Hudbay Minerals Inc (HBM) 2024 Q2 法說會逐字稿

Good morning, ladies and gentlemen. Thank you for standing by. Welcome to the Hudbay Minerals Inc. second-quarter 2024 results conference call. (Operator Instructions) I would like to remind everyone that this conference call is being recorded today August 13, 2024 at 11:00 AM, Eastern time. I will now turn the conference over to Candace Brule Lake, Vice President, Investor Relations. Please go ahead.

早安，女士們先生們。謝謝你的支持。歡迎參加 Hudbay Minerals Inc. 2024 年第二季業績電話會議。 （操作員說明）我想提醒大家，這次電話會議是在東部時間今天 2024 年 8 月 13 日上午 11:00 錄製的。我現在將會議交給投資者關係副總裁坎迪斯·布魯爾·萊克 (Candace Brule Lake)。請繼續。

Thank you, operator. Good morning, and welcome to Hudbay's 2024 second quarter results conference call. Hudbay's financial results were issued this morning and are available on our website at www.hudbay.com. A corresponding PowerPoint presentation is available on the Investors section of our website, and we encourage you to refer to it during this call.

謝謝你，接線生。早安，歡迎參加 Hudbay 2024 年第二季業績電話會議。 Hudbay 的財務表現於今天上午發布，可在我們的網站 www.hudbay.com 上查閱。我們網站的投資者部分提供了相應的 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. Accompanying Peter for the Q&A portion of the call will be Eugene Lee, our Chief Financial Officer; and Andre Lauzon, our Chief Operating Officer.

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 Lee；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 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+ in EDGAR. These documents are also available on our website. As a reminder, all amounts discussed on today's call are in US dollars unless otherwise noted.

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 EDGAR 中 SEDAR+ 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。

Thank you Candace. Good morning, everyone, and thank you for joining us. In the second quarter, our operations continued to execute on plan, which has positioned us well to achieve our 2024 annual production guidance. The operations also demonstrated strong cost control, which together with our exposure to higher gold by-product credits, has allowed us to improve our 2024 consolidated cash cost guidance.

謝謝坎迪斯。大家早安，感謝您加入我們。第二季度，我們的營運繼續按計劃執行，這使我們能夠很好地實現 2024 年的年度生產目標。這些業務也表現出強大的成本控制能力，再加上我們擁有更高的黃金副產品信用，使我們能夠改善 2024 年綜合現金成本指引。

Our strong and diversified operating base continues to generate free cash flow from efficient performance in Peru in Manitoba and in British, Columbia, we continue to execute on our stabilization initiatives and planned stripping program to unlock higher copper grades. We have transformed our balance sheet and are now in the best position we have ever been in to advance our many growth initiatives, which will unlock significant upside potential in our pipeline and further enhance our copper and gold exposure.

我們強大而多元化的經營基礎繼續從秘魯、馬尼托巴省和不列顛哥倫比亞省的高效表現中產生自由現金流，我們繼續執行我們的穩定舉措和計劃的剝離計劃，以釋放更高的銅品位。我們已經改變了我們的資產負債表，現在處於推進我們許多成長計劃的最佳位置，這將釋放我們管道的巨大上行潛力，並進一步增強我們的銅和黃金敞口。

We will go into more detail on our second quarter operating and financial performance throughout today's presentation, along with providing an update on many of the exciting growth initiatives underway.

在今天的演示中，我們將更詳細地介紹第二季度的營運和財務業績，並提供許多正在進行的令人興奮的成長計劃的最新資訊。

Slide 3 summarizes the financial performance in the second quarter. We achieved consolidated copper production of 29,000 tonnes and consolidated gold production of 59,000 ounces in the quarter. This was in line with our quarterly production cadence expectations for 2024 as we executed the planned stripping programs in both Peru and British Columbia this quarter.

投影片 3 總結了第二季的財務表現。本季我們的綜合銅產量為 29,000 噸，綜合黃金產量為 59,000 盎司。這符合我們對 2024 年季度生產節奏的預期，因為我們本季在秘魯和不列顛哥倫比亞省執行了計劃的剝離計劃。

We are well positioned to achieve stronger production in the second half of 2024 in accordance with the mine production profile and have reaffirmed 2024 consolidated production guidance for all metals. As you are now halfway through the year, we can give a bit more color on where we expect to be within the ranges. Consolidated copper production is likely to be below the midpoint of the guidance range, while consolidated gold production is expected to be above the midpoint of the guidance range.

根據礦山生產情況，我們已準備好在 2024 年下半年實現更強勁的生產，並重申了 2024 年所有金屬的綜合生產指引。由於現在已過半，我們可以對我們預期的範圍內的情況提供更多的資訊。綜合銅產量可能低於指導範圍的中點，而綜合黃金產量預計將高於指導範圍的中點。

This is primarily a result of lower than expected grades and timing impacts from heavy rains in Peru earlier this year as well as the transition period at Copper Mountain as we execute the stabilization plans. Manitoba's robust operating performance, primarily driven by continued outperformance at the New Britannia mill and higher than expected grades has led us to expect stronger gold production for 2024.

這主要是由於今年早些時候秘魯大雨的等級低於預期以及時間影響以及我們執行穩定計劃時銅山的過渡期。馬尼托巴省強勁的經營業績主要是由新不列顛尼亞工廠的持續出色表現和高於預期的品位推動的，這使我們預計 2024 年黃金產量將更加強勁。

Consolidated cash costs were $1.14 per pound of copper in the second quarter. This continued strong cost performance has allowed us to improve our 2024 consolidated cash cost guidance to a range of $0.9 to $1.10 per pound. This compares to our previous guidance range of $1.5 to $1.25 per pound. The improved guidance reflects the stronger outlook expected in the second half of 2024 and the benefits of complementary gold exposure, and we have reaffirmed all other 2024 guidance metrics.

第二季綜合現金成本為每磅銅 1.14 美元。這種持續強勁的成本績效使我們能夠將 2024 年綜合現金成本指引提高至每磅 0.9 至 1.10 美元的範圍。相比之下，我們先前的指導範圍為每磅 1.5 美元至 1.25 美元。改進後的指導反映了 2024 年下半年預期的更強勁前景以及補充黃金敞口的好處，並且我們重申了所有其他 2024 年指導指標。

Operating cash flow before change in noncash working capital of $122 million was lower than the first quarter as a result of the planned lower production levels, partially offset by higher realized metal prices and continued strong cost performance. This quarter was also impacted by copper sales volumes in Peru and Zinc sales volumes in Manitoba due to timing of shipments.

由於計劃降低生產水平，非現金營運資本變動前的營運現金流為 1.22 億美元，低於第一季度，但部分被實際金屬價格上漲和持續強勁的性價比所抵消。由於出貨時間的原因，本季也受到秘魯銅銷售和馬尼托巴鋅銷售的影響。

We also saw elevated taxes from mining taxes that are calculated based on taxable mining profits in each jurisdiction. Cash flows benefited from effective working capital management, which resulted in cash generated from operating activities of $139 million, remaining unchanged from the first quarter. Adjusted EBITDA of $145 million in the quarter was lower than the first quarter due to the same reasons affecting operating cash flow.

我們還發現，根據每個司法管轄區的應稅採礦利潤計算得出的採礦稅稅率有所提高。現金流受益於有效的營運資金管理，經營活動產生的現金為1.39億美元，與第一季持平。由於影響營運現金流的相同原因，本季調整後 EBITDA 為 1.45 億美元，低於第一季。

However, trailing 12 months adjusted EBITDA was $824 million, a substantial increase from $407 million a year ago. Adjusted earnings per share attributable to owners was nil in the second quarter. After deducting sustaining capital expenditures and cash lease and community payments, we generated approximately $30 million in free cash flow this quarter. This continues our quarterly trend of generating positive free cash flow and over the last 12 months, we have generated nearly $400 million in free cash flow.

然而，過去 12 個月調整後 EBITDA 為 8.24 億美元，比一年前的 4.07 億美元大幅成長。第二季調整後歸屬於所有者的每股盈餘為零。扣除持續資本支出以及現金租賃和社區付款後，本季我們產生了約 3,000 萬美元的自由現金流。這延續了我們每季產生正自由現金流的趨勢，在過去 12 個月中，我們產生了近 4 億美元的自由現金流。

Turning to slide 4. Our strong free cash flow generation, combined with the proceeds of the successful equity offering we completed in May have enabled us to further improve our balance sheet. During the quarter, we took several prudent measures to further progress against our deleveraging targets by paying down more than $150 million in debt and gold prepay liabilities.

轉向投影片 4。本季度，我們採取了多項審慎措施，透過償還超過 1.5 億美元的債務和黃金預付負債，進一步實現去槓桿化目標。

The oversubscribed and upsized $400 million equity offering added $386 million of net proceeds to our cash balance. In addition to broadening our investor base and bringing many cross-border long-term investors to our shareholder register. We used some of these funds to repay the full outstanding balance of $90 million on our senior secured credit facilities.

超額認購和增額 4 億美元的股票發行為我們的現金餘額增加了 3.86 億美元的淨收益。除了擴大我們的投資者基礎並將許多跨國長期投資者納入我們的股東名冊之外。我們使用其中部分資金償還優先擔保信貸額度中 9,000 萬美元的全部未償餘額。

We also repurchased and retired $34 million of senior unsecured notes during the quarter, and we completed an additional three months of gold deliveries under the gold prepay agreement, reducing the liability by $24 million and progressing us towards fully repaying the gold prepay facility by the end of August.

我們還在本季度回購並註銷了3400 萬美元的高級無抵押票據，並根據黃金預付協議完成了額外三個月的黃金交割，從而減少了2400 萬美元的負債，並推動我們在年底前完全償還黃金預付額度八月。

As a result of continued cash flow generation and these deleveraging efforts, we have reduced net debt by more than $550 million over the past 12 months. And as of June 30, our net debt is $632 million. This brings our net debt to adjusted EBITDA ratio to 0.8 times compared to 1.6 times at the end of 2023 and 2.9 times a year ago.

由於持續產生現金流和這些去槓桿化努力，我們在過去 12 個月內減少了超過 5.5 億美元的淨債務。截至 6 月 30 日，我們的淨債務為 6.32 億美元。這使得我們的淨負債與調整後 EBITDA 比率達到 0.8 倍，而 2023 年底為 1.6 倍，一年前為 2.9 倍。

The improved balance sheet flexibility and accelerated debt reduction, significantly advances our progress as part of our 3P plan for sanctioning Copper weld and resulted in the successful achievement of the targeted 1.2 times net leverage ratio well ahead of schedule. Subsequent to the quarter deleveraging efforts continued in July and August with an additional $48 million of open market purchases of our senior unsecured notes at a discount.

作為制裁銅焊接的 3P 計劃的一部分，資產負債表靈活性的改善和債務削減的加速，顯著推進了我們的進展，並提前成功實現了 1.2 倍淨槓桿率的目標。本季結束後，去槓桿化工作在 7 月和 8 月繼續進行，我們在公開市場以折扣價額外購買了 4,800 萬美元的高級無擔保票據。

Moving to slide 5. Our Peru operations produced 19,000 tonnes of copper, 11,000 ounces of gold, 450,000 ounces of silver and approximately 400 tonnes of molybdenum in the quarter. We continue to be on track to achieve our 2024 production guidance for all metals in Peru. Total ore mined in the second quarter increased by 38% compared to the prior quarter and was in line with the mine plan.

轉到幻燈片 5。我們繼續有望實現秘魯所有金屬 2024 年的生產指導目標。第二季開採的礦石總量較上季增加38%，符合開採計畫。

As part of the mine plan to unlock the next mining phase in the Pampacancha pit. The team is well advanced in executing the stripping program that will continue until September. It is intended to unlock higher copper and gold grades at the Peru operations in the fourth quarter of 2024.

作為礦山計畫的一部分，將開啟潘帕坎查礦坑的下一個採礦階段。該團隊在執行剝離計劃方面進展順利，該計劃將持續到九月。計劃於 2024 年第四季在秘魯業務中釋放更高的銅和金品位。

The Constancia mill continues to perform well, averaging throughput of 87,000 tonnes per day in the first half of the year. Ore milled in the second quarter was slightly lower than the prior quarter due to the semi-annual mill maintenance shutdown. All milled included supplemental ore feed from stockpiles during the quarter as the team advances pit stripping activities.

Constancia 工廠持續表現良好，上半年平均日產量為 87,000 噸。由於半年一次的磨廠維護停工，第二季礦石研磨量略低於上一季。隨著團隊推進礦坑剝離活動，本季所有研磨的礦石都包括來自庫存的補充礦石原料。

Milled, copper and gold grades decreased in the second quarter due to lower amounts of high-grade ore from Pampacancha. In addition to lower grades from processing stockpiled ore. Recoveries continued to be in line with our metallurgical models. Peru's cash costs were $1.78, up from the exceptionally low first quarter, primarily due to the lower planned production planned mill maintenance and byproduct credits.

由於潘帕坎查 (Pampacancha) 的高品位礦石數量減少，第二季的磨礦、銅和金品位下降。除了加工庫存礦石而降低品位之外。回收率繼續符合我們的冶金模型。秘魯的現金成本為 1.78 美元，高於第一季的異常低水平，主要是由於計劃生產計劃工廠維護和副產品信貸較低。

Full year cash costs are expected to be within the 2024 guidance range, reflecting a stronger production profile in the second half of the year. During the quarter, the Peruvian Ministry of Energy and Mines approved a regulatory change to allow mining companies in Peru to increase throughput by up to 10% above permitted levels.

全年現金成本預計將在 2024 年指引範圍內，反映出下半年生產狀況更加強勁。本季度，秘魯能源和礦業部批准了一項監管改革，允許秘魯礦業公司將吞吐量提高至允許水平之上 10%。

Based on this flexibility, we are evaluating the potential for increasing future production at Constancia as early as 2026, which could partially offset the grade declines after the completion of mining at Pampacancha in late 2025. Our exploration activity surrounding the marina and cover retail properties near Constancia continue to focus on permitting and drill preparation.

基於這種靈活性，我們正在評估康斯坦西亞最早在2026 年增加未來產量的潛力，這可能會部分抵消2025 年末Pampacancha 採礦完成後品位下降的影響。 。

As part of the drill permitting process, environmental impact assessment applications or EIAs were submitted for the marina property in November 2023 and for the Caballito property in April 2024. The EIA from mari arena was approved by the government in June 2024 in the cabin heater application continues to make progress through the permitting process.

作為鑽探許可流程的一部分，碼頭物業於2023 年11 月提交了環境影響評估申請或EIA，Caballito 物業於2024 年4 月提交。獲得政府批准繼續在許可程序中取得進展。

This represents one of several steps in the drill permitting process which is expected to take approximately 12 months to complete after the EIAs are approved.

這是鑽探許可流程的幾個步驟之一，預計在環境影響評估獲得批准後需要大約 12 個月才能完成。

Moving on to our Manitoba business, as summarized on slide 6, we saw another quarter of strong operating performance. The Snow Lake operations maintained steady production results while overcoming some challenges in the quarter, including forest fires and temporary production interruptions at the Lor mine. The Manitoba team's resilience and dedication ensured that the operations continued to function effectively and efficiently while achieving our quarterly production targets.

繼續我們的曼尼托巴業務，正如幻燈片 6 所總結的那樣，我們看到了另一個季度的強勁營運業績。 Snow Lake 業務保持了穩定的生產業績，同時克服了本季的一些挑戰，包括森林火災和 Lor 礦的臨時生產中斷。馬尼托巴團隊的韌性和奉獻精神確保了營運繼續有效且有效率地運作，同時實現了我們的季度生產目標。

Second quarter production included 43,000 ounces of gold, 2,600 tonnes of copper, 8,000 tonnes of zinc and 210,000 ounces of silver. As anticipated, quarterly production decreased compared to the exceptional results achieved in the first quarter, primarily due to a planned lower grade mining sequence in the quarter. We remain well on track to achieve our 2024 production guidance for all metals in Manitoba.

第二季產量包括 43,000 盎司黃金、2,600 噸銅、8,000 噸鋅和 210,000 盎司白銀。正如預期的那樣，與第一季取得的優異業績相比，季度產量有所下降，這主要是由於本季度計劃進行的較低品位採礦序列。我們仍然有望實現馬尼托巴省所有金屬的 2024 年生產指導方針。

Total ore mined in the second quarter was 5% lower than the first quarter, reflecting issues with the production hoist, gearbox and electrical faults on the hoist drives, which caused a 10-day stoppage in hoisting all. The hoisting downtime was offset by value added activities, including underground or build up close to the shaft waste filling, increased maintenance, building long-hole inventory and trucking ore to surface.

第二季開採的礦石總量比第一季減少了 5%，反映出生產提昇機、變速箱和提昇機驅動器電氣故障的問題，導致全部提升停止 10 天。提升停機時間被增值活動所抵消，包括在地下或靠近豎井廢物填充、增加維護、建立深孔庫存以及將礦石運送到地面。

Additionally, the team implemented stope design modifications that yielded positive results by improving marketing efficiency throughout the lifecycle of the stopes. The New Britannia mill has been consistently exceeding performance expectations, achieving 1,650 tonnes per day in 2023, more than 1,850 tonnes per day in the first half of 2024 and a new monthly record of nearly 2,100 tonnes per day in June 2024.

此外，該團隊還實施了採場設計修改，透過提高採場整個生命週期的行銷效率，取得了積極的成果。 New Britannia 工廠的業績持續超出預期，2023 年產量達到 1,650 噸/日，2024 年上半年超過 1,850 噸/日，並於 2024 年 6 月創下近 2,100 噸/日的月度新紀錄。

The ongoing efforts to increase throughput are aligned with our strategy to maximize gold production by directing more gold for from Lalor to the New Britannia mill for higher recoveries. Recoveries of gold and copper were 90% and 94% respectively in the second quarter. The final payment under the gold prepay facility that financed the refurbishment of New Britannia is in August 2024, which will allow us to further enhance our exposure to higher gold production in Snow Lake with approximately 2 million ounces of contained gold in current mineral reserve estimates, another 1.4 million ounces of contained gold in inferred resources for New Britannia investment has unlocked significant value in Snow Lake.

我們不斷努力提高產量，這與我們透過將更多黃金從 Lalor 輸送到 New Britannia 工廠以提高回收率來最大限度地提高黃金產量的策略相一致。第二季黃金和銅的回收率分別為90%和94%。為新不列顛尼亞號翻修提供資金的黃金預付機制的最終付款將於2024 年8 月支付，這將使我們能夠進一步提高雪湖黃金產量的敞口，目前礦產儲量估計中含有約200 萬盎司黃金，新不列顛尼亞投資的推斷資源中另有 140 萬盎司黃金已釋放出 Snow Lake 的巨大價值。

This could be further enhanced by regional exploration upside and the current strong gold price environment. In the first quarter of 2024, we received a permit to increase the production rate at New Britannia to 2,500 tonnes per day, which will provide the opportunity to process more Lalor ore at the New Britannia mill and create additional processing capacity for potential new regional discoveries in Snow Lake.

區域勘探的上行空間和當前強勁的金價環境可能會進一步增強這一點。 2024 年第一季度，我們獲得了將 New Britannia 的產量提高到每天 2,500 噸的許可，這將為新 Britannia 工廠加工更多 Lalor 礦石提供機會，並為潛在的新區域發現創造額外的加工能力在雪湖。

And to close off the Manitoba slide, gold cash cost was $771 per ounce in the second quarter and full year gold cash costs are expected to remain within the 2024 guidance range. In British Columbia, we continue to focus on advancing our operational stabilization plans at our Copper Mountain Mine. As seen on slide 7, BC produced 6,700 tonnes of copper, 4,500 ounces of gold and 77,000 ounces of silver.

為了結束曼尼托巴省的下滑，第二季黃金現金成本為每盎司 771 美元，預計全年黃金現金成本將保持在 2024 年指引範圍內。在不列顛哥倫比亞省，我們繼續專注於推進銅山礦的營運穩定計畫。如幻燈片 7 所示，BC 省生產了 6,700 噸銅、4,500 盎司黃金和 77,000 盎司白銀。

Copper production was slightly lower than the first quarter, primarily a result of lower head grades from the processing of stockpiled ore to feed the mill. While mining activities are focused on executing the planned stripping program, gold production was consistent with the first quarter. We have reaffirmed our 2024 production guidance ranges for all metals in British Columbia.

銅產量略低於第一季度，主要是由於加工庫存礦石以供工廠使用而導致的原品位較低。雖然採礦活動的重點是執行計劃的剝離計劃，但黃金產量與第一季持平。我們重申了不列顛哥倫比亞省所有金屬 2024 年的生產指引範圍。

The mill processed a total of 3.2 million tonnes of ore during the quarter with mill availability averaging 94%, while maintaining a stable throughput rate. Copper recoveries in the quarter were 82.3%, consistent with the strong levels achieved in the first quarter, despite lower grades as the operations improved the regrind circuit constraints and we implemented the flotation operational strategy improvements. Cash costs were $2.67 per pound of copper, 23% lower than the prior quarter. Primarily due to lower mining costs as the prior quarter had high ore rehandling costs. We anticipate costs to continue to decrease over time as we continue to implement our stabilization and optimization initiatives. Full year cash costs are expected to be within the guidance range.

該廠在本季總共加工了 320 萬噸礦石，工廠利用率平均為 94%，同時維持穩定的吞吐量。本季的銅回收率為 82.3%，與第一季實現的強勁水平一致，儘管由於營運改善了回收循環限制以及我們實施了浮選營運策略改進，銅品位有所下降。現金成本為每磅銅 2.67 美元，比上一季下降 23%。主要是由於上一季礦石再處理成本較高，因此採礦成本較低。隨著我們繼續實施穩定和優化舉措，我們預計成本將隨著時間的推移而繼續下降。預計全年現金成本將在指導範圍內。

Slide 8 highlights the improvements we have seen at Copper Mountain through the continuation of our stabilization efforts since acquisition. The key elements of our stabilization plans include executing a campaign of accelerated stripping to access higher grades and implementing several plant improvement initiatives to increase mill throughput and recoveries. Year to date, performance has achieved the highest mill availability and highest copper recoveries in the last decade.

投影片 8 重點介紹了自收購以來我們透過持續穩定工作在 Copper Mountain 所取得的進步。我們穩定計畫的關鍵要素包括執行加速剝離活動以獲得更高品位，以及實施多項工廠改善措施以提高工廠產量和回收率。迄今為止，性能已實現過去十年來最高的工廠利用率和最高的銅回收率。

As a result, we are on track to realize the three year annual operating efficiencies target of $20 million, and we already achieved and exceeded the targeted $10 million in annualized corporate synergies earlier this year, Hudbay's three year accelerated stripping campaign commenced in early 2024 to mitigate the substantially reduced stripping that occurred over the four years prior to our acquisition. Total material move continued to ramp up in the quarter as a result of effective usage of the mining fleet. As part of the fleet production ramp-up plan, we have successfully remobilized all 28 hole trucks and added five additional haul trucks this year to execute the accelerated stripping campaign at a lower cost and the contractor mining costs assumed in the technical report.

因此，我們預計將實現2000 萬美元的三年年度營運效率目標，並且我們已經在今年早些時候實現並超過了1000 萬美元的年度企業協同效應目標，Hudbay 的三年加速剝離活動於2024 年初開始，旨在減輕我們收購之前四年內發生的大幅減少的剝離。由於採礦車隊的有效利用，本季物料運輸總量持續增加。作為車隊生產提升計劃的一部分，我們今年成功重新調動了所有 28 孔卡車，並增加了 5 輛額外的運輸卡車，以較低的成本和技術報告中假設的承包商採礦成本執行加速剝離活動。

We have also deployed an additional seven and drill with these in place. Total material moved is expected to continue to increase quarter over quarter as per the mine plan, which will further enhance operating efficiencies and lower unit operating costs. Additionally, we are implementing plant improvement initiatives that mirror the successful processes at our other operations specifically, Constantia.

我們還額外部署了七個並進行了演練。根據礦山計劃，搬運的材料總量預計將繼續逐季度增加，這將進一步提高營運效率並降低單位營運成本。此外，我們正在實施工廠改進計劃，以反映我們其他業務（特別是康斯坦蒂亞）的成功流程。

Initiatives that began early in the year are progressing on target, including reprogramming the mill expert system installation of advanced semi autogenous grinding control instrumentation, redesign of the SAG line of package and updated operational procedures intended to remove magnetite from the pebble stream. The mill throughput performance has been limited by reduced reliability of the secondary crushing circuit, reaching average daily mill throughput of 35,500 tonnes per day in the second quarter.

今年年初開始的舉措正在按目標取得進展，包括重新編程磨機專家系統、安裝先進的半自磨控制儀器、重新設計 SAG 生產線以及更新旨在從卵石流中去除磁鐵礦的操作程序。由於二級破碎迴路的可靠性降低，工廠的吞吐量表現受到限制，第二季度工廠的日均吞吐量達到 35,500 噸。

During the quarter, several initiatives were advanced to address these issues and other identified constraints and improve throughput to targeted levels. The benefits of the operational stabilization improvements are expected to continue to be realized throughout 2024 and result in stronger performance at Copper Mountain in the second half of the year. We are also accelerating engineering studies to de-bottleneck and increase the nominal plant capacity to 50,000 tonnes per day earlier than was originally contemplated in the technical report.

本季度，推出了多項措施來解決這些問題和其他已確定的限制，並將吞吐量提高到目標水準。營運穩定性改善的好處預計將在 2024 年繼續實現，並導致銅山下半年的業績更加強勁。我們也正在加快工程研究，以消除瓶頸，並將工廠名義產能提高到每天 50,000 噸，比技術報告中最初設想的要早。

Turning to slide 9. Copperweld is the next greenfield copper development project in our growth pipeline offering significant copper exposure and highly attractive project economics. Copperweld is one of the highest grade open pit copper projects in the Americas with proven and probable reserves of 385 million tonnes at 0.54% copper in Phase one. There is roughly 60% of total contained copper remaining in the measured and indicated resources, excluding reserves, which provide significant upside potential for Phase two expansion and mine life extension beyond the initial 20 years.

轉向投影片 9。 Copperweld 是美洲最高品位的露天銅礦項目之一，第一階段已探明和概算儲量為 3.85 億噸，銅品位為 0.54%。大約 60% 的銅總含量仍保留在測量和指示的資源中（不包括儲量），這為第二階段擴建和延長礦山壽命超過最初 20 年提供了巨大的上行潛力。

The phase one pre-feasibility study released in September of 2023 demonstrated enhanced project economics and optimized flowsheet and a simplified permitting process with an extended mine life to 20 years, the project generates an NPV of $1.1 billion and an after-tax internal rate of return of 19% at a copper price of $3.75 per pound.

2023 年 9 月發布的第一階段預可行性研究表明，專案經濟性增強，流程優化，許可流程簡化，礦山壽命延長至 20 年，該專案產生 11 億美元的淨現值和稅後內部收益率以每磅3.75 美元的銅價計算，漲幅為19%。

As we progress towards making the sanctioning decision, we will continue to be prudent with our financing plans for Copperweld by remaining focused on meeting all of the prerequisites outlined in our three P. plan that we released in late 2022.

隨著我們在做出製裁決定方面取得進展，我們將繼續謹慎對待 Copperweld 的融資計劃，繼續專注於滿足我們於 2022 年底發布的 3P 計劃中概述的所有先決條件。

As summarized on slide 10, the first key state permits required for Copperweld. The mined land reclamation plan was initially approved by the Arizona State mine inspector in October 2021, and was subsequently amended and approved to reflect a larger private land project footprint in June 2022. In late 2022, we submitted the applications for an Aquifer Protection permit and an air quality permit to the Arizona Department of Environmental Quality.

正如投影片 10 所總結的，Copperweld 所需的第一個關鍵國家授權。礦區土地復墾計畫最初於2021 年10 月獲得亞利桑那州礦井檢查員的批准，隨後於2022 年6 月進行了修訂和批准，以反映更大的私人土地項目足跡。保護許可證的申請，並在亞利桑那州環境品質部的空氣品質許可證。

The public comment period for the Aquifer Protection permit was completed in the second quarter of 2024. While a public comment period for the air quality permit commenced in July. Hudbay continues to expect to receive these two outstanding state permits in the second half of 2024.

含水層保護許可證的公眾評議期於 2024 年第二季完成。 Hudbay 預計將在 2024 年下半年獲得這兩個未完成的州許可證。

We anticipate launching the formal joint venture process after we secure our permits, we continue to see strong initial interest from potential joint venture partners as many industry participants are focused on increasing copper exposure as securing copper supply becomes a growing global concern. Copper World will be a key contributor to the domestic US supply chain with our intention to produce Made in America copper cathode.

我們預計在獲得許可後將啟動正式的合資流程，我們繼續看到潛在合資夥伴的濃厚興趣，因為許多行業參與者都專注於增加銅敞口，因為確保銅供應成為全球日益關注的問題。 Copper World 將成為美國國內供應鏈的關鍵貢獻者，我們打算生產美國製造的陰極銅。

Slide 11 highlights some of the recent exploration results in Manitoba. In 2024, we embarked on the largest annual Snow Lake exploration program in the company's history in the region with the goal of extending known mineralization near the Lalor deposit to further extend mine life as well as to find a new anchor deposit within trucking distance of the Snow Lake processing infrastructure the winter portion of the program includes the largest ground electromagnetic survey in Hudbay's history.

投影片 11 重點介紹了馬尼托巴省最近的一些勘探成果。 2024 年，我們在該地區啟動了公司歷史上規模最大的年度Snow Lake 勘探計劃，目標是擴大Lalor 礦床附近的已知礦化範圍，進一步延長礦山壽命，並在距Lalor 礦床的卡車運輸距離內找到新的錨定礦床。

Last year, we acquired an expanded land package, including the complex claims and Rocklick properties and most of the newly acquired claims had been untested by modern deep geophysics. During the second quarter, we completed a surface EM survey covering 25 square kilometers in the Cold Lake area to the north of lower surface EM surveys use cutting edge techniques that enable our team to detect conductive bodies at depths of over 1,000 meters below surface.

去年，我們收購了擴大的土地包，包括複雜的索賠和羅克克利克財產，並且大多數新收購的索賠未經現代深層地球物理學的測試。在第二季度，我們完成了覆蓋冷湖地區下表面電磁勘探以北 25 平方公里的地表電磁勘探，該勘探使用尖端技術，使我們的團隊能夠探測到地表以下 1,000 公尺以上深度的導電體。

The new EM methodology is unique to high bay and will lead to an advanced understanding of the mineralization at depth previously undetectable. This geophysics program resulted in the identification of a number of anomalies and prospective targets across the Snow Lake tenements, which are currently being tested.

新的 EM 方法是高灣獨有的，將有助於對以前無法檢測到的深度的礦化有更深入的了解。這個地球物理學計畫確定了雪湖礦權地的許多異常現象和潛在目標，目前正在測試中。

They are located near the former Reed Anderson mines and in the vicinity of the bird and rail deposits that were acquired as part of the Ratcliffe transaction in 2025, we plan to conduct a similar size geophysical program to continue our mapping or the consolidated land package in the region. With a 2024 summer drill program well underway. The team currently has six drill rigs turning in Snow Lake, ramping up to eight drilling rigs in August the summer

它們位於前 Reed Anderson 礦場附近，以及作為 2025 年 Ratcliffe 交易的一部分而收購的鳥類和鐵路礦床附近，我們計劃開展類似規模的地球物理計劃，以繼續我們的測繪或合併土地包該地區。 2024 年夏季演習計畫正在順利進行中。該團隊目前有 6 台鑽機在 Snow Lake 進行作業，夏季 8 月將增加至 8 台鑽孔機

The program is testing the new geophysical targets and completing follow-up drilling at potential regional satellite deposits and the new Lalor Northwest discovery, which I will discuss on the next slide. Results from the summer drill program are expected in late 2024. Additionally, drilling of a very strong deep anomaly at Cold Lake North will be tested in the coming weeks as part of the next phase of our 2024 exploration program.

該計劃正在測試新的地球物理目標，並完成對潛在區域衛星礦床和新的 Lalor Northwest 發現的後續鑽探，我將在下一張幻燈片中對此進行討論。夏季鑽探計畫的結果預計將於 2024 年底得出。

Moving to slide 12 to 2024 winter drill program also included follow-up drilling at the lower or Northwest target. In the second quarter, we received positive assay results, confirming the discovery of two mineralized zones located within 400 meters of the existing lower underground infrastructure. The discovery hole in 2023 intersected two mineralized zones, including 4.8 meters at 2.97% copper, 2.92 grams per tonne gold and 8.3 grams per tonne of silver.

轉向投影片 12 至 2024 年冬季鑽探計畫還包括在較低目標或西北目標進行後續鑽探。第二季度，我們收到了積極的化驗結果，證實在現有較低地下基礎設施 400 公尺範圍內發現了兩個礦化帶。 2023年的發現洞橫跨兩個礦化帶，其中銅品位2.97%，深4.8米，金品位2.92克/噸，銀品位8.3克/噸。

In 2024 a follow up hole intersected the same two mineralized zones, including 9.0 meters of 2.88% copper, 6.27 grams per tonne of gold and 88.9 grams per tonne of silver. These promising results justify additional follow-up drilling that is being completed as part of the summer 2024 exploration program. We have two drill rigs turning at Lalor. Northwest and assays are expected to be received by the end of the year.

2024 年，後續鑽孔與相同的兩個礦化帶相交，包括 9.0 公尺的銅品位 2.88%、金品位 6.27 克/噸、銀品位 88.9 克/噸。這些充滿希望的結果證明了作為 2024 年夏季勘探計劃的一部分正在完成的額外後續鑽探的合理性。我們在拉勒有兩台鑽孔機正在運轉。預計西北地區和化驗結果將於今年底收到。

We will use the results to determine the potential size of Lalor Northwest and the potential for future underground exploration drift development from Lalor. Lalor Northwest has a potential to add near term production growth at lower extend mine life and create additional value from the Snow Lake operations in Manitoba. We are also continuing to advance the access drift at the 1901 deposit to enable infill drilling aimed at converting inferred mineral resources in the gold lenses to mineral reserves, which is shown on slide 13.

我們將利用這些結果來確定拉洛爾西北地區的潛在規模以及拉洛爾未來地下勘探巷道開發的潛力。 Lalor Northwest 有潛力以較低的價格增加近期產量成長，延長礦山壽命，並從馬尼托巴省的 Snow Lake 業務中創造額外價值。我們也持續推進 1901 礦床的通巷，以便進行加密鑽探，旨在將金透鏡體中的推斷礦產資源轉化為礦產儲量，如幻燈片 13 所示。

In the first quarter, we commenced the development of the smaller profile, lower cost drift from the existing low rents. The 1901 drift is proceeding on plan and is expected to reach the mineralization in early 2025. We then expect to conduct definition drilling intended to confirm the optimal mining method, evaluate the ore body geometry and continuity and convert inferred mineral resources in the gold lenses to mineral reserves

在第一季度，我們開始開發外形較小、成本較低的項目，以擺脫現有的低租金。 1901 礦井正在按計劃進行，預計將於2025 年初實現礦化。資源轉化為礦產儲量

Pending positive results in the drilling programs. The plan is to initiate a haulage drift and other related mining infrastructure in 2025 and 2026 in anticipation of full production from the 1901 deposit in 2027. Additionally, in Flin Flon, we continue to advance tailings reprocessing studies to evaluate the potential to repurpose the existing Flin Flon concentrator to reprocess tailings reprocessing opportunity is expected to recover critical minerals and precious metals while creating environmental and social benefits for the region.

鑽探計劃有待取得正面成果。該計畫計劃於2025 年和2026 年啟動運輸漂移和其他相關採礦基礎設施，預計1901 礦床將於2027 年實現全面生產。利用現有礦床的潛力Flin Flon 選礦廠對尾礦進行後處理的機會預計將回收關鍵礦物和貴金屬，同時為該地區創造環境和社會效益。

During the second quarter, we received results from the initial confirmatory drill program in the section of the tailings facility that was utilized by the zinc plant. The results confirm grades of precious metals and critical minerals previously estimated from historical zinc plant records. Our early economic study evaluating zinc plant tailings reprocessing has shown promising results that warrant further engineering work in the second half of 2024.

在第二季度，我們收到了鋅廠使用的尾礦設施部分的初步確認鑽探計劃的結果。結果證實了先前根據鋅廠歷史記錄估計的貴金屬和關鍵礦物的品位。我們評估鋅廠尾礦再處理的早期經濟研究顯示出有希望的結果，值得在 2024 年下半年進行進一步的工程工作。

We are also planning a similar study with respect to the mill tailings Concluding on slide 14, Hudbay's leading copper development and exploration pipeline and low cost stable operating platform in Tier 1 jurisdictions offers investors meaningful copper exposure, complementary gold exposure and strong near term free cash flow generation.

我們還計劃對工廠尾礦進行類似的研究。口、互補的黃金敞口和強勁的近期自由現金流量的產生。

We produced more than 150,000 tonnes of copper per year, which is further augmented by our complementary gold exposure that offers cash flow resiliency in volatile pricing environments. We believe that copper has the best long-term supply and demand fundamentals in the sector as global copper mine supply will be unable to meet demands from global decarbonization initiatives and growing copper demand. Hudbay's resilient operating platform offers significant upside potential for further value creation at higher copper and gold prices. And with that, we are pleased to take your questions.

我們每年生產超過 150,000 噸銅，我們的補充性黃金敞口進一步增強了這一產量，在波動的定價環境中提供了現金流彈性。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和不斷增長的銅需求。 Hudbay 的彈性營運平台為銅價和金價上漲的情況下進一步創造價值提供了巨大的上行潛力。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)

謝謝。女士們、先生們，我們現在開始問答環節。 （操作員說明）

Orest Wowkodaw, Scotiabank.

奧雷斯特‧沃科多 (Orest Wowkodaw)，豐業銀行。

Hi, good morning. A couple of questions if I could. Firstly, your copper production for the year is obviously tracking below the midpoint of the guidance, just based on the first half production, what kind of grade are you expecting in Peru in the second half of the year and to make that up?

嗨，早安。如果可以的話，請教幾個問題。首先，你們今年的銅產量明顯低於指引的中點，僅根據上半年的產量，你們預計秘魯下半年的銅產量會是多少，並彌補這一點？

Orest, it's Peter. Thanks very much for the question. I think as we've previously said, the production cadence is such that it will be lower in the first half, especially in Q2, given the stripping that we're doing at Pampacancha and reducing continued stripping at Pampacancha in the second quarter. So overall, we expect the year to the contribution of Pampacancha to be roughly one-third to two-thirds of Constancia pit production over the course of the year and the grades would be -- would match that.

奧雷斯特，是彼得。非常感謝您的提問。我認為，正如我們之前所說，考慮到我們在潘帕坎查正在進行的剝離以及第二季度在潘帕坎查的持續剝離，上半年的生產節奏將會較低，尤其是在第二季度。因此，總體而言，我們預計今年潘帕坎查 (Pampacancha) 的貢獻約為康斯坦西亞 (Constancia) 礦坑全年產量的三分之一到三分之二，而品級將與此相匹配。

Andre, do you have any more detailed view with respect to what the average grade would be?

安德烈，你對平均成績有更詳細的看法嗎？

It varies by quarter in terms of towards the end of Q3, we're really going to start to see that increase and then into Q4. But in the 0.4 to 0.55 -- 0.57 range or something in that from that over the to, but increasing definitely towards into Q4. Where's where we've done is over this quarter and last is we've really opened up Pampacancha to be able to have exposure to some other benches that maybe might have been into 2025. And we're looking at those as possibilities to bring in Q4 to really finish off the year nice.

在第三季末，它會隨著季度的變化而變化，我們真的會開始看到這種成長，然後進入第四季。但在 0.4 到 0.55 - 0.57 的範圍內，或從 到 的範圍內，但進入第四季度肯定會增加。我們所做的事情是在本季度，最後是我們真正開放了 Pampacancha，以便能夠接觸到其他一些可能會進入 2025 年的長凳。上了圓滿的句點。

Sorry, just to clarify, are you saying that the Q3 average grade could be sort of similar to Q2 within, I guess, sets up a pretty Monster Q4. Is that what you said?

抱歉，只是為了澄清一下，你是說 Q3 的平均成績可能與 Q2 有點相似，我猜，建立了一個漂亮的怪物 Q4。是你說的嗎？

It's a little bit higher. It's a little bit higher in Q3 closer to 0.35 to 0.4-ish or something in that range, right in that range. But it's definitely Q4 is where it really comes in. So it's a we're in a real strip mode right now or in the latter part of Q3 is when we'll start seeing the grades really starting to come in.

有點高了。第三季有點高，接近 0.35 到 0.4 左右，或在這個範圍內，就在這個範圍內。但毫無疑問，第四季度才是它真正發揮作用的地方。

Okay, perfect. That's just on Maria Reiner. If I understand you got the EIS permit to do drilling, does that mean you can now begin drilling immediately or are there other steps required before you can start drilling?

好的，完美。這只是瑪麗亞·雷納的事。如果我了解到您獲得了 EIS 鑽探許可證，這是否意味著您現在可以立即開始鑽探，或者在開始鑽探之前還需要執行其他步驟？

There are other steps that are required before we can start drilling. So I think that the EIA is certainly the first step. But typically what it would take us about another 12 months after would be EIA to be able to actually start drilling.

在開始鑽孔之前還需要執行其他步驟。所以我認為環評肯定是第一步。但通常情況下，我們還需要大約 12 個月後 EIA 才能真正開始鑽探。

Thank you.

謝謝。

You're welcome.

不客氣。

Ralph Profiti, Eight Capital.

拉爾夫·普羅菲蒂，八資本。

Thanks, operator. Good morning Peter, it sounds like the next big capital allocation decision in Manitoba is going to be the new bread. So expansion to 2,500 tonnes a day. Can you talk a little bit about sort of what that looks like in terms of timing and how much of that is dependent on things like exploration success, finding that anchor deposit perhaps spring 1901 into it? And what's that short term outlook on the decision process there please.

謝謝，接線生。早安，彼得，聽起來曼尼托巴省的下一個重大資本配置決定將是新麵包。於是擴大到每天2,500噸。您能否談談時間安排，以及這在多大程度上取決於勘探成功、發現錨定礦床可能是 1901 年春天等因素？請問決策過程的短期前景是什麼？

Thanks, Ralph, thanks for the question. The guy, I don't I wouldn't characterize new branch expansion as a major capital allocation decisions. We continue to investigate and implement high-return throughput enhancements that require low capital outlay. And I think that the continuation of our efforts to achieve operational excellence that we've seen over the last couple of years, so progressively will ratchet up that production.

謝謝拉爾夫，謝謝你的提問。這個傢伙，我不認為我不會將新分支機構擴張描述為主要的資本配置決策。我們繼續研究和實施需要低資本支出的高回報吞吐量增強。我認為，我們繼續努力實現過去幾年的卓越運營，將逐步提高產量。

I think we announced in the last month we exceeded 2000 tonnes a day. But Andre, maybe you could provide a little bit of light on exactly what the careful nature of the capital decisions is, but I don't think that is not a -- it not substantial at all.

我想我們上個月宣布每天的產量超過 2000 噸。但是安德烈，也許你可以提供一點關於資本決策的謹慎性質的具體信息，但我認為這不是——它根本不重要。

Yes, that's correct Is there they're all very, very small capital projects for subtle improvements. I'll give you some examples of we've been seeing somewhere on our cyanide destruction tanks of that, similar to what we are doing is we you put that tailings product through our paste plant. And what we see are these and we're running at very high rates through the mill and then you have some of these outages.

是的，這是正確的，它們都是非常非常小的資本項目，用於微妙的改進。我會給你一些例子，我們在氰化物銷毀罐的某個地方看到過這種情況，與我們正在做的類似，我們將尾礦產品放入我們的漿料廠。我們看到的是這些，我們正在以非常高的速度運行工廠，然後就會出現一些中斷。

And so subtle things like changing the liners on those tanks. There are very minor, some minor pump upgrades. Some closures around thickeners are receipt delays and that they're all very, very subtle improvements because on a daily basis, we are running at quite high levels or above. You can see peak rates up to 2,400 tonnes per day as it is right now. And so as Peter says, it's mostly through process improvement and that they're all sub like $10 million. It's not in total like they're not very big expenditures.

還有一些微妙的事情，例如更換這些水箱的內襯。有一些非常小的泵升級。濃縮機周圍的一些關閉是收貨延遲，它們都是非常非常微妙的改進，因為每天我們都在相當高的水平或以上運行。您可以看到目前的峰值產量高達每天 2,400 噸。正如 Peter 所說，這主要是透過流程改進實現的，而且它們的成本都在 1000 萬美元左右。總的來說，它們並不是很大的支出。

Okay. Okay. Thanks for that. That's helpful. In British Columbia, just wondering if you guys have set targets, are KPI's on where you want to be at year end with regards to throughput and recoveries, just kind of looking to benchmark some of the stripping work that you're doing and how cadence looks up going into 2025?

好的。好的。謝謝你。這很有幫助。在不列顛哥倫比亞省，只是想知道你們是否已經設定了目標，關鍵績效指標（KPI）是你們希望在年底實現的產量和回收率，只是希望對你們正在做的一些剝離工作以及節奏進行基準測試展望2025年？

Sure. So I think that's -- there's two parts to the questions. Good questions. So on the stripping where we were running free rate pretty much right now it up, call it a flat costs. We finally, we've ramped up our workforce. We've done the purchase of and lease of the equipment, the refurbishment of drills and shovels. And so we're just in the month of August right now, we're basically at our full complement with fleet and people.

當然。所以我認為問題有兩個部分。好問題。因此，在我們現在運行的免費利率幾乎上升的剝離方面，稱之為固定成本。最後，我們增加了我們的勞動力。我們購買和租賃了設備，翻新了鑽孔機和鏟子。所以我們現在正處於八月份，我們的機隊和人員基本上都已滿員。

And so over the past few months, we are seeing some of the incurring of those costs, although the movement hasn't been quite there. And so like what we're looking at from where we were coming out of Q2 to where we are there now is in the Q2 range, we are about probably 200,000 tonnes per day were for ramping up in August, up to somewhere around 250,000 tonnes per day and continuing out through the rest of the year.

因此，在過去的幾個月裡，我們看到了一些成本的產生，儘管這種運動還沒有完全實現。因此，就像我們所看到的，從第二季度的情況到現在的情況，在第二季度的範圍內，8 月份我們每天的產量可能會增加 20 萬噸，達到 25 萬噸左右每天並持續到一年中的剩餘時間。

So the material movement is increasing, but other than consumables, likes fuel and some explosives, most of that cost is fixed. So our unit cost per material move will be going down as we go forward. So not a major increase in capital per se is just the using the equipment and the investments we had with the Setra seats, the truck drivers and seats and an up and trained.

因此，物質流動正在增加，但除了燃料和一些炸藥等消耗品之外，大部分成本是固定的。因此，隨著我們的前進，我們每次物料運輸的單位成本將會下降。因此，資本本身並沒有大幅增加，只是使用了我們對 Setra 座椅、卡車司機和座椅以及經過培訓的設備和投資。

In terms of the mill throughput. So we're really proud of the work of the team. They've done an excellent job like mill availability is really high. It's I think it's in the 94 or so percent range at the moment, which is very close to Constantia, which is top world-class. And so the mill is running really, really well. And what we're dealing with is the feed side so it's really stabilizing. We're averaging 35,000 to 40,000 tonnes per day, and that's heavily driven by the feed size that goes to the Mountain, which goes through a secondary crusher.

就工廠吞吐量而言。所以我們對團隊的工作感到非常自豪。他們做得非常出色，工廠的可用性非常高。我認為目前在94％左右的範圍內，這非常接近康斯坦蒂亞，這是世界頂級的。所以工廠運作得非常非常好。我們正在處理的是供給側，所以它確實穩定了。我們平均每天生產 35,000 至 40,000 噸，這在很大程度上取決於進入 Mountain 的飼料尺寸，這些飼料會經過二級破碎機。

And so by the end of the year, with the projects that we have in place, I think there's one or two more tweaks. I think that the team is planning around new liners coming in in November, some ball sizing changes and some improvements to the called the AIA. It's a, call it a mill slicer and to optimize the how the sales work with the grinding circuit.

因此，到今年年底，根據我們現有的項目，我認為還會進行一兩次調整。我認為球隊正在計劃 11 月推出的新內襯、一些球尺寸的變化以及對 AIA 的一些改進。它是一個磨機切片機，用於優化銷售與研磨迴路的工作方式。

And so the combination of those, we think will probably be around 41,000 tonnes per day and something in that range with all those going in towards the end of the year. And then what we're working on right now is a series of capital projects. So to get us to that next level. I think in the MD&A we talk about going to 50,000 tonnes a day, much sooner than we are anticipating as the teams are proceeding right now at feasibility level two capital projects that we hope to bring towards the Board later this year for approval to really make that step change.

因此，我們認為這些總量的總和可能約為每天 41,000 噸，並且在年底前所有這些產量都在這個範圍內。我們現在正在進行的是一系列資本項目。讓我們達到下一個水平。我認為在MD&A 中，我們談論的產量將達到每天50,000 噸，這比我們預期的要早得多，因為團隊目前正在可行性二級資本項目上進行，我們希望在今年晚些時候將其提交董事會批准，以真正實現那一步的改變。

And that'll be the call it the milestone change for Copper Mountain Mine. The costs are really been reducing recoveries or are doing really well. It's running really well, and we just need that little uptick to that, that I'll bring it to -- it will really drive the profitability.

這將被稱為銅山礦的里程碑式變化。成本確實降低了回收率，或者效果非常好。它運行得非常好，我們只需要一點點提升，我就會把它實現——這將真正提高盈利能力。

That's great. Good progress. Thanks, Andre. Peter.

那太棒了。進展順利。謝謝，安德烈。彼得.

Lawson Winder, BOA Securities.

勞森溫德，美國銀行證券公司。

Hi, thanks very much, operator, thank you for the call today, gentlemen and for the update. Could I ask on M&A and ask you to describe how you might view your current posture on potential acquisitions and whether the -- whether had base currently actively evaluating opportunities?

您好，非常感謝，接線員，謝謝您今天的來電，先生們，謝謝您的更新。我能否詢問有關併購的問題，並請您描述您目前對潛在收購的態度，以及目前是否有基礎積極評估機會？

Thanks, Lawson. Look, I think that, as I've previously said, I think that Hudbay has an extremely skilled team when it comes to highly efficient operations and world-class development projects. And we feel we can create value from both operating and development-stage assets. So our strategy hasn't changed and we'll continue to be disciplined as we evaluate assets that fit our stringent strategic and financial criteria.

謝謝，勞森。看，我認為，正如我之前所說，我認為 Hudbay 在高效運作和世界一流的開發專案方面擁有一支技術精湛的團隊。我們認為我們可以從營運和開發階段的資產中創造價值。因此，我們的策略沒有改變，我們在評估符合我們嚴格的策略和財務標準的資產時將繼續遵守紀律。

And, copper assets are scarce and we would only pursue opportunities that are accretive and create value for our shareholders. But that said, I think that again, you're aware that those assets are extremely scarce and it took us a long time to sort of land on Copper Mountain. We continue to scour the marketplace for assets and we haven't landed on anything right now that meets our criteria that we continue to seek those opportunities.

而且，銅資產稀缺，我們只會尋求增值機會並為股東創造價值。但話雖如此，我再次認為，你知道這些資產極其稀缺，我們花了很長時間才在銅山著陸。我們繼續在市場上尋找資產，但目前還沒有找到任何符合我們繼續尋求這些機會的標準的東西。

And is it the case that your criteria remains Western countries? And is there been any change to the criteria at this point, particularly in light of how much more substantial Hudbay has in terms of a copper producer?

你們的標準還是西方國家嗎？目前的標準是否有任何變化，特別是考慮到 Hudbay 在銅生產商方面擁有更多的實力？

Yeah, we still sort of we focused on Tier 1 mining jurisdictions very much, so the Americas in majority but you know, in the past we have actually looked to Europe and others -- other investment grade jurisdictions.

是的，我們仍然非常關註一級採礦司法管轄區，因此美洲佔大多數，但你知道，過去我們實際上關注了歐洲和其他國家——其他投資級司法管轄區。

Okay, thanks for that. And then could I also ask him. Just in follow up to the public comment period for the air quality -- sorry, the aquifer permit, I think is the one that completed in Q2. Was there anything in those public comments that might have updated your view on kind of the social license outlook for copper world. Were there any sort of strong arguments against the project or would you describe the comments as fairly supportive?

好的，謝謝。然後我也可以問他嗎？就在空氣品質公眾意見徵詢期的後續階段——抱歉，含水層許可證，我認為是在第二季完成的。這些公眾評論中是否有任何內容可能會更新您對銅世界社會許可前景的看法。是否有任何強烈反對該項目的論據，或者您認為這些評論相當支持？

In general, it's fair to say that the comments are fairly supportive, in fact, or a massive number of comments that we received in support of the project, which of course, were received by the Arizona Department of Environmental Quality. As always, there will be positive and negative, but our view is that the process we sort of moving inexorably towards approval of that permit during the course of the remainder of the year.

總的來說，可以公平地說，這些評論實際上是相當支持的，或者說我們收到了大量支持該項目的評論，當然，亞利桑那州環境品質部也收到了這些評論。一如既往，會有積極和消極的影響，但我們認為，在今年剩餘時間內，我們將無情地朝著批准該許可證的方向前進。

Okay, great. Thank you so much for the update today.

好的，太好了。非常感謝您今天的更新。

(Operator Instructions) Dalton Baretto, Canaccord.

（操作員說明）Dalton Baretto，Canaccord。

Thanks. Good morning, Peter and team. Maybe I'll start by staying on the Copper World permits here, Peter, with the election coming up in November, I realized permits are state level permits, but do you see any sort of delays to the processor at all?

謝謝。早上好，彼得和團隊。也許我會先保留這裡的銅世界許可證，彼得，隨著 11 月選舉即將到來，我意識到許可證是州級許可證，但您是否看到處理器有任何延遲？

Not at this point. Ultimately, the reason why I say that, I mean, I'm we are very, very confident that we will secure the permits by the end of the year subject to perhaps what I'm trying to say -- What I want to say is that if the Arizona Department of Environmental Quality as questions that need to be resolved and they require a little bit of time in which to do that, of course, we would cooperate with them, but we have a strong commitment by the ADEQ to complete their work by the end of the year.

目前還沒有。最終，我這麼說的原因是，我的意思是，我們非常非常有信心，我們將在今年年底前獲得許可，這可能取決於我想說的話——我想說的是，如果亞利桑那州環境質量部會提出需要解決的問題，並且需要一點時間來解決，我們當然會與他們合作，但我們有ADEQ 的堅定承諾來完成到年底他們的工作。

I don't think that this permitting process relies one bit on the political landscape in the United States at the moment. It is very, very much a state driven process. We are deeply engaged with the ADEQ and it's a very, very constructive relationship. So we expect that those permits will be granted by the end of the year. That said, if there was a request by the state in order that would bolster the robustness of those permits. Then of course, we would collaborate with them, but there are no signs of that, but that will be the case. We're pretty confident we get them this year.

我認為這個許可程序一點也不依賴美國目前的政治版圖。這在很大程度上是一個國家驅動的過程。我們與 ADEQ 有著深入的合作，這是一種非常非常有建設性的關係。因此，我們預計這些許可證將在今年年底前獲得。也就是說，如果州政府提出要求，這將增強這些許可證的穩健性。當然，我們會與他們合作，但沒有任何跡象表明，但情況就是如此。我們非常有信心今年能得到它們。

Thanks, Peter. And then as a related question, and I think I asked you this on the last call in a very different copper price environment and a copper sentiment environment. But are you still planning on waiting for the permits to execute on the kick off the JV process or have you loosened on that stance?

謝謝，彼得。然後作為一個相關問題，我想我在上次電話會議中在非常不同的銅價環境和銅情緒環境中問過您這個問題。但您是否仍打算等待合資企業流程啟動時執行的許可，還是已經放鬆了這一立場？

It's actually a really interesting question, Dalton. I think that we are in much better financial condition. In the context of your 3P plan, we have met the prerequisites for that 3P plan on a -- from a financial perspective. We still do expect to initiate a minority JV partner process after we receive the state level permits. And we expect that process to be robust based on the track record that we have and based on the initial indications that we have from potential partners with whom we are engaging.

這實際上是一個非常有趣的問題，道爾頓。我認為我們的財務狀況要好得多。在您的 3P 計劃的背景下，我們從財務角度滿足了該 3P 計劃的先決條件。我們仍然希望在獲得州級許可後啟動少數合資夥伴流程。根據我們所擁有的業績記錄以及我們從正在接觸的潛在合作夥伴那裡得到的初步跡象，我們預計該流程將是穩健的。

So very much there's no change in plan. We think that it's the right thing to do. And we continue to look for a long-term partner who is bullish on the copper price and looking to grow there copper exposure and is all science point towards that being very robust.

所以計劃基本上沒有改變。我們認為這是正確的做法。我們繼續尋找看好銅價並希望增加銅敞口的長期合作夥伴，所有科學都表明這一點非常強勁。

Great. Thanks, Peter. And then maybe I can ask you one sort of big picture question, if I may. You're mining Pampacancha now you're generating free cash flow, the Peru sort of political issues are well behind you. You've cleaned up the balance sheet and yet on mine average, you still trade a fairly substantial discount to peers. And I'm just wondering if I could ask a why do you guys think that is? And number two, how does that play into your strategic thinking going forward? Thanks.

偉大的。謝謝，彼得。如果可以的話，也許我可以問你一個大問題。你正在開採潘帕坎查，現在你正在產生自由現金流，秘魯的政治問題已經被你拋在腦後了。你已經清理了資產負債表，但就我的平均水平而言，你仍然比同行有相當大的折扣。我只是想知道我是否可以問一下你們認為這是為什麼？第二，這對你未來的策略思維有何影響？謝謝。

Thanks, Dalton. Look, I think that a big piece of that is investors in the market waiting for the outcomes of the Copperweld permitting process. I think that's number one, I think there's a little bit of a -- let's wait and see with respect to Marina and (inaudible) and removing sort of inexorably towards receipt of those permits as well.

謝謝，道爾頓。看，我認為其中很大一部分是市場投資者在等待 Copperweld 許可程序的結果。我認為這是第一，我認為有一點——讓我們拭目以待，看看瑪麗娜和（聽不清楚）以及不可避免地要取消獲得這些許可證的情況。

But as you know, as was the case of Pampacancha, I think permitting takes time in Peru. And so I think those things built into some of the valuation delta, but from a financial or balance sheet perspective, from a jurisdictional risk perspective, I think all of that has gone away.

但正如你所知，正如潘帕坎查的情況一樣，我認為秘魯的許可需要時間。因此，我認為這些東西已經融入了一些估值增量，但從財務或資產負債表的角度來看，從司法風險的角度來看，我認為所有這些都已經消失了。

Perhaps, Eugene, you might comment further if you have other thoughts?

尤金，如果您有其他想法，也許可以進一步發表評論？

No, I think again, we are encouraged by the investor interest that has been in Hudbay through this, particularly through this year and our oversubscribed equity offering and valuations improved and they see the opportunity to get exposure to our increasing cash flows and the catalysts that Peter has outlined, and we look forward to making them a lot of money.

不，我再次認為，我們受到投資者對 Hudbay 的興趣的鼓舞，特別是今年，我們超額認購的股票發行和估值有所改善，他們看到了接觸我們不斷增加的現金流和催化劑的機會。已經概述了，我們期待讓他們賺很多錢。

Great. Thanks for your thoughts, guys.

偉大的。謝謝你們的想法，夥伴們。

Welcome.

歡迎。

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, feel free to reach out to our Investor Relations team. Thanks 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，請隨時聯絡我們的投資者關係團隊。謝謝，祝你有美好的一天。

This concludes today's conference call. You may disconnect your lines.

今天的電話會議到此結束。您可以斷開線路。