Hudbay Minerals Inc (HBM) 2025 Q1 法說會逐字稿

Good morning, ladies and gentlemen. Thank you for standing by. Welcome to the Hudbay Minerals Incorporated first-quarter 2025 results conference call. (Operator Instructions) I'd like to remind everyone that this conference call is being recorded today, May 12, 2025, at 11:00 AM Eastern Time.

女士們、先生們，早安。感謝您的支持。歡迎參加 Hudbay Minerals Incorporated 2025 年第一季業績電話會議。（操作員指示）我想提醒大家，本次電話會議將於今天，即 2025 年 5 月 12 日東部時間上午 11:00 進行錄音。

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

現在我將電話轉給投資人關係副總裁 Candace Brule。請繼續。

Thank you, operator. Good morning, and welcome to Hudbay's 2025 first-quarter results conference call. Hudbay's base financial results were issued this morning and are available on our website at www.hudbay.com. A corresponding PowerPoint presentation is available in the Investor Events section of our website, and we encourage you to refer to it during this call. Our presenter today is Peter Kukielski, Hudbay's President and Chief Executive Officer; accompanying Peter for the Q&A portion of the call will be Eugene Lei, our Chief Financial Officer; and Andre Lauzon, our Chief Operating Officer.

謝謝您，接線生。早上好，歡迎參加 Hudbay 2025 年第一季業績電話會議。Hudbay 的基本財務表現已於今早發布，可在我們的網站 www.hudbay.com 上查閱。對應的 PowerPoint 簡報可在我們網站的「投資者活動」板塊查閱，並建議您在本次電話會議上參考。我們今天的主持人是 Hudbay 總裁兼執行長 Peter Kukielski；陪同 Peter 參加電話會議問答環節的還有我們的財務長 Eugene Lei 和我們的營運長 Andre Lauzon。

Please note that comments made on today's call may contain forward-looking information, and this information, by its nature, is subject to risks and uncertainties and as such, actual results may differ materially from the views expressed today. For further information on these risks and uncertainties, please consult the company's relevant filings on SEDAR+ and EDGAR. These documents are also available on our website. As a reminder, all amounts discussed on today's call are in US dollars unless otherwise noted.

請注意，今天電話會議上的評論可能包含前瞻性信息，而這些信息就其性質而言，具有風險和不確定性，因此實際結果可能與今天表達的觀點存在重大差異。有關這些風險和不確定性的更多信息，請查閱公司在 SEDAR+ 和 EDGAR 上的相關文件。這些文件也可在我們的網站上找到。提醒一下，除非另有說明，今天電話會議上討論的所有金額均以美元計算。

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

現在我將電話轉給 Peter Kukielski。

Thank you, Candace. Good morning, everyone, and thank you for joining us for today's call. Our strong performance in the first quarter of 2025 demonstrated the benefits of Hudbay's unique copper and gold diversification from our enhanced operating platform in North and South America and our resilience through effective cost control. This has allowed us to continue to generate substantial free cash flow and achieve industry-leading margins. Consistent execution across all three of our operations has delivered in-line consolidated copper production and better-than-expected gold production this quarter.

謝謝你，坎迪斯。大家早安，感謝大家參加今天的電話會議。我們在 2025 年第一季的強勁表現證明了 Hudbay 獨特的銅和金多元化優勢，這得益於我們在北美和南美增強的營運平台，以及我們透過有效的成本控制所獲得的韌性。這使我們能夠繼續產生大量自由現金流並實現領先業界的利潤率。我們三項業務的一致執行使本季的綜合銅產量達到預期，黃金產量優於預期。

We continue to benefit from strong and consistent mill throughput in Peru, higher grades and higher mill throughput in Manitoba and ongoing optimization efforts in British Columbia. We are extremely well positioned to deliver our full year 2025 consolidated production and cost guidance. We also made significant progress in advancing our growth strategy during the quarter. We consolidated ownership at Copper Mountain to increase our exposure to a high-quality asset in a Tier 1 jurisdiction, and we are now fully permitted at Copper World, which once in production, will increase our long-term copper production by more than 50%.

我們繼續受益於秘魯強勁而穩定的工廠產量、曼尼托巴省更高的品位和更高的工廠產量以及不列顛哥倫比亞省持續的優化努力。我們已做好充分準備來實現 2025 年全年綜合生產和成本指導目標。本季度，我們在推動成長策略方面也取得了重大進展。我們整合了對 Copper Mountain 的所有權，以增加我們對一級管轄區內優質資產的敞口，並且我們目前已獲得 Copper World 的全面許可，一旦投入生產，將使我們的長期銅產量增加 50% 以上。

We are executing our plan to continue to increase exposure to copper and gold and unlock significant value for all our stakeholders. Turning to slide 3. The results in the first quarter are stable copper production, complementary gold production and exceptional cost performance across the business. Consolidated copper production was 31,000 tonnes, in line with quarterly cadence expectations. Consolidated gold production was 74,000 ounces, exceeding our expectations for the quarter primarily due to continued outperformance in Manitoba, which I'll touch on in a moment.

我們正在執行我們的計劃，繼續增加對銅和黃金的投資，並為我們所有的利害關係人釋放巨大的價值。翻到幻燈片 3。第一季的業績是整個業務的銅產量穩定、金產量互補且成本表現優異。合併銅產量為 31,000 噸，符合季度節奏預期。綜合黃金產量為 74,000 盎司，超出了我們對本季的預期，這主要歸功於曼尼托巴省持續的優異表現，我稍後會談到這一點。

We had another quarter of industry-leading cost performance with record low consolidated cash costs of negative $0.45 per pound and sustaining cash costs of $0.72 per pound. These costs significantly improved compared to last quarter as a result of higher by-product credits and strong operating cost performance across all business units partially offset by planned lower production levels in Peru during the quarter. First quarter adjusted EBITDA achieved a new quarterly record of $287 million and represent further 12% increase compared to the strong adjusted EBITDA generated in the fourth quarter.

我們又一個季度實現了業界領先的成本績效，合併現金成本創歷史新低，為每磅負 0.45 美元，維持現金成本為每磅 0.72 美元。由於副產品信貸增加以及所有業務部門的強勁營運成本表現，這些成本與上一季相比有顯著改善，但秘魯本季計畫的較低產量水平部分抵消了這一影響。第一季調整後的 EBITDA 創下 2.87 億美元的季度新高，與第四季度強勁的調整後 EBITDA 相比進一步增長 12%。

Adjusted net earnings per share was $0.24 in the first quarter, representing a sharp increase from the fourth quarter as a result of higher gross margins from strong revenue growth on the back of higher realized copper and gold prices and strong unit cost control. We ended the quarter with $583 million in cash and cash equivalents, including short-term investments. Our net debt was $526 million maintaining our leverage ratio of 0.6 times at the end of the first quarter, in line with the last quarter. Hudbay has successfully delivered 7 consecutive quarters of meaningful free cash flow generation, as shown on slide 4. This is a result of the benefits from recent brownfield investments, continuous operational improvement efforts and steady cost control across the business.

第一季調整後每股淨收益為 0.24 美元，較第四季度大幅增長，這得益於銅和金的實際價格上漲以及強有力的單位成本控制帶來的強勁收入增長，從而導致毛利率上升。本季末，我們擁有 5.83 億美元的現金和現金等價物，包括短期投資。我們的淨債務為 5.26 億美元，第一季末的槓桿率為 0.6 倍，與上一季持平。如投影片 4 所示，Hudbay 已成功連續 7 個季度實現可觀的自由現金流。這是近期棕地投資、持續營運改善努力和整個業務穩定成本控制帶來的好處的結果。

Over the last 12 months, we have generated more than $350 million in free cash flow and nearly $900 million in adjusted EBITDA. While the majority of revenues continue to be derived from copper, gold represented a higher portion of total revenues at 38% in the first quarter compared to 35% in the fourth quarter of 2024.

在過去的 12 個月中，我們產生了超過 3.5 億美元的自由現金流和近 9 億美元的調整後 EBITDA。雖然大部分收入仍來自銅，但黃金在第一季佔總收入的 38%，而 2024 年第四季為 35%。

Our unique copper and gold diversification provides significant leverage to higher copper and gold prices. For every 10% increase in annual copper price, operating cash flows are expected to increase by an additional $100 million and a similar 10% increase in annual gold price adds $56 million to operating cash flows. The unique copper and gold diversification, together with strong operating cost performance at all operations continues to position Hudbay as the lowest-cost copper producer among our peers. Our fortified balance sheet and robust free cash flow generation will allow us to continue to prudently reinvest in our portfolio of attractive, high-return brownfield and greenfield opportunities to drive near-term and long-term production growth.

我們獨特的銅和金多樣化為更高的銅和金價格提供了顯著的槓桿作用。銅價年均每上漲 10%，預計營運現金流將增加 1 億美元，而金價年均每上漲 10%，預計營運現金流將增加 5,600 萬美元。獨特的銅和金多元化，加上所有業務的強勁營運成本表現，繼續使 Hudbay 成為同業中成本最低的銅生產商。我們穩健的資產負債表和強勁的自由現金流產生將使我們能夠繼續審慎地對具有吸引力、高回報的棕地和綠地投資機會組合進行再投資，以推動短期和長期的生產成長。

Now turning to our operating assets, starting on slide 5. Peru's first quarter production was in line with quarterly cadence expectations as we are completing the final stripping phase at Pampacancha. Constancia produced 20,000 tonnes of copper, 8,000 ounces of gold, 550,000 ounces of silver and approximately 400 tonnes of molybdenum. We are on track to achieve our 2025 production guidance for all metals in Peru.

現在轉向我們的營運資產，從第 5 張投影片開始。由於我們正在完成 Pampacancha 的最後剝離階段，秘魯第一季的產量符合季度節奏預期。康斯坦西亞生產了 20,000 噸銅、8,000 盎司黃金、550,000 盎司白銀和約 400 噸鉬。我們預計將實現秘魯 2025 年所有金屬的產量目標。

The Constancia mill achieved an average of approximately 90,000 tonnes per day in the first quarter consistent with recent quarters and far exceeding the original design capacity. Mill recoveries for all metals remained in line with our metallurgical models for the ore type that was being processed. The operations delivered better-than-expected cost performance in the first quarter. Combined unit operating costs were $11.09 per ton, a 27% improvement over the fourth quarter as we experienced lower overall on-site costs, and the previous quarter was impacted by a planned plant shutdown.

康斯坦西亞工廠第一季日均產量約為 9 萬噸，與最近幾季的產量一致，遠遠超過了原設計產能。所有金屬的選礦回收率與我們正在加工的礦石類型的冶金模型一致。第一季度，各項業務的成本績效均優於預期。綜合單位營運成本為每噸 11.09 美元，比第四季度改善了 27%，因為我們的整體現場成本較低，而上一季度受到計劃內工廠停工的影響。

Our unit operating cost performance continues to position Constancia as one of the lowest-cost open-pit copper mines in South America. Cash costs in the first quarter were $1.11 per pound, which outperformed our quarterly cadence expectations as a result of strong operating cost performance and higher byproduct prices. Cash costs outperformed the low end of the 2025 guidance range positioning us well to achieve the full year cash cost guidance in Peru.

我們的單位營運成本表現繼續使康斯坦西亞成為南美洲成本最低的露天銅礦之一。第一季的現金成本為每磅 1.11 美元，由於強勁的營運成本表現和更高的副產品價格，這一表現超出了我們的季度節奏預期。現金成本超過了 2025 年指導範圍的低端，這使我們能夠實現秘魯全年現金成本指引。

Looking forward, we are advancing engineering studies for the construction of a pebble crusher at Constancia commencing in late 2025. This is expected to further increase throughput level starting in the second half of 2026. In Manitoba, we achieved impressive metal production and cost performance in the quarter, as shown on slide 6. This resulted in gold production and cash costs significantly exceeding our budgeted targets for the quarter. The operations produced 60,000 ounces of gold; a meaningful 17% increase compared to the fourth quarter due to higher grades.

展望未來，我們正在推進康斯坦西亞卵石破碎機建造工程研究，該研究將於 2025 年底開始。預計從 2026 年下半年開始吞吐量水準將進一步提高。如投影片 6 所示，在馬尼托巴省，我們在本季實現了令人印象深刻的金屬產量和成本績效。這導致黃金產量和現金成本大大超出了我們本季的預算目標。該業務生產了 60,000 盎司黃金；由於黃金品位較高，與第四季度相比增長了 17%。

The operations also produced 3,500 tonnes of copper, 6,300 tonnes of zinc and 286,000 ounces of silver in the first quarter. We saw significant improvements in ore quality at Lalor, which aligns with the improvements in mining techniques we have been implementing including long-haul MAC fragmentation and anticipated higher grade precious metal sequences. Recent enhancements at both the New Britannia and Stall mills have been contributing to the strong performance in Snow Lake. New Britannia achieved an average throughput of 2,100 tonnes per day in the first quarter with the installation of new elongated cyclones.

該礦第一季還生產了 3,500 噸銅、6,300 噸鋅和 286,000 盎司白銀。我們看到拉勒的礦石品質有了顯著改善，這與我們一直在實施的採礦技術的改進相一致，包括長距離MAC碎片化和預期的更高品位的貴金屬序列。新不列顛尼亞和斯托爾工廠最近的改進為雪湖的強勁表現做出了貢獻。新不列顛尼亞安裝新的加長旋風器後，第一季實現了每天 2,100 噸的平均吞吐量。

This upgrade mirrors successful upgrades previously completed at store as we continue to look for low capital projects to boost throughput while maintaining strong gold recoveries. New Britannia gold recoveries of 90% were consistent with the fourth quarter. At the Stall mill, a slight quarter-over-quarter reduction in throughput occurred as we were able to divert more ore to New Britannia. The mill achieved gold recoveries of 70% in the quarter realizing the efforts of our recent recovery improvement programs.

此次升級與先前在商店完成的成功升級如出一轍，我們將繼續尋找低資本項目來提高吞吐量，同時保持強勁的黃金回收率。新不列顛尼亞黃金回收率為 90%，與第四季一致。在斯托爾工廠，由於我們能夠將更多的礦石轉移到新不列顛尼亞，因此吞吐量環比略有下降。該工廠本季的黃金回收率達到了 70%，實現了我們最近的回收改進計劃的努力。

The Manitoba operations continue to drive operating efficiencies, resulting in improved cost performance on both unit operating basis and on a cash cost basis. Gold cash costs were $376 per ounce, a 38% decrease compared to the fourth quarter as a result of higher gold production, lower mining and milling costs and favorable exchange rates. We are well on track to achieve our production guidance for all metals and cash cost guidance in Manitoba in 2025. Moving to our third operating business unit on slide 7. Our British Columbia operations benefited from ongoing optimization efforts in the first quarter.

曼尼托巴省的業務繼續提高營運效率，從而提高了單位營運和現金成本的成本績效。黃金現金成本為每盎司 376 美元，與第四季度相比下降了 38%，原因是黃金產量增加、採礦和選礦成本降低以及匯率有利。我們預計在 2025 年實現曼尼托巴省所有金屬的生產指導和現金成本指引。前往投影片 7 上的第三個營運業務部門。我們的不列顛哥倫比亞省業務受益於第一季持續的優化工作。

We continue to focus on advancing our optimization plans for Copper Mountain including opening up the mine and optimizing the mine ore feed for the plant as well as implementing plant improvement initiatives. This has resulted in increased total tonnes moved and improved mill reliability. The operations produced 7,000 tonnes of copper, 5,600 ounces of gold and approximately 80,000 ounces of silver.

我們繼續致力於推進銅山的優化計劃，包括開放礦山、優化工廠的礦山礦石供應以及實施工廠改進計劃。這使得總運輸噸位增加並且工廠的可靠性得到提高。該礦生產了 7,000 噸銅、5,600 盎司黃金和約 80,000 盎司白銀。

Production of all metals increased compared to the fourth quarter, largely due to higher grades. We are on track to achieve our 2025 production guidance for all metals in British Columbia and we continue to expect higher production levels in the second half of the year associated with the completion of mill improvement projects. On the mining side, we continue to execute the three-year accelerated stripping program to bring higher grade ore into the mine plan. The focus in the quarter was on mining efficiencies and operator recruitment to effectively utilize the available whole truck fleet.

與第四季度相比，所有金屬的產量都有所增加，這主要歸因於金屬品位的增加。我們預計將實現不列顛哥倫比亞省所有金屬 2025 年的生產目標，隨著工廠改進項目的完成，我們預計下半年產量水準將進一步提高。在採礦方面，我們繼續執行為期三年的加速剝離計劃，以將更高品位的礦石納入礦山計劃。本季度的重點是提高採礦效率和招募操作員，以有效利用可用的整個卡車車隊。

As a result, total material moved is expected to continue to increase quarter-over-quarter in 2025 as per the mine plan. Mill throughput in the first quarter was similar to the fourth quarter and a number of initiatives were implemented to increase throughput later this year. Additionally, with the planned conversion of third ball mill to a second SAG mill in the second half of 2025, mill throughput is anticipated to ramp up towards 50,000 tonnes per day in 2026.

因此，根據礦山計劃，預計 2025 年物料運輸總量將繼續逐季增加。第一季的工廠產量與第四季度相似，今年稍後實施了一系列措施來提高產量。此外，隨著 2025 年下半年第三台球磨機轉換為第二台半自磨機的計劃，預計 2026 年磨機產量將增加至每天 50,000 噸。

The accelerated stripping efforts unlocked a higher-grade mining sequence during the first quarter, which reduced the use of stockpiles for ore feed and enabled higher milled copper and gold grades in the quarter compared to last quarter. Copper recoveries were 78% and gold recoveries were 63% in the quarter. Similar to our other operations, British Columbia achieved strong cost performance. Cash costs were $2.44 per pound in the quarter, an improvement over the fourth quarter as a result of higher byproduct credits and the realized benefits from ongoing optimization efforts.

加速剝離工作在第一季開啟了更高品位的採礦序列，從而減少了礦石進料庫存的使用，並使本季度的精煉銅和金品位高於上一季。本季銅回收率為 78%，黃金回收率為 63%。與我們的其他業務類似，不列顛哥倫比亞省也實現了出色的成本效益。本季現金成本為每磅 2.44 美元，由於副產品信貸增加以及持續優化工作帶來的實際收益，較第四季有所改善。

We are on track to achieve our 2025 cash cost guidance range in British Columbia. At the end of March, we announced the acquisition of Mitsubishi Materials 25% minority interest in Copper Mountain. The transaction closed at the end of April and resulted in Hudbay consolidating 100% interest in the Copper Mountain mine. This highly accretive transaction increases our exposure to a long-life, high-quality copper asset in a Tier 1 mining jurisdiction and demonstrates our conviction in the long-term benefits from our optimization efforts.

我們預計將實現不列顛哥倫比亞省 2025 年的現金成本指引範圍。三月底，我們宣布收購三菱材料在銅山公司25%的少數股權。該交易於 4 月底完成，Hudbay 由此獲得了 Copper Mountain 礦場 100% 的權益。這項高增值交易增加了我們在一級採礦管轄區內對長壽命、高品質銅資產的曝險，並表明了我們對優化努力帶來的長期利益的信心。

It also reinforces Hudbay's position as the second largest copper producer in Canada. At the end of March, we released our three-year production outlook with our annual reserve and resource update as summarized on slide 8. In Peru, annual production is expected to average approximately 88,000 tonnes of copper and 31,000 ounces of gold over the next three years. This reflects steady copper production levels as higher mill throughput is expected to offset lower grades starting in 2026 after the depletion of Pampacancha in late 2025.

這也鞏固了 Hudbay 作為加拿大第二大銅生產商的地位。三月底，我們發布了三年生產展望以及年度儲量和資源更新，如第 8 頁幻燈片所述。秘魯未來三年的年均產量預計約為 88,000 噸銅和 31,000 盎司黃金。這反映出銅產量水準穩定，因為在 2025 年底 Pampacancha 銅礦枯竭之後，預計從 2026 年開始更高的軋機產量將抵消較低的銅品位。

In Manitoba, the life of mine production schedule has been optimized for higher mill throughput rates at New Britannia, maximizing gold production and cash flows. Snow Lake annual gold production is expected to average more than 193,000 ounces over the next three years. We increased the gold production guidance in all three years compared to prior guidance and the most recent technical report as a result of the continued impressive operating performance. In British Columbia, annual production is expected to average approximately 44,000 tonnes of copper and 28,600 ounces of gold over the next three years.

在馬尼托巴省，礦山生產計劃的壽命已經優化，以提高新不列顛尼亞的磨機生產率，最大限度地提高黃金產量和現金流。預計未來三年雪湖金礦年均產量將超過 193,000 盎司。由於持續出色的營運業績，與先前的指引和最新的技術報告相比，我們提高了三年的黃金產量指引。預計未來三年不列顛哥倫比亞省的年均銅產量約為 44,000 噸，黃金產量約為 28,600 盎司。

Upon completion of Hudbay's optimization activities, 2027 copper production is expected to be 60,000 tonnes, representing a 127% increase from 2024. The 2027 copper production guidance is 20% higher than the contemplated production in the most recent technical report a result of the deferral of higher grades from 2026 to 2027 with the current accelerated stripping schedule. Consolidated copper production over the next 3 years is expected to average 144,000 tonnes, representing a 4% increase from 2024. This increase is driven by high copper production in British Columbia, which more than offsets the depletion of the Pampacancha deposit in Peru at the end of 2025. Consolidated gold production over the next three years is expected to average 253,000 ounces with higher gold production levels in Manitoba compared to prior guidance.

哈德貝的優化活動完成後，預計2027年的銅產量將達到60,000噸，比2024年增加127％。由於目前加速剝離計劃，高品位銅礦的開採從 2026 年推遲到 2027 年，因此 2027 年銅產量指引比最新技術報告中預計的產量高出 20%。預計未來 3 年綜合銅產量平均為 144,000 噸，比 2024 年增加 4%。這一增長是由於不列顛哥倫比亞省的銅產量高，其產量足以抵消2025年底秘魯帕姆帕坎查礦床的枯竭。預計未來三年綜合黃金產量將平均達到 253,000 盎司，而曼尼托巴省的黃金產量將高於先前的預期。

These steady copper and gold production levels over the next three years will allow us to continue to generate meaningful cash flow to reinvest in our high-return brownfield opportunities and our Copper World growth project. Turning to slide 9. Copper World is the most advanced greenfield project in our portfolio and offer significant copper exposure and highly attractive project economics. Copper World is a fully permitted project on private land and is expected to produce 85,000 tonnes of copper per year over the initial 20-year mine life in the first phase. The project generates an NPV of $1.1 billion and an after-tax IRR of 19% at a copper price of $3.75 per pound.

未來三年內穩定的銅和金產量水準將使我們能夠繼續產生有意義的現金流，以再投資於我們的高回報棕地機會和我們的銅世界成長項目。翻到第 9 張投影片。Copper World 是我們投資組合中最先進的綠地項目，具有顯著的銅資源利用率和極具吸引力的項目經濟效益。Copper World 是一個在私人土地上獲得完全許可的項目，預計第一階段的最初 20 年礦山壽命內每年將生產 85,000 噸銅。當銅價為每磅 3.75 美元時，該項目的淨現值為 11 億美元，稅後內部報酬率為 19%。

Copper World is one of the highest-grade open pit copper projects in the Americas with mineral reserves of 385 million tonnes at 0.54% copper. Once in production, Copper World is expected to be the fourth largest copper producer in the United States and will increase our consolidated copper production by more than 50% from current levels, as mentioned earlier. Copper World will be a meaningful copper producer in the US domestic supply chain producing Maiden America copper cathode to be sold to domestic US customers. In January of 2025, we received the final major permit required for the development and operation of Copper World.

Copper World 是美洲品位最高的露天銅項目之一，礦產儲量為 3.85 億噸，銅品位為 0.54%。一旦投入生產，Copper World 預計將成為美國第四大銅生產商，並將使我們的綜合銅產量在現有水平上提高 50% 以上，正如前面提到的。Copper World 將成為美國國內供應鏈中重要的銅生產商，生產 Maiden America 陰極銅並出售給美國國內客戶。2025年1月，我們獲得了Copper World開發和營運所需的最後一個主要許可證。

Since then, we have commenced the minority joint venture partnership process and have been focused on advancing feasibility studies to progress the project towards a potential sanction decision in 2026.

自那時起，我們開始了少數股權合資夥伴關係流程，並一直致力於推進可行性研究，以推動該專案在 2026 年獲得批准決定。

We have several exploration opportunities as part of our long-term growth pipeline including many promising targets in Snow Lake. slide 10 summarizes the threefold strategy we are executing with the largest exploration program currently underway in Snow Lake. The first goal is to focus on near-mine exploration at Lalor in 1901 to enhance near-term production and extend mines life. At Lalor, Northwest, follow-up drilling continued to intersect copper-gold mineralization, including 16.4 grams per tonne gold over 3.7 meters as well as 2.6% copper over 3.5 meters.

作為我們長期成長管道的一部分，我們擁有多個勘探機會，其中包括雪湖的許多有前景的目標。投影片 10 總結了我們正在執行的三重策略，其中包括目前正在雪湖進行的最大勘探計畫。第一個目標是重點關注 1901 年拉洛爾 (Lalor) 的近礦勘探，以提高近期產量並延長礦山壽命。在西北部拉勒爾，後續鑽探繼續發現銅金礦化，包括 3.7 公尺深的品位為每噸 16.4 克的黃金以及 3.5 公尺深的品位為 2.6% 的銅。

Our plans for 2025 include continued surface drilling at both Lalor Northwest and Lalor down plunge to test the extent of the mineralization. Additionally, we released positive step-out drilling results at 1901 in March that intersected significant copper- gold mineralization, including 14.3% copper over 2.5 meters, and 8.3 grams per ton gold over 3.2 meters. Further exploration at 1901 is planned for 2025, targeting additional step-out drill holes to potentially extend the ore body and infill drilling to convert inferred mineral resources in the gold lenses to mineral reserves.

我們 2025 年的計畫包括繼續在 Lalor Northwest 和 Lalor down plume 進行地面鑽探，以測試礦化程度。此外，我們在 3 月在 1901 處公佈了積極的邊坡鑽探結果，發現了大量銅金礦化，包括 2.5 公尺厚的 14.3% 銅和 3.2 公尺厚的 8.3 克/噸金。計劃於 2025 年在 1901 年進行進一步勘探，目標是透過額外的邊緣鑽孔來潛在地延伸礦體，並透過加密鑽孔將金透鏡體中推斷的礦產資源轉化為礦產儲量。

The second strategic goal is to test regional satellite deposits for potential ore feed to utilize the available processing capacity at our store mill and further increase production. With our significant Snow Lake land package, we have an attractive portfolio of regional deposits, including the Talbot, Rail, Pen II, Watts, 3 Zone and WIM deposits. And finally, the third and probably the most exciting goal is to explore our large land package for a new anchor deposit to significantly extend the mine life of our Snow Lake operations. We are conducting the largest geophysics program in our history in Snow Lake, consisting of 800 kilometers of ground electromagnetic surveys and an extensive airborne geophysical survey.

第二個戰略目標是測試區域衛星礦床的潛在礦石供應，以利用我們庫存工廠的可用加工能力並進一步提高產量。憑藉我們大量的 Snow Lake 土地組合，我們擁有了一系列相當吸引人的區域礦床，包括 Talbot、Rail、Pen II、Watts、3 Zone 和 WIM 礦床。最後，第三個也可能是最令人興奮的目標是探索我們的大片土地以尋找新的錨定礦床，從而顯著延長我們雪湖礦的礦山壽命。我們正在雪湖開展歷史上規模最大的地球物理項目，包括 800 公里的地面電磁勘測和廣泛的航空地球物理勘測。

Turning to slide 11. An important part of how we operate is in our commitment to earning trust and building transparency with communities near our operations. In Manitoba, our indigenous relations strategy has been effective in guiding positive relationships with First Nations communities and advancing shared opportunities.

翻到第 11 張投影片。我們營運的一個重要部分是致力於贏得信任並與我們營運所在地附近的社區建立透明度。在馬尼托巴省，我們的原住民關係策略有效地引導了與原住民社區的積極關係並促進了共同機會。

As part of this strategy, we are very pleased to have signed two exploration agreements over the first quarter. Our first-ever exploration agreement in Manitoba was signed with a Kiciwapa Cree Nation in February reflecting our commitment to meaningful collaboration as we explore for new mineral resources in Snow Lake and Flin Flon. In April, we signed an exploration agreement with the Mosakahiken Cree Nation marking a significant step towards building positive relationships on our projects in the Moose Lake region, including the Talbot copper zinc gold deposit. We expect to commence a summer drill program at Talbot to potentially upgrade the existing mineral resource estimate. Additionally, in Flin Flon, we continue to advance tailings reprocessing studies to recover critical minerals and precious metals while creating environmental and social benefits for the region.

作為該策略的一部分，我們很高興在第一季簽署了兩項勘探協議。我們在馬尼托巴省的首個勘探協議於二月與基西瓦帕克里族簽署，體現了我們在雪湖和弗林弗倫勘探新礦產資源時進行有意義的合作的承諾。今年 4 月，我們與 Mosakahiken Cree Nation 簽署了一項勘探協議，這標誌著我們在 Moose Lake 地區的計畫（包括 Talbot 銅鋅金礦床）上建立積極關係邁出了重要一步。我們預計將在塔爾博特啟動一項夏季鑽探計劃，以潛在地提升現有的礦產資源估算。此外，在弗林弗倫，我們繼續推動尾礦再處理研究，以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。

An early economic study on the zinc plant tailings reprocessing opportunity has confirmed the potential for a technically viable reprocessing alternative, and we are progressing with further engineering work.

鋅廠尾礦再處理機會的早期經濟研究已證實了技術上可行的再處理替代方案的潛力，我們正在推動進一步的工程工作。

In Peru, the drill permits for the highly prospective Maria Reyna and Caballito properties near Constancia continue to proceed through the regulatory process. The drill permit environmental impact assessments were approved by the government last year. The government is carrying out the remaining steps in the regulatory process and is targeting completion in 2025. Once we receive the drill permits, we plan to initiate an extensive 18-month drill program to test the potential of these properties that are located within tracking distance of the Constancia processing facility and provide significant growth potential for our Peru business. As part of our long-term pipeline of high-quality growth opportunities, we also have the Mason copper project in Nevada.

在秘魯，康斯坦西亞附近極具前景的 Maria Reyna 和 Caballito 礦區的鑽探許可證正在繼續通過監管程序。鑽探許可證的環境影響評估已於去年獲得政府批准。政府正在執行監管流程的剩餘步驟，目標是在 2025 年完成。一旦我們獲得鑽探許可證，我們計劃啟動一項為期 18 個月的廣泛鑽探計劃，以測試這些位於 Constancia 加工廠追蹤距離內的資產的潛力，並為我們的秘魯業務提供巨大的成長潛力。作為我們長期高品質成長機會的一部分，我們還在內華達州擁有梅森銅項目。

Mason is one of the largest underdeveloped copper porphyry deposits in North America and has the potential to be the third largest core mine in the United States once in operation. The mine plan contemplates a 27-year mine life with an average annual copper production of roughly 140,000 tonnes over the first 10 years. We continue to advance our local stakeholder engagement as we advance additional metallurgical studies.

梅森是北美最大的未開發斑岩銅礦之一，一旦投入運營，有可能成為美國第三大核心礦場。該礦場計畫開採壽命為 27 年，前 10 年平均年產銅量約為 14 萬噸。隨著我們推進進一步的冶金研究，我們將繼續加強當地利害關係人的參與。

While Mason is not as advanced as Copper World, Mason represents a significant opportunity to unlock value in a high-quality copper asset located in the United States. Concluding on slide 12, Hudbay's leading corporate development and exploration pipeline at 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 currently produce more than 130,000 tonnes of copper per year, which is further augmented by more than 250,000 ounces of gold per year, offering commodity diversification and cash flow resiliency in volatile pricing environments.

儘管梅森不像銅世界那樣先進，但梅森代表著釋放位於美國的優質銅資產價值的重要機會。最後，在第 12 張投影片上，Hudbay 在低成本、穩定的一級司法管轄區營運平台上領先的企業開發和勘探管道為投資者提供了有意義的銅投資機會、互補的黃金投資機會和強勁的短期現金流。我們目前每年生產超過 13 萬噸銅，另外每年還生產超過 25 萬盎司黃金，在波動的價格環境中提供商品多樣化和現金流彈性。

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 the global energy transition and AI technology needs. Hudbay's strong operating platform and resilient balance sheet offers significant upside potential for further value creation at higher copper and gold prices and as we prudently advance our any high-return copper growth opportunities.

我們認為，銅擁有該行業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能源轉型和人工智慧技術的需求。隨著我們審慎推進任何高回報銅成長機會，Hudbay 強大的營運平台和有韌性的資產負債表為在銅和金價格上漲時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.

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。

A question around Peru and Constancia. The throughput that you've been operating at has been pretty impressive, close to 90,000 tonnes a day. Do you -- I'm just curious if you think that's sustainable moving forward? Or at what point you see the ore hardness perhaps starting to bring that down?

有關秘魯和康斯坦西亞的一個問題。你們的吞吐量相當驚人，接近每天 9 萬噸。我只是好奇，您是否認為這種做法在未來是可持續的？或是什麼時候您看到礦石硬度開始下降？

Orest, thanks for the question. I mean, we've been super pleased with the performance in Peru. It's -- actually we've been pleased with the performance throughout the business in this past quarter. We are fairly confident in operating in Peru at the moment. We think that the results that we have are repeatable.

Orest，謝謝你的提問。我的意思是，我們對秘魯的表現非常滿意。事實上，我們對上個季度整個業務的表現感到滿意。目前我們對在秘魯開展業務相當有信心。我們認為我們所取得的成果是可重複的。

But why don't I turn it over to Andre to give you a little bit more color about hardness.

但是我為什麼不把它交給安德烈來給你稍微解釋一下硬度呢？

Orest, it's, Andre. Yes, thanks for the question. So in the quarter, we did actually go through some harder materials, well, there's some softer and harder material. What our strategy has been is we've been using pebble rejection since about mid-December when we get through the harder feeds and even with some of those harder feeds, we're seeing, I know you quote the 90,000 on average with those are with maintenance days in that. We're seeing in excess of some days over 100,000 tonnes per day.

奧雷斯特，是安德烈。是的，謝謝你的提問。因此，在本季度，我們確實研究了一些較硬的材料，當然，也有一些較軟和較硬的材料。我們的策略是，自從大約 12 月中旬以來，當我們處理較難的進料時，我們一直在使用卵石拒絕，即使對於一些較難的進料，我們也看到，我知道您引用的平均數量為 90,000，其中包括維護日。有些天，我們看到每天的產量超過 10 萬噸。

And we're very pleased with that. And so what that does for us is where it allows us to push to test the limits of our flow sheet downstream, our flotation, our thickeners, our pumps, all of those in anticipation for the higher throughput when the pebble crushers come in and so to your question is, the pebble rejection has been quite successful. We have the ability to reject probably about 1.5 million tonnes of pebbles a year, and it has two benefits.

我們對此感到非常高興。因此，這對我們來說意味著，它使我們能夠測試下游流程圖、浮選機、增稠機、泵浦的極限，所有這些都是為了在卵石破碎機投入使用時實現更高的吞吐量，所以對於您的問題，卵石剔除已經相當成功。我們每年能夠剔除約 150 萬噸鵝卵石，這有兩個好處。

The first one is you mentioned like you're seeing in throughput, but the other is on grade because the pebbles that we reject tend to be much lower grade around 0.13 copper and the remaining feed is bumped up, and we've replenished the feed through the SAG mills with much higher grade material. So I guess, in short, we're pretty comfortable in terms of what we've done to date, and we're going to continue doing that through the course of the year. And then as we -- Peter mentioned in the conference call notes that we're planning on putting pellet crushers in later this year, that will further enhance our production going in 2026 and beyond.

第一個是您提到的，就像您在吞吐量中看到的一樣，但另一個是在等級上，因為我們拒絕的鵝卵石往往是銅的等級低得多，約為 0.13，而剩餘的進料則增加了，並且我們已經通過 SAG 磨機用更高等級的材料補充了進料。所以我想，簡而言之，我們對迄今為止所做的事情感到非常滿意，並且我們將在今年繼續這樣做。然後，正如我們 - 彼得在電話會議中提到的那樣，我們計劃在今年稍後投入顆粒破碎機，這將進一步提高我們 2026 年及以後的產量。

Okay. And as a follow-up, the changes to the Peru regulations that you can flex up throughput by up to 10%. Is that -- what's the baseline for that in terms of what that's being measured against?

好的。作為後續行動，秘魯法規的變更使您可以將吞吐量提高多達 10%。那——就衡量標準而言，它的基準是什麼？

Go ahead, Andre.

繼續吧，安德烈。

I believe the final number, and I don't have it in front of me, it gets up to -- can you help me, Candace, I don't have in front of me 24 million a year. We can -- we'll get it to you offline the actual number, but it's -- but I believe it's 24.

我相信最終的數字，但我面前並沒有這個數字，它達到了——你能幫我嗎，坎迪斯，我面前並沒有每年 2400 萬美元。我們可以——我們會離線向您提供實際數字，但——但我相信是 24。

24 million tonnes is the baseline.

2400萬噸是基準。

Yes, we'll have to get back to you on that, Orest, I don't have it in front of me here.

是的，我們必須就此事回覆您，奧雷斯特，我面前沒有它。

Matthew Murphy, BMO Capital Markets.

馬修·墨菲，BMO資本市場。

Just looking at the cost performance, strong costs in Q1. And maybe just starting on Manitoba, so Stall mill costs were down $10 a ton quarter-over-quarter. Anything funny in those numbers? Or can you talk about some of the optimization you're putting in place to achieve these costs?

僅從成本表現來看，第一季的成本表現強勁。或許這只是從曼尼托巴省開始的，因此，攤位磨坊的成本比上一季每噸下降了 10 美元。這些數字有什麼奇怪的地方嗎？或者您能談談為實現這些成本而採取的一些優化措施嗎？

Matt, I think we've been just really, really pleased with the level of performance of the Manitoba team. So they've been super disciplined in making sure that they continue to perform. They've done an incredible job of reducing mine dilution and maximizing ore recovery through continuous improvements in the mining process. I think that these operational improvements when you combine them with the identification of additional hike --

馬特，我認為我們對曼尼托巴隊的表現水準感到非常非常滿意。因此，他們非常自律，以確保自己能夠繼續表現。他們透過不斷改進採礦工藝，在減少礦山貧化和最大限度提高礦石回收率方面做出了令人難以置信的貢獻。我認為，這些操作改進與額外加息的識別相結合--

Ladies and gentlemen, this is the conference operator. We've lost our connection with the main speaker's location, and we'll rejoin it shortly. Please stand by. Ladies and gentlemen, the main speakers have connected with us. Please go ahead.

女士們，先生們，這裡是會議接線生。我們與主講人所在位置的連結中斷了，很快就會重新連結。請稍候。女士們，先生們，主講人已與我們取得聯繫。請繼續。

Sorry about that, Matt. I was saying that the operating team at Lalor has done a really, really good job of reducing mining dilution and maximizing ore recovery to the continuous improvement processes in the mining at the mining side. And these operational improvements when you combine them with the identification of additional high-grade gold resources have resulted in a pretty positive reconciliation of the order of 10% in contained gold that's been extracted compared to our reserve model in 2024. So I think we're in pretty good shape to replicate that. But Andre, would you add anything to that?

很抱歉，馬特。我的意思是，拉勒的營運團隊在減少採礦稀釋和最大限度提高礦石回收率方面做得非常出色，並且在採礦方面持續改善採礦流程。將這些營運改善與額外高品位黃金資源的識別結合起來，與 2024 年的儲量模型相比，已開採的黃金含量將達到 10% 左右，這是一個相當積極的調整。所以我認為我們有足夠的實力去複製這一點。但是安德烈，你還有什麼要補充的嗎？

No, no, I have nothing to add there, Peter.

不，不，我沒有什麼好補充的，彼得。

Okay. Great. And then as another question, just interested in Pampacancha. As you're stripping, are you seeing anything that's going to inform how far it goes this year? Or is it more or less as you expected in terms of what you're seeing in the pit?

好的。偉大的。然後作為另一個問題，我只是對 Pampacancha 感興趣。當你脫衣服的時候，你是否看到了什麼可以告訴你今年會走多遠的東西？或者就您在維修站看到的情況而言，它是否或多或少與您預期的一樣？

Matt, it is more or less what you expected. It's going to be depleted by the end by December of 2025, and there really is limitability to extend it beyond Q4 2025 because the deposits are already well defined. But that said, Constancia is a super strong copper producer even after the depletion of Pampacancha, and it will maintain the 85,000 to 90,000 tonnes of copper production levels in 2026 and beyond.

馬特，這或多或少是你所期望的。它將在 2025 年 12 月底耗盡，並且由於礦藏已經明確界定，因此將其延長至 2025 年第四季之後確實具有限制性。但話雖如此，即使在潘帕坎恰礦資源枯竭之後，康斯坦西亞仍然是一個超強的銅生產國，並將在2026年及以後保持85,000至90,000噸的銅產量水準。

As you know, the next satellite opportunity that we have is to explore Maria Reyna and Caballito and those are highly prospective and located within trucking distance of Constancia and they've got the potential to significantly increase production beyond the 85,000 to 90,000 tonnes per annum. So yes, short answer to your question is Pampacancha will be depleted in 2025, but we've got line of sight to something much better. And with the improvements that Andre talked about with throughput at the mine, we're very confident of our ability to sort of maintain production at the level that we're talking about.

如您所知，我們下一個衛星機會是探索瑪麗亞雷納和卡巴利托，這兩個地方前景極佳，位於康斯坦西亞的卡車運輸距離內，有潛力將產量大幅提高到每年 85,000 至 90,000 噸以上。所以是的，對你的問題的簡短回答是，潘帕坎恰水庫將在 2025 年枯竭，但我們已經看到了更好的前景。隨著安德烈談到的礦井產量的提高，我們非常有信心將產量維持在我們所說的水平。

Ralph Profiti, Stifel.

拉爾夫·普羅菲蒂（Ralph Profiti），Stifel。

Peter, and maybe, Eugene, have you begun the process of prioritizing certain partnerships at Copper World narrowing down that list? Or are you still in the process of sort of widening and it's more of a fulsome analysis still? Specifically, I'm looking at notwithstanding today's interest in the gold price, interest from gold mining partners. Has that come in proportion to the gold price? Or has that level of interest from that particular party been consistent?

彼得，也許還有尤金，你們是否已經開始優先考慮與 Copper World 合作的某些公司，從而縮小合作範圍？或者您仍處於某種擴展的過程中，並且仍然需要進行更全面的分析？具體來說，儘管今天人們對黃金價格感興趣，但我還是關注黃金開採合作夥伴的興趣。這與金價成正比嗎？或者該特定政黨的興趣程度是否一直保持一致？

Thanks, Ralph. I would say that the JV process is progressing very well. We've received lots and lots of interest, as you'd expect, given the quality of the asset. And I think the fact is that permits of copper development projects in the US are scarce.

謝謝，拉爾夫。我想說合資進程進展非常順利。正如您所期望的，考慮到資產的質量，我們收到了大量關注。我認為事實是美國的銅礦開發項目許可證很少。

And permitted conversion facilities that will produce cathode copper from concentrate are non-existent outside of Copper World.

而在「銅世界」之外，不存在任何獲得許可的從精礦中生產陰極銅的轉化設施。

So that layered on with the effect of gold prices resulted in an extremely robust process. We've had tonnes of interest. And yes, certainly, the gold parties have shown interest I would not say disproportionately. It's nothing beyond what we would expect, but interest has been very, very strong and we're monitoring on the process, as you'd expect.

因此，加上金價的影響，形成了一個極為強勁的過程。我們對此非常感興趣。是的，黃金各方確實表現出了興趣，但我認為這種興趣並非過分。這並沒有超出我們的預期，但正如您所期望的那樣，大家的興趣非常強烈，我們正在監控這一進程。

Okay. And then you have mentioned Maria Reyna and Caballito, both in the Q&A and your prepared remarks. I was just wondering if you if we can be a little bit more definitive on expected completion within 2025 of getting those permits and whether or not it's a stretch to expect certain results or some results within 2025 on drilling?

好的。然後您在問答環節和準備好的演講中都提到了瑪麗亞·雷納和卡巴利托。我只是想知道，我們是否可以更明確地確定在 2025 年內獲得這些許可證的預期完成情況，以及期望在 2025 年內獲得某些鑽探成果或一些成果是否有些誇張？

Yes, it's a good question. So if I back up a little bit, I think that you're aware that we had the environmental impact assessments for Maria Reyna and Caballito were approved last year. We then agreed with the Peruvian government to combine the permitting processes for both satellites so that the government could continue with the remaining regulatory steps for both properties simultaneously, which streamlines the approach, may take us a little bit longer, but it will be more efficient and better for all parties. So what I'd say is the process that remains right now is the government run process, and we're being disciplined, we're not rushing it.

是的，這是個好問題。因此，如果我稍微回顧一下，我想您知道我們去年已經批准了對瑪麗亞雷納和卡巴利託的環境影響評估。隨後，我們與秘魯政府達成協議，將兩座衛星城的許可流程合併，以便政府可以同時繼續對兩處地產進行剩餘的監管步驟，從而簡化流程，雖然可能需要更長的時間，但效率更高，對各方都有利。所以我想說的是，目前剩下的流程是政府運作的流程，我們會嚴格遵守紀律，不會操之過急。

I know that -- we know from our Pampacancha experience that sometimes it takes longer than you might expect. But the key right now is to let the government complete its process. We have been told that it will be completed this year. We do know that these will be mines one day. And I think that we have the right approach in being patient.

我知道——我們從 Pampacancha 的經驗中知道，有時它所花的時間比你預期的要長。但現在的關鍵是讓政府完成其進程。我們被告知它將在今年完工。我們確實知道，有一天這些將會成為地雷。我認為我們保持耐心是正確的做法。

I believe that it's certainly worth the wait. With that said, I can't really define specifically when we would start drilling. It will be literally as soon as we get the permits in hand, and we expect that, that will be concluded this year, but we can't rush the process.

我相信這絕對值得等待。話雖如此，我實際上無法具體確定我們何時開始鑽探。一旦我們拿到許可證，我們預計這項工作將在今年完成，但我們不能倉促完成。

Dalton Baretto, Canaccord Genuity.

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

Congratulations on a great quarter. Peter, I'm trying to understand Copper World's Phase II in the context of sort of today's world, if you will. And I guess my first question is around permitting for Phase II. Based on recent executive actions from President Trump, what can you do on Phase II permitting to bring it forward, if anything? And what would it take to get Phase II on the FAST-41 track?

恭喜本季取得優異成績。彼得，如果你願意的話，我想從當今世界的背景下理解《銅世界》第二階段。我想我的第一個問題是關於第二階段的許可。根據川普總統最近採取的行政行動，您可以對第二階段許可採取什麼措施來提前實施？那麼，要怎麼樣才能讓第二階段走上 FAST-41 的軌道呢？

Sure. And thank you, Dalton, for those kind comments. I think the first comment that I'd make is that the permitting backdrop in the US is very positive and constructive at the moment. So that said, your comment relates to Phase II.

當然。謝謝道爾頓的善意評論。我認為我要說的第一點是，目前美國的許可背景非常積極且具有建設性。也就是說，您的評論與第二階段有關。

I'll say that for Phase I, it's kind of doesn't make a difference because there's only state permits that are required and it's fully permitted. It does certainly help with respect to the idea of advancing Phase II a little bit earlier. It also adds to sentiment around Phase II, which helps in the joint venture partnering process, and it helps all around. I'd also add that it creates a lot more interest potentially in our Mason project. With respect specifically to Phase II, the focus right now is very much to be on Phase I and getting that going.

我想說的是，對於第一階段來說，這沒什麼區別，因為只需要國家許可，而且是完全允許的。這對於提前推進第二階段的想法確實有幫助。這也增強了人們對第二階段的信心，有助於合資合作進程，對各方面都有幫助。我還要補充一點，這可能會引起人們對我們 Mason 計畫的更多興趣。具體到第二階段，目前的重點是第一階段並使其順利進行。

And one wouldn't really want to confuse the process of Phase I with Phase II. So the time for advancing Phase II is not really now. The time is once we get going with Phase I. The FAST-41, I think has been around for a long, long time, it goes to previous administrations. And I think it creates a really good constructive sentiment in the space.

人們確實不想將第一階段和第二階段的過程混為一談。因此，現在還不是推進第二階段的時機。時間就是我們開始第一階段的時候。我認為 FAST-41 已經存在很長很長時間了，它可以追溯到前幾屆政府。我認為它在該領域創造了一種非常好的建設性情緒。

but it is not really applicable to the Copper World project. Andre, is there anything you would add to what I've said?

但它並不真正適用於 Copper World 專案。安德烈，你對我說的還有什麼補充嗎？

No, I think you're quite clear is -- right now the plan is the plan and we're happy with what the government is promoting but there's no change in what we want to do right now.

不，我想你很清楚——現在計劃就是計劃，我們對政府正在推行的計劃感到滿意，但我們現在想要做的事情沒有改變。

Great. And then maybe just as a follow-up on the sort of financing side of Copper World. As you're going through the JV process as well as maybe looking at renegotiating the stream, are you putting in mechanisms to build in value for Phase II? And if so, how are you thinking about that?

偉大的。然後也許只是作為《銅世界》融資方面的後續行動。當您進行合資過程以及可能考慮重新協商流程時，您是否會引入機制來為第二階段創造價值？如果是的話，您對此有何看法？

Dalton, it's Eugene here. Thank you for your question. I think as Peter outlined, there's lots of robust interest in Copper World as a project, and that includes Phase II. We're not going to negotiate the JV over the conference call. So I think we're not at liberty to talk about what value you expect and what people are attributing to it.

道爾頓，我是尤金。感謝您的提問。我認為，正如彼得所概述的，人們對「銅世界」項目，包括第二階段，有著濃厚的興趣。我們不會透過電話會議來談判合資事宜。所以我認為我們不能隨意談論你期望什麼價值以及人們對它賦予什麼價值。

I think holistically, as Peter outlined, this is a multi-phase project with 1 billion tonnes of copper, the highest rate undeveloped copper deposit in the Americas with the lowest capital intensity and that can go on for 20 years on private land and much more if we get into Phase II. So I think there's value in this asset, and we expect that parties will see that in the JV process.

我認為，從整體上看，正如彼得所概述的，這是一個多階段項目，擁有 10 億噸銅，是美洲未開發率最高、資本密集度最低的銅礦床，可以在私人土地上開採 20 年，如果進入第二階段，開採時間會更長。因此我認為這項資產具有價值，我們預計各方將在合資過程中看到這一點。

Bryce Adams, Desjardin Securities.

布萊斯‧亞當斯 (Bryce Adams)，德斯雅爾丹證券 (Desjardin Securities)。

I'm sorry if this was asked already, my call dropped, and I had to rejoin. But regarding the buyback program that was board approved, if that's TSX approved, given your growth options, how does it fit into the capital allocation framework? How active do you expect to be? And are there any guideposts for how that program could be used?

如果這個問題已經有人問過了，我很抱歉，我的電話斷了，所以我必須重新加入。但是關於董事會批准的回購計劃，如果獲得多倫多證券交易所的批准，考慮到您的成長選擇，它如何適應資本配置框架？您期望自己有多活躍？有沒有關於如何使用該程式的指導？

Thank you for your question, Bryce. Eugene Lei here. Regarding the NCIB, I think it really reflects the company maturing, and we believe it's a good practice for companies of our size to have an NCIB in place, kind of like how we file the base shelf prospectus last year. In the context of the transformed balance sheet, as you highlight and on the positive end and fairly volatile markets on the negative ends, that kind of result in some value dislocations, we're going to consider share buybacks as well as bond repurchases as part of our balanced capital allocation strategy to maximize risk-adjusted returns.

謝謝你的提問，布萊斯。我是 Eugene Lei。關於 NCIB，我認為它確實反映了公司的成熟，我們相信對於我們這種規模的公司來說，設立 NCIB 是一種很好的做法，就像我們去年提交基本招股說明書一樣。在資產負債表轉型的背景下，正如您所強調的，在正端，市場在負端相當波動，這會導致一些價值錯位，我們將考慮股票回購和債券回購作為平衡資本配置策略的一部分，以最大化風險調整後的回報。

We are in a very strong financial position to prudently advance our many high-return growth initiatives like the Copper Mountain optimization that Peter and Andre talked about, like brownfield projects, both in expansion in Peru and Manitoba and obviously, the Copper World development project. We have a long-term goal of providing a meaningful shareholder returns in the form of sustainable dividends and/or share repurchases. And I think this NCIB filing is something that we wouldn't tend to file kind of for many years to follow and give us a facility to consider that holistically as we allocate capital across the platform and grow the company sustainably.

我們的財務狀況非常強勁，可以審慎推進許多高回報增長計劃，例如 Peter 和 Andre 談到的銅山優化計劃、棕地項目（在秘魯和馬尼托巴省擴張）以及銅世界開發項目。我們的長期目標是以可持續股利和/或股票回購的形式為股東提供有意義的回報。我認為，我們在未來很多年內都不會再提交 NCIB 備案，這為我們在平台上分配資本並實現公司可持續發展時全面考慮這一問題提供了便利。

So it's good housekeeping, but not a priority. Is that a quick summary?

所以這是很好的管理，但不是優先事項。這是一個簡短的總結嗎？

I think if we hadn't filed the NCIB, we don't have the ability to buy back shares. Today, we do, and we'll evaluate that in the context of the opportunities that are available to us, understanding there are many high growth -- high return growth projects. And so I would say we now can answer the question, we can buy back shares versus a month ago we would not be in a position to. And a year ago, our balance sheet was in no position too. So I think, again, it reflects us maturing as a company, and it's something that we would consider in the context of valuations as well as the opportunities for risk-adjusted returns in our portfolio.

我認為如果我們沒有向 NCIB 提交申請，我們就沒有能力回購股票。今天，我們確實這樣做了，並且我們將根據我們可用的機會來評估這一點，了解到有許多高成長 - 高回報的成長項目。所以我想說，我們現在可以回答這個問題了，我們可以回購股票，而一個月前我們還不能這樣做。而一年前，我們的資產負債表也一樣糟糕。因此，我認為，這再次反映了我們公司日趨成熟，而且我們會在估值以及投資組合中風險調整回報的機會的背景下考慮這一點。

And the final question today is a follow-up from Dalton Baretto with Canaccord Genuity.

今天的最後一個問題是來自 Canaccord Genuity 的 Dalton Baretto 的後續提問。

Just a quick question on Copper Mountain. Just around New Ingerbelle, can you just give us an update on sort of where that permitting stands? And remind us of when that deposit comes into the mine plan?

關於銅山，我只想問一個簡單的問題。就在新英格貝爾 (New Ingerbelle) 附近，您能否向我們介紹一下許可證的最新情況？並提醒我們該礦床何時進入礦山計劃？

So Andre, would you like to take that?

那麼安德烈，你願意接受這個嗎？

Sure, sure. So the permitting process has been going very well. We've been working very closely with the regulators and local First Nations, the Upper and Lower Similkameen Bands. The process went through initial screening. We just finish what they call as a concordance review, which is a process where the government has gone through and agreed that we provided all of the studies, and it meets the criteria for what was required.

當然，當然。因此許可流程進展非常順利。我們一直與監管機構和當地原住民、上西米爾卡米恩部落和下西米爾卡米恩部落密切合作。過程經過了初步篩選。我們剛剛完成了所謂的一致性審查，這是政府經過並同意我們提供的所有研究並符合所需標準的過程。

And so now they're going into in simple terms of regulatory review process. And so we hope to be at a positive result by the end of this year, early into next. And it's probably within a couple of years that you'd expect to see that production and that's reflected in our guidance.

現在他們正進入簡單的監管審查程序。因此，我們希望在今年年底或明年年初取得積極成果。您可能希望在幾年內看到這種產量，這也反映在我們的指導中。

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。我想將會議交還給 Candace Brule 做最後發言。

Thank you, operator. Thank you, everyone, for joining us today, and thanks for your patience as we worked through that little technical issue. If you have any further questions, please feel free to reach out to our Investor Relations team. Thanks, and have a great day.

謝謝您，接線生。感謝大家今天加入我們，也感謝你們在我們解決這個小技術問題時的耐心。如果您有任何其他問題，請隨時聯絡我們的投資者關係團隊。謝謝，祝您有愉快的一天。

This brings to a close of 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。感謝您的參與並祝您有個愉快的一天。