Hudbay Minerals Inc (HBM) 2022 Q4 法說會逐字稿

Good morning, ladies and gentlemen. Thank you for standing by. Welcome to the Hudbay Minerals Inc. Fourth Quarter 2022 Results Conference Call. (Operator Instructions) I would like to remind everyone that, this conference call is being recorded today, February 24, 2023, at 8:30 a.m. Eastern Time. I will now turn the conference over to Candace Brule, Vice President, Investor Relations. Please go ahead.

早上好，女士們，先生們。謝謝你的支持。歡迎來到 Hudbay Minerals Inc. 2022 年第四季度業績電話會議。 （操作員說明）我想提醒大家，今天，2023 年 2 月 24 日，東部時間上午 8 點 30 分正在錄製此電話會議。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 Fourth 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，運營商。早上好，歡迎來到 Hudbay 2022 年第四季度業績電話會議。 Hudbay 的財務業績於昨天發布，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 Eugene Lee, our Senior Vice President and Chief Financial Officer; and Andre Lauzon, our Senior Vice President and Chief Operating Officer.

我們今天的主持人是 Hudbay 的總裁兼首席執行官 Peter Kukielski。陪同 Peter 參加電話問答部分的是我們的高級副總裁兼首席財務官 Eugene Lee；和我們的高級副總裁兼首席運營官 Andre Lauzon。

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，對今天的電話會議發表的評論可能包含前瞻性信息，而這些信息就其性質而言具有風險和不確定性，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，請查閱公司關於 SEDAR 和 EDGAR 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，否則今天電話會議上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.

現在，我將把電話轉給 Peter Kukielski。

Thanks very much, Candace. Good morning, everyone, and thank you for joining us. 2022 was a year of dedication, discipline and delivery for Hudbay as we completed our first full year of New Britannia and Pampacancha operations, transitioned our Manitoba operation with a new focus on Snow Lake, managed through political uncertainty and logistical constraints in Peru and committed to further improving our already low carbon footprint.

非常感謝，坎迪斯。大家早上好，感謝您加入我們。 2022 年對 Hudbay 來說是奉獻、紀律和交付的一年，因為我們完成了新不列顛尼亞和 Pampacancha 運營的第一個完整年度，將我們的曼尼托巴運營轉移到雪湖，通過秘魯的政治不確定性和後勤限制進行管理，並致力於進一步改善我們已經很低的碳足跡。

We were faced with a period of higher input prices and volatile copper prices, but we took measures to reduce our discretionary spending as part of our commitment to disciplined capital allocation and generating free cash flow. More than ever, we are focused on maintaining a strong safety culture in our workplace and continued alignment with our local communities.

我們面臨著投入價格上漲和銅價波動的時期，但我們採取措施減少可自由支配的支出，作為我們對紀律資本配置和產生自由現金流承諾的一部分。我們比以往任何時候都更加專注於在我們的工作場所保持強大的安全文化，並繼續與當地社區保持一致。

In this presentation today, I will go into more detail about our achievements and challenges in 2022, touch on the operating and financial performance of the business and provide an overview of our production and cost outlook as we execute on our key strategic objectives for 2023.

在今天的演講中，我將更詳細地介紹我們在 2022 年取得的成就和麵臨的挑戰，涉及業務的運營和財務業績，並概述我們在執行 2023 年關鍵戰略目標時的生產和成本前景。

Starting on Slide 3, we're proud to have achieved our 2022 consolidated production guidance for all metals and consolidated cash costs and sustaining cash cost guidance in a difficult environment. This was due to the strong ramp-up of the New Britannia mill, which successfully increased annual Snow Lake gold production by 46% in its first full year of operations.

從幻燈片 3 開始，我們很自豪能夠實現所有金屬的 2022 年綜合生產指導和綜合現金成本，並在困難的環境中維持現金成本指導。這是由於 New Britannia 工廠的強勁增長，該工廠在其運營的第一年就成功地將 Snow Lake 黃金年產量提高了 46%。

Similarly, in Peru, a full year of production at Pampacancha helped to bring copper and gold production each by approximately 15% year-over-year. In Manitoba, 2022 has been a transition year as we closed our 777 mine and Flin Flon metallurgical complex after decades of steady operations. The Manitoba team continued to focus on integrating the Flin Flon employees and equipment into the Snow Lake operations in order to significantly reduce our reliance on higher cost contractors. We also completed confirmatory exploration drilling at our Flin Flon Tailings facility in 2022, which indicated higher grades than reported from our historical mill records. This facility holds in excess of 100 million tonnes of tailings that have been deposited over the span of 90 years. We plan to complete metallurgical test work on the Flin Flon tails to assess the metallurgical recoveries.

同樣，在秘魯，Pampacancha 全年的生產幫助銅和金產量分別同比增長約 15%。在馬尼托巴省，2022 年是過渡年，因為我們在經過數十年的穩定運營後關閉了 777 礦山和 Flin Flon 冶金聯合企業。 Manitoba 團隊繼續專注於將 Flin Flon 員工和設備整合到 Snow Lake 運營中，以顯著減少我們對成本較高的承包商的依賴。我們還在 2022 年完成了 Flin Flon 尾礦設施的驗證性勘探鑽探，表明品位高於我們歷史工廠記錄中報告的品位。該設施擁有超過 1 億噸的尾礦，這些尾礦已存放了 90 年。我們計劃完成 Flin Flon 尾礦的冶金測試工作，以評估冶金回收率。

Furthermore, our Anderson tailings facility in Snow Lake contains significant amounts of gold deposited over many decades. Given our enhanced gold processing capacity in Snow Lake, we are in the early stages of evaluating a similar opportunity to reprocess the Anderson tailings as well. Elsewhere in Snow Lake, the Lalor expansion beyond 4,650 tonnes per day is ongoing, and the store recovery improvement program is well advanced and on track for completion in early 2023. We also repaid 50% of the gold prepay facility that helped fund our New Britannia mill refurbishment.

此外，我們在雪湖的安德森尾礦設施中蘊藏著數十年來沉積的大量黃金。鑑於我們在雪湖的黃金加工能力得到提高，我們正處於評估類似機會的早期階段，以重新加工安德森尾礦。在 Snow Lake 的其他地方，Lalor 每天超過 4,650 噸的擴建正在進行中，商店恢復改善計劃進展順利，有望在 2023 年初完成。我們還償還了 50% 的黃金預付貸款，這些貸款為我們的 New Britannia 提供了資金工廠翻新。

In Peru, we announced the signing of an exploration agreement with Uchucarcco community in August, providing access to the Maria Reyna and Caballito satellite properties located within trucking distance of Constancia, and I'll touch on these opportunities shortly.

在秘魯，我們宣佈於 8 月與 Uchucarcco 社區簽署勘探協議，提供對位於康斯坦西亞卡車運輸距離內的 Maria Reyna 和 Caballito 衛星資產的訪問權，我將很快談到這些機會。

In early 2022, we completed an internal positive scoping study at Constancia Norte, highlighting an inferred mineral resource estimate of 6.5 million tonnes at 1.2% copper. The study concluded that the 2 high-grade skarn lenses could be mined by underground methods starting in 2029 to supplement the open pit production.

2022 年初，我們在 Constancia Norte 完成了一項內部積極範圍界定研究，強調了推斷的礦產資源估計為 650 萬噸，含銅量為 1.2%。該研究得出結論，從 2029 年開始，可以通過地下方法開採 2 個高品位矽卡岩透鏡體，以補充露天礦的生產。

Later in the year, our team also completed an initial mineral resource estimate for Llaguen and identified a higher-grade core. Llaguen is 100% owned copper-molybdenum porphyry deposit located in the La Libertad region in Northwestern Peru near the city of Trujillo and within close proximity to existing infrastructure, water and power supply.

今年晚些時候，我們的團隊還完成了 Llaguen 的初步礦產資源估算，並確定了一個更高品位的岩心。 Llaguen 是 100% 擁有的銅鉬斑岩礦床，位於秘魯西北部的 La Libertad 地區，靠近特魯希略市，靠近現有的基礎設施、水和電力供應。

More importantly, in Peru, we're extremely proud of the team's efforts in maintaining strong operations throughout the year despite operating in a challenging environment with heightened inflation, recent political changes and logistical challenges. The team has been able to successfully navigate this environment, while maintaining steady operations and achieving our copper production guidance in 2022.

更重要的是，在秘魯，我們為該團隊在通貨膨脹加劇、近期政治變化和後勤挑戰等充滿挑戰的環境中運營，全年保持強勁運營所做的努力感到非常自豪。該團隊能夠成功應對這種環境，同時保持穩定運營並在 2022 年實現我們的銅生產目標。

In the United States, we demonstrated the value at our copper world project with the release of the preliminary economic assessment in June. The PEA outlined a 2-phase mine plan incorporating the newly discovered deposits along the east deposit, formerly known as Rosemont.

在美國，我們通過 6 月份發布的初步經濟評估展示了銅世界項目的價值。 PEA 概述了一個兩階段的礦山計劃，其中包括沿東部礦床（以前稱為 Rosemont）新發現的礦床。

Phase 1 reflects a 16-year stand-alone operation on private land with average annual copper production of approximately 86,000 tonnes at attractive cash costs of $1.15 per pound. Phase 1 generates robust economics with an 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 $3.50.

第一階段反映了在私人土地上進行 16 年的獨立運營，年均銅產量約為 86,000 噸，現金成本為每磅 1.15 美元，極具吸引力。第一階段產生強勁的經濟效益，稅後淨現值為 7.41 億美元，貼現率為 10%，內部收益率為 17%，銅價為 3.50 美元。

Phase 2 at Copper World expands mining activities on to federal land and extends the mine life to 44 years with average annual copper production of approximately 100,000 tonnes. The projected after-tax NPV of the second phase at the time of sanction would be $2.8 billion, which demonstrates the significant upside opportunity the second phase brings to the project.

Copper World 的二期將採礦活動擴展到聯邦土地，並將礦山壽命延長至 44 年，年平均銅產量約為 100,000 噸。批准時第二階段的預計稅後淨現值為 28 億美元，這表明第二階段為項目帶來了巨大的上行機會。

After the completion of our PEA for Copper World, we initiated the state-level permitting process and received the first of the state permits, the mined land reclamation plan in 2022. We completed the technical work to support the pre-feasibility study for Copper World, which I'll touch on in more detail later in the presentation. And in late 2022, as part of our disciplined financial planning, we announced 3 specific prerequisites including specific financial leverage targets that would need to be achieved prior to making an investment decision in Copper world.

完成 Copper World 的 PEA 後，我們啟動了州級許可程序，並獲得了第一個州許可，即 2022 年的礦山土地複墾計劃。我們完成了支持 Copper World 預可行性研究的技術工作，稍後我將在演示文稿中詳細介紹。在 2022 年底，作為我們嚴格的財務規劃的一部分，我們宣布了 3 個具體的先決條件，包括在對 Copper world 做出投資決策之前需要實現的具體財務槓桿目標。

Finally, we have been rationalizing our non-core asset portfolio and divested our 100% interest in the Lordsburg property in New Mexico, which was applied through the Mason acquisition in 2018. And we completed the sale of our equity interest in Fireweed metals, which we received in 2018 in exchange for the sale of our Tom and Jason properties in the Yukon.

最後，我們一直在合理化我們的非核心資產組合，並剝離了我們在新墨西哥州 Lordsburg 物業的 100% 權益，這是通過 2018 年對 Mason 的收購應用的。我們完成了對 Fireweed 金屬股權的出售，這我們在 2018 年收到，以換取我們在育空地區出售 Tom 和 Jason 的房產。

Turning to Slide 4. We started to see the benefits from our recent brownfield investments through increased production and cash flows in our 2022 results. Fourth quarter consolidated copper production increased by 20% from the third quarter, primarily due to higher copper grades in Peru, consolidated gold production was slightly higher than the third quarter due to higher gold grades in Peru, which were partially offset by lower Lalor gold grades in Manitoba.

轉到幻燈片 4。我們開始在 2022 年的業績中看到我們最近的棕地投資通過增加產量和現金流量帶來的好處。第四季度綜合銅產量較第三季度增長 20%，主要是由於秘魯銅品位較高，由於秘魯黃金品位較高，綜合黃金產量略高於第三季度，這部分被較低的 Lalor 黃金品位所抵消在馬尼托巴省。

As I mentioned, we achieved full year consolidated production guidance for all metals. Annual copper and gold production was on the lower end of the guidance range, primarily due to lower than planned grades in the fourth quarter in Peru as we implemented short-term mine plan changes to mitigate the risks associated with logistical and supply chain disruptions.

正如我所提到的，我們實現了所有金屬的全年綜合生產指導。年度銅和黃金產量處於指導範圍的下限，這主要是由於我們實施了短期礦山計劃變更以減輕與物流和供應鏈中斷相關的風險，秘魯第四季度的品位低於計劃。

Consolidated copper cash costs increased from the third quarter levels as a result of lower precious metal sales volumes and continued inflationary cost pressures, partially offset by higher copper production. Sustaining cash costs also increased from the third quarter due to the same reasons affecting cash costs and higher capitalized exploration, slightly offset by lower sustaining capital expenditures.

由於貴金屬銷量下降和持續的通脹成本壓力，綜合銅現金成本較第三季度有所增加，部分被銅產量增加所抵消。由於影響現金成本和更高的資本化勘探的相同原因，維持現金成本也從第三季度開始增加，但被較低的維持資本支出略微抵消。

Operating cash flow before changes in non-cash working capital was $109 million during the fourth quarter, reflecting an increase of $27 million compared to the third quarter. Fourth quarter adjusted EBITDA was $125 million compared to $99 million in the third quarter. Results were higher than the prior quarter due to higher copper sales volumes and higher copper, gold and molybdenum prices, but partially offset by the temporary buildup of unsold inventory in Peru.

第四季度非現金營運資本變動前的運營現金流為 1.09 億美元，較第三季度增加 2700 萬美元。第四季度調整後的 EBITDA 為 1.25 億美元，而第三季度為 9900 萬美元。由於銅銷量增加以及銅、金和鉬價格上漲，業績高於上一季度，但部分被秘魯未售出庫存的臨時積累所抵消。

In light of the environment in the second half of 2022, with increasing input prices and decline in copper prices, we delivered $30 million in discretionary cost reductions across the business through lower growth capital and exploration expenditures. We exited the year with $226 million in cash and equivalents as well as undrawn availability of nearly $350 million under our revolving credit facilities.

鑑於 2022 年下半年的環境，隨著投入價格上漲和銅價下跌，我們通過降低增長資本和勘探支出，在整個業務中減少了 3000 萬美元的可支配成本。我們以 2.26 億美元的現金和等價物以及循環信貸額度下近 3.5 億美元的未動用資金結束了這一年。

On Slide 5, we summarize our Peru operating results. During the quarter, we produced 27,000 tonnes of copper and 21,000 ounces of gold at 21% and 64% increase, respectively, over the third quarter. These production increases were due to higher grades and recoveries, and the fourth quarter was a record quarter for gold production in Peru.

在幻燈片 5 中，我們總結了秘魯的經營業績。本季度，我們生產了 27,000 噸銅和 21,000 盎司黃金，分別比第三季度增長 21% 和 64%。這些產量增加是由於更高的品位和回收率，第四季度是秘魯黃金產量創紀錄的季度。

Full year copper production increased by 15% year-over-year to 89,000 tonnes, achieving the annual guidance. Full year gold production increased by 16% year-over-year to over 58,000 ounces, but fell short of 2022 guidance. This was due to a short-term change in the mine plan where we prioritize the processing of lower grade stockpiles and shorter haulage distances of ore from the Constancia pit. This allowed us to reduce our fuel consumption and keep the mill at steady production during a period of nationwide social unrest and road blockades following the change in Peru's political leadership in early December. Despite these changes, total ore mined during the fourth quarter increased by 7% and total ore mined was slightly higher than the previous quarter.

全年銅產量同比增長 15% 至 89,000 噸，達到年度指引。全年黃金產量同比增長 16% 至 58,000 多盎司，但未達到 2022 年的指引。這是由於礦山計劃的短期變化，我們優先考慮處理低品位庫存和縮短從 Constancia 礦坑運輸礦石的距離。這使我們能夠在 12 月初秘魯政治領導層更迭後全國社會動盪和道路封鎖期間減少燃料消耗並使工廠保持穩定生產。儘管有這些變化，第四季度礦石開採總量增長了 7%，礦石開採總量略高於上一季度。

Unit operating costs in the fourth quarter were 4% higher than the third quarter primarily due to higher mining costs and continued inflationary pressures. Full year unit costs were 19% higher than 2021 due to a higher strip ratio, higher mining costs and inflationary pressures on fuel, consumables and energy costs, partially offset by higher ore milled. Peru's cash cost in the fourth quarter declined by 20% to $1.34 per pound compared to the third quarter due to higher copper production and higher by-product credits resulting from higher grades.

第四季度的單位運營成本比第三季度高出 4%，這主要是由於更高的採礦成本和持續的通貨膨脹壓力。全年單位成本比 2021 年高 19%，原因是更高的剝採率、更高的採礦成本以及燃料、消耗品和能源成本的通脹壓力，部分被更高的研磨礦石抵消。與第三季度相比，秘魯第四季度的現金成本下降了 20% 至每磅 1.34 美元，原因是銅產量增加以及品級提高導致副產品信貸增加。

Sustaining cash costs decreased by 15% quarter-over-quarter, primarily due to the same factors affecting cash costs and lower sustaining capital expenditures, partially offset by higher capitalized exploration. While we were successful in completing 2 port shipments in December, inventory of approximately 25,000 metric tonnes of copper concentrate was unsold at the end of the quarter due to nationwide blockades.

維持現金成本環比下降 15%，這主要是由於影響現金成本的相同因素和較低的維持資本支出，部分被更高的資本化勘探所抵消。雖然我們在 12 月成功完成了 2 個港口裝運，但由於全國范圍內的封鎖，本季度末仍有約 25,000 公噸銅精礦庫存未售出。

Given that, we have been able to continuously to operate our concentrate inventories at site reached a peak of approximately 47,000 tonnes in mid-February. We were able to complete 3 concentrate port shipments in January and regular transportation of concentrate has resumed since mid-February. We expect to return to normal concentrate inventory levels in the next several months.

鑑於此，我們能夠持續運營我們的現場精礦庫存在 2 月中旬達到約 47,000 噸的峰值。 1月份完成3個精礦港口出貨，2月中旬開始恢復正常的精礦運輸。我們預計在未來幾個月內將恢復到正常的精礦庫存水平。

As an additional prudent measure intended to ensure a positive cash flow generation and continued financial higher production levels at Lalor, including building long-hole inventory, improving stope fragmentation, optimizing the development drift size and focusing on in the unsold concentrate inventory to lock in current copper prices.

作為一項額外的審慎措施，旨在確保 Lalor 產生正現金流和持續提高財務生產水平，包括建立深孔庫存、改善採場破碎度、優化開發平移規模以及關注未售出的精礦庫存以鎖定當前銅價。

Moving to the next slide on Manitoba. Gold, zinc and silver production declined during the fourth quarter compared to last quarter, primarily as a result of lower grades at Lalor in line with the mine plan. Copper production was slightly higher than last quarter. Full year 2022 production in Manitoba was impacted by the planned closure of 777 in June, resulting in a decrease in copper, zinc and silver production while annual gold production increased by 13% as New Britannia ramped up to full production. Full year production of all metals in Manitoba achieved the 2022 annual guidance ranges. All mined at Lalor increased by 6% in the fourth quarter compared to the third quarter, mainly due to the higher production initiatives and the integration of the Flin Flon employees and equipment partially offset by a planned maintenance program at the mine.

轉到下一張關於馬尼托巴省的幻燈片。與上一季度相比，第四季度的黃金、鋅和白銀產量有所下降，這主要是由於 Lalor 的品位較低，符合礦山計劃。銅產量略高於上一季度。馬尼托巴省 2022 年全年的產量受到 6 月份計劃關閉 777 的影響，導致銅、鋅和銀產量下降，而隨著新不列顛尼亞開始全面投產，黃金年產量增長了 13%。馬尼托巴省所有金屬的全年產量都達到了 2022 年的年度指導範圍。與第三季度相比，第四季度 Lalor 的所有開採量增加了 6%，這主要是由於更高的生產計劃以及 Flin Flon 員工和設備的整合，部分被該礦的計劃維護計劃所抵消。

We continue to advance several key initiatives to support higher production levels at Lalor, including building long hole inventory, improving stope fragmentation, optimizing the development drift size and focusing on shaft availability improvements to enable more ore to be hoisted to surface, while reducing inefficient trucking of ore via the ramp.

我們繼續推進幾項關鍵舉措以支持 Lalor 更高的生產水平，包括建立深孔庫存、改善採場破碎、優化開發巷道大小以及專注於提高豎井可用性以將更多礦石提升到地表，同時減少低效卡車運輸通過坡道的礦石。

The combined Snow Lake Mills processed 5% less ore in the fourth quarter due to the employee transition and planned maintenance. The New Britannia mill continued to achieve consistent production, averaging 1,530 tonnes per day in the fourth quarter. Combined unit operating costs in the fourth quarter were relatively in line with the third quarter. Full year combined unit operating costs increased by 27% compared to 2021, reflecting the stand-alone higher cost structure of Snow Lake after the closure of the 777 mine and the Flin Flon operations in mid-2022.

由於員工過渡和計劃維護，合併後的 Snow Lake Mills 在第四季度處理的礦石減少了 5%。 New Britannia 工廠繼續實現穩定的生產，第四季度平均每天生產 1,530 噸。第四季度的綜合單位運營成本與第三季度基本持平。與 2021 年相比，全年合併單位運營成本增加了 27%，反映出在 2022 年中期關閉 777 礦山和 Flin Flon 運營後，Snow Lake 的獨立成本結構較高。

Manitoba's gold cash costs were $922 per ounce in the fourth quarter, higher than the third quarter, primarily due to lower byproduct credits and lower gold production. However, full year 2022 cash costs were $297 per ounce, which was impressively below the low end of the annual guidance range.

馬尼托巴省第四季度的黃金現金成本為每盎司 922 美元，高於第三季度，這主要是由於副產品信貸減少和黃金產量下降。然而，2022 年全年現金成本為每盎司 297 美元，遠低於年度指導範圍的下限。

Slide 7 illustrates the growth in copper and gold production on the back of the $250 million in brownfields investments we delivered in early 2022. 2023 is expected to be another year of meaningful growth, with consolidated copper production expected to increase by 10% and consolidated gold production expected to increase by 30% compared to 2022.

幻燈片 7 顯示了在我們於 2022 年初交付的 2.5 億美元棕地投資的支持下銅和黃金產量的增長。預計 2023 年將是又一個有意義的增長年，綜合銅產量預計將增長 10%，綜合黃金產量預計將增長與 2022 年相比，產量預計將增加 30%。

Consolidated copper and gold production is expected to further grow in 2024 as a result of continued higher grades at Pampacancha and several gold production enhancements in Snow Lake. This is expected to lead to increasing EBITDA and cash flows, and we believe our high-quality pipeline of attractive development and exploration opportunities will further add to this growth in the medium to long term.

由於 Pampacancha 的品位持續提高以及 Snow Lake 的幾項黃金產量提高，預計 2024 年綜合銅和黃金產量將進一步增長。預計這將導致 EBITDA 和現金流量增加，我們相信我們具有吸引力的開發和勘探機會的高質量管道將進一步促進中長期的增長。

Slide 8 highlights the details behind the 2023 consolidated production growth. In Peru, the mine plan adjustments we saw in the fourth quarter continued into early 2023 to ensure steady operation of the plants during the regional logistical challenges. This is expected to result in more ore being mined from Constancia and less from the Pampacancha pit in early part of the year. Despite these changes and a period of higher stripping at Pampacancha, 2023 production is expected to be 103,500 tonnes of copper and 95,500 ounces of gold, representing year-over-year increases of 16% and 64%, respectively.

幻燈片 8 重點介紹了 2023 年綜合產量增長背後的細節。在秘魯，我們在第四季度看到的礦山計劃調整持續到 2023 年初，以確保工廠在區域物流挑戰期間穩定運營。預計這將導致今年年初從 Constancia 開採更多的礦石，而從 Pampacancha 礦坑開采的礦石減少。儘管發生了這些變化，並且 Pampacancha 的剝離量增加了一段時間，但預計 2023 年的銅產量將達到 103,500 噸，黃金產量將達到 95,500 盎司，同比分別增長 16% 和 64%。

In Manitoba, 2023 gold production is expected to increase by 18% to 190,000 ounces due to higher gold grades and a 10% increase in ore throughput at the Lalor mine. The 2023 mine plan at Lalor reflects higher production from the gold and copper gold zones, as those zones are expected to be prioritized over the base metal zones. It also reflects a 10% increase in throughput at the New Britannia mill, as the mill has been consistently achieving the levels above nameplate capacity. These mine plan enhancements result in 2023 gold production levels being consistent with the most recent mine plan for Snow Lake, but without the full ramp up to 5,300 tonnes per day, as we focus on maximizing the value per tonne of ore at Lalor.

在馬尼托巴省，2023 年的黃金產量預計將增加 18%，達到 190,000 盎司，原因是黃金品位更高，Lalor 礦的礦石吞吐量增加 10%。 Lalor 的 2023 年礦山計劃反映了金礦和銅金礦區的更高產量，因為這些礦區預計將優先於基本金屬礦區。這也反映出 New Britannia 工廠的產量增加了 10%，因為該工廠一直在實現高於銘牌產能的水平。這些礦山計劃的改進導致 2023 年的黃金生產水平與雪湖的最新礦山計劃一致，但沒有完全提高到每天 5,300 噸，因為我們專注於最大限度地提高 Lalor 每噸礦石的價值。

Year-over-year, zinc production is expected to decline by 42%, primarily due to the recent closure of the 777 mine. We expect to release 2024 and 2025 guidance next month, with our annual mineral reserve and resource update. We expect our 2024 production guidance to be similar to the previously issued guidance, reflecting a further increase in copper production in Peru and gold production in Manitoba. More importantly, we now expect mining activities at the Pampacancha deposit to continue into the first half of 2025, which is expected to increase copper and gold production in 2025 beyond the levels shown in the most recent technical report.

與去年同期相比，鋅產量預計將下降 42%，這主要是由於最近關閉了 777 礦。我們預計將在下個月發布 2024 年和 2025 年的指南，以及我們的年度礦產儲量和資源更新。我們預計我們的 2024 年產量指引將與之前發布的指引類似，反映出秘魯的銅產量和馬尼托巴省的黃金產量進一步增加。更重要的是，我們現在預計 Pampacancha 礦床的採礦活動將持續到 2025 年上半年，預計 2025 年的銅和金產量將超過最新技術報告中顯示的水平。

Slide 9 summarizes our cost guidance for 2023. Total expenditures are expected to decline by approximately $65 million compared to last year due to lower discretionary growth capital and exploration spending in 2023.

幻燈片 9 總結了我們對 2023 年的成本指導。由於 2023 年可自由支配的增長資本和勘探支出減少，預計總支出將比去年減少約 6500 萬美元。

Peru's sustaining capital expenditures are expected to increase year-over-year, but remain in line with the most recent technical report. The higher level of sustaining capital is due to an increase in heavy civil works for the completion of a tailings dam raise in 2023. Manitoba's sustaining CapEx is expected to be lowered in 2022, due to lower equipment spending at Lalor and in the mills after the Snow Lake transition and ramp up period in 2022.

秘魯的持續資本支出預計將同比增長，但仍與最新的技術報告保持一致。較高水平的維持資本是由於為在 2023 年完成尾礦壩提升而增加的重型土建工程。馬尼托巴省的維持資本支出預計將在 2022 年降低，因為 Lalor 和工廠的設備支出在2022 年 Snow Lake 過渡和爬升期。

Total growth capital of $55 million in 2023 includes $10 million for mill recovery improvement initiatives in Peru and $15 million for the completion of the store mill recovery improvement project in Manitoba. We have also allocated $30 million to growth spending in Arizona as we advance permitting economic studies and site works at Copper World in 2023.

2023 年的總增長資本為 5500 萬美元，其中 1000 萬美元用於秘魯的工廠恢復改善計劃，1500 萬美元用於完成曼尼托巴的商店工廠恢復改善項目。我們還撥出 3000 萬美元用於亞利桑那州的增長支出，因為我們推進了 2023 年在 Copper World 的經濟研究和現場工作許可。

Total exploration expenditures of $30 million in 2023 are 61% lower than 2022 levels, due to our focus on discretionary spending reductions. Our planned exploration activities this year are focused on areas with high potential for new discovery and mineral reserve and resource expansion. These initiatives include permitting and grill preparation for the Maria Reyna and Caballito properties near Constancia, a limited drill program at Pampacancha to evaluate the potential to add an incremental mining phase at depth and the winter drill program in Snow Lake focused on testing the deep extensions at Lalor.

2023 年的總勘探支出為 3000 萬美元，比 2022 年的水平低 61%，這是由於我們專注於減少可自由支配的支出。我們今年計劃的勘探活動主要集中在具有新發現和礦產儲量及資源擴張潛力的地區。這些舉措包括為 Constancia 附近的 Maria Reyna 和 Caballito 物業進行許可和燒烤準備，在 Pampacancha 進行有限的鑽探計劃，以評估在深度增加增量採礦階段的潛力，以及在 Snow Lake 的冬季鑽探計劃，重點是測試深層延伸勞爾。

Copper cash costs in Peru are expected to decline by 26% in 2023 versus 2022, primarily due to higher gold by-product credits and higher copper production. Gold cash costs in Manitoba are expected to increase in 2023 compared to last year as a result of the transition to our primary gold operation with lower byproduct credits after the closure of the 777 mine in June 2022.

預計 2023 年秘魯的銅現金成本將比 2022 年下降 26%，這主要是由於黃金副產品信貸增加和銅產量增加。由於在 2022 年 6 月 777 礦山關閉後過渡到副產品信用較低的初級黃金業務，預計 2023 年馬尼托巴省的黃金現金成本將比去年增加。

Consolidated copper cash costs in 2023 are expected to decline by 30% compared to 2022 levels due to the increase in copper production and higher gold byproduct credits from the increase in annual gold production. Consolidated sustaining cash costs in 2023 are expected to be 18% lower than 2022 levels due to the same factors affecting consolidated cash costs, partially offset by slightly higher sustaining capital expenditures. Part of the discretionary spending reductions relate to deferred spending at our Copper World project. The reduced year-over-year spending at Arizona reflects our focus on project derisking activities, including the completion of a prefeasibility study, state-level permitting and plans for bulk sampling program in 2023, as shown on Slide 10. The majority of the technical work and expenditures related to the prefeasibility study for Phase 1 of Copper World are now complete. The prefeasibility study is expected to support the conversion of the mineral resources to reserves and optimize the layout and sequencing of the processing facilities.

與 2022 年相比，2023 年的綜合銅現金成本預計將下降 30%，原因是銅產量增加以及年度黃金產量增加帶來的黃金副產品信貸增加。由於影響綜合現金成本的相同因素，預計 2023 年的綜合維持現金成本將比 2022 年水平低 18%，部分被略高的維持資本支出所抵消。可自由支配支出的部分減少與我們 Copper World 項目的延期支出有關。亞利桑那州的同比支出減少反映了我們對項目去風險活動的關注，包括完成預可行性研究、州級許可和 2023 年批量抽樣計劃計劃，如幻燈片 10 所示。大部分技術與 Copper World 一期預可行性研究相關的工作和支出現已完成。預可行性研究預計將支持礦產資源向儲量的轉化，並優化加工設施的佈局和順序。

Prefeasibility level engineering for the main processing facility was completed by year end, together with geotechnical and hydrogeological site investigation activities. Metallurgical test work continued into 2023 and the results are being analyzed as part of concentrate reaching trade-off evaluations. The prefeasibility study results are expected to be released by the end of the second quarter of 2023.

主要加工設施的預可行性級工程以及岩土和水文地質現場調查活動已於年底完成。冶金測試工作一直持續到 2023 年，結果正在作為精礦達到權衡評估的一部分進行分析。預可行性研究結果預計將於2023年第二季度末公佈。

Copper World requires only state-level permits for Phase 1. Late last year we submitted applications for an Aquifer Protection Permit and an Air Quality Permit to the Arizona Department of Environmental Quality known as the ADEQ. We have been working closely with the ADEQ and we expect to receive these 2 remaining permits in 2023. The other key state permit, the Mined Land Reclamation Plan was received in 2022. In January 2023, we received an approved right of way from the state land department with that will allow for infrastructure such as roads, pipelines and power lines to easily connect between the properties in our private land package.

Copper World 第一階段只需要州級許可證。去年年底，我們向亞利桑那州環境質量部 (ADEQ) 提交了含水層保護許可證和空氣質量許可證申請。我們一直在與 ADEQ 密切合作，我們預計將在 2023 年獲得這 2 個剩餘的許可證。另一個重要的國家許可證，礦山土地複墾計劃已於 2022 年獲得。2023 年 1 月，我們獲得了國家批准的通行權土地部門將允許道路、管道和電力線等基礎設施輕鬆連接我們私人土地包中的房產。

Upon receipt of the state permits, we expect to conduct a bulk sampling program to continue to de-risk the project by testing grade continuity, variable cutoff effectiveness and metallurgical strategies. Additionally, we intend to initiate a minority joint venture partner process, which will allow the potential JV partner to participate in and help fund the definitive feasibility study activities in 2024.

在收到國家許可後，我們希望進行批量抽樣計劃，以通過測試品位連續性、可變截止效率和冶金策略來繼續降低項目風險。此外，我們打算啟動少數合資夥伴流程，這將允許潛在的合資夥伴參與並幫助資助 2024 年的最終可行性研究活動。

The opportunity to sanction Copper World is not expected until 2025 based on current estimated time lines and reflects a conservative approach to spending at Copper World over the next 2 years. The 3P plan for sanctioning Copper World that I mentioned earlier is laid out on this slide. This plan ensures Hudbay will be in the best position to move the project forward, with the lowest cost of capital and the highest risk-adjusted return on investment.

根據目前的估計時間線，預計到 2025 年才有機會批准 Copper World，這反映了 Copper World 在未來 2 年的支出方式較為保守。這張幻燈片列出了我之前提到的製裁 Copper World 的 3P 計劃。該計劃確保 Hudbay 處於推進項目的最佳位置，資本成本最低，風險調整後投資回報率最高。

Turning to Slide 11, our recently executed Surface Rights Agreement with the community over Chicago allows for exploration of the Maria Reyna and Caballito properties. Hudbay owns the mineral rights to these properties that are located within trucking distance of the Constancia processing facility, and we completed geophysical surveys in the area that indicate large-scale potential at these properties. Shortly after the community exploration agreement was completed, we commenced baseline environmental and archeological activities to advance the permitting process for property drilling in the future.

轉到幻燈片 11，我們最近與芝加哥社區簽署的地表權利協議允許探索 Maria Reyna 和 Caballito 地產。 Hudbay 擁有這些位於康斯坦西亞加工廠卡車運輸距離內的礦產的礦產權，我們完成了該地區的地球物理調查，表明這些礦產具有大規模潛力。社區勘探協議完成後不久，我們開始了基線環境和考古活動，以推進未來財產鑽探的許可程序。

A ground geophysical survey commenced in the fourth quarter, and will continue once the Peruvian social situation improved. Our geological team commenced surface investigation activities and field evidence confirms that both Caballito and Maria Reyna host sulfide and oxide rich copper mineralization in skarns, hydrothermal breccias and large porphyry intrusive bodies. Similar to Pampacancha, Caballito was located about 5 kilometers from Constancia and includes an old open pit mine that was operated by Mitsui until the early 1990s. The U.S. geological survey from 1990 estimated a total resource of 91 million tonnes as 2.3% copper for the open pit mine.

地面地球物理調查於第四季度開始，一旦秘魯社會狀況好轉，將繼續進行。我們的地質團隊開始了地表調查活動，現場證據證實，Caballito 和 Maria Reyna 在矽卡岩、熱液角礫岩和大型斑岩侵入體中都存在富含硫化物和氧化物的銅礦化。與 Pampacancha 類似，Caballito 距離 Constancia 約 5 公里，包括一個由 Mitsui 經營直到 1990 年代初的舊露天礦。美國地質調查局從 1990 年開始估計露天礦的總資源量為 9100 萬噸，含銅量為 2.3%。

Maria Reyna is approximately 10 kilometers from Constancia and artisanal mining activity is present in the high-grade areas. These small-scale miners report an average grade of between 2% and 6% copper in the ore.

瑪麗亞雷納 (Maria Reyna) 距離康斯坦西亞 (Constancia) 約 10 公里，高品位地區存在手工採礦活動。這些小規模礦工報告礦石中銅的平均品位在 2% 到 6% 之間。

In Snow Lake, we commenced a winter drill program in January 2023, with 4 drill rigs testing the down-dip gold and copper extensions of the Lalor deposit. This is the first time we have completed step-out drilling in the deeper zones at Lalor since the initial discovery of the gold and copper gold zones in 2009 and 2010.

在 Snow Lake，我們於 2023 年 1 月開始了一項冬季鑽探計劃，使用 4 台鑽機測試了 Lalor 礦床的下傾金銅延伸部分。自 2009 年和 2010 年首次發現金礦和銅金礦區以來，這是我們首次在 Lalor 的更深區域完成階梯鑽探。

One additional drill rig is actively testing a target to the north of Lalor, which is another highly perspective location next to the main Lalor ore body that is thought to be offset by post mineralization faulting. The first phase of this program includes a total of 12 holes and over 20,000 meters of drilling followed by a combination of surface and borehole electromagnetic surveys. Based on the results from the first phase program, a follow-up drill program is planned for the winter of 2024.

另一台鑽機正在積極測試 Lalor 北部的一個目標，這是另一個高前景位置，靠近主要的 Lalor 礦體，被認為被後礦化斷層所抵消。該計劃的第一階段包括總共 12 個鑽孔和 20,000 多米的鑽孔，隨後是地面和鑽孔電磁勘測的組合。根據第一階段計劃的結果，計劃在 2024 年冬季進行後續演習計劃。

We are committed to operating in a manner that demonstrates our focus on the environment, and we are proud of our already low carbon footprint. With over 50% of our total energy consumption being from renewable resources, including nearly 100% renewable energy in Manitoba, we are leading emissions rankings amongst the peers as seen on Slide 12.

我們致力於以展示我們對環境的關注的方式運營，我們為我們已經很低的碳足跡感到自豪。我們超過 50% 的總能源消耗來自可再生資源，包括馬尼托巴省近 100% 的可再生能源，我們在同行中的排放量排名領先，如幻燈片 12 所示。

We also aligned with the highest industry standards to ensure that we are on a path or ahead of industry expectations. We recognize we have a role in mitigating climate change and in December, we were pleased to announce our commitment to achieve net 0 greenhouse gas emissions by 2050 and the adoption of an interim target of a 50% reduction in Scope 1 and Scope 2 emissions by 2030. We plan to be reporting on material Scope 3 emissions in the near term and continuing to be transparent with greenhouse gas performance data disclosure. Through our emissions reduction road map, we have identified multiple opportunities to achieve further reductions in emissions, including grid decarbonization in Peru, fleet and heating electrification, and fuel switching in mobile equipment.

我們還與最高行業標准保持一致，以確保我們走在行業預期的道路上或領先於行業預期。我們認識到我們在減緩氣候變化方面的作用，並且在 12 月，我們很高興地宣布我們承諾到 2050 年實現溫室氣體淨零排放，並通過了將範圍 1 和範圍 2 排放量減少 50% 的中期目標2030 年。我們計劃在短期內報告材料範圍 3 的排放量，並繼續保持透明的溫室氣體績效數據披露。通過我們的減排路線圖，我們確定了實現進一步減排的多個機會，包括秘魯的電網脫碳、車隊和供暖電氣化以及移動設備的燃料轉換。

We have been reporting greenhouse gas emissions data and performance to the CDP, climate questionnaire for more than 10 years. Our annual sustainability report maps our CDP responses to the task force on climate-related financial disclosures recommendations. We are also aligned with the Mining Association of Canada's Towards Sustainable Mining or TSM protocols at all of our operations with the goal to maintain a strong score of an A or higher for all protocols. We truly believe that our ESG principles are the foundation of our business and are critical for our long-term success.

10 多年來，我們一直在向 CDP 氣候調查問卷報告溫室氣體排放數據和績效。我們的年度可持續發展報告反映了我們的 CDP 對氣候相關財務披露建議工作組的回應。我們還在所有運營中與加拿大礦業協會的 Towards Sustainable Mining 或 TSM 協議保持一致，目標是在所有協議中保持 A 或更高的高分。我們堅信我們的 ESG 原則是我們業務的基礎，對我們的長期成功至關重要。

Slide 13 summarizes our near-term cash flow growth in our high-quality organic copper pipeline. We believe that copper has the best long-term supply demand fundamentals in the sector as global copper mine supply will be unable to meet demand from global decarbonization initiatives. We have the highest near-term copper production growth and the highest leverage to copper among our mid-tier base metals peers, and we have successfully increased our copper equivalent resources per share by more than 3x over the past decade. For these reasons, we believe Hudbay is uniquely positioned to offer attractive copper production growth and long-term optionality for investors.

幻燈片 13 總結了我們高質量有機銅管道的近期現金流增長。我們認為，由於全球銅礦供應將無法滿足全球脫碳計劃的需求，銅在該行業具有最佳的長期供需基本面。在我們的中端基本金屬同行中，我們擁有最高的近期銅產量增長和最高的銅槓桿率，並且在過去十年中我們成功地將每股銅當量資源增加了 3 倍以上。由於這些原因，我們認為 Hudbay 具有獨特的優勢，可以為投資者提供有吸引力的銅產量增長和長期選擇權。

To summarize, we are a diversified mid-tier copper producer, as shown on Slide 14. Our strong copper and gold production growth in 2023 and leading low cost profile is expected to generate significant near-term cash flows. We also have a world-class organic growth pipeline offering medium to long-term copper production optionality. As you've seen through this presentation, we have several exciting brownfield and greenfield growth opportunities that we intend to advance with our 2023 key strategic objectives.

總而言之，我們是一家多元化的中端銅生產商，如幻燈片 14 所示。我們在 2023 年強勁的銅和黃金產量增長以及領先的低成本模式預計將產生可觀的短期現金流。我們還擁有世界一流的有機增長管道，可提供中長期銅生產選擇權。正如您通過本次演講所看到的，我們有幾個令人興奮的棕地和綠地增長機會，我們打算通過我們的 2023 年關鍵戰略目標來推進這些機會。

Our lower discretionary spending in 2023, together with lower year-over-year cash costs will allow us to generate positive cash flow and advance our copper development pipeline with minimal capital. We will continue to derisk Copper World with several project catalysts expected in 2023 as we prudently advance our 3P plan for Copper World sanctioning. In Snow Lake, it will be a year filled with several milestones as we execute the expansion and ramp up of Lalor beyond 4,650 tonnes per day and complete this ore mill recovery improvement program early in 2023. And we'll conclude our drilling program to test the deep extensions at Lalor with the potential to expand gold mineral reserves and resources.

我們在 2023 年減少的可自由支配支出，以及較低的同比現金成本，將使我們能夠產生正現金流，並以最少的資本推進我們的銅開發管道。隨著我們謹慎推進 Copper World 制裁的 3P 計劃，我們將繼續降低 Copper World 的風險，預計 2023 年將出現幾個項目催化劑。在斯諾萊克，這將是充滿多個里程碑的一年，因為我們執行 Lalor 的擴建和產能提升超過每天 4,650 噸，並在 2023 年初完成這個礦石廠恢復改進計劃。我們將結束我們的鑽探計劃以測試Lalor 的深層延伸具有擴大金礦儲量和資源的潛力。

In Peru, we will continue to progress Constancia's leading efficiency metrics by applying smart technologies to continuously improve operating performance, including sensor-based ore sorting and milling flow sheet enhancements. We also aim to further advance the Maria Reyna and Caballito satellite properties through exploration permitting. We will advance our climate change commitments by assessing opportunities that are aligned with global decarbonization goals. And finally, we will remain vigilant in evaluating growth opportunities that meet our stringent strategic criteria that will reflect sustainable value for the company and our stakeholders.

在秘魯，我們將通過應用智能技術不斷提高運營績效，包括基於傳感器的礦石分选和研磨流程改進，繼續推進 Constancia 領先的效率指標。我們還旨在通過勘探許可進一步推進 Maria Reyna 和 Caballito 衛星資產。我們將通過評估符合全球脫碳目標的機會來推進我們的氣候變化承諾。最後，我們將保持警惕，評估符合我們嚴格戰略標準的增長機會，這些標準將反映公司和我們利益相關者的可持續價值。

And with that, we are pleased to take your questions.

因此，我們很高興回答您的問題。

(Operator Instructions) Our first question comes from Fahad Tariq of Credit Suisse.

（操作員說明）我們的第一個問題來自瑞士信貸的 Fahad Tariq。

Peter, maybe just on the Peru protest situation, can you talk a little bit more about like has the transportation of concentrate, is it just completely normal now? And what about like supplies getting to the mine? It sounds like it's getting better, I'm just trying to understand, is it at normal levels now?

彼得，也許只是關於秘魯的抗議情況，你能多談談濃縮物的運輸嗎，現在完全正常了嗎？物資運到礦山怎麼樣？聽起來好像好轉了，我只是想了解一下，現在是否處於正常水平？

I think, look, the political situation in Peru is an interesting one, but it is one that our team has been able to respond to, I feel in a manner that are entirely consistent with my expectations of their performance so far. So to your point, yeah, we concentrate transportation has certainly opened in the last week or two and we expect that it will continue along those lines. We think that the situation is starting to normalize, but it's a little bit difficult to predict exactly how it will go.

我認為，看，秘魯的政治局勢很有趣，但我們的團隊已經能夠對此做出回應，我覺得以一種完全符合我對他們迄今為止表現的預期的方式。因此，就您的觀點而言，是的，我們集中運輸在過去一兩週內肯定已經開放，我們希望它會繼續沿著這些路線發展。我們認為情況開始正常化，但要準確預測它會如何發展有點困難。

What I can say, though, is that we are closer to our communities than ever. And so we will experience ups and downs in the weeks and months ahead of us, but we have extremely strong support from our communities who have actually come out several times in order to sort of moderate the activities or protesters who come in from the outside. So that said, that's a long answer to your question, but I do expect we'll have ups and downs, but we will continue to be able to reduce the inventory that we have at site and progress shipments out of Matarani.

不過，我能說的是，我們比以往任何時候都更接近我們的社區。因此，在接下來的幾周和幾個月裡，我們將經歷起起落落，但我們得到了我們社區的大力支持，他們實際上已經多次站出來，以緩和從外面進來的活動或抗議者。所以說，這是對你問題的一個很長的回答，但我確實預計我們會有起起落落，但我們將繼續能夠減少我們在現場的庫存，並推進從 Matarani 出貨。

And then maybe just as a follow-up. So if you see over the next several weeks that it's kind of very back to normal in terms of getting supplies to the mine. Is it possible to recheck the mine plan to kind of go back to what it was previously, i.e., more Pampacancha ore?

然後也許只是作為後續行動。因此，如果您在接下來的幾週內看到在向礦山供應物資方面已經恢復正常。是否有可能重新檢查礦山計劃以恢復到以前的狀態，即更多的 Pampacancha 礦石？

I think it will take time. I'm sorry that I didn't really address your question about getting supplies to the mines, but we have been able to consistently get supplies to the mine. The biggest issue has been fuel typically. And so we've adjusted the mine plan accordingly to be able to address any of the fuel bottlenecks. But to get back to the mine plan as planned in the short-term will be a little bit difficult. But perhaps, I can ask Andre to elaborate on that a little bit.

我認為這需要時間。很抱歉，我沒有真正解決你關於向礦山供應物資的問題，但我們一直能夠始終如一地為礦山供應物資。最大的問題通常是燃料。因此，我們相應地調整了礦山計劃，以解決任何燃料瓶頸問題。但短期內要按計劃回到礦山計劃，還是有些困難的。但或許，我可以請安德烈詳細說明一下。

Sure, sure. So the amount of fuel that we're getting into site as well as other consumables has been improving. So that's been a positive trend. We were naturally in the previous mine plan going through a phase of stripping at Pampacancha in the first quarter. And with what -- in terms of managing fuel from the late December, early January and into February, we prioritized our fuel to keep the mill running. And Pampacancha is significantly further than Constancia pit and the other. And so with things started, we started getting back to Pampacancha just this past week. So as we were seeing our fuel levels go up, but it's probably a few months of -- it is a few months of stripping before we get back into the good grades again, so probably into the next quarter at this point. So there's no magic scenario to get back and have it like the original plan. It's definitely going to -- you'll see the grades coming up into Q2.

一定一定。因此，我們進入現場的燃料量以及其他消耗品一直在增加。所以這是一個積極的趨勢。我們很自然地參與了之前的礦山計劃，第一季度在 Pampacancha 進行了剝離階段。從 12 月下旬、1 月初到 2 月的燃料管理方面，我們優先考慮燃料以保持工廠運轉。 Pampacancha 比 Constancia 坑和其他坑要遠得多。所以事情開始了，我們就在上週才開始回到 Pampacancha。因此，當我們看到我們的燃料水平上升時，但可能需要幾個月的時間——在我們再次回到良好等級之前需要幾個月的剝離，所以可能會進入下一個季度。因此，沒有神奇的方案可以返回並像最初的計劃一樣。它肯定會 - 你會看到成績進入第二季度。

And we just sort of shift forward the plan that you would otherwise expect us to be operating against.

我們只是在某種程度上推進了您原本希望我們反對的計劃。

Exactly.

確切地。

Our next question comes from Orest Wowkodaw of Scotiabank.

我們的下一個問題來自豐業銀行的 Orest Wowkodaw。

More questions are around the same lines in terms of Peru and Constancia. Can you give us an idea, on your updated guidance for 2023, what does that assume with respect to the amount of Pampacancha ore that's going into the plant?

就秘魯和康斯坦西亞而言，更多問題圍繞著同一條線。您能否給我們一個想法，根據您更新的 2023 年指南，對於進入工廠的 Pampacancha 礦石量有何假設？

I think as Andre said that the next quarter is going to be focused on we're doing a lot of pre-stripping there and we'll be preferentially mining at Constancia. So I would say that we would push out in March, we would start to see the higher grades coming from Pampacancha again.

我認為正如安德烈所說，下一季度將專注於我們在那裡進行大量預剝離工作，我們將優先在康斯坦西亞進行採礦。所以我想說我們將在 3 月推出，我們將開始再次看到來自 Pampacancha 的更高等級。

In terms of the volume number?

在數量方面？

I'm sorry, what? Could you repeat that, Orest?

對不起，什麼？你能重複一遍嗎，Orest？

Sure. In terms of the volume number, like should we be anticipating that tonnes milled from Pampacancha is sort of similar to 2022 or could it even be less than '22?

當然。就數量而言，我們是否應該預計從 Pampacancha 碾磨的噸數與 2022 年相似，或者甚至可能低於 22 年？

In terms of total metal, the year is back loaded. It's about 60% of the metal coming off of the back end of the year. We're not going to see much Pampacancha ore until it's offset by about 3 months. And with where we're at, we know because we're just resuming it right now. So as we're getting going. I don't have the absolute number in front of me, Orest, but it is a reduction of what we had forecasted last year, but it's comparable in terms of -- I think we're close to last year at this point.

就金屬總量而言，今年是倒裝的。大約 60% 的金屬在今年年底脫落。在它被抵消大約 3 個月之前，我們不會看到太多的 Pampacancha 礦石。我們知道我們現在所處的位置，因為我們現在才恢復它。所以當我們開始的時候。我沒有擺在我面前的絕對數字，奧雷斯特，但它比我們去年的預測有所減少，但它具有可比性——我認為我們在這一點上接近去年。

Orest, it's Eugene here. Just for some clarity around the guidance range. Our guidance range -- the midpoint of our guidance range contemplates getting back into Pampacancha in March. And so if you think about the range of possibilities from there, that's probably the outcome that if you want to model that appropriately. That's probably the best way to do it.

Orest，這裡是 Eugene。只是為了明確指導範圍。我們的指導範圍——我們的指導範圍的中點考慮在 3 月份回到 Pampacancha。因此，如果您從那裡考慮可能性的範圍，那麼如果您想要適當地建模，這可能就是結果。這可能是最好的方法。

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格雷格巴恩斯。

Perhaps an easier way to think about it is, you've shifted 15,000 tonnes of copper production from 2023 to 2025, is that effectively what's happened?

或許更簡單的思考方式是，您已將 15,000 噸銅產量從 2023 年轉移到 2025 年，這實際上發生了什麼嗎？

I would say, in general, that's correct, Greg.

我會說，總的來說，這是正確的，格雷格。

Around Snow Lake and Lalor and the 5,300 tonnes a day, I'm not sure I understand quite what the goal there is now. I know you're shifting towards more higher grade ore and putting more through in New Britannia. But are you still planning to ramp up to 5,300 tonnes a day or not?

在 Snow Lake 和 Lalor 附近以及每天 5,300 噸，我不確定我是否完全理解現在的目標是什麼。我知道你正在轉向更高品位的礦石，並在新不列顛尼亞進行更多開採。但是您是否仍計劃每天增加 5,300 噸？

Yeah, I will let Andre provide a little bit more detail on that. But in essence, the 5,300 tonnes per day that we envisaged previously included utilizing the ramp to get a bunch of the ore up. We find that the costs associated with utilizing the ramp actually squeezed the margins very significantly or not an efficient use of our time and money. And so it is more cost effective to increase production through the shaft. The specific gravity of the gold ore is lower. So it means that you have to ship more volume up the shafts. So our efforts at the moment are really focused on enhancing production through the shaft, but we will still move towards 5,300 tonnes per day.

是的，我會讓安德烈提供更多細節。但實質上，我們之前設想的每天 5,300 噸包括利用斜坡將一堆礦石運上來。我們發現，與利用坡道相關的成本實際上非常顯著地擠壓了利潤率，或者沒有有效利用我們的時間和金錢。因此，通過豎井增加產量更具成本效益。金礦石的比重較低。所以這意味著你必須在豎井上運輸更多的體積。因此，我們目前的工作重點是通過豎井提高產量，但我們仍將朝著每天 5,300 噸的目標邁進。

Andre, do you care to expand on that?

安德烈，你願意對此進行擴展嗎？

Sure. So Greg, we are committed to increasing production. So the plan for next year is about an 8% increase over last year's production. The differential that Peter was speaking to is the gold ores are a little bit lighter. And so maintaining where we're at right now at the plan, which you saw around 47%, is already an 8% increase in volume movement. And so as we move forward into next year, like Peter said, it's inefficient to halt the ramp.

當然。所以格雷格，我們致力於增加產量。因此，明年的計劃是比去年的產量增加 8% 左右。彼得所說的差異是金礦石稍微輕一點。因此，保持我們目前在計劃中所處的位置，你看到大約 47%，已經是成交量增加了 8%。所以當我們進入明年時，就像彼得說的那樣，停止增長是低效的。

I think in January, we hauled 18,000 tonnes, and it's a 2-hour round trip and our scoops are waiting for the trucks to come back. And so we put a real heavy focus on getting more up the shaft. There's a current bottleneck that we -- is the short-term bottleneck that we're working through right now. We don't have a crusher underground at Lalor and we ran our muck through grizzlies and gold ore is harder. And so we're working through a process to improve the grizzly design to have better flows through there.

我想在 1 月份，我們拖運了 18,000 噸，這是一個 2 小時的往返行程，我們的勺子正在等待卡車回來。因此，我們非常重視提升豎井。我們目前存在一個瓶頸——是我們目前正在努力解決的短期瓶頸。我們在 Lalor 沒有地下破碎機，我們通過灰熊碾壓我們的渣土，金礦石更硬。因此，我們正在通過一個過程來改進灰熊設計，以便更好地通過那裡。

So if you can imagine, we're shipping 18,000 tons up the hill, 2 hours a trip, going at 1 hour and return trip from the stopes. We could easily double that production from 18 to 36 without increasing our fleet in the lake, which is aligned with increasing to that end goal of 5,300 tonnes per day. We're hitting it on days right now. So we're hitting it on multiple days per month, but working through some of those little nuances will help us get to that goal.

所以，如果你能想像的話，我們要將 18,000 噸貨物運上山，一次 2 小時，從採場返回 1 小時。我們可以輕鬆地將產量從 18 倍增加到 36 倍，而無需增加我們在湖中的船隊，這與增加到每天 5,300 噸的最終目標是一致的。我們現在幾天都在打它。因此，我們每個月有好幾天都在努力實現這一目標，但解決其中的一些細微差別將幫助我們實現這一目標。

So how does this change or does it change the production profile from Lalor? I'm still not entirely clear.

那麼這將如何改變或改變 Lalor 的生產概況？我還不是很清楚。

So the production profile is continuing to ramp up through the course of this year. So by the end of the year, it's probably in the range of 4,700 tonnes per day. At the same time, what we're working on -- and they're complementary. So we're also -- we're focused on cash, right? And so we're working on improving our dilution at the same time and sending less waste to surface. And so obviously, that counters production, but improves cash. And so it's -- we're trying to get better grades up from the mine and moving less waste, which is aligned with our greenhouse goals, while increasing throughput.

因此，今年的生產情況將繼續增加。所以到今年年底，它可能在每天 4,700 噸的範圍內。與此同時，我們正在做的事情——它們是互補的。所以我們也——我們專注於現金，對吧？因此，我們正在努力同時改善我們的稀釋度並減少向地面排放的廢物。很明顯，這會抑制生產，但會增加現金。所以它是 - 我們正在努力從礦山獲得更好的等級並移動更少的廢物，這符合我們的溫室目標，同時增加產量。

We have all the people in place to produce more. And right now, we're working through -- there's about five different process improvement things that are complementing -- they complement each other in terms of improving our development, getting the right drill inventory in place as we're increasing up to about 200,000 tonnes of broken or blastable material and removing that bottleneck get to grizzlies, which allows us to use our trucks and improve the productivity of the stope. So we're working on all those. As we resolve those, we'll have a better view on what is our final state. What will it be? Is it 53, is it 52, is it 54%? We're working through that right now.

我們有足夠的人來生產更多。而現在，我們正在努力——大約有五種不同的流程改進是互補的——它們在改進我們的發展方面相互補充，在我們增加到大約 200,000 台時獲得正確的鑽頭庫存噸破碎或可爆破的材料並消除瓶頸到達灰熊，這使我們能夠使用我們的卡車並提高采場的生產率。所以我們正在研究所有這些。當我們解決這些問題時，我們將更好地了解我們的最終狀態。會是什麼？是53%，52%，還是54%？我們現在正在解決這個問題。

Our next question comes from Stefan Ioannou of Coremark Securities.

我們的下一個問題來自 Coremark Securities 的 Stefan Ioannou。

Just obviously great to see that you're doing -- starting the exploration at Caballito and Maria Reyna. Can you just remind us what the -- in terms of actually getting drills into the ground there, obviously, some permitting to be done there from an exploration point of view. Is that something that we could anticipate in 2024 or is it even-longer winded than that?

很明顯很高興看到你在做——開始在 Caballito 和 Maria Reyna 的探索。你能不能提醒我們——就實際在那裡進行鑽探而言，顯然，從勘探的角度來看，一些允許在那裡進行的鑽探。這是我們可以在 2024 年預見到的事情，還是比這更長的時間？

Yeah, I certainly do think that you could expect it in 2024. So where we are right now is we've sort of done the surface work or the environmental baseline work that's required to make -- to submit applications for those permits. We have now -- we've submitted those applications or we're on the point of submitting those applications. The next thing that follows is the review of the applications by the government as well as the Consulta Previa process. So we expect to -- I mean, it takes time, but we expect to get those permits in roughly a year. So certainly, we would expect that around about this time next year we would be -- we would have those permits. But in the meanwhile, other additional surface investigations continue.

是的，我確實認為你可以在 2024 年期待它。所以我們現在的位置是我們已經完成了表面工作或需要進行的環境基線工作——提交這些許可證的申請。我們現在 - 我們已經提交了這些申請，或者我們正在提交這些申請。接下來是政府對申請的審查以及 Consulta Previa 流程。所以我們希望——我的意思是，這需要時間，但我們希望在大約一年內獲得這些許可。所以當然，我們預計大約在明年的這個時候——我們將獲得這些許可。但與此同時，其他額外的表面調查仍在繼續。

I'm assuming there's still a fair bit of just sort of drill target definition to be done to really fine-tune that anyways?

我假設仍然需要做一些鑽探目標定義來真正微調它？

Yeah, we've done a fair amount of that already. We have -- I mean, really, the focus on our side has really been to see do we do sort of a much bigger drill program focused on the entire property or do we look for sort of focus on a smaller area that would act as a sort of a high-grade substitute or supplement to Pampacancha down the road. So those are the kind of things that we are reflecting on. But as far as definition is concerned, we're pretty advanced.

是的，我們已經做了很多。我們有——我的意思是，真的，我們這邊的重點真的是看我們是在做一個更大的鑽探計劃，重點是整個財產，還是我們尋找一個更小的區域，作為Pampacancha 的一種高級替代品或補充品。所以這些就是我們正在反思的事情。但就定義而言，我們已經相當先進了。

And then maybe just a very question, I'm not sure how much you can actually say, but just in sort of one of the last slides there you said you'd continue to evaluate and execute on growth opportunities. Looking outside the current portfolio, are you seeing a lot of opportunities that may compete with some of the internal organic growth stuff you're doing right now or is the focus really on sort of what you laid out in the presentation with the existing projects?

然後可能只是一個非常問題，我不確定你能說多少，但只是在最後一張幻燈片中你說你會繼續評估和執行增長機會。在當前的投資組合之外，你是否看到了很多可能與你現在正在做的內部有機增長競爭的機會，或者你真正關注的是你在現有項目中展示的內容？

Look, I mean -- so I think one of the things that I've been fairly consistent about is that I believe that we have an extremely skilled team when it comes to highly efficient operations and world-class development of projects. And we do feel that we can create value from both operating and development stage assets. We have this Tier 1 development portfolio. And I've always said that we'd like to find a cash flowing operating assets that adds to our portfolio to diversify our business. But as I've also said, those opportunities are extremely scarce. But we always continue to look for them and we'll see what happens.

看，我的意思是 - 所以我認為我一直相當一致的一件事是，我相信在高效運營和世界級項目開發方面，我們擁有一支非常熟練的團隊。我們確實覺得我們可以從運營和開發階段的資產中創造價值。我們有這個一級開發組合。而且我一直說，我們希望找到一種現金流的經營資產，以增加我們的投資組合，使我們的業務多樣化。但正如我也說過的，這些機會極其稀缺。但我們總是繼續尋找他們，我們會看看會發生什麼。

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公司的 Lawson Winder。

On the Pampacancha mine plan change, could it possibly be taken as a positive in the sense that it smooths out the copper production profile longer term? And then there's also the Constancia underground under consideration. What can you tell us about potential 2026 copper production from Peru? Could it now be similar in magnitude to 2025 as opposed to the drop-off in production that was contemplated in the last life of mine study?

關於 Pampacancha 礦山計劃的變化，從長期來看它可以平滑銅生產曲線，這是否可以被視為積極的？然後還有正在考慮中的康斯坦西亞地下。關於秘魯 2026 年的潛在銅產量，您能告訴我們什麼？現在是否可以在幅度上與 2025 年相似，而不是在礦山研究的最後一次生命週期中預期的產量下降？

The first part of it is, yes, I think you can take that as a positive. The second part is that once Pampacancha is depleted then we move into Constancia Norte. And I think that -- so it maintains grades, at least it maintains production, but it is -- over time, it does start to decline. But to your point, yes, 2026, you should sort of see us continuing at a rate of about 100,000 tonnes per year.

它的第一部分是，是的，我認為您可以將其視為積極因素。第二部分是，一旦 Pampacancha 耗盡，我們就會進入 Constancia Norte。而且我認為 - 所以它保持等級，至少它保持生產，但它是 - 隨著時間的推移，它確實開始下降。但就你的觀點而言，是的，到 2026 年，你應該會看到我們繼續以每年約 100,000 噸的速度生產。

If I was to add to that, we're also working on a number of other process improvement projects. So in our capital, you would have seen that we were deferring the pebble pressure. And one of the -- we were planning a trial early this quarter around rejecting pebbles from the mill, which are typically around 0.15 copper. And so we're looking at a trial of using it like a variable cut-off where you increase the mine throughput, reject the pebbles and get a much higher grade through the plant. And so we're looking at that cuts in the near future and that is an opportunity for us to try to maintain up in the 100,000 tonnes per year of copper post Pampacancha.

如果我要補充一點，我們還致力於其他一些流程改進項目。所以在我們的首都，你會看到我們正在推遲卵石壓力。其中之一——我們計劃在本季度初進行一項試驗，圍繞拒絕來自工廠的鵝卵石進行試驗，這些鵝卵石通常約為 0.15 銅。因此，我們正在研究將其用作可變截流的試驗，您可以在其中增加礦山吞吐量、剔除鵝卵石並通過工廠獲得更高的品位。因此，我們正在考慮在不久的將來進行削減，這對我們來說是一個機會，可以在 Pampacancha 之後努力維持每年 100,000 噸的銅產量。

As well, we've been seeing some successes with the shovel sense. So in terms of selectively, removing waste from the ore at the face and we're -- the results today have been looking promising. It's still in the testing phase and we're looking to -- we've put aside probably 50,000, 60,000 tonnes of material that we want to run through the mill and just to verify that the grades that we're sorting are in line. But the combination of those two projects bode well for us to send better grade to the mill than what the current life of mine plan shows.

同樣，我們也看到了鏟感方面的一些成功。因此，就選擇性地從工作面的礦石中去除廢物而言，我們 - 今天的結果看起來很有希望。它仍處於測試階段，我們正在尋找 - 我們已經擱置了大約 50,000、60,000 噸我們想要通過工廠運行的材料，只是為了驗證我們正在分揀的等級是否符合要求。但這兩個項目的結合預示著我們可以向工廠提供比當前礦山計劃所顯示的更好的品位。

And then with the cash cost guidance. Would you be able to help us by providing what the cost per tonne assumptions are underlying those for both Peru and Manitoba as you've provided in the past?

然後是現金成本指導。您能否像您過去提供的那樣，提供秘魯和馬尼托巴省每噸假設所依據的每噸成本假設來幫助我們？

Lawson, it's Eugene here. Yeah, this year we've evolved in our cost guidance. And in prior years, you would have noted that we provided operating unit cost guidance. And then last year, we added cash cost guidance. In an effort to streamline the multitude of metrics that we guide to, we've reverted to kind of one metric per mine in terms of cost guidance. So cash cost per pound in Peru and cash cost per ounce of gold in Manitoba. The unit costs we will continue to report in our financials on a quarterly basis. And they are roughly in line for 2023 as projected from where we're trending.

勞森，我是尤金。是的，今年我們的成本指南有所改進。在前幾年，您會注意到我們提供了運營單位成本指南。然後去年，我們增加了現金成本指導。為了簡化我們指導的眾多指標，我們在成本指導方面恢復到每個礦山一個指標。因此，秘魯每磅的現金成本和曼尼托巴每盎司黃金的現金成本。我們將繼續每季度在財務報告中報告單位成本。根據我們的趨勢預測，它們與 2023 年大致一致。

So approximately $12 a tonne in Peru and approximately CAD200 per tonne in Manitoba would be kind of a rough guide to where you get to. So similar levels, but we're going to kind of stop in providing specific guidance for that, while continuing to report. We'll note that the cash cost guidance for 2023 is lower than that in 2022. So I think the story would be that we're producing more copper in Peru, more gold in Manitoba and at a lower cash cost. And that's a testament to the team's focus on cost efficiencies despite the inflationary environment.

因此，秘魯大約每噸 12 美元，馬尼托巴省每噸大約 200 加元，這將是您到達目的地的粗略指南。如此相似的水平，但我們將停止為此提供具體指導，同時繼續報告。我們會注意到 2023 年的現金成本指導低於 2022 年。所以我認為我們將在秘魯生產更多的銅，在曼尼托巴生產更多的黃金，並且現金成本更低。這證明了團隊在通貨膨脹環境下仍專注於成本效率。

(Operator Instructions) Our next question comes from Dalton Baretto of Canaccord.

（操作員說明）我們的下一個問題來自 Canaccord 的 Dalton Baretto。

I want to start with just clarifying a couple of things that I heard on the -- earlier on the Q&A here. Andre, so is it your intention to get to 5,300 tonnes per day at Lalor at some point in time? And if so, when?

首先，我想澄清一些我之前在問答環節聽到的事情。 Andre，您是否打算在某個時間點將 Lalor 的產量提高到 5,300 噸？如果是這樣，什麼時候？

So the intention is to get to the right number. So we're optimizing a variety of scenarios and the goal is to make more cash out of Manitoba and so guided in terms of the capital for Manitoba. I think we're spending about $75 million on capital development. A key focus that we're working on in the next year is trying to reduce our development costs by almost 20%, which will go way to the bottom line and improve the economics for future projects.

因此，目的是獲得正確的數字。因此，我們正在優化各種方案，目標是從馬尼托巴省賺取更多現金，並以馬尼托巴省的資本為指導。我認為我們在資本開發上花費了大約 7500 萬美元。我們明年的工作重點是努力將開發成本降低近 20%，這將大大提高未來項目的經濟效益。

The mine itself, we have the labor in place to move the material. So that's why we're running at a little bit higher cost. And where we're at right now is, there are some bottlenecks that creeped up on us that we weren't anticipating, particularly the fragmentation of the gold or -- the fragmentation isn't bad by mining standards, but because the ore is so hard when we're putting it through the breakers, it's causing delays on our trucks and the delays on the trucks are translating to delays in the stopes because we siloed our trucks.

礦山本身，我們有勞動力來移動材料。所以這就是為什麼我們以更高的成本運行。我們現在所處的位置是，我們遇到了一些我們沒有預料到的瓶頸，特別是黃金的碎片化，或者——按照採礦標準，碎片化並不壞，但因為礦石是當我們通過破碎機時非常困難，它導致我們的卡車延誤，而卡車的延誤轉化為採場的延誤，因為我們將卡車孤立起來。

And so what ends up happening is, right now, due to hauling it to surface to keep production going. And so we think probably within the next quarter or two, we're going to be at a stage where we saw that bottleneck at the shaft and we'll start to see improvements in terms of our overall throughput going up to mine at a lower cost. At the same time, we're balancing off the development place to have the drill rooms and drill inventory.

所以最終發生的事情是，現在，由於將其拖到地面以保持生產繼續進行。因此，我們認為可能在接下來的一兩個季度內，我們將處於一個我們看到豎井瓶頸的階段，我們將開始看到我們的整體吞吐量有所改善，以較低的速度開採成本。與此同時，我們正在平衡開發場所以擁有鑽房和鑽井庫存。

We had quite a turnover of people, if you will, over the last six months with the transition of people from Flin Flon to Snow Lake and as well within our management, almost 50%. So it's quite a significant training exercise. And so they're very skilled miners, the ones that are development miners for sure. And so all of those processes are going on. And so it will be towards the end of the year that you start seeing it.

在過去的六個月裡，隨著人員從 Flin Flon 到 Snow Lake 的轉變，以及我們管理層的人員流動，我們的人員流動相當大，幾乎是 50%。所以這是一個相當重要的訓練練習。所以他們是非常熟練的礦工，肯定是開發礦工。所以所有這些過程都在進行。因此，您將在年底開始看到它。

Firstly, I said on the previous call, we're definitely hitting them on days. We've seen days over 6,000 tonnes per day. And the key is, we have to get that reliably and balanced in our their process. So it will be towards the end of this year and probably into the next to get to that peak level, if you will. But it's a combination of -- it's not just chasing times as we're chasing value and cash. And so at the same time, while we're asking for more, we're asking them to blast less to just mine the good stuff, the higher grade gold and avoid dilution and save on our tailings cost and milling costs in the lake. So it's a balanced conversation. We'll have a better view on that as we go into the next quarters.

首先，我在之前的電話會議上說過，我們肯定會在幾天內打擊他們。我們已經看到每天超過 6,000 噸的日子。關鍵是，我們必須在他們的流程中做到可靠和平衡。因此，如果你願意的話，將在今年年底，可能會在下一年達到那個峰值水平。但它是 - 它不僅僅是追逐時間，因為我們正在追逐價值和現金。因此，與此同時，雖然我們要求更多，但我們要求他們減少爆破，只開採好東西，更高品位的黃金，避免稀釋，並節省我們在湖中的尾礦成本和研磨成本。所以這是一個平衡的對話。當我們進入下一個季度時，我們將對此有更好的看法。

Dalton, if I could add a little bit to that. You'll notice that our plan for this year results in an increase in the gold production guidance versus last year or this was planned last year and that's due to some of these efficiencies that Andre talks about we're going to be running New Britannia now above 1,600 tonnes per day, which is above nameplate. And so optimizing the infrastructure we have to maximize the production at the lowest cost.

道爾頓，如果我可以補充一點的話。你會注意到我們今年的計劃導致黃金生產指導與去年相比有所增加，或者這是去年計劃的，這是由於安德烈談到我們現在將要運行新不列顛尼亞的一些效率每天超過 1,600 噸，高於銘牌。因此，我們必須優化基礎設施，以最低的成本最大限度地提高產量。

Maybe to reference a question that Orest asked earlier today, I wanted to clarify that we will be -- our plan is to mine Pampacancha and increase tonnage in Pampacancha this year. Even in this base case, it would be about somewhere around 50% to 60% more ore mined at Pampacancha in 2023 than in 2022 even with the delays that we've noted due to logistics.

也許參考 Orest 今天早些時候提出的一個問題，我想澄清一下，我們將 - 我們的計劃是今年開採 Pampacancha 並增加 Pampacancha 的噸位。即使在這種基本情況下，2023 年 Pampacancha 開采的礦石也將比 2022 年多大約 50% 到 60%，即使我們注意到由於物流造成的延誤。

But just to kind of put a pin in Lalor then. So it sounds like you're focusing on the goal at the expense of copper, zinc and overall tonnes. At what point in time do you -- is that sustainable, first of all and at what point in time do you think you'll come up with the right answer?

但只是為了在 Lalor 上放一根針。所以這聽起來像是您以犧牲銅、鋅和總噸數為代價來專注於目標。在什麼時間點你 - 這是可持續的，首先，你認為你會在什麼時間點得出正確的答案？

So the answer -- is it sustainable? The current resource base is more gold than base metals. So in terms of the balance -- and right now, that's why we're doing the stall grade recovery improvement program there around getting better gold recoveries and copper recoveries, because today, we're producing more gold ore than what New Brit can handle, even though I think in January, we peak close to 1,800 tonnes per day in terms of throughput at New Britannia. So we're trying to push the limit there, but the challenge that we face right now is we have a surplus of gold ore relative to base metals. So it's not a sustainability question. But in terms of the overall, as we drive and increase our unit rates and bring our development costs down, it makes it easier to develop some of those base metal ores because they are less margin than the gold ores.

所以答案——它是可持續的嗎？目前的資源基礎是黃金多於賤金屬。所以就平衡而言——現在，這就是為什麼我們要圍繞獲得更好的黃金回收率和銅回收率開展攤位品位回收率改進計劃，因為今天，我們生產的金礦石超過了 New Brit 的處理能力，儘管我認為在 1 月份，我們在 New Britannia 的吞吐量達到每天接近 1,800 噸的峰值。因此，我們正試圖將限制推到那裡，但我們現在面臨的挑戰是，相對於賤金屬，我們的金礦石過剩。所以這不是一個可持續性問題。但就整體而言，隨著我們推動和提高單位利率並降低開發成本，這使得開發其中一些基本金屬礦石變得更加容易，因為它們的利潤率低於金礦石。

And then one more clarification on the mine plan at Constancia. Peter, I thought I heard you say that kind of post-2025 post-Pampacancha, you're going to move into Constancia Norte and keep the production level reasonably stagnant at 100,000 tonnes. But I thought Constancia Norte wasn't going to come online until, call it, 2029. Just wondering, if you could square that away from here?

然後再澄清一下康斯坦西亞的礦山計劃。彼得，我想我聽到你說那種 2025 年後的 Pampacancha，你將搬進 Constancia Norte 並將生產水平合理地停滯在 100,000 噸。但我認為 Constancia Norte 直到 2029 年才會上線。只是想知道，你是否可以把它與這里相提並論？

So the 2029 one would be underground, but we would be going into Constancia Norte in '23. So open pit part of it in 2026.

所以 2029 年將在地下，但我們將在 23 年進入 Constancia Norte。所以在 2026 年將其中的一部分開坑。

And then maybe just one last one for me. I just want to switch gears to Copper World and the PFS that you're going to publish by the end of Q2. I'm just wondering, have you guys decided on what your base case flow sheet is going to be? Is it going to be the same as the PEA? We talked in the past about maybe a modular approach. Just wondering, what you're going to present as your base case?

然後對我來說也許只是最後一個。我只想切換到 Copper World 和您將在第二季度末發布的 PFS。我只是想知道，你們有沒有決定你們的基本案例流程圖是什麼？它會和PEA一樣嗎？我們過去曾討論過模塊化方法。只是想知道，您打算將什麼作為您的基本案例？

So right now, we've completed all the engineering for all the cost estimates for a variety of different treatment scenarios, whether it's shipping skarn, whether it's the [Albian] or some different pressure leaches. And so with all the costs in place and the engineering completed, right now, we're going through the optimization of what makes the most sense. So we're holding in on what is the right number for us from a capital for the financials and the like. So we don't have that answer right yet, and that's the optimization process that we're going through feeding into getting it by the end of Q2.

所以現在，我們已經完成了各種不同處理方案的所有成本估算的所有工程，無論是運輸矽卡岩，還是 [Albian] 或一些不同的壓力浸出。因此，在所有成本到位和工程完成的情況下，現在，我們正在對最有意義的事情進行優化。因此，我們從金融等方面的資本中堅持對我們來說是正確的數字。所以我們還沒有正確的答案，這就是我們正在經歷的優化過程，以便在第二季度末得到它。

And Dalton, to be sure that we are highly focused on minimizing the CapEx and maximizing simplicity, I think that we mentioned to you previously that there is the ability to modularize some of this stuff. So the question really is, I think your question is probably aimed more at the sulfide leaching process and whether we're likely to implement that. So we're taking a hard look at that because there's a lot of value potentially in it. And then the question remains is, if we do it, to what extent do we do it? And we're working out, we're working all of those things at the moment.

道爾頓，為了確保我們高度專注於最小化資本支出和最大化簡單性，我認為我們之前向您提到過有能力模塊化這些東西。所以真正的問題是，我認為您的問題可能更多地針對硫化物浸出過程以及我們是否有可能實施該過程。所以我們正在認真研究它，因為它有很多潛在的價值。然後問題仍然是，如果我們這樣做，我們會在多大程度上做到這一點？我們正在鍛煉，我們目前正在處理所有這些事情。

And then maybe just one more on Copper World. On the site visit, we talked about the opportunity to maybe bring phase to you forward given your understanding of what the permitting requires. Are you devoting any resources or any capital right now towards fast tracking that side of things?

然後也許只是銅世界上的一個。在實地考察中，我們談到了在您了解許可要求的情況下可能為您提前階段的機會。您現在是否正在投入任何資源或資金來快速跟踪事物的這一方面？

No, we are not. We just believe that there is massive optionality there because, like I said, I think in my remarks that there's $2.8 billion of NPV available to us upon a decision or upon sanction. But we are dedicating absolutely zero time and effort and expense on that. Right now, we're focused solely on Phase 1.

不，我們不是。我們只是相信那裡有大量的可選性，因為就像我說的那樣，我認為在我的評論中，根據決定或製裁，我們可以獲得 28 億美元的淨現值。但我們在這方面投入的時間、精力和費用絕對是零。現在，我們只關注第一階段。

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。我想將會議轉回 Candace Brule 的閉幕詞。

Thank you, operator, and thank you everyone for participating today. If you have any further questions, feel free to reach out to our Investor Relations team. Thank you, and have a great day.

謝謝接線員，也謝謝大家今天的參與。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，祝你有美好的一天。

This concludes 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，祝您度過愉快的一天。