Hecla Mining Co (HL) 2025 Q3 法說會逐字稿

Thank you for standing by. My name is Van, and I will be your conference operator today. At this time, I would like to welcome everyone to the Q3 2025 Hecla Mining Company earnings conference call. (Operator Instructions) Thank you.

感謝您的耐心等待。我叫範，今天我將擔任你們的會議接線生。在此，我謹代表赫克拉礦業公司歡迎各位參加 2025 年第三季業績電話會議。（操作說明）謝謝。

I would now like to turn the call over to Mike Parkin, Vice President, Strategy and Investor Relations. Please go ahead.

現在我將把電話交給策略與投資者關係副總裁麥克·帕金。請繼續。

Thank you, and good morning for joining us on Hecla's third quarter 2025 results conference call. I am Mike Parkin, Vice President, Strategy and Investor Relations.

謝謝各位，早安，歡迎參加赫克拉公司2025年第三季業績電話會議。我是麥克‧帕金，策略與投資者關係副總裁。

Our earnings release that was issued yesterday, along with today's presentation, are available on our website.

我們昨天發布的盈利報告以及今天的簡報都可以在我們的網站上找到。

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, Exploration; as well as other members of the management team.

今天參加電話會議的有：總裁兼執行長羅伯·克爾馬羅夫；高級副總裁兼首席財務官羅素·勞拉；高級副總裁兼首席營運官卡洛斯·阿吉亞爾；勘探副總裁庫爾特·艾倫；以及其他管理團隊成員。

At the conclusion of our prepared remarks, we will all be available to answer questions.

在我們發言結束後，我們將回答各位的問題。

Turning to Slide 2, cautionary statements. 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 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.

請看第二張投影片，注意事項。管理團隊今天發表的任何前瞻性聲明均受《私人證券訴訟改革法案》的約束，並涉及風險，如我們在盈利報告第 2 頁和我們向美國證券交易委員會提交的 10-Q 文件中所示。這些風險以及其他風險可能導致實際結果與前瞻性聲明中預測的結果有差異。本次電話會議及相關幻燈片中引用的非GAAP指標已在幻燈片或新聞稿中進行了調整。

I will now pass the call over to Rob.

現在我將把電話轉給羅布。

Thank you, Mike, and good morning, everyone. So turning to Slide 3. Let me just start by reminding you why Hecla stands apart in the silver sector. As the oldest silver company on the New York Stock Exchange with a history dating back 134 years, we operate exclusively in the premier jurisdictions of the United States and Canada. We maintain peer-leading silver exposure on both a revenue and resource basis with an average reserve life that's double our peer group. We're building project momentum through strategic investment in our pipeline, and we're achieving cost excellence as the lowest cost producer among our peers.

謝謝你，麥克，大家早安。接下來請看第三張投影片。首先，讓我提醒大家為什麼赫克拉在白銀行業中獨樹一格。作為紐約證券交易所歷史最悠久的白銀公司，我們擁有 134 年的歷史，業務範圍僅限於美國和加拿大的主要司法管轄區。我們在收入和資源方面都保持著同業領先的白銀敞口，平均儲量壽命是同業的兩倍。我們透過對現有專案進行策略性投資來增強專案發展勢頭，並且作為同行中成本最低的生產商，我們正在實現成本優勢。

I've got to say these are exciting times, and Hecla really is thriving on strong silver and gold prices. We're using this momentum to strengthen our finances, fund high-return projects and boost shareholder value. But I think the outlook is even brighter.

不得不說，現在是激動人心的時期，赫克拉礦業公司確實受益於強勁的白銀和黃金價格。我們正利用這股動能來增強財務實力，為高回報項目提供資金，並提升股東價值。但我認為前景更光明。

Silver faces its fifth consecutive year of supply shortages with rising industrial demand and investment flows expected to support prices for years to come. And unlike most of our peers, we're uniquely positioned with one of the most favorable silver to gold revenue ratios in the sector, allowing us to capitalize on the silver strength and drive meaningful value creation for our shareholders.

白銀連續第五年面臨供應短缺，但不斷增長的工業需求和投資預計將在未來幾年支撐白銀價格。與大多數同行不同，我們擁有業內最有利的白銀與黃金收入比率之一，這使我們能夠利用白銀的強勢，為股東創造有意義的價值。

Moving to Slide 4. Q3 really was exceptional, and just let me walk you through why. Firstly, record results. We delivered record results this quarter. We hit revenues of $410 million. Net income came in at $101 million and adjusted EBITDA was $196 million. These aren't just numbers. They prove that our business model works. We capture upside in strong markets while our cost position offers protection in weak ones.

切換到第4張投影片。第三季確實非常出色，讓我來解釋一下原因。首先，記錄結果。本季我們取得了創紀錄的業績。我們實現了 4.1 億美元的營收。淨利潤為 1.01 億美元，調整後 EBITDA 為 1.96 億美元。這些不僅僅是數字。它們證明了我們的商業模式是有效的。在市場強勁時，我們可以獲得上漲收益；而在市場疲軟時，我們的成本優勢可以提供保護。

Now here's what matters a lot, and that's our balance sheet transformation. Net leverage has improved from 1.8 times this time last year to 0.3 times in Q3. So that's an 83% reduction. And that's in a single year. That's a structural derisking of the company. This deleveraging consisted of fully repaying our revolver, redeeming $212 million of debt and paying the CAD50 million note due to Investissement Quebec. So this deleveraging effort has eliminated over $15 million in annual interest expense. We've gone from being capital constrained to capital flexible.

現在，真正重要的是我們的資產負債表轉型。淨槓桿率已從去年同期的 1.8 倍改善至第三季的 0.3 倍。所以減少了83%。而且這只是一年之內發生的情況。這是對公司結構性風險的降低。這項去槓桿化措施包括全額償還循環貸款、贖回 2.12 億美元的債務以及支付欠魁北克投資公司的 5,000 萬加元票據。因此，這項去槓桿化措施每年可節省超過 1500 萬美元的利息支出。我們已經從資金受限轉變為資金靈活。

Our cash flow generation has been nothing short of stellar. We've generated $148 million in operating cash flow, while consolidated free cash flow came in at $90 million. And here's the key piece. All four of our producing assets, Greens Creek, Lucky Friday, Casa Berardi, Keno Hill generated positive free cash flow for the second consecutive quarter. So that's operational momentum.

我們的現金流表現堪稱卓越。我們產生了 1.48 億美元的營運現金流，而合併自由現金流為 9,000 萬美元。而這正是關鍵所在。我們旗下所有四個生產資產，即 Greens Creek、Lucky Friday、Casa Berardi 和 Keno Hill，連續第二季實現了正自由現金流。這就是營運勢頭。

On the operational front, our silver production was 4.6 million ounces, up 2% from last quarter. Cash costs were negative $2.03 per ounce, thanks to strong by-product credits, while all-in sustaining costs came in at $11.01. As a result of this performance, we've tightened our production guidance and reiterated the cost guidance.

在營運方面，我們的白銀產量為 460 萬盎司，比上一季成長了 2%。由於副產品收益強勁，現金成本為每盎司負 2.03 美元，而綜合維持成本為每盎司 11.01 美元。有鑑於此業績，我們收緊了產量預期，並重申了成本預期。

Lucky Friday surface cooling project is progressing on track and is expected for completion in the first half of 2026, while Greens Creek received its wetlands permit for the dry stack tailings expansion. Completion of these projects is critical to the future success of the company.

Lucky Friday 地表冷卻工程進展順利，預計將於 2026 年上半年完工；同時，Greens Creek 獲得了乾堆尾礦擴建的濕地許可。這些專案的完成對公司未來的成功至關重要。

So in summary, our operations have executed really well. We've derisked the balance sheet and built financial flexibility. We're cash-generative across all assets. And we're positioned to invest in growth, and that's the transformation story.

總而言之，我們的營運執行得非常出色。我們降低了資產負債表的風險，並建立了財務彈性。我們所有資產都能產生現金流。我們已做好投資成長的準備，這就是轉型的故事。

I'll now pass the call over to Russell.

現在我將把電話轉給羅素。

Thank you, Rob. Moving to Slide 6. I want to continue to highlight the strong financial performance we delivered during the third quarter. We generated $393 million in mine site revenues with silver continuing to be our primary revenue driver at 48% of the total, followed by gold at 37% and base metals rounding out the balance. This percentage of silver revenue, especially with the jurisdictions in which we operate makes us a standout in the industry.

謝謝你，羅布。切換到第6張投影片。我想繼續強調我們在第三季取得的強勁財務業績。我們在礦場創造了 3.93 億美元的收入，其中白銀仍然是我們的主要收入來源，佔總收入的 48%，其次是黃金，佔 37%，基本金屬則佔剩餘部分。在我們開展業務的地區，這筆白銀收入佔比使我們在業界脫穎而出。

Our silver margins remain robust at $31.57 per ounce, representing 74% of the realized price of silver with all-in sustaining costs of just over $11 per silver ounce.

我們的白銀利潤率依然穩健，達到每盎司 31.57 美元，佔白銀實​​際價格的 74%，而全部維持成本略高於每盎司 11 美元。

We're demonstrating excellent cost discipline across our operations. Our net leverage ratio improved to 0.3 times during the quarter, the lowest in more than a decade, down from 0.7 times in the second quarter. This reflects our adjusted EBITDA growing to $506 million on a trailing 12-month basis as well as our significant reduction in overall gross debt outstanding while maintaining disciplined capital spending.

我們在各項營運活動中都展現了卓越的成本控制能力。本季我們的淨槓桿率改善至 0.3 倍，為十多年來的最低水平，低於第二季的 0.7 倍。這反映出我們過去 12 個月的調整後 EBITDA 增長至 5.06 億美元，以及我們在保持嚴格的資本支出的同時大幅減少了未償債務總額。

Most importantly, we generated consolidated free cash flow of more than $90 million during the quarter. Greens Creek led the way with nearly $75 million, demonstrating why it remains one of the world's premier silver mines. We continue to see the free cash flow inflection we've been speaking about at Casa Berardi with nearly $36 million in free cash flow during the quarter, while Lucky Friday added $14 million and Keno Hill impressively contributed more than $8 million, while we continue ramping that asset up.

最重要的是，本季我們實現了超過 9,000 萬美元的合併自由現金流。格林斯克里克銀礦以近 7500 萬美元的獎金領跑，證明了它為何仍然是世界頂級銀礦之一。我們繼續看到 Casa Berardi 的自由現金流出現我們一直在談論的拐點，本季自由現金流接近 3600 萬美元，而 Lucky Friday 增加了 1400 萬美元，Keno Hill 也令人印象深刻地貢獻了超過 800 萬美元，同時我們繼續擴大該資產的規模。

The third quarter marked the second consecutive quarter of all of our producing mines contributing to positive free cash flow. As you can see, at current prices, we anticipate generating significant cash flow.

第三季是我們所有生產礦場連續第二季實現正自由現金流。如您所見，以目前的價格計算，我們預計將產生可觀的現金流。

As we turn to Slide 7, I'll walk through our capital allocation framework, which is a discipline and focus -- which is disciplined and focused on six clear priorities with each one having a specific purpose.

接下來，我們將翻到第 7 張投影片，我將詳細介紹我們的資本配置框架，這是一個紀律和重點——它有條不紊地專注於六個明確的優先事項，每個優先事項都有其具體目的。

Our first priority is investment in safety and environmental excellence. This is non-negotiable and is the foundation of everything we do.

我們首要任務是投資安全和環境的卓越表現。這是不容商榷的，也是我們一切工作的基礎。

Second is investing in sustaining capital at our operating mines. We target a minimum of 10% to 15% returns at these operations. Investing in sustaining capital keeps our production stable, extends our mine lives and generates cash flow with low execution risk.

其次是對我們營運礦山的維持性資本進行投資。我們的目標是這些項目的回報率至少達到 10% 到 15%。投資於維持性資本可以維持我們生產的穩定，延長礦場壽命，並在執行風險較低的情況下產生現金流。

Third is our investment in growth capital, where we target returns of at least 10% to 12%. This investment is intended to increase production and extend mine life. However, we will only make these investments if they demonstrate robust economics at conservative prices.

第三，我們對成長資本的投資，目標是獲得至少 10% 到 12% 的回報。這項投資旨在提高產量並延長礦山壽命。但是，只有當這些投資在保守的價格下展現穩健的經濟效益時，我們才會進行這些投資。

Fourth is investment in exploration. Historically, we've underinvested in exploration. However, because of the deleveraging of the balance sheet and associated cash flow that's been freed up, we anticipate further investment in this area. In fact, we are currently targeting 2% to 5% of revenues as we look to 2026. Investment in exploration provides asymmetric upside. And although we're planning to invest more in this area, we'll also be prudent with our investors' dollars and target the highest return opportunities, both brownfield narrow mines and greenfield optionality.

第四點是對勘探的投資。從歷史上看，我們對勘探的投入不足。然而，由於資產負債表去槓桿化以及由此釋放的現金流，我們預計將在該領域進行進一步投資。事實上，展望 2026 年，我們目前的目標是實現 2% 到 5% 的營收成長。對勘探的投資能帶來不對稱的收益。雖然我們計劃增加對該領域的投資，但我們也會謹慎對待投資者的資金，並瞄準回報最高的投資機會，包括棕地窄礦和綠地選擇權。

Fifth is we plan to make further investments in deleveraging and strengthening our balance sheet. From a pure financial perspective, we anticipate a return of 5% to 7%. However, more importantly, having a strong and delevered balance sheet reduces risk and provides flexibility. It also allows us to maintain investment during downturns and seize opportunities when they arise.

第五，我們計劃進一步投資以降低槓桿率並加強資產負債表。純粹從財務角度來看，我們預期回報率為 5% 至 7%。然而，更重要的是，擁有穩健且去槓桿化的資產負債表可以降低風險並提供靈活性。它還使我們能夠在經濟低迷時期維持投資，並在機會出現時抓住機會。

The last priority is shareholder returns. We currently pay a quarterly dividend, and we'll consider further shareholder returns only after operational requirements are met and the balance sheet is strong. That said, we're confident enough in cash flow to start thinking about this.

股東回報是最後考慮的因素。我們目前按季度派發股息，只有在滿足營運需求且資產負債表穩健的情況下，才會考慮進一步向股東派發股息。也就是說，我們對現金流有足夠的信心，可以開始思考這件事了。

In summary, this framework isn't complicated. It's about maximizing value while maintaining financial flexibility to navigate cycles. We're operating under this framework now, and we've seen better prices and stronger cash flows. We'll see those -- the capital and exploration projects we invest in meet these above criteria, including the remainder of this year.

總而言之，這個框架並不複雜。關鍵在於在保持財務靈活性以應對經濟週期的同時，實現價值最大化。我們現在正是在這種框架下運營，並且已經看到了更好的價格和更強勁的現金流。我們將觀察這些——我們投資的資本和勘探項目是否符合上述標準，包括今年剩餘時間。

And with that, I'll turn the call to Carlos.

接下來，我會把電話轉給卡洛斯。

Thank you, Russell. Turning to Slide 9. Greens Creek is delivering exactly what we need from our cornerstone asset, a strong operational quarter, driving robust free cash flow generation.

謝謝你，羅素。翻到第9張投影片。Greens Creek 為我們的核心資產帶來了我們所需的一切，強勁的營運季度，推動了強勁的自由現金流產生。

The third quarter silver production came in at 2.3 million ounces with 15,600 ounces of gold, both tracking well to full year guidance.

第三季白銀產量為 230 萬盎司，黃金產量為 15,600 盎司，兩者均與全年預期相符。

Sales came in at $178 million, up 46% from last quarter, driven by higher volumes sold and metal prices.

銷售額達 1.78 億美元，比上一季成長 46%，主要得益於銷售成長和金屬價格上漲。

More importantly, the unit economics are excellent. Cash costs came in at negative $8.50 per silver ounce and AISC of negative $2.55 per ounce, both offset by-product credits.

更重要的是，單位經濟效益非常出色。現金成本為每盎司白銀負 8.50 美元，AISC 為每盎司負 2.55 美元，兩者均被副產品收益抵消。

Free cash flow was nearly $75 million for the quarter. Based on our strong year-to-date performance at Greens Creek, we are tightening our silver and gold production guidance and lowering our capital expenditure guidance while reiterating our cost guidance.

本季自由現金流接近7500萬美元。鑑於格林斯克里克礦區今年迄今的強勁表現，我們將收緊白銀和黃金產量預期，並下調資本支出預期，同時重申成本預期。

Moving to Slide 10. Lucky Friday continues to do what it does well, deliver consistent profitable silver. Third quarter silver production was 1.3 million ounces with a 7% increase in milled silver grade.

切換到第10張投影片。Lucky Friday 繼續保持其一貫的優勢，持續提供盈利的白銀。第三季白銀產量為 130 萬盎司，白銀加工品位提高了 7%。

Sales came in at $74.2 million, up 15% quarter-over-quarter.

銷售額達 7,420 萬美元，季增 15%。

The free cash flow was $13.5 million, nearly triple the prior quarter, reflecting improving operational momentum.

自由現金流為 1,350 萬美元，幾乎是上一季的三倍，反映出營運動能正在改善。

The surface cooling project is on track for 2026 completion. This investment is strategic. It opens access to deeper high-grade zones, extending mine life and profitability.

地表冷卻工程預計將於 2026 年完工。這項投資具有戰略意義。它開闢了通往更深層高品位礦區的通道，延長了礦山壽命，提高了獲利能力。

Thanks to our strong year-to-date performance on Lucky Friday, we are tightening our silver production guidance, reiterating our total capital expenditure guidance and modestly raising our cost guidance.

由於今年以來在「幸運星期五」的強勁表現，我們將收緊白銀產量預期，重申總資本支出預期，並略微提高成本預期。

Turning to Slide 11, Keno Hill. We have now delivered two consecutive quarters of positive free cash flow, a significant milestone. Third quarter silver production came in at nearly 900,000 ounces at an average milling rate of 323 tons per day. Keno Hill is well positioned to deliver on its 2025 silver production guidance.

翻到第 11 張幻燈片，基諾山。我們已連續兩季實現正自由現金流，這是一個重要的里程碑。第三季白銀產量接近 90 萬盎司，平均每日加工量為 323 噸。Keno Hill 完全有能力實現 2025 年白銀產量目標。

The free cash flow was $8.3 million, positive cash generation while still in ramp-up and investment mode. We have hedges through the second quarter of 2026 providing silver price protection during this period of capital investment.

自由現金流為 830 萬美元，在仍處於擴張和投資階段的情況下實現了正現金流。我們已對沖至 2026 年第二季度，可在此資本投資期間提供白銀價格保護。

Our reliability improved significantly in the third quarter, thanks to the Yukon Energy successful repair of the hydroelectric plant. This reduced a key operational risk we have been managing. Consistent with the other two primary silver mines, we are tightening our silver production guidance at Keno Hill based on a strong year-to-date performance. Capital expenditures are expected to modestly exceed our original guidance as we are outperforming on several key factors, including the underground development, which is tracking 13% above plan year-to-date.

由於育空能源公司成功修復了水力發電廠，我們的可靠性在第三季度得到了顯著提高。這降低了我們一直在管理的一項關鍵營運風險。與另外兩座主要銀礦一致，鑑於基諾山銀礦今年迄今的強勁表現，我們正在收緊對基諾山銀礦產量的預期。由於我們在幾個關鍵因素上表現出色，包括地下開發項目（該項目今年迄今為止的進度比計劃高出 13%），預計資本支出將略微超過我們最初的指導。

Turning to Slide 12. Casa Berardi delivered another solid performance, setting the mine up well to achieve guidance. Gold production of 25,000 ounces, down 11% due to planned lower underground ore grades, and cash costs of $1,582 per ounce and AISC of $1,746 per ounce. We are tightening gold production guidance for Casa Berardi based on a strong year-to-date performance while maintaining our cash cost and AISC guidance.

翻到第12張投影片。Casa Berardi 再次表現出色，為礦場實現預期目標奠定了良好的基礎。黃金產量為 25,000 盎司，下降 11%，原因是計劃降低地下礦石品位；現金成本為每盎司 1,582 美元，AISC 為每盎司 1,746 美元。鑑於 Casa Berardi 今年迄今的強勁業績，我們收緊了黃金產量預期，同時維持現金成本和 AISC 預期不變。

Our 2025 capital expenditure guidance for the mine remains unchanged. The company is actively evaluating options to extend production beyond 2027. These initiatives could potentially reduce the previously disclosed production gap and enable Casa Berardi to remain a sustaining cash flow contributor to the portfolio.

我們對2025年該礦場的資本支出預期維持不變。該公司正在積極評估各種方案，以期將生產期限延長至 2027 年以後。這些舉措有可能縮小先前揭露的產量差距，並使 Casa Berardi 能夠繼續為投資組合提供持續的現金流。

I'll now turn the call over to Kurt.

現在我將把電話交給庫爾特。

Thanks, Carlos. Moving to Slide 13. Our Nevada assets offer opportunities to unlock hidden value. We have 3 key properties with significant historical production. Midas, 2.2 million ounces of gold historically, with a fully permitted mill and tailings capacity. Hollister, 0.5 million gold equivalent ounces within hauling distance of Midas. And Aurora, 1.9 million ounces of gold historically with an on-site 600 ton per day mill.

謝謝你，卡洛斯。切換到第13張投影片。我們在內華達州的資產蘊藏著釋放潛在價值的機會。我們擁有3處具有重要歷史產量的重點物業。Midas金礦歷史上已探明220萬盎司黃金，擁有完全獲得許可的選礦廠和尾礦處理能力。霍利斯特，0.5百萬盎司黃金當量，位於邁達斯運輸範圍內。而奧羅拉金礦歷史上已產出 190 萬盎司黃金，礦場內設有日處理量 600 噸的選礦廠。

All properties have significant exploration potential, minimal regulatory hurdles and existing infrastructure. We're developing a comprehensive Nevada strategy with an exploration update on Nevada, Keno Hill and Greens Creek coming later this month that will shed light on our Nevada exploration progress and what's to come next year.

所有礦產都具有巨大的勘探潛力、極少的監管障礙和現有的基礎設施。我們正在製定一項全面的內華達州戰略，本月晚些時候將發佈內華達州、基諾山和格林斯克里克勘探最新進展，這將闡明我們在內華達州的勘探進展以及明年的計劃。

You can expect a heightened level of activity in Nevada next year as we work to surface value from this exploration portfolio.

預計明年內華達州的活動水平將有所提高，因為我們將努力從該勘探組合中挖掘價值。

I'll now turn the call over back to Rob.

現在我將把通話轉回給羅布。

Thanks, Kurt. I'm pretty excited what you and your team are doing in Nevada, so keep up with this work. We've got four strategic priorities that flow directly from our transformation. And the first is long-term value creation at Keno Hill, prioritizing permitting and execution. At current prices and even at lower prices, this asset is expected to generate material returns at 440 tons per day and has expansion optionality beyond that.

謝謝你，庫爾特。我對你和你的團隊在內華達州所做的工作感到非常興奮，所以請繼續努力。我們的轉型直接催生了四個策略重點。首先是 Keno Hill 的長期價值創造，優先考慮許可和執行。以目前的價格，甚至更低的價格，該資產預計每天可產生 440 噸的可觀收益，並且還有進一步擴大規模的選擇。

Second, continued deleveraging and strengthening our balance sheet with focus on free cash flow generation across all assets. And we've proven in Q3 that we can do this rapidly when the metal prices support it.

第二，繼續降低槓桿率，加強資產負債表，重點是提高所有資產的自由現金流。我們在第三季已經證明，當金屬價格支持時，我們可以迅速做到這一點。

Third, establish a capital allocation framework, balancing further debt reduction, organic growth investment, exploration and potential shareholder returns.

第三，建立資本配置框架，平衡進一步減少債務、內生成長投資、勘探和潛在股東回報。

And fourth, portfolio rationalization, continually assessing which assets deserve more capital and where to monetize noncore assets for high-return opportunities.

第四，投資組合合理化，不斷評估哪些資產值得投入更多資金，以及在哪些方面將非核心資產變現以獲得高回報機會。

With that, I'll turn it over for questions.

接下來，我將把發言權交給提問者。

(Operator Instructions)

（操作說明）

Heiko Ihle, H.C. Wainwright.

海科·伊勒，H.C. 溫賴特。

Hey there, thanks so much for taking my questions can you hear me all right?

你好，非常感謝你回答我的問題，你能聽清楚我說話嗎？

We can hear you.

我們能聽到你的聲音。

Perfect. Do you want to just go through some of the inflationary factors that you're seeing at mine -- at your asset base across the mines. I assume the effects of that have been muted a little bit in the last few quarters. But maybe just go through some of the inputs or equipment or hires, whatever, where you're still seeing inflationary impacts and also maybe some supply chain bottlenecks?

完美的。你想詳細了解目前在礦區資產基礎方面看到的一些通膨因素嗎？我估計在過去的幾個季度裡，這種影響已經減弱。但或許可以檢視投入、設備或人員招募等方面，看看哪些方面仍受到通貨膨脹的影響，以及是否有供應鏈瓶頸？

Hey, good morning, Heiko, this is Russell. I'll take this question. And Carlos, please chime in as well. But I would say that the biggest inflationary factor we've likely seen or the biggest maybe cost pressure that we've seen is with the metals price environment that we've seen, there's obviously competition for labor.

嘿，早上好，海科，我是羅素。我來回答這個問題。卡洛斯，也請你發表一下意見。但我認為，我們目前所看到的最大的通膨因素，或者說最大的成本壓力，可能是我們所看到的金屬價格環境，顯然勞動力競爭也很激烈。

And so we have to be competitive as it relates to what we pay for labor, but also filling roles and looking for where we can't fill them, we have to fill them with contractors. And that's been something -- a challenge that we've had now for quite some time. It's just with the higher price, you see that getting exacerbated.

因此，我們在勞動成本方面必須具有競爭力，同時也要考慮如何填補職缺，如果找不到合適的人選，我們就必須透過承包商來填補這些職位。而這，一直是我們面臨的挑戰，而且已經持續了相當長一段時間。只是價格上漲後，這種情況會更加嚴重。

But then in addition to that, what we do see from a pure inflationary perspective, I'd say the impact is relatively muted, like you said, but we are seeing some tariff costs as we think about capital projects and maybe there's components that we have to import. And so then we'll see potential tariffs on those types of items.

但除此之外，從純粹的通膨角度來看，我認為影響相對溫和，正如你所說，但當我們考慮資本項目時，我們確實看到了一些關稅成本，也許有些零件我們需要進口。因此，我們可能會看到對這些類型的商品徵收關稅。

We try to minimize that, right? And we try to find the best competitive bid for the quality of components that we're looking for. But there's a little bit there as well. Carlos, do you have anything to add to that?

我們會盡量減少這種情況，對吧？我們會努力尋找符合我們所需品質的最具競爭力的報價。但那邊也有一點點。卡洛斯，你還有什麼要補充的嗎？

Yeah, there's a little bit related with mining supplies and reagents and air movement. That is mainly all the stuff related with the workforce consultants and labor.

是的，這跟採礦物資、試劑和空氣流動有點關係。主要內容都與勞動力顧問和勞工有關。

I had a different follow-up question planned, but now you got me curious. I mean you spent almost $9 million on exploration, $8.8 million, I think it was. What are you seeing with labor costs related to drilling and also timing for getting your assays back? Is there any positive or negative changes?

我原本打算問另一個後續問題，不過你現在勾起了我的好奇心。我的意思是，你們在勘探上花了近 900 萬美元，我記得是 880 萬美元。您認為鑽探相關的勞動成本以及化驗結果的取得時間如何？是否有任何正面或負面的改變？

You, Kurt?

你，庫爾特？

Yeah, this is Kurt. We have seen some increase in our drilling costs. Really, it's associated with labor, drillers and drillers helpers. Regarding assaying, turnaround has been somewhat normal. Of course, this time of the year, it starts to tighten up a little bit as people are getting their summer sampling programs into the assay labs. But it hasn't been as bad as it was a few years ago.

是的，這是庫爾特。我們的鑽井成本增加。實際上，它與勞動力、鑽井工人和鑽井工人助理有關。檢測方面，週轉時間基本正常。當然，每年的這個時候，隨著人們將夏季採樣計畫送到化驗實驗室，情況就會開始變得稍微緊張一些。但情況沒有幾年前那麼糟了。

Cool, I'll get back thank you.

好的，我會盡快回复，謝謝。

Alex Terentiew, National Bank.

Alex Terentiew，國家銀行。

Hey, good morning guys, and congrats on another great quarter here. I got two questions. The first one, I think your last comment there about providing an update on exploration and projects in about a month or so that may kind of -- might have to wait for that, but I'll ask it anyways.

嘿，各位早安，祝賀你們又一個季度取得了不錯的成績。我有兩個問題。第一個問題，我認為你上次提到的在一個月左右的時間裡提供勘探和專案的最新進展，可能——或許得等等，但我還是要問一下。

I mean obviously, your balance sheet has improved quite a bit and your cash flow outlook has improved. So when it comes to exploration next year and projects that you're getting excited about, can you give us any kind of taste of where you are? What you're thinking about? Maybe you got the permit approval to start doing some exploration as well. You made a good mention here of Nevada. I'm just trying to get a better look of -- a sense of what we can expect there?

很明顯，你們的資產負債表已經大幅改善，現金流前景也得到了改善。那麼，談到明年的探索計劃和讓你興奮的項目，你能透露一下你目前的進展嗎？你在想什麼？或許你也獲得了勘探許可。你在這裡很好地提到了內華達州。我只是想更了解一下——大概知道我們在那裡會遇到什麼情況？

And then my second question, Keno Hill, again, the second quarter in a row where you guys look to seem to have made some pretty good progress. Can you remind me of what metrics you need to see there to get that mine or that project rather declared commercial?

然後我的第二個問題，基諾山，你們連續第二季看起來都取得了相當不錯的進步。你能提醒我一下，要讓那個礦或項目被正式宣佈為商業項目，需要看到哪些指標嗎？

Sure. I'll start with exploration, and then I'll hand it over to Kurt to fill in some more details. So we're going to substantially increase our exploration budget in Nevada. In fact, we've increased it beyond what the starting budget was this year. I'm quite excited by the results that we're getting there.

當然。我先進行初步探索，然後交給庫爾特補充更多細節。因此，我們將大幅增加在內華達州的勘探預算。事實上，我們今年的預算已經超過了最初的預算。我對我們所取得的成果感到非常興奮。

We've also had quite a few dormant projects, which we expect to reinitiate. So things like the Rackla build targets up in the Yukon. This is virgin country with outcropping gossans, and so we need to make some advance there. And then obviously, our near-mine exploration where we continue to do resource extension drilling and seek new discoveries. Could you just fill in some more gaps, please?

我們還有一些停滯不前的項目，我們希望能夠重新啟動這些項目。因此，像拉克拉這樣的組織在育空地區會成為攻擊目標。這是一片未開發的處女地，遍布裸露的鐵帽，所以​​我們需要在那裡取得一些進展。當然，我們也會進行礦場附近的勘探工作，繼續進行資源擴展鑽探，尋求新的發現。請您再補充一些空白處好嗎？

Yeah, next year, we're really planning on focusing on near-mine and brownfields to start with. That's going to get the biggest part of the budget for next year.

是的，明年我們計劃專注於礦區附近和棕地。這將是明年預算中最大的開支。

And then we're also doing more greenfields exploration and early-stage exploration than what we've done in the past with a generative exploration program that will be kicked off next year as well. We've got some really good targets.

此外，我們也進行了比以往更多的綠地勘探和早期勘探，一項生成性勘探計畫也將於明年啟動。我們有一些非常好的目標。

We've got some really good property packages. As Rob said, the Rackla district is just ripe for discovery, and we're looking forward to getting in there and spending the summer, doing the basic boots on the ground field work there. And then Nevada as well. Go ahead, Rob.

我們有一些非常好的房產套餐。正如羅布所說，拉克拉地區正等待著人們去發掘，我們期待進入那裡，度過整個夏天，在那裡進行基本的實地考察工作。還有內華達州。請繼續，羅布。

Kurt, Sorry.

庫爾特，對不起。

And Nevada, I'm really excited about. Like we talked about, we've got infrastructure, minimal requirements on the permitting side of things. So that's really, in my view, a faster track to production probably from any of our exploration projects outside the mine -- the current mine operations areas.

我真的很期待內華達州。正如我們之前討論過的，我們有基礎設施，審批方面的要求也很低。所以在我看來，這確實是比我們礦區以外的任何勘探項目更快實現生產的途徑——也就是目前礦區作業區域以外的勘探項目。

If I could just.

如果可以的話…

Yeah, go ahead.

好的，請便。

Yeah, Sorry. If I could just add, Kurt touched on a point that's quite important, and that's that we're increasing our project generation efforts. I mean coming into this -- coming into Hecla, one of my observations was that we generally stuck to our knitting. We stuck to our existing mine sites and focused all of our exploration there.

抱歉。如果可以的話，我想補充一點，Kurt 提到了一個非常重要的觀點，那就是我們正在加大專案開發力度。我的意思是，來到赫克拉之後，我的觀察之一是，我們通常都專注於編織。我們堅持在現有的礦區進行勘探，並將所有勘探工作都集中在這些礦區。

I've talked about portfolio rationalization, and we will be farming out and divesting some projects, but we need to replace that. And so project generation is an important skill to have. We also need to become a little bit more commercial and create a whole series of options. And so look in the future for us to be doing earn-in agreements on other company properties. So that's exploration.

我之前談到過投資組合合理化，我們會將一些項目外包或剝離，但我們需要找到替代方案。因此，專案生成是一項重要的技能。我們也需要變得更商業化一些，並創造一系列選擇。因此，未來我們可能會對公司其他資產簽訂收益分成協議。這就是探索。

On Keno Hill, look, for commercial production, we've got five criteria that we laid out for commercial production. And honestly, we're really only there on one, and that's the silver recoveries right now. Everything else, the completion of the major components, hitting 75% of mill capacity, finishing the major CapEx, that's all still in front of us.

在基諾山，對於商業製作，我們制定了五個商業製作標準。說實話，我們現在真正取得進展的只有一件事，那就是白銀的回收。其他一切，例如主要零件的完工、工廠產能達到 75%、完成主要資本支出，這些都還擺在我們面前。

And so our current ramp-up plan really has us getting to commercial production around about 2027 at roughly 345 to 385 tons per day. And then the following year, 2028 would move towards nameplate throughput. And that's assuming that we get the water discharge approval sorted with the Yukon regulators. So in summary, call it, 2027 for commercial and 2028 for full nameplate.

因此，我們目前的增產計畫實際上是讓我們在 2027 年左右實現商業化生產，每日產量約為 345 至 385 噸。然後，第二年，也就是 2028 年，將朝著銘牌吞吐量邁進。而且這還是假設我們能從育空地區的監管機構取得污水排放許可。總之，商業化預計在 2027 年，完整銘牌預計在 2028 年推出。

Okay. That's great. And obviously, a lot of exciting stuff to come next year on the exploration front. Looking forward to it.

好的。那太棒了。顯然，明年在勘探方面會有很多令人興奮的事情發生。非常期待。

Thanks, Alex.

謝謝你，亞歷克斯。

(Operator Instructions)

（操作說明）

Joseph Reagor, ROTH Capital.

Joseph Reagor，ROTH Capital。

Hey guys, thanks for taking the questions. I had a question on your guidance. Obviously, raising the low end was great. But it seems like if I look at, say, like Greens Creek's gold production, Lucky Friday's silver and Casa's gold production, you'd have to have a pretty weak quarter for Q4 to not hit like above the high end.

各位好，感謝你們回答問題。我有一個關於您指導的問題。顯然，提高低音表現非常棒。但如果我看一下格林斯克里克的黃金產量、幸運星期五的白銀產量和卡薩的黃金產量，就會發現除非第四季度業績非常疲軟，否則第四季度的產量不可能低於預期上限。

And so I'm wondering if that's just a matter of like company policy not to raise the high end of guidance? Or is it that you guys are having some expected downtime or anything during the quarter or lower grades? Just help me figure out how to stay within that high end.

所以我想知道這是否只是公司政策，即不提高業績預期上限？還是因為你們這學期會有一些預期的停工期或其他原因，還是因為成績下降？請幫我想想辦法，怎麼才能維持在高價位區間。

Yeah, I think, Joe -- Joe, this is Russell. I'll take the question, but my colleagues, they will chime in as well. If you go look and take a look at the -- in our earnings release where we have our past five quarters of production, you will see Greens Creek, for example, does have kind of a production profile that will vary, right? So Q3 of last year, Q4 of last year, we were less than 2 million ounces. I think what the guidance would probably tell you is we'll probably see a 2 million or so ounce quarter at Greens Creek for the Q4.

是的，我想，喬——喬，這位是拉塞爾。我會回答這個問題，我的同事們也會發表意見。如果你去看我們的收益報告，其中列出了我們過去五個季度的生產情況，你會發現，例如，格林斯克里克（Greens Creek）的生產情況確實會有所不同，對吧？所以去年第三季、去年第四季，我們的產量都不到 200 萬盎司。我認為該指引可能會告訴你，格林斯克里克礦第四季的產量可能會達到 200 萬盎司左右。

And I think as we think about our guidance, we try not to guide to the quarter, but we also understand that we've only got one quarter left. And that's kind of where our models say we're going to come in.

我認為，在製定業績指引時，我們盡量不預測本季的業績，但我們也明白，我們只剩下一個季度了。而這正是我們的模型預測我們將要介入的地方。

Okay. That's fair. And then looking at the really strong price realizations you guys had in the quarter. I mean normally, there's some fluctuation, but it was abnormally strong this quarter. Was there anything specific that led to that? Was it just timing of shipments? Did you have more like late quarter shipments and early quarter shipments and that's how the weighted price got so well above spot? Or is there something else I'm missing there?

好的。這很合理。然後看看你們本季取得的非常強勁的價格實現。我的意思是，通常情況下都會有一些波動，但本季波動異常強勁。是什麼具體原因導致了這種情況？僅僅是出貨時間的問題嗎？你們是否有更多季度末和季度初的貨物出貨，所以加權價格才遠高於現貨價格？或者我是否遺漏了什麼？

I would say I'll jump in again. There's two factors here. One is the timing that you mentioned. The Greens Creek, obviously, is our largest silver producer, and they ship once a month. And they tended to ship later in the quarter. And as you see the price change throughout the quarter, it ran up at the end of the quarter, which obviously weighted our sales toward the end of the quarter. That's part of it.

我想說我會再參與。這裡有兩個因素。一是你提到的時間安排問題。格林斯溪顯然是我們最大的白銀產地，他們每個月出貨一次。而且他們往往會在季度末發貨。正如你所看到的，整個季度價格都在變化，季度末價格上漲，這顯然影響了我們季度末的銷售額。這是其中的一部分。

The other thing that -- and I've got Anvita Mishra here, she's our Treasurer. You guys all know her since she did IR recently. With the change of the silver dynamics, where we've seen the more upside potential, I'll say, we've actually started to utilize more collars as it relates to our provisional hedging, which gave us that upside. And so I think in the past, you would have seen us use forwards. But as we saw the market change, we started to be more flexible on using collars for provisional hedging, which has allowed our investors to enjoy more upside. So I would say it's both of those factors.

還有一件事──我這裡有安維塔‧米甚拉，她是我們的財務主管。你們都認識她，因為她最近做了國際關係的工作。隨著白銀市場動態的變化，我們看到了更大的上漲潛力，因此，我們實際上開始更多地使用領式選擇權進行臨時對沖，這為我們帶來了上漲空間。所以我覺得在過去，你會看到我們使用前鋒。但隨著市場變化，我們開始更靈活地使用領式選擇權進行臨時對沖，這使得我們的投資者能夠享受更大的收益。所以我認為這兩個因素都有影響。

All right, that's helpful. I'll turn it over.

好的，這很有幫助。我把它翻過來。

(Operator Instructions)

（操作說明）

There are no further questions. I will now turn the call back over to Rob Krcmarov, President and CEO, for closing remarks.

沒有其他問題了。現在我將把電話轉回給總裁兼執行長羅伯·克爾馬羅夫，請他作總結發言。

Thank you, Van. So let me bring this all together. We came into 2025 with a clear mission, and that's to transform Hecla from a cash-constrained operator into a financially flexible company that can pursue value-creating opportunities. And I think our results clearly demonstrate that we've executed on that plan.

謝謝你，範。那麼，讓我把這些總結一下。2025 年伊始，我們有了明確的使命，那就是將 Hecla 從一家資金緊張的營運商轉變為一家財務靈活的公司，從而能夠追求創造價值的機會。我認為我們的結果清楚地表明，我們已經成功執行了該計劃。

And really, there's four things I want to reemphasize. First is operational execution is solid. All four of our producing assets generated positive free cash flow this quarter. Greens Creek and Lucky Friday are performing as we expected. Casa Berardi is tracking cost improvements, and Keno Hill has achieved consecutive quarters of profitability and is ramping towards our next production target of 440 tons per day.

實際上，有四件事我想再次強調。首先，營運執行力很強。本季我們所有四項生產性資產均產生了正自由現金流。Greens Creek 和 Lucky Friday 的表現符合我們的預期。Casa Berardi 正在追蹤成本改善情況，Keno Hill 已連續幾個季度實現盈利，並朝著我們下一個日產量 440 噸的目標穩步邁進。

Secondly, record financial performance with quarterly revenue, net income and adjusted EBITDA at all-time highs. And we did not leave deleveraging to chance. We combined operational cash generation with strategic capital deployment to fully repay our revolver, redeem $212 million in debt and fully repay the maturing IQ notes from free cash flow. And in doing so, we moved from 0.7 times to 0.3 times leverage in a quarter. So that's a disciplined capital management, and it gives us the flexibility that we need.

其次，財務表現創歷史新高，季度營收、淨利和調整後 EBITDA 均創歷史新高。我們沒有把去槓桿化過程交給運氣。我們將營運現金流與戰略資本部署相結合，以完全償還循環貸款，贖回 2.12 億美元的債務，並用自由現金流完全償還到期的 IQ 票據。這樣一來，我們在一個季度內將槓桿率從 0.7 倍降至 0.3 倍。這是有紀律的資本管理，它給了我們所需的靈活性。

Third, we have general -- we have genuine optionality now. So reserve lives between 12 and 17 years, expansion potential at Keno Hill, strategic evaluation of the broader portfolio to surface value for shareholders and the ability to pursue value-creating M&A, but only if the right opportunity emerges. And that flexibility is what we lack as a cash-constrained company.

第三，我們現在有了普遍性──我們現在有了真正的選擇。因此，儲備壽命在 12 到 17 年之間，基諾山具有擴張潛力，對更廣泛的投資組合進行策略評估，以向股東創造價值，並有能力進行創造價值的併購，但前提是出現合適的機會。而這種彈性正是我們這家資金緊張的公司所缺乏的。

The next phase is about demonstrating consistent execution, stable cash generation, continued deleveraging and disciplined capital deployment. And that consistency is how we recapture our historical value premium, and we're confident in our path.

下一階段的重點是展現持續的執行力、穩定的現金流、持續的去槓桿化和有紀律的資本部署。正是這種穩定性讓我們重新獲得了歷史價值溢價，我們對自己的發展之路充滿信心。

Fourth, strategic direction with four well-defined long-term pillars that will guide our capital allocation, and we'll elaborate more on that in our Strategy Day on the January 26, our Investor Day rather.

第四，策略方向由四個明確的長期支柱構成，這將指導我們的資本配置，我們將在 1 月 26 日的策略日（或更確切地說是投資者日）上對此進行更詳細的闡述。

And so summing up, I think there's a compelling valuation with industry-leading reserve life, peer-leading silver exposure and strong jurisdiction quality, all at reasonable valuation that we believe offers significant upside. And we're executing on our plans, generating substantial free cash flow and building a foundation for sustained value creation for shareholders.

綜上所述，我認為該基金具有極具吸引力的估值，擁有行業領先的儲備壽命、同業領先的白銀敞口和強大的司法管轄區質量，所有這些都以合理的估值呈現，我們相信它具有巨大的上漲空間。我們正在執行我們的計劃，產生大量自由現金流，並為股東持續創造價值奠定基礎。

With that, thank you, everyone, for dialing in, and have a good day.

那麼，謝謝大家的撥入，祝大家今天過得愉快。

Ladies and gentlemen (audio in progress).

女士們先生們（音訊正在播放）。