Hudbay Minerals Inc (HBM) 2023 Q4 法說會逐字稿

Good morning, ladies and gentlemen.

早安，女士們，先生們。

Thank you for standing by.

謝謝你的支持。

Welcome to Hudbay Minerals fourth-quarter 2023 conference call.

歡迎參加 Hudbay Minerals 2023 年第四季電話會議。

(Operator Instructions) As a reminder, this conference call is being broadcast live on the webcast and is being recorded.

（操作員說明）謹此提醒，本次電話會議正在網路廣播上進行現場直播並正在錄製中。

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

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

Please go ahead.

請繼續。

Thank you, operator.

謝謝你，接線生。

Good morning, and welcome to Hudbay's 2023 fourth-quarter results conference call.

早上好，歡迎參加 Hudbay 2023 年第四季業績電話會議。

Hudbay's financial results were issued today and are available on our website at www.hudbay.com. A corresponding PowerPoint presentation is available in the Investor Events section of our website, and we encourage you to refer to it during this call.

Hudbay 的財務表現於今天發布，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。

Our presenter today is Peter Kukielski, Hudbay's President and Chief Executive Officer.

今天我們的主講人是 Hudbay 總裁兼執行長 Peter Kukielski。

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.

陪同 Peter 參加電話問答部分的是我們的財務長 Eugene Lei；以及我們的營運長 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.

請注意，今天電話會議中發表的評論可能包含前瞻性訊息，而這些訊息本質上會受到風險和不確定性的影響。

And as such, actual results may differ materially from the views expressed today.

因此，實際結果可能與今天表達的觀點有重大差異。

For further information on these risks and uncertainties, please consult the company's relevant filings on SEDAR+ and EDGAR.

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。

These documents are also available on our website.

這些文件也可以在我們的網站上找到。

As a reminder, all amounts discussed on today's call are in US dollars, unless otherwise noted.

提醒一下，除非另有說明，今天電話會議中討論的所有金額均以美元為單位。

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

現在，我將把電話轉給 Peter Kukielski。

Thanks very much, Candace.

非常感謝，坎迪斯。

Good morning, everyone, and thanks for joining us.

大家早安，感謝您加入我們。

I'm going to start a little bit informally by saying that we knocked it out of the park in 2023.

我首先要非正式地說，我們在 2023 年成功達成了這個目標。

It was a year of execution and delivery, as we realized the higher grades in Peru, achieved record gold production in Manitoba, and enhanced our operating base with the addition of the Copper Mountain mine.

這是執行和交付的一年，我們在秘魯實現了更高的品位，在馬尼托巴省實現了創紀錄的黃金產量，並透過增加銅山礦場來增強我們的營運基礎。

The fourth quarter saw increased copper production, record gold production, and record financial performance, resulting in the successful achievement of our annual guidance metrics.

第四季銅產量增加，黃金產量創歷史新高，財務表現也創歷史新高，成功實現了我們的年度指導指標。

These strong results were because of many successful capital allocation initiatives at Hudbay.

這些強勁的業績得益於 Hudbay 的許多成功的資本配置舉措。

2023 was the first year we saw the significant benefits from our recent brownfield capital investments in Peru and Manitoba.

2023 年是我們從最近在秘魯和馬尼托巴省的棕地資本投資中看到顯著效益的第一年。

Through recovery improvement programs that were both on time and on budget, we increased recoveries at both the Constancia and Stall mills.

透過按時、按預算實施的回收率改進計劃，我們提高了 Constancia 和 Stall 工廠的回收率。

With continuous improvement initiatives, we increased throughput levels at the New Britannia Mill well beyond its nameplate capacity.

透過持續改進舉措，我們將新不列顛尼亞工廠的吞吐量水準提高到遠遠超出其銘牌容量。

We continued to demonstrate financial discipline in 2023 through reduced discretionary spending, free cash flow generation, and debt reduction.

2023 年，我們繼續透過減少可自由支配支出、產生自由現金流和減少債務來體現財務紀律。

We successfully acquired and integrated the Copper Mountain mine to further enhance our strong, diversified operating platform and production profile.

我們成功收購並整合了銅山礦山，進一步增強了我們強大、多元化的營運平台和生產實力。

And throughout the year, we looked for other opportunities to drive long-term growth, including the consolidation of a significant land package in Snow Lake with the acquisition of the Rockcliff and Cook Lake properties near Lalor.

在這一年中，我們尋找其他機會來推動長期成長，包括透過收購拉勒附近的羅克利夫和庫克湖地產來整合雪湖的重要土地包。

As a company, we know our success is driven by the examples we set and the culture that drives our decision making.

作為一家公司，我們知道我們的成功是由我們樹立的榜樣和推動我們決策的文化所推動的。

In 2023, we launched our purpose statement that describes the positive impact we have on our people, our communities, and our planet.

2023 年，我們發布了目標聲明，描述了我們對人民、社區和地球的正面影響。

As part of our climate change commitments, we took action in 2023 to progress towards our 2030 targets, including a renewable energy contract in Peru.

作為我們氣候變遷承諾的一部分，我們於 2023 年採取了行動，以實現 2030 年目標，包括在秘魯簽訂再生能源合約。

The contract provides access to 100% renewable energy supply for Constancia starting in January 2026, which will reduce our company-wide greenhouse gas emissions by 40% during the life of the contract, positioning us well to achieve our 50% reduction target by 2030.

該合約從2026 年1 月開始為康斯坦西亞提供100% 可再生能源供應，這將使我們公司範圍內的溫室氣體排放量在合約有效期內減少40%，使我們能夠在2030 年實現50% 的減排目標。

We've also entered into renewable diesel supply contracts and implemented electric equipment at our operations.

我們還簽訂了可再生柴油供應合同，並在我們的營運中安裝了電力設備。

We continue to examine ways to further reduce our emissions intensity at all of our operations through electrification and fuel efficiency initiatives.

我們繼續研究透過電氣化和燃油效率措施進一步降低所有業務排放強度的方法。

Our 2023 achievements are a testament to the outstanding team we have at Hudbay, which continues to deliver the plan, while always operating safely and efficiently.

我們 2023 年的成就證明了 Hudbay 的優秀團隊，他們繼續交付計劃，同時始終安全高效地運作。

Our commitment to continued financial discipline, together with our increasingly resilient operating platform, will allow us to prudently advance and unlock value from our leading organic pipeline of brownfield expansions and greenfield exploration and development opportunities.

我們對持續財務紀律的承諾，加上我們日益彈性的營運平台，將使我們能夠審慎地推進和釋放我們領先的棕地擴張和綠地勘探和開發機會的有機管道的價值。

In the fourth quarter, we delivered on our plan for significantly higher production revenue and cash flow, as we generated strong returns from our recent brownfield and growth investments across the business.

在第四季度，我們實現了大幅提高生產收入和現金流的計劃，因為我們從最近的棕地和整個業務的成長投資中獲得了強勁的回報。

We successfully doubled our production in the second half of the year compared to the first half, as shown on slide 4.

與上半年相比，我們成功地將下半年的產量翻了一番，如幻燈片 4 所示。

Total copper equivalent production increase by 9% in the fourth quarter when compared to the already strong third quarter.

與本已強勁的第三季相比，第四季銅當量總產量增加了 9%。

Consolidated copper increased 8% quarter over quarter to a total of 45,000 tonnes, and consolidated gold production increased 11% quarter over quarter to 113,000 ounces.

綜合銅產量較上季成長 8%，達到 45,000 噸，綜合黃金產量較上季成長 11%，達到 113,000 盎司。

The increases in production were from the continued higher mill recoveries in Peru and Manitoba, mining of the high copper and gold grade zones at the Pampacancha deposit, mining of the gold and copper zones at Lalor, record throughput at the New Britannia gold mill, and incremental production from the Copper Mountain mine.

產量增加的原因是秘魯和馬尼托巴的工廠回收率持續提高、Pampacancha 礦床高銅和金品位區域的開採、Lalor 的金和銅區域的開採、New Britannia 金廠的創紀錄吞吐量以及銅山礦的產量增量。

This strong performance allowed us to achieve consolidated production guidance for all metals in 2023 and better-than-expected cash costs and sustaining cash costs for the year.

這一強勁的業績使我們能夠實現 2023 年所有金屬的綜合生產指導，並實現好於預期的年度現金成本和維持現金成本。

Full-year consolidated copper production increased by 26% year over year, while gold production increased by 41% and silver production increased by 13%.

全年綜合銅產量較去年同期成長26%，黃金產量成長41%，白銀產量成長13%。

Slide 5 summarizes the strong financial performance driven by record production levels in the quarter.

投影片 5 總結了本季創紀錄的生產水準所推動的強勁財務業績。

Consolidated cash costs were a remarkable $0.16 per pound of copper, an 85% improvement over the third quarter.

綜合現金成本為每磅銅 0.16 美元，比第三季提高了 85%。

Full-year 2023 consolidated cash costs were $0.80 per pound at the very low end of the annual guidance range.

2023 年全年綜合現金成本為每磅 0.80 美元，處於年度指導範圍的極低端。

Consolidated sustaining cash costs decreased to $1.09 per pound in the quarter and $1.72 per pound for the full year 2023.

本季綜合維持現金成本下降至每磅 1.09 美元，2023 年全年下降至每磅 1.72 美元。

The significant decrease in both cash cost measures was the result of higher copper production and higher byproduct credits, partially offset by higher operating costs from incorporating Copper Mountain.

兩項現金成本指標的大幅下降是由於銅產量增加和副產品信用增加的結果，但部分被合併銅山營運成本上升所抵消。

The full-year sustaining cash costs were favorably impacted by lower sustaining capital expenditures than planned, resulted in annual sustaining cash costs performing better than guidance and coming in below the low end of cost guidance range.

全年維持現金成本受到維持資本支出低於計畫的有利影響，導致年度維持現金成本表現優於指導，並低於成本指導範圍的下限。

Adjusted net earnings was $0.20 per share in the fourth quarter.

第四季調整後淨利為每股 0.20 美元。

This compares to $0.07 per share in the prior quarter.

相比之下，上一季每股為 0.07 美元。

Fourth-quarter adjusted EBITDA was $274 million, increasing by 44% from the recent high in the third quarter.

第四季調整後 EBITDA 為 2.74 億美元，較第三季近期高點成長 44%。

Full-year adjusted EBITDA was $648 million, a 36% increase from 2022 levels.

全年調整後 EBITDA 為 6.48 億美元，較 2022 年水準成長 36%。

Operating cash flow before change in non-cash working capital increased to $247 million in the fourth quarter.

第四季非現金營運資本變動前的營運現金流增至 2.47 億美元。

After deducting sustaining capital expenditures and cash lease and community payments, we generated over $160 million in free cash flow this quarter.

扣除持續資本支出以及現金租賃和社區付款後，本季我們產生了超過 1.6 億美元的自由現金流。

The improvements were a result of the greater sales volumes in line with higher production levels.

這些改進是銷售增加和生產水準提高的結果。

The strong free cash flow generation in the fourth quarter has resulted in approximately $320 million in annual free cash flow for 2023.

第四季強勁的自由現金流產生導致 2023 年年度自由現金流約為 3.2 億美元。

This strong cash flow generation enabled us to make significant progress against our deleveraging targets by completing the full redemption of $60 million in outstanding Copper Mountain bonds and reducing the net balance on our revolving credit facilities by $30 million.

強勁的現金流生成使我們能夠在實現去槓桿化目標方面取得重大進展，完成了 6,000 萬美元未償銅山債券的全額贖回，並將循環信貸額度淨餘額減少了 3,000 萬美元。

Our available liquidity increased to $574 million in the fourth quarter, as our cash position increased to $250 million, and we had undrawn availability of $324 million on our revolving credit facilities.

第四季度，我們的可用流動資金增加至 5.74 億美元，現金部位增加至 2.5 億美元，循環信貸額度中未提取的資金為 3.24 億美元。

We exited the year with a net debt to adjusted EBITDA ratio of 1.6 times, a significant reduction from 2 times at the end of 2022.

今年結束時，我們的淨負債與調整後 EBITDA 的比率為 1.6 倍，較 2022 年底的 2 倍大幅下降。

Turning to slide 6.

轉到投影片 6。

Our Peru operations had a tremendous quarter, with a 14% increase in copper production, a 22% increase in gold production, and a 20% increase in silver production quarter over quarter.

我們的秘魯業務季度表現出色，銅產量較上季成長 14%，黃金產量較上季成長 22%，白銀產量較上季成長 20%。

During the fourth quarter, the higher grades at Pampacancha resulted in 33,000 tonnes of copper production and 49,000 ounces of gold production.

第四季度，Pampacancha 礦品位較高，銅產量為 33,000 噸，黃金產量為 49,000 盎司。

The strong quarter led to full-year copper production that achieved the annual guidance range.

強勁的季度導致全年銅產量達到年度指導範圍。

Silver and molybdenum production were near the upper end of the guidance range, and gold production exceeded the top end of the guidance range by 6%.

白銀和鉬產量接近指導範圍上限，黃金產量超出指導範圍上限 6%。

The Constancia mill performed well during the quarter, with total ore milled consistent with the prior quarter.

Constancia 工廠在本季表現良好，研磨礦石總量與上一季持平。

The mill achieved record copper recoveries of 87.4% as a result of the successful completion of the recovery improvement program in the second quarter of 2023, ahead of the start of the significantly higher grades at Pampacancha in the second half of 2023.

由於在 2023 年第二季度成功完成了回收率改進計劃，該工廠在 2023 年下半年開始大幅提高 Pampacancha 品位之前，實現了創紀錄的 87.4% 的銅回收率。

The recoveries in the second half of the year have been better than expected for the ore characteristics, and we look forward to seeing how the mill performs in its first full year since the recovery improvement initiatives were implemented.

就礦石特性而言，下半年的回收率優於預期，我們期待看到工廠自實施回收率改善措施以來的第一個全年的表現。

Combined unit operating costs for the quarter were $12.24, slightly higher than the third quarter due to the scheduled mill maintenance shutdown in the quarter.

由於本季度工廠計劃停工維護，本季的綜合單位運作成本為 12.24 美元，略高於第三季。

Peru's cash costs were at a record low of $0.54 compared to $0.83 per pound in the third quarter.

秘魯的現金成本創歷史新低，為每磅 0.54 美元，而第三季為每磅 0.83 美元。

This 35% improvement was a result of higher gold byproduct credits, higher capitalized stripping, lower waste mining, and higher copper production.

這 35% 的提高是由於黃金副產品信用增加、資本剝離增加、廢物開採減少以及銅產量增加的結果。

Cash costs in 2023 were $1.07 per pound, achieving the lower end of cost guidance range.

2023 年的現金成本為每磅 1.07 美元，達到成本指引範圍的下限。

Sustaining cash costs in Peru also decreased by 20% in the fourth quarter and by 23% for the year ended 2023.

秘魯的維持現金成本在第四季也下降了 20%，在 2023 年終了的年度下降了 23%。

Total annual sustaining capital expenditures in Peru were $28 million lower than the original guidance, primarily as a result of lower capitalized stripping costs.

秘魯的年度持續資本支出總額比最初的指導值低 2800 萬美元，這主要是由於資本化剝離成本較低。

Our Manitoba operations, summarized in slide 7, achieved production of approximately 60,000 ounces of gold, 3,700 tonnes of copper, 5,700 tonnes of zinc, and 256,000 ounces of silver.

我們的馬尼托巴業務如幻燈片 7 所示，產量約為 60,000 盎司黃金、3,700 噸銅、5,700 噸鋅和 256,000 盎司白銀。

Gold production increased by 6% compared to the already high third quarter.

與已經很高的第三季相比，黃金產量增加了 6%。

This was primarily a result of the continued focus on mining higher-grade gold zones, continued strong recoveries at the New Britannia and Stall mills, and above-nameplate throughput at New Britannia, benefiting from the optimization initiatives and brownfield investments made earlier in 2023.

這主要是由於繼續關注開採更高品位的金礦區、New Britannia 和 Stall 工廠持續強勁復甦以及 New Britannia 的吞吐量高於銘牌，受益於 2023 年初的優化舉措和棕地投資。

The operations continue to place significant focus on improvement initiatives aimed at supporting higher production levels at Lalor, minimizing mining dilution, and enhancing metal recoveries.

這些業務繼續專注於旨在支持拉勒更高生產水準、最大限度減少採礦貧化並提高金屬回收率的改進措施。

This is made possible by efforts to improve the quality of ore production at Lalor through implementing techniques, such as stope redesigns, grade control practices prior to blasting, assaying blasthole cuttings, and mine design adjustments.

這是透過實施採場重新設計、爆破前品位控制實務、分析砲孔切屑和礦山設計調整等技術來提高拉勒礦石生產品質而實現的。

By being proactive in our measures, the team has successfully reduced the inclusion of waste rock in the mining cycle and, in turn, increased gold, copper, and silver grades during the fourth quarter.

透過積極採取措施，該團隊成功減少了採礦週期中的廢石含量，從而在第四季度提高了金、銅和銀的品位。

At Lalor, optimization of development drift size has led to a 15% reduction in waste volume and an 18% decrease in unit development costs compared to 2022.

在 Lalor，與 2022 年相比，開發漂移尺寸的最佳化使廢棄物量減少了 15%，單位開發成本減少了 18%。

Higher shaft availability has led to efficient ore hoisting and has eliminated the need for trucking ore to surface.

更高的豎井可用性帶來了高效的礦石提升，並且消除了用卡車將礦石運送到地面的需要。

This has also lowered Lalor's greenhouse gas intensity by 13% in 2023 compared to 2022.

這也使得 2023 年拉勒的溫室氣體強度比 2022 年降低了 13%。

The team is actively pursuing initiatives to continue to bolster efficiency and further enhance mucking productivity.

該團隊正在積極採取措施，繼續提高效率並進一步提高出渣生產力。

Comprehensive review of the long-range mine plan for zone 40 has led to significantly reduced future capital development needs by transitioning to a more selective mining method, thereby enhancing the reserve grade for this mining front.

對40區長期採礦規劃的全面審查透過轉向更具選擇性的採礦方法，顯著減少了未來的資本開發需求，從而提高了該採礦前沿的儲量品位。

Additionally, we were able to advance optimization initiatives at New Britannia mill to achieve higher throughput rates by prioritizing process improvements and seamlessly integrating additional gold ore feed from the Lalor mine.

此外，我們能夠在 New Britannia 工廠推進優化計劃，透過優先考慮流程改進和無縫整合來自 Lalor 礦的額外金礦石原料，實現更高的生產率。

The Stall mill recovery improvement program and subsequent optimization activities have proven to be highly effective, resulting in notably higher recoveries for copper above 90% and gold above 65% in the second half of 2023.

事實證明，攤舖機回收率改善計畫和隨後的優化活動非常有效，導致 2023 年下半年銅的回收率顯著高於 90%，黃金的回收率高於 65%。

We achieved targeted gold recovery levels of 67.5% in both of third and fourth quarters, compared to 60% in the second quarter.

我們在第三季和第四季均實現了 67.5% 的黃金回收目標水平，而第二季為 60%。

The New Britannia mill process improvement initiatives have elevated throughput levels to a new record of 1,800 tonnes per day in the fourth quarter, significantly exceeding its original design capacity of 1,500 tonnes per day.

新不列顛工廠的製程改進舉措將第四季度的吞吐量水準提高到了每天 1,800 噸的新紀錄，大大超過了其每天 1,500 噸的原始設計能力。

With the meaningful recovery improvement and optimization initiatives in 2023, the Snow Lake operations successfully achieved annual guidance ranges for all metals, with gold production of 187,000 ounces, a 28% year-over-year increase.

透過 2023 年有意義的回收改進和優化舉措，Snow Lake 業務成功實現了所有金屬的年度指導範圍，黃金產量為 187,000 盎司，同比增長 28%。

In addition, copper production exceeded the top end of the guidance range at 12,200 tonnes, and zinc and silver both came in within the 2023 guidance ranges.

此外，銅產量超出了指導範圍的上限（12,200噸），鋅和銀產量均在2023年指導範圍內。

Combined unit operating costs of CAD216 per ton is consistent with the prior quarter, reflecting lower overall costs, partially offset by lower total ore milled.

每噸的綜合單位營運成本為 216 加元，與上一季一致，反映出總體成本下降，但被磨礦總量下降部分抵銷。

Manitoba's gold cash costs were $434 per ounce, 35% lower than the third quarter due to higher byproduct credits and higher gold production in accordance with the mine plan.

馬尼托巴省的黃金現金成本為每盎司 434 美元，比第三季下降 35%，原因是副產品信貸增加以及按照礦山計劃黃金產量增加。

Full-year 2023 cash costs of $727 were within the annual guidance range.

2023 年全年現金成本為 727 美元，在年度指引範圍內。

Gold sustaining cash costs were $788 per ounce, a decrease of 16% from the third quarter based on the same reasons affecting cash costs combined with lower sustaining capital expenditures.

黃金維持現金成本為每盎司 788 美元，較第三季下降 16%，原因與影響現金成本的原因相同，加上維持資本支出較低。

Moving on to our British Columbia business unit on slide 8.

接下來是投影片 8 上我們的不列顛哥倫比亞省業務部門。

In the fourth quarter, we produced 8,500 tons of copper, 3,500 ounces of gold, and 105,000 ounces of silver.

第四季度，我們生產了8,500噸銅、3,500盎司黃金和105,000盎司白銀。

As a result, our BC operations achieved the post-acquisition 2023 production guidance for both copper and gold and exceeded silver production guidance for the year.

因此，我們的 BC 業務實現了收購後的 2023 年銅和金產量指導，並超過了當年的白銀產量指引。

The mine operations team executed a fleet production ramp-up plan to capture the full value of all idle capital equipment on site.

礦山營運團隊執行了車隊生產提升計劃，以充分利用現場所有閒置資本設備的價值。

This plan entailed remobilization of the mining fleet from 14 trucks to 28 trucks by the end of the year, which allowed for increased waste removal during the fourth quarter.

該計劃要求到年底將採礦車隊從 14 輛卡車重新調動到 28 輛卡車，從而在第四季度增加廢物清除量。

We continue to focus on hiring additional haul truck drivers, and a fully trained complement of truck drivers are expected to be in place in the first half of 2024.

我們繼續專注於招募更多的運輸卡車司機，預計將在 2024 年上半年到位訓練有素的卡車司機。

Benefiting from stabilization initiatives within the comminution circuit, the mill processed 3.3 million tons of ore during the quarter, with an average mill availability of 86.7%, a 3% increase versus the third quarter.

受惠於粉碎迴路內的穩定舉措，該廠在本季處理了 330 萬噸礦石，平均工廠利用率為 86.7%，比第三季增加了 3%。

The initiatives included changes in screen sizes, reduction in grinding media loading rates, and a change in the SAG mill operational strategy.

這些措施包括改變篩網尺寸、降低研磨介質裝載率以及改變半自磨機運作策略。

Maintenance practices to improve mill availability continue to be a key pillar of our stabilization initiatives.

提高工廠可用性的維護實踐仍然是我們穩定措施的關鍵支柱。

Copper recoveries were 78.8% in the fourth quarter.

第四季銅回收率為78.8%。

We are implementing changes to flotation operational strategy that mirror the company's successful processes at Constancia, including reagent selection and dose modification, reactivation and reprogramming of the expert control system, and circuit configuration changes.

我們正在對浮選營運策略進行更改，以反映該公司在康斯坦西亞的成功流程，包括試劑選擇和劑量修改、專家控制系統的重新激活和重新編程以及電路配置更改。

The benefits of these operational strategy improvements are expected to start to be realized in the second half of 2024.

這些營運策略改善的好處預計將於 2024 年下半年開始顯現。

BC cash costs were $2.67 per pound and were in line with the annual guidance range.

BC 省現金成本為每磅 2.67 美元，符合年度指導範圍。

Sustaining cash costs were $3.93 per pound in the fourth quarter, reflecting the beginning of a period of accelerated stripping, which I'll touch on in a moment.

第四季的維持現金成本為每磅 3.93 美元，反映出加速剝離時期的開始，我稍後會談到這一點。

Now, turning to slide 9, I'll discuss our stabilization and optimization plans for Copper Mountain in more detail.

現在，轉到投影片 9，我將更詳細地討論我們針對 Copper Mountain 的穩定和優化計劃。

In early December, we released our initial technical report for Copper Mountain, outlining a mine plan with average annual production of 46,500 tons of copper in the next five years and 37,000 tons of annual copper production over the 21-year mine life.

12月初，我們發布了銅山的初步技術報告，概述了未來五年平均年產銅46,500噸的礦山計劃，以及21年礦山壽命年均銅產量37,000噸的礦山計劃。

Average cash costs and sustaining cash costs over the mine life are expected to be $1.84 and $2.53 per pound of copper, respectively.

礦山壽命期間的平均現金成本和維持現金成本預計分別為每磅銅 1.84 美元和 2.53 美元。

The team is focused on improving reliability and driving sustainable long-term value.

該團隊專注於提高可靠性和推動永續的長期價值。

This will be done through increased mining activities, accelerated stripping to access higher grades, improved mill throughput and recoveries, unlocking operating efficiencies and corporate synergies, and ensuring stabilized near-term cash flows.

這將透過增加採礦活動、加速剝離以獲得更高品位、提高工廠產量和回收率、釋放營運效率和企業協同效應以及確保穩定的近期現金流來實現。

Additionally, there are several opportunities to further increase production, improve costs, and extend mine life as upside potential beyond the technical report.

此外，還有一些進一步提高產量、降低成本和延長礦山壽命的機會，作為技術報告之外的上行潛力。

We believe the stabilization initiatives will lead to consistent production levels and reduced cash costs over the mine life, representing an approximate 90% increase in average annual copper production and an approximate 50% decrease in cash costs over the first 10 years compared to 2022.

我們相信，穩定措施將在礦山壽命期內實現穩定的生產水準並降低現金成本，與 2022 年相比，前 10 年平均年銅產量將增加約 90%，現金成本將減少約 50%。

As mentioned earlier, we have commenced the fleet ramp-up plan to remobilize idle haul trucks to increase mining activities and improve flexibility in the mine with additional mining phases.

如前所述，我們已經啟動了車隊擴充計劃，以重新調動閒置的運輸卡車，以增加採礦活動，並透過額外的採礦階段提高礦場的靈活性。

To open up the mine, we have begun a campaign of accelerated stripping over the next three years to enable access to higher-grade ore and to mitigate the reduced stripping undertaken by Copper Mountain over the four years prior to our acquisition.

為了開發該礦，我們已開始在未來三年內加速剝採活動，以便獲得更高品位的礦石，並緩解銅山在我們收購之前四年中減少剝離的情況。

The accelerated stripping program is expected to improve operating efficiencies and lower unit operating costs.

加速剝離計劃預計將提高營運效率並降低單位營運成本。

To ensure reliability of production, the implementation of improved maintenance management processes is planned throughout 2024.

為了確保生產的可靠性，計劃在 2024 年實施改進的維護管理流程。

We also intend to implement improved practices around material handling and transportation in the comminution circuit.

我們也打算改進粉碎迴路中材料處理和運輸的做法。

Workers began to analyze the trade-off among the various alternatives to further enhance mill performance.

工人們開始分析各種替代方案之間的權衡，以進一步提高工廠的績效。

The new mine plan assumes a mill ramp-up to its nominal capacity of 45,000 tonnes per day in 2025 and an expansion to the permitted capacity of 50,000 tonnes per day in 2027.

新礦山計畫假設工廠的名義產能將在 2025 年提高到每天 45,000 噸，並在 2027 年將允許產能擴大到每天 50,000 噸。

To accomplish this, the mine plan assumes $23 million in growth capital spending over 2025 and 2026.

為了實現這一目標，礦場計畫假設 2025 年和 2026 年資本支出增加 2,300 萬美元。

Hudbay intends to improve mill recoveries with a more consistent ore feed grade, changes to the flotation reagents, and replacement of key pumps.

Hudbay 打算透過更一致的礦石進料品位、改變浮選試劑以及更換關鍵泵浦來提高磨機回收率。

In January 2024, we achieved the targeted $10 million in annual corporate synergies, and we are on track to generate more than $20 million in annual operating efficiencies over the next three years through our stabilization efforts.

2024 年 1 月，我們實現了年度企業協同效應 1000 萬美元的目標，並且透過我們的穩定工作，我們預計在未來三年內實現超過 2000 萬美元的年度營運效率。

To ensure stability in cash flows while we invest in stabilizing the operations, we entered into copper hedging contracts for about 25% of 2024 production as a prudent measure.

為確保現金流穩定，同時投資穩定經營，作為審慎措施，我們簽訂了2024年產量約25%的銅避險合約。

In January 2024, John Ritter joined Hudbay as Vice President of the British Columbia Business Unit.

2024 年 1 月，John Ritter 加入 Hudbay，擔任不列顛哥倫比亞省業務部副總裁。

His focus on operational excellence and value-creating improvements will be instrumental as he leads the stabilization and optimization plans at Copper Mountain.

當他領導銅山的穩定和優化計劃時，他對卓越營運和價值創造改進的關注將發揮重要作用。

The addition of the Copper Mountain mine to the portfolio has a meaningful impact on our diversified production profile.

將銅山礦山納入投資組合對我們的多元化生產格局產生了重大影響。

The contribution of this operation ensures that Hudbay maintains copper production levels above 150,000 tonnes annually through to the end of this decade.

該業務的貢獻確保 Hudbay 到本十年末將每年的銅產量保持在 15 萬噸以上。

Copper Mountain provides stability in our consolidated cash flows and strongly positions us to prudently advance and unlock value from our development pipeline, including Copper World.

Copper Mountain 為我們的綜合現金流提供了穩定性，並使我們能夠審慎推進並釋放包括 Copper World 在內的開發項目的價值。

We delivered on our plan for strong production and EBITDA growth in the quarter, as seen on slide 10.

我們實現了本季強勁生產和 EBITDA 成長的計劃，如幻燈片 10 所示。

Delivering our second successful quarter of growing cash flows enabled us to continue to reduce debt and significantly improve our leverage ratio at the end of 2023.

第二季現金流的成功成長使我們能夠繼續減少債務，並在 2023 年底大幅提高槓桿率。

We achieved adjusted EBITDA of $274 million in the quarter, the highest quarterly level over the last five years, and a 44% increase from previous high in the third quarter.

本季調整後 EBITDA 達到 2.74 億美元，是過去五年來的最高季度水平，比第三季度的歷史高點增長了 44%。

As mentioned earlier, we generated over $160 million of free cash flow in the fourth quarter, an increase of $50 million from the prior quarter.

如前所述，我們在第四季度產生了超過 1.6 億美元的自由現金流，比上一季增加了 5,000 萬美元。

During the quarter, we reduced net debt by $95 million through $90 million in debt repayments.

本季度，我們透過償還 9,000 萬美元的債務減少了 9,500 萬美元的淨債務。

This included a $30 million net repayment under the revolving credit facility, as well as the redemption of the remaining $60 million of Copper Mountain bonds.

這包括循環信貸安排下的 3000 萬美元淨償還，以及贖回剩餘 6000 萬美元的銅山債券。

Deleveraging efforts have continued into the first quarter of 2024, with an additional $10 million repayment on the credit facilities in January.

去槓桿化工作持續到 2024 年第一季度，1 月額外償還了 1,000 萬美元的信貸額度。

And as I already mentioned, our net debt to adjusted EBITDA ratio improved to 1.6 times compared to 2 times at the end of 2022.

正如我已經提到的，我們的淨債務與調整後 EBITDA 的比率從 2022 年底的 2 倍提高到 1.6 倍。

Additionally, we continued with our efforts for capital cost efficiencies, reducing annual capital expenditures by $57 million in 2023 compared to original guidance levels, and I'll touch on this in a few slides.

此外，我們繼續努力提高資本成本效率，與最初的指導水準相比，到 2023 年將年度資本支出減少了 5,700 萬美元，我將在幾張幻燈片中談到這一點。

As shown on slide 11, we successfully met all production guidance ranges for all metals in 2023, with a few regional outperformers.

如投影片 11 所示，我們成功達到了 2023 年所有金屬的所有生產指引範圍，其中一些地區表現優於其他金屬。

Peru exceeded the top end of the gold production guidance range, Manitoba exceeded the top end of the copper production guidance range, while Copper Mountain exceeded the top end of the silver production guidance range for the portion of 2023 since acquisition.

自收購以來，秘魯超過了黃金產量指導範圍的上限，曼尼托巴省超過了銅產量指導範圍的上限，而銅山則超過了白銀產量指導範圍的上限。

In 2024, we anticipate consolidated copper production to increase by 19% to 157,000 tonnes.

2024 年，我們預計綜合銅產量將增加 19%，達到 157,000 噸。

This growth will result from continued higher-grade ore from Pampacancha in Peru and continued higher recoveries in both Peru and Manitoba, as well as the contribution from a full year of production at the Copper Mountain mine.

這一增長將得益於秘魯 Pampacancha 礦石的持續高品位、秘魯和馬尼托巴省持續較高的回收率，以及全年銅山礦場產量的貢獻。

Consolidated gold production in 2024 is expected to be 291,000 ounces, a slight year-over-year decline due to smoothing of the Pampacancha high-grade gold zones over the 2023 to 2025 period.

2024 年綜合黃金產量預計為 291,000 盎司，由於 2023 年至 2025 年期間潘帕坎查高品位黃金區的平滑化，同比略有下降。

Specifically for Peru, 2024 copper production is expected to increase by 8% year over year to 109,000 tonnes.

具體到秘魯，2024年銅產量預計將年增8%，達到10.9萬噸。

As the mill ore feed will revert back to the typical split of one-third Pampacancha and two-thirds Constancia in 2024, we can expect to see more consistent grades and production levels throughout the year.

到 2024 年，磨礦礦石將恢復到三分之一 Pampacancha 和三分之二 Constancia 的典型分配方式，我們預計全年的品位和生產水準將更加一致。

Gold production is expected to be 84,500 ounces, lower than 2023 levels due to the smoothing of Pampacancha high-grade gold zones.

由於潘帕坎查高品位金礦區的平滑化，黃金產量預計為 84,500 盎司，低於 2023 年的水準。

Additional high-grade areas were mined in 2023 ahead of schedule, resulting in gold production exceeding 2023 guidance levels.

2023 年提前開採更多高品位區域，導致黃金產量超過 2023 年指導水準。

Total gold production in Peru over the 2023 to 2025 period is expected to be higher than the previous guidance levels.

2023年至2025年期間秘魯的黃金總產量預計將高於先前的指導水準。

The Pampacancha deposit is now expected to be depleted in the third quarter of 2025, as opposed to mid-2025 previously.

目前預計 Pampacancha 礦床將在 2025 年第三季耗盡，而不是之前的 2025 年中期。

In Manitoba, 2024 gold production is anticipated to be 185,000 ounces, consistent with 2023 production levels, as high gold grades and recoveries are expected to continue into 2024.

在馬尼托巴省，2024 年黃金產量預計為 185,000 盎司，與 2023 年產量水準一致，因為高黃金品位和回收率預計將持續到 2024 年。

We expect Lalor to operate at 4,500 tonnes per day, and the New Britannia mill is expected to see higher throughput levels of 1,800 tonnes per day in 2024.

我們預計 Lalor 工廠的產能為 4,500 噸/日，New Britannia 工廠預計到 2024 年產能將達到 1,800 噸/日。

Zinc production is expected to decline 10% year over year, as certain high-grade zinc areas were shifted to 2023 and the mine continues to prioritize higher gold and copper grade zones in 2024.

由於某些高品位鋅區已轉移至 2023 年，而該礦在 2024 年繼續優先考慮較高品位的金和銅區，預計鋅產量將同比下降 10%。

In British Columbia, 2024 copper production is expected to be 37,000 tonnes, in line with the technical report for Copper Mountain issued in December 2023.

根據 2023 年 12 月發布的銅山技術報告，不列顛哥倫比亞省 2024 年銅產量預計為 37,000 噸。

In March, we will release updated three-year production guidance with our annual mineral reserve and resource update.

三月份，我們將發布更新的三年生產指導以及年度礦產儲量和資源更新。

Looking at cash cost guidance on slide 12, in 2023, consolidated cash costs of $0.80 per pound achieved the low end of our annual cost guidance range, as mentioned earlier. 2024 consolidated cash costs are expected to be approximately $1.15 per pound, and consolidated sustaining cash costs are expected to be approximately $2.25 per pound.

查看投影片 12 上的現金成本指導，如前所述，2023 年，每磅 0.80 美元的綜合現金成本達到了我們年度成本指導範圍的低端。 2024 年綜合現金成本預計約為每磅 1.15 美元，綜合維持現金成本預計約為每磅 2.25 美元。

These are higher than 2023 due to lower byproduct credits and a full year of contributions from British Columbia.

由於副產品信用額減少以及不列顛哥倫比亞省全年的貢獻，這些數字高於 2023 年。

In Peru, 2024 cash costs are expected to increase to approximately $1.43 per pound, primarily due to lower byproduct credits and higher mining costs associated with lower capitalized stripping, partially offset by higher copper production.

在秘魯，2024 年現金成本預計將增加至每磅約 1.43 美元，這主要是由於副產品信貸減少以及與資本剝離減少相關的採礦成本增加，部分被銅產量增加所抵消。

In Manitoba, 2024 gold cash costs are expected to increase to approximately $800 per ounce as a result of lower zinc and copper byproduct credits and higher mining costs associated with less capitalized development costs.

在馬尼托巴省，由於鋅和銅副產品信貸減少以及與資本化開發成本減少相關的採礦成本上升，預計 2024 年黃金現金成本將增加至每盎司約 800 美元。

In BC, copper cash costs are expected to decrease by 10% in 2024 compared to 2023 and will be significantly lower than the $2.69 per pound cash cost contemplated in the technical report, due to a reclassification of a portion of mining costs from operating expenses to capitalized costs.

在不列顛哥倫比亞省，由於將部分採礦成本從營運費用重新分類為銅現金成本，預計2024 年銅現金成本將比2023 年下降10%，並將顯著低於技術報告中設想的每磅2.69 美元的現金成本。資本化成本。

This is because we have continued to optimize the mine plan design since publishing the technical report and have made some enhancements.

這是因為自發布技術報告以來，我們不斷優化礦山方案設計，並進行了一些改進。

We moved from contractor mining to owner-operated mining as a more cost-effective approach for the additional required stripping.

我們從承包商採礦轉向業主經營採礦，作為額外所需剝離的更具成本效益的方法。

Additionally, we eliminated the mining of low-grade ore to stockpile in 2024, which increases the strip ratio and allocates a higher percentage of mining costs to capitalize stripping versus operating expenses. 2024 costs also reflect reduced discretionary tonnes moved, with total material moved now expected to be 97 million tonnes compared to 104 million tonnes in the technical report.

此外，我們在 2024 年取消了低品位礦石的開採以儲存，這提高了剝離率，並分配更高比例的採礦成本來資本化剝離與營運費用。 2024 年的成本也反映出可自由支配噸數的減少，目前預計運輸的材料總量為 9,700 萬噸，而技術報告中為 1.04 億噸。

Our capital expenditures guidance is shown in slide 13.

我們的資本支出指引如投影片 13 所示。

With our continued efforts to reduce discretionary spending, we were able to deliver on our spending reduction targets for 2023.

透過持續努力減少可自由支配支出，我們得以實現 2023 年的支出削減目標。

Total capital expenditures for 2023, excluding Copper Mountain, was $243 million, a 19% reduction in total capital expenditures as compared to the initial guidance for 2023.

2023 年的總資本支出（不包括銅山）為 2.43 億美元，與 2023 年的初步指引相比，總資本支出減少了 19%。

British Columbia capital expenditures were in line with Hudbay's 2023 guidance levels.

不列顛哥倫比亞省的資本支出符合 Hudbay 的 2023 年指導水準。

In 2024, we anticipate total capital expenditures to be $335 million, reflecting year-over-year capital reductions in Peru and Manitoba, while increased spending in British Columbia will be focused on stabilization initiatives and accelerated stripping activities.

到 2024 年，我們預計資本支出總額為 3.35 億美元，反映出秘魯和馬尼托巴省的資本年減，而不列顛哥倫比亞省的支出增加將集中於穩定措施和加速剝離活動。

Discretionary growth spending and capitalized exploration are expected to remain at low levels in 2024 and reflect a 20% decrease from 2023.

預計 2024 年可自由支配成長支出和資本化勘探將保持在較低水平，較 2023 年下降 20%。

Peru's 2024 sustaining capital expenditures are expected to decrease to $130 million as a result of lower capitalized stripping.

由於資本剝離減少，秘魯 2024 年的持續資本支出預計將減少至 1.3 億美元。

Manitoba's sustaining capital expenditures are expected to be consistent with a lower 2023 spending of $55 million.

曼尼托巴省的持續資本支出預計將與 2023 年 5,500 萬加元的較低支出保持一致。

We are also excited to be advancing a development and exploration drift at the 1901 deposit located near the existing underground ramp to Lalor.

我們也很高興能夠推進 1901 礦床的開發和勘探，該礦床位於通往 Lalor 的現有地下坡道附近。

The 1901 growth expenditures will be partially funded by $3 million of flow-through financing proceeds received in December.

1901 年成長支出將由 12 月收到的 300 萬美元流通融資收益提供部分資金。

In British Columbia, 2024 sustaining capital expenditures are expected to be $35 million, and we expect to spend about $70 million on capitalized stripping as the team executes the accelerated stripping campaign.

在不列顛哥倫比亞省，2024 年持續資本支出預計為 3,500 萬加元，隨著團隊執行加速剝離活動，我們預計將花費約 7,000 萬加元用於資本化剝離。

As mentioned earlier, with the lower BC cash costs, the 2024 sustaining capital includes a reclassification of mining costs from operating expenses to capitalized costs when compared to the December technical report.

如前所述，由於 BC 現金成本較低，與 12 月技術報告相比，2024 年維持資本包括將採礦成本從營運費用重新分類為資本化成本。

Total aggregate operating and capital costs for 2024 in BC are expected to be in line with the December 2023 technical report.

BC省2024年的總營運和資本成本預計將與2023年12月的技術報告一致。

Arizona growth capital spending of $20 million includes annual carrying and permitting costs for the Copper World and Mason projects in 2024.

亞利桑那州 2,000 萬美元的成長資本支出包括 2024 年 Copper World 和 Mason 專案的年度營運和授權成本。

In terms of exploration expenditures, on slide 14, we expect to spend $43 million in 2024, roughly 35% higher than 2023, primarily as a result of an extensive exploration program underway in Manitoba.

就勘探支出而言，在投影片 14 上，我們預計 2024 年將支出 4,300 萬美元，比 2023 年增加約 35%，這主要是由於馬尼托巴省正在進行的廣泛勘探計劃。

Our 2024 exploration activities are focused on areas with high potential for new discovery and mineral reserve and resource expansion.

我們 2024 年的勘探活動重點在於新發現、礦產儲量和資源擴張潛力巨大的地區。

In Peru, 2024 exploration activities will continue to focus on permitting and drill reparation for the Maria Reyna and Caballito properties near Constancia.

在秘魯，2024 年勘探活動將繼續專注於康斯坦西亞附近的 Maria Reyna 和 Caballito 礦區的許可和鑽探修復。

A drill permit application for the Maria Reyna property was submitted in November 2023, and a similar application for the Caballito property is planned for the first half of 2024.

Maria Reyna 礦區的鑽探許可證申請已於 2023 年 11 月提交，Caballito 礦區的鑽探許可證申請計劃於 2024 年上半年提交。

We also continue to execute a limited drill program and technical evaluations at the Constancia deposit to confirm the economic viability of adding an additional binding phase to the current mine plans.

我們也繼續在康斯坦西亞礦床執行有限的鑽探計畫和技術評估，以確認在目前採礦計畫中增加額外的約束階段的經濟可行性。

These results will be incorporated in the annual mineral reserve and resource update in March.

這些結果將納入三月的年度礦產儲量和資源更新中。

In Manitoba, the team is excited to have initiated the largest exploration program in the company's history in Snow Lake.

在馬尼托巴省，該團隊很高興在雪湖啟動了該公司歷史上最大的勘探計劃。

The 2024 program we will focus on testing the deep extensions of the gold and copper-gold zones at Lalor, the Lalor Northwest target, and the newly acquired Cook Lake and Rockcliff claims.

2024 年計劃，我們將重點測試拉勒金礦區和銅金礦區、拉勒西北目標區以及新收購的庫克湖和羅克利夫礦區的深度延伸。

This property consists of drilling and modern deep geophysics, which I'll touch on shortly.

這個屬性包括鑽井和現代深層地球物理學，我很快就會談到。

We raised $11 million in critical minerals premium flow-through financing in December to help fund this large program in 2024.

我們於 12 月籌集了 1,100 萬美元的關鍵礦產溢價流通融資，為 2024 年的這項大型計畫提供資金。

Slide 15 summarizes some of the exciting follow-up drilling we have planned at Lalor in 2024.

投影片 15 總結了我們計劃於 2024 年在 Lalor 進行的一些令人興奮的後續鑽探。

Recall that in 2023, for the first time since Lalor's initial discovery, Hudbay initiated a step-out drill program focused on down-plunge extensions and other targets via Lalor.

回想一下，2023 年，自 Lalor 首次發現以來，Hudbay 首次啟動了一項逐步鑽探計劃，重點關注透過 Lalor 的下傾延伸和其他目標。

This included step-out drilling approximately 500 meters northwest of Lalor, which intersected a series of base metal and copper-gold zones, including a high-grade copper-gold-silver zone of comparable grade to Lalor's current mineral reserves, and we are calling this new zone Lalor Northwest.

這包括在拉勒西北約500 公尺處進行的階梯鑽探，該鑽探貫穿了一系列賤金屬和銅-金礦帶，其中包括與拉勒爾目前礦產儲量品位相當的高品位銅-金-銀礦帶，我們稱之為這個新區拉勒西北。

Additionally, the down-plunge drilling indicated that the alteration zone at Lalor continues for at least 2 kilometers to the North.

此外，下切鑽探表明，Lalor 的蝕變帶向北延伸至少 2 公里。

As part of our 2024 winter exploration program, we have seven drill rigs turning at Lalor, completing surface drilling currently.

作為我們 2024 年冬季勘探計劃的一部分，我們在拉勒有七台鑽機正在轉動，目前正在完成地面鑽探。

Six drills are at Lalor Deep, following up on the successful down plunge drilling from last year, and one drill rig is completing follow-up drilling at Lalor Northwest.

繼去年成功的下切式鑽探之後，拉勒深井 (Lalor Deep) 已完成六台鑽機的鑽探，還有一台鑽機正在拉勒西北 (Lalor Northwest) 完成後續鑽探。

It is anticipated that these rigs will be relocated later in the season to explore other areas of our expanded land package after target generation from geophysics.

預計這些鑽孔機將在本季晚些時候重新安置，以在地球物理學目標生成後探索我們擴大的土地包的其他區域。

The development and exploration drift at the 1901 deposit is shown on slide 16.

1901 年礦床的開發和勘探漂移如幻燈片 16 所示。

This drift is being advanced from the existing underground access ramp to Lalor.

這條巷道正在從現有的地下通道坡道推進到拉勒。

We expect this program will take place over 2024 and 2025 and will include drill platforms and diamond drilling to further confirm the optimal mining method to extract the base metal and gold lenses and to convert the inferred mineral resources in the gold lenses to mineral reserves.

我們預計該計劃將在2024 年和2025 年實施，並將包括鑽探平台和鑽石鑽探，以進一步確認提取賤金屬和金透鏡體的最佳採礦方法，並將金透鏡體中推斷的礦產資源轉化為礦產儲量。

Our expanded Snow Lake land package is shown on slide 17.

我們擴大的雪湖土地包如幻燈片 17 所示。

The Cook Lake properties near Lalor provide additional potential for a new discovery and have promising historical drilling, intersecting base metal and gold mineralization, but we're limited to an average depth of only 275 meters, a fraction of Lalor's current known depth.

Lalor 附近的庫克湖礦產為新發現提供了額外的潛力，並且具有前景廣闊的歷史鑽探、交叉賤金屬和金礦化，但我們的平均深度僅限於275 米，只是Lalor 目前已知深度的一小部分。

The acquisition of Rockcliff, one of the largest landholders in the Snow Lake area, provides significant additional land within trucking distance of our Snow Lake processing facilities.

對 Snow Lake 地區最大的土地所有者之一 Rockcliff 的收購，在我們的 Snow Lake 加工設施的卡車運輸距離內提供了大量額外的土地。

The 2024 exploration program will include a large geophysics program consisting of surface electromagnetic surveys using cutting-edge techniques that will enable us to detect targets at depths of up to 1,000 meters below surface.

2024 年勘探計劃將包括一項大型地球物理計劃，其中包括使用尖端技術進行表面電磁勘測，這將使我們能夠探測地表以下 1000 公尺深處的目標。

We will use the results from the geophysics program to generate drill targets to be tested later this year.

我們將利用地球物理計劃的結果來產生鑽探目標，以便在今年稍後進行測試。

We are very excited to be exploring these new land claims with the goal of finding a new anchor deposit to maximize and extend the life of the Snow Lake operations well beyond the current 2038.

我們非常高興能夠探索這些新的土地所有權，目標是找​​到新的錨定礦床，最大限度地延長 Snow Lake 營運的壽命，使其遠遠超出目前的 2038 年。

Hudbay is set up for another highly successful year in 2024.

Hudbay 將於 2024 年迎來另一個非常成功的一年。

Our key objectives are shown on slide 18, and I know that we will again deliver on our plan in 2024 to continue to drive value for all of our stakeholders.

我們的主要目標如投影片 18 所示，我知道我們將在 2024 年再次實現我們的計劃，繼續為所有利害關係人創造價值。

We've touched on many of these objectives throughout the presentation.

我們在整個演示過程中談到了其中許多目標。

And at the core of our organization, we are always focused on operating safely and sustainably, aligned with our purpose to ensure that the company's activities have a positive impact on our people, communities, and the planet.

作為我們組織的核心，我們始終專注於安全和永續運營，與我們的目標保持一致，以確保公司的活動對我們的員工、社區和地球產生積極影響。

We intend to generate strong cash flow by delivering copper production growth and maintaining strong gold production.

我們打算透過實現銅產量成長和維持強勁的黃金產量來產生強勁的現金流。

This will enhance our ability to deliver our leading copper growth pipeline.

這將增強我們提供領先的銅成長管道的能力。

Now, to conclude on slide 19.

現在，對投影片 19 進行總結。

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 demands from global decarbonization initiatives.

我們認為，銅具有業界最好的長期供需基本面，因為全球銅礦供應將無法滿足全球脫碳倡議的需求。

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.

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。

Our strong operating platform with multiple assets in Tier 1 mining jurisdictions delivers a robust copper platform with more than 150,000 tonnes of annual copper production through to the end of this decade.

我們強大的營運平台在一級採礦管轄區擁有多個資產，提供了一個強大的銅平台，到本十年末，年銅產量將超過 15 萬噸。

Our leading copper exposure with complementary gold revenue offers portfolio resilience and diversification, while we offer unique copper optionality with our world-class organic growth pipeline of development assets, including Copper World in Arizona and the highly prospective exploration satellite properties near Constancia.

我們領先的銅業務與互補的黃金收入提供了投資組合的彈性和多元化，同時我們透過世界一流的有機成長開發資產管道提供獨特的銅選擇，包括亞利桑那州的銅世界和康斯坦西亞附近極具前景的勘探衛星資產。

And equally important, we remain committed to the highest sustainability standards, with social and environmental goals that will continue to deliver many benefits to all of our stakeholders.

同樣重要的是，我們仍然致力於最高的永續發展標準，其社會和環境目標將繼續為我們所有的利害關係人帶來許多好處。

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

因此，我們很高興回答您的問題。

(Operator Instructions) Orest Wowkodaw, Scotiabank.

（操作員指示）Orest Wowkodaw，豐業銀行。

Hi, good morning.

早安.

Nice to see the deleveraging continue here.

很高興看到去槓桿化在這裡繼續進行。

I assume that's the focus for the next two years or so.

我認為這是未來兩年左右的重點。

But I did notice in your slide deck, you didn't include the previous three prerequisites for Copper World.

但我確實注意到在您的幻燈片中，您沒有包含銅世界的前三個先決條件。

And I'm just -- can you just remind us if those criteria still exist in terms of where you want to see the balance sheet before you consider moving ahead with Copper World?

我只是——您能否提醒我們，在考慮繼續推進 Copper World 之前，您希望在何處查看資產負債表的這些標準是否仍然存在？

Good morning, Orest, and thank you very much for your comments.

早安，奧雷斯特，非常感謝您的評論。

Absolutely, the 3-P program that Eugene outlined back in October of 2022 absolutely remains in place.

當然，尤金在 2022 年 10 月概述的 3-P 計畫絕對仍然有效。

One was permits in hand, which we expect to obtain this year.

其中之一是現有的許可證，我們預計今年可以獲得。

The other was obviously a prudent financing plan, and the other one was, Eugene, remind me, a partner.

另一個顯然是一個審慎的融資計劃，另一個是，尤金，提醒我，一個合夥人。

So that's part of the prudent financing plan.

這是審慎融資計劃的一部分。

So all of those initiatives remain in place.

因此，所有這些措施仍然有效。

But Eugene, any further comments from you?

但是尤金，你還有什麼進一步的評論嗎？

Thanks, Orest.

謝謝，奧雷斯特。

We're really pleased with the progress we made in 2023 to reduce our net debt to EBITDA ratio from 2.0 times to 1.6 times, as Peter mentioned, and that's ahead of the plan.

正如 Peter 所提到的，我們對 2023 年將淨債務與 EBITDA 比率從 2.0 倍降低到 1.6 倍所取得的進展感到非常滿意，而且這超出了計劃。

And the plan is to get this to 1.2 times, and we'll continue to make progress on that plan in 2024 with prudent capital management and a focus on discretionary spending.

我們的計劃是達到 1.2 倍，我們將透過審慎的資本管理和對可自由支配支出的關注，在 2024 年繼續在該計劃上取得進展。

But in 2024, looking ahead, we really improved our exposure to both copper and gold.

但展望未來，到 2024 年，我們確實增加了對銅和黃金的投資。

And so for every $0.25 increase in copper, that's $75 million of additional net free cash flow. $100 of gold is another $25 million of net free cash flow.

因此，銅價格每增加 0.25 美元，淨自由現金流就會增加 7,500 萬美元。 100 美元的黃金相當於另外 2,500 萬美元的淨自由現金流。

So we're really going to start to see the benefits of this enhanced diversified production platform that will allow us for accelerated deleveraging, and that continues to be a focus for us.

因此，我們確實將開始看到這種增強型多元化生產平台的好處，它將使我們能夠加速去槓桿化，這仍然是我們關注的焦點。

Thanks.

謝謝。

Just as a follow-up, I think I noticed your languaging in the release talked about permits now as a '24 event rather than a mid-year '24 event.

作為後續行動，我想我注意到您在新聞稿中的語言將許可證現在視為“24 年事件”而不是“24 年中事件”。

Are you expecting some, I guess, delays there?

我猜你預計會有一些延遲嗎？

And I'm just wondering if the JV partner process is waiting for permits before it gets going.

我只是想知道合資夥伴流程是否正在等待許可才能開始。

Or is that in the background happening independently?

還是這是在後台獨立發生的？

No.

不。

Orest, there are no delays in the permits.

Orest，許可證沒有延誤。

The [ACFA] protection plan has been drafted, and it's now in the statutory public comment period and we expect to receive permits during the year.

[ACFA] 保護計畫已經起草，目前正處於法定公眾意見徵詢期，我們預計將在年內獲得許可。

I think it's likely in the third quarter, but no, there's no delay in anything at all.

我認為有可能在第三季度，但不，任何事情都沒有延遲。

Your question with respect to the JV partnering process, we want to have the permits in hand before we initiate that.

您關於合資企業合作流程的問題，我們希望在啟動之前獲得許可。

But it's safe to say that we have a lot of interest in specs expressed by various parties, and we'll bring them along in due course.

但可以肯定地說，我們對各方表達的規格非常感興趣，我們會在適當的時候將它們帶來。

Perfect.

完美的。

Thank you very much.

非常感謝。

Ralph Profiti, Eight Capital.

拉爾夫·普羅菲蒂，八資本。

Thanks, operator.

謝謝，接線生。

Good morning, everyone.

大家，早安。

The accelerated stripping at Copper World -- excuse me, Copper Mountain over the next three years, there doesn't seem to be a significant increase versus the technical report.

銅世界加速剝離——對不起，銅山未來三年，與技術報告相比似乎沒有顯著增加。

There was a lot of this captured in some of the discretionary stripping decisions.

在一些自行決定的剝離決定中，有許多這樣的內容。

So I'm just wondering, is it safe to say that this $70 million number in 2024 is a good carryover number into '25 and '26?

所以我只是想知道，是否可以肯定地說 2024 年的 7000 萬美元這個數字是一個很好的結轉到 25 和 26 年的數字？

Thanks, Ralph.

謝謝，拉爾夫。

This is Andre.

這是安德烈.

So what you see for 2024 is the ramp up.

因此，2024 年你會看到成長。

So the teams have done an excellent job of ramping up to the 28 trucks, and we're ramping up the truck drivers as we speak.

因此，團隊在增加 28 輛卡車方面做得非常出色，而且我們正在增加卡車司機的數量。

We continue ramping up into '25, so we'll be hitting levels very close to the technical report.

我們將繼續加強進入 25 年，因此我們將達到非常接近技術報告的水平。

We mentioned that some of it was discretionary when we rolled out the technical report, so the technical report was then -- it was a snapshot in time.

我們提到，當我們推出技術報告時，其中一些內容是可自由裁量的，所以當時的技術報告是——它是及時的快照。

We had six months to get it out, and so we put together a really sound, conservative tech report, and there's lots of opportunities.

我們有六個月的時間來完成它，所以我們整理了一份非常合理、保守的技術報告，並且有很多機會。

The teams are working on blast practices and looking at ways to go with the more traditional stripping slope angles.

這些團隊正在研究爆破實踐，並尋找與更傳統的剝離坡角相匹配的方法。

We put in a very conservative slope angle into our technical report.

我們在技術報告中加入了非常保守的傾斜角度。

So there are some reductions based on permanent elimination of waste with new mine designs and the like.

因此，透過新的礦山設計等永久消除廢物，可以減少一些廢物。

So there'll be some subtleties as we improve and optimize the technical report, but those are positives.

因此，當我們改進和優化技術報告時，會出現一些微妙之處，但這些都是正面的。

Great.

偉大的。

Yes, it's good to see.

是的，很高興看到。

My follow-up question is -- and I don't want to jump the gun on the three-year guidance that's coming, but the original guidance had 2025 as a down year at Constancia.

我的後續問題是——我不想在即將到來的三年指導中操之過急，但最初的指導將 2025 年定為康斯坦西亞的衰退年。

But given some of the numbers that we're seeing in the new guidance, and it looks to be Pampacancha, you may have for another full quarter in 2025, would it be safe to say that Constancia may actually look like, on copper production, a flat year over year in '25 versus '24?

但考慮到我們在新指南中看到的一些數據，而且看起來是Pampacancha，你可能會在2025 年再看到一個完整的季度，可以肯定地說，康斯坦西亞在銅產量方面實際上可能是這樣的嗎？25 年 24 年與 24 年同比持平？

Thanks again.

再次感謝。

So we're working on opportunities.

所以我們正在尋找機會。

I know the teams have been looking at steeper -- again, similar theme to what's in Copper Mountain -- slope angles, geotechnical, hydrology, and they're looking to try and get a little deeper in Pampacancha.

我知道團隊一直在研究更陡峭的——同樣，與銅山相似的主題——坡度、岩土、水文學，他們希望嘗試在潘帕坎查更深入一些。

But the overall for '25 is still coming down, but the teams are continuing to look at it.

但 25 年的整體表現仍在下降，但球隊仍在繼續關注這一點。

But it's not going to be the exact same, but there will be a tail in '25 similar to what it was previously.

但它不會完全相同，但 25 年會有一條與以前類似的尾巴。

Got you.

明白你了。

Okay, yeah.

好吧，是的。

Thanks, Andre.

謝謝，安德烈。

Well done.

做得好。

Thank you.

謝謝。

Lawson Winder, Bank of America.

勞森·溫德，美國銀行。

Hey, thanks, operator, and good morning, Peter and team.

嘿，謝謝，接線員，早安，彼得和團隊。

Thank you for the update today.

感謝您今天的更新。

I wanted to ask about Copper World, similar question to what Orest asked, but just in a slightly different way.

我想問有關銅世界的問題，與奧雷斯特問的問題類似，但方式略有不同。

So as you discuss with potential partners, is the feedback you're getting that any sort of agreement is dependent on receipt of permits, or are there any other sort of conditions that are coming up that might be limiting an announcement?

因此，當您與潛在合作夥伴討論時，您得到的回饋是否表明任何形式的協議都取決於獲得許可，或者是否存在任何其他可能限制公告的條件？

Morning, Lawson.

早安，勞森。

No, and thanks for your kind words.

不，謝謝你的客氣話。

Absolutely not.

絕對不。

I think that the feedback that we're getting is all -- is value driven.

我認為我們得到的回饋都是價值驅動的。

Nobody is focused on what's happening with the permits.

沒有人關注許可證的情況。

I think there's a high degree of confidence in the state permitting process, and I think the focus from everybody that we've spoken to is completely value driven.

我認為人們對國家許可程序充滿信心，而且我認為我們交談過的每個人的關注點完全是價值驅動的。

Okay, fantastic.

好吧，太棒了。

And then, just in terms of the social license situation around Copper World, what is your sense of whether there might be any degree of legal challenges once the state permits arise?

然後，就銅世界周圍的社會許可情況而言，您認為一旦國家許可出現，是​​否可能會出現任何程度的法律挑戰？

And has there been any community engagement that might help you gauge that potential reaction?

是否有任何社區參與可以幫助您衡量潛在的反應？

So the first comment that I would make is that we are extremely open to working with anybody and everybody.

因此，我要說的第一句話是，我們非常願意與任何人合作。

Now, the state permitting process has a process that involves public comment, but the comment has to be associated with the specifics associated with the technical aspects of the permit.

現在，州許可程序有一個涉及公眾意見的過程，但意見必須與許可證技術方面的具體細節相關聯。

So it's not like the NEPA process, which sort of allows for broader type of comment period.

因此，它與 NEPA 流程不同，NEPA 流程允許更廣泛的評論期。

You will recall during the Rosemont project that the state permits were issued and that they were, in fact, challenged by opponents.

您會記得在羅斯蒙特計畫期間，政府頒發了許可證，但事實上，它們受到了反對者的挑戰。

It's not unlikely that that won't happen again, but remember that we overcame those or the state overcame those challenges and the permits were upheld.

這種情況不太可能不會再次發生，但請記住，我們克服了這些挑戰，或者國家克服了這些挑戰，並且許可證得到了維持。

Now, in this case, the work that has been done by both ourselves and the Arizona Department of Environmental Quality has been huge because we are ensuring -- they are ensuring that they can withstand any challenge.

現在，在這種情況下，我們自己和亞利桑那州環境品質部所做的工作是巨大的，因為我們正在確保——他們正在確保他們能夠承受任何挑戰。

So our feeling is that there may be a challenge, but they will be fairly easily overcome because of the technical merits associated with the permits.

因此，我們的感覺是，可能存在挑戰，但由於與許可證相關的技術優點，這些挑戰將很容易克服。

Now, also remember that once we have the permits in hand, the next step is definitive feasibility.

現在，也要記住，一旦我們拿到了許可證，下一步就是確定的可行性。

So it allows us time in which to resolve any of those outstanding issues in any case.

因此，無論如何，這都讓我們有時間解決任何懸而未決的問題。

Now, from a PR perspective, we are making sure that we engage with a broader population, as well as with the tribes, in order to ensure that there's much better understanding of what it is that we are trying to do and we have very, very significant engagement with the tribes currently being experienced.

現在，從公關的角度來看，我們正在確保我們與更廣泛的人群以及部落接觸，以確保更好地理解我們正在努力做的事情，並且我們有非常，目前正在與部落進行非常重要的接觸。

Okay, fantastic.

好吧，太棒了。

And it's nice to see that deleveraging accelerate.

很高興看到去槓桿化進程加速。

Nice one.

好一個。

(Operator Instructions) Jackie Przybylowski, BMO Capital Markets.

（操作員說明）Jackie Przybylowski，BMO 資本市場。

Thanks very much, and congratulations on the quarter.

非常感謝，並祝賀本季。

It's really terrific.

實在是太棒了。

I guess my first question will be on Manitoba.

我想我的第一個問題是關於曼尼托巴省的。

You mentioned that you're planning to start the exploration drift to 1901, and you've got some other properties that you're working to get started on drilling.

您提到您計劃從 1901 年開始勘探漂移，並且您還有一些其他資產正在努力開始鑽探。

Can you just maybe give us a quick overview, as things stand now, on where you see the next production coming from and how that fits into your existing mills and your existing infrastructure?

您能否給我們一個快速概述，就目前情況而言，您認為下一個生產來自哪裡以及它如何適合您現有的工廠和現有的基礎設施？

Thanks.

謝謝。

Sure, Jackie, and thanks for the kind comments.

當然，傑基，感謝您的友好評論。

I think Andre and I were actually on site in Manitoba last week, and we spent some time with the exploration team.

我想安德烈和我上週實際上在馬尼托巴省現場，我們和勘探團隊一起度過了一些時間。

And it is -- I have to tell you there's a lot of excitement there.

我必須告訴你，那裡有很多令人興奮的事情。

But I think to answer your questions a little bit more specifically, let me get Andre to do that.

但我想更具體地回答你的問題，讓我讓安德烈這樣做。

Sure.

當然。

So specifically to your question, Jackie, around what are the next lines of production, and so obviously, the very, very nearest stuff is the 1901.

Jackie，針對你的問題，下一個生產線是什麼，很明顯，最接近的就是 1901。

We have identified some mineral resources and some reserves in that deposit.

我們已經在該礦床中發現了一些礦產資源和一些儲量。

We started the drift.

我們開始漂流。

It's on track, and the teams are fully focused on that.

它已步入正軌，團隊也完全專注於此。

And that drift itself, what it does, it also opens up some exploration targets for copper-gold zones that we previously couldn't drill from surface along the way.

這種漂移本身，它的作用，也為我們以前無法從地表鑽探的銅金礦區開闢了一些勘探目標。

So later on this year, we'll come into some new drill horizons that we haven't been able to test for the down plunge, if you will, of the copper-gold zones of 1901.

因此，今年晚些時候，我們將進入一些新的鑽探視野，如果你願意的話，我們還無法測試 1901 年銅金區域的下跌情況。

Our hope through this program is better-grade and higher-value material and, potentially, we'll see on the tonnes.

我們希望透過這個計劃獲得更高等級和更高價值的材料，並且有可能我們會看到數噸的材料。

And so that's the nearest term one that we see.

這是我們看到的最接近的術語。

We have a number of other satellite deposits that we have in our portfolio.

我們的投資組合中還有許多其他衛星存款。

There's probably, if you add them all up, over 15 million tonnes of these satellite deposits, and we have teams looking at them as we speak.

如果把它們全部加起來的話，這些衛星礦藏可能超過 1500 萬噸，就在我們說話的時候，我們已經有團隊在研究它們。

Our successes at New Britannia, the teams that just continue to please us, the mill in the quarter, we ramped up to over 1,800 tonnes per day in the last months of December, and we're running very close to 2,000 as we speak.

我們在新不列顛尼亞的成功，團隊繼續讓我們滿意，本季的工廠，我們在12 月的最後幾個月每天產量增加到超過1,800 噸，就在我們說話的時候，我們的產量已經非常接近2,000 噸。

And so there -- in fact, if I comment on New Brit, as we just recently got the permit yesterday to go to 2,500 tonnes per day.

事實上，如果我對 New Brit 發表評論，因為我們昨天剛剛獲得了每天 2,500 噸的許可證。

And so our goals will be to put more gold through there, which frees up more capacity for base metal at Stall.

因此，我們的目標是在那裡投入更多的黃金，為 Stall 釋放更多的賤金屬產能。

And so 1901 is the start.

1901 年是一個開始。

Talbot, we just with the Rockcliff acquisition, now, we own the whole thing back again.

塔爾博特，我們剛剛收購了羅克利夫，現在，我們又重新擁有了整個資產。

Teams are looking at it, and we have exploration plans to test some geophysical anomalies nearby.

團隊正在研究它，我們有一個勘探計劃來測試附近的一些地球物理異常。

And we're also looking at Bur.

我們也在關注布爾。

Bur, if you recall, was a high zinc-based metal mine.

如果你還記得的話，布爾是一個​​高鋅基金屬礦。

It was a high focus at the time prior to the discovery of Lalor.

在拉勒被發現之前，這是一個高度關注的問題。

And then when Lalor happened, it sort of got shelved.

然後當拉勒發生時，它就被擱置了。

But now, with the mill capacity, teams are looking at all of these at the same time.

但現在，隨著工廠產能的提高，團隊正在同時考慮所有這些問題。

So there's a lot of ones that we already know about, and we're looking at them in very different ways.

因此，我們已經了解了很多問題，並且我們正在以非常不同的方式看待它們。

And the exploration, we hope to extend further the copper-gold as well at Lalor to extend the life, and that's just a natural progression for us.

在勘探中，我們希望進一步擴展拉勒的銅金礦，以延長壽命，這對我們來說只是一個自然的進展。

There's more I could talk for a long time on it, maybe offline, but it's very exciting.

還有更多我可以談論很長時間的內容，也許是線下的，但這非常令人興奮。

Thanks.

謝謝。

I mean, maybe just a follow-up quickly on that, I guess, is it fair to say that with the satellite deposits not using the shaft at Lalor, your overall production from the Snow Lake camp could go up with extra capacity in the mills and not being shaft-constrained?

我的意思是，也許只是對此的快速跟進，我想，公平地說，由於衛星礦床不使用拉勒的豎井，雪湖營地的總產量可能會隨著工廠的額外產能而增加並且不受軸約束？

Is that the right way to think about it?

這是正確的思考方式嗎？

Absolutely.

絕對地。

And we're not shaft-constrained yet, so there's still room in the shaft, and our intention is the 1901, someday, once we get it coming in the near future, that'll go up the shaft as well.

而且我們還沒有受到軸約束，所以軸中仍然有空間，我們的目標是 1901，有一天，一旦我們在不久的將來推出它，它也會上升到軸上。

But yes, those additional fees, it's just like Reed mine.

但是，是的，這些額外費用，就像里德我的一樣。

There's a number of all these smaller, 1-million to 3-million to 4-million-tonne deposits.

有許多小型礦床，儲量為 100 萬至 300 萬至 400 萬噸。

They're not the big anchor like Lalor, but we're looking at them.

他們不像拉勒那樣是大主播，但我們正在關注他們。

If they run like some of them need roads and the like, if they run like a logging operation and only run through in the winter time, if need be.

如果他們像伐木場一樣運行，並且只在冬天運行（如果需要的話）。

But others might be a steady, small, high-margin producer.

但其他公司可能是穩定的、小型的、高利潤的生產商。

So yeah, there's lots of opportunities.

所以是的，有很多機會。

I'm going to -- sorry, carry on, Jackie.

我要——抱歉，繼續，傑基。

No, sorry, I just wanted to ask Andre to repeat that.

不，抱歉，我只是想請安德烈重複一遍。

The 1901 would go up the shaft, you said.

你說過，1901 年會上升到豎井。

1901 will go up the shaft.

1901年將上井。

And so one of the things we're trialing this year with the 1901 is some battery electric vehicles, and it's a downhill run with the battery electric trucks.

因此，我們今年對 1901 進行的試驗之一是一些電池電動車，這是電池電動卡車的下坡行駛。

And we see that as a positive from the greenhouse gas perspective.

從溫室氣體的角度來看，我們認為這是正面的。

But going downhill, recharging is our plan, the trucks, and coming back up on battery.

但下坡時，我們的計畫是為卡車充電，然後再用電池充電。

So it's a -- and we do have the capacity.

所以這是──我們確實有能力。

The teams have done a great job in terms of increasing the skip capacity and optimizing the uptime in the shaft, but only also increasing the amount of material and volume that we can put into the measuring class and the skips.

這些團隊在增加料斗容量和優化豎井正常運作時間方面做得非常出色，但也只是增加了我們可以放入測量級和料斗的材料量和體積。

Thank you.

謝謝。

I was just going to add, Jackie, to what Andre was saying.

傑基，我只是想補充安德烈所說的話。

So I've got to back to my comment that Andre and I were in Manitoba last week, and I have to tell you that the atmosphere there is electric.

所以我必須回到我的評論，安德烈和我上週在馬尼托巴省，我必須告訴你那裡的氣氛很緊張。

So there's all of this exploration stuff going on, but the collaboration amongst the team towards performance improvement is just amazing.

所有這些探索工作都在進行，但團隊之間為提高效能而進行的協作令人驚訝。

So a lot of you and a lot of our investors visited Constancia in September last year, and you saw the sort of interaction and the pride that exists amongst the team there and how they're doing.

你們中的許多人和我們的許多投資者在去年九月訪問了康斯坦西亞，你們看到了那裡團隊之間的互動和自豪感以及他們的工作方式。

Exactly the same thing exists in Manitoba right now, and we just can't wait to show that.

現在曼尼托巴省也存在同樣的情況，我們迫不及待地想展示這一點。

And now, we're busy sowing those seeds at Copper Mountain, and it's going to be fun.

現在，我們正忙著在銅山播種這些種子，這將會很有趣。

That's fantastic.

這太妙了。

Yeah, it was a great atmosphere in Peru.

是的，秘魯的氣氛很棒。

Thanks very much, and congrats again.

非常感謝，並再次恭喜。

Stefan Ioannou, Cormark Securities.

Stefan Ioannou，Cormark 證券公司。

Thanks very much, guys, and again, great to see the quarter.

非常感謝，夥計們，再次很高興看到這個季度。

Just curious, in Peru, obviously, you mentioned, obviously, permits or applications to drill at Caballito and Maria Reyna are either in or going in and planning to drill those projects as you can.

只是好奇，在秘魯，顯然，你提到，顯然，在卡巴利托和瑪麗亞雷納鑽探的許可證或申請要么已經進入，要么正在進入，併計劃盡可能地鑽探這些項目。

Any timeline on when you think you might actually have those permits?

您認為自己可能真正獲得這些許可證的時間有什麼時間表嗎？

I know it's been vague and a bit of a vague timeline, but any guidance on that?

我知道這很模糊，而且時間表有點模糊，但是對此有什麼指導嗎？

Hi, Stefan.

嗨，斯特凡。

Thanks.

謝謝。

So we submitted the Maria Reyna permit application in November.

因此，我們在 11 月提交了 Maria Reyna 許可證申請。

We're in the process of putting the Caballito one together.

我們正在將 Caballito 組裝在一起。

We expected to submit it in the first half of the year, so in the next several months.

我們預計會在上半年提交，因此會在接下來的幾個月內提交。

The rough guess of the time that it takes to get one of these approved is roughly a year.

粗略估計其中一項獲得批准所需的時間大約是一年。

So I assume that by -- during 2025, we'll be able to start drilling.

所以我認為到 2025 年，我們將能夠開始鑽探。

But I think that one of the things that I would observe is that we have, once again, a very large contingent of Peruvian government officials coming to PDAC.

但我認為我要觀察到的一件事是，我們再次迎來了大批秘魯政府官員參加 PDAC。

And I'm sure that there'll be lots of discussions with PDAC about the process and how to streamline it, and I'm pretty sure we'll get a lot of support from the Peruvian government to start -- to streamline the process.

我確信，我們將與 PDAC 就流程以及如何簡化流程進行大量討論，而且我確信我們將得到秘魯政府的大力支持，以簡化流程。 。

But I think, from a planning perspective, we imagine it's going to take roughly a year to get those permits.

但我認為，從規劃的角度來看，我們預計需要大約一年的時間才能獲得這些許可證。

Okay, great.

好的，太好了。

That's helpful.

這很有幫助。

And then shifting gears over to Manitoba, it's great to see New Brit running so well and the fact that you're closer to 2,000 tonne a day now, and then you just mentioned that you've got a permit now to go to 2,500.

然後轉移到曼尼托巴省，很高興看到 New Brit 運行得這麼好，而且現在每天的產量接近 2,000 噸，然後您剛剛提到您現在已經獲得了達到 2,500 噸的許可證。

Just out of curiosity, is that -- could you get to the 2,500 by just continuing to push hard on that thing, or at some point, do you have to invest some more capital into it to actually get it there?

只是出於好奇，你是否可以透過繼續努力推動這件事來達到 2,500，或者在某個時候，你是否需要投入更多資金才能真正實現這一目標？

So this is all very, very low capital improvements that the teams are looking at.

因此，團隊正在考慮的這些都是非常非常低的資本改善。

And so right now, in the month of January, they've been trialing to send more Stall, call it, base metal light feed, not really heavy base metal feed that wasn't traditionally thought or envisioned for New Britannia.

所以現在，在一月份，他們一直在嘗試發送更多的失速，稱之為賤金屬輕飼料，而不是新不列顛尼亞傳統上認為或設想的重賤金屬飼料。

And they've been successful at getting it with just slight decreases in recovery, but significantly better gold recoveries than we would get at Stall.

他們已經成功地做到了這一點，只是回收率略有下降，但黃金回收率比我們在 Stall 得到的要好得多。

So we're able to send more of the feed that we're currently producing and generate more gold ounces out the door.

因此，我們能夠發送更多目前正在生產的原料，並產出更多的金盎司。

So there's a real drive and focus on it.

所以有真正的動力並專注於它。

And so right now, our current process, we send copper concentrate over to be processed at New Brit through a pipeline.

因此，現在，我們目前的流程是透過管道將銅精礦送到 New Brit 進行加工。

And right now, with the base metal feeds that we're putting over to New Britannia, we're producing so much copper there now that our filter presses can't keep up.

現在，隨著我們向新不列顛尼亞提供賤金屬原料，我們在那裡生產大量的銅，以至於我們的壓濾機無法跟上。

So what they're contemplating is repurposing that pipeline, where we were sending the copper concentrate over to New Brit to be filtered, is to use that pipeline as a tailings line to go the other way and put a filter in to manage copper at Stall, which is low CapEx.

因此，他們正在考慮重新利用該管道（我們將銅精礦送到 New Brit 進行過濾），將該管道用作尾礦管道，然後換向並安裝過濾器來管理 Stall 的銅，資本支出較低。

We just put in two there, two new ceramic filters.

我們只是在那裡放了兩個，兩個新的陶瓷過濾器。

So very low CapEx, and it's -- we're looking at dialing up the gold recovery.

資本支出非常低，我們正在考慮推動黃金復甦。

And we'll see -- especially as 1901 comes online in the future, there'll be a lot more work on there.

我們將會看到，尤其是當《1901》將來上線時，將會有更多的工作要做。

Okay, great to see.

好的，很高興看到。

And maybe just one last one for me real quick, following on Jackie's question, obviously, a lot of excitement in Manitoba, in Snow Lake.

也許對我來說只是最後一個，緊接著傑基的問題，顯然，在馬尼托巴省，在雪湖，有很多令人興奮的事情。

Should we be thinking at all about Flin Flon right now, or is all excitement actually focused in Snow Lake proper?

我們現在是否應該考慮弗林弗倫，或者所有的興奮實際上都集中在雪湖本身？

Hi.

你好。

I'm going to let Andre comment further.

我將讓安德烈進一步發表評論。

Flin Flon is -- we're very focused on Flin Flon as well, and a separate team is looking after Flin Flon and tailings, addressing those tailings recovery potential.

Flin Flon - 我們也非常關注 Flin Flon，並且有一個單獨的團隊正在照顧 Flin Flon 和尾礦，解決這些尾礦回收潛力。

There's two obviously -- there's two initiatives: one is on the traditional tailings, and the other is the ZPL tailings from the zinc plant.

顯然有兩個——有兩個舉措：一個是傳統尾礦，另一個是鋅廠的 ZPL 尾礦。

And we're making a fair amount of progress there.

我們正在這方面取得相當大的進展。

I think the goal initially is to reduce our environmental performance and turn it into a cash-neutral camp and, if not, turn it into a mine that actually produces cash flows.

我認為最初的目標是降低我們的環境績效，並將其轉變為現金中性營地，如果不是，則將其轉變為真正產生現金流的礦山。

But it's progressing well.

但進展順利。

Andre, any comments from your side?

安德烈，你有什麼意見嗎？

I think you hit it.

我認為你擊中了它。

So yes, the Marubeni exploration, we're expecting to get an agreement with them shortly there on a plan.

所以，是的，丸紅勘探，我們希望很快與他們就計劃達成協議。

We have all the targets laid out, and drills are ready to go, just waiting for us to sign that agreement.

我們已經制定了所有目標，演習也準備就緒，就等我們簽署協議了。

It was really exciting, like Peter said, there's two different tailings.

這真的很令人興奮，就像彼得說的，有兩種不同的尾礦。

The zinc plant tails is something that is very low risk.

鋅廠尾礦的風險非常低。

It's very low risk from the perspective we had a flow sheet designed metallurgically.

從我們冶金設計的流程圖的角度來看，風險非常低。

It was there.

它就在那裡。

It's been sitting on the shelf for years, and so it's something that's relatively, I'd say, for an open pit, it's very, very high NSR.

它已經被擱置了很多年，所以我想說，對於露天礦場來說，它的 NSR 非常非常高。

I won't say what it is.

我不會說那是什麼。

Well, they think that it's very early.

嗯，他們認為現在還為時過早。

We're hoping to see some studies on it in the near future.

我們希望在不久的將來看到一些關於它的研究。

And the Cobalt Blue process around the bigger Flin Flon tails, that's progressing very well.

圍繞更大的 Flin Flon 尾部的鈷藍工藝進展非常順利。

And they've been successful at converting pyrite to pyrrhotite, which Peter described as what that does is we're working at eliminating the acid generation of the tails.

他們已經成功地將黃鐵礦轉化為磁黃鐵礦，彼得將其描述為我們正在努力消除尾部酸的產生。

And basically wiping out any water treatment out for the next 100 years is our goal.

我們的目標是在未來 100 年基本上消除任何水處理方法。

And so we see that as a huge upside.

所以我們認為這是一個巨大的優勢。

It almost becomes, like Peter said, another mine, and we own it.

正如彼得所說，它幾乎成為另一個礦井，而我們擁有它。

And so the teams are working very hard at that.

因此，團隊正在為此努力。

Okay.

好的。

So bottom line, don't forget about Flin Flon.

所以最重要的是，不要忘記 Flin Flon。

All right, great.

好吧，太好了。

Thanks very much for the time, guys.

非常感謝你們抽出時間。

Appreciate it.

欣賞它。

Thank you.

謝謝。

There are no further questions at this time.

目前沒有其他問題。

I will now hand the call back to Candace Brule for the closing remarks.

現在我將把電話轉回給坎迪斯·布魯爾（Candace Brule）做總結發言。

Great.

偉大的。

Thank you, operator, and thank you, everyone, for joining us today.

謝謝運營商，也謝謝大家今天加入我們。

If you have any further questions, feel free to reach out to our investor relations team.

如果您還有任何疑問，請隨時聯絡我們的投資者關係團隊。

Thank you.

謝謝。

Thank you.

謝謝。

Ladies and gentlemen, the conference has now ended.

女士們、先生們，會議現已結束。

Thank you all for joining.

感謝大家的加入。

You may all disconnect.

你們都可以斷開連線。