Hudbay Minerals Inc (HBM) 2025 Q3 法說會逐字稿

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

女士們、先生們，早安。感謝您的耐心等待。歡迎參加 Hudbay 2025 年第三季業績電話會議。（操作員說明）我想提醒大家，本次電話會議將於美國東部時間今天（11 月 12 日）上午 11:00 進行錄音。

I would now like to turn the conference over to Candace Brule, Senior Vice President, Capital Markets, and Corporate Affairs. Please go ahead.

現在我謹將會議交給資本市場和企業事務高級副總裁坎迪斯·布魯爾 (Candace Brule) 主持。請繼續。

Thank you, operator. Good morning, and welcome to Hudbay's 2025 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 in the Investor Events section of our website, and we encourage you to refer to it during this call.

謝謝接線生。早上好，歡迎參加 Hudbay 2025 年第三季業績電話會議。Hudbay的財務表現已於今天上午發布，可在我們的網站www.hudbay.com上查閱。對應的PPT簡報可在我們網站的「投資者活動」版塊找到，我們建議您在本次電話會議期間參考該簡報。

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.

我們今天的演講嘉賓是 Hudbay 的總裁兼執行長 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，今天電話會議上發表的評論可能包含前瞻性訊息，而此類訊息本質上存在風險和不確定性，因此，實際結果可能與今天表達的觀點有重大差異。有關這些風險和不確定性的更多信息，請查閱公司在 SEDAR+ 和 EDGAR 上的相關文件。這些文件也可在我們的網站上查閱。再次提醒，除非另有說明，今天電話會議中討論的所有金額均以美元計價。

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

現在我將把電話交給彼得·庫基爾斯基。

Thank you, Candace. Good morning, everyone, and thank you for joining us for today's call. The third quarter was a quarter of resilience for Hudbay as we demonstrated the company's strong operating capabilities and the benefits of our diversified operating platform as we faced mandatory wildfire evacuations in Manitoba and temporary operational interruptions in Peru. The agility of our teams and continued dedication to driving efficiencies and reliable performance helped to minimize the impact to our operations due to these external events. This has allowed us to maintain the low end of our consolidated copper and gold production guidance ranges for 2025, and we have been able to significantly improve our consolidated cost guidance for the second time this year, which is truly remarkable given the circumstances.

謝謝你，坎迪斯。各位早安，感謝各位參加今天的電話會議。第三季度是 Hudbay 展現韌性的季度，我們證明了公司強大的營運能力和多元化營運平台的優勢，因為我們在曼尼托巴省面臨強制性野火疏散，在秘魯面臨暫時的營運中斷。我們團隊的敏捷性以及對提高效率和可靠績效的持續投入，有助於最大限度地減少這些外部事件對我們營運的影響。這使我們能夠維持 2025 年銅和黃金綜合產量預期範圍的下限，並且我們今年第二次大幅提高了綜合成本預期，考慮到目前的形勢，這確實令人矚目。

We continue to take steps to reduce long-term debt while reinvesting in high-return growth initiatives across the organization. We are delighted to have secured Mitsubishi as a premier long-term partner for our Copper World project this quarter, enabling us to unlock significant value in our copper growth pipeline. This transaction further solidifies our financial strength and significantly reduces our share of future equity contributions for the development of Copper World. We look forward to continuing to work with Mitsubishi under this strategic partnership as we advance Copper World towards a sanction decision in 2026 and first production in 2029. Hudbay's unique diversification in copper and gold, coupled with our relentless commitment to cost control, enables us to maintain industry-leading margins and deliver strong and stable cash flows.

我們將繼續採取措施減少長期債務，同時將資金再投資於整個組織內的高回報成長計畫。我們很高興在本季成功與三菱公司建立長期合作夥伴關係，成為我們銅世界專案的首要合作夥伴，這將使我們能夠在銅成長專案中釋放巨大的價值。此交易進一步鞏固了我們的財務實力，並大幅減少了我們未來在銅世界開發項目中應投入的股權比例。我們期待繼續與三菱在這項策略合作夥伴關係下合作，推動 Copper World 專案在 2026 年獲得批准，並在 2029 年實現首次投產。Hudbay 在銅和黃金領域獨特的多元化經營，加上我們對成本控制的不懈努力，使我們能夠保持行業領先的利潤率，並實現強勁穩定的現金流。

Slide 3 provides an overview of our third quarter operational and financial performance. Our operations in Manitoba showed remarkable resilience against unprecedented wildfires, prioritizing the safety of our people and communities. In Peru, the team navigated regional social unrest and temporary interruptions to deliver gold productions far exceeding quarterly cadence expectations. And in British Columbia, our team made progress with the SAG mill conversion project, called the SAG2 project, to enhance mill throughput and drive future cash flow generation.

投影片 3 概述了我們第三季的營運和財務表現。我們在曼尼托巴省的營運展現了面對前所未有的野火的非凡韌性，並始終將員工和社區的安全放在首位。在秘魯，該團隊克服了地區社會動盪和暫時中斷，實現了遠超季度預期水準的黃金產量。在不列顛哥倫比亞省，我們的團隊在 SAG 磨機改造專案（稱為 SAG2 專案）方面取得了進展，以提高磨機產量並推動未來的現金流產生。

In light of temporary operational interruptions and production deferrals, our diversified asset portfolio delivered consolidated copper production of 24,000 tonnes and consolidated gold production of 54,000 ounces in the third quarter. Consolidated copper and gold production was lower than the second quarter, primarily due to the impact of the wildfire disruptions that persisted in Northern Manitoba for a majority of the third quarter as well as the temporary production interruption in Peru for nine days during the quarter. In addition, mill maintenance and increased processing of lower-grade stockpiles at Copper Mountain contributed to lower quarter-over-quarter production. Consolidated silver production was 730,000 ounces and zinc production was 548 tonnes in the quarter.

鑑於暫時的營運中斷和生產推遲，我們多元化的資產組合在第三季度實現了銅產量24000噸和黃金產量54000盎司。銅和金的綜合產量低於第二季度，主要原因是第三季度大部分時間裡，曼尼托巴省北部持續發生的野火造成的干擾，以及秘魯在該季度發生的九天的暫時性生產中斷。此外，銅山礦廠的維護和低品位礦石堆的加工量增加，也導致了季度環比產量下降。本季白銀總產量為 73 萬盎司，鋅總產量為 548 噸。

Adjusted EBITDA was $143 million in the third quarter, a decrease compared to the second quarter, primarily due to the temporary operational interruptions I mentioned as well as lower sales volumes as a result of a delayed 20,000 dry metric tonne copper concentrate shipments in Peru with high gold content valued at approximately $60 million. This shipment was expected to be sold at the end of September, but ocean swells at the port prevented it from being loaded and shipped until early October.

第三季調整後 EBITDA 為 1.43 億美元，較第二季有所下降，主要原因是我提到的暫時性營運中斷，以及由於秘魯 20,000 幹公噸高含金銅精礦（價值約 6,000 萬美元）的發貨延遲而導致的銷售下降。這批貨物原計劃於 9 月底售出，但由於港口海浪較大，直到 10 月初才得以裝船發貨。

Cash generated from operating activities was $114 million in the third quarter, and operating cash flow before change in noncash working capital was $70 million. Adjusted net earnings were $0.03 per share in the third quarter after adjusting for various noncash items on a pretax basis, including a $322 million impairment reversal related to Copper World, a $15 million contingent payment received from a noncore asset sale and various mark-to-market adjustments.

第三季經營活動產生的現金為 1.14 億美元，不計非現金營運資本變動的營運現金流量為 7,000 萬美元。第三季經調整後的每股淨收益為 0.03 美元，調整內容包括：與 Copper World 相關的 3.22 億美元減值衝回、從非核心資產出售中獲得的 1500 萬美元或有付款以及各種按市值計價的調整。

During the third quarter, we continued to demonstrate industry-leading cost performance with consolidated cash costs of $0.42 per pound and consolidated sustaining cash costs of $2.09. These costs increased compared to the prior quarter, primarily as a result of lower gold byproduct credits in Manitoba, partially offset by strong gold production in Peru.

第三季度，我們繼續保持業界領先的成本控制水平，綜合現金成本為每磅 0.42 美元，綜合維持性現金成本為每磅 2.09 美元。這些成本較上一季增加，主要是由於曼尼托巴省黃金副產品收入減少，但秘魯強勁的黃金產量部分抵消了這一影響。

While we have reaffirmed our consolidated full year production guidance for all primary metals and we are anticipating a strong production in the fourth quarter, we now expect consolidated full year copper and gold production to be near the low end of the guidance ranges. We believe our ability to maintain our initial production guidance in the face of the recent operational interruptions is remarkable, and I am extremely proud of the team.

雖然我們重申了全年所有主要金屬的綜合產量預期，並且預計第四季度產量將強勁增長，但我們現在預計全年銅和黃金的綜合產量將接近預期範圍的下限。面對近期的營運中斷，我們仍能維持最初的生產目標，令人矚目，我為團隊感到無比自豪。

With the strong cost performance at all our operations year-to-date and increased exposure to gold byproduct credits, we have further improved our full year consolidated cash cost guidance to a range of $0.15 to $0.35 per pound of copper from the previously reduced range of $0.65 to $0.85 per pound. We are also improving our consolidated sustaining cash cost guidance range to $1.85 to $2.25 per pound of copper from the original guidance range of $2.25 to $2.65 per pound.

由於我們所有業務今年迄今為止的成本表現強勁，並且黃金副產品信用額度增加，我們將全年綜合現金成本預期從之前下調的每磅銅 0.65 至 0.85 美元的範圍進一步提高到每磅銅 0.15 至 0.35 美元的範圍。我們同時將銅的綜合維持現金成本指引範圍從原先的每磅 2.25 美元至 2.65 美元上調至每磅 1.85 美元至 2.25 美元。

Along with these operating cost improvements, we are also expecting total capital expenditures to be $35 million lower than the original guidance, primarily due to deferring certain expenditures to 2026. This includes $15 million in reduced sustaining capital expenditures as a result of the temporary operational interruptions and $20 million in lower growth capital expenditures that have been deferred to 2026.

除了營運成本的改善之外，我們還預計總資本支出將比最初的指導減少 3500 萬美元，這主要是由於將某些支出推遲到 2026 年。這包括因暫時營運中斷而減少的 1,500 萬美元維持性資本支出，以及推遲到 2026 年的 2,000 萬美元低增長性資本支出。

Turning to slide 4. We continue to further reduce debt during the quarter despite lower consolidated free cash flows. Our Peru and Manitoba operations generated positive free cash flow in the quarter despite the temporary production interruptions. This was offset by our continued investment in optimizing our British Columbia operations with the planned stripping activities. Consolidated free cash flow would have been positive if the excess copper concentrate inventory in Peru was sold at the end of September.

翻到第4張投影片。儘管合併自由現金流有所下降，但我們本季仍繼續進一步降低債務。儘管生產暫時中斷，但我們在秘魯和曼尼托巴的業務在本季度仍產生了正的自由現金流。我們持續投資優化我們在不列顛哥倫比亞省的業務，並開展計劃中的剝離作業，從而抵消了這一損失。如果秘魯過剩的銅精礦庫存能在9月底售出，則合併自由現金流將為正值。

To continue our prudent balance sheet management, we repurchased and retired $13.2 million of senior unsecured notes through open market purchases at a discount to par during the third quarter. Following the quarter end, we repurchased and retired an additional $20 million in senior unsecured notes, reducing our total principal debt levels to $1 billion. Since the beginning of 2024, we have reduced total debt and gold prepay liabilities by approximately $330 million. We ended the quarter with total liquidity of $1.04 billion, including $611 million in cash and cash equivalents and undrawn availability of $425 million under the revolving credit facilities.

為了繼續審慎的資產負債表管理，我們在第三季度透過公開市場以低於面額的價格回購並註銷了 1,320 萬美元的優先無擔保票據。季度結束後，我們回購並註銷了另外 2,000 萬美元的優先無擔保票據，使我們的總本金債務水準降至 10 億美元。自 2024 年初以來，我們已減少了約 3.3 億美元的總債務和黃金預付負債。本季末，我們的總流動資金為 10.4 億美元，其中包括 6.11 億美元的現金及現金等價物，以及循環信貸額度下未提取的 4.25 億美元。

As of September 30, our net debt-to-EBITDA ratio was 0.5 times. We expect liquidity to be further enhanced upon closing of the Copper World joint venture transaction, which is anticipated to close in late 2025 or early 2026. Our strengthened balance sheet will allow us to continue to prudently reinvest in our portfolio of attractive, high-return brownfield and greenfield opportunities to drive production growth and long-term value creation.

截至9月30日，我們的淨負債與EBITDA比率為0.5倍。我們預計，隨著 Copper World 合資企業交易的完成，流動性將進一步增強，該交易預計將於 2025 年底或 2026 年初完成。我們增強的資產負債表將使我們能夠繼續審慎地對我們具有吸引力、高回報的棕地和綠地投資機會組合進行再投資，以推動生產成長和長期價值創造。

Taking a look at our Peru operations on slide 5. We delivered steady operating performance despite facing temporary interruptions due to social unrest. The operations produced 18,000 tonnes of copper and 26,000 ounces of gold during the third quarter, as well as 577,000 ounces of silver and 195 tonnes of molybdenum. Countrywide protests that began early in the third quarter temporarily impacted the transportation routes, leading to limitations of supplies and concentrate transportation. To manage through these limitations, we adjusted mine sequencing to prioritize Pampacancha mining activities and blend stockpile ore in the mill feed.

請看第 5 張投影片，了解我們在秘魯的業務運作。儘管受到社會動盪造成的暫時性幹擾，我們仍維持了穩定的營運績效。第三季度，礦場生產了18,000噸銅和26,000盎司黃金，以及57,7,000盎司白銀和195噸鉬。第三季初開始的全國性抗議活動暫時影響了交通路線，導致物資供應和濃縮液運輸受到限制。為了克服這些限制，我們調整了礦山開採順序，優先進行 Pampacancha 礦山開採活動，並將堆礦與選礦廠的進料混合。

In late September, the social unrest escalated across Peru, and along with other mines in the southern mining corridor, our Constancia mine was impacted by local protests and illegal blockades. The safety of all of our personnel is our top priority, so we suspended operations on September 22 as a precaution. During the temporary downtime, the team performed preventative maintenance at the mill and on certain mining equipment. Since the restart of mining activities on October 3 and milling activities on October 5, the Constancia operations have normalized. I'm extremely proud of our resilient team in Peru and the way they continue to navigate the dynamic environment.

9 月下旬，秘魯的社會動盪升級，與南部礦業走廊的其他礦場一樣，我們的康斯坦西亞礦也受到了當地抗議和非法封鎖的影響。所有員工的安全是我們的首要任務，因此，作為預防措施，我們在 9 月 22 日暫停了營運。在臨時停機期間，團隊對選礦廠和某些採礦設備進行了預防性維護。自 10 月 3 日恢復採礦活動和 10 月 5 日恢復選礦活動以來，康斯坦西亞礦區的運作已恢復正常。我為我們秘魯團隊的韌性以及他們不斷適應瞬息萬變的環境而感到無比自豪。

Quarterly copper production was lower than the prior quarter, primarily due to lower ore milled as a result of this temporary operational shutdown, while gold production was higher due to stronger head grades from a larger contribution of the mill feed coming from Pampacancha. The fourth quarter is expected to be the strongest copper and gold production quarter this year in Peru. Production in the month of October totaled approximately 9,000 tonnes of copper and 17,000 ounces of gold, reflecting optimal mill ore feed with continued strong ore contribution from Pampacancha and lower stockpiled ore being processed.

本季銅產量低於上一季度，主要是由於此次暫時停產導致礦石處理量減少；而黃金產量則有所提高，這得益於來自 Pampacancha 的礦石進料量增加，提高了礦石品位。預計秘魯今年第四季將是銅和黃金產量最高的季度。10 月銅產量約為 9,000 噸，黃金產量約為 17,000 盎司，反映出選礦廠礦石進料充足，Pampacancha 礦場持續提供強勁的礦石供應，同時待處理的庫存礦石數量減少。

We remain on track to achieve full year copper production guidance in Peru, while gold production is now expected to be above the top end of the 2025 guidance range. Mill throughput averaged approximately 76,000 tonnes per day in the third quarter, lower than the second quarter due to low ore mined and the temporary operational shutdown.

我們仍有望實現秘魯全年銅產量目標，而黃金產量預計將超過 2025 年目標範圍的上限。第三季度，選礦廠日均處理量約為 76,000 噸，低於第二季度，原因是礦石開採量低以及暫時停產。

Milled copper grades decreased by 9% compared to the second quarter as a result of the stockpiled ore feed, partially offset by higher grades from Pampacancha. Milled gold grades significantly increased with a higher portion of ore feed from Pampacancha where the gold grades are meaningfully higher than in the other ore sources. Mill recoveries of copper were impacted by the nature of stockpile feed while gold and silver recoveries were in line with metallurgical models.

由於庫存礦石供應，與第二季度相比，銅礦加工品位下降了 9%，但 Pampacancha 礦的較高品位部分抵消了這一影響。隨著來自 Pampacancha 的礦石進料比例增加，磨礦金品位顯著提高，因為 Pampacancha 的金品位明顯高於其他礦石來源。銅的選礦回收率受礦堆原料性質的影響，而金和銀的回收率則與冶金模型相符。

The road blockades along the transportation route reopened midway through the quarter, allowing us to reduce site concentrate inventory levels and replenish supplies. However, as I mentioned earlier, ocean swells at the port later in the quarter impacted sales volumes with a 20,000 tonne copper concentrate shipment being deferred to early October.

運輸路線上的道路封鎖在本季度中期重新開放，使我們能夠減少現場精礦庫存水準並補充供應。然而，正如我之前提到的，本季稍後港口的海浪影響了銷售量，導致 2 萬噸銅精礦的裝運推遲到 10 月初。

Cash costs were $1.30 per pound during the third quarter, decreasing from the prior quarter with higher gold byproduct credits and lower maintenance costs as planned. With cash costs continuing to outperform the low end of the cash cost guidance range, we are reaffirming our full year cash cost guidance in Peru.

第三季現金成本為每磅 1.30 美元，較上一季下降，這得益於黃金副產品收益增加和維護成本按計劃降低。由於現金成本持續優於現金成本指引範圍的下限，我們重申秘魯全年現金成本的指引。

Moving to our Manitoba operations on slide 6. I want to first thank the regional operating team for all their efforts in safeguarding the company's assets and completing an efficient, orderly resumption of operations. I can't imagine what our employees and their families had to endure during these unprecedented wildfires, and we will continue to do our part to support the rebuilding efforts in the communities and the provinces. And I will say again how proud I am of the continued resilience demonstrated by our Manitoba team and the successful restart of operations in late August following the lifting of mandatory evacuation orders.

第六張投影片將介紹我們在曼尼托巴省的業務運作。首先，我要感謝區域營運團隊為保障公司資產安全、有效率地恢復營運所付出的一切努力。我無法想像我們的員工及其家人在這些前所未有的野火中經歷了怎樣的痛苦，我們將繼續盡我們所能支持社區和各省的重建工作。我再次強調，我為我們曼尼托巴團隊展現出的持續韌性感到無比自豪，並在8月下旬強制疏散令解除後成功重啟了營運。

The operations produced 22,000 ounces of gold, 800 tonnes of copper, 500 tonnes of zinc and 102,000 ounces of silver in the third quarter, lower than the second quarter due to the two-month wildfire evacuation that deferred gold production. A business interruption insurance claim has been submitted to compensate for a portion of the wildfire-related downtime. Total ore mined at Lalor reduced by over 50% during the quarter due to the temporary operational interruption. Gold grades increased by 9% compared to the second quarter, while copper, zinc, and silver grades were in line with the mine plan expectations.

第三季度，該礦場生產了 22,000 盎司黃金、800 噸銅、500 噸鋅和 102,000 盎司白銀，低於第二季度，原因是長達兩個月的野火疏散導致黃金生產推遲。公司已提交營業中斷保險索賠，以補償部分因野火造成的停工損失。由於暫時的營運中斷，拉洛爾礦區本季開採的礦石總量減少了 50% 以上。與第二季相比，黃金品位提高了 9%，而銅、鋅和銀的品位與礦山計劃預期相符。

Consistent with our strategy of allocating more Lalor ore feed to New Britannia to maximize gold recoveries, the New Britannia mill achieved average throughput of approximately 2,300 tonnes per day over the operating period in the quarter, and gold recoveries were a record 92%, reflecting the increase in gold grades. The Stall mill experienced a greater throughput impact from the wildfire shutdown as the Lalor mine prioritized mining from the gold zones over base metal zones to ensure a consistent feed to the New Britannia mill.

為了最大限度地提高黃金回收率，我們採取了將更多拉洛爾礦石分配給新不列顛尼亞選礦廠的策略。在本季營運期間，新不列顛尼亞選礦廠的平均每日處理量約為 2,300 噸，黃金回收率創下 92% 的紀錄，反映了黃金品位的提高。由於拉洛爾礦優先開採金礦區而非賤金屬礦區，以確保持續向新不列顛尼亞礦廠供應礦石，因此野火停產對斯托爾選礦廠的吞吐量造成了更大的影響。

The team focused on process optimization and enhanced gold recovery initiatives, enabling record gold recoveries of 73% at Stall in the third quarter. Gold cash costs for the third quarter were $379 per ounce, decreasing compared to the second quarter, primarily due to the higher byproduct credits and the recovery of secondary gold products as a result of mill tank cleanouts. While the Manitoba operations were previously tracking within the 2025 guidance ranges despite the significant impacts from wildfire evacuations, we are now expecting to be slightly below the low end of the gold production guidance range as a result of a week-long power outage in October from severe winter storms that further deferred gold production.

該團隊專注於製程優化和提高黃金回收率，使得 Stall 在第三季的黃金回收率達到了創紀錄的 73%。第三季黃金現金成本為每盎司 379 美元，較第二季有所下降，主要原因是副產品收益增加以及由於選礦廠罐體清理而回收了二次黃金產品。儘管曼尼托巴省的營運先前一直保持在 2025 年的指導範圍內，儘管受到野火疏散的重大影響，但由於 10 月份嚴重的冬季風暴導致長達一周的停電，進一步推遲了黃金生產，我們現在預計黃金產量將略低於指導範圍的下限。

With year-to-date cash costs continuing to outperform the low end of the cash cost guidance range, we are reaffirming our full year 2025 cash cost guidance range in Manitoba. Given the strong cash cost performance to date in Manitoba, Hudbay will continue to prioritize primary gold production over byproduct zinc production in 2025, and full year zinc production is now expected to be below the low end of the guidance range.

由於今年迄今的現金成本持續優於現金成本指引範圍的下限，我們重申我們在曼尼托巴省的 2025 年全年現金成本指引範圍。鑑於曼尼托巴省迄今為止強勁的現金成本表現，Hudbay 將在 2025 年繼續優先發展黃金生產而非副產品鋅生產，預計全年鋅產量將低於指導範圍的下限。

Looking at our British Columbia operations on slide 7. We continue to focus on advancing our optimization plans at the Copper Mountain mine. This includes the ramp-up of mining activities to optimize ore feed to the plant and implementing site improvement initiatives that mirror Hudbay's best-in-class operating practices.

請查看第 7 張投影片，以了解我們在不列顛哥倫比亞省的業務運作。我們將繼續專注於推進銅山礦的最佳化計畫。這包括加強採礦活動力度，以優化工廠的礦石供應，並實施與 Hudbay 一流營運實踐相呼應的場地改進計劃。

In the third quarter, the British Columbia operations produced 5,200 tonnes of copper, 4,800 ounces of gold, and 51,000 ounces of silver. Production decreased compared to the prior quarter primarily because of restricted mining efficiencies and lower grades as higher waste stripping continued. The waste stripping activity is a part of the continued execution of the accelerated stripping program intended to bring higher grade ore into the mine plan in 2027.

第三季度，不列顛哥倫比亞省的礦場生產了5,200噸銅、4,800盎司黃金和51,000盎司白銀。與上一季相比，產量下降主要是由於採礦效率受限以及隨著廢石剝離量的增加，礦石品位降低。剝離廢料活動是加速剝離計劃持續執行的一部分，該計劃旨在將更高品位的礦石引入 2027 年的礦山計劃。

During the third quarter, we made significant progress on the key mill improvement project completing the initial phase of the SAG2 mill conversion in July. The subsequent ramp-up demonstrated positive contribution from SAG2 during the quarter with several days achieving 50,000 tonnes per day of mill throughput in September. The team continues to optimize the circuit as planned through the remainder of 2025 with the final phase of the project involving the conversion of an interim feed arrangement to a permanent configuration. Construction remains on target for completion in December 2025.

第三季度，我們在關鍵的磨機改善項目上取得了重大進展，並於 7 月完成了 SAG2 磨機改造的第一階段。隨後的產能提升表明，SAG2 在本季度做出了積極貢獻，9 月有好幾天磨機日處理量達到了 50,000 噸。團隊將繼續按計劃優化電路，直至 2025 年結束，專案的最後階段涉及將臨時饋電裝置轉換為永久配置。工程建設仍按計畫進行，預計2025年12月完工。

In late September, the primary SAG mill, which I will refer to as SAG1, required unplanned maintenance due to localized damage to the feed head. After completing the repairs in mid-October, SAG1 restarted at a reduced rate. Under enhanced monitoring controls, SAG1 throughput will continue to ramp up over the course of the fourth quarter. Together with the completion of the final phase of the SAG2 project, Hudbay expects mill throughput to ramp up towards 50,000 tonnes per day by mid-2026. Total ore processed during the third quarter was 6% higher than the second quarter, reflecting the completion of the first phase of the SAG2 project, partially offset by planned and unplanned maintenance. During the third quarter, copper recoveries were 77% and gold recoveries were 59%, both lower than the prior quarter due to the processing of lower-grade stockpile material.

9 月下旬，主 SAG 磨機（我稱之為 SAG1）由於進料頭局部損壞，需要進行計劃外維護。10月中旬完成維修後，SAG1以較低的速率重新啟動。在加強監控控制下，SAG1 的產量將在第四季繼續提高。隨著 SAG2 計畫最後階段的完成，Hudbay 預計到 2026 年年中，工廠的每日處理量將提高到 5 萬噸。第三季礦石總加工量比第二季度增加了 6%，這反映了 SAG2 專案第一階段的完成，但部分被計劃內和計劃外的維護所抵消。第三季銅回收率為 77%，黃金回收率為 59%，均低於上一季度，因為處理了低品位的庫存材料。

British Columbia cash costs were $3.21 per pound in the quarter, higher than the prior quarter, largely due to lower copper production and lower byproduct credits. Fourth quarter production is expected to be impacted by lower mill throughput from reduced levels at SAG1 in October, which, together with a higher portion of ore milled from low-grade stockpiles this year, is expected to result in full year copper production in British Columbia to be below the low end of the guidance range. Cash costs continue to track well versus the guidance range and, therefore, we are reaffirming full year cash cost guidance in British Columbia.

本季不列顛哥倫比亞省的現金成本為每磅 3.21 美元，高於上一季度，主要原因是銅產量下降和副產品抵免額減少。預計第四季產量將受到10月份SAG1磨機產能下降的影響，導致磨機處理量降低；此外，今年低品位礦堆的礦石處理量也較高，預計將導致不列顛哥倫比亞省全年銅產量低於指導範圍的下限。現金成本繼續按預期範圍良好執行，因此，我們重申對不列顛哥倫比亞省全年現金成本的預期。

Turning to slide 8. As I mentioned briefly in my opening remarks, our Copper World project in Arizona achieved a significant milestone this quarter with the announcement of our 30% strategic joint venture with Mitsubishi. We welcome Mitsubishi's world-class expertise as we work together to advance this high-quality copper project and unlock significant value for all our stakeholders. This strategic partnership validates the attractive long-term value of Copper World as a top-tier copper asset and endorses the strong technical capabilities of Hudbay.

翻到第8張幻燈片。正如我在開場白中簡要提到的，我們位於亞利桑那州的銅世界項目在本季度取得了重大里程碑式的進展，我們宣布與三菱成立 30% 的戰略合資企業。我們歡迎三菱公司提供世界一流的專業技術，我們將攜手推進這個優質銅礦項目，為所有利害關係人創造巨大價值。這項策略合作驗證了 Copper World 作為頂級銅礦資產的長期吸引力價值，並認可了 Hudbay 的強大技術能力。

Mitsubishi is acquiring its 30% stake for an initial contribution of $600 million. This deal will provide $420 million in cash once it closes, and $180 million within 18 months of its closing. These proceeds will be used to fund the remaining feasibility study and pre-sanction costs in addition to initial project development costs for Copper World. Mitsubishi will also fund its pro rata 30% share of future capital contributions. This valuation is highly attractive to Hudbay as it implies a significant premium to consensus net asset value for Copper World.

三菱將以 6 億美元的初始資金收購其 30% 的股份。該交易完成後將提供 4.2 億美元現金，並在交易完成後的 18 個月內提供 1.8 億美元。這些收益將用於支付 Copper World 專案的剩餘可行性研究和批准前費用，以及初步專案開發費用。三菱也將按比例出資，承擔其未來資本出資的30%。這項估值對Hudbay來說極具吸引力，因為它意味著Copper World的淨資產價值較市場普遍預期值有顯著溢價。

As a result of the JV proceeds and future capital contributions, Hudbay's estimated share of the remaining capital contributions have been reduced to approximately $200 million based on pre-feasibility study estimates. It also defers our first capital contribution to 2028 at the earliest and significantly increases the levered IRR to Hudbay to approximately 90%. With recent achievement of our stated balance sheet targets, we have successfully completed the key elements of our prudent financing strategy as part of our 3-P plan. We are very well positioned to build one of the next major copper mines in the United States while continuing to maintain a strong balance sheet to reinvest in other growth opportunities across our portfolio, while continuing to delever.

由於合資收益和未來的資本投入，根據可行性研究預估，Hudbay 預計應承擔的剩餘資本投入份額已減少至約 2 億美元。它還將我們的首次資本投入最早推遲到 2028 年，並將 Hudbay 的槓桿內部收益率大幅提高到約 90%。隨著近期資產負債表目標的實現，我們已成功完成審慎融資策略的關鍵要素，這是我們 3-P 計畫的一部分。我們擁有非常有利的地位，可以在美國建造下一個大型銅礦，同時繼續保持強勁的資產負債表，以便對我們投資組合中的其他成長機會進行再投資，並繼續降低槓桿率。

Copper World feasibility activities are underway, and we are on track for the completion of a definitive feasibility study in mid 2026. We have accelerated detailed engineering, certain long lead items and other derisking activities, with the additional $20 million in growth capital expenditures announced in August. We continue to expect to make Copper World sanction decision in 2026.

Copper World 的可行性研究活動正在進行中，我們預計在 2026 年年中完成最終可行性研究。我們加快了詳細工程設計、某些長週期專案和其他降低風險的活動，並在 8 月宣布追加 2,000 萬美元的成長資本支出。我們仍預計在 2026 年對銅業世界做出製裁決定。

As part of our long-term growth pipeline, slide 9 summarizes the threefold strategy we are executing in Snow Lake as part of the largest exploration program in the company's history in Manitoba. The first objective is to execute near-mine exploration at the Lalor and 1901 deposits to enhance near-term production and further extend mine life. We completed the development of the initial exploration drift at 1901 earlier this year, and the development of the haulage drift is underway.

作為我們長期成長計畫的一部分，第 9 頁總結了我們在雪湖執行的三重策略，這是該公司在曼尼托巴省歷史上最大的勘探計畫的一部分。首要目標是在 Lalor 和 1901 礦床附近進行勘探，以提高近期產量並進一步延長礦山壽命。今年早些時候，我們完成了 1901 號初始勘探巷道的建設，運輸巷道的建設正在進行中。

Positive initial step-out drilling from the exploration drift was achieved earlier this year, and during the third quarter, some additional zinc development ore was delivered for processing at Stall. Activities at 1901 over the next two years will focus on exploration, definition drilling, ore body access, and establishing critical infrastructure for full production in 2027. Exploration activities will also target additional step-out drilling to potentially extend the ore body as well as complete infill drilling to convert inferred mineral resources in the gold lenses to mineral reserves.

今年早些時候，勘探巷道的初步延伸鑽探取得了積極成果，第三季度，一些額外的鋅礦開發礦石被運往 Stall 進行加工。未來兩年，1901 礦區的活動將重點放在勘探、確定性鑽探、礦體開採以及建立關鍵基礎設施上，以便在 2027 年實現全面生產。勘探活動還將著重進行額外的延伸鑽探，以期擴大礦體範圍，並完成加密鑽探，將金礦透鏡體中的推斷礦產資源轉化為礦產儲量。

The second strategic focus area is on testing regional satellite deposits within trucking distance of the Snow Lake processing infrastructure to identify potential additional ore feed to fully utilize the available processing capacity. 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. The most advanced of these satellites is the Talbot deposit, which I'll discuss further on the next slide.

第二個戰略重點領域是測試雪湖加工基礎設施卡車運輸範圍內的區域衛星礦床，以確定潛在的額外礦石原料，以便充分利用現有的加工能力。憑藉我們在雪湖地區的大量土地，我們擁有極具吸引力的區域礦藏組合，包括塔爾博特礦床、鐵路礦床、彭二號礦床、瓦茨礦床、3 區礦床和 WIM 礦床。這些衛星中最先進的是塔爾博特礦床，我將在下一張投影片中進一步討論。

And the third strategic focus is on exploring our large land package for a new potential 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 geophysics survey.

第三個策略重點是勘探我們的大片土地，尋找新的潛在錨礦床，以顯著延長雪湖礦山的開採壽命。我們在雪湖開展了有史以來規模最大的地球物理勘探項目，包括 800 公里的地面電磁勘測和廣泛的航空地球物理勘測。

In July, we commenced exploration drilling at the Talbot copper-zinc-gold deposit. Talbot is located within trucking distance of the Snow Lake processing facilities, making it an ideal deposit to potentially provide supplemental feed to our Stall mill. The current phase of the drilling program includes 4 drill rigs intended to complete 10 holes by the end of the year.

7 月，我們開始在塔爾博特銅鋅金礦床進行勘探鑽探。塔爾博特位於雪湖加工廠的卡車運輸範圍內，因此是一個理想的礦場，有可能為我們的斯托爾磨坊提供補充飼料。目前的鑽探計畫包括 4 台鑽機，計畫在年底前完成 10 個鑽孔。

After completion of the initial three holes, we are pleased to see that the core logging has confirmed the continuity of the Talbot copper gold mineralization at depth and look forward to receiving the full assay results later this year. This drilling will determine the future scope requirements for a pre-feasibility study, which we intend to initiate in 2026. In January 2026, we expect to kick off Phase 2 of the Talbot drilling program focused on infill drilling to support the pre-feasibility study.

前三個鑽孔完成後，我們很高興地看到岩芯測井證實了塔爾博特銅金礦化在深處的連續性，並期待在今年晚些時候收到完整的化驗結果。此次鑽探將確定未來可行性預研究的範圍要求，我們計劃於 2026 年啟動研究。預計在 2026 年 1 月，我們將啟動 Talbot 鑽探計畫的第二階段，重點是加密鑽探，以支援預可行性研究。

Concluding on slide 11. This quarter demonstrated the benefits of Hudbay's diversified operating base, our unique copper and gold exposure and our resilient operating capabilities. Our continued focus on cost control enables us to maintain industry-leading margins and deliver strong and stable cash flows. Once Copper World is in production, we expect our annual copper production to grow by more than 50% from current levels. This will reinforce our position as one of the largest Americas-focused pure-play copper producers with a well-balanced and geographically diversified portfolio of assets.

總結於第11張投影片。本季展現了 Hudbay 多元化營運基礎、獨特的銅金業務以及強大的營運能力所帶來的益處。我們持續專注於成本控制，從而能夠維持業界領先的利潤率，並實現強勁穩定的現金流。Copper World投產後，我們預期年銅產量將比目前水準成長50%以上。這將鞏固我們作為美洲最大的純銅生產商之一的地位，我們擁有均衡且地理多元化的資產組合。

Our expected production will be weighted approximately one-third in each of Canada, the United States, and Peru. And the significant increase in copper production from Copper World will further enhance Hudbay's exposure to copper with more than 70% of consolidated production and revenue expected to be derived from copper. Hudbay's existing strong operating platform in Tier 1 mining jurisdictions and resilient balance sheet offer significant upside potential for further value creation at higher copper and gold prices. We will be able to prudently advance Copper World while also being able to invest in many other high-return growth opportunities to unlock value across the portfolio and create meaningful value for all our stakeholders.

我們預計產量將在加拿大、美國和秘魯各佔三分之一左右。Copper World銅產量的大幅成長將進一步增強Hudbay對銅的依賴，預計其合併產量和收入的70%以上將來自銅。Hudbay 在一流礦業管轄區擁有強大的現有營運平台和穩健的資產負債表，在銅金價格上漲的情況下，具有巨大的增值潛力。我們將能夠審慎地推動 Copper World 的發展，同時投資於許多其他高回報的成長機會，從而釋放整個投資組合的價值，並為所有利益相關者創造有意義的價值。

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

接下來，我們很高興回答各位的問題。

(Operator Instructions) Lawson Winder, Bank of America Securities.

（操作說明）勞森·溫德，美國銀行證券。

Peter, Eugene, Andre, nice to hear from you guys today. I wanted to ask first about Copper Mountain. So the construction decision, can we expect that to occur in mid 2026? And then just thinking about spending around Copper World this year -- or in 2026, do you expect any preconstruction spending that could occur in advance of the completion of the feasibility study and a construction decision?

Peter、Eugene、Andre，很高興今天能收到你們的消息。我想先問問銅山的情況。那麼，關於建設方案的決定，我們能否預期在 2026 年年中做出？那麼，考慮到今年或 2026 年在 Copper World 週邊的支出，您是否預計在可行性研究完成和做出施工決定之前，會有任何前期建設支出？

Lawson, thanks for the question. So the first part of your question is, yes, we do expect to complete the feasibility study in mid 2026, and we expect a construction decision in 2026 as well. One of the comments that we made during my comments was that we did authorize an additional $20 million this year to get ahead of some of the long lead items and engineering items associated with the critical path of the project.

勞森，謝謝你的提問。所以，對於您問題的第一部分，是的，我們預計將在 2026 年年中完成可行性研究，並預計在 2026 年做出施工決定。我在演講中提到的一點是，我們今年確實批准了額外的 2000 萬美元，以提前完成與該專案關鍵路徑相關的一些長週期材料和工程材料。

We also expect to be spending a fair amount of money, pre-sanction money, I guess you would call it, in order to keep things moving and in order to make sure that we address the critical part properly. So yes, the answer in your question for short -- in short is, absolutely, we will spend on developing the project in conjunction with doing a feasibility study.

我們也預計會花費相當多的資金，我想你可以稱之為制裁前的資金，以維持事情的進展，並確保我們妥善處理關鍵部分。所以，是的，你問題的答案簡而言之就是，我們絕對會投入資金進行專案開發，同時進行可行性研究。

Now remember that we are following an integrated project development approach, which means that the engineers, constructors, et cetera, are all in an integrated team. And so we are able that way to advance certain elements of the project ahead of others where there's risk. So 50% roughly engineering will be completed before the end of the feasibility study, but in some areas, as much as 70% will be completed. So we are very much taking sort of a holistic approach to make sure that we address the critical path and spend on the right things even before the FID decision.

請記住，我們採用的是一體化專案開發方法，這意味著工程師、施工人員等都在一體化的團隊中。因此，我們可以利用這種方式，優先推進專案中存在風險的某些部分。因此，在可行性研究結束前，大約 50% 的工程設計工作將會完成，但在某些領域，完成率可能高達 70%。因此，我們正在採取整體性的方法，以確保在最終投資決定之前，我們就能解決關鍵路徑問題，並將資金投入正確的事情。

Okay. That's helpful. And then just a clarification. The $20 million, will some of that be in '25, or will that all be in '26?

好的。那很有幫助。最後再補充一點。這2000萬美元，一部分會在2025年到賬，還是全部會在2026年到賬？

Lawson, it's Eugene here. So the original budget for this year for Copper World was $90 million, and we increased that to $110 million as part of that decision to make some long lead items. If you look at the slide that we show in terms of the total funding, there's approximately a $150 million in total spending from January 1, 2025, until the sanction decision expected in mid 2026. So you would have -- from the money that we've outlined, there's a total of $150 million. We expect to spend about $100 million of that this year and with about $50 million remaining in the first half of 2026, to be in a position to sanction Copper World along the time lines that Peter outlined.

勞森，我是尤金。因此，今年銅業世界博覽會的原始預算為 9,000 萬美元，我們將其增加到 1.1 億美元，作為生產一些長週期產品的決定的一部分。從我們展示的幻燈片來看，從總資金數額來看，從 2025 年 1 月 1 日到預計在 2026 年年中做出製裁決定，總支出約為 1.5 億美元。所以，從我們列出的資金來看，總共有 1.5 億美元。我們預計今年將花費其中約 1 億美元，到 2026 年上半年還將剩餘約 5,000 萬美元，以便能夠按照 Peter 概述的時間表批准 Copper World 的申請。

Okay. Yes, that's very helpful. Thanks for highlighting those notes. I just hadn't noticed them yet.

好的。是的，這很有幫助。謝謝你標註這些筆記。我之前還沒注意到它們。

And then same question, but I just wanted to ask about CapEx. So you deferred $35 million of sustaining CapEx into 2026. The original budget for this year was about $365 million. So should we think about sustaining CapEx in 2026 as $365 million plus the $35 million from this year? Or are there some other puts and takes there we should be considering, and what are they?

然後同樣的問題，但我只想問一下關於資本支出的問題。所以你們將 3,500 萬美元的維持性資本支出延後到 2026 年。今年的原預算約為3.65億美元。那麼我們是否應該考慮將 2026 年的資本支出維持在 3.65 億美元，再加上今年的 3,500 萬美元？或者，還有其他一些我們應該考慮的投入和收穫嗎？如果有，它們是什麼？

It's Andre. So there is some of it, like some of the CapEx there is a little carryover. But a lot of the CapEx were actually deferrals related to the wildfires in Manitoba and some of the tailings with some of the blockades in Peru. So those things are just kind of offset. And there's not an increase, it's just the mine plan is just continuing. So Manitoba restarted their operations and ramped back up, but they're not developing at a rate that's higher than what they did historically. So it's just a sliding of a lot of that.

是安德烈。所以，有些資本支出可以結轉到下一年。但許多資本支出其實都是與曼尼托巴省的野火以及秘魯的一些尾礦和封鎖有關的延期支出。所以這些事情只是互相抵銷而已。而且產量並沒有增加，只是採礦計畫仍在持續。因此，曼尼托巴省重新啟動了生產營運並逐步恢復生產，但其發展速度並未超過以往水準。所以這只是很多事情的逐漸滑落。

So to break that $35 million down for you, Lawson, it's $15 million in deferrals and sustaining capital. But that's not additional capital. So you don't just add it to 2026, as Andre mentioned. And then of the remaining $35 million, $20 million relates to growth projects that were deferred -- that will be deferred in 2026. So that's not new capital; again, that is capital that will just be not spent in '25 and spent in 2026.

勞森，為了給你詳細解釋這 3500 萬美元，其中 1500 萬美元是遞延付款和維持性資本。但這並不是額外的資金。所以你不能像安德烈提到的那樣，直接把它加到 2026 年。剩下的 3,500 萬美元中，有 2,000 萬美元與被推遲的成長項目有關——這些項目將在 2026 年再次推遲。所以這不是新增資本；再說一遍，這是2025年不會花掉，而是在2026年花掉的資本。

Yes, that's super helpful. And then just ultimately what I was trying to get at is like a good baseline for sustaining CapEx for next year then would be basically this year's guidance of $365 million plus or minus, say, 5%. Like is that fair?

是的，這非常有幫助。最後，我真正想表達的是，明年維持資本支出的良好基準基本上應該是今年的指導值 3.65 億美元，上下浮動 5%。這樣公平嗎？

We haven't finished all the budgeting for next year, but that's a fair amount. I think every year, there is -- in Peru, depending on the year, whether there's a tailings dam raise or not, the capital will fluctuate by between $20 million and $30 million. And in Manitoba, it's been very stable at this level. And in BC, while we're continuing the stabilization program, it's going to be at this level until the end of '26, as we've kind of mentioned on a three-year plan basis. So I think your assumption is fairly consistent.

我們還沒有完成明年的全部預算編制工作，但這已經是一個相當大的數額了。我認為每年——在秘魯，根據年份的不同，無論尾礦壩是否加高，資金都會波動 2000 萬美元到 3000 萬美元。在曼尼托巴省，這個水準一直非常穩定。在BC省，雖然我們仍在繼續實施穩定計劃，但正如我們之前提到的，該計劃為期三年，將維持目前的水平直至2026年底。所以我認為你的假設相當合理。

Ralph Profiti, Stifel Financial.

拉爾夫·普羅菲蒂 (Ralph Profiti)，Stifel Financial。

Peter, it's been sort of surmised that some of the issues in Peru are around informal mining and regulations therein. Just wondering, can you discuss a little bit about informal mining practices in and around Maria Reyna and Caballito? Is this a significant issue that may need to be considered when we talk about the consulta previa process?

彼得，人們普遍認為秘魯的一些問題與非正規採礦及其相關法規有關。請問您能否談談瑪麗亞雷納和卡瓦利托及其周邊地區的非正規採礦活動？在討論產前諮詢流程時，這是否是一個需要考慮的重要議題？

Ralph, it's a great question. Look, actually, there's been a fair amount of informal mining around Maria Reyna and Caballito for a long time since -- actually since before we acquired the mineral rights for the assets. I would say that the informal miners do not constitute a material impediment to our ability to get permits or go through the consulta previa process or get access to exploration. In fact, a lot of the work that we've done with the community is to try to prepare the communities to be able to support us with drilling themselves. And it would make sense that it might be the informal miners who actually do some of the work for us.

拉爾夫，這是一個很好的問題。事實上，早在我們獲得這些資產的礦產開採權之前，瑪麗亞·雷納和卡瓦利托附近就一直存在著相當多的非正式採礦活動。我認為，非正規礦工不會對我們取得許可證、進行事先諮詢程序或進行勘探構成實質障礙。事實上，我們與社區進行的大量工作都是為了幫助社區做好準備，以便他們能夠支持我們進行鑽探。很有可能，一些非正式礦工實際上為我們做了一些工作。

So in general, I would say that, to answer your question, that informal miners are absolutely not an impediment to getting the consulta previa done. It's just more complicated right now given the social environment in Peru, change of government, et cetera, et cetera, to get the government to conduct the consulta previa process, to get everybody together and to ultimately get the nod that the surface rights were acquired without coercion or anything like that.

所以總的來說，為了回答你的問題，我認為非正式礦工絕對不會妨礙事先諮詢。鑑於秘魯當前的社會環境、政府更迭等等，現在要讓政府進行事先諮詢程序，讓所有人聚在一起，並最終獲得認可，證明地表權的取得沒有受到脅迫或其他類似手段，就變得更加複雜了。

What I would say about Peru also is that there's no difference today to the way it's been for the last 25 years. And the term that I would use to characterize it is stable instability. I've spoken many times about the time that I've spent in Peru with the pendulum swinging left and right and left and right.

關於秘魯，我想說的是，它今天的情況與過去 25 年相比沒有任何變化。我用來描述這種現象的術語是「穩定不穩定性」。我曾多次談到我在秘魯度過的那段時光，那裡的局勢就像鐘擺一樣左右搖擺。

And the one thing that stays the same is -- or two things that stay the same are the fiscal environment, but also the bureaucracy. And what's really important is that stable bureaucracy to get things done. But the timelines are very, very difficult to predict, especially now with elections coming up next year. And the equation of the informal miners, how that plays into the broader social environment. But I don't think there's any direct impact on the prior consultation process.

唯一不變的是──或者說有兩件事不變──那就是財政環境，以及官僚機構。真正重要的是要有穩定的官僚機構來把事情做好。但具體時間表很難預測，尤其是明年即將舉行選舉。以及非正規礦工的處境，以及這如何影響更廣泛的社會環境。但我認為這不會對先前的諮商過程產生任何直接影響。

There were small-scale miners on Pampacancha prior to our permitting and accessing it. They are a stakeholder, and we've successfully navigated that in the past.

在我們獲得許可並進入潘帕坎查之前，那裡已經有小規模的礦工了。他們是利益相關者，我們過去也成功地處理過這種情況。

Orest Wowkodaw, Scotiabank.

Orest Wowkodaw，加拿大豐業銀行。

Maybe just shifting gears to Copper Mountain. The asset seems to be underperforming your expectations since you acquired it. Can you give us a sense of the SAG mill issue that you disclosed here most recently? Is this now going to negatively impact '26? And I'm wondering if we should already start thinking about the low end of the Copper Mountain production guide for '26 based on this issue.

或許只是換個地方去銅山。自您購入以來，該資產的表現似乎低於您的預期。您能否簡要介紹一下您最近揭露的 SAG 磨粉機問題？這會對2026年產生負面影響嗎？我想知道我們是否應該根據這個問題開始考慮 2026 年 Copper Mountain 產量指南的下限。

Orest, the first thing that I would say is that we are highly confident that Copper Mountain was the right asset to purchase. We believe strongly that the skill set that Hudbay brings to bear will ultimately be fully realized in value at Copper Mountain. Like we said, it's a three-year optimization -- or stabilization and optimization process. We're sort of two years into it, there's a good year to go, and there's a lot of work to be done. And there will be some puts and takes.

奧雷斯特，首先我想說的是，我們非常有信心，收購銅山是正確的選擇。我們堅信，Hudbay 所擁有的技能最終將在 Copper Mountain 充分發揮其價值。正如我們所說，這是一個為期三年的優化——或者說是穩定和優化過程。我們已經走過了兩年，還有整整一年的時間，還有很多工作要做。過程中會有一些買入和賣出。

I think Andre always explained it as being, when you renovate a house, you find a few things when you pull the Sheetrock off the walls, et cetera. But we'll get there. But Andre, maybe you can provide a little bit more color.

我認為安德烈總是這樣解釋：當你翻修房子時，當你把石膏板從牆上拆下來時，你會發現一些東西等等。但我們終會到達目的地。但安德烈，或許你可以增添一些色彩。

Yes. No. As you were saying, I was thinking that TV show Love It or List It, and we love it. We love it and there's -- and it is very much a -- it's a journey. And so I'll talk to the event there, Orest, and to your specific question.

是的。不。正如你剛才所說，我想到了電視節目《愛它還是賣掉它》，我們很喜歡它。我們喜歡它，而且——而且它確實是一段——旅程。所以，奧雷斯特，我會談談那裡的活動，以及你提出的具體問題。

But I would say, I start with is there's been tremendous progress throughout the course of the year. The team has done an excellent job on navigating a whole number of challenges and opportunities and in terms of ramping up the mine. And the mine was under-stripped and there's smaller benches, and they're working through a lot of it. And so we've seen steady progress in that. We delivered SAG2 ahead of schedule or on schedule back in July, and ramping that up where, initially, when we envisioned this, we weren't even going to turn it on until the end of the year.

但我想說的是，今年以來已經取得了巨大的進步。該團隊在應對各種挑戰和機會以及擴大礦山產能方面做得非常出色。礦井開採不足，工作檯面也比較小，他們正在努力開採其中大部分的礦井。因此，我們在這方面取得了穩定進展。我們在 7 月提前或按時交付了 SAG2，並且加快了交貨速度。最初，當我們設想這個項目時，我們甚至計劃到年底才啟動它。

And it's proved to be fruitful around that optionality as we got into the SAG1 incident, if you will, that was described by Peter earlier on in the discussion. So what it appears to have happened with that example is, and we've done a lot of investigation, there's more investigation to understand, is just it was a premature liner wear. And it's the same set of liners and it wasn't wearing the same as what we had thought previously. It's the same tonnage. And it appears that our operational excellence in terms of we introduced something called the MillSlicer to really run a real stable, efficient operation, and what we ended up seeing, which we didn't anticipate, was a little bit more selective wear rather than wear throughout the liners.

事實證明，這種選擇權在解決 SAG1 事件方面卓有成效，正如 Peter 在先前的討論中所描述的那樣。所以，就這個例子來看，我們做了很多調查，但還需要更多調查才能了解，那就是襯墊過早磨損了。而且還是同一組襯墊，但它的耐用性卻和我們之前預想的不一樣。噸位相同。看來，我們在營運方面的卓越表現，例如我們引入了 MillSlicer，以真正實現穩定、高效的運行，但我們最終看到的卻是我們始料未及的結果，那就是襯板的磨損是選擇性的，而不是整體磨損。

And it caused that incident. It caught us a little bit by surprise. They've repaired it. We've gone through a very cautious, meticulous ramp-up process. We're ramping up to date.

而正是這件事引發了那起事件。這讓我們有點措手不及。他們修好了。我們經歷了一個非常謹慎、細緻的逐步推進過程。我們正在加緊更新。

We're almost at the level right now of where we were, call it, the average of prior to Q3. So it's a ramp-up. Is there a bit of an impact to next year? A little, but not significant. And so the unknown for us is like the ramp-up on SAG2, on the combined of SAG2 and SAG1 exceed our permit capacity for Copper Mountain.

我們現在幾乎達到了之前的水平，或者說，達到了第三季之前的平均水平。所以這是一個逐步推進的過程。對明年會有一些影響嗎？有一點，但不顯著。因此，對我們來說未知的是 SAG2 的產能提升，SAG2 和 SAG1 的總產能可能會超過我們在銅山的許可產能。

And so we were cautious in the wording. As you know, we're generally conservative operators and we want to deliver what we say. And so we're confident in the forecast that we put to the end of the year. And then we'll update more -- we're going to know a lot more going into when we set guidance on next year. But like we said, we're pretty confident on hitting that by midyear up to that 50,000 tonnes a day.

因此，我們在措辭上非常謹慎。如您所知，我們通常行事保守，並且希望言出必行。因此，我們對年底的預測充滿信心。然後我們會更新更多資訊——在製定明年的指導方針時，我們會掌握更多資訊。但正如我們所說，我們很有信心在年中之前達到每天 5 萬噸的目標。

Good luck.

祝你好運。

No luck needed, but -- it's been a lot of hard work, but I appreciate the kind words.

不需要運氣，但是——這確實付出了很多努力，但我很感謝大家的鼓勵。

Marcio Farid, Goldman Sachs.

馬爾西奧·法里德，高盛集團。

So just on Peru. Obviously, you've just adjusted the mining sequence in the third quarter towards the high-grade Pampacancha deposit just trying to minimize impact from the interruptions, right? But just trying to understand, I mean, you mentioned on the release that October, the ramp-up at Constancia has been quite well. Just trying to understand if you're confident that you can get back on track throughout the fourth quarter of the year at Constancia?

所以就說說秘魯吧。顯然，你們在第三季調整了採礦順序，優先開採高品位的 Pampacancha 礦床，以盡量減少中斷帶來的影響，對吧？但我想了解的是，您在十月的新聞稿中提到，康斯坦西亞的建設進展相當順利。我只是想了解一下，你是否有信心在康斯坦西亞第四季度重回正軌？

Sure. This is Andre. I'll take that question. So absolutely confident. As you saw in the press release, the month of October, as we disclosed, is the highest copper production for the year.

當然。這是安德烈。我來回答這個問題。絕對自信。正如我們在新聞稿中所揭露的那樣，10 月是全年銅產量最高的月份。

We're into the high-grade cycle. The team has done an excellent job. I could never imagine them running with three shovels and producing at the levels that they have at Pampacancha, and thoroughly impressed by the team. And so Pampacancha is going at a very, very high rate. Could finish it potentially by the end of the year, which was the original plan, by the way.

我們進入了高檔油品週期。團隊做得非常出色。我從未想過他們只靠三把鏟子就能在 Pampacancha 達到如此高的產量，我對這個團隊印象深刻。因此，潘帕坎查火山的燃燒速度非常非常快。有可能在年底前完成，這原本也是計畫的一部分。

So the team has basically caught up. And so that cadence is why we're seeing high copper grades through to the end of the year as well as the high gold. So Pampacancha has really contributed to us exceeding the high end of guidance on gold for Peru.

所以球隊基本上已經追上了。正是這種節奏使得我們看到銅品位和金品位在年底前都保持高位。因此，Pampacancha礦區確實幫助我們超越了秘魯黃金產量預期的上限。

Marcio, it's Peter. As Andre says, we are highly confident in our ability to hit the ball out of the park with Constancia for the remainder of the year.

馬爾西奧，我是彼得。正如安德烈所說，我們對康斯坦西亞在今年剩餘的比賽中大放異彩的能力充滿信心。

Great. Can I just follow up on Manitoba as well? Obviously, gold grade has been quite strong. Just trying to understand if you can maintain, sustain that level at around 5 grams per tonne? And what does the mine plan look like for Manitoba?

偉大的。可以再跟進一下曼尼托巴省的情況嗎？顯然，黃金品味一直非常堅挺。我只是想了解一下，你們能否將含量維持在每噸5克左右？曼尼托巴省的礦業計畫是什麼樣的？

Yes. So I'll add, and if you can add if I miss something there. So Manitoba, like, again, resilience -- the team, unfortunately, with the wildfires going into the year, we were on track to exceed gold, the high end of guidance. And that's why despite being down for two months with the evacuations, we're still in really, really good shape. And the team has ramped up.

是的。我會補充，如果我遺漏了什麼，請你也補充一下。所以，曼尼托巴省再次展現了韌性——不幸的是，由於年初發生的野火，我們原本有望超越金級，達到指導意見的上限。正因如此，儘管因疏散而停工了兩個月，我們目前的情況仍然非常好。團隊已經全力以赴。

We are in a high-grade cycle right now. I won't say the grade because you'll project it to the end of the year. But we are in a very high-grade cycle of both copper and gold right now, and the mill is we -- to that extent, we have to slow down a bit because the grade was a little bit high. But overall, very confident in the grade to deliver to the end of the year and meet our gold consolidated guidance, as we said.

我們現在正處於一個高價值週期。我不會透露成績，因為到年底你還要根據成績來預測。但我們現在正處於銅和金的高品位週期，因此，我們工廠不得不放慢速度，因為品味有點高。但總的來說，我們非常有信心在年底前交付黃金，並達到我們之前所說的黃金綜合業績預期。

I would add, Marcio, that the average grade that's in the mine plan is 4.5 to 4.6 grams per tonne, which is the basis for our mine plan. And we expect to average those grades through the fourth quarter and throughout 2026.

馬爾西奧，我還要補充一點，礦山計劃中的平均品位是每噸 4.5 至 4.6 克，這是我們礦山計劃的基礎。我們預計這些成績將在第四季度以及整個 2026 年保持平均水平。

Martin Pradier, Veritas Investment Research.

馬丁‧普拉迪爾 (Martin Pradier)，Veritas 投資研究部。

Some of my questions have been answered. But in terms of the Q4 for BC, are you expecting to be lower than Q3, because there's a couple of moving parts? I think you have lower grade, and the throughput, I think it should be higher because now you have the second mill. So I'm just trying to understand that.

我的一些問題已經得到了解答。但就BC第四季而言，您預計會低於第三季嗎？因為其中涉及一些變數？我認為你們的礦石品位較低，產量應該更高，因為現在你們有了第二家軋機。我只是想弄明白這一點。

Sure. It kind of answered the question. The reason why we're saying we're right at -- going to be at the low end of copper guidance is because it is -- we're dealing with that situation that I described on the ramp up. So the incident that happened at the SAG1 mill was right at the end of Q3. So there will be compensating effects, like SAG2 is compensating for SAG1. But the throughput is built into that projection of achieving the low end of copper guidance.

當然。它算是回答了這個問題。我們之所以說我們的銅產量將處於預期範圍的下限，是因為──我們正在應對我在產能爬坡階段所描述的那種情況。所以，SAG1 軋機發生的事故就發生在第三季末。因此會有補償效應，就像 SAG2 補償 SAG1 一樣。但吞吐量已包含在實現銅纜指導值下限的預測中。

On a consolidated basis.

合併後的。

On the consolidated basis. So that's why we're telegraphing that BC was going to be below the low end on its individual guidance, is because of that incident. Otherwise, we were -- we would have been in a good spot. So the ramp-up is ongoing right now. We're quite pleasantly surprised and pleased with the team on how quickly they're ramping up. But there is an impact in the quarter, and that's why we're telegraphing to the low end of copper guidance consolidated.

合併報表。所以，我們之所以預告BC省的個別病例預期將低於下限，就是因為那起事件。否則，我們就會——我們本來會處境很好。所以目前正在加緊推進。團隊的進步速度之快讓我們感到非常驚喜和滿足。但本季確實受到了影響，因此我們向市場發出訊號，將銅產量預期下限設定為綜合預期。

Yes, I understand that. But you expect it to be higher or lower than Q3?

是的，我明白。但你預計它會高於還是低於第三季？

So we are running SAG2 in Q3, and SAG1 was running at its typical capacity. It's not running at full capacity right now. It's still -- we're in the ramp-up mode. And so it's not -- it's going to be close, but it's probably a little bit less. But the grade in this quarter is different than in Q3.

因此，我們在第三季度運行了 SAG2，而 SAG1 則以正常產能運作。它目前還沒有滿載運轉。目前我們仍處於啟動階段。所以結果不會是——會很接近，但可能會略微少一點。但本季的成績與第三季有所不同。

I'd say the grade compensates for it because we were mining a lot of low-grade stockpile in Q3, and we are seeing a bit higher grades than normal now. So they kind of balance each other off. It's not our strongest one from BC, and that's why we telegraphed it to the bottom end.

我認為品位彌補了這一點，因為我們在第三季度開採了很多低品位的礦石，而現在我們看到的品位比正常情況要高一些。所以它們之間起到了互補作用。這不是我們來自BC省的最強品種，所以我們把它放在了最底層。

Fahad Tariq, Jefferies.

法哈德‧塔里克，傑富瑞集團。

Just coming back to Pampacancha in the fourth quarter. How should we be thinking about mining rates? Like is it going to be similar levels to the third quarter? That was my understanding from the answer to the previous question.

第四節比賽回到了潘帕坎查。我們該如何看待挖礦速率？會和第三季的水平差不多嗎？這是我從上一個問題的答案中得出的理解。

Yes.

是的。

Yes. That's fair.

是的。這很合理。

That's fair? Okay. And then the remaining feed, should we assume that the Constancia pit is the remainder versus being stockpiled in the fourth quarter?

這樣公平嗎？好的。那麼剩餘的飼料，我們是否應該假設康斯坦西亞礦坑中的剩餘飼料是剩餘的，而不是在第四季度儲存的？

We're back mining in Constancia. So it's a mixture of the two, whatever makes the most sense. But yes, we're back in Constancia for the remainder.

我們又回到康斯坦西亞礦區開礦了。所以這是兩者的結合，怎麼合理怎麼來。是的，接下來的行程我們都會在康斯坦西亞度過。

Okay. Great. And then just unrelated, but switching gears to Manitoba. Can you just let us know how much you expect to receive from the insurance claim related to the wildfires?

好的。偉大的。然後，雖然與主題無關，但還是想聊聊曼尼托巴省。請問您預計能從與山火相關的保險索賠中獲得多少賠償？

It's a bit premature to give you a number. But as you know, we have good coverage that covers both property and business interruption. And business interruption has a 30-day standard deductible. So we're really grateful that there wasn't any significant damage on a property basis and given our proactive defense activities. And so we submitted a claim and we'll get you a number kind of in 2026. But a bit premature to give you an exact number today.

現在給你一個確切的數字還為時過早。但如您所知，我們的保險保障範圍很廣，涵蓋財產損失和業務中斷。而營業中斷險的標準免賠期為 30 天。因此，我們非常慶幸沒有造成任何重大財產損失，這要歸功於我們積極的防禦措施。因此，我們提交了索賠申請，大概會在 2026 年給您一個號碼。但現在給出確切數字還為時過早。

(Operator Instructions) Stefan Ioannou, Cormark Securities.

（操作說明）Stefan Ioannou，Cormark Securities。

Maybe that's a tough one to answer, but just when we think about growth in the next steps for Hudbay, should we just assume in the near term all hands-on deck are going to be focused solely on Copper World? Or should we start to think about maybe more news or thought, or consideration given to other projects or assets in the company's portfolio?

這個問題可能很難回答，但當我們思考 Hudbay 下一步的發展方向時，我們是否應該假設在短期內所有員工都將專注於 Copper World 專案？或者我們應該開始考慮增加一些新聞報導或想法，或考慮公司投資組合中的其他項目或資產？

Stefan, thanks for the question. So the one thing that we've tried to make very, very clear is, having retired the 3-P plan now, having procured the joint venture partner for Copper World, we are now in an extremely strong position to be able to fully fund Copper World, as well as to continue to pursue high-return, low-risk brownfield production improvement projects across the portfolio. So I think what you'll see is that -- we talked today a little bit about the exploration efforts that are underway with advancing 1901, et cetera, et cetera. We've got the pebble crushing circuit in Peru next year, a bunch of these things.

斯特凡，謝謝你的提問。因此，我們一直努力非常明確地表明，既然我們已經放棄了 3-P 計劃，並為 Copper World 找到了合資夥伴，我們現在就處於非常有利的地位，能夠為 Copper World 提供充足的資金，並繼續在整個投資組合中推進高回報、低風險的棕地生產改進項目。所以我認為你會看到——我們今天稍微談到了正在進行的勘探工作，推進 1901 年等等。明年我們在秘魯有鵝卵石破碎巡迴賽，還有很多類似的賽事。

So I think you can be assured that we will continue to invest in the portfolio as well as to continue pushing Copper World. Remember, Copper World is one single integrated team and we are decentralized organization with different business units who will continue to pursue their other projects.

因此，我認為您可以放心，我們將繼續投資該投資組合，並繼續推動 Copper World 的發展。請記住，Copper World 是一個單一的整合團隊，而我們是一個去中心化的組織，旗下擁有不同的業務部門，這些部門將繼續推進各自的專案。

If I could add to that. We're in a really enviable position with our strong balance sheet and cash balance where we're going to be able to build Copper World with very little capital until 2028. We're going to be able to build Copper World, reduce our leverage, delever, and allocate capital to other business units, so that we're able to reinvest in building up additional production capacity in Manitoba, in BC, in Peru and advance even Mason.

如果我能補充一點就好了。我們擁有非常有利的地位，資產負債表和現金餘額都很充裕，這意味著我們能夠在 2028 年之前用很少的資金建造 Copper World 專案。我們將能夠建立銅業世界，降低槓桿率，去槓桿化，並將資本分配給其他業務部門，以便我們能夠再投資於在曼尼托巴省、不列顛哥倫比亞省、秘魯建設額外的產能，甚至推進梅森的發展。

So I think it's a really enviable position where coming out of the decade, we will have built Copper World, have lower debt and invested in all the other areas and built up our entire business. And that was the benefit of bringing in this joint venture partner to fund a significant portion of the Copper World capital, was because we saw so much opportunity within our portfolio to invest to grow the other parts of the business as well. And it's pretty exciting for us to be in this position to be able to do that.

所以我認為這是一個非常令人羨慕的地位，十年後，我們將建成銅世界，降低債務，投資於所有其他領域，並發展壯大我們的整個業務。引入這家合資夥伴為 Copper World 提供大部分資金的好處在於，我們看到了投資組合中有很多機會可以投資，從而發展業務的其他部分。能夠身處這樣的位置並做到這一點，我們感到非常興奮。

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。我謹將會議交還給坎蒂絲·布魯爾，請她作總結發言。

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

謝謝接線員，也謝謝各位今天收看我們的節目。如果您還有其他疑問，請隨時聯絡我們的投資者關係團隊。謝謝，祝您今天過得愉快。

Ladies and gentlemen, this concludes the conference call for today. You may now disconnect your lines. Thank you for participating and have a pleasant day.

女士們、先生們，今天的電話會議到此結束。現在您可以斷開線路了。感謝您的參與，祝您有個愉快的一天。