Hecla Mining Co (HL) 2024 Q1 法說會逐字稿

Thank you for standing by. My name is Rochelle, and I will be your conference operator today. At this time, I would like to welcome everyone to the first quarter 2024 Hecla Mining Company earnings conference call. (Operator instructions) I would now like to turn the call over to Anvita Patil. Please go ahead.

謝謝你的支持。我叫羅謝爾，今天我將擔任你們的會議操作員。在此，我歡迎大家參加赫克拉礦業公司2024年第一季財報電話會議。（接線員指示）我現在想將電話轉接給 Anvita Patil。請繼續。

Good morning, Rochelle, and thank you all for joining us for Hecla's first quarter 2024 results conference call. I'm Anvita Patil, Vice President of Investor Relations and Treasurer. Our earnings release that was issued yesterday, along with today's presentation, are available on our website. On the call is Phil Baker, President and Chief Executive Officer; Russell Lawlar, Senior Vice President and Chief Financial Officer and Carlos Aguiar, Vice President of Operations.

早安，羅謝爾，感謝大家參加 Hecla 2024 年第一季業績電話會議。我是安維塔·帕蒂爾 (Anvita Patil)，投資者關係副總裁兼財務主管。我們昨天發布的收益報告以及今天的簡報可在我們的網站上查看。總裁兼執行長菲爾貝克 (Phil Baker) 接聽電話；資深副總裁兼財務長 Russell Lawlar 和營運副總裁 Carlos Aguiar。

Phil and Russell will make most of the presentation. Carlos, who's at Keno Hill, will make a couple of comments. We will all be available to answer your questions. Any forward-looking statements made today by the management team comes under the Private Securities Litigation Reform Act and involve risks, as shown on slide 2 and 3, in our earnings release, and in our 10-K and 10-Q filings with the SEC.

菲爾和拉塞爾將進行大部分演講。基諾山的卡洛斯將發表一些評論。我們都可以回答您的問題。管理團隊今天做出的任何前瞻性聲明均受《私人證券訴訟改革法案》管轄，並涉及風險，如幻燈片2 和3、我們的收益發布以及我們向SEC 提交的10-K 和10-Q 文件中所示。

These and other risks could cause results to differ from those projected in the forward-looking statements. Non-GAAP measures cited in this call and related slides are reconciled in the slides or the news release. I want to remind you, if you would like to have a call with the management, you can do so by using the link under the section virtual investor event in our earnings release that was issued yesterday.

這些風險和其他風險可能導致結果與前瞻性陳述中預測的結果不同。本次電話會議和相關幻燈片中引用的非公認會計原則措施在幻燈片或新聞稿中進行了調整。我想提醒您，如果您想與管理層通話，您可以使用我們昨天發布的收益報告中虛擬投資者活動部分下的連結來進行。

I will now pass the call to Phil.

我現在將把電話轉給菲爾。

Thanks, Anita. Good morning, everyone. As you may know, I'm the Chair of The Silver Institute, and I've volunteered for this position because of the world's growing need for silver. And so, I'm going to actually start the call talking about silver because I'm just very excited about the role that silver has in the energy transition, and something I didn't really appreciate, which is the silver demand in India.

謝謝，安妮塔。大家，早安。如您所知，我是白銀研究所的主席，由於世界對白銀的需求不斷增長，我自願擔任此職位。因此，我實際上將在電話會議中討論白銀，因為我對白銀在能源轉型中的作用感到非常興奮，而我不太欣賞的一點是印度的白銀需求。

So, let's go to slide 3. I can't overstate how remarkable 2023 was for solar energy and silver. New investment in renewable energy was about $675 billion. And of that, $393 billion or almost 60% was for solar. And that's a 12% increase over 2022, and it's a new annual record. And this investment should continue. Silver's photovoltaic or PV demand increased to $194 million ounces, and that's per the silver survey that was put out about four weeks ago. And that's about four times more than the demand 10 years ago.

那麼，讓我們來看看投影片 3。對於太陽能和白銀來說，2023 年是多麼非凡的一年，我怎麼形容都不為過。再生能源新增投資約6750億美元。其中，3,930 億美元（即近 60%）用於太陽能。比 2022 年成長了 12%，創下了新的年度紀錄。這種投資應該繼續下去。白銀的光伏或光伏需求增加至 1.94 億盎司，這是根據大約四週前發布的白銀調查得出的。這大約是 10 年前需求的四倍。

And photovoltaics now represents 16% of global silver demand. Silver photovoltaic demand has had about a 17% annual growth rate over the last five years. And in 2024, there should be another $40 million ounces for solar. So, to put that into perspective, $40 million ounce increase is about the same as the total demand that you had for photovoltaics in 2013. And you'd need four new Greens Creeks and eight new Lucky Fridays to meet it.

目前，光伏發電佔全球白銀需求的 16%。過去5年，白銀光伏需求年增率約17%。到 2024 年，太陽能發電量將達到 4,000 萬盎司。因此，從這個角度來看，4,000 萬盎司的成長與 2013 年光伏發電的總需求大致相同。你需要四個新的 Greens Creek 和八個新的幸運星期五才能滿足它。

Now, let's go to slide 4. About two weeks ago, I attended the India Silver conference where I learned five things. First, India's silver demand is pretty consistent at about 17% to 19% of global demand. We had a drop off during the pandemic, but it has since come back. And as global demand grows, so does Indian demand. And Indians actually have to pay more for their silver because of 12% duties and taxes that they have now. That's going down 1% per year until it gets to 3%, so it's going to improve for them.

現在，讓我們轉到投影片 4。大約兩週前，我參加了印度白銀會議，在那裡我學到了五件事。首先，印度的白銀需求相當穩定，約佔全球需求的 17% 至 19%。疫情期間我們的業績有所下降，但後來又回來了。隨著全球需求的成長，印度的需求也在成長。印度人實際上必須為白銀支付更多費用，因為他們現在要支付 12% 的關稅和稅金。這個數字每年下降 1%，直到達到 3%，所以對他們來說情況會有所改善。

February imports set a monthly record of $77 million ounces. And if you take the first quarter in total, it exceeded all of the silver that was imported for the whole year in 2023. And what might be most surprising of all is the price of silver and rupee terms hit an all-time high in April. And then, finally, I learned the policy commitments the Modi government has made renewables has really created a very large new market for solar. And that was a lot of the conversation at the Indian conference was, how they move forward with solar?

2 月進口量創下 7,700 萬盎司的月度紀錄。如果把第一季的白銀進口總量加起來，就超過了2023年全年的白銀進口總量。最令人驚訝的可能是四月白銀和盧比的價格創下歷史新高。最後，我了解到莫迪政府對再生能源的政策承諾確實為太陽能創造了一個非常大的新市場。印度會議上的許多討論都是，他們如何推進太陽能？

As you put the solar and the Indian demand together, it's about 35% of silver's global demand, and they are both growing. And the three year deficit is now over $500 million ounces, and I expect more deficit this year and into the foreseeable future. Silver's fundamentals are unlike any time in its history.

如果將太陽能和印度的需求加在一起，則約佔全球白銀需求的 35%，而且兩者都在成長。目前三年的赤字已超過 5 億盎司，我預計今年和可預見的未來赤字會更多。白銀的基本面不同於其歷史上的任何時期。

Now, turning to Slide 5, let me talk about Hecla and its role with the deficit. With the Lucky Friday back to full production and Keno Hill ramp-up progressing, we are the fastest growing established silver company as a result of innovation and the efforts of our people. If you go back to 2010, we produced total of $10 million ounces, Greens Creek produced $7 million, Lucky Friday produced $3 million. This year's guidance is Green's Creek at around $9 million and Lucky Friday at $5 million.

現在，轉向幻燈片 5，讓我談談 Hecla 及其在赤字方面的作用。隨著「幸運星期五」恢復全面生產以及基諾山產能提升的進展，由於創新和員工的努力，我們已成為發展最快的老牌白銀公司。如果你回到 2010 年，我們的產量總計為 1000 萬盎司，Greens Creek 的產量為 700 萬美元，Lucky Friday 的產量為 300 萬美元。今年的指引值為 Green's Creek 約為 900 萬美元，Lucky Friday 為 500 萬美元。

That's a 40% increase without considering Keno Hill. And it's not just production growth for the sake of growth. We have maintained a low-cost structure, in fact, the lowest in the industry. In 2010, Lucky Friday's cash costs were $3.76 per ounce. We're going to be around $2.50 to $3.25 this year.

不考慮基諾山 (Keno Hill) 的情況下，增幅為 40%。這不僅僅是為了成長而成長產量。我們一直保持低成本結構，實際上是業界最低的。2010 年，Lucky Friday 的現金成本為每盎司 3.76 美元。今年我們的價格將在 2.50 美元至 3.25 美元左右。

And this improvement is due to investments that we've made, the fore shaft, the patented UCB and innovation that we made, mining method, the service hoist, ore storage bunkers, and lots of other improvements. And over the same period, Greens Creek's costs have also remained consistently low. This year, we expect cash costs to be $3.50 to $4 and AISC to be $9.50 to $10.25.

這種改進歸功於我們所做的投資、前井、專利的 UCB 和我們所做的創新、採礦方法、服務提昇機、礦石儲存倉以及許多其他改進。在同一時期，Greens Creek 的成本也保持在較低水準。今年，我們預計現金成本為 3.50 美元至 4 美元，AISC 為 9.50 美元至 10.25 美元。

And Green's Creek has had growth in reserves. Since 2010, we've replaced 120 million ounces and added reserves to maintain a 13 year mine plan. When Green's Creek started its operations back in 1989, the mine had a seven year reserve plan. I think Keno is gonna be on the same path as these two mines.

Green's Creek 的儲量也有所成長。自 2010 年以來，我們已更換了 1.2 億盎司並增加了儲量，以維持 13 年採礦計畫。當 Green's Creek 於 1989 年開始營運時，該礦制定了為期七年的儲備計劃。我認為基諾將走上與這兩個地雷相同的道路。

Turning to Slide 6, there's really three messages for this quarter. First, our silver operations are strong and consistent with Green's Creek delivering a solid quarter and Lucky Friday achieving full ramp-up. Second, Keno Hill's ramp-up is going well, and we're seeing incremental and steady improvements in the safety culture and engineering risks out of the mind.

轉向投影片 6，本季確實有三條訊息。首先，我們的白銀業務強勁，與 Green's Creek 實現穩健的季度業績和 Lucky Friday 實現全面成長相一致。其次，基諾山的發展進展順利，我們看到安全文化和工程風險逐漸、穩定地改善。

Third, we see the first quarter as an inflection point with strong free cash flow from our established silver operations, improving performance at Keno, and the insurance proceeds, which we will use to delever over the next 12 months.

第三，我們認為第一季是一個拐點，我們已建立的白銀業務擁有強勁的自由現金流，Keno 的業績有所改善，保險收益也有所改善，我們將在未來12 個月內利用這些收益去槓桿化。

Finally, we expect to release our 2023 sustainability report at our annual meeting May 17. And we are again net zero in 2023 on Scopes 1 and 2 carbon emissions, where we've utilized UN-certified offset credits. And this year, instead of using credits, we are investing in research to sequester carbon in our operations.

最後，我們預計將在 5 月 17 日的年會上發布 2023 年永續發展報告。到 2023 年，我們在範圍 1 和範圍 2 的碳排放量上再次實現淨零排放，其中我們使用了聯合國認證的抵銷信用額。今年，我們不再使用積分，而是投資研究，以在我們的營運中封存碳。

With that, I'll pass the call on to Russell.

這樣，我會將電話轉給拉塞爾。

Thanks, Phil. I'll start on slide 8. In the first quarter, we saw our financials begin to rebound as expected from the effect of the fire at Lucky Friday. We had nearly $190 million in revenue, an increase of 18% from last quarter while we still invested free cash flow in the operations. We saw an improvement of approximately $30 million from the fourth quarter last year, maintaining our net leverage ratio at 2.7 times. We expect to see the net leverage ratio improve to less than two times over the next 12 months as we see the full effect of Lucky Friday coming back into production, as well as the continued ramp-up at Keno Hill.

謝謝，菲爾。我將從幻燈片 8 開始。在第一季度，我們的財務狀況開始按預期從幸運星期五火災的影響中反彈。我們的營收接近 1.9 億美元，比上季成長 18%，同時我們仍在營運中投入自由現金流。與去年第四季相比，我們的淨槓桿率增加了約 3000 萬美元，淨槓桿率保持在 2.7 倍。我們預計，隨著我們看到「幸運星期五」全面恢復生產以及基諾山的持續增長，未來 12 個月淨槓桿率將改善至不到兩倍。

We also saw our positioning in silver continue to improve as 44% of our revenue was generated from silver, an improvement of 5-percentage-points over 2023. The margin at our silver operations have remained strong during the quarter at 47% of the realized price of silver. We expect the margins and the resulting free cash flow from these operations will continue to improve as we continue to see the effect of Lucky Friday for the remainder of the year.

我們也看到我們在白銀方面的定位繼續改善，因為我們 44% 的收入來自白銀，比 2023 年提高了 5 個百分點。本季我們白銀業務的利潤率保持強勁，達到白銀實現價格的 47%。我們預計，隨著我們繼續看到「幸運星期五」在今年剩餘時間內的影響，這些業務的利潤率和由此產生的自由現金流將繼續改善。

Turning to slide 9, with Lucky Friday back to full production and the Keno Hill ramp-up going well, I'll speak a little bit about our financial priorities in 2024, which are hinged on the fact we have these great silver assets, which have generated over $600 million in free cash flow since 2020.

轉向幻燈片 9，隨著「幸運星期五」恢復全面生產且基諾山產能擴張進展​​順利，我將談談我們 2024 年的財務優先事項，這取決於我們擁有這些巨大的白銀資產這一事實，自2020年以來已產生超過6 億美元的自由現金流。

I expect this free cash flow trend to continue and even strengthen as we see support in the price for silver and see the impact of Lucky Friday being back into production. This free cash flow will first be invested in our operations, including the ramp-up of Keno Hill.

我預計這種自由現金流趨勢將持續甚至加強，因為我們看到白銀價格得到支撐，並看到「幸運星期五」恢復生產的影響。這些自由現金流將首先投資於我們的運營，包括基諾山的擴建。

We anticipate we'll spend $190 million to $200 million in capital, lower than last year because of the completion of projects at both Lucky Friday and Keno Hill. We also anticipate spending just over $30 million on both exploration and pre-development with a plan to continue to add to our existing mineral endowment and our various operations and exploration properties.

由於 Lucky Friday 和 Keno Hill 項目的完成，我們預計將花費 1.9 億至 2 億美元的資本，低於去年。我們也預計在勘探和預開發方面支出超過 3,000 萬美元，並計劃繼續增加我們現有的礦產資源以及各種業務和勘探資產。

Our next priority will be to delever the amount drawn on our revolver, which we've used for liquidity due to investments made at Keno Hill and Casa Berardi while the Lucky Friday was out of commission last year. With strong expected EBITDA generation, I expect our net leverage ratio to revert to our target less than two times over the next 12 months.

我們的下一個優先事項將是減少左輪手槍提取的金額，由於去年「幸運星期五」停止運營，我們在基諾山和卡薩貝拉迪進行了投資，因此將其用於流動性。由於預期 EBITDA 產生強勁，我預計我們的淨槓桿率將在未來 12 個月內恢復到目標的兩倍以內。

With that, I'll pass the call to Carlos.

這樣，我會將電話轉給卡洛斯。

Thank you, Russell. I'm at Keno Hill remote with the rest of the team and will keep my remarks short. We started the year on a strong note with Lucky Friday achieving full ramp-up, another strong quarter from Green's Creek, and Keno Hill's improvement on safety and environmental metrics as we ramp up production. Casa Berardi's transition to open pit is continued, and we are focused on creating cost control.

謝謝你，拉塞爾。我和團隊其他成員一起在基諾山遠程，我的發言將保持簡短。我們以強勁的勢頭開始了這一年，Lucky Friday 實現了全面增長，Green's Creek 又一個強勁的季度，以及隨著產量的增加，Keno Hill 在安全和環境指標方面也取得了進步。Casa Berardi 繼續向露天礦轉型，我們專注於控製成本。

We have work to do as we evaluate extending underground operations. I look forward to having all the four operations running at full throttle this year.

在評估擴大地下作業時，我們還有工作要做。我期待今年所有四項業務都能全速運轉。

With that, I will pass the call to Phil.

這樣，我會將電話轉給菲爾。

Thanks, Carlos. I'm going to start on slide 11 with Greens Creek which reported another solid consistent quarter with strong free cash flow generation. The mine produced 2.5 million ounces, and the increase in production was driven by higher grades and throughput. And the throughput exceeded 2,550 tons per day.

謝謝，卡洛斯。我將從第 11 頁的 Greens Creek 開始，該公司報告了另一個穩定、穩定的季度，並產生了強勁的自由現金流。該礦產量為 250 萬盎司，產量的增加是由於品位和吞吐量的提高所推動的。日吞吐量突破2550噸。

To put that into context, when we acquired operatorship of Greens Creek, we were somewhere around 1,950 to 2,000 tons a day. Cost performance is in line with the plan. Cash cost per ounce was $3.45 so all-in sustaining costs were $7.16 per ounce. That's lower than in the fourth quarter due to the higher silver production in the by-product credits.

考慮到這一點，當我們收購 Greens Creek 的營運權時，我們每天的產量約為 1,950 至 2,000 噸。性價比符合計畫。每盎司現金成本為 3.45 美元，因此總維持成本為每盎司 7.16 美元。由於副產品信貸中的白銀產量增加，這一數字低於第四季。

Capital spending is lower than planned due to timing of equipment deliveries and less capital development because of unexpected or where ramp was planned. That's a great problem to have. First, fore shaft cash flow generation for the quarter was $20 million lower than the last quarter due to increase in receivables. So, we just have this working capital build up, which is going to reverse.

由於設備交付時間表以及意外情況或計劃產能增加導致資本開發減少，資本支出低於計劃。這是一個很大的問題。首先，由於應收帳款增加，本季前軸現金流量比上季減少了 2,000 萬美元。所以，我們只是累積了營運資金，這將會逆轉。

We're reiterating our production guidance of 8.8 million to 9.2 million ounces and our AISC guidance of 9.50 to 10.25. Throughput has continued to increase toward the 2600 tons per day, and it requires a significant focus on maintenance. We're expanding our predictive maintenance practices in the middle of the mine to identify problems proactively. This has improved availability, increased college capacity, and identified numerous opportunities that the team will focus on.

我們重申 880 萬至 920 萬盎司的產量指引以及 9.50 至 10.25 的 AISC 指引。吞吐量持續增加，接近每天 2600 噸，需要高度重視維護。我們正在礦井中部擴展預測性維護實踐，以主動發現問題。這提高了可用性，增加了大學容量，並確定了團隊將重點關注的大量機會。

But we are reaching the limit of what we probably can achieve in terms of 10-inch growth without, you know, sort of rethinking the kind of investment that we need to make.

但我們已經達到了 10 英寸增長可能實現的極限，而無需重新考慮我們需要進行的投資類型。

Turning to slide 12, lots of achievements at the Lucky Friday, full ramp-up in the first quarter producing 1.1 million ounces of silver, a thousand days without a lost time injury, multiple days in March of record mill throughput, over 1,300 hundred tons per day. And to put that in the context, traditionally, the throughput rate was probably around 850 tons. We've completed two critical projects, the service hoist, which increased hoisting capacity about 25%, and, of course, ore bunker, which decoupled the mill from the mine with five days of stockpile capacity.

轉向幻燈片 12，「幸運星期五」取得了很多成就，第一季全面提高白銀產量 110 萬盎司，一千天無誤工事故，3 月份多天工廠吞吐量創紀錄，超過 1,300 百噸每天。考慮到這一點，傳統上的吞吐量可能約為 850 噸。我們已經完成了兩個關鍵項目：服務提昇機，其提升能力提高了約 25%；當然還有礦石倉，其將磨機與礦井脫鉤，具有五天的儲存能力。

And that's a big deal to be able to have those two things decoupled, particularly when we're operating at these higher tonnages. The mill can't catch up otherwise. We continue to work on other improvements like grinding classification to increase throughput. Cash costs in AISC were 8.55 and 17.36 per ounce respectively, higher than guidance ranges due to the ramp-up.

能夠將這兩件事分開是一件大事，特別是當我們以更高的噸位運行時。否則工廠就無法跟上。我們繼續致力於其他改進，例如研磨分級，以提高產量。AISC 的現金成本分別為每盎司 8.55 和 17.36，由於產量增加而高於指引範圍。

So, that will come down over the course of the year. The mine produced $12 million in free cash flow, including the $17.4 million insurance receipts and is on track to achieve production and cost guidance for the year and be cash flow positive for the year.

因此，這一數字將在一年內下降。該礦產生了 1200 萬美元的自由現金流，包括 1740 萬美元的保險收據，預計將實現今年的生產和成本指導，並實現今年的正現金流。

Turning to Slide 13, and this is where I'll spend the majority of the remainder of time, Keno Hill is improving. And we are learning and trying to do everything through the lens of safety and environmental improvement. And we are making it safer. Our injury frequency rate is down 41%, but it is still too high.

轉向幻燈片 13，這是我剩餘時間的大部分時間都花在的地方，Keno Hill 正在改進。我們正在學習並嘗試從安全和環境改善的角度做一切。我們正在使其更安全。我們的受傷頻率下降了 41%，但仍然太高。

Like every operation, we have a two-pronged approach where we're trying to change behavior, and then we're also engineering and designing out risks. And so, for behavior, we initiated a 10-step action plan to implement the best practices in training, reporting investigations of accidents and supervision.

與每一項行動一樣，我們採用雙管齊下的方法，首先嘗試改變行為，然後我們也在設計和設計風險。因此，對於行為，我們啟動了一項十步行動計劃，以在培訓、報告事故調查和監督方面實施最佳實踐。

The program is about 40% complete, and it's resulted in increased morale and has promoted a culture of transparency. So, we actually have had more significant potential incidents or as many as we had a year ago, but there's been more reporting. And the point of this is the key to a safe site is really having no fear in telling what is really happening. And the team is responding well to that. This is where we're making, I think, great progress.

該計劃已完成約 40%，提高了士氣並促進了透明文化。因此，我們實際上發生了更多重大的潛在事件，或與一年前一樣多，但報告也更多了。重點是，一個安全網站的關鍵是真正無所畏懼地講述真實發生的事情。團隊對此反應良好。我認為，這就是我們正在取得巨大進步的地方。

On the design side, we're focused on modifications to environmental controls to bring it to Hecla standards. And our standards in many cases exceed the legal requirements. And I'm struck by a comment that Brian Erickson, who's a longtime Greens Creek leader some of you probably have met him on tours of Greens Creek, and he's now, well in June, start overseeing both Greens Creek and Keno Hill.

在設計方面，我們專注於環境控制的修改，以使其達到 Hecla 標準。而且我們的標準在許多情況下都超出了法律要求。我對布萊恩·埃里克森(Brian Erickson) 的評論感到震驚，他是格林溪(Greens Creek) 的長期領導者，你們中的一些人可能在格林溪(Greens Creek) 之旅中見過他，而他現在（六月）開始監督格林溪(Greens Creek) 和基諾山(Keno Hill)。

And he rattled off a list of things not legally required but that we need to do in order to meet Hecla standards. Now, it's going to like Greens Creek, it's going to be a long process. I mean, we're still improving our standards at Greens Creek, a 37 year old mine. But the geology at Keno and our culture warrants it.

他列出了一系列法律上沒有要求但我們需要做才能滿足 Hecla 標準的事情。現在，它將喜歡Greens Creek，這將是一個漫長的過程。我的意思是，我們仍在提高 Greens Creek 這個擁有 37 年歷史的礦場的標準。但基諾的地質和我們的文化證明了這一點。

So, for the next year or so, our focus is on better monitoring, getting more fulsome hydrologic studies, and making the water treatment plant upgrades. And design improvements are also being made operationally to make the mine more predictable and efficient, which makes it safer and more productive.

因此，在未來一年左右的時間裡，我們的重點是更好的監測、進行更豐富的水文研究以及對水處理廠進行升級。營運方面也正在進行設計改進，以使礦場更加可預測和高效，使其更安全、更有效率。

There are a number of things, but the biggest is the cemented tails batch plant, which is going to allow underhand mining at Bermingham. And whenever you have the challenging ground conditions like we have at Keno, nothing could make it safer or more productive than having miners mining under a constructed back, the underhand method allows you to do.

有很多東西，但最大的是水泥尾部批量工廠，它將允許伯明翰進行非法採礦。每當您遇到像我們在基諾那樣具有挑戰性的地面條件時，沒有什麼比讓礦工在構造好的背部下採礦更安全或更高效的了，秘密方法可以讓您做到這一點。

This plan's going to be finished by year end, and full conversion to underhand mining will happen by the end of next year. So, we're at 277 tons per day, and this is all from the Bermingham deposit, about 30% more than last quarter. We still have too much variability in how much we mine in millage day, but it's getting a lot better, and we're seeing even more consistency in April and into May.

該計劃將於年底完成，明年年底將全面轉為地下採礦。因此，我們每天的產量為 277 噸，全部來自伯明罕礦床，比上季增加了約 30%。我們的每日開採量仍然存在很大的差異，但情況正在好轉，而且我們在 4 月和 5 月看到了更多的一致性。

At the start of my comments on Keno, I said we're learning. And what immediately comes to mind is that particularly in the shoulder seasons, in order to manage the clay from Bermingham, we need the hard rock from Flame & Moth deposit to make the crusher run better. So, despite Flame & Moth being lower grade, and when I say lower grade, I think it's like 24 ounces per ton so it's not super low grade, a portion of our feed's going to come from it in order to make crushing better.

在我對基諾的評論開始時，我說我們正在學習。我們立即想到的是，特別是在平季，為了管理來自伯明翰的粘土，我們需要來自 Flame & Moth 礦床的堅硬岩石，以使破碎機運行得更好。因此，儘管Flame & Moth 的等級較低，當我說較低等級時，我認為它大約是每噸24 盎司，所以它不是超低等級，我們的飼料的一部分將來自它，以便更好地粉碎。

And you'll start to see that in the next few months. With 600,000 ounces that we've done this quarter, we're confident we're gonna hit our production numbers, reach commercial and full production probably before year-end, but only if we're making the mine safer and more environmentally compliant.

在接下來的幾個月裡你就會開始看到這一點。我們本季已經生產了 60 萬盎司，我們有信心能夠達到產量，可能在年底之前實現商業化和全面生產，但前提是我們必須使礦山更安全、更環保。

Now, let me go to why Keno's life we think is gonna be longer than the current 11 year mine life. And it's the exploration results we're seeing.

現在，讓我來談談為什麼我們認為 Keno 的壽命會比目前 11 年的礦場壽命更長。這就是我們看到的探索結果。

So, if you go to slide 14, last quarter, I highlighted high-grade intercepts at Bermingham, including one which was 54 ounces per ton over 39.5 feet, as well as an intercept which was 1,000 feet deeper than any previous drilling. And it provided the evidence that high-grade silver mineralization can be hosted within the full depth of the 3,000 foot favorable basal quartzite host rock unit.

因此，如果您查看上個季度的第 14 張幻燈片，我重點介紹了伯明翰的高品位攔截，其中包括超過 39.5 英尺每噸 54 盎司的攔截，以及比之前任何鑽探深度 1,000 英尺的攔截。它提供了證據表明高品位銀礦化可以存在於 3,000 英尺有利的基底石英岩單元的整個深度內。

Now, we've continued drilling. And the results we shared today are just as exciting where there were two additional intercepts in the footwall vein, one of which was 55.4 ounces per ton over nearly 41 feet and the second was 51.2 ounces per ton over almost 40 feet. These are multiples of the sort of widths of what we normally see. These holes are near existing infrastructure, and they exceed our model's expectations.

現在，我們繼續鑽探。我們今天分享的結果同樣令人興奮，在下盤礦脈中還有兩次額外攔截，其中一次在近 41 英尺處截獲了每噸 55.4 盎司，第二次在近 40 英尺處截獲了每噸 51.2 盎司。這些是我們通常看到的寬度的倍數。這些漏洞靠近現有基礎設施，超出了我們模型的預期。

We also have two surface exploration drills that we've just started turning targeting the 3,000-foot strike length and 2,000 foot of dip length on the Bermingham vein system to test that deeper basal quartzite host. There's also other drilling targets outside of Bermingham to see if we have cracked the code for how this system is in place. We expect to be here for decades to come.

我們還有兩個地表勘探鑽機，剛開始轉動，目標是伯明罕礦脈系統上 3,000 英尺的走向長度和 2,000 英尺的傾角長度，以測試較深的基底石英岩主體。伯明翰以外還有其他鑽探目標，看看我們是否已經破解了該系統的運作原理。我們預計未來幾十年仍將在這裡。

Turning to Slide 15, I'll talk about Casa. Casa produced 22,000 ounces and an AISC of just under $1,900, capital costs of about $13 million, all of this is as expected per our guidance. We did experience lower surface grades, about 10% to 15% lower than previous low-grade quarters, some of it do processing low grade stockpiles. We'll be watching this in the coming quarters. The mine had $9 million of negative cash flow, and this is an improvement over the prior quarter.

轉到幻燈片 15，我將討論 Casa。Casa 產量為 22,000 盎司，AISC 略低於 1,900 美元，資本成本約為 1300 萬美元，所有這些都符合我們的指導預期。我們確實經歷了較低的表面品位，比之前的低品位季度低約 10% 至 15%，其中一些用於加工低品位庫存。我們將在接下來的幾個季度中關注這一情況。該礦有 900 萬美元的負現金流，這比上一季有所改善。

And this year is an investment year at CASA. But we do expect free cash flow before we reach the gap in production in a few years. So, the investment we're making this year is as expected.

今年是CASA的投資年。但我們確實預計在幾年內達到產量缺口之前會有自由現金流。所以，我們今年的投資是符合預期的。

Going to Slide 16, shows our guidance for the year. We're affirming our production and cost guidance. And before I open the call for questions, I just want to thank all the Hecla employees across all the sites and ask them to continue to focus on safety, both designing out our hazards and making safe choices.

請轉到投影片 16，顯示我們今年的指導。我們正在確認我們的生產和成本指引。在開始提問之前，我只想感謝所有站點的所有 Hecla 員工，並要求他們繼續關注安全，設計出危險並做出安全的選擇。

With that, Rochelle, I'd like to open the call to questions.

羅謝爾，我現在想開始提問。

(Operator Instructions)

（操作員說明）

Heiko Ihle, H.C. Wainwright.

海科‧伊勒 (Heiko Ihle)，H.C.溫賴特。

Hey there. Thanks for taking my questions. I assume you can hear me ok?

嘿。感謝您回答我的問題。我想你聽得到我說話，好嗎？

We can, Heiko. Thanks.

我們可以，海子。謝謝。

Hey, Phil. So, Keno Hill, your release states that your action plans should be substantially completed before the end of the year, but you do need a carve-out for some longer-term infrastructure. I mean, obviously, Flame & Moth is starting next month, but building on what you had on slide 13 earlier, can you just provide some color on what exactly you're referring to with that carve out, when you expect to undertake this, and maybe just even what you expect to spend by quarter? I assume it's mostly front-loaded?

嘿，菲爾。因此，基諾·希爾（Keno Hill），您的新聞稿指出，您的行動計劃應在年底前基本完成，但您確實需要為一些長期基礎設施留出空間。我的意思是，很明顯，「火焰與飛蛾」將於下個月開始，但是在您之前在幻燈片13 上看到的內容的基礎上，當您希望進行這項工作時，您能否提供一些關於您所指的雕刻內容的具體信息，甚至可能只是您預計每個季度的支出？我猜大部分都是前置的？

Yeah, no, I certainly the guidance that we've given for 2024 is unchanged. There's nothing that all of this is as I just wanted to make it clear to people that as we go to the underground the underhand mining method that is that it will be a process that will take some time before we'll be fully underhand at Birmingham.

是的，不，我當然對 2024 年給予的指導沒有改變。所有這一切都沒有什麼意義，因為我只是想向人們表明，當我們進入地下時，秘密採礦方法將是一個過程，需要一段時間才能在伯明翰完全秘密進行。

And as far as additional capital in 2025, we haven't gone through those plans, but I'm not anticipating that there's going to be some major sort of capital outlay, you know, in any one year. But because of the exploration success that we're seeing here, it's a dynamic situation, we're contemplating permitting for a much larger throughput than what we currently have.

至於 2025 年的額外資本，我們還沒有完成這些計劃，但我預計任何一年都不會出現某種重大的資本支出。但由於我們在這裡看到的勘探成功，這是一個動態的情況，我們正在考慮允許比目前更大的吞吐量。

We haven't finalized that, but that's the path that we're on. And like Greens Creek that over the years, and I think if you go back to its early, you know, 90s, its rate was well below the $1,900 or so that we had. I don't remember what it was, and I don't know if, Russell, you had any.

我們還沒有最終確定，但這就是我們正在走的路。就像 Greens Creek 多年來一樣，我想如果你回到 90 年代早期，它的價格遠低於我們 1,900 美元左右。我不記得那是什麼，我也不知道，拉塞爾，你有沒有。

I don't know. I'm not sure what it was.

我不知道。我不確定那是什麼。

It was so this is going to be an evolving mine and the exploration success that we're seeing justifies that. Carlos, anything you want to add?

因此，這將是一個不斷發展的礦山，我們所看到的勘探成功證明了這一點。卡洛斯，你還有什麼要補充的嗎？

No, that's correct. So, we are still you know, a long road ahead of us, and we are still evaluating all the stuff that we can make. Nothing to add.

不，這是正確的。所以，你知道，我們還有很長的路要走，我們仍在評估我們可以製造的所有東西。沒什麼好補充的。

Got it. And then, just a quick clarification. You had ramp-up costs of $8.7 million during the quarter at the site. Can you just break that down a little bit?

知道了。然後，快速澄清一下。本季該站點的增加成本為 870 萬美元。你能把它分解一下嗎？

When you say break it down, I mean, it is sort of the stub. So, we have our total revenue that we generated. That goes into operating costs and then the stub is what goes into the ramp-up costs. Any color.

當你說分解它時，我的意思是，它是一種存根。所以，我們有我們產生的總收入。這將計入營運成本，然後存根將計入提升成本。任何顏色。

Yes, we can add I can add a little bit to that. Basically, the way that we handle ramp-up costs are at Keno Hill, we will allocate you spend we spent this quarter, we spent about $15 million in cash expenses at Keno Hill. And we generated roughly $10 million of revenue. So, we allocated $10 million of the $15 million to cost of sales.

是的，我們可以添加我可以添加一點。基本上，我們在基諾山處理上升成本的方式是，我們將向您分配本季度花費的支出，我們在基諾山花費了約 1500 萬美元的現金支出。我們創造了大約 1000 萬美元的收入。因此，我們將 1500 萬美元中的 1000 萬美元分配給銷售成本。

Because we're in a ramp-up period, we're not actually earning margin where it's a combination of earning some revenue while we're actually ramping up or building the operation. And as such, then we'll allocate the remainder to ramp-up costs.

因為我們正處於加速期，所以我們實際上並沒有賺取利潤，而是在我們實際加速或建立業務的同時賺取一些收入。因此，我們將把剩餘的部分分配給提升成本。

So, as we see the revenue at Keno Hill increase, we should see the ramp-up costs come down when we do get to the point where we believe we're at commercial or full production, we would then allocate all of the costs to cost of sales. At that point, you know, we would expect we would have a margin as well.

因此，當我們看到基諾山的收入增加時，當我們確實達到我們相信我們處於商業或全面生產的程度時，我們應該會看到增加成本下降，然後我們會將所有成本分配給銷售成本。到那時，您知道，我們預計我們也會有利潤。

And we'll determine that we're in commercial production when we're confident that we have a stabilized operation. And that's in part reason for mentioning about the underhand method. I don't expect that we'll have to wait until we get all the way there to underhand, but I just be aware of that, but that's something we'll have to consider.

當我們確信我們的營運穩定時，我們將確定我們已進入商業生產。這也是提到秘密方法的部分原因。我不認為我們必須等到我們一路走來才能下手，但我只是意識到這一點，但這是我們必須考慮的事情。

And then lastly, I would just add, it's the same methodology we've used at Lucky Friday. We did the same thing with Lucky Friday, whether it was last quarter or previously. In Q1 of 2024, we did have a little bit of ramp-up costs in January. And that's we've kind of disclosed that within our financials, but it was a couple of million dollars.

最後，我想補充一點，這與我們在幸運星期五使用的方法相同。無論是上個季度還是之前，我們對「幸運星期五」做了同樣的事情。在 2024 年第一季度，我們確實在 1 月增加了一些成本。我們已經在財務數據中披露了這一點，但金額達到了幾百萬美元。

And keep in mind that that line item in the income statement will ramp up on suspension costs. There's some costs in there for Nevada and a very, very small amount from San Sebastian as well.

請記住，損益表中的該行項目將增加暫停成本。內華達州有一些費用，聖塞巴斯蒂安也有非常非常小的費用。

Very comprehensive answer. Good quarter. Stock is reacting well, and I'll get back in queue.

非常全面的答案。好季度。庫存反應良好，我會重新排隊。

Thanks, Heiko.

謝謝，海子。

Lucas Pipes, B. Riley Securities.

盧卡斯‧派普斯 (Lucas Pipes)，B. 萊利證券 (Riley Securities)。

Thank you very much, operator. Good morning, everyone.

非常感謝您，接線生。大家，早安。

Hi, Lucas.

嗨，盧卡斯。

Phil, I wanted to first ask on Lucky Friday. Just looking at Q1, obviously, going things are going in the right direction, but still more needed for the full year. So, I wondered if you kind of walk through a punch list of what you expect and what you need to see if you hit that full year guidance? Thank you very much on that.

菲爾，我想在幸運星期五首先問。僅看第一季度，顯然，事情正在朝著正確的方向發展，但全年仍需要更多。所以，我想知道您是否會列出一份清單，列出您的期望以及如果您達到全年指導，您需要看到什麼？對此非常感謝。

Look, I don't think it's doing anything more than what we did, you know, prior to the fire, and we're on track to do that. You know, a function of what's the actual grade that we hit as we go through, but we're not anticipating any particular issue with getting to the 5 million ounces. If we have any problem, it's really about getting the people that we need and maintenance. That's our biggest challenge in order to have the availability.

聽著，我認為它所做的並沒有比我們在火災發生之前所做的更多，而且我們正在努力做到這一點。您知道，這取決於我們在經歷過程中達到的實際等級，但我們預計達到 500 萬盎司不會出現任何特殊問題。如果我們遇到任何問題，實際上就是要找到我們需要的人員並進行維護。這是我們獲得可用性的最大挑戰。

But it's we're I think we're going to be as the year goes on, we're going to be in an optimization mode, you know, what additional changes can we make to get beyond where we are expecting to be. Carlos, anything you want to add or correct?

但我認為隨著時間的推移，我們將處於最佳化模式，你知道，我們可以做出哪些額外的改變來超越我們的期望。卡洛斯，您想補充或更正什麼嗎？

Yeah. This is a really exciting time for Lucky Friday. Of course, the termination of the major projects that were completed last year. This is going to be our first year, you know, utilizing those projects and future comes right for a lot of time.

是的。對於幸運星期五來說，這是一個非常令人興奮的時刻。當然，去年完成的重大計畫也終止了。你知道，這將是我們利用這些計畫的第一年，未來很多時候都會到來。

Thank you for that color. But for my second question, I'd like to turn to Casa. So, you mentioned previously that the free cash flow contribution should really pick up in 2026. Could you quantify your expectations around 2025? Can you give some color around that?

謝謝你的那個顏色。但對於第二個問題，我想請教Casa。所以，您之前提到自由現金流貢獻應該在 2026 年真正回升。您能否量化一下您對 2025 年左右的期望？你能給它一些顏色嗎？

And then, with the significantly higher gold price environment today, are you looking at that mine differently from a strategic perspective from an operational standpoint? I would appreciate your thoughts on that. Thank you.

然後，在當今金價顯著上漲的環境下，您是否從戰略角度和營運角度以不同的方式看待該礦？我很感激你對此的想法。謝謝。

So, Lucas, you know, probably the best source of information as to what we think 2025 and 2026 will look like is our technical report. And so, I would point that up for your attention. And at this point, we don't see anything dramatically different from that other than we do have higher gold prices. You know, where we have experienced some lower grades than what we had in the plan.

所以，盧卡斯，你知道，關於我們認為 2025 年和 2026 年會是什麼樣子的最佳資訊來源可能是我們的技術報告。因此，我想提醒您注意這一點。目前，除了金價上漲之外，我們沒有看到任何與此有顯著不同的東西。你知道，我們的成績比計畫中的成績要低。

So, we're going to be watching that closely and trying to figure out what's happening there, if it's temporary or, you know, if there's more to that. I don't know anything else.

因此，我們將密切關注並試圖弄清楚那裡發生了什麼，是否是暫時的，或者，你知道，是否還有其他原因。我不知道別的事。

I don't think I have much to add. Certainly, higher gold prices could potentially cause us to have a little bit more material from the underground. I think if you step back and you think about the entirety of Casa Berardi, it's probably around the kind of around the edges. But, you know, we'll take the opportunity if we have the opportunity.

我認為我沒有太多要補充的。當然，金價上漲可能會導致我們從地下獲得更多的材料。我想，如果你退一步思考 Casa Berardi 的整體，你會發現它可能處於邊緣地帶。但是，你知道，如果有機會，我們會抓住機會。

And when you ask the strategic question, I guess, look, we see Casa as playing an important role of providing us with diversification, giving us scale. But frankly, we are certainly more focused on silver and always have been, and Casa and gold was a means to an end of being able to be larger in order to take on more silver opportunities. And, you know, it's serving that purpose, and I think it will continue to serve in the future. But the focus certainly is on silver, Lucas.

當你問策略問題時，我想，我們認為 Casa 在為我們提供多元化、擴大規模方面發揮著重要作用。但坦白說，我們當然更關注白銀，而且一直如此，而卡薩和黃金是實現規模擴大以抓住更多白銀機會的一種手段。而且，你知道，它正在服務於這個目的，而且我認為它將在未來繼續服務。但盧卡斯，焦點肯定是白銀。

And, Phil, on that, you speak with a lot of excitement and passion about the outlook of the silver market. I think I've heard, you know, growth aspirations about Hecla and the S&P 500. And so, when kind of taking a step back, how aggressive do you want to be over the next few years to pursue the silver opportunity? Is this a time to focus on Keno, get that up first, or maybe press forward on a couple of different fronts to pursue the opportunity outlined at.

菲爾，您在談到白銀市場的前景時充滿了興奮和熱情。我想我聽說過關於 Hecla 和標準普爾 500 指數的成長願望。那麼，退一步來說，您希望在未來幾年內以多大的積極性來追求白銀機會？現在是專注於基諾的時候嗎？

Well, I guess, certainly, we've got to focus on Keno and get that up and running the way we think it can. But Keno is a long-term game, it is I have no doubt that it is probably we currently have an 11 year mine life. I have no doubt that we are finding more, and we will end up with a longer mine life than that. And so, it's one that's an evolution.

嗯，我想，當然，我們必須專注於基諾，並按照我們認為可以的方式啟動和運行它。但基諾是個長期的遊戲，我毫不懷疑，我們目前的礦井壽命可能是11年。我毫不懷疑我們會發現更多，而且我們最終會得到比這更長的壽命。所以，這是一種進化。

With respect to acquiring new things, we're certainly always looking and it's and we're more focused on what the opportunities when they arise and trying to put things together than trying to time something. So, if things become available, and it's people want to you know, they see the vision of Hecla as continuing to be the premier silver producer and one that's even bigger and one that could conceivably reach this goal of S&P 500, we would want to have them join up with us to help us achieve that.

在獲取新事物方面，我們當然總是在尋找機會，並且我們更關注機會出現時的情況，並嘗試將事物組合在一起，而不是嘗試把握時機。因此，如果事情變得可行，而且人們想讓你知道，他們認為 Hecla 的願景是繼續成為首要的白銀生產商，並且規模更大，可以想像達到標準普爾 500 指數的這一目標，我們希望讓他們與我們一起幫助我們實現這一目標。

But we don't have to do those things. I mean, we have within our portfolio, there's eight projects that we have that are silver projects.

但我們不必做這些事。我的意思是，在我們的投資組合中，有八個項目是白銀項目。

And some of them, particularly the Libby exploration, and things that we have in Montana have the capacity to fundamentally change Hecla and really have a step forward to be able to accomplish some of these goals on our own. But we're going to be continuing to look, and we want to bring other assets in it, if we can.

其中一些，特別是利比勘探，以及我們在蒙大拿州所做的事情有能力從根本上改變赫克拉，並且確實向前邁出了一步，能夠依靠我們自己實現其中一些目標。但我們將繼續尋找，如果可以的話，我們希望引入其他資產。

Phil, really appreciate the color and perspective. To the entire team, continued best of luck. Thank you.

菲爾，真的很欣賞色彩和視角。祝整個團隊繼續好運。謝謝。

Thank you, Lucas.

謝謝你，盧卡斯。

(Operator Instructions)

（操作員說明）

Joseph Reagor, ROTH MKM.

約瑟夫·雷戈爾，羅斯 MKM。

Hey, Phil and team. Thanks for taking the questions. I guess, following on something Heiko asked on the ramp-up and maintenance costs, can you give us any guidance on what those might look like over the remainder of this year and then kind of long-term?

嘿，菲爾和他的團隊。感謝您提出問題。我想，繼 Heiko 關於升級和維護成本的問題之後，您能否就今年剩餘時間以及長期的情況向我們提供任何指導？

When you say the maintenance costs, what are you referring to, Joe. By the way, hi, Joe. What are you referring to?

當你說維護成本時，你指的是什麼，喬。順便說一句，嗨，喬。你指的是什麼？

So, there was in Q1, there was like $14.5 million between ramp-up costs, which I know you guys attributed some of that to expenses versus revenue at Lucky Friday and Keno. But beyond that, how much of that is ongoing care and maintenance for like Nevada and San Sebastian, etc.?

因此，在第一季度，增加成本之間大約有 1450 萬美元，我知道你們將其中一部分歸因於 Lucky Friday 和 Keno 的支出與收入。但除此之外，還有多少是內華達州和聖塞巴斯蒂安州等地的持續照護和維護？

We can give the breakdown.

我們可以給出細分。

I do certainly for Q1, most of that cost, $9 million was related to Keno, $2 million was Lucky Friday, and the Nevada and San Sebastian were $3 million and $0.5 million, respectively.

我當然知道第一季的大部分成本，900 萬美元與基諾有關，200 萬美元與幸運星期五有關，內華達州和聖塞巴斯蒂安分別為 300 萬美元和 50 萬美元。

So, 2 million at the Lucky Friday relates to that.

所以，幸運星期五的 200 萬與此相關。

Just one month.

僅僅一個月。

Right, I think that long term, it will go down to just the Nevada and San Sebastian numbers. And, you know, certainly, one of the things that we're working on actively is looking to minimize those as well because we want to make sure that those expenses are as small as we can.

是的，我認為從長遠來看，它將下降到內華達州和聖塞巴斯蒂安州的數字。當然，你知道，我們正在積極努力的事情之一就是盡量減少這些費用，因為我們希望確保這些費用盡可能小。

Yes. And Joe, I'm glad you followed up on Heiko's question, because I probably should point out again that we are taking Brian Erickson, who's been at Greens Creek for 27 years and has been the GM, I don't know, last four, five years. And we've asked him to be a regional Vice President over both Greens Creek and Keno. And the reason for that is to try to look for synergies between the two operations because in the mining world, these are actually very close together.

是的。喬，我很高興你跟進了Heiko 的問題，因為我可能應該再次指出，我們選擇了布萊恩·埃里克森(Brian Erickson)，他在Greens Creek 工作了27 年，並且在過去四年中一直擔任總經理，我不知道。我們邀請他擔任 Greens Creek 和 Keno 的地區副總裁。這樣做的原因是試圖尋找這兩項業務之間的協同效應，因為在採礦界，這些業務實際上非常接近。

They're it's about a six or seven hour trip from one mine to the other. And if you fly the whole way, if you flew, you could do it in two hours, including immigration. So and you think about materials, it's all coming up through the inland passage. It actually goes right by Greens Creek.

從一個礦場到另一個礦場大約需要六到七個小時的路程。而且如果你全程飛的話，如果你飛的話，兩個小時就可以辦完，包括入境。所以你想想材料，所有這些都是透過內陸通道運來的。它實際上就在格林溪旁邊。

And so, we're going to try to combine procurement and nobody will be better than Brian at looking at what things we can do together between those two operations in order to drive the cost structure down, try to apply fixed costs that we have at Greens Creek to Keno without increasing Greens Creek's fixed cost. That's the idea.

因此，我們將嘗試合併採購，沒有人比布萊恩更好地研究我們可以在這兩個業務之間一起做哪些事情，以降低成本結構，嘗試應用我們在Greens Creek 到基諾，而不增加Greens Creek 的固定成本。就是這個想法。

And, you know, it's going to again, it's going to be an evolution at Keno, it's it took a long time for Greens Creek to be cash flow positive. It will not take that long at Keno, but it's going to be a period of time that we will be investing in. I just don't have the visibility at this point as to what those synergies might be in order to drive that quicker.

而且，你知道，這將再次發生，這將是基諾的一次演變，格林溪花了很長時間才實現正現金流。在基諾，這不會花那麼長時間，但這將是我們投資的一段時間。我現在只是不知道這些協同作用可能是什麼，以便更快地推動這一進程。

Okay, fair enough. And then, as you think about Keno, you know, progress again in Q1 compared to Q4, you know, you're maintaining your guidance for the year.

好吧，很公平。然後，當您考慮基諾時，您知道，與第四季度相比，第一季再次取得進展，您知道，您將維持今年的指導。

But are there any issues that are ongoing there that you guys feel may ultimately result in needing to make a significant capital investment to fix something or, you know, increase the fleet size or whatever?

但是，你們是否認為那裡正在發生的任何問題可能最終會導致需要進行大量資本投資來修復某些問題，或增加機隊規模或其他什麼？

You know, I think it's going to be driven more by the exploration success we have and wanting to increase throughput there. That could cause us to make a substantial investment. If we stay at 400 tons a day, now there's it's just hard to you don't have a lot of space at 400 tons a day to make a significant capital investment. But what we're anticipating is I mean, the exploration we're seeing is the potential is so great.

你知道，我認為這將更多地受到我們勘探成功以及希望增加那裡的吞吐量的推動。這可能會導致我們進行大量投資。如果我們保持在每天 400 噸的水平，那麼現在您很難在每天 400 噸的水平上沒有足夠的空間來進行重大的資本投資。但我們期待的是，我的意思是，我們所看到的探索潛力是如此巨大。

I don't think that will be the case. I think you will over time. But I don't have any visibility on what that might be at this point. But it is a very exciting place, and we've focused a lot of attention to try to get this right with start.

我認為情況不會如此。我想隨著時間的推移你會的。但目前我還不清楚這可能是什麼。但這是一個非常令人興奮的地方，我們投入了大量精力，試圖從一開始就做好這件事。

Because the only thing that can really, I think, caused a problem for us is really safety and environmental poor performance. And we've got to get those right, so we're focusing a lot of time and attention on those.

因為我認為唯一真正帶給我們問題的是安全和環境的糟糕表現。我們必須把這些做好，所以我們在這些方面投入了大量的時間和精力。

Okay. And then, one last one. On Nevada, the assets have been idle for a while. But given the current gold price north of $2,300, is there any opportunity to consider restarting operations in Nevada or selling that asset to another company who might want to look at that opportunity? You know, is there any way to generate some value there?

好的。然後，最後一件事。在內華達州，這些資產已經閒置了一段時間。但鑑於目前金價超過 2,300 美元，是否有機會考慮重新啟動內華達州的業務或將該資產出售給另一家可能希望抓住這一機會的公司？你知道，有什麼方法可以在那裡產生一些價值嗎？

Yeah. So, certainly, we are evaluating if there's material in Midas that could be mined at these higher prices. And we are continuing to do the work necessary in order to get back underground at Hollister on Hatter Graben. There is nothing that I can well, there is a huge opportunity for value creation if you could restart those operations at Midas and at Hollister.

是的。因此，當然，我們正在評估邁達斯是否有可以以更高價格開採的材料。我們正在繼續做必要的工作，以便回到哈特地塹霍利斯特的地下。我無能為力，如果你能在 Midas 和 Hollister 重新啟動這些業務，就會有巨大的價值創造機會。

As far as selling it, I mean, that's always a possibility. But we view it as having so much long-term exploration opportunity and so little has been done on the Eastern Robin corridor and in Hollister that we think that's not likely something we would do. But it's you know, we're not going to be wed to an asset, particularly a gold asset.

至於出售它，我的意思是，這總是有可能的。但我們認為它擁有如此多的長期勘探機會，而在東部羅賓走廊和霍利斯特所做的事情卻很少，因此我們認為我們不太可能會這樣做。但你知道，我們不會與資產結合，尤其是黃金資產。

OK. Thanks. I'll turn it over.

好的。謝謝。我會把它翻過來。

Okay. Thank you.

好的。謝謝。

There are no further questions at this time. I will now turn the conference back over to Phil Baker for the closing remarks.

目前沒有其他問題。現在我將把會議轉回菲爾貝克致閉幕詞。

The only closing remark I have is, I know this is a busy day with lots of companies reporting. And I appreciate folks being on this call and certainly understand if you want to reach out to us later and either Russell or I, and we're happy to answer questions and look forward to speaking to you. Thanks for being on the call.

我唯一的結論是，我知道這是忙碌的一天，有很多公司在報告。我很感謝大家參加這次電話會議，如果您想稍後與我們聯繫，無論是拉塞爾還是我，我們當然都能理解，我們很樂意回答問題，並期待與您交談。感謝您接聽電話。

Thank you. That concludes today's call and thank you all for joining and you may now disconnect.

謝謝。今天的電話會議到此結束，感謝大家的加入，現在您可以掛斷電話了。