Hudbay Minerals Inc (HBM) 2023 Q3 法說會逐字稿

Good morning, ladies and gentlemen. Thank you for standing by. Welcome to the Hudbay Third Quarter 2023 Results Conference Call. (Operator Instructions) I would like to remind everyone that this conference call is being recorded today, November 9th at 9 a.m. Eastern Time.

早安，女士們，先生們。謝謝你的支持。歡迎參加 Hudbay 2023 年第三季業績電話會議。 （操作員說明）我想提醒大家，這次電話會議是在美國東部時間 11 月 9 日上午 9 點錄製的。

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

我現在將會議交給投資者關係副總裁坎迪斯·布魯爾 (Candace Brule)。請繼續。

Thank you, operator. Good morning and welcome to Hudbay's 2023 third 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 in the Investor Event section of our website and we encourage you to refer to it during this call. 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 Lei, our Chief Financial Officer and Andre Lauzon, our Chief Operating Officer.

謝謝你，接線生。早上好，歡迎參加 Hudbay 2023 年第三季業績電話會議。 Hudbay 的財務表現於昨天發布，可在我們的網站 www.hudbay.com 上查閱。我們網站的投資者活動部分提供了相應的 PowerPoint 演示文稿，我們鼓勵您在本次電話會議期間參考它。今天我們的主講人是 Hudbay 總裁兼執行長 Peter Kukielski。陪同 Peter 參加電話問答部分的是我們的財務長 Eugene Lei 和我們的營運長 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 and now I'll pass the call over to Peter Kukielski.

請注意，對今天電話會議的評論可能包含前瞻性訊息，這些訊息本質上會受到風險和不確定性的影響，因此實際結果可能與今天表達的觀點有重大差異。有關這些風險和不確定性的更多信息，請查閱該公司在 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，今天電話會議上討論的所有金額均以美元為單位，現在我將把電話轉給 Peter Kukielski。

Thank you, Candace. Good morning, everyone and thanks for joining us in today's presentation. We'll be taking you through our many record achievements in the third quarter, touching on the operating and financial performance of the business and provide insight into recent strategic initiatives.

謝謝你，坎迪斯。大家早安，感謝您參加今天的演講。我們將帶您了解我們在第三季度取得的許多創紀錄的成就，涉及業務的營運和財務業績，並提供對最近戰略舉措的見解。

In the third quarter, we delivered on our plan for significantly higher production, revenue and cash flow, marking an inflection point as we generate strong returns from our recent brownfield and growth investments across the business. In Peru, operations delivered on plan, with anticipated higher copper production and gold production, driven by the higher grades at Pampacancha following a period of higher stripping activities completed in the second quarter. This resulted in the mine's lowest quarterly cash costs on record.

第三季度，我們實現了大幅提高產量、收入和現金流的計劃，這標誌著我們從最近的棕地和整個業務成長投資中獲得了強勁回報，這標誌著一個轉折點。在秘魯，業務按計劃交付，預計銅產量和黃金產量將增加，這是由於第二季度完成的一段時期的剝採活動增加後，潘帕坎查品位更高，推動的。這導致該礦的季度現金成本達到有記錄以來最低水準。

In Manitoba, mill recoveries increased meaningfully compared to the prior period, as we optimized the circuits at the Stall Mill and the New Britannia Mill. We saw higher gold and copper grades at the Lalor Mine, which led to strong gold production and lower cash costs during the quarter. We also successfully completed the Rockcliff acquisition in September, which together with the acquisition of the Cook Lake Claims significantly expands our land holding in the Snow Lake area to provide potential future feed sources for the Stall and New Britannia Mills.

在馬尼托巴省，由於我們優化了 Stall Mill 和 New Britannia Mill 的迴路，工廠的回收率較上一時期顯著增加。我們看到拉勒礦的黃金和銅品位較高，這導致本季黃金產量強勁並降低了現金成本。我們也於9 月成功完成了對Rockcliff 的收購，再加上對Cook Lake Claims 的收購，顯著擴大了我們在Snow Lake 地區的土地持有量，為Stall 和New Britannia Mills 提供未來潛在的飼料來源。

And in British Columbia, our Copper Mountain Mine had its first full quarter of operations under the Hudbay umbrella. Over the past few months, we've been focused on completing integration activities, advancing our plans for ramping up the mining fleet and planning for mill stability and reliability improvement initiatives. With the strong operating performance in the third quarter, we have reaffirmed our 2023 full-year production and cost guidance for our Peru and Manitoba operations.

在不列顛哥倫比亞省，我們的銅山礦在 Hudbay 的保護下實現了第一個完整季度的運作。在過去的幾個月裡，我們一直專注於完成整合活動、推動擴大採礦車隊的計畫以及規劃工廠穩定性和可靠性改進計畫。憑藉第三季強勁的經營業績，我們重申了秘魯和馬尼托巴業務的 2023 年全年生產和成本指引。

We've also updated our consolidated 2023 guidance to incorporate Copper Mountain's contribution since the acquisition. As we enter this period of meaningful cash flow generation, we remain disciplined with capital spending and focused on advancing our deleveraging efforts. We have a resilient operating platform that will allow us to prudently advance and unlock value from our leading organic pipeline of brownfield expansion and greenfield exploration and development opportunities.

我們也更新了 2023 年綜合指南，納入了 Copper Mountain 自收購以來的貢獻。當我們進入這個有意義的現金流產生時期時，我們仍然嚴格控制資本支出，並專注於推進去槓桿化工作。我們擁有一個有彈性的營運平台，使我們能夠審慎推進並釋放我們領先的棕地擴張和綠地勘探和開發機會有機管道的價值。

The third quarter was an important milestone as it represents a step change in a diversified cash flows of the business. We nearly doubled our copper equivalent production in the third quarter compared to the second quarter as shown on Slide 4. Copper represented 65% of our consolidated revenues in the quarter, with a total of approximately 42,000 tonnes of copper produced and 93% increase from last quarter.

第三季是一個重要的里程碑，因為它代表了業務多元化現金流的階躍變化。 We nearly doubled our copper equivalent production in the third quarter compared to the second quarter as shown on Slide 4. Copper represented 65% of our consolidated revenues in the quarter, with a total of approximately 42,000 tonnes of copper produced and 93% increase from last四分之一.

Consolidated gold production was a record 101,000 ounces in the quarter, representing a 107% increase from the prior quarter. Similarly, silver and zinc production increased by 74% and 18% respectively, compared to the prior quarter. The significant increase in production of all metals was driven by meaningfully higher recoveries in Peru and Manitoba, mining of the high copper and gold grade zones at the Pampacancho deposit, higher gold and copper grade zones at Lalor and incremental production from Copper Mountain Mine.

本季綜合黃金產量達到創紀錄的 101,000 盎司，較上一季成長 107%。同樣，與上一季相比，銀和鋅產量分別增加了 74% 和 18%。所有金屬產量的顯著增長是由於秘魯和馬尼托巴省的回收率顯著提高、Pampacancho 礦床高銅和金品位區的開採、Lalor 較高金和銅品位區的開採以及銅山礦的產量增加而推動的。

The significant increase in production of all metals resulted in strong financial performance in the third quarter as summarized on Slide 5. Consolidated cash costs for the quarter were $1.10 per pound, a meaningful improvement from the second quarter. This was a result of the strong copper and gold production in Peru and Manitoba, which more than offset the higher operating costs associated with now having 3 operations.

正如幻燈片 5 所總結的，所有金屬產量的大幅增長導致了第三季度強勁的財務業績。該季度的綜合現金成本為每磅 1.10 美元，比第二季度有了顯著改善。這是秘魯和馬尼托巴銅和金產量強勁的結果，足以抵消目前擁有 3 家工廠帶來的較高營運成本。

Similarly, sustaining cash costs decreased to $1.89 per pound in the quarter as the lower cash costs were only partially offset by higher levels of sustaining capital during the quarter. Both cash cost measures are expected to continue to be strong in the fourth quarter, with higher expected copper production and continued strong contributions from precious metal by-product credits. Consolidated all in sustaining cash costs were $2.04 per pound in the third quarter, significantly lower than the second quarter.

同樣，本季維持現金成本下降至每磅 1.89 美元，因為較低的現金成本僅被本季維持資本水準較高所部分抵銷。預計第四季度這兩項現金成本指標將持續強勁，預計銅產量將增加，貴金屬副產品信貸的貢獻將持續強勁。第三季綜合維持現金成本為每磅 2.04 美元，顯著低於第二季。

Third quarter operating cash flow before change in non-cash working capital was $182 million and after deducting sustaining capital expenditures in cash lease and community payments, we generated over $110 million in free cash flow this quarter. The increase in cash flow was primarily the result of higher copper sales volumes in line with the higher production level seen this quarter.

非現金營運資本變動前的第三季營運現金流為 1.82 億美元，扣除現金租賃和社區付款的持續資本支出後，本季我們產生了超過 1.1 億美元的自由現金流。現金流量的增加主要是由於銅銷量的增加與本季產量水準的提高相一致。

Revenue, earnings and operating cash flow would have further benefited from the sale of approximately 20,000 ounces of consolidated gold production that was unsold at the end of the third quarter and is expected to be sold in the fourth quarter. Our available liquidity increased to $540 million this quarter, as our cash position increased to $245 million and we now have $294 million available under our revolving credit facilities.

收入、獲利和營運現金流將進一步受益於約 20,000 盎司綜合黃金產量的出售，這些黃金產量在第三季末尚未出售，預計將在第四季度出售。本季我們的可用流動資金增加至 5.4 億美元，現金部位增加至 2.45 億美元，循環信貸額度下目前有 2.94 億美元可用。

Moving to Slide 6, as I mentioned earlier, our Peru operations saw a meaningful increase in production from the first half of 2023 as we had planned. During the third quarter, the higher grades of Pampacancha resulted in 29,000 tonnes of copper produced and 41,000 ounces of gold produced. In addition to the higher grades this quarter, we also benefited from higher recoveries and higher throughput at our Constancia mill.

轉向幻燈片 6，正如我之前提到的，我們的秘魯業務按照我們的計劃，從 2023 年上半年開始產量大幅增加。第三季度，Pampacancha 品位較高的銅產量為 29,000 噸，黃金產量為 41,000 盎司。除了本季更高的品位外，我們還受益於康斯坦西亞工廠更高的回收率和更高的產量。

Production levels in the fourth quarter are expected to continue to benefit from higher grades, remaining on track to achieve our full year production guidance range. Total ore mined increased by 18% in the third quarter, compared to the second quarter in line with the mine plan. Ore mined from Pampacancha increased to about 6 million tonnes at an average grade of 0.53% copper and 0.3 grams per tonne of gold.

預計第四季度的生產水準將繼續受益於更高的品位，並有望實現我們的全年生產指引範圍。第三季開採的礦石總量比第二季增加了 18%，符合礦場計畫。 Pampacancha 開採的礦石增加至約 600 萬噸，平均銅品位為每噸 0.53%，黃金品位為 0.3 克/噸。

Ore milled was 9% higher this quarter because of a scheduled plant maintenance shutdown that occurred last quarter. Milled ore grades increased to 0.43% copper and 0.21 grams per tonne of gold as expected. These higher recoveries were in line with our metallurgical models as recoveries benefited from the completion of the recovery uplift program in the second quarter, as well as higher head grades and lower contaminants.

由於上季度計劃的工廠維護停工，本季礦石研磨量增加了 9%。磨碎礦石品位如預期增加至每噸 0.43% 銅和 0.21 克黃金。這些較高的回收率與我們的冶金模型相符，因為回收率受益於第二季回收率提升計畫的完成，以及較高的品位和較低的污染物。

Combined unit operating costs for the quarter were 13% lower than the second quarter due to lower milling costs and higher throughput. Peru's cash costs were at record low of $0.83 compared to $2.14 per pound in the second quarter. This 61% improvement was a result of higher gold by-product credits, high copper production and lower milling costs. This solid performance and meaningful decline in cash costs is expected to continue to benefit from strong production in the fourth quarter and we continue to expect our Peru operations to achieve the cash cost guidance range for 2023.

由於銑削成本降低和吞吐量提高，本季的綜合單位運作成本比第二季低 13%。秘魯的現金成本創歷史新低，每磅 0.83 美元，而第二季為每磅 2.14 美元。這 61% 的提高得益於更高的黃金副產品信用、高銅產量和更低的銑削成本。這種穩健的業績和現金成本的大幅下降預計將繼續受益於第四季度的強勁生產，我們繼續預計我們的秘魯業務將達到 2023 年現金成本指引範圍。

Sustaining cash costs in Peru were $1.51 per pound in the third quarter, a 51% improvement from the prior quarter. Total annual sustaining capital expenditures in Peru are expected to be $10 million lower than the original 2023 guidance levels, primarily the result of lower capitalized stripping costs.

第三季秘魯的維持現金成本為每磅 1.51 美元，比上一季提高了 51%。秘魯的年度持續資本支出總額預計將比 2023 年最初的指導水準低 1,000 萬美元，這主要是資本化剝離成本降低的結果。

Our Manitoba operations also saw strong production performance in the third quarter as summarized on Slide 7. Manitoba produced 56,000 ounces of gold, [3,600] tonnes of copper, 10,000 tonnes of zinc and 265,000 ounces of silver. Gold production was 59% higher than the prior quarter as a result of mining higher grade gold zones, higher recoveries at the New Britannia and Stall Mills and the recovery of secondary gold products at New Britannia.

正如幻燈片 7 所總結的那樣，我們的曼尼托巴業務第三季的生產表現也很強勁。曼尼托巴生產了 56,000 盎司黃金、[3,600] 噸銅、10,000 噸鋅和 265,000 盎司白銀。由於開採更高品位的金礦區、新不列顛尼亞和攤位磨坊的回收率較高以及新不列顛尼亞的二級黃金產品的回收，黃金產量比上一季高出 59%。

Improvements completed at New Britannia late in the quarter were able to recover secondary gold products and ensure gold is reporting to dore as designed. With the recent recovery improvements at the New Britannia and Stall Mills and higher grades from Lalor in the third quarter, the company expects to achieve full year production guidance for all metals. As disclosed in our second quarter results, gold production is expected to trend towards the lower end of the guidance ranges, while copper and zinc production are expected to trend to the upper end of the guidance ranges.

新不列顛尼亞在本季末完成的改進能夠回收二級黃金產品，並確保黃金按照設計向多爾報告。隨著 New Britannia 和 Stall Mills 最近的回收率提高以及第三季 Lalor 的更高品位，該公司預計所有金屬將實現全年產量指引。正如我們在第二季業績中所揭露的那樣，黃金產量預計將趨向指導範圍的下限，而銅和鋅產量預計將趨向指導範圍的上限。

We continue to advance several key initiatives to support higher production levels, reduce dilution during the mining cycle, and continue to improve metal recoveries at the Snow Lake operations. At Lalor, we are enhancing the quality of ore production and minimizing dilution through improved blast designs, loading procedures and effective grade control practices.

我們繼續推進幾項關鍵舉措，以支持更高的生產水平，減少採礦週期中的稀釋，並繼續提高 Snow Lake 作業的金屬回收率。在 Lalor，我們透過改進爆破設計、裝載程序和有效的品位控制實踐來提高礦石生產品質並最大限度地減少貧化。

At the Snow Lake mills, we completed changes to optimize the circuits, resulting in increased gold, copper and silver recoveries. We are also exploring the potential to enhance the tailings deposition method at the Anderson facility with the transition from subaqueous to subaerial tailing storage. This could provide a more efficient use of impoundment space, address seasonal operational challenges and deferred capital expenditures for dam-raised construction to future years.

在雪湖工廠，我們完成了優化線路的改造，從而提高了金、銅和銀的回收率。我們也正在探索透過從水下尾礦儲存過渡到陸上尾礦儲存來增強安德森設施尾礦沉積方法的潛力。這可以更有效地利用蓄水空間，解決季節性營運挑戰，並將大壩建設的資本支出推遲到未來幾年。

Lalor production averaged 4,000 tonnes per day during the third quarter, slightly lower than the prior quarter. However, we mined higher grades this quarter in all metals, with gold and copper grades roughly 25% higher than the second quarter. Stall mill processed 7% more ore in the third quarter, as we drew down base metal ore stockpile that had built up in the second quarter. After commissioning the first phase of the Stall mill recovery improvement project in the second quarter, the third quarter was focused on optimizing circuits to achieve targeted recoveries by reducing primary ground size, refining the flotation circuit balance and mass pull and reagent selection.

第三季 Lalor 日均產量為 4,000 噸，略低於上一季。然而，本季我們開採的所有金屬品位都較高，其中黃金和銅的品味比第二季高出約 25%。由於我們減少了第二季累積的賤金屬礦石庫存，第三季礦場加工量增加了 7%。在第二季調試了失速磨回收率改進專案的第一階段後，第三季的重點是優化迴路，透過減少初級研磨尺寸、改進浮選迴路平衡以及品質牽引和試劑選擇來實現目標回收率。

These proved highly effective, resulting in notably higher recoveries for copper, gold and silver, with the Stall mill achieving its targeted gold recovery levels of approximately 68% in the third quarter compared to 60% gold recovery in the second quarter. The New Britannia mill consistently achieved elevated production, averaging 1,600 tonnes per day despite processing significantly higher copper head grades that can impact throughput due to copper flotation limitation.

事實證明，這些措施非常有效，銅、金和銀的回收率顯著提高，Stall 工廠在第三季度實現了約 68% 的黃金回收率目標，而第二季度的黃金回收率為 60%。儘管加工的銅頭品位明顯較高，由於銅浮選的限制，可能會影響產量，但 New Britannia 工廠的產量始終保持增長，平均每天 1,600 噸。

We continue to advance the process debottlenecking initiatives at New Britannia as we pursue higher throughput targets to align with the increased gold ore production from Lalor. Combined units operating costs slightly decreased in the third quarter compared to the prior quarter, reflecting the higher mill throughput. Manitoba's gold cash costs were $670 per ounce, 39% lower than the second quarter due to higher gold production driven by improved grades and recoveries.

我們繼續推動新不列顛尼亞的流程消除瓶頸計劃，追求更高的吞吐量目標，以適應拉勒金礦石產量的增加。與上一季相比，第三季的聯合單位營運成本略有下降，反映出工廠吞吐量的提高。馬尼托巴省的黃金現金成本為每盎司 670 美元，比第二季下降 39%，因為品位提高和回收率提高推動黃金產量增加。

Cash costs are expected to continue to benefit from increasing gold production from higher grade stopes and throughput increases at Lalor, as well as continued strong recoveries. As a result, we expect to achieve the 2023 guidance range for cash cost in Manitoba.

預計現金成本將繼續受益於較高品位採場黃金產量的增加和拉勒爾吞吐量的增加，以及持續強勁的復甦。因此，我們預計曼尼托巴省的現金成本將達到 2023 年指引範圍。

Gold sustaining cash costs were $939 per ounce, a decrease from the second quarter based on the same reasons affecting cash costs. Total annual sustaining capital expenditures in Manitoba are expected to be $15 million lower than the original 2023 guidance levels, primarily a result of lower capital development costs realized at Lalor, as the team focuses on cost efficiencies.

黃金維持現金成本為每盎司 939 美元，較第二季有所下降，原因與影響現金成本的原因相同。馬尼托巴省的年度持續資本支出總額預計將比最初的 2023 年指導水準低 1500 萬加元，這主要是由於 Lalor 實現了較低的資本開發成本，因為該團隊專注於成本效率。

Slide 8 highlights the results from our first full quarter of owning the Copper Mountain mine. We produced [9,300] tonnes of copper, [4,600] ounces of gold and 101,000 ounces of silver during the third quarter. Our efforts to stabilize the operation are underway.

幻燈片 8 重點介紹了我們擁有銅山礦的第一個完整季度的業績。第三季我們生產了[9,300]噸銅、[4,600]盎司黃金和101,000盎司白銀。我們正在努力穩定營運。

Total ore mined during the third quarter was 3.8 million tonnes, which was in line with our expectations. We commenced a fleet production ramp-up plan to capture the full value of existing idle capital equipment at the Copper Mountain site. Additionally, a new electric shovel was commissioned in September, which will reduce carbon intensity by displacing some of the existing diesel shovel production.

第三季開採的礦石總量為 380 萬噸，符合我們的預期。我們啟動了車隊生產提升計劃，以充分利用銅山工廠現有閒置資本設備的價值。此外，一台新的電鏟已於 9 月投入使用，它將透過取代部分現有的柴油鏟生產來降低碳強度。

The mill processed a total of 3.2 million tonnes of ore during the quarter, with mill availability averaging 83.5%. The milled copper grades were 0.36%, in line with our expectations for the quarter. Copper recoveries were 81% in the third quarter, an increase compared to 79% that was previously reported by Copper Mountain for the full-year 2022. Mill throughput was impacted by excessive coarse material bypassing the comminution circuit and restricting flow through the tailings discharge line, causing high levels of unplanned downtime. This issue was rectified in August and we continue to focus on increasing mill availability.

該廠在本季總共加工了 320 萬噸礦石，工廠平均利用率為 83.5%。銑削銅品位為 0.36%，符合我們對本季的預期。第三季銅回收率為 81%，高於 Copper Mountain 先前報告的 2022 年全年銅回收率 79%。工廠產量受到過多粗料繞過粉碎迴路以及限制通過尾礦排放管線的流量的影響，導致大量非計劃性停機。該問題已於 8 月得到糾正，我們將繼續專注於提高工廠的可用性。

Combined unit operating costs in BC were CAD24.80 per ton milled. Combined unit operating costs per ton milled are expected to decrease over time as we execute the stabilization and optimization initiatives at Copper Mountain. BC cash costs were $2.67 per pound and sustaining cash costs were $3.39 per pound in the third quarter. These cash costs have improved compared to the full-year 2022 cash costs previously reported by Copper Mountain.

BC 省的綜合單位營運成本為每噸研磨 24.80 加幣。隨著我們在銅山實施穩定和優化舉措，每噸研磨的綜合單位營運成本預計將隨著時間的推移而下降。第三季 BC 現金成本為每磅 2.67 美元，維持現金成本為每磅 3.39 美元。與 Copper Mountain 先前報告的 2022 年全年現金成本相比，這些現金成本有所改善。

We have issued Copper Mountain 2023 production and cost guidance for the period since June the 20th. We expect to produce approximately [19,500] tonnes of copper at average cash cost of approximately $2.65 per pound, based on the midpoint of the guidance range. The new Copper Mountain guidance has also been incorporated into our consolidated 2023 guidance ranges. The production and cash cost guidance ranges for our other business units has otherwise been reaffirmed and remains unchanged. We also expect capital expenditures at Copper Mountain to total approximately $35 million in 2023, including sustaining capital and capitalized stripping costs.

自 6 月 20 日起，我們發布了銅山 2023 年生產和成本指導。根據指導範圍的中點，我們預計將以每磅約 2.65 美元的平均現金成本生產約 [19,500] 噸銅。新的銅山指導也已納入我們的 2023 年綜合指導範圍。我們其他業務部門的生產和現金成本指導範圍已被重申並保持不變。我們也預期 2023 年銅山的資本支出總額約為 3,500 萬美元，包括維持資本和資本化剝離成本。

Since the acquisition in June, we've been focused on advancing our plans to stabilize operations at Copper Mountain. As seen on Slide 9, we've been able to realize annual corporate synergies of $9 million and we're on track to exceed the $10 million target for corporate synergies. We are also on track to achieve the $20 million in targeted annual operational efficiencies to be achieved over the course of 3 years, as stated at the time of announcement.

自 6 月收購以來，我們一直致力於推動穩定銅山營運的計畫。如投影片 9 所示，我們已經實現了每年 900 萬美元的企業協同效應，並且預計將超過 1,000 萬美元的企業協同效應目標。正如宣佈時所述，我們還有望在 3 年內實現 2000 萬美元的年度營運效率目標。

As I mentioned, we've commenced the fleet ramp up plan in the mine, which entails a ramp up from 14 trucks to 26 trucks by the end of the year. Once complete, we expect to see a more than 30% increase in tonnes moved in 2023 compared to 2022. We're also planning a campaign of accelerated stripping over the next 2 to 3 years to enable access to higher grade ore and to mitigate the substantially reduced stripping undertaken by Copper Mountain over the 4 years prior to acquisition.

正如我所提到的，我們已經開始了礦井車隊擴充計劃，這需要到年底將卡車數量從 14 輛增加到 26 輛。一旦完成，我們預計 2023 年的運輸量將比 2022 年增加 30% 以上。我們還計劃在未來 2 至 3 年內開展加速剝離活動，以便獲得更高品位的礦石並緩解收購前4 年內，大幅減少Copper Mountain 進行的剝離。

Additionally, as part of our near-term stabilization plans, we will be applying our mill efficiency initiatives from the Constancia mill to the Copper Mountain mill in an effort to continue to improve concentrate quality and copper recoveries. The key focus area for us is the implementation of improved maintenance management systems as part of our focus on increasing mill availability.

此外，作為我們近期穩定計畫的一部分，我們將把我們的工廠效率舉措從康斯坦西亞工廠應用到銅山工廠，以繼續提高精礦品質和銅​​回收率。我們的重點關注領域是實施改進的維護管理系統，作為我們提高工廠可用性的重點的一部分。

Further details on our stabilization plans will be provided in a new technical report, which is expected to be released in the fourth quarter, which will include an updated mine plan, annual production and cost estimates that reflect our stabilization and optimization initiatives, as well as updated mineral reserve and resource estimates.

有關我們穩定計劃的更多詳細資訊將在預計於第四季度發布的新技術報告中提供，其中將包括更新的礦山計劃、反映我們穩定和優化舉措的年度產量和成本估算，以及更新礦產儲量和資源估算。

As we delivered on our plan for strong production growth and free cash flow generation in the third quarter, we remain disciplined with capital allocation and deleveraging activities. We achieved adjusted EBITDA of $191 million in the quarter, the highest quarterly level over the last 5 years and a 135% increase from the second quarter. As mentioned earlier, we generated over $110 million of free cash flow in the quarter. A significant driver of this increase was a solid revenue generation from our diversified production base.

在我們實現第三季強勁生產成長和自由現金流產生的計畫時，我們仍然嚴格執行資本配置和去槓桿化活動。本季我們實現調整後 EBITDA 1.91 億美元，是過去 5 年來的最高季度水平，較第二季度增長 135%。如前所述，我們在本季產生了超過 1.1 億美元的自由現金流。這一成長的一個重要推動因素是我們多元化生產基地帶來的穩定收入。

While copper revenues increased by 62% quarter-over-quarter, our gold revenues similarly increased by 69% as a result of producing over 100,000 ounces this quarter. Copper remains our core metal of focus, but we enjoy the diversified revenue and cash flows our gold exposure offers, with gold prices typically having counter cyclical benefits to copper. This gold diversification is an important aspect of our prudent financial strategy that helps to ensure consistent cash flow generation and uniquely positions us versus our peers.

雖然銅營收季增了 62%，但由於本季產量超過 10 萬盎司，我們的黃金收入也同樣成長了 69%。銅仍然是我們關注的核心金屬，但我們享受黃金敞口提供的多元化收入和現金流，而黃金價格通常對銅具有反週期效益。這種黃金多角化是我們審慎財務策略的重要方面，有助於確保持續產生現金流，並使我們相對於同業具有獨特的地位。

During the quarter, we reduced net debt to $1.13 billion. The $58 million decline in net debt, together with higher levels of adjusted EBITDA in the quarter, improved our net debt to EBITDA ratio compared to the second quarter, thereby improving our credit facility availability.

本季度，我們將淨債務減少至 11.3 億美元。淨債務下降 5,800 萬美元，加上本季調整後 EBITDA 水準較高，與第二季相比，我們的淨負債與 EBITDA 比率有所改善，從而改善了我們的信貸額度可用性。

Subsequent to quarter end, we continued our deleveraging efforts with an additional $40 million repayment on our credit facilities, as well as a $5 million principal repayment on the Copper Mountain bonds. We also recommenced the deliveries under our gold prepay agreement to reduce the repayment liability.

季度末後，我們繼續進行去槓桿化工作，額外償還了 4000 萬美元的信貸額度，並償還了銅山債券 500 萬美元的本金。我們也根據黃金預付協議重新開始交付，以減少還款責任。

Additionally, we've been working towards delivering annual discretionary spending reductions with lower growth capital and exploration expenditures, which we're on track to achieve in 2023. Total capital expenditures for 2023 are now expected to be approximately $30 million lower than previous guidance levels, a further reduction from the $15 million of savings announced in the second quarter. This represents a 10% reduction in total capital expenditures.

此外，我們一直在努力減少年度可自由支配支出，同時降低成長資本和勘探支出，我們預計在 2023 年實現這一目標。目前預計 2023 年的總資本支出將比之前的指導水準低約 3,000 萬美元，比第二季宣布的1500 萬美元節省額進一步減少。這意味著總資本支出減少了 10%。

From today's comments, Hudbay is well positioned at an inflection point for continued cash flow generation and we expect to continue to take prudent measures to position us to deliver our deleveraging targets. During the third quarter, we published the results from our pre-feasibility study on Phase 1 at Copper World, which is summarized on Slide 11. Phase 1 is a standalone operation requiring state and local permits only. Over the past 12 months, the team completed extensive technical work on Phase 1 to produce this enhanced and de-risked Phase 1 plan for Copper World.

從今天的評論來看，Hudbay 處於持續產生現金流的拐點，我們預計將繼續採取審慎措施，以實現去槓桿化目標。第三季度，我們發布了 Copper World 第一階段預可行性研究的結果，幻燈片 11 對此進行了總結。第一階段是一項獨立運營，僅需要州和地方許可。在過去 12 個月中，該團隊完成了第一階段的大量技術工作，為 Copper World 制定了這項增強且降低風險的第一階段計劃。

Phase 1 has a mine life of 20 years, which is 4 years longer than the Phase 1 mine life that was presented in the preliminary economic assessment published in June of 2022. The Phase 1 pre-feasibility study demonstrates attractive economics with a $1.1 billion net present value and a 19% internal rate of return using the $3.75 copper price. Phase 1 has a simplified project design as a traditional open pit truck and shovel operation with conventional to flotation to produce copper concentrate and molybdenum concentrate.

第一階段的礦山壽命為20 年，比2022 年6 月發布的初步經濟評估中提出的第一階段礦山壽命長4 年。第一階段預可行性研究顯示了有吸引力的經濟效益，淨收益為11 億美元使用 3.75 美元的銅價計算現值和 19% 的內部報酬率。第一期工程採用簡化的專案設計，由傳統的露天卡車和鏟車作業與常規浮選相結合來生產銅精礦和鉬精礦。

In the study, the processing facilities are expanded to include a concentrate leach facility in year 5, producing copper cathode and silver gold dore. Phase 1 contemplates average annual copper production of 85,000 tonnes over the 20-year mine life at average cash costs of $1.47 and sustaining cash costs of $1.81 per pound of copper. A variable cut off grade strategy allows for higher mill head grades in the first 10 years, which increases annual production to approximately 92,000 tonnes of copper at average cash costs and sustaining cash costs of $1.53 and $1.95 per pound of copper respectively.

在該研究中，加工設施在第 5 年進行了擴展，包括精礦浸出設施，生產陰極銅和銀金錠。第一階段預計在 20 年礦山壽命期間平均年銅產量為 85,000 噸，平均現金成本為 1.47 美元，維持現金成本為每磅銅 1.81 美元。可變邊界品位策略允許在前 10 年採用更高的磨機頭品位，從而將年產量提高到約 92,000 噸銅，平均現金成本和維持現金成本分別為每磅銅 1.53 美元和 1.95 美元。

Phase 1 has an anticipated initial growth capital expenditure of $1.3 billion. The project contributes meaningful annual EBITDA with $372 million on average over the mine life and more than $400 million on average over the first 10 years at a copper price of $3.75. With the pre-feasibility study, we updated the mineral resource estimates for the project, increasing the global measured and indicated mineral resources to 1.2 billion tonnes at 0.42% copper grades, confirming the significant upside at Copper World with an intended Phase 2 expansion of mining activities on to federal land to further enhance the project economics and extend the mine life well beyond 20 years. We expect to receive our 2 outstanding state permits in mid-2024. The opportunity to sanction Copper World is not expected until 2025 based on current estimated time lines.

第一階段預計初始成長資本支出為 13 億美元。該項目在礦山生命週期內每年平均貢獻 3.72 億美元的 EBITDA，在銅價為 3.75 美元的情況下，在前 10 年平均貢獻超過 4 億美元。透過預可行性研究，我們更新了該項目的礦產資源估算，將全球測得和指示礦產資源量增加至12 億噸，銅品位為0.42%，證實了Copper World 的顯著增長潛力，計劃進行第二階段採礦擴張在聯邦土地上活動，以進一步提高專案經濟效益並將礦山壽命延長至 20 年以上。我們預計將在 2024 年中期收到 2 張未完成的州許可證。根據目前預計的時間線，預計要到 2025 年才會有機會制裁 Copper World。

Moving to Slide 12, we entered into a framework for a potential exploration partnership in Flin Flon with Marubeni in July. This exploration partnership would allow us to couple our operational and exploration expertise with Marubeni's balance sheet strength to test our large Flin Flon land package and potentially revive our dormant Flin Flon processing facilities.

轉到幻燈片 12，我們在 7 月與 Marubeni 就 Flin Flon 的潛在勘探合作夥伴關係達成了框架。這種勘探合作夥伴關係將使我們能夠將我們的營運和勘探專業知識與丸紅的資產負債表實力結合起來，以測試我們的大型Flin Flon 土地包，並有可能恢復我們休眠的Flin Flon 加工設施。

We've discovered and operated 29 mines in Hudbay's nearly 100-year history in Manitoba and we have the potential to continue that success with this renewed focus on exploration in Flin Flon. We are also examining the potential to reprocess Flin Flon tailings, where in excess of 100 million tonnes of tailings have been deposited for over 90 years. We completed confirmatory drilling in 2022, which covered about 2/3 of the facility and indicated higher zinc, copper and silver grades than predicted from historical mill records, while confirming the historical gold grade.

在馬尼托巴省 Hudbay 近 100 年的歷史中，我們已經發現並經營了 ​​29 個礦山，並且我們有潛力透過重新關注 Flin Flon 的勘探來繼續取得成功。我們也正在研究對 Flin Flon 尾礦進行再處理的潛力，該尾礦已沉積了 90 多年，超過 1 億噸。我們於 2022 年完成了確認鑽探，涵蓋了約 2/3 的設施，顯示鋅、銅和銀的品位高於歷史工廠記錄的預測，同時確認了歷史金品位。

We are advancing metallurgical test work and evaluating metallurgical technologies. This included the recent signing of a test working agreement with Cobalt Blue Holdings Limited to assess the processing viability of the Flin Flon tailings using Cobalt Blue's proprietary processing technology that fracavos copper, zinc, gold and silver, while converting sulfides into stable and benign sulfur. In the Snow Lake region, we continue to compile results from ongoing infill drilling at Lalor that will be incorporated in our next annual mineral resource and reserve estimates update in March 2024.

我們正在推進冶金試驗工作和冶金技術評估。其中包括最近與Cobalt Blue Holdings Limited 簽署了一項測試工作協議，以評估使用Cobalt Blue 的專有加工技術對Flin Flon 尾礦進行加工的可行性，該技術可分解銅、鋅、金和銀，同時將硫化物轉化為穩定且良性的硫。在 Snow Lake 地區，我們繼續彙編 Lalor 正在進行的加密鑽探結果，並將其納入 2024 年 3 月的下一次年度礦產資源和儲量估算更新中。

Looking at Slide 13, we also entered into agreements to significantly consolidate our land holdings in Snow Lake through several transactions, increasing our holdings by more than 250% in the region. We intend to explore these claims with the aim of finding a new anchor deposit to extend the life of Hudbay's Snow Lake operations beyond 2038. One of these transactions was the completion of the Rockcliff acquisition during the quarter. This not only expands our land holdings in the Snow Lake area, but it also consolidates Hudbay's ownership of the Talbot copper gold deposit.

看投影片 13，我們也簽訂了協議，透過幾筆交易大幅整合我們在雪湖的土地持有量，使我們在該地區的土地持有量增加了 250% 以上。我們打算探討這些主張，目的是找到新的錨定礦床，將 Hudbay 的 Snow Lake 業務壽命延長到 2038 年以後。其中一項交易是在本季完成對 Rockcliff 的收購。這不僅擴大了我們在雪湖地區的土地持有量，而且還鞏固了 Hudbay 對 Talbot 銅金礦的所有權。

This transaction has the potential to further extend mine life at our Snow Lake operations, as well as offers us additional exploration properties to provide further optionality for future feed sources for our store and New Britannia mills. We completed the acquisition of the Cook Lake properties from Glencore in late June. The Cook Lake properties are located within 10 kilometers of the Lalor mine and have the potential to host a new discovery at depth.

這項交易有可能進一步延長我們 Snow Lake 業務的礦場壽命，並為我們提供額外的勘探資產，為我們的商店和 New Britannia 工廠未來的飼料來源提供更多選擇。我們於六月下旬完成了對嘉能可庫克湖物業的收購。庫克湖礦區距離拉勒礦區不到 10 公里，有可能在深處發現新的礦藏。

We received data regarding approximately 60,000 meters of historical drilling that was completed over 10 years ago at a fraction of Lalor's current known debt. The mineralization indicates that there is a potential for new deposits on the same favorable mineralized horizons as many known deposits in the area, including the Lalor, 1901 and Chisel deposits. The Cook Lake properties are untested by modern deep geophysics, which was the discovery method for the Lalor mine.

我們收到了有關大約 60,000 公尺歷史鑽探的數據，這些鑽探是在 10 多年前完成的，僅佔 Lalor 當前已知債務的一小部分。礦化情況表明，與該地區許多已知礦床（包括 Lalor、1901 和 Chisel 礦床）相同的有利礦化層位上可能存在新礦床。庫克湖的礦產未經現代深層地球物理學的測試，而現代深層地球物理學是拉勒礦的發現方法。

Concluding on Slide 14, we believe that copper has the best long-term supply-demand fundamentals in the sector as global carbon mine supply will be unable to meet demand from global decarbonization initiatives. Hudbay is uniquely positioned to benefit from the strong outlook for copper with attractive copper production growth and significant long-term optionality for investors through our leading organic growth pipeline.

投影片 14 的結論是，我們認為銅具有該產業中最好的長期供需基本面，因為全球碳礦供應將無法滿足全球脫碳倡議的需求。 Hudbay 處於獨特的地位，可以從銅的強勁前景中受益，銅產量成長具有吸引力，並透過我們領先的有機成長管道為投資者提供了重要的長期選擇。

Hudbay offers meaningful copper production at first quartile cash costs. We delivered on our plan for higher copper production and lower cash costs in the third quarter and we provide the highest near-term free cash flow yields versus peers. Our goal diversification is part of this unique positioning, while also offering countercyclical benefits. And lastly, we have significant long-term upside through our leading copper growth pipeline, offering the highest net asset value sensitivity to copper prices in our peer group.

Hudbay 以第一四分位的現金成本提供有意義的銅生產。我們在第三季實現了提高銅產量和降低現金成本的計劃，並且與同行相比，我們提供了最高的近期自由現金流收益率。我們的目標多元化是這獨特定位的一部分，同時也提供了反週期效益。最後，我們透過領先的銅成長管道擁有顯著的長期上升空間，在同業中對銅價的資產淨值敏感度最高。

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

因此，我們很高興回答您的問題。

Thank you. Ladies and gentlemen, we will now begin the question-and-answer session. (Operator Instructions) And our first question today comes from the line of Ralph Profiti, Eight Capital.

謝謝。女士們、先生們，我們現在開始問答環節。 （操作員說明）今天我們的第一個問題來自八資本的 Ralph Profiti。

Peter and perhaps Andre, I just had a question on copper recoveries at Copper Mountain hitting 81% in Q3 and it's been intimated that those design rates are hovering around sort of 84%, 85% as the goal. Just wondering how much of that is a function of expected higher copper grades? Or are there adjustments still to come in the processing circuit? And when perhaps we can see that 84%, 85%, is that sort of a first half '24 phenomenon or more allocated towards the second half?

Peter，也許還有 Andre，我剛剛有一個關於 Copper Mountain 的銅回收率在第三季度達到 81% 的問題，並且有消息稱這些設計率徘徊在 84% 左右，目標是 85%。只是想知道其中有多少是預期更高銅品位的函數？或是處理電路還需要調整嗎？也許我們可以看到 84%、85%，這是 24 年上半年的現象還是更多分配給下半年？

I'm actually going to ask Andre to address the question for you as he will do much fuller than I will be able to.

實際上，我要請安德烈為您解決這個問題，因為他會比我做得更充分。

The recoveries have improved significantly since we've been able to integrate with the operation, there's still more to go. Most of the challenges to date are not challenges the grade improvements are tied to technical and grind size issues. And so right now, at the current throughput, we've had to balance, call it, grain size to liberate the recoveries. Over the next year, so into 2024, we plan on optimizing our throughput in terms of a stable throughput. So stability of the plant is key for us to achieve really good recoveries up in the 85% range, that's going to happen over probably 18 months or so in that range as we put in new maintenance practices. We're looking at optimizing some of the reagents and balancing feeds between the SAG mill and the ball mills that currently are a bit of a bottleneck. We can hit as high as 45,000 tonnes per day. But until we get those technical solutions in place, what happens is that we send to course of a feed through and our cyclones can't keep up and we plug lines and the like.

自從我們能夠與手術整合以來，回收率已顯著提高，但仍有更多工作要做。迄今為止，大多數挑戰都不是等級改進與技術和研磨尺寸問題相關的挑戰。因此，現在，在當前的吞吐量下，我們必須平衡顆粒大小以釋放回收率。在接下來的一年，即 2024 年，我們計劃在穩定的吞吐量方面優化我們的吞吐量。因此，工廠的穩定性對於我們實現 85% 範圍內真正良好的回收率至關重要，隨著我們採取新的維護實踐，這將在大約 18 個月左右的時間內實現。我們正在考慮優化一些試劑並平衡目前有點瓶頸的半自磨機和球磨機之間的進料。我們每天的產量可以高達 45,000 噸。但在我們找到這些技術解決方案之前，會發生的情況是，當我們進入饋通過程時，我們的旋風分離器無法跟上，我們會堵塞線路等。

And so your question, if I go back to it, was around -- is it related to grade, I'd say the answer is no. So it's a combination of technical solutions that we're working on in the short-term, like over into next year. And then the maintenance reliability initiatives that Peter mentioned in the -- earlier in the call, those will stabilize the plant and those will over the next 18 months or so and those will get us to that level in that 85% range.

所以，如果我回到過去，你的問題是──這與成績有關嗎？我想說答案是否定的。因此，這是我們短期內（例如明年）正在研究的技術解決方案的組合。然後是彼得在電話會議早些時候提到的維護可靠性舉措，這些舉措將穩定工廠，並在未來 18 個月左右的時間內實現穩定，這些舉措將使我們達到 85% 範圍內的水平。

Peter and perhaps, Eugene, it's about $45 million in lower CapEx guidance over the course of 2023. How much of this is sort of deferrals and rephasing into 2024? Or should we consider the bulk of these reductions truer to greater efficiencies, optimization synergies?

彼得，也許還有尤金，2023 年的資本支出指導降低了約 4500 萬美元。其中有多少是推遲和重新調整到 2024 年的？或者我們應該考慮這些減少的大部分是否更真實地提高效率、優化協同效應？

I think both, but Eugene?

我想兩者都有，但是尤金？

Yes. The answer is both and it's $30 million in capital savings from the original guidance and they're across the board actually. So some of the capital savings are in Manitoba and those are from sustaining capital and that's actually from more efficient mining and less development. It's about a combination of both in Peru in terms of a bit more efficiency and some deferrals. And then there's the $5 million in Arizona, that's -- that is deferral to do work that we don't need until we have the permits and the partner in hand. So it's a combination of focusing on deleveraging to allow us to invest in the pipeline, in the most prudent way and enhance our operating cash flow platform.

是的。答案是兩者兼而有之，這比最初的指導方針節省了 3000 萬美元的資本，而且實際上是全面的。因此，曼尼托巴省的一些資本節省來自維持資本，而這實際上來自更有效率的採礦和更少的開發。秘魯將兩者結合起來，提高效率並推遲一些時間。然後是亞利桑那州的 500 萬美元，即推遲我們不需要的工作，直到我們獲得許可證和合作夥伴為止。因此，這是專注於去槓桿化的結合，使我們能夠以最審慎的方式投資管道，並增強我們的營運現金流平台。

Your next question comes from the line of Jackie Przybylowski from BMO Capital Markets.

您的下一個問題來自 BMO 資本市場的 Jackie Przybylowski。

Maybe if I can ask just maybe a quick one first. I've seen some headlines that 1 of your former employees Javier Toro, has moved over to Solaris. I was wondering if you could talk a little bit about any impact that might have on your operations?

也許我可以先快速問一下。我看到一些頭條新聞稱您的一位前員工 Javier Toro 已經轉到 Solaris。我想知道您能否談談可能對您的營運產生的任何影響？

I think our industry is characterized by mobility of high-quality people. And I mean, Javier has been with us for a long time. He worked on the original Constancia project. He's been instrumental in advancing Copper World with us. But it's time for him to take on a new challenge. One of the good thing that happens when you get mobility of people is it creates opportunity for others in the organization to move on up. And so we've got a very, very strong bench strength behind Javier in the company that enables us just to move other people up and along. So while we started to see Javier go and we expect him to probably return one of these days. In the meanwhile, we're going to give some of our other younger folks some real opportunities to move on up. So we don't anticipate that there'll be any impact on the company at all.

我覺得我們這個行業的特色就是高素質人才的流動性。我的意思是，哈維爾已經和我們在一起很久了。他參與了最初的康斯坦西亞計畫。他在與我們一起推進 Copper World 方面發揮了重要作用。但現在是他接受新挑戰的時候了。當人員流動時發生的一件好事是，它為組織中的其他人創造了晉升的機會。因此，我們公司在哈維爾身後擁有非常非常強大的後備力量，這使我們能夠推動其他人的進步。因此，雖然我們開始看到哈維爾離開，但我們預計他可能有一天會回來。同時，我們將為其他一些年輕人提供一些真正的晉升機會。因此，我們預計這不會對公司產生任何影響。

Maybe another question. I don't know if this is for Andre, but at Snow Lake, looks like you had really terrific success with the recovery improvement project at Stall. I was wondering if you could talk a little bit about your thinking for any future optimizations or improvements in Snow Lake or what your plans are maybe going forward there?

也許還有一個問題。我不知道這是否適合安德烈，但在雪湖，看起來你們在失速的恢復改進項目上取得了巨大的成功。我想知道您是否可以談談您對 Snow Lake 未來優化或改進的想法，或者您未來的計劃是什麼？

So as Peter mentioned, the exploration story is something that -- it's probably one of the most exciting things, I think that we're going to see in the coming years. It's really -- it's the first time around Lalor, where we consolidated the land package. And so we have this unique opportunity to explore it to its full potential. And so we're really excited about that possibility to either find new satellites or potentially an anchor deposit. So that's -- that's probably number 1.

正如彼得所提到的，探索故事可能是最令人興奮的事情之一，我認為我們將在未來幾年看到。這確實是——這是我們第一次在拉勒周圍整合土地包。因此，我們有這個獨特的機會來充分探索它的潛力。因此，我們對找到新衛星或潛在的錨礦床的可能性感到非常興奮。所以這可能是第一。

Number 2, we've really made some strong headway on the 1901 deposit. So we put that on pause a little bit about a year ago, the financials and the design, the plan just wasn't strong enough for us to allocate capital to it and the teams have done just an amazing job of rethinking it to where we're looking at -- at advancing some exploration drifting into next year in drilling to better optimize the project and the returns on that look much stronger now that I think it will definitely come into our plan. And that will fully optimize feed to Stall mill. At New Brit -- so, New Britannia is achieving what we always hoped it did. And now it's exceeding the throughput on a daily basis. We're seeing periods of upwards of 2,000 tonnes per day. We're in the process of permitting it up to 2,500, but right now, Rob and team are really focusing on some minor bottlenecks around some of the pumps that are little bit high maintenance that feed the tailing system, that seem to constrain us a little bit in some other maintenance activities. But the opportunity there is for us is to really increase the throughput at New Britannia, which makes -- we have a surplus of gold resource in the Snow Lake area and getting the very high 90% recoveries through New Brit just is really, really exciting.

第二，我們在 1901 年礦床方面確實取得了一些重大進展。因此，大約一年前，我們暫停了這一計劃，財務和設計，該計劃還不夠強大，不足以讓我們為其分配資金，而團隊在重新思考我們的目標方面做得非常出色。我們正在考慮將一些勘探工作推進到明年的鑽探中，以更好地優化該項目，現在看來回報要強勁得多，因為我認為它肯定會進入我們的計劃。這將充分優化失速磨機的進料。在新不列顛——所以，新不列顛尼亞正在實現我們一直希望它做到的事情。現在它已經超過了每天的吞吐量。我們發現每天的處理量高達 2,000 噸以上。我們正在允許其數量達到 2,500 個，但現在，Rob 和團隊真正關注的是一些泵周圍的一些小瓶頸，這些泵的維護成本有點高，為尾礦系統供電，這似乎限制了我們在其他一些維護活動中也有一點點。但我們面臨的機會是真正提高 New Britannia 的吞吐量，這使得我們在 Snow Lake 地區擁有過剩的黃金資源，並且透過 New Britnia 獲得高達 90% 的回收率真的非常非常令人興奮。

And so as well, if I -- to just a little bit lower talking about Manitoba, the team in Flin Flon areas have done some really good work around derisking that. And this is our first full year where we've since 777 and the zinc plant has closed and they've come up with some really innovative ways to reduce the cost of treatment of waters and like in where we've had significant savings. And we're working very well and Peter mentioned around the tailings opportunity and our plan is to turn that potential was perceived by some as a liability in the past to an asset and we're really excited about that in combination with the Marubeni exploration. So there's a lot of exciting things going on right across the board in Manitoba.

因此，如果我稍微降低一點談論馬尼托巴省，弗林弗隆地區的團隊已經做了一些非常好的工作來消除這種風險。這是我們自 777 年以來的第一個全年，鋅廠已經關閉，他們想出了一些真正創新的方法來降低水處理成本，就像我們節省了大量成本的地方一樣。我們工作得很好，彼得提到了尾礦機會，我們的計劃是將過去被一些人視為負債的潛力轉變為資產，我們對此與丸紅勘探相結合感到非常興奮。因此，曼尼托巴省正在全面發生許多令人興奮的事情。

That's a great list. Thanks, Andre. And maybe if I -- if you don't mind, if I can ask one last question. I know you've curtailed some of your spending at Copper world, which makes a lot of sense for the near-term. Can you give us a bit of an update on any of the project work that you might be starting next year or what the spend could look like next year, assuming you get your permits as you're expecting?

這是一個很棒的清單。謝謝，安德烈。也許如果我——如果你不介意的話，我是否可以問最後一個問題。我知道您已經削減了在 Copper world 的部分支出，這對近期來說很有意義。您能否向我們介紹一下您明年可能開始的任何專案工作的最新情況，或者明年的支出情況（假設您如期獲得許可）？

So there's some further optimization around the plans pending getting our permits as Eugene had mentioned previously is we'll be really accelerating, getting a partner and moving into feasibility. So, Javier and team pending the timing of those permits will be looking at building our team in Arizona to support that -- those feasibility studies and advancing it to the next stages pre-construction. So, will be -- the first steps will be ramping up the team, getting the right people in place to deliver those feasibility studies and that will probably be later in the year.

因此，在獲得許可之前，我們還需要對計劃進行一些進一步的優化，正如尤金之前提到的那樣，我們將真正加速，尋找合作夥伴並進入可行性階段。因此，哈維爾和團隊在等待這些許可的時間之前，將考慮在亞利桑那州建立我們的團隊來支持這些可行性研究，並將其推進到施工前的下一階段。因此，第一步將是擴大團隊規模，安排合適的人員來進行這些可行性研究，這可能會在今年稍後進行。

But the work...

但工作...

(inaudible)

（聽不清楚）

The work really right now is focused on supporting the permitting application process and readiness for the JV process.

目前的工作重點是支援許可申請流程和合資流程的準備工作。

Correct.

正確的。

And your next question, sorry, (Operator Instructions) And your next question comes from the line of Stefan Ioannou from Cormark Securities.

抱歉，您的下一個問題（操作員說明）您的下一個問題來自 Cormark 證券公司的 Stefan Ioannou。

Just maybe a sort of a general question that might not have a simple answer, but just kind of curious, obviously, a lot of focus on still on deleveraging and the balance sheet health and stuff. Just wondering if you can maybe comment on sort of just your strategic sort of hiarcle thinking of various opportunities, mainly how does exploration stack up against some other things like Copper World and deleveraging itself and sort of the grand scheme of how you plan to spend money over the foreseeable future?

也許只是一個普遍性的問題，可能沒有一個簡單的答案，但只是有點好奇，顯然，很多人仍然關注去槓桿化和資產負債表的健康狀況等問題。只是想知道您是否可以評論一下您對各種機會的戰略思考，主要是勘探如何與銅世界等其他事物相比較，去槓桿化本身以及您計劃如何花錢的宏偉計劃在可預見的未來？

I think if I step back, right now, what we're doing is all about delivery. Exploration, of course, is a key component of planning for the future. And like Andre said, we are super excited by both the scale and intensity and potential of the exploration efforts in Manitoba. We will continue to do some exploratory work associated with the Mason project through the rest of this year and into next year in order to bring that along, but those are not big dollar numbers.

我想如果我退後一步，現在我們所做的都是關於交付。當然，探索是未來規劃的關鍵組成部分。正如安德烈所說，我們對馬尼托巴省勘探工作的規模、強度和潛力感到非常興奮。我們將在今年剩餘時間和明年繼續進行一些與梅森計畫相關的探索性工作，以實現這一目標，但這些並不是很大的數字。

Outside of that, we are razor-focused on getting access to the Maria Reyna and Caballito properties to start exploring as soon as possible. And so that's a key initiative to advance that. But the spending there is more in the context of associated with the regulatory regime of getting the drilling bits in hand. But strategically, once we have those, we're going to go flat out.

除此之外，我們正專注於盡快進入瑪麗亞·雷納 (Maria Reyna) 和卡巴利托 (Caballito) 地產，開始探索。因此，這是推動這一目標的關鍵舉措。但那裡的支出更多是與鑽頭在手的監管制度有關。但從戰略上講，一旦我們擁有了這些，我們就會全力以赴。

So exploration does comprise a big part of our strategy going forward. And as I said, I said, delivery is key. So delivery in the context of Copper Mountain, stabilizing and optimizing that is a key strategic initiative for us and advancing Copper World towards a sanctioning decision. I would also say that -- I mean, I've always said that we have a very skilled team when it comes to efficient operations and development projects. And I do continue to feel that we can create value both from operating and at least from both improving what we have, developing our project pipeline, but also adding another operating asset to our portfolio if indeed we can find one and if it's going to be accretive to our shareholders.

因此，探索確實是我們未來策略的重要組成部分。正如我所說，交付是關鍵。因此，在銅山的背景下交付，穩定和優化它是我們的一項關鍵戰略舉措，並推動銅世界做出製裁決定。我還想說——我的意思是，我一直說，在高效能營運和開發專案方面，我們擁有一支非常熟練的團隊。我確實仍然認為，我們可以透過營運創造價值，至少可以透過改善我們現有的資產、開發我們的專案管道，而且還可以在我們的投資組合中添加另一種營運資產，如果我們確實能找到一個並且如果它能夠為我們的股東帶來增值。

So we continue to look for those assets, but very, very focused on delivery at that point because we think that, that is -- that will provide us with the license for the other stuff that we want to do.

因此，我們繼續尋找這些資產，但當時非常非常關注交付，因為我們認為，這將為我們提供我們想做的其他事情的許可。

Your next question comes from the line of Dalton Baretto from Canaccord Genuity.

您的下一個問題來自 Canaccord Genuity 的 Dalton Baretto。

I wanted to start by asking about Copper Mountain. There's some language in the disclosure that suggest that your estimates around reserves will be closer to the old Jan 2019 estimate versus the September '22 and it's a considerably lower number. I'm just wondering what's driving that? Is it just the removal of the expansion? Or is there something else that's driving that?

我想先詢問銅山。揭露中的一些語言表明，您對儲備金的估計將更接近 2019 年 1 月的舊估計，而不是 22 年 9 月的估計，而且這個數字要低得多。我只是想知道是什麼推動了這一點？僅僅是刪除擴充功能嗎？或者還有其他什麼因素在推動這一點？

I'll start with sort of a broader comment. The 2022 technical report that Copper Mountain issued was based on very optimistic assumptions on all aspects of the 2022 life of mine plan. And that's the reason why we never endorsed it. Our acquisition process was based on an internal mine developed by mine plan that was developed by us from the information made to us available to us by Copper Mountain and was more in line with the reserves and mill throughput assumptions in technical reports published by those -- by Copper Mountain prior to 2020. So we never absolutely never endorsed their 2022 plan. And as I say, the work that we did was more aligned with their prior plans.

我將從更廣泛的評論開始。銅山發布的2022年技術報告是基於對2022年礦山壽命計畫的各個面向非常樂觀的假設。這就是我們從未認可它的原因。我們的收購過程是基於根據銅山嚮我們提供的資訊制定的採礦計劃制定的內部礦山，並且更符合那些發布的技術報告中的儲量和工廠吞吐量假設——由Copper Mountain 在2020 年之前製定。因此，我們從未絕對從未認可過他們的2022 年計劃。正如我所說，我們所做的工作與他們之前的計劃更加一致。

But Andre, do you want to expand on that?

但是安德烈，你想擴展一下嗎？

I think you covered off quite well. The teams have used the same approach in resource modeling that we do at all of our operations, whether it's in Peru, at Costancia, where we've been mining for a number of years in our models, as you know, reconcile very, very well to our forecast and what we produce. We use the same methodology at Copper World. And so the teams have worked rigorously on database validation, generating models and we actually -- we have a model now that reconciles very, very well to the mill. Over the last couple of months, our new model is reconciled very, very close and that gives us a lot of confidence in terms of building our technical report and plans and forecast going forward, I think that something that Copper Mountain has struggled within the past was the reconciliation of their block models to the mill.

我認為你掩飾得很好。這些團隊在資源建模中使用了與我們在所有營運中使用的方法相同的方法，無論是在秘魯還是在科斯坦西亞，我們已經在我們的模型中挖掘了多年，如您所知，非常非常協調符合我們的預測和我們的生產。我們在 Copper World 使用相同的方法。因此，團隊在資料庫驗證、生成模型方面進行了嚴格的工作，實際上，我們現在有了一個與工廠非常非常吻合的模型。在過去的幾個月裡，我們的新模型非常非常接近地得到了協調，這讓我們對建立技術報告、計劃和未來預測充滿信心，我認為銅山過去一直在努力解決這個問題是他們的塊模型與工廠的協調。

And so I would say that we've applied our technologies. We haven't tried to justify the 2022 resource I think in terms of the overall, but we feel very strongly on the ones that we have to date. So there's -- in terms of the overall -- we're not planning and Peter kind of talked -- mentioned a little bit is about the endorsement of the 2022 plan. Our intention is to why we say back to the 2019 is, it's about a 45,000 tonne a day technical report and we're leaning to some -- toward something like that with some potential expansion potential, but not the 65,000 tonne a day plan that's currently that was posted in their 2022 model.

所以我想說我們已經應用了我們的技術。我認為，我們還沒有試圖從整體上證明 2022 年資源的合理性，但我們對迄今為止的資源有非常強烈的感覺。因此，就總體而言，我們沒有計劃，彼得也談到過，提到了一點關於 2022 年計劃的認可。我們的目的是解釋為什麼我們說回到 2019 年，這是一份大約每天 45,000 噸的技術報告，我們傾向於一些具有潛在擴張潛力的東西，而不是每天 65,000 噸的計劃。目前，該資訊已發布在他們的2022 年模型中。

And then I know the reports coming out in the next couple of weeks, but can you give us some sort of a sense on the accelerated stripping campaign just in terms of scope and what the capital implications are for next year for that mine?

然後我知道接下來幾週將發布報告，但是您能否讓我們對加速剝離活動的範圍以及明年對該礦的資本影響有什麼了解？

We're still working on it, we're still working on it. But I -- with the ramp-up that we're planning to get to, like Peter said to the 26 trucks in -- by December, that throughput will be very, very close to the stripping rate that's required on an annual basis. So, we're still doing a little bit of fine-tuning, so it's a little bit premature to say exactly the amount, but it's in that range. And so like by December, we should be in the 200,000 to 250,000 tonnes a day of total material movement in that range.

我們仍在努力，我們仍在努力。但我 - 隨著我們計劃達到的增長，就像彼得在 12 月份對 26 輛卡車所說的那樣 - 到 12 月，吞吐量將非常非常接近每年所需的剝離率。所以，我們仍在做一些微調，所以現在說確切的數量還為時過早，但它在這個範圍內。因此，到 12 月，我們每天的總物料運輸量應該在 200,000 至 250,000 噸之間。

And then maybe if I can squeeze last one in for you, Peter or Eugene. On the Copper World JV process, where are you in that process right now? And do you anticipate the project design changing at all in the feasibility study once you have a partner in place?

然後也許我可以為你擠最後一個，彼得或尤金。關於 Copper World 合資企業的流程，您現在處於該流程的哪個階段？一旦找到合作夥伴，您預計可行性研究中的專案設計會改變嗎？

Not really. Remember that the prefeas -- it was a good prefeasibility study based on in many cases sort of a definitive feasibility level engineering. So I don't anticipate changes during the feasibility study process. But at the same time, we would like to afford a partner the ability to tweak elements of the design if needed or if appropriate or if it creates value. Where we are right now is that we feel that the process is best left to kick off around about the time that we have certainty with respect to the issue of our permits. Because once we have the permits in hand, of course, the project becomes very, very significantly derisked and offers us the opportunity to probably get more value out of a potential partner.

並不真地。請記住，預可行性研究是一項很好的預可行性研究，在許多情況下基於明確的可行性等級工程。所以我預期可行性研究過程中不會改變。但同時，我們希望合作夥伴能夠在需要、適當或創造價值的情況下調整設計元素。我們現在的情況是，我們認為這個過程最好在我們對許可證的發放有確定性的時候開始。當然，因為一旦我們拿到了許可，該專案的風險就變得非常非常大，並且為我們提供了從潛在合作夥伴那裡獲得更多價值的機會。

That said, we're moving towards -- we're sort of doing quite a lot of work with potential partners to get people up to speed so that when we kick a process of as we get the permits, it becomes a much more efficient process.

也就是說，我們正在與潛在合作夥伴做大量工作，讓人們加快步伐，這樣當我們在獲得許可時啟動一個流程時，它就會變得更有效率過程。

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。我想將會議轉回坎迪斯·布魯爾（Candace Brule）發表閉幕詞。

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

謝謝運營商，也謝謝大家今天加入我們。如果您還有任何疑問，請聯絡我們的投資者關係團隊。謝謝您，祝您有美好的一天。

Ladies and gentlemen, this concludes the conference call for today. You can now disconnect your lines.

女士們、先生們，今天的電話會議到此結束。現在您可以斷開線路。