Hudbay Minerals Inc (HBM) 2024 Q3 法說會逐字稿

Good morning, ladies and gentlemen, and thank you for standing by. Welcome to the Hudbay Minerals Inc. Third Quarter 2024 Results Conference Call. (Operator Instructions) I would like to remind everyone that this conference call is being recorded today, November 13, 2024, at 11 AM Eastern Time.

早安，女士們先生們，感謝你們的支持。歡迎參加 Hudbay Minerals Inc. 2024 年第三季業績電話會議。 （操作員說明）我想提醒大家，這次電話會議是在東部時間今天 2024 年 11 月 13 日上午 11 點錄製的。

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

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

Thank you, operator. Good morning, and welcome to Hudbay's 2024 Third 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 Investor Events section of our website, and we encourage you to refer to it during this call.

謝謝你，接線生。早上好，歡迎參加 Hudbay 2024 年第三季業績電話會議。 Hudbay 的財務表現於今天上午發布，可在我們的網站 www.hudbay.com 上查看。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. 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.

今天我們的主講人是 Hudbay 總裁兼執行長 Peter Kukielski。陪同 Peter 參加電話問答部分的是我們的財務長 Eugene Lei；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+ and 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信息，而這些信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存在重大差異。有關這些風險和不確定性的更多信息，請查閱該公司在 SEDAR+ 和 EDGAR 上的相關文件。這些文件也可以在我們的網站上找到。提醒一下，除非另有說明，今天電話會議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 for today's call. In the third quarter, we delivered another quarter of strong operational and financial performance with steady free cash flow generation and continued debt reduction. This was largely a result of our unique copper and gold production diversification with strong operating cost control that provides attractive free cash flow generation, expanding margins, and strong leverage to higher metal prices.

謝謝你，坎迪斯。大家早安，感謝您參加我們今天的電話會議。第三季度，我們又實現了強勁的營運和財務業績，自由現金流穩定生成，債務持續減少。這主要是由於我們獨特的銅和黃金生產多元化以及強大的營運成本控制，提供了有吸引力的自由現金流產生、不斷擴大的利潤以及對金屬價格上漲的強大槓桿作用。

We saw record gold production in Manitoba, driven by new quarterly record throughput levels at the New Britannia mill. The Constancia mill performance was also very strong with higher levels of throughput achieved this quarter, and Copper Mountain achieved the highest copper recovery levels at the operation since inception.

在新不列顛工廠新季度創紀錄的吞吐量水準的推動下，馬尼托巴省的黃金產量創歷史新高。 Constancia 工廠的業績也非常強勁，本季實現了更高水準的吞吐量，而 Copper Mountain 則實現了自營運以來最高的銅回收水準。

Our enhanced operating platform continued to deliver solid production and better-than-expected cost performance, enabling us to reaffirm our 2024 consolidated production guidance and announced yet another improvement in our consolidated cash cost guidance for the second quarter in a row. I'll go into more detail on our quarterly achievements throughout today's presentation, along with updates on our exciting growth initiatives that are underway.

我們增強的營運平台繼續提供穩定的生產和好於預期的成本績效，使我們能夠重申 2024 年綜合生產指導，並宣布連續第二季度綜合現金成本指導再次改善。我將在今天的演講中更詳細地介紹我們的季度成就，以及我們正在進行的令人興奮的成長計劃的最新情況。

Slide 3 summarizes the impressive operating performance in the third quarter. Consolidated copper production was 31,000 tons in the quarter, in line with our mine plan expectations.

投影片 3 總結了第三季令人印象深刻的營運表現。本季綜合銅產量為 31,000 噸，符合我們的礦山計畫預期。

Consolidated gold production was 89,000 ounces, well exceeding management expectations and representing a 52% increase from the second quarter. Stronger gold production was driven by higher gold grades and mill throughput in all operations, but most notably at the New Britannia mill in Manitoba.

綜合黃金產量為 89,000 盎司，遠超管理層預期，較第二季成長 52%。所有業務中黃金品位和工廠產量的提高推動了黃金產量的成長，但最引人注目的是曼尼托巴省的新不列顛尼亞工廠。

Consolidated cash costs were $0.18 per pound of copper in the third quarter, which significantly improved from $1.14 in the second quarter. Consolidated sustaining cash costs were $1.71 per pound, and all-in sustaining cash costs were $1.95 per pound, representing a similar meaningful improvement from the prior quarter. The lower cash cost reflects higher byproduct credits, higher copper production and lower mining, milling treatment and refining costs as a result of strong cost control.

第三季綜合現金成本為每磅銅 0.18 美元，較第二季的 1.14 美元大幅改善。合併維持現金成本為每磅 1.71 美元，總維持現金成本為每磅 1.95 美元，與上一季相比有類似的有意義的改善。較低的現金成本反映了由於強有力的成本控制，副產品信用增加、銅產量增加以及採礦、銑削處理和精煉成本降低。

With the production performance to date and the continued expectations of higher copper production in the fourth quarter of 2024, we are reaffirming 2024 consolidated production guidance for all metals. Consolidated copper production is expected to trend towards the lower end of the guidance range, while consolidated gold production is expected to trend towards the top end of the guidance range.

鑑於迄今為止的生產表現以及對 2024 年第四季銅產量增加的持續預期，我們重申 2024 年所有金屬的綜合生產指引。預計綜合銅產量將趨向指導範圍的下限，而綜合黃金產量預計將趨向指導範圍的上限。

As a result of the exceptional cost performance year-to-date, we are again improving our full year 2024 consolidated cash cost guidance to a range of $0.65 to $0.85 per pound of copper. This is a further reduction from the previously announced range of $0.90 to $1.10 per pound and the original guidance range of $1.05 to $1.25 per pound. We are also improving our consolidated sustaining cash cost guidance to a range of $1.75 to $2.20 per pound from the original guidance of $2 to $2.45 per pound.

由於今年迄今出色的成本績效，我們再次將 2024 年全年綜合現金成本指引提高至每磅銅 0.65 美元至 0.85 美元的範圍。這比先前宣布的每磅 0.90 美元至 1.10 美元的範圍以及每磅 1.05 美元至 1.25 美元的原始指導範圍進一步降低。我們還將綜合維持現金成本指引從每磅 2 至 2.45 美元的原始指導提高至每磅 1.75 至 2.20 美元。

Operating cash flow before change in noncash working capital was $186 million, 53% higher than the second quarter due to higher gold production and sales volumes in Manitoba, strong operational cost performance across the business, and higher realized gold prices.

非現金營運資本變動前的營運現金流為 1.86 億美元，比第二季成長 53%，原因是曼尼托巴省黃金產量和銷售增加、整個業務強勁的營運成本績效以及實現的黃金價格上漲。

Similarly, adjusted EBITDA was $206 million, a 42% increase compared to $145 million in the prior quarter. This has resulted in trailing 12-month adjusted EBITDA of $840 million, substantially higher than the $499 million a year ago.

同樣，調整後 EBITDA 為 2.06 億美元，較上一季的 1.45 億美元成長 42%。這導致過去 12 個月調整後 EBITDA 達到 8.4 億美元，遠高於一年前的 4.99 億美元。

Adjusted earnings attributable to owners was $0.13 per share in the third quarter. And with $86 million of free cash flow generation in the quarter, we have now delivered five consecutive quarters of meaningful free cash flow generation as a result of recent brownfield investments in our operations, continuous improvement efforts and steady cost control across the business.

第三季調整後歸屬於所有者的每股盈餘為 0.13 美元。本季度產生了 8600 萬美元的自由現金流，由於最近對我們運營的棕地投資、持續改進工作以及整個業務的穩定成本控制，我們現已連續五個季度實現了有意義的自由現金流產生。

Turning to slide 4. Our strong free cash flow generation has enabled us to make additional progress against our deleveraging targets with more than $65 million of debt and gold prepay liabilities paid back in the quarter, resulting in nearly $300 million in gross debt reduction over the past 12 months. This included $49 million of additional open market purchases of our senior unsecured notes during the quarter, bringing our long-term debt to $1.1 billion as of September 30. We also completed the final monthly payment to settle gold prepayment facility that was used to fund the New Britannia gold mill refurbishment project, now providing full upside to higher gold production and gold prices.

轉向幻燈片4。億美元。這包括本季在公開市場上額外購買了4,900 萬美元的優先無擔保票據，使我們的長期債務截至9 月30 日達到11 億美元。款便利，該貸款用於為新不列顛金廠翻新項目現在為黃金產量和金價的上漲提供了充分的上行空間。

While a majority of our revenues continue to be from copper, our unique copper and gold diversification adds further cash flow resiliency and strong leverage to higher metal prices. This is seen through the increasing portion of our revenues from gold, representing 36% of total revenues in the third quarter compared to 27% a year ago, further diversifying our revenue streams and enhancing our overall financial performance.

雖然我們的大部分收入仍然來自銅，但我們獨特的銅和黃金多元化進一步增強了現金流彈性和對金屬價格上漲的強大槓桿作用。這可以從我們的黃金收入比例不斷增加看出，第三季度佔總收入的 36%，而去年同期為 27%，進一步豐富了我們的收入來源並提高了我們的整體財務表現。

As a result of the impressive cash flow generation and deleveraging efforts, we have reduced net debt by more than $500 million over the past 12 months. This brings our net debt-to-adjusted EBITDA ratio to 0.7 times compared to 1.6 times at the end of 2023. The improved balance sheet flexibility and accelerated debt reduction significantly advances our progress as part of our 3-P plan for sanctioning Copper World and result in the successful achievement of the targeted 1.2 times net debt-to-EBITDA ratio well ahead of schedule.

由於產生了令人印象深刻的現金流和去槓桿化努力，我們在過去 12 個月內減少了超過 5 億美元的淨債務。這使我們的淨負債與調整後 EBITDA 比率達到 0.7 倍，而 2023 年底為 1.6 倍。

Subsequent to the quarter end, we took further action to improve long-term balance sheet resilience with a proactive three-year extension of our revolving credit facilities from October 2025 to November 2028. This provides increased financial flexibility to accretively maintain our 4.5% coupon bonds until maturity in 2026 and advance Copper World towards a sanctioned decision in accordance with the 3-P plan. The newly extended $450 million revolving credit facility includes an improved pricing grid, reflecting the enhanced financial position of Hudbay and features an opportunity to increase the facility by an additional $150 million at our discretion, providing additional financial flexibility.

季度末後，我們採取進一步行動，將循環信貸額度從2025 年10 月延長至2028 年11 月，以提高長期資產負債表彈性。票券債券直至 2026 年到期，並推動 Copper World 根據 3-P 計劃做出批准的決定。新延長的 4.5 億美元循環信貸額度包括改進的定價網格，反映了 Hudbay 財務狀況的增強，並且我們有機會自行決定將額度增加 1.5 億美元，從而提供額外的財務靈活性。

Looking at our Peru operations on slide 5. We produced 21,000 tons of copper, 20,000 ounces of gold, roughly 650,000 ounces of silver and 362 tons of molybdenum. Copper, gold, and silver production was higher than the second quarter as the operations continued to benefit from a strong mill throughput, achieving 88,000 tons per day in the third quarter. With the completion of the planned stripping program in Peru at the end of the third quarter, post-quarter production results have already delivered higher copper and gold grades as the mining of the high-grade zones at Pampacancha is underway, in line with the mine plan.

看看幻燈片 5 上我們在秘魯的業務。銅、金和銀的產量高於第二季度，因為工廠繼續受益於強勁的工廠吞吐量，第三季度達到每天 88,000 噸。隨著秘魯計劃的剝離計劃於第三季末完成，季度後的生產結果已經帶來了更高的銅和金品位，因為潘帕坎查高品位區域的開採正在進行中，與礦山一致計劃。

We expect to achieve 2024 production guidance for all metals in Peru, with the fourth quarter expected to be the strongest quarter in Peru this year. Peru full year copper production is expected to trend towards the lower end of the guidance range due to lower-than-expected grades, while gold production is expected to trend towards the higher end of the guidance range, primarily due to a larger portion of the ore feed coming from Pampacancha stockpiles containing higher gold grades.

我們預計秘魯所有金屬將實現 2024 年產量指引，第四季預計將成為秘魯今年表現最強勁的季度。由於品位低於預期，秘魯全年銅產量預計將趨向指導範圍的下限，而黃金產量預計將趨向指導範圍的較高端，主要是因為大部分黃金產量都在指導範圍內。含有較高的金品位。

Total ore mined in the third quarter decreased by 27% compared to the prior quarter, in line with the mine plan and the completion of the planned stripping program at Pampacancha in late September. Similar to the second quarter, total ore milled includes supplemental ore feed from stockpiles as the team completed the pit stripping activities. Milled copper and gold grades increased by 7% and 57%, respectively, compared to the second quarter as higher grades were mined in both the Constancia and Pampacancha pits, and there was an increase in ore mined from Pampacancha. Copper recoveries were relatively unchanged from the prior quarter, while gold recoveries increased to 68%.

第三季開採的礦石總量比上一季減少了 27%，這與採礦計畫以及 Pampacancha 計畫於 9 月底完成的剝離計畫一致。與第二季類似，研磨的礦石總量包括團隊完成礦坑剝離活動時從庫存中補充的礦石原料。與第二季相比，研磨銅和金的品位分別增加了 7% 和 57%，因為 Constancia 和 Pampacancha 礦坑開採了更高的品位，而且 Pampacancha 開採的礦石也有所增加。銅回收率與上一季相比基本持平，而黃金回收率則上升至 68%。

Peru's cash costs were $1.80, relatively unchanged from the second quarter as higher copper production offset higher mining and freight costs and lower by-product credits. Full year cash costs are expected to be favorably positioned at the lower end of the cost guidance range, primarily due to higher gold by-product credits.

秘魯的現金成本為 1.80 美元，與第二季度相比基本持平，因為銅產量的增加抵消了採礦和運輸成本的增加以及副產品信貸的減少。預計全年現金成本將有利地處於成本指導範圍的下限，這主要是由於黃金副產品信用額增加。

Slide 6 highlights the operational excellence achieved at our Constancia mill, a result of the team's commitment to continuous improvement and leading cost performance. When Hudbay commissioned the Constancia mill in 2014, a it was designed with a throughput capacity of 76,000 tons per day. Within five months, the team had the operations fully ramped up to targeted levels, and we have consistently operated the mill above the design throughput level since 2017.

幻燈片 6 重點介紹了我們的 Constancia 工廠實現的卓越運營，這是團隊致力於持續改進和領先的性價比的結果。當 Hudbay 於 2014 年調試 Constancia 工廠時，其設計產能為每天 76,000 噸。在五個月內，團隊將營運完全提升至目標水平，並且自 2017 年以來我們一直以高於設計吞吐量水平運作工廠。

We have seen further increases in mill throughput this year, averaging 87,000 tons per day year-to-date, representing a remarkable 15% increase above name freight capacity. And as mentioned earlier, the mill processed 88,000 tons per day in the third quarter. The strong mill performance and focus on cost efficiencies has broadly positioned Constancia as the lowest cost open pit copper mine in South America.

我們看到今年工廠吞吐量進一步增加，年初至今平均每天 87,000 噸，比名義貨運能力顯著增加了 15%。如前所述，該工廠第三季每天處理 88,000 噸。強勁的工廠業績和對成本效率的關注使康斯坦西亞成為南美洲成本最低的露天銅礦。

We are also evaluating opportunities to further increase mill throughput in the medium to long term after the government recently approved a regulatory change to allow mining companies to increase throughput by up to 10% above permitted levels. This opportunity has a potential to increase production volumes to partially offset grade declines following the depletion of Pampacancha later next year.

政府最近批准了一項監管改革，允許礦業公司將產量提高至允許水平以上 10%，之後我們還在評估中長期內進一步提高工廠產量的機會。這一機會有可能增加產量，以部分抵消明年稍後 Pampacancha 資源枯竭後的品位下降。

Moving on to our Manitoba business on slide 7. The operations delivered record results in the third quarter and continue to exceed expectations in performance and efficiency. Manitoba achieved a new quarterly record for gold production at 62,000 ounces, representing a 44% increase from the second quarter.

接下來是投影片 7 上我們的曼尼托巴業務。馬尼托巴省黃金產量創下季度新紀錄，達到 62,000 盎司，較第二季成長 44%。

The operations also produced 3,000 tons of copper, 8,000 tons of zinc and 281,000 ounces of silver during the quarter. The increased gold and silver production is due to our strategy of mining and allocating more Lalor gold ore feed to New Britannia to achieve higher recoveries combined with higher precious metal grades mined in the quarter.

該業務在本季度還生產了 3,000 噸銅、8,000 噸鋅和 281,000 盎司白銀。黃金和白銀產量的增加是由於我們的策略是開採並向新不列顛尼亞分配更多的拉洛爾金礦石原料，以實現更高的回收率以及本季度開採的更高的貴金屬品位。

We now expect to exceed the top end of our 2024 gold production guidance range in Manitoba. This is driven by continued outperformance at New Britannia with throughput achieving new record levels, along with Lalor delivering better-than-expected gold grades by focusing on all quality improvements. Manitoba copper production is also expected to trend towards the higher end of the 2024 guidance range, and we are well on track to achieve zinc and silver production guidance.

我們現在預計曼尼托巴省的黃金產量將超過 2024 年黃金產量指導範圍的上限。這是由於新不列顛尼亞 (New Britannia) 的持續優異表現，吞吐量達到新的紀錄水平，以及拉勒 (Lalor) 通過專注於所有質量改進，提供了好於預期的黃金品位。曼尼托巴銅產量預計也將趨向 2024 年指導範圍的高端，我們有望實現鋅和銀產量指導。

Total ore mined at Lalor in the third quarter was 7% higher than the second quarter with higher gold, copper and silver grades mined. The strong mine performance benefited from improved long-haul muck fragmentation and a consistent higher-grade mining sequence that surpassed our forecasted metal grades. We also completed planned maintenance to enhance the efficiency and reliability of the key mine infrastructure and performed ongoing modifications to stope design to further enhance marking efficiency throughout the life cycle of stopes.

第三季 Lalor 開採的礦石總量比第二季增加 7%，開採的金、銅和銀品位更高。強勁的礦山業績得益於長途淤泥破碎的改善和持續的高品位採礦順序，超出了我們預測的金屬品位。我們也完成了計畫維護，以提高關鍵礦山基礎設施的效率和可靠性，並對採場設計進行持續修改，以進一步提高採場整個生命週期的標記效率。

As mentioned, the New Britannia gold mill had another quarter of exceptional performance with throughput hitting new quarterly records of 2,080 tons per day, and recoveries remained strong at 90% for gold and 93% for copper in the third quarter. At the Stall base metal mill, the third quarter had slightly reduced throughput levels as more ore was diverted to New Britannia.

如前所述，新不列顛金廠又一個季度表現出色，吞吐量創下每日 2,080 噸的季度新紀錄，第三季黃金回收率保持強勁，為 90%，銅回收率為 93%。在 Stall 賤金屬廠，第三季的吞吐量水準略有下降，因為更多礦石被轉移到新不列顛尼亞。

Benefits from recent recovery improvement programs continue to be realized with gold recoveries of 71% achieved during the third quarter. We continue to optimize recoveries at Stall with the installation of new elongated cyclones in one of the two milling circuits late in the third quarter. These cyclones are designed to improve grind size and pending positive performance could be implemented across other circuits.

最近的回收改善計畫持續帶來效益，第三季黃金回收率達 71%。我們在第三季末在兩個研磨迴路之一安裝了新的細長旋風分離器，繼續優化 Stall 的回收率。這些旋風分離器的設計目的是改善研磨尺寸，並且可以在其他電路上實現懸而未決的積極性能。

Manitoba gold cash costs were $372 per ounce in the quarter, a meaningful decrease of 52% compared to the prior quarter. This improvement was due to significantly higher gold production and higher by-product credits, partially offset by higher milling, G&A, and freight costs. We expect 2024 gold cash costs to be favorably positioned at the lower end of the cost guidance range, reflecting the strong cost control and gold production achieved to date.

本季馬尼托巴黃金現金成本為每盎司 372 美元，較上一季大幅下降 52%。這項改善是由於黃金產量顯著增加和副產品信用增加，但部分被較高的銑削、一般管理費用和貨運成本所抵消。我們預計 2024 年黃金現金成本將有利地位於成本指導範圍的下限，反映了迄今為止所實現的強有力的成本控制和黃金產量。

We are extremely proud of the success we've had at our New Britannia mill as summarized on slide 8. In 2021, we completed the high-return brownfield investment in New Britannia and refurbished the mill with a nominal capacity of 1,500 tons per day to provide additional processing capacity at the Snow Lake operations. This also allowed us to achieve higher gold recoveries of approximately 90% as Lalor transitioned to the higher gold and copper areas of the mine plan. The mill has consistently exceeded performance expectations, achieving throughput levels of 1,650 tons per day in 2023, more than 1,850 tons per day in the first half of 2024 and reaching a new quarterly record of 2,080 tons per day in the third quarter.

正如幻燈片8 中總結的那樣，我們對新不列顛尼亞工廠的成功感到非常自豪。的工廠進行了翻新，以實現為雪湖業務提供額外的處理能力。隨著 Lalor 過渡到採礦計劃中黃金和銅含量較高的區域，這也使我們能夠實現約 90% 的較高黃金回收率。該廠持續超出業績預期，2023年產量達到每日1,650噸，2024年上半年超過每日1,850噸，第三季創下每日2,080噸的季度新紀錄。

Plant availability continues to improve, supported by low capital projects aimed at further increasing throughput while continuing to achieve targeted gold recoveries of 90%. Notably, enhancements made in the elution and stripping cycles contributed to increased gold ore production in the quarter. As I mentioned in August, we completed the final payment under the New Britannia gold prepay facility, which further enhances our exposure to higher gold production in Snow Lake and leverage to higher gold prices.

在旨在進一步提高產量的同時繼續實現 90% 黃金回收率的目標的低資本項目的支持下，工廠的可用性持續改善。值得注意的是，洗脫和剝離循環的改進促進了本季金礦石產量的增加。正如我在 8 月提到的，我們完成了新不列顛尼亞黃金預付工具下的最終付款，這進一步增強了我們對雪湖黃金產量增加的敞口以及對金價上漲的槓桿作用。

With approximately 2 million ounces of contained gold in current reserves and another 1.4 million ounces of contained gold in inferred resources, the New Britannia investment has unlocked significant value in Snow Lake. This could be further enhanced by regional exploration upside and the current strong gold price environment. Earlier this year, we received a permit to increase the production rate of New Britannia to 2,500 tons per day, which will provide the opportunity to process more Lalor ore at the New Britannia mill and create additional processing capacity at Stall for potential new regional discoveries in Snow Lake.

New Britannia 的投資已釋放了 Snow Lake 的巨大價值，目前儲量中含有約 200 萬盎司黃金，推斷資源中含有約 140 萬盎司黃金。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。今年早些時候，我們獲得了將New Britannia 的產量提高到每天2,500 噸的許可，這將提供在New Britannia 工廠加工更多Lalor 礦石的機會，並在Stall 創造額外的加工能力，以發現潛在的新區域發現。

Slide 9 discusses the benefits from our stabilization plans at the British Columbia operations since our acquisition in June 2023. Our stabilization efforts are focused on opening up the mine by reactivating the full mining fleet, adding additional mining faces, optimizing the ore feed to the plant and implementing plant improvement initiatives that mirror the successful processes at Constancia.

幻燈片9 討論了自2023 年6 月收購以來我們在不列顛哥倫比亞省業務的穩定計劃所帶來的好處。進料來開放礦場實施反映康斯坦西亞成功流程的工廠改善措施。

In the third quarter, British Columbia produced 6,700 tons of copper, 6,300 ounces of gold, and 56,000 ounces of silver. Copper production was in line with the prior quarter, while gold production increased by 41% and silver production decreased by 28%. This was a result of the head grades in the stockpiled ore that was used to feed the mill.

第三季度，不列顛哥倫比亞省生產了6,700噸銅、6,300盎司黃金和56,000盎司白銀。銅產量與上一季持平，而黃金產量增加 41%，白銀產量下降 28%。這是由於用於磨機的庫存礦石的主要品位造成的。

Due to lower grades in stockpiled ore and the ramp-up of stabilization efforts throughout the year, we expect to be slightly below the low end of the 2024 guidance range for copper production in British Columbia. Gold and silver are expected to be within the 2024 production guidance ranges.

由於庫存礦石品位較低以及全年穩定努力的加大，我們預計不列顛哥倫比亞省銅產量將略低於 2024 年指導範圍的下限。黃金和白銀預計將處於 2024 年產量指引範圍內。

Mill processed a total of 3.4 million tons of ore during the quarter, a 4% increase compared to the prior quarter. Mill availability averaged 95% while maintaining a stable throughput rate. A number of initiatives were advanced in the quarter to address identified milling constraints and improve throughput to targeted levels with the benefits expected to be realized in the fourth quarter of 2024.

該季度工廠共加工礦石 340 萬噸，較上一季成長 4%。工廠的平均利用率為 95%，同時維持穩定的生產率。本季度推出了多項舉措，以解決已確定的銑削限制，並將產量提高到目標水平，預計將在 2024 年第四季實現效益。

Copper recoveries of 84% were higher than the second quarter, exceeding management's expectations despite processing lower grades. This was the result of improvements in the regrind circuit constraint and implementation of flotation operational strategy improvements, including reagent selection and dose modification. Similarly, higher milled gold grades has resulted in higher gold recoveries of 67% in the third quarter.

儘管加工品位較低，但銅回收率為 84%，高於第二季度，超出了管理層的預期。這是改進回收迴路約束和實施浮選操作策略改進（包括試劑選擇和劑量修改）的結果。同樣，更高的研磨金品位導致第三季黃金回收率提高了 67%。

Cash costs were $1.81 per pound in the third quarter, 32% lower than the prior quarter. This was driven by lower mining and milling costs, higher production and the benefits from the various stabilization initiatives implemented over the course of this year.

第三季現金成本為每磅 1.81 美元，比上一季下降 32%。這是由於採礦和銑削成本降低、產量提高以及今年實施的各種穩定措施帶來的好處所推動的。

We have successfully achieved sequential quarterly improvements in unit operating costs and cash costs this year with the third quarter of 2024 being the lowest cost quarter at Copper Mountain since Hudbay's acquisition. While year-to-date cash costs are above the higher end of the 2024 guidance range in British Columbia, we expect fourth quarter costs to continue to improve and result in full year costs to be near the upper end of the cost guidance range.

今年，我們成功實現了單位營運成本和現金成本的連續季度改善，2024 年第三季是銅山自收購 Hudbay 以來成本最低的季度。雖然不列顛哥倫比亞省今年迄今的現金成本高於 2024 年指導範圍的上限，但我們預計第四季度成本將繼續改善，導致全年成本接近成本指導範圍的上限。

Slide 10 highlights some of the successes from the completion of our stabilization phase and the focus areas for our optimization phase. Mine ramp-up activities have been completed by successfully remobilizing all 28 haul trucks and adding five additional haul trucks this year to execute the planned accelerated stripping campaign at a lower cost and avoid contractor mining costs. This has successfully increased the total tons moved to 23 million tons in the quarter compared to 16 million tons in the same period last year.

投影片 10 重點介紹了穩定階段完成後取得的一些成功以及最佳化階段的重點領域。今年，透過成功重新調動所有 28 輛拖運卡車並增加 5 輛額外拖運卡車，以較低的成本執行計劃的加速剝離活動並避免承包商採礦成本，礦山產能提升活動已經完成。這成功地將本季轉移的總噸位從去年同期的1,600萬噸增加到2,300萬噸。

Mill stabilization activities have been completed and have resulted in stronger mill performance as demonstrated by record mill availability of 95% and record copper recoveries of 84% achieved in the third quarter. As a result, year-to-date mill performance has resulted in the highest mill availability and highest copper recoveries achieved at the Copper Mountain mine in the last decade. Our stabilization efforts have successfully reduced combined unit operating costs to CAD19.56 per ton year-to-date, significantly lower than CAD21.38 per ton milled in the second half of 2023. And the third quarter represented the lowest-cost quarter at Copper Mountain since our acquisition at $15.58 per ton.

工廠穩定活動已經完成，並帶來了更強勁的工廠業績，第三季工廠利用率達到創紀錄的 95%，銅回收率達到創紀錄的 84%。因此，今年迄今的工廠績效使得銅山礦場實現了過去十年來最高的工廠利用率和最高的銅回收率。我們的穩定工作已成功將年初至今的綜合單位運營成本降低至每噸 19.56 加元，顯著低於 2023 年下半年每噸銑削的 21.38 加元。以每噸15.58 美元的價格收購以來。

We already achieved and exceeded the targeted $10 million in annualized corporate synergies earlier this year. As part of our optimization efforts to increase copper production and operating cash flow, mining activities will continue to execute the three-year accelerated stripping program to mitigate the reduced stripping that occurred over the four years prior to Hudbay's acquisition. The stripping program is intended to bring higher grade ore into the mine plan and further benefit operating costs.

今年早些時候，我們已經實現並超越了年度企業協同效應 1000 萬美元的目標。作為我們提高銅產量和營運現金流的優化工作的一部分，採礦活動將繼續執行為期三年的加速剝離計劃，以緩解收購 Hudbay 之前四年內剝離減少的情況。剝採計劃旨在將更高品位的礦石納入礦山計劃，並進一步降低營運成本。

Mill throughput optimization activities will focus on advancing various engineering studies to increase mill throughput to its permitted levels of 50,000 tons per day earlier than was originally contemplated in the technical report. These capital growth projects include the potential conversion of the third ball mill to a SAG mill to alleviate capacity limitations.

工廠吞吐量優化活動將專注於推進各種工程研究，以將工廠吞吐量提高到每天 50,000 噸的允許水平，早於技術報告中最初設想的水平。這些資本成長項目包括將第三台球磨機改造成半自磨機，以緩解產能限制。

With efforts now focused on optimizing the operations throughout the balance of 2024 and into 2025, we are well on track to realize the three-year annual operating efficiencies target of $20 million. Our enhanced operating platform continues to deliver meaningful cash flow generation. And together with a significantly improved balance sheet and financial flexibility, we are well positioned to advance our many growth initiatives and unlock significant value in our copper pipeline.

現在，我們的重點是優化 2024 年剩餘時間和 2025 年的運營，我們預計將實現 2,000 萬美元的三年年度營運效率目標。我們增強的營運平台持續產生有意義的現金流。加上資產負債表和財務靈活性的顯著改善，我們處於有利地位，可以推進我們的許多成長計劃，並釋放我們銅管道的巨大價值。

Slide 11 discusses Copper World, the next greenfield copper development project in our pipeline, which offers significant copper exposure and highly attractive project economics. Copper World is a stand-alone operation acquiring state and local permits and is expected to produce 85,000 tons of copper per year over the initial 20-year mine life in the first phase.

投影片 11 討論了 Copper World，這是我們管道中的下一個綠地銅開發項目，該項目提供了大量的銅礦敞口和極具吸引力的項目經濟效益。 Copper World 是一家獲得國家和地方許可的獨立企業，預計在第一階段的最初 20 年礦山壽命中每年生產 85,000 噸銅。

Copper World is one of the highest-grade open pit copper projects in the Americas, with mineral reserves of 385 million tons at 0.54% copper in Phase 1. 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.

Copper World是美洲最高品位的露天銅礦項目之一，第一期礦產儲量為3.85億噸，銅品位為0.54%。每磅3.75 美元。

We remain committed to prudently advancing Copper World in accordance with our 3-P plan as shown on slide 12. In August, we achieved a significant milestone with the receipt of the Aquifer Protection Permit from the Arizona Department of Environmental Quality. We worked closely with the ADEQ throughout the process, ensuring transparency and providing comprehensive and detailed information.

我們仍然致力於按照投影片 12 所示的 3-P 計畫謹慎地推進 Copper World。我們在整個過程中與 ADEQ 密切合作，確保透明度並提供全面詳細的資訊。

With the receipt of the Aquifer Protection Permit, we have commenced activities related to the preparation of feasibility studies. As previously announced, we increased growth capital spending in Arizona by an additional $25 million to account for this early feasibility work. The final required permit is the air quality permit, which was submitted to the ADEQ in late 2022 and has followed a similar robust process, including a public comment period that concluded in September 2024.

收到含水層保護許可證後，我們開始了與可行性研究準備相關的活動。正如先前宣布的那樣，我們將亞利桑那州的成長資本支出額外增加了 2500 萬美元，以完成這項早期可行性工作。最終所需的許可證是空氣品質許可證，該許可證於 2022 年底提交給 ADEQ，並遵循了類似的嚴格流程，包括於 2024 年 9 月結束的公眾評議期。

Upon receipt of the final permit, we intend to commence a minority joint venture partnership process. The potential partner is anticipated to participate in the funding of definitive feasibility study activities in 2025 as well as in the final project design and construction of Copper World. We look forward to prudently advancing Copper World to a sanctioned decision, which is not expected until 2026 based on current estimated timelines.

收到最終許可後，我們打算開始少數合資夥伴關係流程。潛在合作夥伴預計將參與 2025 年最終可行性研究活動的資助以及銅世界的最終項目設計和建設。我們期待謹慎地推動 Copper World 做出批准的決定，根據目前的估計時間表，預計要到 2026 年才會做出決定。

Once in production, Copper World is expected to be a meaningful copper producer in the United States domestic supply chain. The Made in America copper cathode anticipated to be produced is expected to be sold entirely to domestic US customers and would make Copper World the third largest cathode copper producer in the United States.

一旦投產，Copper World 預計將成為美國國內供應鏈中有意義的銅生產商。預計生產的美國製造陰極銅預計將全部銷售給美國國內客戶，並使 Copper World 成為美國第三大陰極銅生產商。

We have several exploration opportunities as part of our long-term growth pipeline, and we remain focused on advancing many of the high priority initiatives, as noted on slide 13. In Peru, our exploration activities surrounding the Maria Reyna and Caballito properties near Constancia continue to focus on permitting and drill preparation.

作為我們長期成長管道的一部分，我們擁有多個勘探機會，並且我們仍然專注於推進許多高度優先的舉措，如幻燈片13 所示。勘探活動仍在繼續重點關注許可和演習準備。

As part of the drill permitting process, environmental impact assessment applications were submitted for Maria Reyna in November 2023 and for Caballito in April 2024. The environmental impact assessment for Maria Reyna was approved by the government in June 2024.

作為鑽探許可流程的一部分，Maria Reyna 於 2023 年 11 月提交了環境影響評估申請，Caballito 於 2024 年 4 月提交了環境影響評估申請。

And more recently, in September, the environmental impact assessment for Caballito was approved. This represents one of the several steps acquired as part of the drill permitting process, which we anticipate will be completed in 2025.

最近，9 月，Caballito 的環境影響評估獲得批准。這是鑽探許可流程中所採取的幾個步驟之一，我們預計流程將於 2025 年完成。

In Manitoba, we continue to execute our large 2024 exploration program focused on extending known mineralization near Lalor to further extend mine life as well as find new anchor deposit within trucking distance of the Snow Lake processing infrastructure. The 2024 program included the largest geophysical program in the company's history in the region, completing surface electromagnetic surveys over a 25-square-kilometer area, detecting targets at depth of more than 1,000 meters.

在馬尼托巴省，我們繼續執行2024 年大型勘探計劃，重點是擴大Lalor 附近的已知礦化範圍，以進一步延長礦山壽命，並在Snow Lake 加工基礎設施的卡車運輸距離內尋找新的錨定礦床。 2024年計畫包括該公司歷史上在該地區最大的地球物理計劃，完成25平方公里區域的表面電磁勘測，探測深度超過1000公尺的目標。

The company had eight drill rigs turning in Snow Lake during the quarter, including two drills completing follow-up drilling at Lalor Northwest located within 400 meters of the existing Lalor underground infrastructure. The other six drill rigs were testing new geophysical targets and completing follow-up drilling at potential regional satellite deposits.

本季度，該公司有八台鑽機在 Snow Lake 進行作業，其中兩台鑽機在 Lalor 西北完成後續鑽探，距離現有 Lalor 地下基礎設施不到 400 公尺。其他六台鑽機正在測試新的地球物理目標並完成潛在區域衛星礦床的後續鑽探。

One of the geophysical targets is a very strong deep anomaly located at Cook Lake North, approximately 6 kilometers from Lalor. Drilling activities are expected to continue throughout the winter season and assay results are pending.

地球物理目標之一是位於庫克湖北部的一個非常強烈的深層異常，距離拉洛爾約 6 公里。預計鑽探活動將持續整個冬季，化驗結果仍在等待中。

At the 1901 deposit, we continue to advance the exploration drift from the existing Lalor ramp, and the drift is expected to reach mineralization in early 2025. We plan to conduct definition drilling next year 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1901礦床，我們從現有的Lalor坡道繼續推進勘探平巷，預計平巷將於2025年初實現礦化。性，並將金透鏡中推斷的礦產資源轉換為礦產儲量。

In October, we initiated the development of an adjacent haulage drift to further derisk future 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, which is currently on care and maintenance to reprocess tailings.

10 月，我們開始開發鄰近的運輸巷道，以進一步降低2027 年1901 年礦床全面生產的風險。的潛力，目前正在進行保養和維護以對尾礦進行後處理。

The tailings reprocessing opportunity is expected to recover critical minerals and precious metals while creating environmental and social benefits for the region. An early economic study to evaluate the opportunity has confirmed the potential for a technically viable reprocessing alternative, so we have further engineering work underway.

尾礦再處理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。一項評估這一機會的早期經濟研究證實了技術上可行的後處理替代方案的潛力，因此我們正在進行進一步的工程工作。

Including on slide 14 Hudbay's leading corporate 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 cash flow generation. We produced approximately 150,000 tons of copper per year, which is further augmented by our complementary gold exposure that offers cash flow resiliency in volatile pricing environments.

包括幻燈片14 中的Hudbay 在一級司法管轄區領先的企業開發和勘探管道以及低成本、穩定的運營平台，為投資者提供了有意義的銅敞口、互補的黃金敞口和強勁的近期現金流生成。我們每年生產約 15 萬噸銅，我們的補充性黃金曝險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。

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 demand from global decarbonization initiatives and growing copper demands. Hudbay's strong operating platform and resilient balance sheet offers significant upside potential for further value creation at higher copper and gold prices.

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 強大的營運平台和富有彈性的資產負債表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。

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

因此，我們很高興回答您的問題。

(Operator Instructions) Orest Wowkodaw, Scotiabank.

（操作員指示）Orest Wowkodaw，豐業銀行。

My question is around the gold in Manitoba. Obviously, a very strong Q3. I'm just curious, is this -- are you -- with the gold price environment the way it is, are you reprioritizing the mining plan here to focus on the gold zone versus the base metal zone? And I guess I'm trying to figure out if you're seeing better-than-expected grades or if you're just focusing on the gold zone versus base to drive the better grades?

我的問題是關於曼尼托巴省的黃金。顯然，第三季非常強勁。我只是很好奇，在金價環境如此的情況下，您是否會重新調整採礦計劃的優先順序，將重點放在黃金區域而不是賤金屬區域？我想我想弄清楚你是否看到了比預期更好的成績，或者你只是關注黃金區而不是基礎來推動更好的成績？

Orest, this is Peter. Thanks very much for the question. And the answer to your question is no, not at all. We don't focus on those as gold zones. New Britannia is performing extremely well at the moment. So we said what we can there, but Stall store is performing really well as well. You would have seen that we -- that recoveries at Stall have reached 70% of gold, whereas a long time ago, it was about 50%. But Andre, do you have any further comment for Orest?

奧雷斯特，這是彼得。非常感謝您的提問。你的問題的答案是否定的，根本不是。我們不關注那些黃金區。新不列顛尼亞目前表現非常出色。所以我們說了我們能做的，但攤位商店的表現也非常好。您可能已經看到，Stall 的黃金回收率已達到 70%，而很久以前，這一數字約為 50%。但是安德烈，您對奧雷斯特還有什麼進一步的評論嗎？

Sure. Sure. Orest, we -- like Peter said, we're not prioritizing. We're just following the mine sequence just naturally becoming more gold ridge over time as it transitions, the upper part of the mine was more base metal rich. Within the -- and I think we mentioned on the last quarterly calls, the teams have really put in place significant effort on dilution. And we sample all of our blasts. It's something that was new for us in the last year or so and really seeing a lot better benefits on our dilution control, and we're seeing better grades than that we are projecting in some of our block models.

當然。當然。奧雷斯特，我們——就像彼得說的，我們沒有優先考慮。我們只是遵循礦山序列，隨著時間的推移，隨著時間的推移，它自然會變得更加金脊，礦山的上部更加富含賤金屬。我想我們在上個季度電話會議中提到過，團隊確實在稀釋方面付出了巨大的努力。我們對所有爆炸進行了採樣。這對我們來說是去年左右的新事物，我們確實在稀釋控制方面看到了更好的好處，而且我們看到的成績比我們在一些區塊模型中預測的成績更好。

And what -- can you give us any kind of insight in terms of what gold grade you're anticipating for Dexter in Manitoba?

您能告訴我們您對曼尼托巴省德克斯特的黃金等級的預期嗎？

We're still reiterated in the middle of wrapping up the final stages of our budgets for next year. But it's in -- it's very, very similar to the course of this year. And it's -- we're expecting that same sort of range. It's -- but we'll give some clarity on that as we get forward in the future.

我們仍在重申明年預算的最後階段。但它與今年的情況非常非常相似。我們期待同樣的範圍。是的，但我們會在未來的進展中對此進行澄清。

Okay. And just separately, if I could. You're languaging around the potential throughput expansion at Constancia. I feel like it's changed a bit from last quarter, where it sounded -- last quarter, it sounded like it was more imminent, potentially as early as '26. Your languaging in the release today talks more about medium- to long-term opportunity. Am I reading anything into that? Or has something changed?

好的。如果可以的話，就分開吧。您正在談論康斯坦西亞潛在的吞吐量擴張。我覺得它與上個季度相比發生了一些變化，上個季度聽起來更迫在眉睫，可能最早在 26 年。您在今天的新聞稿中更多地談論了中長期機會。我有讀到什麼嗎？或是有什麼改變了？

I'm not sure what you're reading to it. But what I would say is with the increased throughput that the governments have allowed us to do is immediately, actually, this month, we're doing trials on pebble rejection at Constancia looking for additional throughput and enhancing the grades with the capital raise that we did last year, right in the middle of engineering right now, pebble crushers for Constancia to, again, increase throughput, balancing off some higher ores post Pampacancha. So the teams are actively looking at ways to hit that targeted throughput. It used to be a barrier for us. It's no longer a barrier, and we're working on it as we speak. So it's not something that's as long dated as said.

我不確定你在讀什麼。但我想說的是，隨著政府允許我們立即增加吞吐量，實際上，本月，我們正在康斯坦西亞進行卵石剔除試驗，以尋求額外的吞吐量並通過我們籌集的資金提高等級。康斯坦西亞的卵石破碎機正在進行工程，以再次提高產量，平衡潘帕坎查後一些較高的礦石。因此，團隊正在積極尋找達到目標吞吐量的方法。它曾經是我們的障礙。這不再是一個障礙，我們正在努力解決這個問題。所以它並不像所說的那樣過時。

Ralph Profiti, Eight Capital.

拉爾夫·普羅菲蒂，八資本。

I just want to piggyback off the last question and ask you, Peter, given the performance of Constancia, both from a throughput perspective and a cost perspective, if scaling up the operation beyond the 10% regulatory allowance is kind of something that's entering your mind on sort of the planning stage or the preplanning stage?

我只是想藉最後一個問題問你，Peter，考慮到 Constancia 的表現，從吞吐量角度和成本角度來看，你是否會考慮將運營規模擴大到 10% 的監管限額之外是在規劃階段還是在預規劃階段？

Ralph, I think -- I mean I'll let Andre answer most of that, but I think that we've always looked at the idea of being ready with Constancia for such time as we bring some of the satellites into operation down the road. So having Constancia ready to operate at higher levels is a key component of that. Andre, any more details you want to provide?

拉爾夫，我想——我的意思是我會讓安德烈回答大部分問題，但我認為我們一直在考慮與康斯坦西亞一起做好準備的想法，以便我們將一些衛星投入運行。因此，讓康斯坦西亞做好在更高層級運作的準備是其中的關鍵組成部分。安德烈，您想提供更多詳細資訊嗎？

Sure. So in addition to what I just mentioned to Orest was like the teams are in the middle of a permit application renewal. It's just normal course of business for us to do that. We're looking at things like expansion of our floatation to match the increased throughput that we're looking at, potential increases in grinding capacity.

當然。因此，除了我剛才向奧雷斯特提到的之外，球隊正在申請續約許可證。這對我們來說只是正常的業務流程。我們正在考慮擴大浮選規模，以匹配我們正在考慮的吞吐量的增加，以及研磨能力的潛在增加。

And then longer term, we have the modification for that's coming up that we're contemplating that permitting potentially for a third line. But we wouldn't sanction that until we are at a stage where success with Maria Reyna and Caballito. But we're definitely looking at how to -- have all of the permits in play and time at right when metal prices right or we have those potential great discoveries at Maria Reyna and Caballito.

從長遠來看，我們對此進行了修改，我們正在考慮允許第三條生產線。但在瑪麗亞·雷納和卡巴利托取得成功之前，我們不會批准這一點。但我們肯定會考慮如何在金屬價格合適時獲得所有許可並在合適的時間進行操作，或者我們在瑪麗亞·雷納 (Maria Reyna) 和卡巴利托 (Caballito) 擁有潛在的重大發現。

Okay. Okay. And just to follow up on what you mentioned. When is the team going to be in a position to kind of give us a picture on what an expanded drill program for Maria Reyna and Caballito look like? It sounds like something like towards the end of 2025, once those drill programs or permits are in place. Is that kind of how we were thinking about sort of how many meters and potentially that -- the cost of that expanded drill program?

好的。好的。只是為了跟進你提到的事情。團隊什麼時候能夠向我們展示瑪麗亞·雷納和卡巴利託的擴大訓練計畫是什麼樣子的？聽起來像是 2025 年底，一旦這些鑽探計畫或許可證到位。我們是否就是這樣考慮多少公尺以及可能的擴展鑽探計劃的成本？

Well, we do expect to be drilling it in 2025 like you mentioned. There's a range of -- depending it could be upwards of up to 300 drill platforms at its peak. And so it will be quite an exciting drill program for us. We're -- it's something we've been talking about for a little bit and really looking forward to. We see that as the future.

嗯，我們確實希望像您提到的那樣在 2025 年進行鑽探。鑽探平台的範圍很廣，高峰期可能多達 300 個。因此，這對我們來說將是一個非常令人興奮的訓練計劃。我們已經討論了這一點並且非常期待。我們認為這是未來。

The cost in terms of that program, I think we'll give guidance on that into the new year on our forecast for exploration as we're just finalizing the budget. And we'll have some better clarity by that time as we expect the government to go through the consultant previa process early in the new year.

就該計劃的成本而言，我認為我們將在新的一年中就勘探預測提供指導，因為我們剛剛敲定預算。到那時我們會有更好的清晰度，因為我們預計政府將在新年初完成顧問前置程序。

Ralph, to add to that, the -- we are in the final stages of permitting at this point, and we're permitting both the Maria Reyna and Caballito at the same time. So in parallel right now to make it more efficient and to provide us with a little bit more optionality.

拉爾夫，補充一點，我們目前正處於許可的最後階段，我們同時允許瑪麗亞·雷納和卡巴利托。因此，現在要同時提高效率並為我們提供更多選擇。

John Tumazos, Very Independent Research.

約翰·圖馬佐斯，非常獨立的研究。

Congratulations on the $0.5 billion debt repayment and all the great progress, including cutting the project finance debt target for Copper World of $350. If you just had half of the free cash flow in the future quarters, as you just had $86 million in the third quarter, you generate another almost $400 million of free cash by the time Copper World construction might start at the beginning of '27. Why sell 30% of it? Why not sell only 20% of it or keep it all? It might be better than the next project at Mason in Nevada? Or it's hard to find a substantially better projects?

恭喜您償還了 5 億美元的債務並取得了所有重大進展，包括將 Copper World 的專案融資債務目標削減為 350 美元。如果你在未來幾季只有一半的自由現金流，就像你在第三季只有 8,600 萬美元一樣，那麼到 27 年初 Copper World 建設開始時，你會再產生近 4 億美元的自由現金流。為什麼要賣30%？為什麼不只賣掉 20% 或全部保留呢？它可能比內華達州梅森的下一個項目更好？或很難找到更好的項目？

John, it's Peter. First, thank you for your kind words. And yes, Copper World is certainly a high-quality project. And yes, we don't need a partner. But for a variety of reasons, we likely will want one. Now we're not wedded to a number of 30%, for example. But there are several reasons why we might want one. I think it all comes down to value and maximizing returns and creating optionality around our broader pipeline of opportunities across the portfolio.

約翰，是彼得。首先，感謝您的客氣話。是的，銅世界無疑是一個高品質的項目。是的，我們不需要合作夥伴。但出於多種原因，我們可能會想要一個。例如，現在我們不再與 30% 的人結婚。但我們可能想要一個的原因有很多。我認為這一切都取決於價值和最大化回報，以及圍繞我們整個投資組合更廣泛的機會管道創造選擇性。

But perhaps to give you a little bit more granular detail, I'll ask Eugene to address some of your questions.

但也許為了給您更詳細的信息，我將請尤金回答您的一些問題。

Thanks, Peter, and thanks for your question, John. As Peter mentioned, I think what we're looking to do is maximize the risk-adjusted value creation for shareholders. And given the current market for minority pieces of scarce copper mines, we've already seen robust interest in Copper World, and we expect to receive a strong valuation for that minority piece, given its grade and capital intensity. This bringing in a partner provides us the opportunity to prudently build Copper World with lower leverage and with much lower leverage than we had to do with Constancia over a decade ago.

謝謝彼得，也謝謝約翰的提問。正如彼得所提到的，我認為我們要做的是最大限度地為股東創造風險調整後的價值。考慮到當前少數稀有銅礦的市場，我們已經看到了對 Copper World 的濃厚興趣，考慮到其品位和資本密集度，我們預計該少數礦將獲得強勁的估值。引入合作夥伴為我們提供了以較低的槓桿率謹慎建立 Copper World 的機會，而且槓桿率比十多年前我們對康斯坦西亞的槓桿率低得多。

Furthermore, the recent preemptive extension of our revolver allows us increased financial flexibility through the end of 2025 to determine the most attractive debt equity mix as we go forward. And that will be -- part of that consideration in 2025 will be some of the other projects within the pipeline is high-return brownfield projects in Peru and in Manitoba to allocate capital to, again, create value for shareholders on a balanced basis. But as Peter mentioned, this -- the extension of the revolver gives us that optionality to make those decisions on what is exactly the right mix and in terms of the partner and the value proposal that will be on the table for us to consider.

此外，最近我們的左輪手槍的先發製人的擴展使我們能夠在 2025 年底之前提高財務靈活性，以便在我們前進的過程中確定最具吸引力的債務股權組合。到 2025 年，考慮因素的一部分將是秘魯和馬尼托巴省的高回報棕地項目，以分配資本，再次在平衡的基礎上為股東創造價值。但正如彼得所提到的，左輪手槍的擴展使我們可以選擇什麼是正確的組合，以及合作夥伴和價值提案，這些將擺在我們面前供我們考慮。

So there's more good news. It's going to come from Peru and Manitoba that's going to take some capital.

所以還有更多好消息。它將來自秘魯和馬尼托巴，這將需要一些資本。

We hope so.

我們希望如此。

Great targets.

偉大的目標。

Dalton Baretto, Canaccord Genuity.

道爾頓·巴雷托 (Dalton Baretto)，Canaccord Genuity。

Congratulations on a great quarter. A couple of questions from me on Copper World, just given the incoming Trump administration. And I guess, first, I want to ask, do you think that you can accelerate any of the permitting process for Phase 2 over the next couple of years or the next four years, I guess?

恭喜您度過了一個美好的季度。鑑於即將上任的川普政府，我在《銅世界》上問了幾個問題。我想，首先，我想問，您認為您可以在未來幾年或未來四年內加快第二階段的任何許可流程嗎？

For Phase 2 -- first of all, thanks for the kind words, Dalton. I think that it's premature to say what might be possible with Phase 2. I think the first thing we'd look at to see whether the Mining Clarity Act actually passes through the Senate. If it does, then that probably makes Phase 2. It simplifies Phase 2 and it also simplifies Mason.

對於第二階段——首先，感謝道爾頓的客氣話。我認為現在說第二階段可能發生的事情還為時過早。如果確實如此，那麼可能會進入第二階段。

I think you know that the NPV of Phase 2 is such that it's so enormous that the extent whereby we can bring it forward creates massive value for the company and our shareholders, and we'll do everything that we can to do that. But also remember that we're going to -- we've got the concentrate leaching facility to put in place. But I have no doubt that once we're in operation, once we stabilize, once we ramped up, we'll turn our mines to getting Phase 2 underway or getting Phase 2 permitted as quickly as possible.

我想你知道第二階段的淨現值是如此之大，以至於我們可以將其推進的程度為公司和我們的股東創造巨大的價值，我們將盡一切努力來做到這一點。但也要記住，我們將會－我們已經建立了精礦浸出設施。但我毫不懷疑，一旦我們投入運營，一旦我們穩定下來，一旦我們加快步伐，我們將把我們的礦場轉向第二階段，或者盡快獲得第二階段的許可。

Got it. And then my second question was, does Copper World qualify for the Section 45 Act advanced manufacturing credit? And is that baked into your estimates right now?

知道了。然後我的第二個問題是，Copper World 是否有資格獲得第 45 條法案先進製造信貸？您現在是否已將其納入您的估計中？

No, it doesn't qualify for it. There's a possibility that the concentrate leaching facility would apply for it. And in fact, we did make a provisional sort of application to the government. It was favorably received, but it's too early to actually get it in the queue.

不，它沒有資格。精礦浸出設施有可能適用。事實上，我們確實向政府提出了臨時申請。它受到了好評，但現在真正將其列入隊列還為時過早。

Got it. And maybe I can squeeze one last one in. If President-elect Trump should cut the corporate tax rate to 15%, is there anything you can do to sort of lock in anywhere around that rate over the life of the mine?

知道了。也許我可以再插上最後一個。

I don't think so, Dalton. We'd certainly take a look at it.

我不這麼認為，道爾頓。我們當然會看一下。

Craig Hutchison, TD Cowen.

克雷格·哈奇森，TD·考恩。

I was wondering if you could just provide any updates with regards to how the air permits going Copper World.

我想知道您能否提供有關銅世界的空氣流通狀況的最新資訊。

It is Copper World?

這是銅世界？

Yes.

是的。

The air quality -- sorry, sorry. So it is going well. I would say we have confidence in the state permitting process because, as we've told you several times, I believe that it's a scientific-based process. And we're working very closely with the Arizona Department of Environmental Quality to ensure that they've got all the data they need. It follows a similar process to that of the Aquifer Protection Permit and it's been progressing very well.

空氣品質——對不起，對不起。所以進展順利。我想說，我們對國家許可程序充滿信心，因為正如我們多次告訴您的那樣，我相信這是一個基於科學的過程。我們正在與亞利桑那州環境品質部密切合作，以確保他們獲得所需的所有數據。它遵循與含水層保護許可證類似的流程，並且進展順利。

As you know, the Aquifer Protection Permit was received in August, in line with our timing expectations. Now the public comment period for the air quality permit was completed in September. And we were very, very pleased with the level of local support that was received during that comment period. So the permits on track to be received in late 2024. The ADEQ assures us that it's on track, so we expect it to be delivered in late 2024. But honestly, with Thanksgiving and Christmas coming up, it would not surprise us if it slipped into early 2025, which will be no big deal, but we are assured by the ADEQ that it's on track.

如您所知，含水層保護許可證於 8 月收到，符合我們的時間預期。目前空氣品質許可證的公眾評議期已於9月結束。我們對評論期間收到的當地支持程度感到非常非常滿意。因此，許可證預計將在2024 年底收到。 ，我們也不會感到驚訝到 2025 年初，這沒什麼大不了的，但 ADEQ 向我們保證，它正在步入正軌。

Okay. Great. And just on the joint venture partnering. Is there an expectation that you guys would be looking for some kind of upfront payment relative to the sunk cost to date? Or is the expectation just sort of a go-forward basis? You mentioned the feasibility study and obviously, anything going forward.

好的。偉大的。就合資企業的合作而言。是否期望你們會尋求某種相對於迄今為止的沉沒成本的預付款？或者這種期望只是一種前進的基礎？你提到了可行性研究，顯然還有未來的任何事情。

Yes, I think that we would expect to receive an equity contribution for the value that the project represents. So for sure, there will be an equity contribution, and then we would look -- and then plus whatever the required capital contribution for the project is.

是的，我認為我們希望獲得該專案所代表的價值的股權出資。因此，可以肯定的是，會有股權出資，然後我們會考慮——然後再加上專案所需的資本出資。

(Operator Instructions) Pierre Vaillancourt, Haywood Securities.

（操作員指示）Pierre Vaillancourt，海伍德證券。

Peter or Andre, wondering if you can give me a little more insight on Copper Mountain and specifically the timeline to steady state. I mean, I recognize that mill availabilities improved. The throughput is rising, but it still seems to me like a long-time line to get to that point. And so maybe walk me through what the key issues going forward? And is there any kind of ability to accelerate that given your success here?

彼得或安德烈，想知道你是否能給我更多關於銅山的見解，特別是穩定狀態的時間表。我的意思是，我認識到工廠的可用性有所改善。吞吐量正在上升，但在我看來，要達到這一點仍然需要很長時間。那麼也許可以帶我去了解一下未來的關鍵問題是什麼？鑑於您在這裡的成功，是否有任何能力可以加速這一進程？

So I'll start off by saying that the team and I are sitting here at Copper Mountain right now. So we're actually doing this conference call from the Copper Mountain office, and we're really, really pleased with what we're seeing over here. So John Ritter and the team are doing an extraordinary job of bringing things along. We always said this wasn't going to be easy, but they're hitting it out of the park. Things are going pretty well. But for a little bit of granular detail on where things are and what's required, I'll let Andre respond to that.

首先我要說的是，我和我的團隊現在坐在銅山。所以我們實際上是在銅山辦公室舉行這次電話會議，我們對在這裡看到的情況非常非常滿意。因此，約翰·里特 (John Ritter) 和他的團隊在推動事情進展方面做得非常出色。我們總是說這並不容易，但他們正在全力以赴。事情進展順利。但對於有關事情在哪裡以及需要什麼的一些詳細信息，我會讓安德烈對此做出回應。

Sure. I'll give you the granular. So thanks for the question, and it's an interesting one. And what I'd say as an echo what Peter says is we're quite pleased with the progress. So it's on a number of fronts, whether it's increasing the mine throughput, whether it's record mill recoveries, the mill availability, like we said on other questions, we're really pleased with New Brit mill availability here as much. It's even higher than New Brit, 95%. The stabilization is almost complete.

當然。我會給你詳細的。謝謝你提出這個問題，這是一個有趣的問題。我想說的是，作為對彼得所說的回應，我們對進展感到非常滿意。因此，它涉及多個方面，無論是增加礦山吞吐量，還是創紀錄的工廠回收率，工廠可用性，就像我們在其他問題上所說的那樣，我們對這裡的新英國工廠可用性非常滿意。甚至比 New Brit 還要高，95%。穩定工作已基本完成。

So we're -- there's some puts and takes. There's a little bit although the stripping is definitely increasing, and we're very pleased with it. We still would like a little bit more, and the teams are working on with some additional trucks, and ramping up of people is a little bit slower, but overall, I'd say it's going as planned. It's a three-year project.

所以我們——有一些投入和需要。儘管剝離確實在增加，但還是有一點，我們對此感到非常滿意。我們仍然想要更多一點，團隊正在努力增加一些卡車，人員的增加速度有點慢，但總的來說，我想說一切都按計劃進行。這是一個為期三年的計畫。

So when you say that is it going slow, it's something -- what it is, is we're in the middle of a construction project. The technical report showed us getting to 50,000 tons per day by 2027. And with the capital raise that we just did last year, the Board just approved as to some early works in preparing for what we call SAG 2, which is the conversion of ball mill three. And that is the next sort of stage of mill throughput to get to that 50,000 tons a day. So we're in the process right now of ordering long lead items. Commissioning of that.

因此，當你說進展緩慢時，是指我們正處於一個建設項目之中。技術報告顯示，到 2027 年，我們的產量將達到每天 50,000 噸。號。這就是工廠吞吐量達到每天 5 萬噸的下一個階段。因此，我們現在正在訂購長交貨期的產品。調試那個。

We hope to have it done by the end of next year and commissioned into the mid-'26, which is ahead of the schedule that -- in the technical report of into 2027, so I'd say when you look at it at a three-year window, we're on track. In fact, we're probably a little bit ahead. And there's just like any, call it, construction project, which is the way that we look at this. It's -- there's ups and downs, and the team is working really hard, and there's initiatives everywhere that you look in terms of the operation.

我們希望在明年年底之前完成並在 26 年中期投入使用，這比 2027 年技術報告中的計劃提前了，所以當你在三年窗口期，我們已走上正軌。事實上，我們可能領先一點。就像任何建築項目一樣，這就是我們看待這個問題的方式。這是——有起有落，團隊工作非常努力，從營運角度看，到處都有舉措。

And I would say the real focus right now is getting that mine throughput up over the next year because that unlocks the high-grade material in Pit 3. And the optimization and increase of throughput in the mill, which is that capital project.

我想說，現在真正的重點是在明年提高礦山產量，因為這會釋放 3 號坑的高品位材料。

One thing I didn't mention is like we just recently put in place as well a new set of liners. It was engineered and designed. We expect higher throughput. Those are just installed, I think about a week ago, and we're in the middle of ramping up that as well, too. So we're expecting some subtle ramp-ups in mill throughput towards the end of this year. But the big jump will be into next year and towards the end of the year with the commissioning of and conversion of ball mill three to a SAG mill.

我沒有提到的一件事是我們最近剛安裝了一套新的內襯。它是經過設計和設計的。我們期望更高的吞吐量。我想大約一週前，這些剛安裝完畢，我們也正在加大力度。因此，我們預計今年年底工廠產量將出現一些微妙的成長。但隨著三號球磨機的調試和轉換為半自磨機，大躍進將在明年和年底進行。

Okay. And so this year, are you going to reach 40,000 tons per day? Are you going to the exit -- do you think you’ll get there?

好的。那麼今年你們會達到每天4萬噸嗎？你要去出口嗎－你認為你能到達那裡嗎？

I think we expect by the end of the year to be finishing out the year averaging about 40,000 tons per day, yes.

我認為我們預計到今年年底，年產量將達到平均每天 4 萬噸左右，是的。

And Peter, in terms of -- I mean, I realize it's a bit of a moving target. But when you talk about securing a partner for Copper World, what's your target? Is that kind of second half of '25?

彼得，我的意思是，我意識到這是一個不斷變化的目標。但當您談到為 Copper World 尋找合作夥伴時，您的目標是什麼？這是25年下半年的情況嗎？

I would say, Pierre, as soon as we have the air quality permit in hand, we'll launch a formal process, and I expect that process would take over the order of four months or so. So we would have the partner on board, I expect in the first half of the year.

我想說，皮埃爾，一旦我們拿到了空氣品質許可證，我們就會啟動一個正式的流程，我預計該流程將持續四個月左右的時間。因此，我預計在今年上半年，我們將邀請合作夥伴加入。

Orest Wowkodaw, Scotiabank.

奧雷斯特‧沃科多 (Orest Wowkodaw)，豐業銀行。

More of a housekeeping question on my end. Can you remind me, on slide 7, your Manitoba operations review, where you show the combined statistics here. Can you just remind me why the gold recovery is at 63.6%? Why is it so much lower than the two mills reporting at 90% at New Brit and 70% at Stall?

我這邊更多的是一個家務問題。您能否提醒我，在投影片 7 上，您的曼尼托巴營運回顧，您在此處顯示了綜合統計數據。您能提醒我為什麼黃金回收率為 63.6% 嗎？為什麼它比 New Brit 的 90% 和 Stall 的 70% 的兩家工廠報告的要低這麼多？

Orest, it's Eugene here. The -- on slide 7, that gold recovery is only the gold recovery from concentrate. So that's the 60%-odd. At New Brit, it's the combined gold, copper and concentrate and doré is 90%. You'll see that in the MD&A that we actually -- there's a more specific line up. This is only the recovery from concentrate.

奧雷斯特，我是尤金。在投影片 7 上，黃金回收只是從精礦回收的黃金。這就是 60% 的可能性。在 New Brit，它是金、銅和精礦的總和，金礦含量為 90%。您會在 MD&A 中看到，我們實際上有一個更具體的陣容。這只是濃縮物的回收率。

This concludes the question-and-answer session. I'd 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 -- please feel free to reach out to our Investor Relations team. Thank you.

謝謝運營商，也謝謝大家今天加入我們。如果您還有任何其他問題，請隨時聯絡我們的投資者關係團隊。謝謝。

This brings to close today's conference call. You may disconnect your lines. Thank you for participating, and have a pleasant day.

今天的電話會議到此結束。您可以斷開線路。感謝您的參與，祝您有個愉快的一天。