Hecla Mining Co (HL) 2025 Q1 法說會逐字稿

Thank you for standing by. My name is Bailey, and I will be your conference operator today. At this time, I would like to welcome everyone to the Q1 2025 Hecla Mining Co earnings conference call.

感謝您的支持。我叫貝利，今天我將擔任您的會議主持人。現在，我歡迎大家參加 Hecla Mining Co 2025 年第一季財報電話會議。

(Operator Instructions)

（操作員指示）

I would now like to turn the call over to Mike Parkin, Vice President, Strategy and Investor Relations. You may begin.

現在我想將電話轉給策略和投資者關係副總裁 Mike Parkin。你可以開始了。

Good morning and thank you all for joining us for Hecla's first quarter 2025 results conference call. I am Mike Parkin, Vice President strategy Investor Relations. Earnings release that was issued yesterday along with today's presentation are available on our website. On the call today is Rob krcmarov, President and Chief Executive Officer; Russell Lawlar, Senior Vice President and Chief Financial Officer; Carlos Aguiar, Senior Vice President and Chief Operations Officer. Kurt Allen, Vice President of exploration. Anvita Patel, heckler's Vice President and treasurer; and my predecessor, as well as Matt Blattman, Vice President technical Services.

早安，感謝大家參加 Hecla 2025 年第一季業績電話會議。我是策略投資者關係副總裁 Mike Parkin。昨天發布的收益報告以及今天的簡報可以在我們的網站上查閱。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。勘探副總裁庫爾特艾倫 (Kurt Allen)。Anvita Patel，Heckler 副總裁兼財務主管；以及我的前任，以及技術服務副總裁 Matt Blattman。

At the conclusion of our prepared remarks, we will all be available to answer questions. Turning the slide to. Any forward-looking statements made today by the management team come under the Private Securities Litigation Reform Act and involve risks as shown on slide 2 in our earnings release and in our 10Q filings with the SEC.

在我們準備好的發言結束時，我們將回答大家的問題。將幻燈片轉到。管理團隊今天做出的任何前瞻性陳述均受《私人證券訴訟改革法案》的約束，並涉及我們收益報告第 2 頁幻燈片和我們向美國證券交易委員會提交的 10Q 文件中所示的風險。

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 news release. I will now pass the call over to Rob.

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。本次電話會議和相關幻燈片中引用的非公認會計準則指標已在投影片或新聞稿中進行了協調。我現在將電話轉給 Rob。

Thank you, Mike, and good morning everyone. Before we get started, I just want to take a moment to thank Anvita for her exceptional leadership and dedication over the last couple of years. Her willingness to shoulder the responsibilities of both Treasury and investor relations during a time of significant transition for the company has been nothing short of remarkable.

謝謝你，麥克，大家早安。在我們開始之前，我只想花點時間感謝安維塔在過去幾年中出色的領導能力和奉獻精神。在公司面臨重大轉型時期，她願意承擔財務和投資人關係的雙重責任，這實在令人欽佩。

And that as you now transition back to focusing on your role solely as treasurer and help Mike assume his new investor relations responsibilities, I want you to know that your contributions haven't gone unnoticed, so thank you Anvita from myself and on behalf of the senior management and the board.

現在，您重新集中精力擔任財務主管一職，並幫助邁克承擔起新的投資者關係責任，我想讓您知道，您的貢獻並沒有被忽視，因此，我謹代表我本人以及高級管理層和董事會向安維塔表示感謝。

Turning to slide 3.

翻到幻燈片 3。

I've completed my first six months with the company and I've done visits to all of our operating mines and initiated a comprehensive review of our extensive exploration portfolio and I have to say that with each passing month as I deepen my understanding of both our mineral assets and our talented employees, my confidence in Hecla's promising future continues to strengthen. So let me now share our forward strategy built on four key pillars all grounded in ESG leadership.

我在公司工作已滿六個月，走訪了所有營運中的礦山，並對我們廣泛的勘探組合進行了全面審查，我不得不說，隨著每個月我對我們的礦產資產和優秀員工的了解不斷加深，我對赫克拉光明未來的信心也不斷增強。現在，讓我分享我們基於四大關鍵支柱的前瞻性策略，這些支柱均以 ESG 領導力為基礎。

First, we're intensely focused on operational excellence and reinvigorating a continuous improvement program and culture at each site.

首先，我們高度重視卓越運營，並重振每個站點的持續改進計劃和文化。

We're standardizing systems across all mines to ensure consistent performance. Our investments in analytics and semi-automation will improve real-time decision making, and we're controlling costs aggressively while enhancing production through optimizing extraction methods, reduce pollution, and better ventilation.

我們正在對所有礦山的系統進行標準化，以確保一致的性能。我們在分析和半自動化方面的投資將改善即時決策，我們正在積極控製成本，同時透過優化提取方法、減少污染和改善通風來提高產量。

On the maintenance front, we're shifting to a more proactive approach with preventative programs that catch issues before they become costly problems, and we've identified critical parts that impact production and implemented a tracking system to ensure availability when needed. We're also investing in our workforce through targeted training and leadership development.

在維護方面，我們正在轉向一種更積極主動的方法，採用預防性程序，在問題變成代價高昂的問題之前發現它們，並且我們已經確定了影響生產的關鍵部件，並實施了跟踪系統，以確保在需要時可用。我們也透過有針對性的培訓和領導力發展對我們的員工進行投資。

Second, we're optimizing our portfolio for maximum returns. While our Casa Barati assessment continues, we're evaluating our exploration assets to unlock hidden value. Keno Hill remains our top priority for organic growth, but we're also developing a disciplined acquisition strategy aligned with our core strengths.

其次，我們正在優化投資組合，以實現最大回報。在繼續進行 Casa Barati 評估的同時，我們正在評估我們的勘探資產以釋放隱藏的價值。基諾山仍然是我們實現有機成長的首要任務，但我們也在製定符合我們核心優勢的嚴謹的收購策略。

Third, we've implemented rigorous financial discipline with a structured capital allocation framework focused on free cash flow and clear return on investment targets, and this approach prioritizes balance sheet strength, financial flexibility, and reliable shareholder returns.

第三，我們實施了嚴格的財務紀律，建立了以自由現金流和明確的投資回報目標為重點的結構化資本配置框架，這種方法優先考慮資產負債表實力、財務靈活性和可靠的股東回報。

Fourth, we remain committed to silver market leadership as the largest producer in both the United States and Canada. We're uniquely positioned with long-lived mines in top tier jurisdictions that provide regulatory stability and support responsible development.

第四，作為美國和加拿大最大的白銀生產商，我們將繼續致力於維持白銀市場的領導地位。我們擁有得天獨厚的優勢，在頂級司法管轄區擁有長期礦山，可提供監管穩定性並支持負責任的發展。

Underpinning everything is our commitment to environmental stewardship, community partnerships, and strengthened relationships with First Nations and all stakeholders, ensuring that we lead in ESG practices across the mining sector.

一切的基礎是我們對環境管理、社區夥伴關係以及與原住民和所有利益相關者加強關係的承諾，確保我們在整個採礦業的 ESG 實踐中處於領先地位。

As we turn to slide 4, let me highlight our achievements for the first quarter.

當我們翻到第 4 張投影片時，讓我重點介紹一下我們第一季的成就。

Our operations delivered a strong quarter, producing 4.1 million ounces of silver and more than 34,000 ounces of gold, as well as robust volumes of lead and zinc and some copper positioning us well against our annual guidance. I'll highlight two notable achievements. So Lucky Friday set a consecutive quarterly milling record demonstrating the exceptional consistency that Lucky Friday brings to our portfolio.

本季度，我們的業務表現強勁，生產了 410 萬盎司白銀和超過 34,000 盎司黃金，同時還生產了大量鉛和鋅以及一些銅，這為我們實現年度預期做好了準備。我將重點介紹兩項顯著的成就。因此，「幸運星期五」創下了連續季度的銑削記錄，證明了「幸運星期五」為我們的投資組合帶來的卓越一致性。

Meanwhile, Keno Hill produced nearly 800,000 ounces and delivered its first profitable quarter under Hecla's ownership. I'll discuss exploration later in the call, but I'm excited about the surface exploration programs we've initiated in Nevada.

同時，Keno Hill 黃金產量接近 80 萬盎司，並在 Hecla 的領導下首次實現季度盈利。我將在稍後的電話會議中討論勘探問題，但我對我們在內華達州啟動的地面勘探計劃感到非常興奮。

Additionally, our Libby exploration project in Montana recently secured placement on the Federal Permitting Improvement Steering Council's FAS 41 permitting dashboard, and that's a significant milestone that can streamline federal approvals and enhance coordination across agencies.

此外，我們在蒙大拿州的利比勘探計畫最近被列入聯邦許可改進指導委員會的 FAS 41 許可儀表板，這是一個重要的里程碑，可以簡化聯邦審批並加強跨機構協調。

Our exploration team has identified new geological concepts that warrant further investigation, and the FAS 41 designation really provides a structured framework for advancing these studies.

我們的勘探團隊已經發現了值得進一步研究的新地質概念，而 FAS 41 的指定確實為推進這些研究提供了一個結構化框架。

As with all capital allocation decisions, we remain committed to our discipline and investment criteria. And we'll continue methodical assessment of this asset's potential to deliver value to our shareholders.

與所有資本配置決策一樣，我們始終堅持我們的紀律和投資標準。我們將繼續有條不紊地評估該資產為股東創造價值的潛力。

From a financial perspective, we delivered record quarterly revenues and adjusted EBITDA exceeding $90 million driven by higher metal prices and solid contributions from all four operating mines.

從財務角度來看，受金屬價格上漲和四座營運礦場的穩健貢獻推動，我們實現了創紀錄的季度收入，調整後 EBITDA 超過 9,000 萬美元。

Our cornerstone assets, Green's Creek and Lucky Friday continue to generate robust free cash flow of more than $40 million during the quarter. We're maintaining our production and capital investment guidance for the year with some adjustments to individual asset cost projections that Carlos will speak in detail in a little while.

我們的基石資產 Green's Creek 和 Lucky Friday 在本季持續產生超過 4,000 萬美元的強勁自由現金流。我們將維持今年的生產和資本投資指導，並對個別資產成本預測進行一些調整，卡洛斯稍後將詳細介紹。

Importantly, our consolidated silver cash costs and all and sustaining cost guidance on a per ounce basis remains unchanged, demonstrating the advantage of our diversified portfolio approach. And I will now hand the call to Russell for a detailed financial review.

重要的是，我們合併的白銀現金成本以及每盎司的所有維持成本指引保持不變，這體現了我們多元化投資組合方法的優勢。現在我將把電話交給 Russell 進行詳細的財務審查。

Thank you, Rob. I'll start on slide 6.

謝謝你，羅布。我將從第 6 張投影片開始。

We make our capital allocation decisions with a long-term view and strategy in mind. As I reflect on the financial position of the company one year ago, we reported a net leverage ratio of 2.7 times. And our net cash balance was negative $60 million. One year later, I'm happy to report that we've improved the net leverage ratio more than one turn down to 1.5 times and improved the cash position of the company substantially with a balance of approximately $20 million at the end of the quarter.

我們在製定資本配置決策時會考慮長遠的眼光和策略。回顧一年前公司的財務狀況，我們的淨槓桿為 2.7 倍。我們的淨現金餘額為負6000萬美元。一年後，我很高興地報告，我們已將淨槓桿率提高一倍以上，降至 1.5 倍，並大幅改善了公司的現金狀況，本季末的餘額約為 2000 萬美元。

I'll speak more about the details of the quarterly cash flow momentarily. This improvement came from many sources, including better price prices for both gold and silver. Production from Lucky Friday for the past 12 months and other capital allocation decisions such as eliminating the Silver Lake dividend.

我稍後會詳細介紹季度現金流。這種改善來自多個方面，包括黃金和白銀價格的上漲。過去 12 個月幸運星期五的產量以及其他資本配置決策，例如取消銀湖股息。

During this time, we also continued our investment in the Keno Hill mine as we see this as our growth project which meets our return on investment criteria. We've made progress on these initiatives and as we look ahead, our plan is to implement strict return on capital criteria on our investments, ensuring stewardship of our investors' money with the intention of seeing improved consistency in our financial results and improved performance.

在此期間，我們也繼續對基諾山礦進行投資，因為我們認為這是我們符合投資回報標準的成長項目。我們在這些舉措上已經取得了進展，展望未來，我們的計劃是對我們的投資實施嚴格的資本回報標準，確保對投資者的資金進行管理，以期提高我們的財務業績的一致性和業績的提高。

Our plan remains to deliver the balance sheet looking to improve both our net leverage ratio and also the outflow of interest expense. At Casa Berardi, we're still determining the best path forward there, where our strategic review options include the outright disposal, a joint venture to spin out, the potential of extending the underground, or accelerating future cash flows to take advantage of the current record gold prices via a prepayment or other financing arrangements or some combination of these alternatives.

我們的計劃仍然是提供資產負債表，以改善我們的淨槓桿率以及利息費用的流出。在 Casa Berardi，我們仍在確定最佳的前進道路，我們的策略審查選項包括直接處置、分拆合資企業、擴大地下開採的可能性，或加速未來現金流以利用當前創紀錄的黃金價格，透過預付款或其他融資安排或這些替代方案的某種組合。

And in any scenario, we continue to see potential opportunities to maximize the value of this asset. Looking at the graph on the right hand side of slide 6, we see Green's Creek and Lucky Friday continue their strong free cash flow generation with $42 million generated during the quarter. We're on a consolidated basis, our free cash flow is negative $18 million. However, if you look closer to the details, you'll see an inventory bill of $12 million and an increase in accounts receivable accounts receivable of $29 million.

並且無論在何種情況下，我們都會看到最大化該資產價值的潛在機會。查看幻燈片 6 右側的圖表，我們可以看到 Green's Creek 和 Lucky Friday 繼續產生強勁的自由現金流，本季產生了 4,200 萬美元。根據合併數據，我們的自由現金流為負 1800 萬美元。然而，如果你仔細查看細節，你會看到庫存帳單為 1200 萬美元，應收帳款增加了 2900 萬美元。

These negative working capital adjustments were due to a few factors, but generally because our production improved toward the end of the quarter, which did not allow us to either sell all the inventory on hand or collect some of the funds for those sales for the products sold. Additionally, we had working capital outflow of approximately $16 million for accounts payable and other current liabilities, which is primarily the interest on our notes which we pay each February and August, along with incentive compensation payments and some other outflows for payables.

這些負營運資本調整是由於幾個因素造成的，但通常是因為我們的生產在本季度末有所改善，這使得我們無法銷售所有庫存或為所售產品收取部分銷售資金。此外，我們的應付帳款和其他流動負債的營運資金流出約為 1,600 萬美元，主要是我們每年 2 月和 8 月支付的票據利息，以及激勵性薪資支付和一些其他應付帳款的流出。

Although we see negative working capital in the first quarter, I expect to see some of these items will turn in the next quarter as we sell the inventory that was built up for collectors receivables, setting us up for a strong Q2.

儘管我們在第一季看到營運資本為負，但我預計其中一些項目將在下個季度出現好轉，因為我們將出售為收款人應收賬款而積累的庫存，從而為強勁的第二季度做好準備。

Turning to slide 7, we generated record revenue of $261 million during the quarter with 45% of our revenue from silver, gold at 33% as we benefited from the improved gold price, and base metals coming in at around 22%. With silver prices increasing our silver margins improved from 54% in 2024 to 65% this quarter.

翻到投影片 7，我們在本季創造了創紀錄的 2.61 億美元收入，其中 45% 的收入來自白銀，33% 的收入來自黃金，因為我們受益於金價上漲，而基本金屬的收入約為 22%。隨著白銀價格上漲，我們的白銀利潤率從 2024 年的 54% 提高到本季的 65%。

This record revenue and margin expansion of our silver operations also provided for record adjusted EBITA, which helped improve the net leverage ratio from 1.6 times at the end of last year to 1.5 times at the end of this quarter.

我們白銀業務創紀錄的收入和利潤率的擴大也帶來了創紀錄的調整後息稅折舊攤銷前利潤，這有助於將淨槓桿率從去年年底的 1.6 倍提高到本季末的 1.5 倍。

I'll now pass the call to Carlos for more detailed review of the performance of our operations.

我現在將電話轉給卡洛斯，讓他更詳細地審查我們的營運表現。

Thank you, Russell. I'll start on slide 9. Green's Creek continues to demonstrate its consistency as a stable cash flow generator and producer. The mine produced 2 million ounces of silver in the first quarter, driven by 10% increase in the silver grain meat from the last quarter. The grade improved throughout the quarter to approximately 13 ounces per ton in March and remained strong entering the second quarter. Backfill and development activities also continue to improve throughout the quarter, which helped with the delivery of higher grade tons to the mall.

謝謝你，拉塞爾。我將從第 9 張投影片開始。Green's Creek 繼續展現出其作為穩定現金流產生器和生產者的一致性。該礦第一季生產了200萬盎司白銀，受白銀粒重較上一季增加10%的推動。整個季度，金價不斷上漲，3 月金價達到每噸約 13 盎司，進入第二季後仍保持強勁。整個季度回填和開發活動也持續改善，這有助於向購物中心運送更高品位的礦石。

Negative cash costs of $4.08 per ounce and negative or in sustainable costs of $0.03 per silver ounce were significantly better than annual guidance. High impact product credits reduced costs, partially upset by increased fuel purchases due to the need for more side power generation than planted in the quarter.

每盎司負現金成本為 4.08 美元，每盎司白銀負成本或可持續成本為 0.03 美元，均明顯優於年度指引值。高影響力產品信貸降低了成本，但部分原因是由於本季所需的發電量超過種植量，導致燃料購買量增加。

Capital investment and Greens Creek totaled $10.8 million, which is expected to rise in the next two quarters due to the construction season ramping up activities, a common theme across our producing portfolio, as well as our exploration assets.

資本投資和 Greens Creek 總計 1080 萬美元，預計未來兩個季度將有所增加，因為施工季節活動增加，這是我們生產組合以及勘探資產的共同主題。

Production guidance for 2025 at Greensbury is maintained at 8.1million to 8.8 million ounces of silver. We are lowering Greens Creek cost guidance significantly, primarily attributable to a strong goal by product credits in the first quarter, with cash cost guidance reduced to $0.25 to $0.75 per ounce from the prior $2 to $2.50 range.

格林斯伯里 2025 年的產量預期維持在 810 萬至 880 萬盎司白銀。我們大幅降低了 Greens Creek 的成本指導，主要原因是第一季產品信貸目標強勁，現金成本指引從先前 2 美元至 2.50 美元的範圍降至每盎司 0.25 美元至 0.75 美元。

NIC guidance lowered to $6.50 to $7.25 from $8.75 to $9.50 per ounce. Capital investment guidance is unchanged at $48million to $51 million in sustaining capital and $10million to $12 million in world capital.

NIC 指導價格從每盎司 8.75 美元至 9.50 美元下調至 6.50 美元至 7.25 美元。資本投資指引維持不變，維持資本為 4,800 萬至 5,100 萬美元，全球資本為 1,000 萬至 1,200 萬美元。

Moving to slide 12, Lucky Friday continues to demonstrate operational excellence, achieving a consecutive quarterly million record of almost 109,000 tons, surpassing our previous record in the fourth quarter of 2024.

轉到第 12 張投影片，幸運星期五繼續展現出卓越的營運能力，連續創下近 109,000 噸的季度百萬噸紀錄，超過了我們在 2024 年第四季度創下的紀錄。

The mine delivered consistent silver production of 1.3 million ounces in the first quarter, maintaining its position as a core production asset. When production remains strong, we experience cost pressures during the quarter with cash cost at $9.37 per ounce, and as of $20.08 per ounce after byproduct credits, primarily due to higher labor costs, profit sharing, consumables, and contractor costs. In response, we implemented cost control initiatives aiming to reduce reliance on high cost contractors.

該礦第一季穩定產銀 130 萬盎司，維持了核心生產資產的地位。當產量保持強勁時，我們在本季度面臨成本壓力，現金成本為每盎司 9.37 美元，扣除副產品成本後為每盎司 20.08 美元，這主要是由於勞動力成本、利潤分享、消耗品和承包商成本增加。作為回應，我們實施了成本控制舉措，旨在減少對高成本承包商的依賴。

Free cash flow generation in the first quarter was $8.4 million, negatively impacted by working capital exchange and the higher operating cost versus the prior quarter.

第一季的自由現金流產生量為 840 萬美元，受到營運資本交換和較上一季更高的營運成本的負面影響。

We are maintaining our 2025 production guidance of 4.7million to 5.1 million silver ounces, while adjusting our cost projections to reflect current realities. Looking ahead, we anticipate capital investment to increase in the next two quarters as warmer weather supports our seasonal construction activities.

我們維持 2025 年 470 萬至 510 萬盎司白銀的生產指導，同時調整成本預測以反映當前的實際情況。展望未來，由於天氣變暖支持我們的季節性建築活動，我們預計未來兩季的資本投資將會增加。

Our focus remains on balancing operational consistency with discipline cost management to maximize locu Friday long-term value contribution to our portfolio.

我們的重點仍然是平衡營運一致性和紀律成本管理，以最大限度地提高 locu Friday 對我們投資組合的長期價值貢獻。

Turning to slide 11, In a year produced over 770,000 ounces of silver. Within the quarter, the trole averaged 350 tons per day, remaining below the permitted limit of 440 tons per day.

翻到第 11 張投影片，一年內就生產了超過 77 萬盎司的白銀。本季度，水位平均每天 350 噸，仍低於每天 440 噸的允許限值。

We noted in February our power supplier for Kino Hill, Yukon Energy Corporation, suffered a failure in its power generation in October of last year at the Hydropower power plant in Whitehorse, which is not scheduled to be repaired until August of this year. Despite this and other challenges, Ino he delivered its first profitable quarter under Hecla ownership with 1 million in gross profit. Which resulted in no costs being transferred to ramp up into Hecla's costs.

我們在二月注意到，我們為基諾山提供的電力供應商育空能源公司去年十月在懷特霍斯的水力發電廠發生發電故障，預計要到今年八月才能修復。儘管面臨這些和其他挑戰，Ino he 仍在 Hecla 旗下實現了第一個盈利季度，毛利達 100 萬美元。結果是，沒有任何成本被轉移到 Hecla 的成本中。

War continues to bring the asset into a state of sustainable, profitable production. When the mill has proven to be capable of operating on a permitting capacity of 440 tons per day, our mining rates have lacked.

戰爭不斷使資產進入可持續、有利可圖的生產狀態。當工廠被證明能夠以每天 440 噸的允許產能運作時，我們的採礦率就不足了。

To improve our mining rates and put the mine on path towards achieving its current permitting capacity of 440 tons per day, we must advance permits and successfully continue to improve the development of the deposits and execute critical infrastructure projects, which include dry stack tailings, cementing tailings backfill plant, and water treatment plant upgrades.

為了提高採礦率並使礦山實現其目前每天 440 噸的許可產能，我們必須推進許可證發放並成功繼續改善礦床的開發並執行關鍵基礎設施項目，其中包括幹堆尾礦、水泥尾礦回填廠和水處理廠升級。

Long term profitability and conservative matter price assumptions will require throughput rates of approximately 500 to 600 tons per day due to high fixed costs. This will require new permits, additional infrastructure investment, and execution of significant capital projects and mine development.

由於固定成本較高，長期獲利能力和保守的物質價格假設將需要每天約 500 至 600 噸的吞吐率。這將需要新的許可證、額外的基礎設施投資以及重大資本項目和礦山開發的執行。

Beyond technical execution, our success also depends on continuing to strain our partnership with First Nation and the yukon government as a responsible long-term partner.

除了技術執行之外，我們的成功還取決於繼續加強與原住民和育空地區政府作為負責任的長期合作夥伴的夥伴關係。

In 2025, we are reiterating our guidance for Kina Hill expecting silver production of 2.7 million to 3.1 million ounces and quarterly production cost of 15 million to 17 million.

2025 年，我們重申對 Kina Hill 的指導，預計白銀產量為 270 萬至 310 萬盎司，季度生產成本為 1500 萬至 1700 萬美元。

Turning to slight one.

轉向輕微的一個。

Casa produced about 20500 ounces of gold during the quarter at cash cost and a of $2,195 and $233 per ounce respectively. In the second half of 2025, the 1,608 is expected to demonstrate improved economics and generate a stronger cash flow and district ratio decrease, and reliance on contractors, with improvement to be achieved late in the third quarter.

Casa 本季生產了約 20,500 盎司黃金，現金成本和價格分別為每盎司 2,195 美元和 233 美元。預計到 2025 年下半年，這 1,608 家企業的經濟狀況將有所改善，現金流將更加強勁，地區比率將下降，對承包商的依賴也將減少，並將在第三季末實現改善。

Currently there's no change to the Casa Barati production guidance of 76,000 to 82,000 ounces of gold production in 2025.

目前，Casa Barati 對 2025 年黃金產量 76,000 至 82,000 盎司的產量指引沒有變化。

Cash guidance and AC guidance is unchanged despite the first quarter cash cost and AC coming in above the four year guidance range on a pro rata basis, they are in line with the company's expectations and truly improving the second half of the year.

儘管第一季的現金成本和 AC 按比例高於四年指導範圍，但現金指導和 AC 指導保持不變，這符合公司的預期，並且在下半年確實有所改善。

I'll now hand the call over to discuss exploration initiatives in Nevada that are ramping up this month.

我現在將轉而討論本月正在加緊推進的內華達州勘探計劃。

Thank you Carlos.

謝謝你，卡洛斯。

As I deepen my understanding of our exploration portfolio, I'm particularly excited about our Nevada assets. We're investing over $3.3 million this year in a targeted exploration program at our high grade properties with two drill rigs now deploying at Midas.

隨著我對我們的勘探組合的了解不斷加深，我對我們的內華達資產感到特別興奮。我們今年將投資超過 330 萬美元，在高品位礦區開展有針對性的勘探計劃，目前已在 Midas 部署了兩台鑽機。

Nevada strategy centers on a hub and spoke approach leveraging existing infrastructure across high grade historical districts, and MITAS stands out with its impressive production history of 2.2 million ounces of gold and 27 million ounces of silver at exceptional grades.

內華達州的策略以樞紐輻射方式為中心，利用高品位歷史街區的現有基礎設施，而 MITAS 則憑藉其令人印象深刻的生產歷史脫穎而出，生產了 220 萬盎司黃金和 2700 萬盎司品質卓越的白銀。

This 30,000 acre property features an extensive alteration footprint suggesting significant potential for new vein discoveries supported by an existing mill and tailing facility that really could become our northern Nevada hub.

這片佔地 30,000 英畝的土地具有廣泛的改造足跡，表明在現有磨坊和尾礦設施的支持下，新礦脈的發現潛力巨大，這些設施實際上可能成為我們內華達州北部的中心。

Just 15 miles to the southeast, Hollister offers complementary potential as North America's third highest grade underground gold mine. With production grades averaging 0.8 ounces per ton of gold.

霍利斯特 (Hollister) 位於東南方向僅 15 英里處，是北美第三高品位地下金礦，具有互補潛力。每噸黃金的平均生產品位為 0.8 盎司。

The Hadegrain resource area already contains a gold and silver resource with geological evidence indicating a fully preserved epithermal system likely holding its best mineralization at depth.

Hadegrain 資源區已經蘊藏著金銀資源，地質證據表明，完整保存的淺成低溫系統可能在深處保持著最佳的礦化作用。

And these strategic assets combined with our systematic exploration approach represents a compelling opportunity to create meaningful shareholder value through resource expansion and potential future production.

這些策略資產與我們的系統勘探方法相結合，為我們提供了一個絕佳的機會，透過資源擴張和潛在的未來生產來創造有意義的股東價值。

Moving to slide 14, I'll close by reviewing our key deliverables for 2025.

轉到第 14 張投影片，最後我將回顧我們 2025 年的主要成果。

To position heckler for sustainable growth and shareholder returns, we remain committed to our strategic priorities at Keno Hill. We anticipate unlocking long term value through discipline permitting processes and execution excellence and moving this high grade asset down the path towards reaching its transformative potential.

為了讓 Heckler 實現永續成長和股東回報，我們將繼續致力於 Keno Hill 的策略重點。我們期望透過紀律允許流程和卓越執行來釋放長期價值，並推動這項高品位資產實現其變革潛力。

Concurrently we're implementing a robust capital allocation framework that prioritizes high return investments while maintaining operational efficiency and our commitment to safety and environment.

同時，我們正在實施強有力的資本配置框架，優先考慮高回報投資，同時保持營運效率以及對安全和環境的承諾。

Our focus on generating strong free cash flow. Fits well with our deleveraging initiatives and offers opportunities to strengthen our balance sheet and enhance financial flexibility.

我們專注於創造強勁的自由現金流。非常符合我們的去槓桿舉措，並提供了加強我們的資產負債表和提高財務靈活性的機會。

Finally, we continue to look to optimize our portfolio through rationalization efforts at Casa Barati and are actively evaluating strategic initiatives that align with our core competencies and value creation objectives.

最後，我們繼續尋求透過 Casa Barati 的合理化努力來優化我們的投資組合，並積極評估符合我們的核心競爭力和價值創造目標的策略性舉措。

We expect that by coordinating these actions we can maintain operational excellence and achieve financial strength and sustainable growth for years to come. And so with that operator I'd like to open the call to questions.

我們希望透過協調這些行動，我們能夠維持卓越的運營，並在未來幾年實現財務實力和永續成長。因此，我想和接線員一起開始提問。

(Operator Instructions)

（操作員指示）

We will take your first question from the line of Heiko Ihle with HC Wainwright. Your line is open.

我們將從 HC Wainwright 的 Heiko Ihle 那裡接聽您的第一個問題。您的線路已開通。

Hey, it's Heiko Ihle with Wainright. I assume you can hear me okay.

嘿，我是 Wainright 的 Heiko Ihle。我想你應該能聽見我說話了。

We can Perfect

我們可以完美

You have a pretty diverse operational asset base, across borders. Just out of curiosity with all the recent talk about tariffs. I mean, you can't open a newspaper without reading about it and just international trade facing a variety of arguably self cost headwinds. Have there been any components or inputs or parts or anything that has been delayed, anything in particular where you've seen an outsized impact on pricing or availability anywhere across your minds?

你們擁有跨境、相當多元化的營運資產基礎。只是好奇，最近都在談關稅。我的意思是，你打開報紙就會看到有關國際貿易面臨各種可以說是自身成本逆風的報道。是否有任何組件、輸入、部件或任何東西被延遲了，特別是什麼東西對定價或可用性產生了巨大影響？

Thanks for your question. Russell answer that one, but just bear in mind that roughly 50% of our costs are in labor. There will be some minor impacts on consumables and other things.

謝謝你的提問。拉塞爾回答了這個問題，但請記住，我們大約 50% 的成本來自勞動力。對消耗品和其他東西會有一些輕微的影響。

That's right. Thanks. Thanks for the question.

這是正確的。謝謝。謝謝你的提問。

Yeah, we think about the business, we've really got the items that we purchase and then the things that we sell, right? So. As we think about the things that we purchased, we do anticipate seeing higher costs for things like rebar and steel and those types of things just because the tariffs will hit that type of industry maybe more directly than others.

是的，我們考慮業務，我們確實有我們購買的物品，然後是我們所銷售的東西，對嗎？所以。當我們考慮我們購買的東西時，我們確實預計螺紋鋼和鋼材等產品的成本會更高，因為關稅對這類行業的打擊可能比其他行業更直接。

We haven't necessarily seen any lack of being able to get parts and things like that. Part of that is because we do try to look ahead and as tariffs were being announced and even talked about months ago, we tried to be proactive and Make sure that we had things, parts stocked.

我們並未發現有無法取得零件和類似物品的情況。部分原因是我們確實試圖向前看，當幾個月前宣布甚至談論關稅時，我們試圖積極主動，確保我們有庫存的物品和零件。

I think more specifically about the parts that we do buy, most of the things we buy at each operation in that country and so I think that any tariffs on that in that regard would be kind of indirect where maybe you buy apart from a supplier that's manufactured in there plant in say Mexico or something like that. But currently right now, Mexico, Canada, the United States parts sourced out of those are generally exempt, so that's okay.

我更具體地考慮我們購買的零件，我們在該國每個運營點購買的大多數東西，因此我認為在這方面的任何關稅都是間接的，你可能從在墨西哥或類似地方的工廠生產的供應商那裡購買。但目前，從墨西哥、加拿大和美國採購的零件通常都免稅，所以沒問題。

And as we think about parts that we get from China, there's not much, a few grinding balls and things like that, but frankly we've been, we have a kind of long lead time supply on those, so we've got a lot of those in stock. We haven't been hit directly yet.

當我們考慮從中國獲得的零件時，我們發現數量並不多，只有一些研磨球和類似的東西，但坦白說，我們對這些零件的供應週期很長，所以我們有很多庫存。我們還沒有受到直接打擊。

The other on the other side of the equation is what we sell, which is our concentrates. We export all of our concentrates essentially some of those concentrates get exported from the United States to Canada and then some go either from Canada or the United States to Asia, and some of those concentrates, frankly do go to China.

等式的另一邊是我們銷售的東西，也就是我們的濃縮物。我們出口所有的精礦，基本上其中一些精礦從美國出口到加拿大，然後一些從加拿大或美國運往亞洲，坦率地說，其中一些精礦確實運往了中國。

The contracting strategy that we've had currently has really insulated us from any direct impact of those tariffs going into China. But I would expect in 2026 we may see the impact of tariffs, and what we'll see there, I think, is more, we'll see the cost to place that at a Western smelter might go up versus a smelter in China, but I don't expect any risk of us not being able to concentrate.

我們目前採取的承包策略確實使我們免受中國關稅的任何直接影響。但我預計，2026 年我們可能會看到關稅的影響，而且我認為，我們將看到，與中國冶煉廠相比，在西方冶煉廠生產的成本可能會上升，但我預計我們不會有無法集中精力的風險。

Does that does that answer your question fully.

這是否完全回答了你的問題？

It does. I mean, I. Yeah.

確實如此。我是說，我。是的。

It does, yeah, I mean, I've been in this industry long enough to remember the days when, it was impossible to get tires for trucks.

是的，是的，我的意思是，我在這個行業已經待了很長時間了，還記得以前根本買不到卡車輪胎的日子。

So it, this this stuff all sits freshly on my mind, I guess.

所以，我想，這些東西都還記憶猶新。

Completely different follow-up question. You mentioned the Yukon Energy Corporation repair for the turbine failure that's going to be happening in August. Obviously early for this question, but is the site going to be down altogether when that happens? And if so, how long do you think this will halt the operations? And again, any way you can quantify your best guess as to the financial impact as well.

完全不同的後續問題。您提到育空能源公司將於 8 月對渦輪機故障進行修復。顯然，這個問題問得還為時過早，但是當這種情況發生時，網站是否會完全癱瘓？如果是這樣，您認為這會導致營運暫停多久？再說一次，無論怎樣，您都可以量化對財務影響的最佳猜測。

The projection for the repairs of the turbine is expected to be in the Monte Palos and it's going to last six days. So we are planning to advance, and in our projections, we included that down time, right. And, we are on a schedule to advance some of the maintenance projects in that period of time with some restriction in the power source, but there are plenty of projects that can be, advanced during that period of time and of course the economic impact of those days right now are estimated at 90,000 ounces of silver and of course with some labor costs associated with that.

預計渦輪機的維修工作將在蒙特帕洛斯進行，耗時六天。所以我們計劃繼續前進，並且在我們的預測中，我們將停機時間也算進去了，對吧。並且，我們計劃在這段時間內推進一些維護項目，但會受到一些電源限制，但有很多項目可以在這段時間內推進，當然，目前估計這些天的經濟影響為 90,000 盎司白銀，當然還有一些相關的勞動力成本。

So we're in regular dialogue with Yukon Power. We know it's coming. We've planned for it and we're ready.

因此，我們與育空電力公司保持著定期對話。我們知道它即將到來。我們已經做好計劃並做好了準備。

Perfect. That's.

完美的。就是這樣。

That's good to hear. I'll get back to you and give other people a chance Thank you.

聽到這個消息真好。我會回覆您並給其他人一個機會謝謝。

Thank you.

謝謝。

Your next question comes from the line of Dalton Baretto with Cannacord cord. Your line is open.

您的下一個問題來自 Dalton Baretto 和 Cannacord 線系列。您的線路已開通。

Yeah, thanks operator. Good morning, Robin. Thanks for taking my questions. I want to stay on keynote here It seems to me that the language used in your outlook for Keno has gotten significantly more uncertain, let's call it. I'm just trying to get some context around it. I'm specifically trying to understand that if you got the permits tomorrow on your community support.

是的，謝謝接線生。早安，羅賓。感謝您回答我的問題。我想繼續這裡的主題演講，在我看來，您對基諾的展望中使用的語言已經變得更加不確定，讓我們這麼說吧。我只是想了解它的背景。我特別想了解的是，您是否獲得了社區支持的許可。

How much capital and time would it require to get that operation sustainably to 600 tons per day? And then on the flip side, what sort of metal prices would you need to see in order to sort of curtail production while you do these these projects?

要使該作業可持續達到每天 600 噸，需要多少資金和時間？那麼另一方面，在實施這些專案時，您需要看到什麼樣的金屬價格才能減少產量？

Thank you.

謝謝。

Good morning Dalton, and thanks for your question.

早安，道爾頓，謝謝你的提問。

Our messaging at Keynote is really about it's an evolving work in progress. There's no doubt that we underestimated some things like costs and obviously we've had some unforeseen events like the neighboring heat leach that basically put permitting on hold. But having said that, I think we've made some real progress there building on what we accomplished last year. So you know we fixed the crushing system that was really slowing us down.

我們在 Keynote 上傳達的訊息實際上是關於這是一項不斷發展的正在進行的工作。毫無疑問，我們低估了一些因素，例如成本，而且顯然我們遇到了一些不可預見的事件，例如鄰近的熱浸事件，這基本上導致許可被擱置。但話雖如此，我認為我們在去年取得的成就的基礎上取得了一些真正的進展。所以你知道我們修復了真正拖慢我們速度的粉碎系統。

We got all the permits for expanding our tailing facility, which was crucial, and I think the big win for us was really running the mill for extended periods of time and consistently hitting about 400 tons per day and that was over several months. So that really proves our processing works, our processing set up works and that's kind of huge for our next steps and going forward.

我們獲得了擴建尾礦設施的所有許可證，這至關重要，我認為對我們來說最大的勝利是真正長時間運行該工廠，並在幾個月內持續達到每天約 400 噸的產量。這確實證明了我們的處理工作、我們的處理設定工作，這對我們下一步和未來的發展具有重要意義。

Really we need to get our mining rate in sync with what our milk can handle, and we're going to do this by gradually ramping up both the Birmingham and Flame and mock deposits. We know we need permits for this, so we've recently welcomed a highly experienced sustainability executive, Patrick Malone, with decades of permanent experience who's already begun building a specialized team. We're also strengthening our technical capabilities to make sure that we get those permit applications right.

實際上，我們需要讓我們的採礦率與牛奶的處理能力保持同步，我們將透過逐步增加伯明罕、火焰和模擬礦床來實現這一點。我們知道我們需要獲得許可，因此我們最近歡迎了一位經驗豐富的永續發展主管 Patrick Malone，他擁有數十年的長期經驗，並且已經開始組建一支專業團隊。我們也正在加強我們的技術能力，以確保正確處理這些許可證申請。

And I have to say our collaborative engagement with the First Nations has increased as well. So let me just recap. So we're focusing on expanding our water treatment plant, adding waste storage, enhancing our tailing facilities. We're also starting construction on tailings batchfield plant, and that's going to improve both productivity and safety.

我必須說，我們與原住民的合作關係也得到了加強。讓我簡單回顧一下。因此，我們專注於擴大水處理廠、增加廢棄物儲存設施、加強尾礦設施。我們也開始建造尾礦場工廠，這將提高生產力和安全性。

The waste and tailing storage that is going to reach capacity by 2028. So getting those permits it's really time sensitive and so we're also working on increasing our capacity to have more workers as we scale up.

到 2028 年，廢棄物和尾礦儲存將達到容量上限。因此，獲得這些許可證確實非常耗時，因此我們也在努力提高我們的能力，以便在擴大規模的同時僱用更多的工人。

I should also mention that we've done a thorough assessment of what care and maintenance would look like, that's just good planning and we still believe that advancing Know who will make strategic sense, even though I can't tell you exactly when it's going to hit our profitability targets.

我還應該提到，我們已經對護理和維護的情況進行了徹底的評估，這只是很好的規劃，我們仍然相信提前了解誰將具有戰略意義，儘管我無法確切地告訴你何時才能達到我們的盈利目標。

Reaching 600 tons per day, that is going to take a few years to get there. First, we need to sustainably mine at 400 tons per day. I'm talking metric tons here. And match that to the mill's capacity. Anything you want to add Carlos?

要達到每天 600 噸的目標還需要幾年的時間。首先，我們需要以每天400噸的速度持續開採。我這裡說的是公噸。並將其與工廠的產能相匹配。卡洛斯，您還有什麼要補充的嗎？

Yeah, this is work in progress, permitting you mentioned the tailings and capacity and of course we are really excited this year to start the construction of the backfield plant which is going to change and improve productivity in the near future.

是的，這是正在進行的工作，允許您提到的尾礦和產能，當然，我們今年真的很高興開始建造後場工廠，它將在不久的將來改變並提高生產力。

And so you know our understanding of that ore body, it keeps improving and with each milestone it brings us really closer to unlocking the real value of this silver district which we're quite excited about. So it's still a work in progress.

所以你知道，我們對該礦體的了解不斷加深，每一個里程碑都讓我們更接近釋放這個銀礦區的真正價值，對此我們感到非常興奮。所以這項工作仍在進行中。

Got it.

知道了。

Thank you, Rob. .

謝謝你，羅布。。

You mentioned cost as well, and I would say that, we've invested quite a bit of capital in Keno Hill over the past few years, obviously we've all seen that. I think that, you look at the performance that we've seen over the past few years, we have seen improved or more consistent performance.

您也提到了成本，我想說，過去幾年我們在 Keno Hill 投入了相當多的資金，顯然我們都看到了這一點。我認為，看看我們過去幾年的表現，我們已經看到了改進或更穩定的表現。

We need to improve that. We'll continue to make these investments that you know Carlos and Rob both mentioned. The tailing spatula plants and that should help us improve the rate that we can extract from the mine because right now in the past, frankly, it used to be that the mill wasn't able to keep up and now the mine isn't able to keep up with the mill so we just keep hitting those bottlenecks and so if we think about that, we will see capital continue into the future over the next few years as we do those types of projects, these infrastructure projects, and improve the developed state of the mind, but we should see that tail off as we as we kind of get further out into the future.

我們需要改進這一點。我們將繼續進行卡洛斯和羅布都提到的這些投資。尾礦鏟廠應該可以幫助我們提高從礦山開采的速度，因為坦白說，過去工廠無法跟上，現在礦山無法跟上工廠的速度，所以我們只是不斷遇到這些瓶頸，所以如果我們考慮到這一點，我們將看到資本在未來幾年繼續流入未來，因為我們做這些類型的項目，這些基礎設施項目，並改善發展的思想逐漸，隨著我們進一步走向未來。

Keep in mind as well, we do have investment criteria that we are looking at and evaluating and Keno Hill continues to meet that, but we have to execute on these plans.

還要記住，我們確實有正在研究和評估的投資標準，而 Keno Hill 繼續滿足這些標準，但我們必須執行這些計劃。

Understood. Thank you for that, Ross my follow up, Ross, if I can direct that one to you as well. I appreciate your comments in terms of placing the Greens Greek concentrate and sort of finding an alternative to China. But in the March 20th executive order, one of the things that order talks about having the commerce department look into in addition to export tariffs on critical minerals, is also an export tax. And I'm wondering if that goes into play, what options do you have for replacing greens great concentrate? Thanks.

明白了。謝謝你，羅斯，我的後續，羅斯，如果我也可以把那個直接轉給你的話。我很欣賞您關於綠黨希臘濃縮物以及尋找中國替代品的評論。但在 3 月 20 日的行政命令中，除了關鍵礦產的出口關稅外，該命令還提到商務部要調查的事情之一就是出口稅。我想知道如果這樣做的話，您有什麼選擇可以取代綠色濃縮物？謝謝。

Oh, frankly, Don't know, I'll have to get back to you on that one. There's been various things that we've looked at, but I can't say that I have that on my radar, and I apologize for that.

哦，坦白說，我不知道，我得稍後再回覆你。我們已經研究過各種各樣的事情，但我不能說我已經注意到了這些事情，對此我深表歉意。

Great. Thanks, guys. I'll jump back and queue.

偉大的。謝謝大家。我會跳回去排隊。

Your next question comes from the line of Michael Saperco with RBC Capital Markets. Your line is open.

您的下一個問題來自加拿大皇家銀行資本市場的 Michael Saperco。您的線路已開通。

Thanks very much. And thanks for taking my question. Maybe a couple on on the growth outlook and Rob, you talked about Nevada and what you're seeing there, I guess, can you give us a little bit more color about Maybe how you see that in the context of the portfolio. I know it's early and and maybe how what we should be expecting in terms of a timeline for either a study or an update on on what you see in terms of the potential in Nevada.

非常感謝。感謝您回答我的問題。也許可以談談增長前景，羅布，您談到了內華達州以及您在那裡看到的情況，我想，您能否給我們多講講您如何在投資組合的背景下看待這個問題。我知道現在還為時過早，也許我們應該對研究時間表或內華達州潛力的更新有所期待。

Good morning, Michael.

早上好，麥可。

I'm going to hand you over to Kurt, but I have to say I was out there about a month ago and you know we have this permitted unused mill. We have tailing storage capacity and so really our approach is this hub and spoke model right now what we need to do is build up a critical amount of resources and then re-look at a path forward. Kurt, could you add some more please.

我要把你交給庫爾特，但我必須說，大約一個月前我去過那裡，你知道我們有這個獲準使用的未使用工廠。我們擁有尾礦儲存能力，因此我們的方法實際上是這種中心輻射模型，現在我們需要做的是建立大量資源，然後重新審視前進的道路。庫爾特，你能否再增加一些內容？

Yeah, thanks, Michael.

是的，謝謝，邁克爾。

The program that we have at Midas this year, we're going to have two drill rigs. We've got about seven targets, and these are all high grade vein targets, we're thinking that we've kind of figured out the structural regime on the east part of the property there.

我們今年在 Midas 實施的計劃是，我們將擁有兩台鑽機。我們大約有七個目標，這些都是高品位礦脈目標，我們認為我們已經弄清楚了那裡的財產東部的結構狀況。

These are early-stage drill holes. It's going to tell us a lot, but we're focused on trying to identify the high grade portions of those veins, and I think it's going to be similar size, our potential is similar size to what was mined in the past.

這些是早期鑽孔。它會告訴我們很多訊息，但我們專注於嘗試識別這些礦脈的高品位部分，我認為它的大小會相似，我們的潛力與過去開採的類似。

Now Aurora is another project that we're currently in the permitting process, so we're doing a 5-year EA, an exploration EA there. We should have that by the end of the year, and that's going to open up the entire district there for exploration. So we're kind of waiting on that EA at Aurora.

現在，Aurora 是我們目前正在辦理許可手續的另一個項目，因此我們正在那裡進行為期 5 年的 EA，即勘探 EA。我們應該在今年年底前實現這一目標，這將使那裡的整個地區開放供探索。所以我們正在等待 Aurora 的 EA。

And then Hollister, in in my years of experience, it's probably one of the largest surface expressions of an epithermal system. And we've got several targets there. We're not going to drill there this year. We're hoping to be able to do that next year, but I think, within a couple, 2 to 3 years, 4 years, depending on the results from this year and next year's programs, I think we'll be on to something and move those projects forward.

然後，根據我多年的經驗，霍利斯特可能是淺成低溫系統最大的表面表現之一。我們在那裡有幾個目標。我們今年不會在那裡鑽探。我們希望明年能夠做到這一點，但我認為，在未來兩到三年、四年內，根據今年和明年計劃的結果，我認為我們會取得一些進展並推動這些項目向前發展。

One of the most striking things when I was on site to Kurt's point, what defines the mineral system or the limit of the mineral system is how altered the rocks are. That shows you that fluids have been going through it. And so when I was on site, you stand on really intense alteration that Kurt was talking about and it's probably a couple of kilometers away from where all the pretty much all the previous historic mining and development and exploration's been focused, so that playground is huge.

當我在現場時，最引人注目的事情之一是庫爾特的觀點，即定義礦物系統或礦物系統界限的是岩石的變化程度。這表明液體已經流過它。因此，當我在現場時，你會看到庫爾特所說的非常劇烈的變化，它可能距離幾乎所有以前歷史採礦、開發和勘探集中的地方只有幾公里，所以那個遊樂場非常大。

And so that's what it's really got me excited. I think there's an opportunity where all the work has previously been focused around existing operations and really not that much outside of it.

這才是真正讓我興奮的事情。我認為這是一個機會，之前所有的工作都集中在現有營運上，而實際上並沒有太多其他工作。

Sorry, I cut you off, Michael.Go ahead.

抱歉，我打斷你了，麥可。請說。

No, that, that's good color. So I suppose I'm looking to understand and maybe lost track a little bit of where exactly you were in the advancement in Nevada. Like, is it fair to say that, in an optimistic scenario we'd be talking about a potential production scenario, let's say 4 or 5 years down the road? Is that the kind of time frame that you might have in mind if everything works out?

不，那，那顏色不錯。所以我想我正在尋求了解，但可能有點忘記了你在內華達州的發展中到底處於什麼位置。例如，在樂觀的情況下，我們談論的是潛在的生產情景，比如說 4 或 5 年後，這樣說公平嗎？如果一切順利的話，您是否會考慮這樣的時間框架？

That's certainly possible just given that we have some permanent facilities. We obviously are underinvested in exploration at the moment and as I said on the last call, that's not through lack of quality targets or opportunities. It's just basically our focus on financial discipline and you know as our financial situation improves, I do see that we'll be. Investing a lot more in exploration and a lot of it will be focused at Nevada. I think there's some very good potential there, but to your 0.4 or 5 years, obviously we need to, we'll probably need some more permits. I don't know how long that's going to take, but it's not an unrealistic assumption.

只要我們有一些永久性設施，這當然是可能的。我們目前在勘探方面顯然投資不足，正如我在上次電話會議上所說的那樣，這並不是因為缺乏優質目標或機會。這基本上就是我們對財務紀律的關注，你知道，隨著我們的財務狀況改善，我確實看到我們會這樣做。在勘探方面投入更多資金，其中很大一部分將集中在內華達州。我認為那裡有非常好的潛力，但對於你的 0.4 或 5 年來說，顯然我們需要，我們可能需要更多的許可證。我不知道這需要多長時間，但這不是一個不切實際的假設。

Okay, and that's actually a perfect segue into my next question if I could in terms of your capital allocation priorities talking about deleveraging, you've talked about, potential for additional CapEx at Keno and Funded exploration which presumably will go higher as well as whatever other development activities can you kind of break that down for us like how do you look at organic reinvestment in assets versus your deleveraging efforts?

好的，這實際上是一個完美的過渡，如果我可以就您的資本配置優先事項談論去槓桿，您已經談到了 Keno 的額外資本支出潛力和資助的勘探，這些可能會更高，以及其他任何開發活動，您能否為我們分解一下，例如您如何看待資產的有機再投資與去槓桿努力？

Yeah, good morning and thanks, Mike. This is Russell. I'll take that question. It's always a balancing act, right? And I'll say we're fortunate because we have assets that do generate a substantial amount of cash in Lucky Friday and Greens Creek. And as we look at the economics for Casa Berardi, we're going through this strategic review right now, but we do anticipate the economics of that will improve and provide cash flow as well, especially at today's prices. Out later this year and into next. And so as we think about that cash flow, there's a balancing act between ensuring that you invest substantial capital into those operations that provide that cash flow, so Lucky Friday, Greens Creek, etc.

是的，早安，謝謝你，麥克。這是拉塞爾。我來回答這個問題。這始終是個平衡行為，對嗎？我想說我們很幸運，因為我們的資產在 Lucky Friday 和 Greens Creek 確實能產生大量現金。當我們審視 Casa Berardi 的經濟狀況時，我們正在進行策略評估，但我們確實預計其經濟狀況將會改善並提供現金流，尤其是在今天的價格下。今年晚些時候和明年推出。因此，當我們考慮現金流時，需要在確保向提供現金流的業務（例如 Lucky Friday、Greens Creek 等）投入大量資金之間取得平衡。

The growth capital at Keno Hill, because you know for Keno Hill to hit those return on invested capital metrics that we've talked about, we need to invest in it. So we'll be doing those things while at the same time looking to lever, reduce the interest expense that we're paying now and as we do that, then we anticipate, seeing further cash flows from that.

基諾山的成長資本，因為你知道，為了讓基諾山達到我們討論過的那些投資資本報酬率指標，我們需要對其進行投資。因此，我們將在做這些事情的同時尋求槓桿，減少我們現在支付的利息支出，當我們這樣做時，我們預計會看到更多的現金流。

And then frankly, the last thing that I haven't talked about is the expiration. So you know it is a balancing act between making sure that we're taking care of all of those items kind of all at the same time. In a strategic way, but I would say as we look out into the future, we anticipate those investments as we're thinking as we're planning out our cash flows, right? So we're planning those cash flows as it relates to those investments as it relates to investment in our operating assets or our exploration portfolio.

坦白說，我還沒有談到的最後一件事是到期問題。所以你知道，這是一種平衡行為，確保我們同時處理所有這些事項。從策略角度來說，但我想說，當我們展望未來時，我們在規劃現金流時會預期這些投資，對嗎？因此，我們正在規劃與這些投資相關的現金流，因為它們與我們的營運資產或勘探組合的投資有關。

Okay, great, that's a good color. Thanks very much. I'll pass it on.

好的，太好了，顏色很好。非常感謝。我會傳達的。

Your next question comes from the line of Andrew Doom with National Bank. Your line is open.

您的下一個問題來自國家銀行的 Andrew Doom。您的線路已開通。

Hi Robin team, thanks for taking my question. Maybe just that Lucky Friday. I know the labor costs there have been, one of the main drivers of increasing costs over the last little while. Can you just give some more color on, what's driving those labor costs higher is it just wage inflation? Is there labor tightness.

嗨，Robin 團隊，感謝你們回答我的問題。也許只是那個幸運星期五。我知道勞動成本是最近一段時間成本上漲的主要驅動因素之一。能否詳細說明一下，導致勞動成本上升的原因僅僅是薪資上漲嗎？是否存在勞動力緊張的情況。

That you have to address, so just any color.

你必須解決這個問題，所以任何顏色都可以。

You can provide there.

您可以在那裡提供。

I mean there's two main things there. One is that we have been using contractors, and that's something that we've got our focus and attention on to try and minimize the use of high cost contract labor.

我的意思是那裡有兩件主要的事情。一是我們一直在使用承包商，這是我們重點關注的事情，盡量減少使用高成本的合約工。

The other thing is the profit sharing, which is a good problem to have. It means that we're actually generating profits. Anything else.

另一件事是利潤分享，這是一個好問題。這意味著我們確實正在產生利潤。還要別的嗎。

I'll jump in and just to add on to what Rob said, the performance at Lucky Friday has been actually very strong, so the amount that we do pay under the profit sharing program as well as the, and I'm going to miss the acronym exactly, but the production bonus off there, the bonus we pay to the workers there has actually paid out above target based on the performance of Lucky Friday.

我來補充一下羅布所說的內容，幸運星期五的表現實際上非常強勁，所以我們根據利潤分享計劃支付的金額，以及，我記不清確切的縮寫，但那裡的生產獎金，我們支付給那裡的工人的獎金，實際上是根據幸運星期五的表現支付的，高於目標。

That's performance on that bonus is related to production, safety, environmental performance, and then there is a cost component there too. But when you take it all in balance, Lucky Friday has frankly outperformed and as a result we have seen those additional payments which we welcome. Those are those are the good problems to have like what Rob said.

獎金的績效與生產、安全、環境績效有關，其中也包括成本部分。但當你把所有因素綜合起來考慮時，坦白說，「幸運星期五」的表現確實出色，因此我們看到了我們歡迎的額外付款。正如 Rob 所說，這些都是好問題。

Got it, thanks. And then maybe shifting to cash as well, so you left production and cash cost is the guidance unchanged, but there was an increase in that cost of sales in millions. So just wondering. What are you seeing from the operation to offset that. Increase in millions. Cost of sales with unchanged production and cash cost guidance.

明白了，謝謝。然後也許也會轉向現金，所以你保持生產和現金成本的指導不變，但銷售成本增加了數百萬。所以只是好奇。您從操作中看到了什麼來抵消這一點？以百萬為單位增加。銷售成本不變，生產和現金成本指引不變。

It's a good question. Thanks for asking, Andrew. So keep in mind that cost to sales number is both cash cost and non-cash cost, and it's a GAAP number, whereas the and it's so, as we present that number and we present non-gap numbers, we have to present the closest GAAP number to the non-GAAP number, which is cost of sales. And so that's the number that's presented there.

這是個好問題。謝謝你的提問，安德魯。因此請記住，銷售成本數字既包括現金成本，也包括非現金成本，它是一個 GAAP 數字，而當我們呈現該數字並且呈現非差距數字時，我們必須呈現最接近非 GAAP 數字的 GAAP 數字，即銷售成本。這就是那裡顯示的數字。

So it's a combination of It's a GAAP number. It's both non-cash and cash cost, but as we as we looked at Casa Berardi and we looked at the performance both in the in the first quarter and the what we expect for the remainder of the year and we updated, our expectations and our models, we really, frankly the model still predicts that we'll come out within our guidance and so therefore, although we did see costs increase as we have seen the, frankly, the stripping is a little bit behind where we expect it to be at this point. We still anticipate coming in under guidance. It'll just cost a little bit more.

所以它是 GAAP 數字的組合。這既包括非現金成本，也包括現金成本，但正如我們觀察 Casa Berardi 並觀察其第一季的業績以及我們對今年剩餘時間的預期時一樣，我們更新了我們的預期和模型，坦率地說，模型仍然預測我們會在我們的指導範圍內，因此，儘管我們確實看到成本增加，但坦率地說，剝離程度低於我們目前的預期。略低於我們目前的預期。略低於我們目前的預期。略低於我們目前的預期。略低於我們目前的預期。略低於我們目前的預期。略低於我們目前的預期。略低於我們目前的預期。略低於我們目前的預期。我們仍然期待在指導下實現這一目標。只是費用會稍微高一點。

Got it, thanks for that color. I'll jump back in the queue.

明白了，謝謝你的顏色。我會重新回到隊列中。

Your next question comes from a line of Nick Giles with B. Riley Securities. Your line is open.

您的下一個問題來自 B. Riley Securities 的 Nick Giles。您的線路已開通。

Thank you operator and good morning everyone. This is Henry Hurl on for Nick Giles. I wanted to start by asking if there are any updates on a potential sale of CoSA and then have a higher gold prices change the way that you're approaching this.

謝謝接線員，大家早安。這是亨利·赫爾 (Henry Hurl) 為尼克·吉爾斯 (Nick Giles) 表演的。我想先詢問一下，關於 CoSA 的潛在銷售是否有任何最新消息，然後更高的金價是否會改變您處理此事的方式。

And then should we also think about any potential proceeds from the sale as earmarked for debt pay down Thanks.

然後，我們是否還應該考慮將出售的任何潛在收益專門用於償還債務？謝謝。

Good morning, Henry.

早安，亨利。

It's not a foregone conclusion that we're going to sell. What we said was that we're looking at all strategic alternatives, and that includes an outright sale. It includes joint venturing, spinning out the asset, extending the underground mine, taking advantage of the current high gold prices. Whatever. And so that's a work in progress and what I said is that we'd provide an update sometime during Q2. Our work is still underway and we'll report by next quarter if not sooner.

我們是否會出售還不是定論。我們說的是，我們正在考慮所有的策略替代方案，其中包括直接出售。其中包括合資、剝離資產、擴大地下礦、利用當前高金價等。任何。這是一項正在進行的工作，我說的是，我們會在第二季的某個時候提供更新。我們的工作仍在進行中，我們將在下個季度甚至更早之前提交報告。

And as it relates to the proceeds, the way we would look at it is we would use proceeds to deliver, or we would anticipate doing that, so yeah, to just to cover that up as well.

至於收益，我們的看法是，我們會用收益來兌現，或者我們預計會這樣做，所以，是的，也只是為了掩蓋這一點。

Alright, yeah, thanks for that. And then, so how could the permitting timeline impact the strategic alternatives process, and then would you feel like you could get the full value for the asset despite kind of a setback of the permitting.

好的，是的，謝謝你。那麼，許可時間表將如何影響策略替代流程，然後您是否覺得儘管許可方面遇到了一些挫折，您仍然可以獲得資產的全部價值。

I mean there's no doubt that we have a permitting hiatus ahead of us. The Last time we communicated this, we said it was going to take about 5 years. I don't know if it's going to take 5 years. I don't know whether there's an opportunity to accelerate it or not, but it's certainly, you're going to discount those future cash flows. There's no doubt about that.

我的意思是，毫無疑問，我們面臨著許可中斷的局面。上次我們溝通此事時說，這將需要大約 5 年。我不知道這是否需要 5 年。我不知道是否有機會加速這一進程，但可以肯定的是，你會對這些未來的現金流進行折現。毫無疑問。

But again, since we started our strategic review, the gold price has moved up significantly, and so, we're looking at that through, basically refreshed lens of a much higher gold price.

但是，自從我們開始戰略評估以來，金價已經大幅上漲，因此，我們基本上是透過更高的金價這一全新的視角來看待這一問題的。

Yeah, that's right, essentially what we're doing is just looking to see how best we can, daylight as much value from Castle Berri as possible and the change in the gold price, will play into that.

是的，沒錯，本質上我們所做的就是看看我們能做到什麼程度，盡可能地從貝里城堡獲取價值，並觀察金價的變化將如何影響這一點。

Got it thanks for the commentary and continue best of luck.

明白了，感謝您的評論，並祝您好運。

Thank you.

謝謝。

Your next question comes from the line of Joseph Freegger with Ross Capital Markets. Your line is open.

您的下一個問題來自 Ross Capital Markets 的 Joseph Freegger。您的線路已開通。

Hey Robin team, thanks for taking my questions. Backing up a bit to Keno. Are you guys I guess sure that the mine can support an operate or mining rate of, 500 tons or 600 tons per day. I know it's always been a challenge there to get the mining rate up at the mine underground, like, so what's your level of confidence that even with the permits you could do that, in the future?

嘿，羅賓團隊，謝謝你們回答我的問題。稍微回顧一下 Keno。我猜你們確定這個礦井能夠支援每天 500 噸或 600 噸的營運或開採率嗎？我知道提高地下礦的採礦率一直是一個挑戰，那麼您對未來即使獲得許可證也能做到這一點的信心程度如何？

I think with the investments that we've spoken about getting to an increased mining rate like that is. I think we can achieve that whether it makes economic sense or not that's another matter.

我認為，透過我們所談論的投資可以提高採礦率。我認為我們可以實現這一目標，至於是否具有經濟意義則是另一回事。

Clearly a key part of this is getting flame and moth production ramped up. We also, a critical piece of increasing the production rate is really doing enough development. That's really what we have a focus on at the moment.

顯然，其中的關鍵部分是增加火焰和飛蛾的產量。我們也認為，提高生產力的關鍵部分是真正進行足夠的開發。這確實是我們目前關注的重點。

And to make sure that all of our scopes prepared and sequenced. I've got Matt with a snap. Is there anything you want to add?

並確保我們所有的範圍都已準備好並按順序排列。我一拍就抓住了馬特。還有什麼要補充的嗎？

That, Rob. One of the ones that I would be most focused on is we can ramp up, we can get things going, but at this point we don't have permits to store all the waste, by accelerating production right now, we then run out of space. More pressure on our permitting it's a strategic choice at this point to not move things any faster than we've got it already going.

那，羅布。我最關注的問題之一是，我們可以加快生產，我們可以讓事情順利進行，但目前我們沒有存放所有廢物的許可證，透過現在加速生產，我們的空間就會不足。我們面臨的更大壓力是，此時此刻，我們所做的策略選擇是不要讓事情進展得比現在更快。

So to answer the direct question, we're very confident we can get up to the 440 pretty easily and the 600 will come eventually, but there are other constraints that are limiting our ability to do that right now.

因此，直接回答這個問題，我們非常有信心可以輕鬆達到 440，並且最終會達到 600，但是現在還有其他限制限制了我們實現這一目標的能力。

Okay, fair enough. And then, looking at the cost revisions at CASA and Lucky Friday, obviously they're reflective of a variety of factors that occurred already in Q1.

好吧，夠公平。然後，看看 CASA 和 Lucky Friday 的成本修訂，顯然它們反映了第一季已經發生的各種因素。

Like how confident are you guys that the revised number is now correct and is there a portion of this revision that's that is related to, profit sharing which would in the event gold and silver were to pull back that the cost would also pull back with that.

例如，你們對修訂後的數字現在是否正確有多大信心，以及這次修訂中是否有一部分與利潤分享有關，如果黃金和白銀價格回落，成本也會隨之回落。

Yeah, I would suggest that any time that we put our guidance out we're confident in those numbers. Unfortunately sometimes we do have to revise them. So you know we put the numbers out and we're confident that we can achieve those, or else you know we would put out the numbers that we believe we could achieve.

是的，我認為無論何時我們發布指導意見時，我們都對這些數字充滿信心。不幸的是，有時我們確實必須修改它們。所以你知道我們公佈了這些數字，我們有信心能夠實現這些數字，或者你知道我們會公佈我們認為能夠實現的數字。

As it relates to profit sharing, yeah, I think that if you did see it pull back then you could.

至於利潤分享，是的，我認為如果你確實看到它回落，那麼你就可以。

See, lesser costs. I think more important than that would be continuing to execute on cost control and replacing contractors with employees and those types of things that are more meaningful to the company as a whole.

瞧，成本更低。我認為更重要的是繼續執行成本控制，用員工取代承包商，以及那些對整個公司更有意義的事情。

Okay, thanks.

好的，謝謝。

My other questions are already touched on. I'll turn it over.

我的其他問題已經提到了。我把它翻過來。

Thank you.

謝謝。

Your next question comes from the line of Dalton Burrito with Canaccord. Your line is open.

您的下一個問題來自 Canaccord 的 Dalton Burrito。您的線路已開通。

Yeah, thanks for taking my follow ups, guys.

是的，謝謝大家關注我的後續問題。

Rob, in your prepared remarks, one of the things you mentioned was a disciplined allocation strategy or acquisition strategy, and I'm wondering if you can wrap some parameters around that for us, just anything around jurisdiction, commodity, asset size, stage, anything like that.

羅布，在你準備好的發言中，你提到的一件事是嚴謹的分配策略或收購策略，我想知道你是否可以為我們概括一下這方面的一些參數，包括管轄權、商品、資產規模、階段等任何方面。

Thank you.

謝謝。

Sure, so.

當然可以。

When we think about M&A, we need to have some parameters, and this is something that's socialized with the board as well. And so we need to carefully look at our gold and silver mix, we're aware that, we're unique in our space in that that we have a greater proportion of our revenues come from silver and so primarily we want to remain a silver company and that's really what we're focused on. Do we have room for gold? Yes, we probably do.

當我們考慮併購時，我們需要有一些參數，這也是與董事會溝通的事情。因此，我們需要仔細審視我們的黃金和白銀組合，我們意識到，我們在我們的領域中是獨一無二的，因為我們的大部分收入來自白銀，所以我們主要想繼續作為一家白銀公司，這也是我們真正關注的重點。我們還有黃金空間嗎？是的，我們可能會這麼做。

But really we'd be looking at it exactly the same as we would any other investment. I think the Sorry, I lost my train of thought here. So with M&A, it's about not reacting to available opportunities and really doing proper and thorough due diligence. And then a key part of that is assessing what are the returns and how does that compete with internal growth projects as well. And so M&A is something that we're always looking at, but it'll become more of a focus as we delever. And as we get into a position of strength.

但實際上，我們看待它的方式與看待其他投資的方式完全相同。我認為很抱歉，我在這裡失去了思路。因此，對於併購而言，關鍵在於不要對現有的機會做出反應，而要真正進行適當和徹底的盡職調查。然後，其中一個關鍵部分是評估回報是什麼以及如何與內部成長項目競爭。因此，併購是我們一直在關注的事情，但隨著我們去槓桿，它將變得更加受到關注。當我們進入強勢地位時。

Great, thanks, Rob. And if I can just ask on Libby, which I think is a massively underappreciated part of your portfolio right now, and I don't think sediment hosted high grade copper deposits really exist anymore. Sand this thing on the fast track, if permanent goes the way you hope, what's the approach? Are you going to go at it solo? Would you bring in a partner? How would you look at that?

太好了，謝謝，羅布。我可以問一下利比 (Libby) 嗎？我認為這是目前你們投資組合中被嚴重低估的一部分，而且我認為沉積物中含有的高品位銅礦床已經不存在了。快速打磨這個東西，如果永久按照你希望的方式進行，方法是什麼？你要單獨行動嗎？您會引入合作夥伴嗎？你怎麼看待這個？

I think I mean this is a material asset for us, you're aware of the inferred resource of about 180 million ounces of silver and About 1.7 billion pounds of copper, so we recognize it's significant, but it's also going to come with a very significant capital cost.

我認為這對我們來說是一項重要資產，您知道推斷的資源量約為 1.8 億盎司白銀和約 17 億磅銅，因此我們認識到這很重要，但它也將帶來非常大的資本成本。

I don't know what it's going to be, but I imagine it's going to be closer to a billion dollars more than anything. And so I am interested in perhaps looking at partnering up with perhaps someone who has more of a focus on copper. Remember this is about 0.7%. Copper grade, which is quite significant and so if we could partner up with that would be something we'd certainly consider because I think the prize is large enough to share and that would mean that we could maintain our focus on our core business which is basically precious metals.

我不知道它會是多少，但我想它會比任何東西都更接近 10 億美元。因此，我有興趣與更關注銅的人合作。請記住，這個數字大約是 0.7%。銅的品味非常重要，因此如果我們可以與之合作，我們肯定會考慮，因為我認為獎金足夠大，可以分享，這意味著我們可以繼續專注於我們的核心業務，基本上是貴金屬。

Yeah, thanks, Rob. I don't think you'd find any shortage of interested parties. Thanks for taking my question.

是的，謝謝，羅布。我認為你不會發現任何有興趣的人士的短缺。感謝您回答我的問題。

Sure.

當然。

And your final question will come from the line of John Tumazos with John Tumao's very Independent Research. Your line is open.

您的最後一個問題來自 John Tumazos 和 John Tumao 的獨立研究。您的線路已開通。

Rob, thank you. Following up on questions with Libby. How fast can Heckler move in sympathy to the fast 41? What are the steps to get it to definitive fees? Besides the infill drilling of the inferred resource.

羅布，謝謝你。向 Libby 詢問後續問題。赫克勒能以多快的速度與快速的 41 同步移動？要獲得確定的費用需要哪些步驟？除了推斷資源的加密鑽探之外。

Let me just outline the next immediate step. So you know we've obviously got the designation and that's going to enhance that long term potential and make sure that there's a bit more transparency on the process.

讓我簡單概述一下下一步的行動。所以你知道我們顯然已經獲得了指定，這將增強長期潛力並確保流程更加透明。

At the moment we've got a plan of operations that's under an environmental assessment and that's being reviewed by the US Forestry Service, and we expect a decision on that to be issued pretty soon now actually.

目前，我們已經有一個營運計劃，正在接受環境評估，並正在接受美國林業局的審查，我們預計很快就會發布相關決定。

And if that's approved and they issue a Fonzie, so that's a finding of no significant impact, there's going to be a 45 day ejection period and then there's going to be a 30 day period that we could respond to that.

如果獲得批准並且他們發布了 Fonzie，那麼這是一個沒有重大影響的發現，將會有 45 天的驅逐期，然後我們將有 30 天的時間來回應。

And depending on the nature of any objections received by the Forestry Service, there might be an updated plan of operations, and that would be that could be approved in Q3 of 2025. Once that process is finished, we'll basically have the authority to dewater and rehabilitate an existing 14,000 ft at it. About half of it's underwater. And we'd need to extend it by about 4,000 ft and do some lateral drifts so that we can do our exploration activities. So there's a ton of work that still needs to happen.

根據林業局收到的反對意見的性質，可能會有更新的營運計劃，並可能在 2025 年第三季獲得批准。一旦該過程完成，我們基本上就有權對現有的 14,000 英尺進行脫水和修復。其中約有一半位於水下。我們需要將其延伸約 4,000 英尺並進行一些橫向漂移，以便我們能夠進行勘探活動。因此還有很多工作要做。

We do need to reestablish and re-validate the resource and then ultimately produce some sort of an economic study. So it's going to take quite a few years and a considerable amount of effort, but we do recognize the value of this asset portfolio.

我們確實需要重新建立和重新驗證資源，然後最終進行某種經濟研究。所以這將需要相當多的時間和大量的努力，但我們確實認識到這個資產組合的價值。

Rob, is this plan of operation. For exploration as opposed to tons per day mining for production and when you get, What do you think is the target concept for tons per day production? 2000, 10,000, 20,000 tons a day.

羅布，這是一個行動計畫。對於勘探而言，與每天開採數噸進行生產相比，當您獲得時，您認為每天生產數噸的目標概念是什麼？每天2000噸、10000噸、20000噸。

So it's a fairly flat lying ore body and it will likely be mined by Ruin pillar and so I don't know Matt, could you comment what a potential conceptual.

所以它是一個相當平坦的礦體，很可能會被廢墟柱開採，所以我不知道馬特，你能評論一下潛在的概念嗎？

The previous work that had been done has been targeted at 12,500 tons a day, so it's a relatively large production. It's relatively low grade. I mean you've got to get the tons up, so you're in that 100 to 15,000 ton a day range for a pillar and what Limits us from driving any farther. You just can't develop the headings fast enough to get more, but it's in that range. It's not a 2000, 3000 ton and it's not 50,000 tons.

先前的工作目標是每天生產 12,500 噸，因此產量相對較大。它的等級相對較低。我的意思是，你必須把噸位提高，所以一根柱子的日運輸量在 100 到 15,000 噸之間，這限制了我們繼續前進。您只是無法足夠快地開發標題以獲取更多信息，但它就在這個範圍內。它不是 2000 噸、3000 噸，也不是 50,000 噸。

I do want to emphasize that this is purely conceptual. All we have is well hopefully the permission to conduct exploration activities. It doesn't imply any pathway to mining yet. We still have quite a few hoops to jump through.

我確實想強調的是，這純粹是概念性的。我們希望獲得開展勘探活動的許可。它也不意味著任何採礦途徑。我們還有不少困難需要克服。

One last point, could you refresh me as to the tons per day when the Troy mine operated nearby. That was a similar flat lying ruin pillar.

最後一點，您能否告訴我附近特洛伊礦開採時每天的產量是多少噸？那是一根同樣平躺著的廢墟柱。

I'm sorry, I don't have that.

抱歉，我沒有。

I think that predates just about everyone in the room, so we'd have to look that one up for.

我認為這比房間裡的每個人都早，所以我們必須查找一下。

You. That's right. We'd have to go back and take a look.

你。這是正確的。我們得回去看看。

I went there 42 years ago. I'm too old. Excuse me.

42年前我去過那裡。我太老了。打擾一下。

Well thank you so much. I will now turn the call back over to Rob Krcmarov for closing remarks.

非常感謝。現在我將電話轉回 Rob Krcmarov 作結束語。

Okay, thank you everyone for joining us on the call and thank you all for your questions. We look forward to updating you next quarter if not earlier. Have a good day.

好的，感謝大家參加我們的電話會議，也感謝大家提出的問題。我們期待在下個季度甚至更早的時候向您更新資訊。祝你有美好的一天。

Thanks everyone. This does conclude today's conference call. You may now disconnect.

謝謝大家。今天的電話會議到此結束。您現在可以斷開連線。