Hecla Mining Co (HL) 2024 Q4 法說會逐字稿

Thank you for standing by. My name is Kate, and I will be your conference operator today. At this time, I would like to welcome everyone to the Q4 2024 Hecla Mining Company earnings conference call. (Operator Instructions)

感謝您的支持。我叫凱特，今天我將擔任您的會議主持人。現在，我歡迎大家參加 Hecla Mining Company 2024 年第四季財報電話會議。（操作員指示）

I would now like to turn the call over to Anvita Patil, VP, Investor Relations and Treasurer. Please go ahead.

現在，我想將電話轉給投資者關係副總裁兼財務主管 Anvita Patil。請繼續。

Good morning, Kate, and thank you all for joining us for Hecla's fourth-quarter 2024 results conference call. I'm Avita Patil by President of Investor Relations and Treasurer, and our earnings release that was issued yesterday along with today's presentation are available on our website.

早安，凱特，感謝大家參加 Hecla 2024 年第四季業績電話會議。我是投資者關係總裁兼財務主管阿維塔·帕蒂爾 (Avita Patil)，我們昨天發布的收益報告以及今天的演示文稿可以在我們的網站上查閱。

On this call today, we have Rob Krcmarov, President and Chief Executive Officer; Russell Lawlar, Senior Vice President and Chief Financial Officer; Carlos Aguiar, Senior Vice President and Chief Operating Officer; Kurt Allen, Vice President of Exploration; and [Matt Blattman], Vice President of Technical Services. At the conclusion of our prepared remarks, we will all be available to answer questions.

今天參加電話會議的是總裁兼執行長 Rob Krcmarov；拉塞爾‧勞拉 (Russell Lawlar)，資深副總裁兼財務長；卡洛斯‧阿吉亞爾 (Carlos Aguiar)，資深副總裁兼營運長；勘探副總裁 Kurt Allen；以及技術服務副總裁[Matt Blattman]。在我們準備好的發言結束時，我們將回答大家的問題。

Any forward-looking statements made today by the management team come along -- come under the Private Securities Litigation Reform Act and involve risks as shown on slide 2. And in our earnings release and in our 10-K and 10-Q filings with the SEC. These and other risks could cause results to differ from those projected in the forward-looking statements. Non-GAAP measures under this call and in the slide or the new release.

管理團隊今天做出的任何前瞻性陳述都受到《私人證券訴訟改革法案》的約束，並涉及投影片 2 所示的風險。在我們的收益報告和向美國證券交易委員會提交的 10-K 和 10-Q 文件中。這些風險和其他風險可能會導致結果與前瞻性陳述中預測的結果不同。本次電話會議和新發布的幻燈片中均採用了非公認會計準則 (Non-GAAP) 衡量標準。

I want to remind you if you would like to have a call with management, you can do so by using the link under the Section Virtual Investor event in our earnings release that was issued yesterday.

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」部分下的連結進行通話。

I'll now pass the call to Rob.

我現在將電話轉給 Rob。

Thank you, Anvita, and good morning, everyone. When I joined Hecla about three months ago, I began an intensive review of our operations and strategy. I've now visited all but one of our mines, actually, a winter storm delayed my trip to Keno Hill, which I'll visit in the next couple of weeks. And throughout these visits and my extended engagement with employees, business stakeholders, I've developed a clearer vision for Hecla's future and some of the opportunities that are available to us.

謝謝你，安維塔，大家早安。大約三個月前，當我加入 Hecla 時，我開始對我們的營運和策略進行深入審查。我現在已經參觀了除一座之外的所有礦場，實際上，一場冬季風暴推遲了我前往基諾山的行程，我將在接下來的幾週內參觀那裡。透過這些訪問以及我與員工、商業利益相關者的長期接觸，我對赫克拉的未來以及我們可以獲得的一些機會有了更清晰的願景。

I guess what initially drew me to Hecla was its extraordinary legacy, 134 years as a leader in the silver industry with high-quality long-life mines in premier jurisdictions. Now having seen our operations firsthand, I'm even more convinced of the company's potential. Our high-quality long-life mines in premier jurisdictions provide an exceptional foundation and I have to say the caliber of our management team has really impressed me.

我想，最初吸引我來到赫克拉的是它非凡的歷史傳承：134 年來，它一直是白銀行業的領導者，在主要管轄區擁有高品質、長壽命的礦場。現在親眼目睹了我們的運營，我更加相信公司的潛力。我們在主要管轄區的高品質長壽命礦山提供了卓越的基礎，我不得不說，我們管理團隊的品質確實給我留下了深刻的印象。

Our operating portfolio stands on 3 key pillars: our cornerstone operations, Greens Creek and Lucky Friday, continue to deliver strong performance and robust cash flow. Keno Hill represents our primary growth opportunity, although it's a ramp-up has been more challenging than I had initially thought.

我們的營運組合建立在三大支柱之上：我們的基石業務 Greens Creek 和 Lucky Friday 繼續提供強勁的業績和穩健的現金流。基諾山代表著我們主要的成長機會，儘管它的成長比我最初想像的更具挑戰性。

However, we have a clear strategy for achieving sustained profitable -- reduction there, but it will require time and strategic investment. At Casa Berardi, we've recognized that the mine hasn't yet realized potential envisaged during its acquisition. So while it has future potential, its capital requirements and management bandwidth consumption have really led me to direct our team to evaluate all strategic alternatives to maximize shareholder value from this asset.

然而，我們有實現持續獲利的明確策略——減少虧損，但這需要時間和策略投資。在 Casa Berardi，我們認識到該礦尚未實現收購時設想的潛力。因此，雖然它具有未來潛力，但其資本要求和管理頻寬消耗確實促使我指示我們的團隊評估所有策略替代方案，以最大化該資產的股東價值。

Looking ahead, focusing on 4 key strategic pillars, and they're all underpinned by our commitment to ESG leadership. First, we're committed to achieving operational excellence through relentless improvement through implementing standard operating systems across all of the sites, investing in automation and advanced analytics, driving continuous improvement in cost control and building real-time decision-making capabilities.

展望未來，我們將重點放在四大關鍵策略支柱，它們都以我們對 ESG 領導力的承諾為基礎。首先，我們致力於透過在所有站點實施標準作業系統、投資自動化和進階分析、推動成本控制的持續改進和建立即時決策能力，不斷改進，實現卓越營運。

Second, we're optimizing our portfolio to maximize value. We've begun this with our strategic review of Casa Berardi and we're evaluating portfolio of exploration assets and investments to unlock value. So while organic growth at Keno Hill remains our primary focus. We're developing a strategic and disciplined M&A framework that leverages our core competencies to create substantial value.

其次，我們正在優化投資組合以實現價值最大化。我們從對 Casa Berardi 的策略審查開始，並正在評估勘探資產和投資組合以釋放價值。因此，基諾山的有機成長仍然是我們的主要關注點。我們正在製定一個策略性和嚴謹的併購框架，利用我們的核心競爭力創造巨大的價值。

Third, we're intensifying our focus on financial discipline and shareholder returns. We're implementing a rigorous capital allocation framework centered on free cash flow generation and return on investment metrics with clear -- hurdle rates. This disciplined approach should strengthen our balance sheet and build financial flexibility and deliver consistent returns to our shareholders.

第三，我們更重視財務紀律和股東回報。我們正在實施一個嚴格的資本配置框架，該框架以自由現金流產生和投資回報率為中心，並具有明確的最低收益率。這種嚴謹的方法應該可以增強我們的資產負債表，增強財務靈活性，並為我們的股東帶來持續的回報。

Fourth, our strategic focus on silver production in the U.S. and Canada continues to deliver exceptional value. With the largest silver reserve base in North America and operations concentrated Tier 1 jurisdictions, we're strongly positioned to meet growing demand from green technology and renewable energy sectors. Our expanding footprint in these stable regions, combined with our industry-leading cost structure, gives Hecla unmissed advantages and capturing new opportunities. And while providing investors unparalleled security of assets, I think this distinctive market position really sets Hecla apart and warrants a premium valuation, particularly in today's complex and dynamic global environment.

第四，我們對美國和加拿大白銀生產的戰略重點繼續帶來卓越的價值。憑藉北美最大的白銀儲備基地和集中運營的一級管轄區，我們完全有能力滿足綠色技術和再生能源領域日益增長的需求。我們在這些穩定地區不斷擴大的業務範圍，加上我們領先業界的成本結構，使 Hecla 擁有不可錯過的優勢並抓住了新的機會。在為投資者提供無與倫比的資產安全的同時，我認為這種獨特的市場地位確實使 Hecla 脫穎而出並值得溢價估值，特別是在當今複雜而動態的全球環境中。

Of course -- these pillars is our unwavering commitment to ESG leadership in the mining industry. And our success depends on the responsible environmental stewardship, strong community partnerships and deepening relationships with First Nations and in fact, all stakeholders.

當然——這些支柱是我們對採礦業 ESG 領導地位的堅定承諾。我們的成功取決於負責任的環境管理、強大的社區夥伴關係以及與原住民以及所有利害關係人的深化關係。

So let me highlight our achievements in 2024, which is detailed on slide 4. We delivered strong operational performance, meeting our consolidated silver production and cost guidance while exceeding our gold production targets. Our strategic exploration program successfully maintained our silver reserve position, the second highest in the company's history with particularly strong results at Keno Hill where reserves increased by 17%. We achieved record revenues in 2024, driven by higher metal prices and solid contributions from all 4 operating mines. Most noted cornerstone, Greens Creek and Lucky Friday generated $228 million in free cash flow.

因此，讓我重點介紹一下我們在 2024 年的成就，詳見投影片 4。我們實現了強勁的營運業績，達到了我們的綜合白銀產量和成本指導，同時超越了我們的黃金產量目標。我們的策略勘探計劃成功地維持了我們的白銀儲量地位，這是公司歷史上第二高的儲量，其中基諾山的業績尤其強勁，儲量增加了 17%。受金屬價格上漲和所有 4 座營運礦場的穩健貢獻的推動，我們在 2024 年實現了創紀錄的收入。最受矚目的基石投資者 Greens Creek 和 Lucky Friday 產生了 2.28 億美元的自由現金流。

And I think this robust performance enabled us to advance strategic investments in Keno Hills development. while implementing target improvements at Casa Berardi, and Russell will walk through the financial details in a moment. We've also evolved our approach to shareholder returns after careful consideration, we're maintaining our base annual dividend of $0.015, while supporting key priorities, and that's investing in organic growth, strengthening our balance sheet and delivering reliable and sustainable shareholder returns.

我認為這種強勁的表現使我們能夠推進對基諾山開發的策略投資。同時在 Casa Berardi 實施目標改進，Russell 稍後將介紹財務細節。經過仔細考慮，我們還改變了股東回報方式，我們將維持 0.015 美元的年度基本股息，同時支持關鍵優先事項，即投資於有機增長、加強我們的資產負債表並提供可靠和可持續的股東回報。

I'll now hand the call over to Russell for a detailed financial review.

我現在將把電話交給 Russell 進行詳細的財務審查。

Thank you, Rob. I'll start on slide 6. Our 2024 strategy delivered on 3 key objectives: strengthening our balance sheet, reducing leverage and growing production. We achieved these goals despite operational challenges, which are I will detail later.

謝謝你，羅布。我將從第 6 張投影片開始。我們的 2024 年策略實現了 3 個關鍵目標：加強資產負債表、降低槓桿率和增加產量。儘管面臨營運上的挑戰，我們還是達成了這些目標，我將在後面詳細介紹。

Looking ahead to '25, we're taking decisive steps to enhance our financial flexibility. The key strategic decision was the elimination of our similar -- dividend. While this wasn't an easy choice, we believe reinvesting in our organic growth opportunities will be substantially more shareholder value than dividend distributions. These freed up cash flows will also accelerate our deleveraging initiatives. The strength of our core assets is evident in the $228 million of free cash flow generated by Greens Creek and Lucky Friday during the year.

展望25年，我們正在採取果斷措施增強我們的財務靈活性。關鍵的策略決策是取消類似的股利。雖然這不是一個容易的選擇，但我們相信，對我們的有機成長機會進行再投資將比股息分配帶來更大的股東價值。這些釋放的現金流也將加速我們的去槓桿措施。我們核心資產的實力體現在 Greens Creek 和 Lucky Friday 在這一年產生的 2.28 億美元自由現金流。

This performance continues their remarkable track record having delivered over $800 million free cash flow. This robust cash generation and associated EBITDA enabled us to significantly improve our net leverage ratio from 2.7 to 1.6x while simultaneously investing $215 million of capital across our portfolio.

這項業績延續了其卓越的業績記錄，已實現超過 8 億美元的自由現金流。強勁的現金產生和相關的 EBITDA 使我們能夠將淨槓桿率從 2.7 倍顯著提高到 1.6 倍，同時在我們的投資組合中投資 2.15 億美元的資本。

Turning to slide 7. As Rob mentioned, we achieved record revenues of over $900 million during the year, with 44% of that revenue coming from silver, 34% from gold and the remaining from base metals. Additionally, we received a small amount of revenue from copper during the year, the first time Hecla has received revenue from copper deck.

翻到幻燈片 7。正如 Rob 所提到的，我們今年實現了超過 9 億美元的創紀錄收入，其中 44% 的收入來自白銀，34% 來自黃金，其餘來自賤金屬。此外，我們今年還從銅中獲得了少量收入，這是 Hecla 第一次從銅甲板上獲得收入。

We also saw our realized price of silver appreciate nearly 23%, while our sustaining cost per ounce only increased 11%, helping our margin per silver institute have expanded from 50% in 2023 to 54% in 2024. This additional margin and higher revenue generated record adjusted EBITDA, which continue to improve our net leverage ratio.

我們也看到白銀的實際價格上漲了近 23%，而每盎司的維持成本僅增加了 11%，這有助於我們的白銀利潤率從 2023 年的 50% 擴大到 2024 年的 54%。額外的利潤和更高的收入產生了創紀錄的調整後 EBITDA，這繼續改善了我們的淨槓桿。

As noted on this slide, we've made significant progress on strengthening our balance sheet and leveraging the company. However, we're not satisfied with the progress made. Over time, we expect to deliver fully from the revolver while also adding cash to our -- with the intention of bringing our net leverage ratio to [1x] and over a long horizon, we expect to continue to reduce our debt on a gross basis to further free up cash flow to invest in organic growth within our operating performance. With our strong asset base and the growing silver demand, I'm confident that 2025 will prove to be another successful year in the strategy continuing our balance sheet, structuring our investment in assets in generating free cash flow.

正如這張投影片所示，我們在加強資產負債表和發揮公司槓桿作用方面取得了重大進展。然而，我們對所取得的進展並不滿意。隨著時間的推移，我們期望從循環信貸中充分獲利，同時增加現金——目的是將我們的淨槓桿率提高到 [1x]，從長遠來看，我們期望繼續減少我們的債務總額，以進一步釋放現金流，投資於我們經營業績中的有機增長。憑藉我們強大的資產基礎和不斷增長的白銀需求，我相信 2025 年將是該策略繼續取得成功的一年，繼續保持我們的資產負債表，建立我們的資產投資以產生自由現金流。

I'll now pass to Robert.

現在我將把麥克風交給羅伯特。

Thank you, Russell. On slide 9, Greens Creek cornerstone mine foundation of our future. Greens Creek provides the stability and consistency in our cash flows and production. The mine produced 1.9 million ounces of silver in the fourth quarter and 8.5 million ounces of silver for the year. Fourth quarter production was impacted by equipment issues and limited access to high-grade areas, but improvements in equipment and backfill rate in fourth quarter are expected to improve silver grades in early 2025.

謝謝你，拉塞爾。在第 9 張投影片上，Greens Creek 基石礦場是我們未來的基礎。Greens Creek 為我們的現金流和生產提供了穩定性和一致性。該礦第四季生產了 190 萬盎司白銀，全年生產了 850 萬盎司白銀。第四季的產量受到設備問題和高品位地區交通受限的影響，但第四季度設備和回填率的改善預計將在 2025 年初提高白銀品位。

The mine operates across 6 zones and 45 areas yielding 5 payable mills and maintaining consistent annual silver production of 8 million to 9 million ounces. For 2025, production is projected to be between 8.1 million and 8.8 million ounces, driven by planned main mine sequence sequencing with lower precious metal grades and higher in content.

該礦場分佈在 6 個區域和 45 個地區，擁有 5 個可付費工廠，每年的白銀產量穩定在 800 萬至 900 萬盎司之間。到 2025 年，預計產量將在 810 萬至 880 萬盎司之間，這得益於計畫中的主礦序列排序，其中貴金屬品位較低，含量較高。

Cost per ounce is expected to increase as it is impacted by higher labor costs, which is a trend we are seeing across our operations and industry-wide and higher power costs as the hydro power utility that provides power to the mine undergoes maintenance and lower snow pack and precipitation levels by in the use of diesel power for tons.

由於受到勞動力成本上升的影響，預計每盎司成本將會增加，這是我們在整個運營和整個行業中都看到的趨勢，而且由於向礦山供電的水力發電廠進行維護，以及由於使用柴油發電導致積雪和降水量減少，電力成本也會上升。

We are also increasing the capital guidance as we commence engineering and construction for the next dry stack tails expansion to extend capacity through 2040. Our exploration program has sustaining the mine's 12G reserve life. The mine generated [$147 million] in free cash flow in 2024, contributive [$2 billion] in free cash flow since production began in 1986. With over 30 years of operational success and substantial reserves ahead, the future of Greens Creek looks strong for continued growth.

隨著我們開始進行下一次乾煙囪尾部擴建工程的設計和建設，以將產能延長至 2040 年，我們還將增加資本指導。我們的勘探計劃維持了該礦 12G 的儲量壽命。該礦在 2024 年產生了 [1.47 億美元] 的自由現金流，自 1986 年開始生產以來已貢獻了 [20 億美元] 的自由現金流。憑藉 30 多年的成功營運和未來巨大的儲量，Greens Creek 未來有望繼續保持強勁成長勢頭。

Moving to slide 10. Lucky Friday had a record-breaking operational year in 2024. With the highest ton mining mill, the most [mill] produced in its 80-year history in the highest silver and lead production since 2000. Notably, these achievements were made while maintaining the best in -- refrequency rate of 1.4 for a full production year.

移至投影片 10。「幸運星期五」在 2024 年創造了破紀錄的營運年。擁有最高噸位的採礦廠，是其80年歷史上產量最高的銀和鉛礦，自2000年以來產量最高。值得注意的是，這些成就是在維持全年最佳飛行頻率1.4次的同時取得的。

The mine produced 4.9 million ounces of silver in 2024 with for delivering strong results of 1.3 million ounces of silver produced at 1,180 tonnes per day due to favorable mining sequence in higher grades. The all-in sustaining cost for the year was [$16.6] per ounce higher than guidance due to increased labor costs and contractor use. However, contractor costs are expected to decrease in 2025 as positions continue to be filled.

該礦在 2024 年生產了 490 萬盎司白銀，由於高品位的良好開採順序，實現了每天生產 1,180 噸白銀的 130 萬盎司的強勁業績。由於勞動成本增加和承包商的使用，今年的總維持成本比指導值高出 [16.6 美元]/盎司。然而，隨著職位不斷填補，預計到 2025 年承包商成本將會下降。

Free cash flow generation in 2024 was $82 million, including $50 million from insurance recipes. As we look to 2025, we expect the mine to produce 4.7 million to 5.1 million ounces of silver, with all-in sustaining costs similar to 2024. The company is increasing planned capital investment to enhance the mine surface cooling infrastructure, a key project to support consistent proper -- as mining advance deeper into the ore body over our 17-year reserve life and to help with the mines -- decharged global.

2024 年產生的自由現金流為 8,200 萬美元，其中 5,000 萬美元來自保險方案。展望 2025 年，我們預期礦場將生產 470 萬至 510 萬盎司白銀，總維持成本與 2024 年相似。該公司正在增加計劃資本投資，以增強礦山表面冷卻基礎設施，這是一項關鍵項目，旨在隨著採礦在我們 17 年的儲量壽命內深入礦體並幫助礦山在全球範圍內持續適當排放。

The mine's record setting performance after the 2023 secondary escapeway fire highlights the strong management team and their ability to navigate challenges as -- or second corner store operation, the mine is well positioned for another solid endearing 2025, with robust fresh cash flow, stable production and ongoing improvements. This strategy, combined with smart capital investment in a favorable geology positions the mine for long-term success.

該礦在 2023 年二次逃生通道火災後創下的紀錄表現凸顯了強大的管理團隊及其應對挑戰的能力——作為第二個街角商店運營，該礦已做好準備，在 2025 年再創佳績，擁有強勁的新現金流、穩定的生產和持續的改進。這項策略與對有利地質條件的明智資本投資相結合，為該礦的長期成功奠定了基礎。

Turning to slide 11. Keno Hill met its 2024 production guidance, producing 2.8 million ounces of silver despite facing operational and social challenges. In fourth quarter, main throughput averaged 250 short tons per day, but production was impacted by a 25-day mill shutdown related to the dry stack tailings facility permitting and 10 days of power curtailments from [Yukon Energy] Corporation. Power constraints are expected to continue into first quarter and resolve mid-2025 when repairs to the hydroelectric turning are scheduled for completion.

翻到第 11 張投影片。儘管面臨營運和社會挑戰，Keno Hill 仍實現了 2024 年的生產目標，生產了 280 萬盎司白銀。第四季度，主要吞吐量平均為每天 250 短噸，但由於乾堆尾礦設施許可導致工廠停工 25 天，以及育空能源公司 10 天的限電，產量受到影響。預計電力限制將持續到第一季度，並將於 2025 年中期解決，屆時水電樞紐的修復工作將按計劃完成。

We have developed a clear 2-phase strategy to achieve sustaining profitable production at Keno Hill. The Phase 1 focuses on reaching and maintaining 440 short tons per day drop by advancing critical infrastructure projects, including the cemented tailings back feet plant, water treatment facilities, dry stack tails and mine development. Despite permitting delays, these investments are key to visual production growth.

我們制定了明確的兩階段策略，以實現基諾山持續獲利生產。第一階段的重點是透過推進關鍵基礎設施項目來達到並維持每天 440 短噸的產量，這些項目包括水泥尾礦後處理廠、水處理設施、幹堆尾礦和礦山開發。儘管存在延誤，但這些投資對於視覺製作的成長至關重要。

The Phase 2 targets increasing the [tropple] to approximately 600 short tonnes per day, which is crucial for profitability at this remote operation due to the mine's high fixed cost. This phase requires additional infrastructure investment in new permits beyond technical execution, our success depends on continuing to strain our partnership with First Nation in the Yukon government as a responsible long-term partner. We are encouraged by the Yukon Premier's commitment to create efficiencies in the permitting process and support established mining partners. We are seeing positive momentum in our partnership with Yukon government that Premier has demonstrated strong support through working on allocating resources to address power infrastructure needs, working on developing a charter with major mines department. Collaborative approach to operational solutions.

第二階段的目標是將產量提高到每天約 600 短噸，這對於該礦場偏遠地區的獲利能力至關重要，因為該礦場的固定成本很高。這一階段除了技術執行之外，還需要對新許可證進行額外的基礎設施投資，我們的成功取決於繼續與育空地區政府中的第一民族建立合作夥伴關係，作為一個負責任的長期合作夥伴。育空省長致力於提高許可流程的效率並支持現有的採礦合作夥伴，這令我們感到鼓舞。我們與育空地區政府的合作呈現出積極的勢頭，Premier 透過分配資源來滿足電力基礎設施需求、與主要礦業部門制定章程等方式表現出了強有力的支持。協作方式解決營運解決方案。

While challenge remains, including permitting for the Phase 2 expansion, positive momentum is building. For 2025, Keno Hill expects silver production of 2.7 million to 3.1 million ounces and quarterly production costs of $15 million to $17 million. Production route is anticipating in 2026 as we approach Phase 1 target of 440 tonnes per day. A significant license in 2024 was an increase of 17% in reserves to 65 million ounces, highlighting the district's exceptional potential. Kurt Will elaborate on this exploration research shortly.

儘管挑戰依然存在，包括允許第二階段擴建，但積極的勢頭正在形成。到 2025 年，Keno Hill 預計白銀產量將達到 270 萬至 310 萬盎司，季度生產成本將達到 1,500 萬至 1,700 萬美元。隨著我們接近第一階段每天 440 噸的目標，預計生產路線將於 2026 年投入使用。2024 年的一項重要許可將使儲量增加 17%，達到 6,500 萬盎司，凸顯了該地區非凡的潛力。Kurt Will 稍後將詳細闡述這項探索研究。

While we face short-term challenges, our systematic approach to infrastructure development, on stakeholder relationships and growing resource base are building a solid foundation for Keno Hill's long-term success.

雖然我們面臨短期挑戰，但我們對基礎設施建設、利益相關者關係和不斷增長的資源基礎的系統性方法為基諾山的長期成功奠定了堅實的基礎。

Turning to slide 12. Casa Berardi produced 87,000 ounces in 2024 at an all-in sustaining cost of $1,990 per ounce. By mid-2025, the mine complete the transition to a sources-only operation focused on the 160 bid which is expected to improve economics and generate stronger free cash flow as the strip ratio decreases. Looking ahead, Casa Berardi's current production plan extends through 2027, followed by a planned 5-year development period, focusing on permitting infrastructure, dewatering and [pretreating] to develop 2 new open pits, the principal and the West Mine Crown Pillar. While these future pits have significant free cash flow potential, the extended production gap has prompted the company to evaluate strategic alternatives for the asset as announced previously in November last year.

翻到第 12 張投影片。Casa Berardi 在 2024 年生產了 87,000 盎司黃金，總維持成本為每盎司 1,990 美元。到 2025 年中期，該礦將完成向僅以 160 標為重點的資源運營的過渡，預計隨著剝採比的降低，經濟效益將得到改善，自由現金流也將更加強勁。展望未來，Casa Berardi 目前的生產計劃將延續至 2027 年，隨後是計劃的 5 年開發期，重點是允許基礎設施、脫水和 [預處理] 開發 2 個新的露天礦，即主礦和西礦頂柱。雖然這些未來的礦井具有巨大的自由現金流潛力，但擴大的生產缺口已促使該公司評估該資產的戰略替代方案，正如去年 11 月宣布的那樣。

The review process is ongoing and an update will be provided this year.

審查過程仍在進行中，今年將提供更新資訊。

I will hand the call over to Kurt to discuss our exploration results.

我將把電話交給庫爾特來討論我們的勘探結果。

Thank you, Carlos. As you can see on slide 13, since 2018, we have produced 99 million silver ounces, increased our silver reserves by 49 million ounces to $240 million, the second highest silver reserve in our 134-year history. As we mine more ounces every year, we are able to -- the silver reserve base through focused drilling. During the year, Keno Hill increased reserves by 17%, Greens Creek nearly replaced mining depletion and Casa Berardi replaced production plus a small increase.

謝謝你，卡洛斯。正如您在幻燈片 13 上看到的，自 2018 年以來，我們已生產了 9900 萬盎司白銀，白銀儲量增加了 4900 萬盎司，達到 2.4 億美元，這是我們 134 年曆史上第二高的白銀儲量。隨著我們每年開採的銀礦越來越多，我們能夠透過集中鑽探來獲得銀儲備基礎。本年度，Keno Hill 的儲量增加了 17%，Greens Creek 的儲量幾乎彌補了礦場的枯竭，而 Casa Berardi 的產量則略有增加。

Moving to slide 14. Our exploration efforts at Keno Hill continue to demonstrate significant potential through both underground and surface drilling campaigns. At the Birmingham deep target, we intercepted the widest silver bearing zone to date below the Northeast horizon. Evidence suggests proximity to a newly identified ore shoot, where the structure appears to be controlled by an interpreted vein intersection. I'm really quite excited by these results.

移至投影片 14。透過地下和地面鑽探活動，我們在基諾山的勘探工作繼續顯示出巨大的潛力。在伯明罕深層目標處，我們截獲了迄今為止東北地平線以下最寬的含銀區。證據表明，該礦床靠近新發現的礦脈，其構造似乎受已解釋的礦脈交叉點控制。我對這些結果感到非常興奮。

At the Inca vein, we delineated over 800 feet of mineral -- strength lengthen outstanding drill hole Intercept results include 26.1 ounce per tonne silver, 20.9%, zinc and significant Indian credits, all over an impressive 14.3 feet width. These results further validate our exploration model and continue to demonstrate the district's exceptional mineral potential.

在印加礦脈，我們圈定了超過 800 英尺的礦物 - 強度延長未完成的鑽孔截距結果包括每噸 26.1 盎司的銀、20.9% 的鋅和重要的印度信用，寬度達到令人印象深刻的 14.3 英尺。這些結果進一步驗證了我們的勘探模型，並繼續證明了該地區卓越的礦產潛力。

Slide 15 presents compelling evidence of our latest discovery depth in the Birmingham system. The slide shows 2 key views across section of the Berven system and a longitudinal section of the footwall pain. Both sections are contrary to silver grade times thickness values highlighting robust nature of the mineralization. At the Birmingham footwall vein, we've identified a significant new mineralized shoot that it extends down plunge from high-grade zones in the upper part of the vein runs parallel to the Arctic fault and dramatically exceeds previous expectations for the area.

幻燈片 15 展示了我們在伯明翰系統最新發現深度的令人信服的證據。幻燈片展示了 Berven 系統剖面的 2 個關鍵視圖和底板裂縫的縱向剖面。兩個部分的銀品位乘以厚度值都相反，凸顯了礦化的堅固性。在伯明翰底板礦脈中，我們發現了一個重要的新礦化芽，它從礦脈上部的高品位區域向下延伸，與北極斷層平行，大大超出了該地區先前的預期。

Intercepts received during the quarter show significant silver grades and widths in areas that were previously in as containing lower-grade stringer mineralization, and include up to 53.8 ounce per ton silver over 15.3 feet. Our latest drill hole located 140 feet further to depth and a long plunge intercepted a wide zone of stringer mineralization, over 55 feet that contains 2 strong veins with Galena, sphalerite, and variable amounts of tetrahedrite.

本季收到的截距顯示，在先前含有低品位細脈礦化的區域，銀的品位和寬度相當高，並且包括每噸銀含量高達 53.8 盎司、長度超過 15.3 英尺的銀。我們最新的鑽孔位於深度 140 英尺處，長距離俯衝截獲了寬闊的脈狀礦化帶，超過 55 英尺，其中包含 2 條強礦脈，其中含有方鉛礦、閃鋅礦和不同數量的黑銅礦。

While assays are pending for our latest intercept, the observed mineralization suggests further extension of the high-grade at depth, the structure remains open for expansion, significant potential for resource growth. These results continue to enhance our geologic understanding of the district and reinforce our confidence in its substantial mineral potential. Each new intercept not only adds to our resource base, but also improves our structural interpretation of this incredibly well-endowed district.

雖然我們最新的截距分析結果尚未確定，但觀察到的礦化顯示高品位礦體在深處還有進一步延伸，該結構仍有擴展空間，資源成長潛力巨大。這些結果繼續增強了我們對該地區地質的了解，並增強了我們對其巨大礦產潛力的信心。每一次新的攔截不僅增加了我們的資源基礎，也改善了我們對這個資源極為豐富的地區的結構解釋。

And with that, I will pass the call back to Rob.

說完這些，我就會把電話轉回給 Rob。

Thanks, Kurt. As we look ahead to 2025 in our guidance on slide 16, we anticipate our silver production profile to remain generally consistent with 2024. And with production of 15.5 million to 17 million ounces, while gold production is anticipated to decrease as Casa Berardi transitions to only open pit mining. We anticipate a modest increase in consolidated cost per ounce, driven by higher labor costs, both at Lucky Friday and Greens Creek and power generation costs for a couple of months.

謝謝，庫爾特。當我們在第 16 張投影片的指引中展望 2025 年時，我們預期我們的白銀產量狀況將與 2024 年基本保持一致。產量為 1550 萬至 1700 萬盎司，而隨著 Casa Berardi 轉型為露天開採，黃金產量預計會下降。我們預計每盎司綜合成本將小幅上漲，原因是 Lucky Friday 和 Greens Creek 的勞動力成本以及未來幾個月的發電成本上漲。

Finally, our capital investments position us to maintain stable production at our core assets while advancing our growth initiative -- at Greens Creek and Lucky Friday, Keno Hill and Casa Berardi, our investments are anticipated to bring future growth in production flows.

最後，我們的資本投資使我們能夠維持核心資產的穩定生產，同時推進我們的成長計畫——在Greens Creek和Lucky Friday、Keno Hill和Casa Berardi，我們的投資預計將帶來未來生產流量的成長。

So with that, Kate, I'd like to open the call to questions.

因此，凱特，我想開始提問。

(Operator Instructions) Nick Giles, B. Riley Securities.

（操作員指示）Nick Giles，B. Riley Securities。

Thank you, operator, and good morning, everyone. Guys, congratulations on the nice progress here in Q4. My first question was at Casa, obviously, we're looking towards lower strip ratios and some stronger free cash flow in the second half. But I was wondering if you could outline the strategic review process and is there a trend of time line in place? Would you look to an outright sale versus a stake sale? What other considerations?

謝謝接線員，大家早安。夥計們，祝賀你們在第四季度取得了良好的進展。我的第一個問題是關於 Casa 的，顯然，我們希望下半年的剝離率更低，自由現金流更強勁。但我想知道您是否可以概述一下戰略審查流程，以及是否有時間表趨勢？您會考慮直接出售還是股權出售？還有什麼其他考慮？

Well, thanks for your question, Nick. We're looking at all options, and that does include a potential divestment in whatever shape or form. We're also looking at really looking at improving our operating plans. As you're aware, right now, we're anticipating about a 5-year hiatus between the completion of production from the F 160 pit and the commencement of production at the principal pit.

嗯，謝謝你的提問，尼克。我們正在考慮所有的選擇，其中包括以任何形式進行的潛在撤資。我們也正在認真考慮改善我們的營運計劃。如您所知，目前，我們預計 F 160 礦井的生產完成和主礦井的生產開始之間大約有 5 年的間隔。

That is a long lead time. And we don't really know what the gold prices are going to look like in 5 years out. But at current gold prices, the principal pit actually produces some very, very healthy cash flows. So it's really a trade-off between bringing value forward through a potential divestment or waiting it out, improving our operating plans and looking at harvesting cash flows a little bit further down the road. I expect we'll have a better, more coherent view in the second quarter.

這是一個很長的準備時間。我們確實不知道五年後金價會是什麼樣子。但以目前的金價來看，主礦場其實產生了一些非常非常健康的現金流。因此，這實際上是一種權衡，是透過潛在的撤資來創造價值，還是等待，改善我們的營運計劃並著眼於未來獲取現金流。我預計我們在第二季會有更好、更連貫的看法。

I appreciate all that color. My next question was just the net leverage ratio has declined dramatically on the back of some stronger earnings. And I think I heard you reference a new target, but I just didn't quite catch it. So assuming metal prices continue to be robust and you're able to pay on the revolver. How should we think about the chances of increased capital returns and versus maybe building some additional dry powder for some of the organic growth opportunities you mentioned?

我很欣賞所有這些顏色。我的下一個問題是，由於獲利增加，淨槓桿率大幅下降。我想我聽到你提到了一個新目標，但我沒聽清楚。因此，假設金屬價格持續保持強勁，您就有能力支付循環信貸。我們應該如何看待增加資本回報的機會，以及是否應該為您提到的一些有機成長機會累積一些額外的資金？

Listen, this is Russell. Yes. As it relates to the new target, what we've said in the past is that we have a ceiling essentially 2x the net leverage ratio. We reached that ceiling. We've been able to bring ourselves back in line where we're below that now, and we've made significant progress on that deleveraging.

聽著，我是拉塞爾。是的。就新目標而言，我們過去曾說過，我們的上限基本上是淨槓桿率的 2 倍。我們達到了那個上限。目前我們已經能夠將自己的水平恢復到低於該水平，並且在去槓桿方面取得了重大進展。

We've always wanted to be under kind of a target of less than 1x. So I don't think there's anything new there necessarily. I think we're just approaching our target.

我們一直希望實現低於 1 倍的目標。所以我不認為那裡一定存在什麼新東西。我認為我們正在接近我們的目標。

As it relates to cash generation, clearly, getting off of the revolver, building some cash on the balance sheet will be one of our strategic priorities. But we also need to continue to invest in our business, both the capital and you see that in the guidance that we've put out yesterday as well as the exploration because that is the future of our company. So there's a bit of a balancing act between -- paying off the revolver, building cash and as well as investing in our business. But I would suggest we would build up a cash balance while we're making those investments.

就現金產生而言，顯然，擺脫循環信貸、在資產負債表上累積一些現金將是我們的策略重點之一。但我們也需要繼續投資我們的業務，包括資本以及您在我們昨天發布的指南中看到的以及探索，因為那是我們公司的未來。因此，需要在償還循環貸款、累積現金以及投資我們的業務之間取得平衡。但我建議我們在進行這些投資的同時建立現金餘額。

And you saw us -- we removed that Silver Lake dividend because we do think that we have better opportunities internally than with the cash that we generate that we weren't...

你也看到了——我們取消了銀湖股息，因為我們確實認為，與我們產生的現金相比，我們內部有更好的機會…

Russell, one more, if I could. What's the time line for the maintenance of the hydropower utility, how much did this change your cost guidance?

拉塞爾，如果可以的話，我再說一個。水電設施維護的時間表是怎樣的？這對您的成本指導有多大影響？

In general, in terms of timing, it will be sometime middle of this year. But we also see currently -- we actually are generated power at Greens Creek earlier this year and even currently now. So as a total, it's increased our cost of about $5 million from an as produced basis just to give you kind of a sense of scale.

整體來說，從時間上來說，大概是在今年年中左右。但我們目前也看到——我們實際上在今年早些時候甚至現在就在格林斯溪發電。因此，總的來說，我們的成本在生產基礎上增加了約 500 萬美元，只是為了讓您有個規模感。

Joseph Reagor, ROTH Capital Partners.

羅仕證券資本合夥公司的約瑟夫‧里格 (Joseph Reagor)。

And it's rather share to hear words like return on capital investment instead of growth. So on that note, the talk around Casa, is there an outcome that you would prefer you're talking about possibilities, but is there a preferred outcome? Is it outright sale more favored because it help you delever the balance sheet? Or is it something if you were to sell it, that kind of hurts production in the future. So you prefer to keep it?

我們更願意聽到「資本投資回報」而不是「成長」這樣的字眼。那麼，關於 Casa 的討論，您是否希望有一個結果？您談論的是可能性，但是是否有一個首選結果？直接出售是否更受青睞，因為它可以幫助您降低資產負債表的槓桿率？或者如果你出售它，這會對未來的生產造成一定影響。所以你寧願保留它？

If we were presented with a compelling offer for an outright sale, we would use the proceeds to continue to delever that is important to us. The forecasting future cash flows, as I said, that's potentially more than 5 or 7 years out. And while that's attractive right now, we'd be gambling on what the gold price would like out there.

如果有人向我們提出有吸引力的直接出售報價，我們會利用所得款項繼續去槓桿，這對我們來說很重要。正如我所說，預測未來現金流可能需要 5 年或 7 年以上。雖然目前這很有吸引力，但我們還是會賭一下金價會如何。

Yes. Fair enough. And on that 5-year gap, I think it used to be more like a 3-year gap. Is that just permitting that's pushed it back into the 2?

是的。很公平。關於這 5 年的差距，我認為以前更像是 3 年的差距。這是否只是允許將其推回 2 呢？

Correct. Yes, some color -- yes, it's permitting. Permitting has been more challenging than our previous assumptions. And we are planning to go back on track, but that's the main reason, it's the permitting.

正確的。是的，一些顏色——是的，這是允許的。許可比我們先前的假設更具挑戰性。我們正計劃回到正軌，但主要原因是，這是許可。

Okay. Fair enough. And then over on Keno, with the power challenges at the start of the year, and I know, Rob, you haven't been there yet, but it's on the to-do list. Any thoughts about what needs to change there to get the asset to be cash flow positive? Like are there any really big things you've already identified?

好的。很公平。然後是基諾，年初有權力挑戰，我知道，羅布，你還沒有去過那裡，但它在待辦事項清單上。有沒有什麼想法需要做出哪些改變才能讓資產產生正現金流？例如，您是否已經發現了什麼真正重要的事情？

Yes. So the main thing is to continue our investments in the infrastructure. Right now, we have a permit limit that capped at 440 tonnes per day, but that's not really the engine. We need to get to 600 tonnes per day, and that's largely because of the high fixed cost that Carlos was talking about, the remote location. The costs are higher than we anticipated.

是的。因此，最重要的是繼續對基礎設施進行投資。目前，我們的許可證限額為每天 440 噸，但這並不是真正的動力。我們需要達到每天 600 噸的產量，這主要是因為卡洛斯所說的固定成本高，而且地處偏遠。成本比我們預期的要高。

So really, the ultimate goal is 600 tonnes per day.

所以實際上，最終目標是每天 600 噸。

But to get to there, we need to make the additional infrastructure investment, so that's in the mill water treatment plant, tailings power, camp space, all that sort of stuff, and they all rely on new permits. And so permitting has been a bit of a constraint, but we do see a pathway to getting to 600 tonnes per day.

但要實現這一目標，我們需要進行額外的基礎設施投資，包括工廠水處理廠、尾礦發電廠、營地空間等所有這些東西，而這些都需要新的許可證。因此許可證是一個小小的限制，但我們確實看到了達到每天 600 噸的途徑。

Okay. And have you guys kind of run an internal trade-off of potentially shutting it down temporarily until you get those permits versus continuing to operate it?

好的。你們是否進行過內部權衡，是暫時關閉它直到獲得許可證還是繼續運營它？

Yes. I mean we're always evaluating our investments. And if it makes sense to put it on care and maintenance and pick up the ball on another day, we'll certainly consider that. But right now, being encouraged by some of the discussions we've had with the Yukon government. And again, if we expect to see continued delay in permitting, we'll reevaluate our position.

是的。我的意思是我們一直在評估我們的投資。如果有必要對其進行保養和維護並在另一天拿起球，我們肯定會考慮這樣做。但現在，我們與育空地區政府進行的一些討論讓我們感到鼓舞。再說一次，如果我們預計許可將繼續被拖延，我們將重新評估我們的立場。

But I have to say I have been encouraged by some of the discussions we've had and the reengagement with the Yukon government, not just the premier but the mining -- Yukon power they all understand that we cannot be waiting indefinitely for permits.

但我必須說，我們與育空地區政府進行的一些討論和重新接觸讓我感到鼓舞，不僅是總理，還有礦業——育空地區的電力部門，他們都明白，我們不能無限期地等待許可證。

Kevin O'Halloran, BMO Capital Markets.

蒙特利爾銀行資本市場 (BMO Capital Markets) 的 Kevin O'Halloran。

Maybe just picking up a kind of similar to the last one, but on the permits, what's right now your expected timing of receiving those permits? And then maybe once you do have those permits, what is the timing to get those infrastructure items, bill, like the water treatment and the backfill facilities?

也許只是選擇一種與上一個類似的，但就許可證而言，您現在預計何時收到這些許可證？那麼也許一旦你獲得了這些許可證，什麼時候才能獲得這些基礎設施項目、帳單，例如水處理和回填設施？

Let me just start out by talking about the limits, and then I'll go to Carlos about the infrastructure. So I'm going to be up a bit here, Kevin. We've made progress on the permitting, but the challenges do remain. We met with the premier and his team in January, and the Yukon government has acknowledged the need to keep the permitting on track and have responsible companies like Hecla. He understands that we've been in business for 134 years, and he understands that we've got a fantastic environmental record over at Greens Creek and that we have the social license to be serious prices in the Yukon and so that commitment being demonstrated through several key initiatives.

我先來談談限制，然後再和卡洛斯討論基礎設施。所以我要在這裡待一會兒，凱文。我們在許可方面取得了進展，但挑戰依然存在。我們在一月份會見了總理和他的團隊，育空地區政府承認有必要繼續推進許可製度，並擁有像 Hecla 這樣負責任的公司。他知道我們已經經營了 134 年，他知道我們在格林溪有著出色的環保記錄，而且我們擁有在育空地區實行嚴格價格的社會許可，因此我們透過幾項關鍵舉措證明了我們的承諾。

And so he's undertaking that we'll develop a charter with a major mines department. There will be allocation of resources to address those power infrastructure needs.

因此，他承諾我們將與主要礦業部門制定章程。我們將分配資源來滿足這些電力基礎設施需求。

And really, he instructed his department to have a more collaborative approach to finding some operational solutions and really try and create efficiencies in the permitting process for established operators. Now obviously, things had paused last year because of the heat leach failure at the Eagle gold mine, which we obviously don't own. And so while we're encouraged by this positive momentum in the partnership with the Yukon government, we're going to continue to engage with the First Nations. And so permitting still remains a significant risk in getting to that 600 tonnes per day that I spoke about, which is the critical threshold to getting to profitable production. But with the Premier's demonstrated support and his encouraging words and the actions that he will be about to take, we believe that we should be making some steady progress towards our goals this year.

事實上，他指示他的部門採取更具協作性的方法來尋找一些營運解決方案，並真正嘗試提高現有營運商的許可流程的效率。顯然，由於 Eagle 金礦的熱浸出故障，去年一切工作都暫停了，而該金礦顯然不屬於我們。因此，儘管我們對與育空地區政府的合作的積極勢頭感到鼓舞，但我們將繼續與原住民接觸。因此，要達到我所說的每天 600 噸的產量，即實現盈利生產的關鍵門檻，許可證仍然存在很大風險。但在總理的明確支持、鼓勵性話語和即將採取的行動下，我們相信今年我們將朝著我們的目標穩步前進。

So related with projects, we are prioritizing the execution of projects in the next 2 years, which improved and sustained Phase 1, which is the 440 tonnes per day. After that, of course, we are going to reevaluate which probably is going to take another 2 years to go up to the 600 tonnes per day mark.

因此，就項目而言，我們優先考慮未來兩年內實施的項目，以改善和維持第一階段，即每天 440 噸的產量。當然，之後我們將重新評估，可能還需要兩年才能達到每天 600 噸的目標。

Okay. Appreciate the color there. And maybe just on the cost at Keno, can you give us a sense of the proportion of fixed costs like of the cost that you reported this quarter? What percentage roughly speaking, do you consider fixed versus variable?

好的。欣賞那裡的色彩。也許只是關於 Keno 的成本，您能否讓我們了解本季報告的固定成本佔成本的比例？粗略地說，您認為固定百分比和可變百分比分別是多少？

A specific percentage, it would be a challenging thing. But they are primarily fixed. Because if you think about the site itself, whether it be a remote operation, you've got a charter, you've got a camp, you've got people rotating in and out, those types of things. And as a result, we will see higher fixed cost because of those -- and as Rob had mentioned, the way for us to overcome those will be high improvement.

具體百分比，這將是一件具有挑戰性的事情。但它們基本上是固定的。因為如果你考慮場地本身，無論它是遠端操作，你都有章程，有營地，有人員輪換進出，諸如此類的事情。因此，我們將看到更高的固定成本——正如羅布所提到的，我們克服這些問題的方法就是大幅改進。

Okay. That makes sense. And then final one for me on the Lucky Friday CapEx. About how much of that is being allocated to the cooling project. Is that all the -- and then maybe as a follow-on, how much of that is the mine development just in terms of trying to get a sense of kind of what the normalized capital spend would be in future years?

好的。這很有道理。最後，我要說一下幸運星期五資本支出。其中大約有多少被分配給了冷卻項目。這就是全部了——然後也許作為後續，其中有多少是礦山開發，只是為了了解未來幾年的正常資本支出是多少？

So the mine development of the Lucky fryer is close to $20 million and surface calling system is like [$13 million] for next year. So once we complete this project in the next coming years, it's going to be a reduction in the capital for Lucky Friday.

因此，Lucky fryer 礦場的開發費用接近 2,000 萬美元，而明年地面呼叫系統的開發費用約為 [1,300 萬美元]。因此，一旦我們在未來幾年內完成這個項目，幸運星期五的資本就會減少。

Heiko Ihle, HC Wainwright.

Heiko Ihle、HC Wainwright。

Lucky Friday seems to be running pretty well on all cylinders here. But I mean more in the -- inverse for a second. Can you maybe provide a bit of color on what changes you expect to have at this site in this quarter and beyond that could further improve efficiencies and production? And maybe you can quantify how much you expect those in the -- video factors to impact your production? I mean, we're essentially halfway through Q1 at this point.

幸運星期五似乎在這裡運行得非常順利。但我的意思更多的是——暫時反過來。您能否稍微介紹一下您預計本季及以後工廠將進行哪些變革，以進一步提高效率和產量？也許您可以量化一下影片因素對您的製作的影響有多大？我的意思是，我們現在基本上已經完成了第一季的一半。

So it's -- we're having a hard time hearing you on sand, but I think -- let me restate your question, you can tell me if I've got it right. The Lucky Friday, you're right, Lucky Friday had a very good 2024, especially coming out of the fire we had. And we've mentioned on the call here that -- I'll highlight is a very good qualified group. So we do expect Lucky Friday to continue to be successful out in the future, kind of a base and consistency in the future.

所以——我們很難聽清你的聲音，但我想——讓我重申一下你的問題，你可以告訴我我是否理解正確。幸運星期五，您說得對，幸運星期五在 2024 年表現得非常好，尤其是在走出火災後。我們在電話會議上提到過──我要強調的是，這是一個非常優秀的合格團隊。因此，我們確實希望「幸運星期五」在未來繼續取得成功，並在未來保持一定的基礎和一致性。

I guess, I'm a little bit -- I was struggling to -- see up what your question was as it relates to what do we expect kind of in the near term the Lucky Friday.

我想，我有點——我很難——明白你的問題是什麼，因為它與我們對近期幸運星期五的期望有關。

Other some of the efficiencies and production changes that we should expect to see in Q1 and maybe even beyond this? In other words, what is getting done and what has been getting done in the last 6 weeks since the beginning of the year that may have not been impacted in the Q4 numbers?

我們應該在第一季甚至更長時間內看到哪些效率和生產變化？換句話說，自今年年初以來的過去 6 週內完成了哪些工作，而這些工作可能沒有受到第四季度數據的影響？

This is Matt Blattman. That's going to be a challenging one, as you know, as we go deeper and farther and farther away from our primary access, it's going to be harder and harder to find efficiencies and improved cost. It's not to say they won't be there, but I don't think you're going to see quantum level changes. This is going to be a continuous improvement slow, steady, let's make sure we see improvements from every change. And also remember, Lucky Friday had record production this last year, it's going to be trying to beat your own record every year it gets harder and harder.

這是馬特·布拉特曼。如你所知，這將是一個挑戰，隨著我們離主要訪問點越來越遠，提高效率和改進成本將變得越來越困難。這並不是說它們不會存在，但我認為你不會看到量子層級的變化。這將是一個緩慢而穩定的持續改進過程，讓我們確保從每一次改變中看到進步。還要記住的是，幸運星期五去年創下了紀錄，每年都要努力打破自己的紀錄，這會變得越來越難。

Fair enough. In your press release, it states that the cost at Casa in the second half are going to be a little bit lower. But maybe just a bit of color where you expect to see us on a quarterly basis. And by that, I mean, sort of where should the analyst community model Q1, I guess, we'll be halfway through the quarter effectively tomorrow and maybe even Q2 versus the remainder of the year in numeric terms in quantifiable firms?

很公平。你們的新聞稿中提到，下半年 Casa 的成本將會稍微低一點。但也許只是您期望在季度基礎上看到我們的一些色彩。我的意思是，分析師社群應該如何模擬第一季的情況？我想，明天我們實際上就度過了本季的一半，甚至可能以可量化公司的數位形式預測第二季與今年剩餘時間的情況？

I'll start and Carlos can jump in and supplement where necessary. But clearly, Casa Berardi right now is both an underground operation and a surface operation, right? And so midyear, what we expect is for that underground to come to a completion because at that point, what we expect is that the surface mine will be able to fill them out.

我先開始，然後卡洛斯可以加入並在必要時進行補充。但顯然，Casa Berardi 現在既是地下行動，也是地面行動，對嗎？因此，在年中，我們預計地下開採將完成，因為到那時，我們預計地面礦將能夠填滿這些礦場。

And what happens, we'll remove the cost from the underground and then from the surface perspective, the stripping ratio, we're expecting for that to come down as well. So as such, we should see less mix from the surface. What I would say is that we don't give quarterly guidance, and we don't do that mentally because as we do move through 2025, just through 2024, things change, and we'll manage those as they come. And so as a result, I would say, from a quantification standpoint, we wouldn't be able to give you any quarterly numbers necessarily just we would expect for the cost to come down in the second half of the year as we see that underground come off. And as we see the surface expenses also be reduced as we see the strip ratio and the way solids come off and frankly, those activities will be focused on the -- more of the mine.

接下來會發生什麼事？我們將消除地下成本，然後從地面角度來看，剝離率也預計會下降。因此，我們應該看到表面的混合減少。我想說的是，我們不會提供季度指導，我們也不會在心裡這樣做，因為隨著我們進入 2025 年，也就是進入 2024 年，情況會發生變化，我們會及時應對。因此，我想說，從量化的角度來看，我們無法為您提供任何季度數字，只是我們預計隨著地下開採的開展，成本將在下半年下降。而且，隨著剝離率和固體脫落方式的提高，我們看到地面費用也會減少，坦白說，這些活動將更多地集中在礦山上。

Is there anything you'd like to add that?

您還有什麼要補充的嗎？

Yes, that's exactly right. The 2 conditions is the -- we need to meet in the second half of the year which is the most significant is the open pit is going to be capable to fit along the mill and maximum tropple.

是的，完全正確。我們需要在下半年滿足兩個條件，其中最重要的是露天礦場能夠適應工廠和最大限度的運輸。

I'll try the question a touch differently then. If when it goes to an open pit-only operation, how long -- how many quarters of impact do you think it has for the cost savings to be fully reflected in the numbers?

那麼我將嘗試以不同的方式回答這個問題。如果只進行露天開採，您認為需要多長時間——多少個季度才能在數字中完全反映出成本節約的影響？

So I would -- as we see the underground come off, if we see the underground come off in the middle of the year, there will be some carry-on expenses where we're determining how to go forward with the underground, and that would be continuing to keep it open exploration, et cetera. Those decisions will continue to make. So I would say you'll probably see a fourth quarter that should be better than 1/3, if you look at it from that perspective because there will likely be a few carry-on costs as it relates to the position in the third quarter.

所以我想——當我們看到地下開採開始的時候，如果我們看到地下開採在年中開始，那麼就會有一些後續費用，我們正在確定如何推進地下開採，這將繼續保持開放的勘探等等。這些決定將繼續做出。因此，我想說，如果從這個角度來看，你可能會看到第四季的表現會好於 1/3，因為與第三季的情況相比，可能會有一些後續成本。

You got exactly where I was going with this. Thank you very much.

你完全明白我的意思。非常感謝。

John Tumazos, John Tumazos Independent Research.

約翰‧圖馬佐斯，約翰‧圖馬佐斯獨立研究。

Hi, Rob. Good to see you on board. As you're aware, the state of Montana passed the special purpose law, reweighted to your predecessor trying to delay the progression of Montanore and Rock Creek. Have you had a chance to meet with the Montana officials and what's the outlook for expediting those 2 projects. I've been admiring them my entire adult life.

你好，羅布。很高興見到你。如您所知，蒙大拿州通過了特殊目的法，重新強調了您的前任試圖延緩蒙大拿州和岩溪州的發展。您有機會與蒙大拿州官員會面嗎？加快這兩個項目的前景如何？我整個成年生活都一直很欣賞他們。

Well, good question, and you're right to admire them. I was immediately -- drive to the phenomenal mineral endowment, GBP 300 million of silver. GBP 3 billion of copper at [0.7%]. So the size of the prize has really got my attention for sure. In terms of the updates, we're basically going through a -- limiting strategy at the moment.

嗯，問得好，你欽佩他們是對的。我立刻開車前往這個價值 3 億英鎊的驚人礦產資源地。價值 30 億英鎊的銅[0.7%]。因此，獎金金額確實引起了我的注意。就更新而言，我們目前基本上正在採取限制策略。

So the forestry services draft EIA for the Libya exploration project, that's in the final week of public common, and there's been about [1,500] comments received. And really, the next steps, there's going to be 30 days for the forest service to respond to the comments, then there's going to be a decision on the final VA issuance. And if approved, then a fund fee will be issued, and that will be followed by a 45-day injection period and a 30-day objection response period. And depending on the nature of any objections received by the Forestry Service, the updated plan of operations for the project, it could be approved in Q3 '25. I haven't met with them personally, but obviously, we've had our team meeting with the regulators frequently.

林業部門為利比亞勘探計畫起草了環境影響評估，目前已進入公開徵求意見的最後一周，收到了大約 [1,500] 條評論。實際上，接下來的步驟是，林業局將有 30 天的時間來回應這些評論，然後對最終的 VA 發放做出決定。如果獲得批准，則會發放基金費用，隨後是 45 天的注入期和 30 天的異議回應期。根據林業局收到的反對意見的性質，該專案的更新營運計劃可能會在 2025 年第三季獲得批准。我沒有親自與他們會面，但顯然，我們的團隊經常與監管機構會面。

So we're in that comment period at the moment, John.

所以我們現在正處於評論期，約翰。

Concerning Casa Berardi, there's a great deal of exploration activity, as you know, on the East West trend, maybe extending from [Cochrane] in the Detour mine in Ontario, all the way toward [Fenelon], Walbridge, other companies, Maple Gold Mines, straws, different projects. Do you think in our lifetime, there might be a major east-west highway from Cochrane through the trend or north-south highway to improve access, which would lower the cost of operation at Casa Berardi. Is it worth maybe idling the mine to wait for the better times when the neighbors catch up and it becomes a more thriving mining district?

關於 Casa Berardi，如你所知，在東西走向上有大量的勘探活動，可能從安大略省 Detour 礦的 [Cochrane] 一直延伸到 [Fenelon]、Walbridge、其他公司、Maple Gold Mines、吸管等不同的項目。您是否認為在我們的有生之年，可能會有一條從科克倫 (Cochrane) 穿過趨勢線的主要東西向高速公路或南北向高速公路來改善交通，從而降低 Casa Berardi 的運營成本。是否值得讓礦場閒置一段時間，等待鄰近地區趕上來，使其成為更繁榮的礦區？

It's an interesting concept. And if we continue to hold Casa Berardi, we'd certainly welcome that outcome. But I don't really know, John. I don't know whether there'll be an infrastructure investment and who would do it and what the timing would be. I certainly like the way you're thinking about it.

這是一個有趣的概念。如果我們繼續持有 Casa Berardi，我們肯定會歡迎這個結果。但我真的不知道，約翰。我不知道是否會有基礎設施投資、誰來做、時間是什麼時候。我當然喜歡你思考這個問題的方式。

If I could ask one more, and I'm not trying to take a site -- planning a year or 2 ago. But the camp and the fixed costs that -- and the Yukon are well known before the Alexco buyout and Wheaton precious metals by of the stream are the camp costs and the mining costs twice as much as expected. Also the silver price is better, obviously, like $10 an ounce. So it surprises me that we need 600 tonnes a day and at 400 tonnes they can't do the job.

如果我可以再問一個問題，我並不是想佔領一個網站──一年或兩年前就已經計畫好了。但是營地和固定成本——以及育空地區在 Alexco 收購和 Wheaton 貴金屬之前眾所周知的成本是營地成本和採礦成本的兩倍。而且白銀價格顯然也更好，例如每盎司 10 美元。因此，令我驚訝的是，我們每天需要 600 噸，而 400 噸無法完成工作。

John, again, I'll jump in, and Carlos can supplement as well -- as we looked at the project, we knew that there would be a high fixed cost. I think that Rob had made the comment, too, that the ramp-up has been more challenging than we expected, the infrastructure investment that we we've made and continue to make, frankly, there's been some things that we were doing that we didn't realize that we needed to do. So I think from the cost perspective, that is one of the things that we could have dialed in a bit better.

約翰，我再說一遍，卡洛斯也可以補充——當我們研究這個計畫時，我們知道會有很高的固定成本。我認為羅布也曾表示，成長比我們預期的更具挑戰性，坦白說，我們已經並將繼續進行的基礎設施投資，有些事情我們在做的時候並沒有意識到我們需要這樣做。因此我認為從成本角度來看，這是我們可以做得更好的事情之一。

So the $10 an ounce good surprise on the silver prices amount?

那麼每盎司 10 美元的銀價會為銀價帶來什麼驚喜呢？

So keep in mind, we're still currently in that ramp-up phase, right? So we're still currently building our infrastructure, putting those types of things in. Certainly, the increase in the silver price is helpful. But right now, we're not even at the 400 tonnes a day. We have to get things in place for us to get there.

所以請記住，我們目前仍處於上升階段，對嗎？所以我們目前仍在建造基礎設施，把這些類型的東西放進去。當然，銀價的上漲是有幫助的。但目前，我們的產量甚至還未達到每天 400 噸。我們必須把一切準備就緒才能實現目標。

Mike Parkin, National Bank.

麥克·帕金，國家銀行。

You kind of touched on it with the rock and in terms of acute mineral endowment. Rob, are you thinking get your feet a little bit more wet on the exploration potential of the American portfolio of exploration projects before you kind of review any potential sale there? It just seems you've got a plethora of projects and potentially a phenomenal market to be selling into just your initial thoughts as you're a few months into the new role.

您在某種程度上觸及了岩石和急性礦產資源的問題。羅布，在審查任何潛在銷售之前，您是否想先對美國勘探項目組合的勘探潛力進行更多的了解？看起來，在您擔任新職位幾個月後，您就已經有大量的項目和潛在的巨大市場可供銷售，而這只是您的最初想法。

Yes. Thanks for the question, Mike. We're definitely not going to be throwing the baby out with the bathwater here. And we do intend -- spending some time down in Nevada in the spring and summer when the rocks are exposed and stuff like that. And so I am excited by some of the opportunities.

是的。謝謝你的提問，麥克。我們絕對不會把孩子和洗澡水一起倒掉。我們確實打算在春季和夏季岩石露出地面的時候去內華達州待一段時間。因此我對這些機會感到興奮。

Our exploration budget for this year, it is going to be constrained.

我們今年的勘探預算將受到限制。

And let me just explain that a little bit. So we've basically intentionally maintained our exploration spending below what I think are the industry averages, the companies of our size. And this is really a deliberate strategy, and it's not a limitation. We've got a pretty robust pipeline of quality targets across our portfolio, and many of them are in Nevada, as you point out. But we're taking a fairly measured approach to exploration investment.

讓我稍微解釋一下。因此，我們基本上有意將勘探支出維持在低於我認為的行業平均值（與我們規模相當的公司）的水平。這確實是一個深思熟慮的策略，而不是一種限制。我們的投資組合中擁有相當強大的優質目標管道，其中許多都在內華達州，正如您所指出的。但我們對於勘探投資採取了相當審慎的態度。

And it really comes down to strategic capital allocation. So you're aware that our mines have got really substantial existing mine lives, and that gives us the flexibility to time our exploration programs. So given our current financial parameter, I guess, we've prioritized the capital for other critical investments like a Keno Hill, but this doesn't diminish the quality of our exploration targets. I think the key point is that our exploration drilling levels, they reflect careful capital allocation rather than any constraints on the opportunities. And so as I said, we've got numerous high potential targets.

這實際上歸結為策略資本配置。因此，您知道我們的礦山現有的礦山壽命非常長，這使我們能夠靈活地安排勘探計劃的時間。因此，考慮到我們目前的財務狀況，我想，我們優先考慮其他關鍵投資，例如基諾山 (Keno Hill)，但這並不會降低我們勘探目標的品質。我認為關鍵在於我們的勘探鑽探水準反映了謹慎的資本配置，而不是對機會的任何限制。正如我所說，我們有許多高潛力目標。

And we'll systematically evaluate them as our capital priorities evolve. But it's really a simple matter of optimizing our resource deployment in the current environment. And I think that when we start generating more free cash flow, I think there's going to be a compelling argument for increasing our exploration investments and really advancing our best projects through stage gates and key decision points. So yes, I'm quite excited about some of the projects in our portfolio. There are others that we've already identified that we probably won't be keeping.

隨著資本優先事項的演變，我們將有系統地評估它們。但這其實只是在目前環境下優化資源配置的簡單問題。我認為，當我們開始產生更多的自由現金流時，就會有一個令人信服的理由來增加我們的勘探投資，並透過階段門和關鍵決策點真正推進我們的最佳項目。是的，我對我們投資組合中的某些項目感到非常興奮。我們也發現有些內容我們可能不會保留。

But really, the game, as you know, is to constantly upgrade the portfolio and not just have a covered full of dormant projects.

但實際上，正如你所知，遊戲的目的是不斷升級投資組合，而不僅僅是覆蓋著閒置的項目。

Great. And then just recently, we've seen BC announced like a fast track permitting process. Are you getting any kind of indications that Quebec might adopt kind of something similar to their government that could possibly be a tailwind for Casa with respect to the time line there for the future open it plan?

偉大的。就在最近，我們看到 BC 宣布了快速許可流程。您是否有任何跡象表明魁北克可能會採取與其政府類似的措施，這可能會對 Casa 未來開放計畫的時間表產生推動作用？

I don't know the answer to that question, Mike. -- we are actually in the processing -- process of hiring a VP sustainability, and that person has extensive permitting experience. And so we'll have a better answer for you fairly soon.

我不知道這個問題的答案，麥克。 ——我們實際上正在招募一位永續發展副總裁，該人擁有豐富的授權經驗。因此我們很快就會給您更好的答案。

I will now turn the call back to Rob for closing remarks.

現在我將把電話轉回給羅布，請他作結束語。

Well, thanks, everyone, for joining us on this call, and we look forward to keeping you updated with our story as it evolves next quarter. Thanks, and have a good day.

好吧，感謝大家參加這次電話會議，我們期待在下個季度向您通報我們的最新進展。謝謝，祝您有美好的一天。

Ladies and gentlemen, this concludes today's call. Thank you all for joining. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝大家的加入。您現在可以斷開連線。