44 per pound of copper, respectively. Phase 1 generates robust economics with after-tax net present value of $741 million at a 10% discount rate and an internal rate of return of 17% using a copper price of $3.56.

PEA 概述了一個兩階段的礦山計劃。第一階段反映了在私人土地上的獨立運營，以及超過 16 年礦山壽命的專利採礦要求，平均每年從開採資源中生產約 86,000 噸銅。第一階段現金成本和維持現金成本分別為每磅銅 1.15 美元和 1.44 美元。第 1 階段產生穩健的經濟效益，稅後淨現值為 7.41 億美元，折現率為 10%，內部收益率為 17%，銅價為 3.56 美元。

Phase 2 expands mining activities onto federal land and extends the mine life to 44 years with average annual copper production of approximately 100,000 tonnes from mined resources. Cash cost and sustaining cash costs for Phase 2 are $1.11 and $1.42 pound of copper, respectively. The second phase adds $555 million to the after-tax NPV and generates an IRR of 49%. The projected after-tax NPV at the time of sanction would be $2.8 billion, which demonstrates a significant upside opportunity the second phase brings to the project.

第 2 階段將採礦活動擴展到聯邦土地，並將礦山壽命延長至 44 年，開採資源的年平均銅產量約為 100,000 噸。第二階段的現金成本和維持現金成本分別為 1.11 美元和 1.42 美元磅銅。第二階段為稅後淨現值增加了 5.55 億美元，產生了 49% 的內部收益率。批准時預計的稅後淨現值為 28 億美元，這表明第二階段為該項目帶來了巨大的上行機會。

From an ESG perspective, there are many benefits of Copper World. It will support U.S. copper supply through onshore production of copper cathode expected to be sold entirely to domestic customers. The production of an on-site copper cathode reduces total energy consumption and eliminates greenhouse gas and sulfur emissions associated with overseas shipping and processing. We are also targeting further greenhouse gas reductions as part of our corporate reduction targets to align with the global 2030 climate change goals.

從 ESG 的角度來看，Copper World 有很多好處。它將通過陸上生產的陰極銅來支持美國的銅供應，預計將完全出售給國內客戶。現場生產陰極銅可降低總能源消耗，並消除與海外運輸和加工相關的溫室氣體和硫排放。我們還將進一步減少溫室氣體排放作為我們企業減排目標的一部分，以與全球 2030 年氣候變化目標保持一致。

We are advancing a prefeasibility study for Phase 1 of Copper World during the second half of 2022, which will focus on converting the remaining inferred mineral resources to measured and indicated and evaluating many of the project optimization and upside opportunities. The project and capital optimization opportunities will examine the modular nature of the processing complex at Copper World, which can be flexed based on market conditions and funding strategy. Specifically, the prefeasibility study will contemplate multiple options for developing the concentrate leach facility and upfront capital.

我們正在推進 2022 年下半年銅世界第一階段的預可行性研究，該研究將重點將剩餘的推斷礦產資源轉化為可測量和指示的礦產資源，並評估許多項目優化和上行機會。項目和資本優化機會將檢查 Copper World 加工綜合體的模塊化性質，可以根據市場條件和融資策略進行調整。具體而言，預可行性研究將考慮開發精礦浸出設施和前期資金的多種選擇。

The permitting process for the Copper World Complex is expected to require state and local permits for Phase 1 and federal permits for Phase 2. We recently received approval from the Arizona State Mine inspector for our amended Mine Land Reclamation Plan for the Copper World Complex. The MLRP was initially approved in October 2021 and was subsequently amended to reflect a larger private land project footprint. We expect to submit applications for the other key state-level permits for Phase 1 of the Copper World Complex in the second half of 2022.

銅世界綜合體的許可程序預計需要第一階段的州和地方許可以及第二階段的聯邦許可。我們最近獲得了亞利桑那州礦山檢查員的批准，批准了我們修訂的銅世界綜合體礦山土地複墾計劃。 MLRP 最初於 2021 年 10 月獲得批准，隨後進行了修改以反映更大的私人土地項目足跡。我們預計將在 2022 年下半年提交銅世界綜合體第一階段的其他關鍵州級許可證申請。

In June, we released our 19th Annual Sustainability Report, which we highlight shown on Slide 8. We are truly proud of this report, which provides transparency and progress and key accomplishments and initiatives in 2021 along the goals for the upcoming year and the long term. We believe global demand for the metals that we mine will continue to rise alongside the need for green technology that will play an essential role in meeting the challenge of arresting climate change. We're committed to a reduced greenhouse gas emissions future, and we are currently working towards specific emissions reduction targets to align with the Global 2030 and 2050 climate change goals.

6 月，我們發布了第 19 份年度可持續發展報告，我們在幻燈片 8 中重點展示了該報告。我們為這份報告感到非常自豪，該報告提供了 2021 年實現來年和長期目標的透明度和進展以及主要成就和舉措.我們相信，全球對我們開采的金屬的需求將繼續增長，同時對綠色技術的需求將在應對應對氣候變化挑戰方面發揮重要作用。我們致力於減少溫室氣體排放的未來，我們目前正在努力實現具體的減排目標，以與全球 2030 年和 2050 年氣候變化目標保持一致。

Last year, to better understand the nature of our greenhouse gas footprint and the best options for approaching and achieving sustainable emission reductions, we began working on a 10-year greenhouse gas reduction road map. This road map will identify key sources of emissions, including Scope 3 emissions and the nature of the changes, operational or technical, that will be required to make full of significant impacts in each source area.

去年，為了更好地了解我們溫室氣體足蹟的性質以及實現可持續減排的最佳選擇，我們開始製定 10 年溫室氣體減排路線圖。該路線圖將確定主要排放源，包括範圍 3 排放和變化的性質，無論是操作性的還是技術性的，這些都是在每個源區產生重大影響所需的。

We are also a proud member of the Mining Association of Canada, and implement the Towards Sustainable Mining or TSM protocols. These protocols are increasingly being recognized globally and adopted as best in class. Our goal is to maintain a score of A or higher for all protocols. And in 2021, we achieved a rating of AA across all TSM tailing management protocol indicators in both Manitoba and Peru. We also saw a 7% decrease in energy intensity per tonne of ore processed, and over 50% of our indirect energy consumption is from renewable sources.

我們也是加拿大礦業協會的驕傲成員，並實施了走向可持續採礦或 TSM 協議。這些協議越來越多地被全球認可並被採用為同類最佳協議。我們的目標是在所有協議中保持 A 或更高的分數。 2021 年，我們在曼尼托巴省和秘魯的所有 TSM 尾礦管理協議指標均獲得 AA 評級。我們還發現每加工一噸礦石的能源強度降低了 7%，我們 50% 以上的間接能源消耗來自可再生能源。

Slide 9 highlights the progress we've made on several of our exploration growth initiatives. In Peru, we control a large contiguous block of mineral rights with the potential to host mineral deposits within trucking distance of the Constancia processing facility. These mineral rights include the past producing Caballito property and the highly prospective Maria Reyna property. Discussions with the community of Uchucarcco related to a surface rights exploration agreement on the Maria Reyna and Caballito properties are progressing well. We expect to finalize an agreement in coming weeks before commencing field exploration activities.

幻燈片 9 突出顯示了我們在幾項勘探增長計劃中取得的進展。在秘魯，我們控制著一大塊連續的礦權，有可能在康斯坦西亞加工廠的卡車運輸距離內擁有礦床。這些礦權包括過去生產的 Caballito 礦區和極具前景的 Maria Reyna 礦區。與 Uchucarcco 社區就 Maria Reyna 和 Caballito 資產的地表權勘探協議進行的討論進展順利。我們預計將在未來幾週內敲定一項協議，然後再開始實地勘探活動。

We are also continuing to compile results from our recent drilling at the Llaguen copper porphyry target in northern Peru and remain on track to complete an initial inferred mineral resource estimate in the third quarter of 2022.

我們還將繼續匯總我們最近在秘魯北部 Llaguen 銅斑岩目標的鑽探結果，並繼續按計劃在 2022 年第三季度完成初步推斷的礦產資源估計。

In Snow Lake, we have been actively conducting drilling activities in the Snow Lake area with success in identifying extensions of the copper-gold rich feeder zone at the 1901 deposit and compiling results from ongoing infill drilling at Lalor. And in Nevada, an IP ground survey will be conducted in the second half of 2022 on the Mason Valley properties which are located on private land claims near the Mason project. This work in combination with the reinterpretation of geological data from past operating mines and previous exploration data will be used to finalize the drill plan to test high grade skarn targets in the future.

在雪湖，我們一直在雪湖地區積極開展鑽探活動，成功地確定了 1901 礦床中富含銅金的饋線區的延伸，並彙編了 Lalor 正在進行的加密鑽探的結果。在內華達州，將於 2022 年下半年對位於梅森項目附近的私人土地上的梅森谷房產進行 IP 地面調查。這項工作與對過去運營礦山的地質數據和以前勘探數據的重新解釋相結合，將用於最終確定未來測試高品位矽卡岩目標的鑽探計劃。

I'd like to conclude here on Slide 10. We have delivered many of the catalysts which we laid out at the beginning of the year, and we are on track to continue to accomplish our corporate objective throughout the balance of 2022. In Manitoba, we are advancing our Snow Lake gold strategy with plans to achieve 5,300 tonnes per day at Lalor as I touched on earlier. We are also implementing a recovery improvement program at the Stall mill this year to increase copper and gold recoveries. We'll continue regional drilling in Manitoba to explore for base metal and gold upside and continue to compile results from ongoing infill drilling program at Lalor and 1901.

我想在幻燈片 10 上結束。我們已經交付了我們在年初制定的許多催化劑，我們有望在 2022 年剩餘時間內繼續實現我們的企業目標。在曼尼托巴省，正如我之前提到的，我們正在推進我們的雪湖黃金戰略，計劃在 Lalor 實現每天 5,300 噸的產量。今年，我們還在 Stall 工廠實施了一項回收改進計劃，以增加銅和黃金的回收率。我們將繼續在曼尼托巴進行區域鑽探，以探索賤金屬和黃金的上漲空間，並繼續匯總 Lalor 和 1901 正在進行的加密鑽探計劃的結果。

In Peru, we already touched on our operational initiatives, and we are also continuing to advance our recovery uplift in all sorting programs at Constancia. In the United States, in addition to advancing the prefeasibility study and state-level permit applications at Copper World, we are continuing our infill drilling program with 3 drill rigs turning at site.

在秘魯，我們已經談到了我們的運營計劃，並且我們還在繼續推進康斯坦西亞所有分揀項目中的恢復提升。在美國，除了在 Copper World 推進預可行性研究和州級許可申請外，我們還在繼續我們的加密鑽井計劃，其中 3 台鑽機在現場轉動。

In summary, we are proud of our operating performance to date, which positions us well to reaffirm our full year production and cost guidance for 2022, and we'll continue to focus on generating free cash flow while prudently advancing a high-quality pipeline of organic growth opportunities to deliver value to all of our stakeholders.

總而言之，我們為迄今為止的經營業績感到自豪，這使我們能夠很好地重申我們對 2022 年的全年生產和成本指導，我們將繼續專注於產生自由現金流，同時謹慎推進高質量的管道有機增長機會，為我們所有的利益相關者創造價值。

And with that, we're happy to take your questions.

有了這個，我們很高興回答您的問題。

(Operator Instructions) Our first question comes from Jackie Przybylowski of BMO Capital Markets.

（操作員說明）我們的第一個問題來自 BMO 資本市場的 Jackie Przybylowski。

Congrats on the quarter. Maybe I'll ask Peter, if you can give us some additional color on why your costs on a unit basis was so good in the Manitoba division? Is that related to the closure of 777 or can we expect to see strong cost performance going forward in the rest of the year as well?

祝賀本季度。也許我會問彼得，您能否給我們一些補充說明，為什麼您的單位成本在曼尼托巴省如此出色？這是否與 777 的關閉有關，或者我們是否可以期待在今年餘下時間看到強勁的成本表現？

When we issued our Manitoba unit cost guidance for 2022, we assumed an approximately 5% increase in consumables, which is why we're tracking in line with our projections, albeit at the low end. So 777 was a lower cost mine. So the combined unit operating costs will increase in the second half as a result of removing 777 from the calculation. Also, we're seeing continued increases in the prices of materials and consumables such as fuel, reagents, grinding media, and contractor costs. So that's why we say that we were sort of we expect to be at the higher end of the guidance in the second half.

當我們發布 2022 年曼尼托巴省單位成本指導時，我們假設消耗品增加約 5%，這就是為什麼我們按照我們的預測進行跟踪，儘管處於低端。所以777是一個成本較低的礦。因此，從計算中剔除 777 後，下半年的綜合單位運營成本將增加。此外，我們看到燃料、試劑、研磨介質和承包商成本等材料和消耗品的價格持續上漲。所以這就是為什麼我們說我們有點希望在下半年處於指導的高端。

And should we -- I know you're expecting to see the full closure or at least the full putting on hold of 777 in September. Should we expect any cost associated with that on a one-time basis?

我們是否應該 - 我知道您預計會在 9 月份看到完全關閉或至少完全擱置 777。我們是否應該一次性預期與此相關的任何成本？

Jackie, we disclosed an additional $25 million of costs expected this year, starting in the second quarter relating to one-time cost for closure of the 777 mine and the zinc plant as well as to transition the Flin Flon mill tailings facility to care and maintenance. We expect the majority of these costs will be incurred in the second half of the year.

Jackie，我們披露了從第二季度開始預計今年額外的 2500 萬美元成本，與關閉 777 礦山和鋅廠以及將 Flin Flon 尾礦設施過渡到保養和維護的一次性成本有關.我們預計這些成本的大部分將在下半年發生。

And most of that, I guess, would be in the third quarter? Or is it sort of evenly split?

我猜，其中大部分將發生在第三季度？或者它是均勻分佈的？

Most of it will be in the third quarter.

大部分將在第三季度進行。

And in terms of Arizona, if I could just maybe ask confirming, I know earlier this year the Appeals Court made a decision which didn't necessarily go in your favor on Rosemont. Is there a strategy to attempt to re-permit Rosemont at this point? Or how does that fit in with the plans for Copper World and the permitting there? Is Rosemont like is on hold until Copper World is set?

就亞利桑那州而言，如果我可以要求確認一下，我知道今年早些時候上訴法院做出的決定並不一定對你有利 Rosemont。此時是否有嘗試重新允許 Rosemont 的策略？或者這與銅世界的計劃和那裡的許可有什麼關係？在《銅世界》上映之前，羅斯蒙特會一直擱置嗎？

I guess I could give you a very long answer or a fairly short answer. I'm going to give a the fairly short answer, and then I'm going to ask Andre to provide a little bit of color. But in essence, what we've done is Rosemont as it was previously configured has now been included into a Copper World, and we've renamed it East, the East pit. What we've done is the private line portion of Rosemont is included in Phase 1 of Copper World and the Federal land portion of Rosemont is included in Phase 2.

我想我可以給你一個很長的答案或一個相當簡短的答案。我將給出一個相當簡短的答案，然後我將請安德烈提供一點顏色。但本質上，我們所做的是之前配置的 Rosemont 現在已包含在銅世界中，我們將其重命名為東，東坑。我們所做的是，Rosemont 的專線部分包含在 Copper World 的第 1 階段中，而 Rosemont 的聯邦土地部分包含在第 2 階段中。

So we will not be looking to re-permit Rosemont as such, but we'll be looking to sort of re-permit Phase 2 of the of Copper World Complex. Andre, any further light that you mind to offer?

因此，我們不會尋求重新許可 Rosemont，但我們會尋求重新許可銅世界綜合體的第 2 階段。安德烈，你介意提供更多的光嗎？

I think you covered it.

我想你涵蓋了它。

Okay. So the original applications are not going to be resubmitted. You're just going ahead with the Copper World plan as you've laid out.

好的。因此，不會重新提交原始申請。你只是按照你的計劃推進銅世界計劃。

Our next question comes from Ralph Profiti of Eight Capital.

我們的下一個問題來自八資本的 Ralph Profiti。

Peter, I want to get a little bit more color on the path forward at Maria Reyna and on Caballito. Once the community engagement agreements are in place, do the drill permit happen commensurately? And just in the context of the $25 million that's being spent in 2022, do you have sort of early indications on how much you'll be spending on exploration in Peru in terms of perhaps meters drilled or what the drill program may look like once those permitting and engagement agreements are in place?

彼得，我想在 Maria Reyna 和 Caballito 的前進道路上多一點色彩。一旦社區參與協議到位，鑽探許可證是否會相應發生？就在 2022 年花費 2500 萬美元的背景下，您是否有一些早期跡象表明您將在秘魯的勘探花費多少，可能是鑽探米數，或者鑽探計劃可能會是什麼樣子許可和參與協議是否到位？

Thanks, Ralph. It's really hard to say exactly how things will turn out. So we expect to conclude an agreement with the community of Uchucarcco very, very shortly. And once we have concluded that agreement with Uchucarcco, of course, we will start service investigations immediately. The question specifically with respect to drilling is one that we need to contemplate a little bit further and we'll have much more detail available from that once we've concluded the agreement. But at this point, it's very difficult for me to provide you with any specific guidance.

謝謝，拉爾夫。真的很難說事情會如何發展。因此，我們希望很快與 Uchucarcco 社區達成一項協議。當然，一旦我們與 Uchucarcco 達成了該協議，我們將立即開始服務調查。具體與鑽井有關的問題是我們需要進一步考慮的問題，一旦我們達成協議，我們將獲得更多細節。但在這一點上，我很難為您提供任何具體的指導。

Let me switch to 1901, and we're still quite a ways from the March 2023 reserve and resource update. But just wondering if the copper-gold feeder zones, are you going to be able to get that into say an inferred or measured and indicated category by the time the next reserve update comes?

讓我切換到 1901，距離 2023 年 3 月的儲備和資源更新還有很長的路要走。但只是想知道銅金饋線區域是否能夠在下一次儲備更新到來時將其轉化為推斷或測量和指示的類別？

I'll ask Andre to respond to that, but I don't think so, Ralph. I don't think that -- 1901 is still in the mine plan for 2026. But more than that, I don't have much more information at this point.

我會請安德烈對此作出回應，但我不這麼認為，拉爾夫。我不認為 - 1901 仍然在 2026 年的礦山計劃中。但除此之外，我目前沒有更多信息。

Our next question comes from Orest Wowkodaw from Scotiabank.

我們的下一個問題來自豐業銀行的 Orest Wowkodaw。

Nice to see the positive free cash flow generation here in Q2. I'm wondering given the lower commodity price environment, if you are at all tempted to bring down your expected CapEx investments this year or next year, and whether there's some flexibility there to try to improve free cash flow generation?

很高興在第二季度看到正的自由現金流產生。我想知道，鑑於商品價格較低的環境，您是否願意降低今年或明年的預期資本支出投資，以及是否有一些靈活性來嘗試改善自由現金流的產生？

Look, we are extremely conscious of the current macro environment and the evolution of copper price. So we've looked really, really hard at all of our spending. And basically, we're truncating discretionary spending. So yes, we will decrease fairly significantly our cash spend over the remaining course of year. We think it's a good thing to do in any state of uncertain environment. But we're not going to do it in a manner that compromises the future ahead of us. But we will be reducing the discretionary cost for sure.

看，我們對當前的宏觀環境和銅價的演變非常了解。因此，我們對所有支出都非常非常認真。基本上，我們正在削減可自由支配的支出。所以是的，我們將在今年剩下的時間里相當大地減少我們的現金支出。我們認為在任何不確定的環境中做這件事都是一件好事。但我們不會以損害我們未來的方式來做這件事。但我們肯定會降低可自由支配的成本。

And I realize it's early in the year, but any idea kind of ballpark what you're targeting for CapEx spend in 2023?

而且我意識到現在是年初，但是您對 2023 年資本支出的目標有什麼想法嗎？

It's still early in the year. We're going -- actually, spent yesterday contemplating our next year's plan. So it's early in the year for that, Orest.

現在還是年初。我們要去——實際上，昨天花了很多時間來考慮我們明年的計劃。所以現在還早，奧雷斯特。

Just shifting gears to Manitoba -- sorry, Steve, I don't know if had a comment.

只是換檔曼尼托巴——對不起，史蒂夫，我不知道是否有意見。

I was going to say we're not going to frighten you. Don't worry.

我本來想說我們不會嚇到你的。不用擔心。

Okay. Just also curious about Manitoba. So with 777 closing now and kind of off the books, like when I look at Manitoba operating costs, they've been running in the order of about $115 million to $120 million a quarter. Where do you see that going with 777 and Flin Flon and the smelter all closed? Like I'm just wondering what kind of a rough ballpark run rate might be for operating costs now on a, call it, millions of dollar basis in Manitoba?

好的。只是對曼尼托巴也很好奇。因此，隨著 777 的關閉和賬面之外的情況，例如當我查看曼尼托巴省的運營成本時，它們每季度的運行成本約為 1.15 億美元至 1.2 億美元。您認為 777 和 Flin Flon 以及冶煉廠都關閉的情況如何？就像我只是想知道現在在曼尼托巴省以數百萬美元為基礎的運營成本可能是多少粗略的運行率？

Sure. This is Andre. So we'll update that with the -- in the coming year with the annual results. We're really fine tuning the cost right now. We're just finalizing the transition of our people and getting a firm handle on all of our operating and holding costs. But like Peter mentioned on the previous question, while it's a little bit higher cost than 777 and we expect it to be higher. But we'll update that later on when we update the reserve statement maybe around next year.

當然。這是安德烈。因此，我們將在未來一年通過年度業績更新這一點。我們現在正在微調成本。我們剛剛完成人員的過渡，並牢牢控制我們所有的運營和持有成本。但是就像彼得在上一個問題中提到的那樣，雖然它的成本比 777 高一點，但我們預計它會更高。但我們稍後會在明年左右更新儲備聲明時更新它。

Orest, you'll also see a little bit of an increase -- a little bit of a bump initially as we go to transfer activities, which will stabilize next year as well.

奧雷斯特，你也會看到一點點增長——最初是一點點，因為我們開始轉移活動，明年也會穩定下來。

Our next question comes from Lawson Winder of Bank of America Securities.

我們的下一個問題來自美國銀行證券的 Lawson Winder。

I wanted to ask about the Copper World's CapEx. And within the context of the sulfide leaching approach that you selected, which is basically like the lowest CapEx option, which would be no heat, no pressure. And when I look around the industry, I mean, that seems to be more the exception than the rule. And I'd like to maybe get kind of your thoughts on the sensitivity around CapEx. If you do end up doing one of the more expensive options, like perhaps like high pressure-low temperature, high temperature-low pressure or both high pressure and high temperature and then what the trade-offs are there around recoveries?

我想問一下銅世界的資本支出。在您選擇的硫化物浸出方法的背景下，這基本上類似於最低資本支出選項，即無熱量、無壓力。當我環顧整個行業時，我的意思是，這似乎更像是例外而不是規則。我想了解一下您對資本支出敏感度的看法。如果你最終選擇了一種更昂貴的選擇，比如高壓-低溫、高溫-低壓或高壓和高溫，那麼圍繞回收率有什麼權衡？

Look, I guess the first comment that I'd make is you shouldn't get stuck on sulfide leaching because it's simply a plug-and-play option module that's available to us that was included in the PEA because it's very, very significant ESG potential. It is something that we contemplated. It certainly does help the IRR of the project. But it also -- it does not support CapEx. In fact, if you were to unplug it, it'd reduce the CapEx by, let's say, $400 million to $500 million. So it's something that can be added initially concurrently with everything else or it could be deferred later on.

聽著，我想我要說的第一條評論是你不應該被硫化物浸出所困，因為它只是一個即插即用的選項模塊，我們可以使用它包含在 PEA 中，因為它非常、非常重要的 ESG潛在的。這是我們考慮過的事情。它確實有助於項目的內部收益率。但它也——它不支持資本支出。事實上，如果你要拔掉它，它會減少資本支出，比如說，4 億美元到 5 億美元。因此，它最初可以與其他所有內容同時添加，也可以稍後推遲。

Now to your point about whether it's atmospheric leaching or it's medium-pressure leaching or something like that, we have -- we included atmospheric leaching in the PEA, which, remember, is a very early-stage scoping study. But during the PFS, we will more closely examine the alternatives that are available to us. I would also offer that sulfide leaching is not new to us. We've been doing it in Flin Flon for a very, very long time. And many other mines have used sulfide leaching processes. Some I would agree are medium pressure, others are atmospheric. But we have plenty of time ahead of us in which to study the options and to optimize the flow sheet. So I just -- I wouldn't get too stuck on the concept of sulfide leaching at this point. As I said, it is a plug-and-play module that we can include or not.

現在談到您的觀點，無論是大氣浸出還是中壓浸出或類似的東西，我們已經 - 我們將大氣浸出納入了 PEA，請記住，這是一項非常早期的範圍研究。但在 PFS 期間，我們將更仔細地研究可供我們使用的替代方案。我還提出硫化物浸出對我們來說並不新鮮。我們在 Flin Flon 做這件事已經很長時間了。許多其他礦山已使用硫化物浸出工藝。我同意有些是中等壓力，有些是大氣壓。但是我們有足夠的時間來研究選項和優化流程。所以我只是 - 在這一點上我不會太拘泥於硫化物浸出的概念。正如我所說，它是一個即插即用的模塊，我們可以包含或不包含。

And just one sort of concept you introduced there that I hadn't really thought of was the potential to just sell a concentrate for the time being. Now how do you think about the timing of that, like selling a concentrate versus doing the concentrate leaching approach especially vis-a-vis your ESG goals?

你在那裡介紹的一種我沒有真正想到的概念是暫時只銷售濃縮物的潛力。現在您如何看待這樣做的時機，例如銷售精礦與採用精礦浸出方法，尤其是相對於您的 ESG 目標？

We can very easily do that. It's a question of just balancing trading off the various options. I think on the one hand, we can produce concentrate, no problem, because we'll have a traditional sulfide concentrator. If we sell concentrate, we incur the costs associated with shipping that concentrate to smelter. We also incur or cause some of the emissions associated with the transportation. But it is certainly an option that's available to us. So as I said, we could initially start producing concentrates and defer sulfide leaching to a number of years later if that's what we chose to do.

我們可以很容易地做到這一點。這是一個平衡各種選擇的問題。我認為一方面，我們可以生產精礦，沒問題，因為我們將擁有傳統的硫化物選礦廠。如果我們出售精礦，我們將承擔將精礦運送到冶煉廠的相關成本。我們還招致或造成一些與運輸相關的排放。但這當然是我們可以使用的一種選擇。因此，正如我所說，如果我們選擇這樣做，我們最初可以開始生產精礦並將硫化物浸出推遲到幾年後。

Our next question comes from Greg Barnes of TD Securities.

我們的下一個問題來自道明證券的 Greg Barnes。

Peter, I just wanted to touch on the political situation in Peru because it sounds pretty volatile. From what you're seeing, is it having any impact on the mining industry? Is there any suggestions from the current government about changing royalties or mining taxes? I've heard nothing, but I'm just obviously not that close to what's going on the ground in Peru. Maybe you have some color.

彼得，我只是想談談秘魯的政治局勢，因為它聽起來很不穩定。從您所看到的情況來看，它對採礦業有什麼影響嗎？現任政府對改變特許權使用費或採礦稅有什麼建議嗎？我什麼也沒聽到，但顯然我對秘魯的實際情況並不那麼了解。也許你有一些顏色。

Yes, we have. It's been all quiet on the political front for us. And I was actually in Peru up at Constantia in the last just over a month ago. I would say, as I spent time with the workforce up at Constantia and the team in Lima, politics in Peru actually didn't come up once. So what I -- we read a lot about it from the outside. On the inside, I'm sure people worry about it because there's a lot of uncertainty. But there has been no mention of changes to the fiscal regime. I think as the President Castillo did not accept the resignation of his first minister last week -- this week -- no, last week. So he's busy dealing with his own constituents, his own cabinet and Congress. I think that we will continue to see this type of volatility and awkward behavior in the political spectrum for a while, but it's not affecting, it's not impacting our operations at all.

是的我們有。對我們來說，政治戰線一直很安靜。一個多月前，我實際上在秘魯的康斯坦蒂亞。我想說，當我與康斯坦蒂亞的員工和利馬的團隊共度時光時，秘魯的政治實際上一次都沒有出現。所以我 - 我們從外部閱讀了很多關於它的信息。在內部，我相信人們會擔心它，因為存在很多不確定性。但沒有提及財政體制的變化。我認為卡斯蒂略總統上週——本週——不，上週沒有接受他的第一任部長的辭職。所以他忙於與自己的選民、自己的內閣和國會打交道。我認為我們將在一段時間內繼續在政治領域看到這種波動和尷尬的行為，但這並沒有影響，它根本不會影響我們的運營。

And I assume Castillo has other issues to worry about than raising taxes and royalties and the impact in the mining industry. He's got survival to concern himself, I suppose.

我認為除了提高稅收和特許權使用費以及對採礦業的影響之外，卡斯蒂略還有其他問題需要擔心。我想他有生存要關心自己。

I think you're probably right about that, Greg.

我認為你可能是對的，格雷格。

(Operator Instructions) Our next question comes from Karl Blunden of Goldman Sachs.

（操作員說明）我們的下一個問題來自高盛的 Karl Blunden。

Congrats on your reaffirmed cost guidance given the inflation that we're seeing in the industry. I wanted to ask a little bit more about that. When you look at current prices for consumables and energy, those have come down a little bit. Are they still running towards the high end of your range of assumptions or now close to the midpoint, and you're just more playing catch up with what's transpired through August this year?

鑑於我們在行業中看到的通貨膨脹，恭喜您重申了成本指導。我想多問一點。當您查看消耗品和能源的當前價格時，這些價格已經下降了一點。他們是否仍在向你的假設範圍的高端運行，或者現在接近中點，而你只是在追趕今年 8 月發生的事情？

I think that we anticipated some increases earlier on in the year, and we incorporated some of those increases into our guidance. But we have seen movement of fuel, for example, ahead of what we included in guidance and energy in Peru, higher grinding media, which is very closely aligned with the cost of both steel and molybdenum. So in Peru, of course, there is a stabilization mechanism for fuel prices. So what that tends to do is it tends to delay the effect of fuel price. So as fuel prices go up, they are not felt so markedly by the population. But as they come down, you still start seeing sort of the delayed effect of those increases.

我認為我們預計今年早些時候會有一些增長，我們將其中一些增長納入了我們的指導。但我們已經看到燃料的移動，例如，在我們在秘魯的指導和能源中包含的內容之前，更高的研磨介質，這與鋼鐵和鉬的成本非常接近。因此，在秘魯，當然有燃油價格的穩定機制。因此，這往往會延遲燃料價格的影響。因此，隨著燃料價格上漲，人們對它們的感受並不那麼明顯。但是當它們下降時，你仍然會開始看到這些增長的延遲效應。

So I think that we still expect to see some increases of fuel cost in Peru, while we're obviously less fuel dependent in Manitoba, but we have seen energy prices increase. So yes, in general, we have seen some of those costs increase above what we allowed for in our guidance.

所以我認為我們仍然預計秘魯的燃料成本會有所增加，而曼尼托巴省顯然對燃料的依賴程度較低，但我們已經看到能源價格上漲。所以是的，總的來說，我們已經看到其中一些成本增加超過了我們在指導中允許的範圍。

Just looking further out and the growth options you have, as you see the volatility that we've experienced recently in pricing, both on the copper side and then the energy costs, is this influencing how you think about potentially hedging costs or copper prices going forward as you get into a growth phase here?

只是看看更遠的地方和你擁有的增長選擇，正如你看到我們最近在銅價和能源成本方面經歷的波動，這是否會影響你對潛在對沖成本或銅價走勢的看法當你在這裡進入成長階段時前進？

Look, as I mentioned in my discussion earlier on, we did quotational period hedging, and that's all the hedging we do. We believe that our investors would like fully exposure to commodity prices, and we offer that to them. We don't hedge.

看，正如我在前面討論中提到的，我們進行了報價期對沖，這就是我們所做的所有對沖。我們相信我們的投資者希望充分了解商品價格，我們向他們提供了這一點。我們不對沖。

This concludes the question-and-answer session. I would like to turn the conference back over to Candace Brule for any closing remarks.

問答環節到此結束。我想把會議轉回給 Candace Brule 做任何閉幕詞。

Thank you, operator, and thank you, everyone, for participating. If you have any further questions, please feel free to reach out to our Investor Relations team. Thank you. You may disconnect your lines.

謝謝運營商，也謝謝大家的參與。如果您有任何其他問題，請隨時聯繫我們的投資者關係團隊。謝謝你。你可以斷開你的線路。