Hecla Mining Co (HL) 2025 Q2 法說會逐字稿

Thank you for standing by. My name is Liz and I'll be a conference operator today. At this time, I would like to welcome everyone to the second quarter 2025 Hecla Mining Company earnings conference call. (Operator Instructions) Thank you. I would now like to turn the call over to Mike Parkin, Vice President of Strategy and Investor Relations. Please go ahead.

感謝您的支持。我叫 Liz，今天我將擔任會議主持人。現在，我歡迎大家參加 Hecla Mining Company 2025 年第二季財報電話會議。（操作員指示）謝謝。現在我想將電話轉給策略和投資者關係副總裁 Mike Parkin。請繼續。

Thank you, operator. Good morning and thank you for thank you all for joining us for Hecla's second quarter 2025 results conference call. I am Mike Parkin, Vice President of Strategy and Investor Relations. Our earnings release that was issued yesterday along with today's presentation are available on our website.

謝謝您，接線生。早安，感謝大家參加 Hecla 2025 年第二季業績電話會議。我是策略與投資者關係副總裁 Mike Parkin。我們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。

On today's call are 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, Exploration, Anvita Patil, Vice President Finance and Treasurer; and Matt Blattman, Vice President, Technical Services.

參加今天電話會議的有總裁兼執行長 Rob Krcmarov、資深副總裁兼財務長 Russell Lawlar、資深副總裁兼營運長 Carlos Aguiar、勘探副總裁 Kurt Allen、財務副總裁兼財務主管 Anvita Patil 和技術服務副總裁 Matt Blattman。

At the conclusion of our prepared remarks, we will be available to answer questions. Turning the slide 2. Our cautionary statement slide. Any forward-looking statements made today by the management team come under the Private Securities Litigation Reform Act and involve risks as shown on the slide too.

在我們準備好的發言結束時，我們將回答問題。轉動幻燈片 2。我們的警告聲明幻燈片。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，也涉及幻燈片上顯示的風險。

In our earnings release and in our 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 cited in this call and related slides are reconciled in the slides or the news release. I will now pass the call over to Rob.

在我們的收益報告和向美國證券交易委員會提交的 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. Turning the slide 3. Our strategic vision remains focused on four key pillars granted in ESG leadership that position Hecla for sustainable value creation. The first pillar is operational excellence. We're starting to implement semi-automation and advanced analytics across our operations. We're standardizing our systems and processes and improving mine planning to drive efficiency gains throughout the organization.

謝謝你，麥克，大家早安。轉動幻燈片3。我們的策略願景仍然專注於 ESG 領導力賦予的四大關鍵支柱，這些支柱使 Hecla 能夠創造可持續的價值。第一個支柱是卓越營運。我們開始在整個營運過程中實施半自動化和進階分析。我們正在標準化我們的系統和流程並改善礦山規劃，以提高整個組織的效率。

The second pillar is portfolio optimization. Our Casa Berardi strategic review has progressed well, and I'm pleased to report that we should be in a position to update the market in the coming weeks on the path forward. I also want to address the recent acquisition activity in the sector.

第二個支柱是投資組合最佳化。我們的 Casa Berardi 策略審查進展順利，我很高興地報告，我們應該能夠在未來幾週內向市場通報未來發展方向。我還想談談該領域最近的收購活動。

I believe the best opportunities to add value for shareholders is through deals that focus on earlier stage assets versus acquisitions of well defined producing assets that are already being fully valued in the market. So while we'll continue to evaluate potential opportunities as any prudent management team should, at this time we see more compelling value surfacing opportunities within our own robust project pipeline.

我認為，為股東增加價值的最佳機會是透過專注於早期資產的交易，而不是收購市場上已經充分估值的明確生產資產。因此，雖然我們會像任何審慎的管理團隊一樣繼續評估潛在的機會，但此時我們在我們自己強大的專案管道中看到了更多引人注目的價值機會。

Our third pillar focuses on disciplined capital allocation, so prioritizing high return projects while strengthening our balance sheet. We're structuring our framework to prioritize free cash flow generation with clear return on invested capital targets. This means that every dollar we deploy must meet analytically derived return hurdles.

我們的第三大支柱是注重嚴格的資本配置，因此優先考慮高回報項目，同時加強我們的資產負債表。我們正在建立我們的框架，優先考慮自由現金流的產生，並明確投資資本的回報目標。這意味著我們部署的每一美元都必須滿足分析得出的回報障礙。

Our effective execution on the ATM to deliver $212 million of the $475 million long term debt while minimizing shareholder dilution is a reflection of our capital allocation strategy in meeting these goals, and Russell's going to speak more on this in a moment.

我們在 ATM 上有效執行了 4.75 億美元長期債務中的 2.12 億美元，同時最大限度地減少了股東稀釋，這反映了我們為實現這些目標而採取的資本配置策略，Russell 稍後將就此進行更多說明。

Fourthly, we're committed to maintaining our silver market leadership. Our high quality operations averaging 14+ year reserve lives, which is double the peer average, and they operate exclusively in low risk jurisdictions. We strive to achieve these pillars and while continuing to aim to be an ESG leader in the silver sector through environmental stewardship, through strengthening First Nations partnerships and maintaining safety excellence.

第四，我們致力於維持白銀市場的領先地位。我們的高品質營運平均儲備壽命為 14 年以上，是同業平均的兩倍，並且僅在低風險管轄區內運作。我們努力實現這些支柱，同時繼續致力於透過環境管理、加強原住民夥伴關係和維持卓越的安全，成為白銀領域的 ESG 領導者。

Turning to slide 4, I want to walk you through the strategic recalibration at Keno Hill. That really demonstrates our discipline approach to value creation. Our focus on optimizing Keno Hill has confirmed that it is a core asset capable of delivering strong returns even at conservative middle price assumptions.

翻到投影片 4，我想向大家介紹基諾山的策略重新調整。這確實體現了我們創造價值的紀律方法。我們對 Keno Hill 優化的關注已證實，它是一項核心資產，即使在保守的中間價格假設下也能夠帶來強勁回報。

The assets our investment hurdle rates at $25 per ounce silver and approaches self-financing capability at current metal prices. The key strategic decision was revising our production targets to 440 tons per day, down from the original 550 to 600 tons per day baseline. And this isn't about scaling back, it's about optimization.

我們的投資資產的最低收益率為每盎司白銀 25 美元，以當前金屬價格計算，接近自籌資金能力。關鍵的策略決策是將我們的生產目標從原來的每天 550 至 600 噸下調至每天 440 噸。這並不是縮減規模，而是優化。

Through improved oil quality control, overrate reduction, and cost control, this throughport level delivers superior returns while preserving our expansion optionality. We've identified mining capacity as the primary near term production constraint and we have high confidence in achieving our targets through systematic capital deployment, including cement and tailings, plant construction, waste dump upgrades, mine development programs, tailings capacity expansion, and water treatment infrastructure enhancements.

透過改善石油品質控制、降低超額費率和控製成本，這個吞吐量水準在保留我們擴張選擇性的同時，帶來了卓越的回報。我們已將採礦能力確定為近期的主要生產限制因素，並且我們非常有信心透過系統的資本部署來實現我們的目標，包括水泥和尾礦、工廠建設、廢料場升級、礦山開發計劃、尾礦能力擴張和水處理基礎設施增強。

This measured approach gives us high confidence in achieving our target 440 tons per day while maintaining the flexibility to expand when the conditions are warranted. As we turn to slide 5, let me walk you through the compelling financial case for our 440 tons per day optimization at Keno Hill.

這種審慎的方法使我們對實現每天 440 噸的目標充滿信心，同時保持在條件允許時進行擴展的靈活性。當我們翻到第 5 張投影片時，讓我向您介紹我們在基諾山每天優化 440 噸的令人信服的財務案例。

The economics here are particularly strong. Look at the table in the upper left of the slide. At $30 silver, a significant discount to current spot prices. Keno Hill would deliver a 35% IRR over its reserve mine life. This return profile is well above our investment thresholds and demonstrates the potential quality of this asset.

這裡的經濟特別強勁。查看投影片左上角的表格。白銀價格為 30 美元，較當前現貨價格有大幅折扣。Keno Hill 在其礦山儲量壽命內將實現 35% 的內部收益率。這一回報率遠高於我們的投資門檻，並證明了該資產的潛在品質。

Even under our conservative case at $25 per ounce silver, the project would generate a solid 15% IRR from January 1, 2025 forwards. The sixteen-year reserve life provides another strategic advantage. This longevity has the potential to capture value through multiple meal cycles.

即使按照我們保守的預測，即每盎司白銀價格為 25 美元，該項目從 2025 年 1 月 1 日起也將產生 15% 的穩定 IRR。16 年的儲備壽命提供了另一項策略優勢。這種長壽有可能透過多個用餐週期來獲取價值。

As illustrated by the red line on the chart, we expect there is the potential for particularly strong free cash flow generation in later years as the mine reaches its steady state production of 440 tons per day. And of course ongoing exploration success could extend the mine life which could further enhance the already attractive returns.

如圖中的紅線所示，我們預計，隨著礦場達到每天 440 噸的穩定產量，未來幾年將有可能產生特別強勁的自由現金流。當然，持續的勘探成功可以延長礦山壽命，從而進一步提高已經很有吸引力的回報。

I'll now discuss the medium term outlook for Keno Hill and some of the major projects we'll undertake to deliver the asset into nameplate capacity. Slide 6 outlines our systematic approach to ramping up Keno Hill to its optimized production level. Our production timeline demonstrates a measured de-risk path from current operations to 440 tons per day, which we anticipate achieving in 2028.

我現在將討論基諾山的中期前景以及我們為使資產達到額定容量而將開展的一些主要項目。投影片 6 概述了我們將 Keno Hill 提升至優化生產水準的系統方法。我們的生產時間表展示了從目前營運到每天 440 噸的一條可衡量的去風險路徑，我們預計將在 2028 年實現這一目標。

The key here is that we're building Keno with a long term future in mind rather than rushing the ramp up. And this approach allows for sustainable returns to our shareholders while ensuring that ESG excellence through our commitment to environmental stewardship and partnering with the local First Nations.

這裡的關鍵是，我們在建造 Keno 時著眼於長遠的未來，而不是急於求成。這種方法可以為我們的股東帶來可持續的回報，同時透過我們對環境管理的承諾和與當地原住民的合作確保 ESG 的卓越性。

And from an infrastructure perspective, our tailing storage facility will operate under Phase 3, under Phase 2 through 2028, when Phase 3 will seamlessly take over. This sequencing aligns with our waste storage capacity and existing permitting framework, diminishing the risk of potential bottlenecks.

從基礎設施的角度來看，我們的尾礦儲存設施將按照第三階段、第二階段運行至 2028 年，屆時第三階段將無縫接管。這種排序與我們的廢棄物儲存能力和現有的許可框架一致，從而降低了潛在瓶頸的風險。

Now while our analysis confirms that 440 tons per day meets our return thresholds, even at conservative silver price assumptions, we've preserved valuable optionality. The infrastructure we're building can support expansion beyond this level should future conditions warrant.

現在，雖然我們的分析證實每天 440 噸符合我們的回報門檻，但即使在保守的白銀價格假設下，我們也保留了寶貴的選擇權。如果未來條件允許，我們正在建造的基礎設施可以支持超越這一水準的擴展。

Meanwhile, our exploration program continues to deliver consistently replacing depletion and growing our resource base. So what we're accomplishing at Keno Hill is systematic de-risking while advancing the project towards sustainable, profitable production. And with each milestone we achieve, we're increasing our confidence in the project's potential to deliver meaningful returns to our shareholders.

同時，我們的勘探計劃將繼續穩步補充枯竭的資源並擴大我們的資源基礎。因此，我們在基諾山所取得的成就是系統性地降低風險，同時推動專案邁向可持續、獲利的生產。隨著我們實現的每一個里程碑，我們對該專案為股東帶來豐厚回報的潛力的信心不斷增強。

As with any development project, execution remains key. Turning to slide 7, the second quarter delivered exceptional results across multiple metrics. On the financial side, we achieved record sales of $304 million. Net income applicable to common shareholders of nearly $58 million and record adjusted EBITDA of $133 million improving our net leverage ratio to 0.7 times.

與任何開發專案一樣，執行仍然是關鍵。翻到第 7 張投影片，第二季在多項指標上都取得了卓越的成績。在財務方面，我們實現了創紀錄的 3.04 億美元的銷售額。普通股股東淨利接近 5,800 萬美元，調整後 EBITDA 達到創紀錄的 1.33 億美元，淨槓桿率提高至 0.7 倍。

We generated cash from operations of over $160 million and record quarterly free cash flow of $104 million. Operationally we produced 4.5 million ounces of silver and nearly 46,000 ounces of gold. Our silver operations delivered cash costs at negative $5.46 per ounce, and all the sustaining costs of $5.19 per ounce. That's after byproduct credits.

我們從經營活動產生的現金超過 1.6 億美元，季度自由現金流達到 1.04 億美元。我們在營運中生產了 450 萬盎司白銀和近 46,000 盎司黃金。我們的白銀業務的現金成本為每盎司負 5.46 美元，所有維持成本為每盎司 5.19 美元。這是副產品積分之後的數值。

Casa Berardii's unit costs dropped by over $600 per ounce over the prior quarter. And Lucky Friday set a new quarterly milling record. On Green's Creek, strong performance year-to-date. We made positive revisions to gold production and silver cost guidance with the new guidance summarized in slide 24 in the appendix of this presentation. I'll now hand the call over to Russell for a detailed financial review.

Casa Berardii 的單位成本比上一季每盎司下降了 600 多美元。「幸運星期五」創下了新的季度銑削記錄。格林溪 (Green's Creek) 今年迄今表現強勁。我們對黃金產量和白銀成本指導進行了積極修訂，新指導總結在本簡報附錄的第 24 張投影片中。我現在將把電話交給 Russell 進行詳細的財務審查。

Thank you, Rob. Turning to slide 9. Our capital allocation priorities center on strengthening our balance sheet, investing in our highest return opportunities across our portfolio, and maximizing free cash flow generation. As we focus on these priorities, we're investing in organic growth, notably this was Keno Hill's first positive free cash flow quarter under our ownership.

謝謝你，羅布。翻到第 9 張投影片。我們的資本配置重點是加強我們的資產負債表、投資於我們投資組合中回報最高的機會以及最大限度地產生自由現金流。當我們專注於這些優先事項時，我們正在投資有機成長，值得注意的是，這是我們擁有期間 Keno Hill 首次實現正自由現金流的季度。

We continue focusing on deleveraging, having improved our net leverage ratio to 0.7 times, and earlier this week we initiated a partial redemption for $212 million of our senior notes. Additionally, we also repaid our investment Quebec notes totaling $50 million Canadian from free cash flow in July. We're also progressing on portfolio optimization with strategic review, with the strategic review of Casa Berardi and disposal of an encore exploration property and a non-core equity position.

我們繼續致力於去槓桿，將淨槓桿率提高到 0.7 倍，本週早些時候，我們啟動了 2.12 億美元優先票據的部分贖回。此外，我們在 7 月也以自由現金流償還了總額 5,000 萬加元的魁北克票據投資。我們也正在透過策略審查來推進投資組合優化，包括對 Casa Berardi 進行策略性審查以及處置再勘探資產和非核心股權。

On the right hand side of the slide, you'll note that our producing asset base generated over $100 million in free cash flow, a new quarterly record with all four mines contributing to this total. Moving on to slide 10, silver made up 41% of our consolidated revenue, with gold increasing to 42% based on the performance of Casa Berardi in Green's Creek, in addition to the increase in the price of gold, while base metals made up the remaining 17%.

在投影片的右側，您會注意到我們的生產資產基礎產生了超過 1 億美元的自由現金流，創下了新的季度紀錄，所有四個礦山都為這一總額做出了貢獻。我們繼續看第 10 張投影片，白銀占我們綜合收入的 41%，而黃金收入則由於 Green's Creek 的 Casa Berardi 的業績以及金價上漲而增至 42%，而基本金屬則佔剩餘的 17%。

With the increase in the silver price, we've also seen an expansion in our margins which grew from 65% last quarter to 85% this quarter with silver AI of $5.19 per ounce after buy credits. I'll discuss the details more on the next slide, but in addition to the performance of our operations, we took steps during the quarter to improve our balance sheet, which resulted in our net leverage ratio improving significantly from 2.7 times from 1.5 times last quarter.

隨著白銀價格的上漲，我們的利潤率也隨之擴大，從上一季的 65% 成長至本季的 85%，扣除買入信用後的白銀 AI 為每盎司 5.19 美元。我將在下一張投影片中詳細討論，但除了我們的營運表現之外，我們還在本季度採取了措施來改善我們的資產負債表，這導致我們的淨槓桿率從上一季的 1.5 倍大幅提高到 2.7 倍。

Turning to slide 11, our strategic approach to raising capital demonstrates prudent financial management in which we utilize our ATM facility to raise funds for a partial redemption of the senior notes. We chose the ATM facility to execute this capital raise to minimize shareholder deletion versus traditional equity offerings which have had discounts of more than 10% this year, whereas we executed the ATM at a price which is approximately 10% higher than the volume weighted average price for the quarter at a minimal cost to our shareholders.

轉到第 11 張投影片，我們籌集資金的策略方針體現了審慎的財務管理，我們利用 ATM 設施籌集資金，用於部分贖回優先票據。我們選擇 ATM 工具來執行此次融資，以盡量減少股東損失，而今年傳統的股票發行折扣已超過 10%，而我們執行 ATM 的價格比本季成交量加權平均價格高出約 10%，對股東而言成本最低。

This plan planned debt reduction lowers our overall future interest expense by about $16 million on an annual basis. We anticipate the interest savings will be reinvested to accelerate value creating activities, including investment in our operations, expanded exploration programs, as well as strengthening the balance sheet.

該計劃計劃的債務削減每年將使我們未來的整體利息支出降低約 1,600 萬美元。我們預計節省的利息將被重新投資，以加速創造價值的活動，包括投資我們的營運、擴大勘探計劃以及加強資產負債表。

Our strong existing asset base provides us confidence in our ability to service the remaining debt, even apart from using the proceeds from any potential asset sales and fund growth initiatives while maintaining operational flexibility. So going forward, we would prioritize other needs for debt reduction before issuing more equity. I'll now turn the call to Carlos to discuss the details of our operations.

我們現有的強大資產基礎使我們有信心有能力償還剩餘債務，即使不使用任何潛在資產出售和基金成長計畫的收益，同時保持營運彈性。因此，展望未來，我們將優先考慮其他減債需求，然後再發行更多股票。現在我將把電話轉給卡洛斯，討論我們行動的細節。

Thank you, Russell. I'll begin on this slide 13. Green rate continues to be our flagship asset, generating a strong free cash flow. The second quarter silver production was 2.4 million ounces, a 21% increase over the first quarter, with silver grade averaging 13.54 ounces per ton.

謝謝你，拉塞爾。我將從第 13 張投影片開始。綠色利率繼續成為我們的旗艦資產，產生強勁的自由現金流。第二季白銀產量為240萬盎司，較第一季成長21%，平均銀品位為每噸13.54盎司。

Total cost of sale decreases 15% to just under $59 million. Our second quarter silver cash costs were negative $11.91 per ounce, and all sustaining costs were $8.19 per ounce, both after byproduct credits. Better than expected gold production and higher gold prices dropped through strong cost performance over the prior quarter.

總銷售成本下降 15% 至略低於 5,900 萬美元。我們第二季的白銀現金成本為每盎司負 11.91 美元，所有維持成本為每盎司 8.19 美元（均扣除副產品成本）。黃金產量優於預期，金價上漲，但上一季成本表現強勁。

The operation generated over $75 million in operating cash flow and $69 million in free cash flow. For Greens Creek, we maintain our silver production guidance, increase gold production guidance, and reduce cost guidance because we expect higher byproduct credits from gold.

該業務產生了超過 7,500 萬美元的營運現金流和 6,900 萬美元的自由現金流。對於 Greens Creek，我們維持白銀產量指引，提高黃金產量指引，並降低成本指引，因為我們預期黃金的副產品信用額度會更高。

The table on the slide 13 summarize the guidance for the mind. Turning to slide 14, Lucky Friday achieved a new quarterly me record of over 114,000 tons, beating the first quarter record by 5%. We maintained consistent silver production of 1.3 million ounces with grapes of 12.5 ounces per ton.

投影片 13 上的表格總結了對思考的指導。翻到第 14 張投影片，幸運星期五創下了超過 114,000 噸的季度新紀錄，比第一季紀錄高出 5%。我們保持了 130 萬盎司的穩定白銀產量，每噸葡萄產量為 12.5 盎司。

Total cost of sales decreases 4% to $42.3 million with cash cost of $6.19 per ounce and also staining costs of $19.07 per ounce. The operation generated $20.7 million in operating cash flow and nearly $5 million in free cash flow. We expect the third quarter to be our software production quarter of the year due to plant capital project that will impact hoist's availability, which was anticipated in a February guidance. Lucky Friday guidance remains with no change.

總銷售成本下降 4% 至 4,230 萬美元，其中現金成本為每盎司 6.19 美元，染色成本為每盎司 19.07 美元。該業務產生了 2,070 萬美元的營運現金流和近 500 萬美元的自由現金流。我們預計第三季度將成為我們今年的軟體生產季度，因為工廠資本項目將影響起重機的可用性，這在二月份的指導中已經有所預測。幸運星期五指導保持不變。

Turning to slide 15. Keno Hill's second quarter silver production reached just over 750,000 ounces at a milling rate of just under 300 tons per day as we continue ramping to higher tonnage rates. Importantly, we delivered $2.7 million in free cash flow in the second quarter, our first positive free cash flow quarter under Hecla ownership.

翻到第 15 張投影片。隨著我們繼續提高產量，Keno Hill 第二季度的白銀產量達到略高於 750,000 盎司，每日加工率略低於 300 噸。重要的是，我們在第二季度實現了 270 萬美元的自由現金流，這是我們在 Hecla 所有權下第一個實現正自由現金流的季度。

The operation remains in pre-commercial production as the ramp up continues and capital projects are executed. The cemented tailing plant construction work is progressing well, and we expect completion at the year end. On the slide 16, Berardi showed significant cost improvements over the prior quarter, with both cash cost and only only sustaining costs decreased by more than 600 per ounce.

隨著產能繼續提升和資本項目的實施，該業務仍處於預商業化生產階段。水泥尾礦庫建設工作進展順利，預計年底完工。在投影片 16 上，Berardi 顯示了與上一季相比成本的顯著改善，現金成本和僅維持成本每盎司下降了 600 多美元。

Second quarter gold production increases 37% to just over 28,000 ounces, driven by planet increases in bulk underground and surface or grapes. We expect the stripping ratio of the 160% to decline in the fourth quarter with our surface mining contractor completing the mobilization. This will drive further cost reduction while maintaining full in capacity.

第二季黃金產量成長 37%，達到 28,000 盎司多一點，這得益於全球地下和地表黃金產量的增加。隨著我們的露天採礦承包商完成動員，我們預計第四季的剝離率將由160%下降。這將在保持滿載運轉的同時進一步降低成本。

Cash costs in the second quarter improved to $1,578 per ounce, and only in sustaining costs to $1,669 per ounce. We expect to provide an update on a strategic review process in the coming weeks. I will now pass the call to Kurt.

第二季現金成本改善至每盎司 1,578 美元，且僅維持成本至每盎司 1,669 美元。我們預計將在未來幾週內提供有關戰略審查流程的最新資訊。我現在將電話轉給庫爾特。

Thanks, Carlos. Turning to slide 17, I will give an update on the activities going on in Nevada. Historically, Midas produced 2.2 million ounces of gold and 27 million ounces of silver at exceptional grades. With a fully permitted mill, ample tailings capacity, and 30,000 acres barely explored. Midas offers potentially transformative upside.

謝謝，卡洛斯。翻到第 17 張投影片，我將介紹內華達州正在進行的活動的最新情況。從歷史上看，Midas 曾生產過 220 萬盎司黃金和 2700 萬盎司白銀，品質極佳。擁有完全許可的工廠、充足的尾礦容量以及尚未開發的 30,000 英畝土地。Midas 具有潛在的變革性優勢。

The 2020-2021 center discovery, containing 169,000 ounces of gold and inferred resources, hints at a larger untapped system. Active drilling is delivering results. 7 of 12 planned holes are completed and have yielded two new gold bearing structures with visible gold. This is not from infill drilling or incremental extensions, but from areas located over two miles from the existing underground development and dense drilling, and that really is what makes this particularly exciting.

2020-2021 年中心發現的金礦含有 169,000 盎司黃金和推斷資源，暗示著還有更大的未開發系統。積極的鑽探正在取得成果。計劃中的 12 個鑽井中有 7 個已經完成，並產生了兩個可見金的新含金結構。這不是來自加密鑽井或增量延伸，而是來自距離現有地下開發和密集鑽井兩英里以上的區域，這才是真正令人興奮的地方。

These potentially emerging discoveries combined with widespread mineralization indicators throughout the area, support potential for a significant new deposit. A recent draft engineering assessment confirms the mill remains in good condition, requiring only modest capital to restart.

這些潛在的新發現，加上整個地區廣泛的礦化指標，支持了存在重要新礦床的潛力。最近的工程評估草案證實，該工廠狀況良好，僅需少量資金即可重新啟動。

Hollister was historically ranked as North America's third highest grade underground gold mine, producing 0.5 million ounces of gold equivalent. Located within trucking distance of Midas's processing facilities, the large property shows extensive surface alteration and mineralization. The Hatterrobin resource anchors multiple high grade expansion targets with additional potential at [Santeria].

霍利斯特曾被評為北美第三大地下金礦，黃金產量為 50 萬盎司。此大型礦區位於 Midas 加工廠的卡車運輸距離內，顯示出廣泛的表面蝕變和礦化。Hatterrobin 資源支撐多個高品位擴張目標，並具有額外潛力[薩泰里阿教]。

Both assets feature proven high grade production history, existing infrastructure eliminating major capital needs and vast unexplored potential. With that, I'll turn it back to Rob.

這兩項資產均具有經過驗證的高品位生產歷史、現有的基礎設施消除了重大資本需求以及巨大的未開發潛力。說完這些，我就把話題轉回給 Rob。

Thanks Kurt. Turning to slide 18. Our 2025 strategy focuses on four key themes. First, we're focused on creating long-term value at Keno Hill by prioritizing permitting and project execution. Second, we'll continue deleveraging through strong free cash flow generation.

謝謝庫爾特。翻到第 18 張投影片。我們的 2025 策略重點在於四個關鍵主題。首先，我們專注於透過優先考慮許可和專案執行來為基諾山創造長期價值。其次，我們將繼續透過強勁的自由現金流來去槓桿。

Third, we're establishing a capital allocation framework to ensure smart organic investment, and 4th, we're rationalizing our portfolio with the Casa Berardi strategic review expected to conclude in the coming weeks. I now want to address why I feel Hecla mining makes for a compelling investment opportunity, so please turn to slide 19.

第三，我們正在建立資本配置框架，以確保明智的有機投資；第四，我們正在合理化我們的投資組合，預計 Casa Berardi 策略評估將在未來幾週內完成。現在我想談談為什麼我認為赫克拉礦業是一個引人注目的投資機會，請翻到第 19 張投影片。

Heckler's competitive advantage is evident in our industry leading reserve mine life. Our average reserve mine life of 14 years is double the silver industry peer average of just seven years. This provides exceptional stability and long term value creation potential and allows for us to invest in these operations under the belief that we have more than a decade to earn a return on investments.

Heckler 的競爭優勢體現在我們領先業界的礦場儲備壽命。我們的平均礦場儲備壽命為 14 年，是白銀行業同業平均壽命（僅 7 年）的兩倍。這提供了卓越的穩定性和長期價值創造潛力，並使我們能夠在投資這些業務的前提下相信我們有十多年的時間來獲得投資回報。

But not only do our mines have world class mine lifes, they're also positioned in the US and Canada, which gives us the best jurisdictional risk ranking of any of our peers. Moving on to slide 20, we see another reason to own Hecla shares and what makes our portfolio unique.

但是，我們的礦山不僅擁有世界一流的礦山壽命，而且位於美國和加拿大，這使我們在同行中擁有最佳的司法風險排名。翻到第 20 張投影片，我們看到了持有 Hecla 股票的另一個原因以及我們的投資組合的獨特之處。

Hecla offers investors substantial silver revenue exposure. With about 45% of our nine month 2024 revenue coming from silver, amongst the highest in our peer group, and this calculation includes peer transactions on a pro forma basis. Our silver exposure has remained strong, with second quarter results showing 41% of revenues from silver sales.

Hecla 為投資者提供了豐厚的白銀收益。我們 2024 年 9 個月的收入中約有 45% 來自白銀，在同業中名列前茅，而這項計算包括形式上的同業交易。我們的白銀業務依然強勁，第二季業績顯示 41% 的營收來自白銀銷售。

Our asset portfolio is heavily focused on silver with both revenues and resources concentrated in this precious metal. And finally on slide 21, we compare Hecla to our immediate peer group on core valuation metrics. We believe heckler represents the best value investment in the mid cap silver space. We trade at approximately $1 silver equivalent ounce of total resources, the lowest amongst mid cap peers.

我們的資產組合主要集中在白銀，收入和資源都集中在這種貴金屬上。最後，在第 21 張投影片上，我們將 Hecla 與我們的直接同業在核心估值指標上進行了比較。我們相信 Heckler 代表了中型白銀領域最有價值的投資。我們交易的總資源量約為 1 美元白銀當量盎司，是中型同行中最低的。

And at 1.3 times net, which puts us at the low end of the peer range. The bubble sizes on this chart are equally important. They reflect jurisdictional quality with larger bubbles indicating safer jurisdictions, and as you can see, Hecla's focus on safe jurisdictions is demonstrated by our bubble size relative to our peers.

淨值是 1.3 倍，處於同行範圍的低端。此圖表上的氣泡大小同樣重要。它們反映了司法管轄區的質量，氣泡越大表示司法管轄區越安全，正如您所見，Hecla 對安全司法管轄區的關注體現在我們相對於同行的氣泡大小上。

This undervaluation represents significant asset revaluation upside as we shift capital towards high return projects, designed to unlock the true value of our mineral reserves and resources, and I'm confident that over time and through continued execution, our true value will be better reflected in our share price.

這種低估代表著資產重估的巨大上升空間，因為我們將資本轉向高回報項目，旨在釋放礦產儲備和資源的真正價值，我相信隨著時間的推移和持續執行，我們的真正價值將更好地反映在我們的股價中。

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

有了那位接線生，我想開始回答問題。

(Operator Instructions)

（操作員指示）

Wayne Lam, TD Securities Inc.

道明證券公司 (TD Securities Inc.) 的 Wayne Lam

Yeah, thanks. Morning guys. Maybe at Green's Creek, congrats on a good quarter there operationally. Just wondering what was driving the higher grades and the outperformance there in the quarter. Was that a function of positive reconciliation or were those higher grades anticipated as part of the mind plan?

是的，謝謝。大家早安。也許是在 Green's Creek，恭喜該季度運作良好。我只是想知道是什麼推動了本季更高的評級和優異的表現。這是積極和解的作用嗎？還是這些更高的成績是作為心智計畫的一部分而預期的？

And then just wondering maybe if there's potential for us to kind of continue here, or should we expect a bit of a reversion in the back half of the year?

然後我只是想知道我們是否有可能繼續這樣做，或者我們是否應該預期今年下半年會出現一些回歸？

So we are expecting to continue with similar grades for the remainder of the year, and the main reason about it was a good execution. We had additional areas available to with better grades and that was the main reason for it.

因此，我們預計今年剩餘時間將繼續保持類似的成績，主要原因是執行良好。我們有更多可用區域可以獲得更好的成績，這是主要原因。

Okay. Got it, thanks. And then maybe Keno Hill, it seems like there's been quite a change in commentary quarter to quarter, maybe helped by the continued strength in mails prices.

好的。明白了，謝謝。然後也許是基諾山，似乎每季的評論都有很大的變化，也許是受到郵件價格持續走強的推動。

I guess last quarter, the commentary seemed to indicate that the 440 tons wasn't sustainable, given the confines of the current permit constraints. So just wondering, what's changed there, that would enable you to reach that target? Are you getting, are you anticipating more or, from Birmingham or Flaming Moth or just wondering what's driving, the change of thinking here.

我想上個季度的評論似乎表明，考慮到當前許可限制，440 噸是不可持續的。所以只是想知道，那裡發生了什麼變化，可以讓你實現這個目標嗎？您是否得到了更多，您是否期待從伯明翰或火焰蛾獲得更多，或者只是想知道是什麼推動了這裡思維的轉變。

We started the year with thanks for your question. We started the year with just Birmingham. We've expanded the flame and moths so we have a little bit more operational flexibility. We're also now focused on reducing overbreak, controlling dilution, or control, all those sorts of things. Anything you want to add, Carlos on that?

我們以對您的提問的感謝作為新年伊始。我們今年的開端只是在伯明罕。我們擴大了火焰和飛蛾的範圍，因此我們的操作更加靈活。我們現在也專注於減少過度挖掘、控制稀釋或控制等等。卡洛斯，您還有什麼要補充的嗎？

And it's just the proper balance between capital execution permitting and a space for growth. So we are trying to balance all the components and that's it.

這只是資本執行許可和成長空間之間的適當平衡。因此，我們正在嘗試平衡所有組成部分，僅此而已。

Okay, but you have enough capacity on the back end to get to the 440 tons given the current permit constraints.

好的，但是考慮到目前的許可限制，您在後端有足夠的容量來達到 440 噸。

We won't be getting there this year. That will still take some time, but we do expect to see an increase next year.

我們今年不會到達那裡。這仍然需要一些時間，但我們確實預計明年會出現成長。

Okay, and then maybe just, one last question for me, maybe on the debt, just wondering in the context of record prices and the number of your peers being able to deliver organically, and buy back some stock. Did you guys feel as though the portfolio is not positioned to where the current operations would be able to service that debt?

好的，然後也許對我來說只是最後一個問題，也許是關於債務的，我只是想知道在創紀錄的價格和能夠有機交付併回購一些股票的同行數量的情況下。你們是否覺得投資組合的定位不足以透過目前的營運來償還債務？

And then maybe just wondering if you, in conjunction with the elimination of the silver link dividend, has the capital allocation strategy changed here or just wondering why you felt the need to retire a large amount of the notes with quite a bit of term left on the debt?

然後也許您只是想知道，隨著白銀掛鉤股息的取消，您的資本配置策略是否發生了變化，或者您只是想知道為什麼您覺得有必要在債務期限還剩下相當長一段時間的情況下贖回大量票據？

Yeah, thanks. The idea behind that was both the Silverlink dividend and the interest that leaves the company to service the debt. Those funds would be better served by our investors to be invested in our operations and in the opportunities that we have within our portfolio. And so we took the opportunity to reduce the debt so that we could increase the cash flow and reinvest in the assets.

是的，謝謝。背後的想法是 Silverlink 股息和公司用來償還債務的利息。我們的投資者可以更好地利用這些資金來投資我們的營運以及我們投資組合中的機會。因此，我們藉此機會減少債務，以便增加現金流並重新投資於資產。

You heard Kurt talk about Nevada. We've owned Nevada for quite some time. We've been high on Nevada for quite some time, but the exploration there has been kind of fits and starts as we've had cash flows. So what we're looking to do is really generate consistent cash flows so that we can then reinvest those cash flows back into those areas that will benefit our investors the most.

您聽到庫爾特談論內華達州。我們擁有內華達州已經相當長一段時間了。我們對內華達州的興趣已經持續了相當長一段時間，但由於現金流的原因，那裡的勘探工作一直斷斷續續。因此，我們希望真正產生穩定的現金流，以便我們可以將這些現金流重新投資到最有利於我們投資者的領域。

Okay, great. Thanks for taking my questions and congrats on the quarter.

好的，太好了。感謝您回答我的問題並祝賀本季取得佳績。

Heiko Ihle, H.C. Wainright & Co.

海科‧伊勒 (Heiko Ihle)，H.C.溫賴特公司

Hey, Rob and team. Thanks for taking my questions.

嘿，羅布和他的團隊。感謝您回答我的問題。

Good morning, Michael.

早上好，麥可。

Perfect. At Casa, you state in the release that the pit stripping ratio is expected to decline in the 4th quarter of this year, and that should be further reducing your costs. Two part follow up to that. First of all, we're halfway through next Q3 next week.

完美的。在 Casa，你們在新聞稿中表示，預計今年第四季礦坑剝離率將下降，這應該會進一步降低你們的成本。接下來是兩部分內容。首先，下週我們將進入第三季的一半。

Can you provide a bit of color on what we should model for this quarter and then maybe also quantify the improvements in the stripping ratio that you expect to see in Q4 and your current costs to haul that waste, please.

您能否稍微介紹一下我們本季應該採用的模型，然後量化您預計在第四季度看到的剝離率的改善以及您目前運輸這些廢物的成本。

Hi, this is Matt Blattman. There's a lot of pieces that are moving here, but one of the primary factors of the decrease in stripping ratio is the pit is nearing the end of its mine life. So as you go down deeper in the pit, your stripping ratio is just going to increase or improve geometrically as it goes down.

大家好，我是 Matt Blattman。這裡有很多東西在移動，但剝離率下降的主要因素之一是礦坑的開採壽命即將結束。因此，隨著礦井深入，剝離率將會呈現幾何級數增加或提高。

So, we started off the year somewhere around that 15 to 20 to 1 stripping. We're probably close to 10 to 1 at this point, and then you'll just see it completely decrease over the next 18 months until that last ton of ore that comes out is probably 1 to 1.

因此，我們年初的剝離率大約是 15 到 20 比 1。目前，我們的比率可能接近 10 比 1，然後你會看到它在接下來的 18 個月內徹底下降，直到產出的最後一噸礦石比率可能達到 1 比 1。

So we're probably looking. It's something like a 10% decrease before the end of the year, but it's just going to go slowly until we reach the end.

所以我們可能正在尋找。到年底之前，降幅大概是 10%，但直到年底，降幅都會緩慢下降。

Maybe I'll jump in just a little bit, right, because clearly we don't give guidance on a quarterly basis. We've seen the stripping ratio go down as we've gone through the year, and you see that come through in the economics.

也許我會稍微插播一點，因為顯然我們不會按季度提供指導。我們看到，隨著時間的流逝，剝離率一直在下降，這在經濟上得到了體現。

We expect as that stripping ratio will go down, we'll be able to reduce contract reliance, which we should see then a cost improvement from that. And as we look at the guidance that we've provided, we expect to meet the annual guidance throughout the year, but clearly we don't give that quarter by quarter.

我們預計，隨著剝離率的下降，我們將能夠減少對合約的依賴，從而看到成本的改善。當我們查看所提供的指導時，我們預計全年都會達到年度指導，但顯然我們不會逐季度給予指導。

Fair enough. And then if the permitting process, of the cost to haul the ways. Any color on that?

很公平。然後，如果許可流程順利，運輸成本也會增加。有顏色嗎？

I wouldn't expect a dramatic change. I mean, as we go deeper, the distances are going to get farther. So the biggest improvement we'll see is as we let the mining contractor go we mine with our own fleet that will help, but like I said, the haulage distances are just going to get more longer for us and not going to help.

我不期望會發生巨大的變化。我的意思是，隨著我們走得更深，距離將會變得更遠。因此，我們將看到的最大改進是，當我們讓採礦承包商離開時，我們會用自己的車隊進行採礦，這會有所幫助，但就像我說的那樣，運輸距離對我們來說只會越來越長，而且不會有幫助。

Got it. And I guess there is a strategic review process here, but I mean with the permitting process for the new pits at Casa. How much time should we mentally be looking at for that to happen and maybe just cash cost, like the cost that you pay to get the sun, I assume are reasonably de minimis, correct?

知道了。我想這裡有一個策略審查過程，但我指的是 Casa 新礦坑的許可過程。我們應該在心理上考慮多少時間才能實現這一點，也許只是現金成本，例如你為獲得太陽而支付的成本，我認為是合理的最低限度，對嗎？

It's not a super well defined process. It takes time. There's review periods. There's backwards and forwards. What we've previously said is that there was going to be a five year permitting hiatus, and that would allow us towards the tail end of that.

這不是一個定義非常明確的過程。這需要時間。有審查期。有後退，也有前進。我們之前曾說過，將會有一個五年的許可暫停期，這將使我們能夠接近這個期限的尾聲。

We would do some pre-stripping, some dewatering, and so on and so forth, getting ready. That's all we can say. We can't be much more specific than that at this point.

我們會做一些預剝離、脫水等等準備。我們只能說這些。目前我們還不能說得更具體。

Cool. Okay, I'll get back to you. Thank you.

涼爽的。好的，我會回覆您。謝謝。

Joe Reagor, Roth Capital Partners.

羅斯資本合夥公司的喬·里格 (Joe Reagor)。

Hey guys, thanks for taking the questions. I guess, first one back on Keno on the slide 5 from the presentation. It shows, that it's a 440 tons per day, that the free cash flow increases starting pretty much in 2028. Is that driven by higher grades, lower caps, a combination thereof, just so we can, model out that.

嘿夥計們，感謝你們回答問題。我想，先回到簡報第 5 張投影片上的 Keno。數據顯示，每天的產量為 440 噸，自由現金流從 2028 年開始大幅增加。這是由更高的等級、更低的上限或兩者的結合所驅動的嗎，這樣我們就可以對此進行建模。

Joe, jump in here. It's a combination of a few things. You do see some of the larger projects coming to an end at that point, so we do see capital coming off to some degree. If you flip to the next slide, you will see that there are some projects that will have to obviously continue and we have to continue mine development and those types of things.

喬，跳進來。這是一些事情的結合。你確實會看到一些較大的項目在那時結束，所以我們確實看到資本在某種程度上減少。如果你翻到下一張投影片，你會看到有些專案顯然必須繼續，我們必須繼續進行礦場開發和諸如此類的事情。

So it's not the capital comes to an absolute halt, but it does, as we complete the King's batchfield plant, there's some water treatment capacity, those types of things. When those things come to a completion, you do see the capital decrease. You also see the throughput, that throughput getting to 440 tons per day will scale up and get to that 440 tons per day kind of late in this decade is the anticipation.

因此，並不是資本完全停滯，而是隨著我們完成 King's batchfield 工廠，有一些水處理能力，諸如此類的事情。當這些事情完成時，你確實會看到資本減少。您還可以看到吞吐量，吞吐量將達到每天 440 噸，預計在本世紀末達到每天 440 噸。

And so as a result you see more throughput and therefore you would see higher ounce production as well.

因此，您會看到更高的吞吐量，因此您也會看到更高的盎司產量。

Okay, that's helpful and then over at Green's Creek, it looks like it could have been an even better quarter. I mean, it was already a pretty good quarter for the mine, but it could have been a better quarter, if not for maybe some concentrate that didn't get shipped out in time to count it. And should we expect that to get sold next quarter?

好的，這很有幫助，然後在 Green's Creek 看來，本季的表現可能會更好。我的意思是，對於礦山來說這已經是一個相當不錯的季度了，但如果不是因為一些精礦沒有及時運出進行計算，它本來可能會是一個更好的季度。我們是否應該期待它在下個季度售出？

Yeah, Green's Creek, we've talked about this, it's the sales can be lumpy, right, because we ship out essentially generally once per month on a ship. And so depending on when you ship within the month, we had a shipment in June, but it was kind of earlier in the month of June and compared to in March, it was later in the month of March and so we just had an inventory buildup.

是的，Green's Creek，我們已經討論過這個問題，銷售可能會不穩定，對吧，因為我們基本上每個月都會用船發貨一次。因此，根據您在當月的發貨時間，我們在 6 月份有一批貨物發貨，但 6 月份發貨時間比較早，與 3 月份相比，3 月份發貨時間比較晚，因此我們只是積壓了庫存。

And it really just comes down to when a ship would leave in September, whether we would have that inventory kind of remain stable or whether we would see a drawdown in inventory.

這實際上取決於九月船舶何時啟航，我們的庫存是否會保持穩定，或者庫存是否會減少。

Okay, but at some point it'll perspective. But at some point it, it'll be sold. It's just, it's not necessarily going to show up in Q3, it's just eventually going to show up?

好的，但從某個角度來看它會是這樣的。但到了某個時候，它會被賣掉。只是，它不一定會在第三季出現，它最終會出現嗎？

Oh yeah, absolutely, and you know it's, we have to put together, in one ship you may have 2 or 3 different parcels going to two or three different customers and so you know you're managing that process trying to both manage the inventory on site as well as getting ships in and out based on tides and light and when customers need it, etc.

哦，是的，當然，你知道，我們必須把 2 或 3 個不同的包裹放在一起，放在一艘船上，分別發送給 2 或 3 個不同的客戶，所以你知道你在管理這個過程，既要管理現場庫存，又要根據潮汐和光線以及客戶需要的時間安排船隻進出，等等。

So it's a balancing act trying to get it all done, but we look at that and try to maximize, get as much revenue as quickly as possible, so you know it's not like we're sitting on it.

因此，試圖完成所有事情是一項平衡行為，但我們會考慮這一點並嘗試最大化，盡快獲得盡可能多的收入，所以你知道這並不是說我們坐在那裡。

Okay. Alright. That's helpful. Thanks, I'll turn it over.

好的。好吧。這很有幫助。謝謝，我會轉過來的。

(Operator Instructions)

（操作員指示）

Alex Terentiew, National Bank Financial.

國家銀行金融公司的 Alex Terentiew。

Hey, good morning guys, and congrats on the great quarter. Good to see all your operations firing at all cylinders there. A couple of questions for me on Casa Berardi and Keno Hill. Maybe just starting with Keno Hill, I want to clarify your slide size. You've got, free cash flow, undiscounted cash flow expectations at different silver prices, and they're saying 440 tons per day.

嘿，大家早上好，祝賀你們取得了這個偉大的季度。很高興看到你們的所有行動都進展順利。我有幾個關於 Casa Berardi 和 Keno Hill 的問題。也許只是從 Keno Hill 開始，我想澄清一下您的幻燈片尺寸。您有自由現金流，不同白銀價格下的未折現現金流預期，他們說的是每天 440 噸。

Is that is that kind of assuming your gradual ramp up to 440, or is that a hypothetical, assuming it was 440 and 26, 27, 28, etc.

這是不是假設你逐漸增加到 440，或者這只是一個假設，假設它是 440 和 26、27、28 等。

I'm just trying to, maybe we should have clarified that in that slide. That is a ramp up to 440 tons per day. We would get to that 440 tons per day later in the decade, 29 or 30 in this scenario ramping up to that point. So yeah, I appreciate the question because yeah, we should have clarified that on the side.

我只是想，也許我們應該在那張投影片中澄清這一點。這意味著日產量將增加至 440 噸。在未來十年內，我們將達到每天 440 噸的目標，按照這個方案，每天產量將增加 29 噸或 30 噸。是的，我很感謝你的提問，因為是的，我們應該在側面澄清這一點。

Okay, that makes sense. I figured that was probably the case, but yeah, to check, and then just kind of related there, and I know somebody asked this earlier or variation of it just on the capital side, I could kind of use that chart to help calibrate, but, you know that a few things are coming off.

好的，這很有道理。我認為情況可能就是這樣，但是是的，要檢查一下，然後只是有點相關，我知道有人早些時候問過這個問題，或者只是在資本方面有所變化，我可以使用那個圖表來幫助校準，但是，你知道有些事情正在發生。

Any big spending that we could kind of think about over the next two years to kind of get to that 440 rate, any major investments that have to be done?

未來兩年內，我們可以考慮哪些大筆支出來達到 440 的比率，需要哪些重大投資？

Yeah, well. Carlos is sitting here with me too, so please fill in some of the details, but we do have to build some tailings over the next few years, and I think you see that on slide 6. It's kind of laid out there. We're working on a tailings batchfield plant now, and that will, kind of come to a conclusion sometime next year

嗯，嗯。卡洛斯也和我坐在一起，所以請填寫一些細節，但我們確實必須在未來幾年內建造一些尾礦，我想你在第 6 張幻燈片上看到了這一點。它就在那裡擺放著。我們正在建造一個尾礦處理廠，預計明年某個時候完工。

. There's some additional water treatment that we have to put in. I think there's some waste waste storage, some other infrastructure and buildings and things like that.

。我們必須進行一些額外的水處理。我認為有一些廢物儲存設施、一些其他基礎設施和建築物等等。

Yeah, there are investments related with power distribution upgrades, so in some of the projects are going to take over one year. And so there are significant upgrades in the infrastructure and we are expecting to maintain similar level of investment for the rest of the decade.

是的，有一些與配電升級相關的投資，因此有些項目將需要一年以上的時間。因此，基礎設施得到了重大升級，我們預計在未來十年內將保持類似的投資水準。

Okay. And then just on the permitting, for dry stack tailings, the slide 6 shows that, later in 2028 additional permitted capacity required. Is that capacity required just to maintain it at 440? So I guess my question is, come 2028, end of the year, what's the risk that that's kind of a hard stop unless if you don't have the permitting permitted additional capacity or do you have a bit more room to keep going and and kind of work on the permits?

好的。然後，就乾堆尾礦的許可而言，幻燈片 6 顯示，到 2028 年稍後需要額外的許可容量。是否僅需要該容量才能維持在 440？所以我想我的問題是，到了 2028 年年底，除非您沒有許可的額外容量，否則這是一種硬停止的風險是什麼，或者您是否有更多的空間繼續前進並進行許可證工作？

I guess I'll take that one. So yes, in the end of 2028 we start to run into a capacity requirement. We need additional capacity for tailings. We do have some flexibility that once we have the cemented tailings plant constructed and operational, we have more opportunity to put more of the tailings underground, which then makes

我想我會選擇那個。是的，到 2028 年底，我們開始面臨容量需求。我們需要額外的尾礦處理能力。我們確實有一定的靈活性，一旦我們建成並投入在水泥尾礦廠，我們就有更多的機會將更多的尾礦埋入地下，這樣就可以

That surface capacity less of a risk, but somewhere in 209 we do have to have that permit in place and it's already underway. We're already chasing that so it does give us some room to work. And similarly, the waste production, there is a limit in our permit that says total tons of waste that we can mine. It's not a surface constraint. It's not any physical constraints in the permit, so that needs an expansion as well, and they hit about the same time frame.

地面容量風險較小，但在 209 的某個地方，我們確實必須獲得該許可證，而且該工作已在進行中。我們已經在追求這個目標了，所以它確實給了我們一些工作空間。同樣，對於廢棄物的產生，我們的許可證中也規定了我們可以開採的廢棄物總噸數。這不是一個表面的限制。許可證中沒有任何物理限制，因此也需要擴展，並且它們達到大約相同的時間範圍。

So that's part of the reason why you ramp up to 440 over a longer period. If you ramp up the mind to 440 very quickly and then run out of capacity, then you're shut down. That doesn't help anyone either. So it's all about balancing all the pieces at once.

所以這就是為什麼你要在較長時間內增加到 440 的原因之一。如果你的思維很快就上升到 440 然後又耗盡了容量，那麼你就會被關閉。這對任何人都沒有幫助。所以一切都是為了同時平衡所有部分。

Okay. That makes a lot of sense. Thanks. And then just lastly, Casa Berardi, gold prices are obviously quite high. Is there opportunity to, and I guess a similar question here on the tailings and permits. I there opportunity to continue Casa Berardi even for another 6 or 12 months, kind of lowering the cutoff, getting more tons through, or is it, or are there other constraints, whether it's permits or tailings or something like that kind of making that's making end of 2027 a deadline?

好的。這很有道理。謝謝。最後，Casa Berardi，黃金價格顯然相當高。是否有機會，我想這裡有一個關於尾礦和許可證的類似問題。我是否有機會讓 Casa Berardi 繼續運作 6 或 12 個月，從而降低截止值，讓更多的噸位通過，或者是否存在其他限制，無論是許可證還是尾礦或諸如此類的東西，使得 2027 年底成為最後期限？

Well, we started this year with a view of closing down the underground around May of this year. Obviously gold prices have helped and it's turning out to be an increasingly valuable asset. We've now extended the underground to at least the end of the year and then we'll just see where gold prices are.

嗯，我們今年開始計劃在今年五月左右關閉地下網路。顯然，黃金價格起到了幫助作用，它正成為一種越來越有價值的資產。我們現在將地下開採活動延長至至少今年年底，然後我們就會看看金價會如何。

Okay, and last one here on Casa. Obviously a very strong Q2. You guys have made 49,000 ounces from that mine year-to-date, you've kept guidance. So I guess my question is, any upside to that number, or should we be kind of thinking that production will come down in the second half of this year?

好的，這是 Casa 上的最後一個。顯然 Q2 非常強勁。今年迄今為止，你們已從該礦生產了 49,000 盎司黃金，並一直遵循指導方針。所以我想我的問題是，這個數字有什麼好處嗎，還是我們應該認為今年下半年產量會下降？

Yeah. I guess I can jump in and and ask that. We're we're working through a strategic review right now. I would suggest, as Rob said in his comments early in the slide, we'll have something to talk about to the market in a few weeks, and at that point, we'll we'll be able to answer that question.

是的。我想我可以插話並問這個問題。我們現在正在進行戰略評估。我建議，正如羅佈在幻燈片開頭的評論中所說的那樣，我們將在幾週內向市場討論一些事情，到那時，我們就能回答這個問題了。

All right. Fair enough, thanks.

好的。夠公平，謝謝。

Kevin O’Halloran, BMO Capital Markets.

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

Hey, Robin team. Thanks for taking my question and congrats on the quarter. Just going back one more time to Keno. On the ramp up there, can you give us any granularity on the trajectory of the throughput? Would it be like a more gradual increase to the 440 tons per day, or should we expect kind of more lumpy gains in throughput as you complete some of these infrastructure items?

嘿，羅賓隊。感謝您回答我的問題，並祝賀本季取得佳績。再一次回到基諾。在那裡的斜坡上，您能給我們提供有關吞吐量軌蹟的詳細資訊嗎？每天增加到 440 噸會是比較漸進的過程嗎？還是說，隨著一些基礎設施項目的完成，我們預期吞吐量會有一個比較大幅度的成長？

It'll be a gradual ramp up. 2027 will probably be somewhere around about 330 tons per day from memory, and that's around about 75% of the permanent capacity, and then it'll continue to ramp up to 440.

這將是一個逐步增加的過程。根據記憶，到 2027 年，產量可能在每天 330 噸左右，約佔永久產能的 75%，然後將繼續增加到 440 噸。

Yeah, that's, yeah, there's nothing to that. That's the plan.

是的，是的，沒什麼。這就是計劃。

Okay. Great, that's helpful and then just final question from me shifting to the Montana assets, can you remind us what your current thinking is on how to advance those? I think you've previously been looking at a few options like maybe bringing in a partner versus advancing it yourself. Is there any updates on your thinking there?

好的。太好了，這很有幫助，然後我最後一個問題是關於蒙大拿州的資產，您能否提醒我們您目前對如何推進這些資產的想法是什麼？我認為您之前已經考慮過一些選擇，例如引入合作夥伴而不是自己推進。您的想法有什麼更新嗎？

Not really. Our focus has really been on completing the Casa review. I have Dave Schenko here with me. We're basically in the final stages of the review period. In fact, I think that finishes next week. Can you fill us in?

並不真地。我們的重點實際上是完成 Casa 審查。戴夫·申科 (Dave Schenko) 和我在一起。我們基本上處於審查期的最後階段。事實上，我認為這將在下週結束。你能告訴我們嗎？

Sure. Yeah, we expect to get a finding of no significant impact on our permit application and the objection period ended this week. So the Forest Service will work through that, but we would expect by October time frame that we would have that plan of operations approved which would allow us to begin to rehab the added in the portal and to begin the exploration work at that project so. We'll see we'll see what happens with the ejection period.

當然。是的，我們預計我們的許可申請不會受到重大影響，異議期本週結束。因此，林務局將致力於解決這個問題，但我們預計到 10 月份，我們將獲得營運計畫的批准，這將使我們能夠開始修復入口網站中的新增部分，並開始該專案的勘探工作。我們將會看到彈射期會發生什麼事。

So this is just to remind you, this is primarily a copper asset, copper equivalent grade of about 1.2% copper equivalent. I would say that it's probably not going to be a core for us and so we would be receptive to someone who's going to have a copper focus coming in and partnering with us. We do definitely want to participate in the upside on this thing because we seestantial value there to be realized.

所以這只是為了提醒你，這主要是一項銅資產，銅當量品位約為 1.2% 銅當量。我想說這可能不會成為我們的核心，因此我們願意接受那些專注於銅礦的人加入我們並與我們合作。我們確實想參與這件事的上升趨勢中，因為我們看到其中有巨大的價值可以實現。

Okay great that's it for me thanks guys.

好的，太好了，對我來說就是這樣，謝謝大家。

Thank you. And that concludes our question and answer session. I will now handle over the call to Mike Parkin for closing remarks.

謝謝。我們的問答環節到此結束。我現在將把電話轉給麥克‧帕金 (Mike Parkin)，請他作結束語。

Actually, I'll make some closing remarks, operator. Just before we wrap up, I do want to recap Heckler's value proposition. So unmatched jurisdictional security, it's something I've talked about and so in an era of increasing geopolitical uncertainty, I think Hecla offers what others can't complete operational stability with 100% of our core assets in Canada and the US, we eliminate the regulatory surprises, the policy shifts, the security risks that plague some of our competitors in less stable jurisdictions.

實際上，接線員，我還要做一些結束語。在我們結束之前，我確實想重述 Heckler 的價值主張。因此，無與倫比的司法管轄安全性，這是我曾經談論過的事情，因此在地緣政治不確定性日益增加的時代，我認為 Hecla 提供了其他人無法實現的運營穩定性，我們 100% 的核心資產位於加拿大和美國，我們消除了意外、政策轉變和安全監管風險，這些問題困擾著我們在較不穩定司法管轄區的一些競爭對手。

And so your investment's going to be protected by really the world's most reliable mining frameworks. You've got industry leading silver exposure, and if you believe in silver's fundamentals, and you should, Hecla delivers peer leading silver revenue exposure.

因此，您的投資將受到世界上最可靠的採礦框架的保護。您已獲得業界領先的白銀敞口，如果您相信白銀的基本面，那麼您應該相信，Hecla 可提供同行領先的白銀收入敞口。

And so while we do produce gold and lead and zinc, silver dominates our revenue matrix revenue mix, and that percentage could increase further depending on the results of the strategic review of Casa Berardi. When silver moves, we should move more. And this concentrated exposure gives you high leverage to the metal with some very compelling supply demand dynamics in the sector.

因此，雖然我們確實生產黃金、鉛和鋅，但白銀在我們的收入矩陣收入組合中占主導地位，而且根據 Casa Berardi 策略評估的結果，這一比例可能會進一步增加。當白銀波動時，我們應該採取更多行動。這種集中的風險敞口讓你對金屬擁有很高的槓桿率，而該行業的供需動態非常引人注目。

You've got decades of visible production. Short mine lives create investment uncertainty, and our assets offer something rare multi-decade production visibility that extends well beyond typical investment horizons. Our long life mines don't just offer returns next quarter that provide a sustainable production platform that's positioned to deliver value through multiple commodity cycles.

您已經有數十年可見的生產經驗。礦山壽命短會造成投資不確定性，而我們的資產提供了罕見的數十年生產可見性，遠遠超出了典型的投資期限。我們的長壽命礦山不僅在下個季度提供回報，還提供可持續的生產平台，該平台能夠在多個商品週期中創造價值。

And this isn't just speculating on finding tomorrow's answers, it's ownership of proven long-term cash flow generation. Then there's disciplined capital allocation. While competitors chase expensive M&A deals in risky jurisdictions, we've deliberately stayed on the sidelines of the recent consolidation frenzy. Our strategy is clear create value through the drill bit, not through the checkbook.

這不僅僅是猜測找到明天的答案，而是擁有經過驗證的長期現金流生成能力。然後是嚴格的資本配置。當競爭對手在高風險地區追逐昂貴的併購交易時，我們卻有意置身於最近的整合狂潮之外。我們的策略很明確，就是透過鑽頭而不是支票簿來創造價值。

Our proven exploration teams consistently delivered mine life extensions and new discoveries, and that's the most accretive form of growth. We're also built for all cyclists, so our crown jewels, Green's Creek and Lucky Friday. They're not just mines, they're fortresses. These are low cost, long life assets that are projected to generate cash even in downturns, and that positions us to play offense when others are forced to play defense.

我們經驗豐富的勘探團隊不斷延長礦山壽命並帶來新的發現，這是最具增值性的成長形式。我們也為所有騎自行車的人打造了我們的皇冠珠寶，Green's Creek 和 Lucky Friday。它們不僅僅是地雷，更是堡壘。這些是低成本、長壽命的資產，預計即使在經濟低迷時期也能產生現金，並且當其他人被迫採取防禦措施時，我們可以採取進攻措施。

So, when the next cycle turns and distressed assets flood the market, we expect to have a balance sheet that will allow us to capitalize, while others perhaps struggle to find their higher cost operations in risky jurisdictions.

因此，當下一個週期到來、不良資產湧入市場時，我們預期擁有一份能讓我們資本化的資產負債表，而其他人可能難以在高風險地區找到成本更高的業務。

And the bottom line really is that I think Hecla offers what smart investors seek, and that's jurisdictional certainty, industry leading silver leverage, decades of production visibility, discipline management, and cycle proof assets. In a sector full of risks, our approach is to systematically eliminate the variables that destroy value while maximizing exposure to silver's upside.

而我認為，最重要的是，Hecla 提供了聰明的投資者所尋求的東西，那就是司法確定性、行業領先的白銀槓桿、數十年的生產可見性、紀律管理和週期證明資產。在充滿風險的行業中，我們的方法是系統地消除破壞價值的變量，同時最大限度地發揮白銀的上行潛力。

So, not just another mining investment, it's a strategic position in the future of silver backed by the stability that only the US and Canadian assets can provide. So thanks for joining us today and we look forward to updating you on our continued progress in delivering shareholder value through operational excellence and strategic execution. Have a great day.

因此，這不僅僅是另一項採礦投資，它也是白銀未來的戰略地位，並且只有美國和加拿大資產才能提供穩定性作為後盾。感謝您今天加入我們，我們期待向您通報我們透過卓越營運和策略執行為股東創造價值方面取得的持續進展。祝你有美好的一天。

Ladies and gentlemen, that concludes today's call. Thank you all for joining. You may not 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。您不能斷開連線。