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George Paspalas - President, Chief Executive Officer, Director
George Paspalas - President, Chief Executive Officer, Director
Hello everyone, and welcome to MAG Silver's Q1 2025 results videocast. I'm George Paspalas, President and CEO, and I'm pleased to walk you through a quarter of record breaking results, meaningful shareholder returns, and continued progress across our entire portfolio. All numbers are on a 100% basis unless otherwise stated.
大家好，歡迎收聽 MAG Silver 2025 年第一季業績視訊廣播。我是總裁兼執行長喬治‧帕斯帕拉斯 (George Paspalas)，我很高興向大家介紹本季創紀錄的業績、有意義的股東回報以及我們整個投資組合的持續進步。除非另有說明，所有數字均以 100% 為基礎。
So let's dive into the highlights, starting with one Juanicipio, where MAG holds a 44% interest alongside our partner and the operator Fresnillo. We saw robust production, record margins, and standout cost performance. In Q1, we processed 337,000 tons of ore, grading 430 grams per ton silver, or 660 grams per ton silver equivalent. That delivered 4.5 million ounces of silver and 6.5 million ounces silver equivalent.
那麼，讓我們深入了解其中的亮點，首先是 Juanicipio，MAG 與我們的合作夥伴兼營運商 Fresnillo 共同持有 44% 的權益。我們看到了強勁的生產、創紀錄的利潤率和出色的成本表現。第一季度，我們處理了33.7萬噸礦石，品位為每噸430克白銀，或每噸白銀當量660克。此次開採共交付了 450 萬盎司白銀和 650 萬盎司白銀當量。
Recovery also hit a new high, 96% silver recovery, thanks to the continued plant optimization and ongoing commercial pyrite and gravimetric concentrate production. Q1 sales totaled $175 million up 42% from Q1 2024, driven by higher volumes and stronger realized prices.
由於工廠的持續優化以及正在進行的商業黃鐵礦和重量精礦生產，回收率也創下了新高，銀回收率達到 96%。第一季銷售額總計 1.75 億美元，較 2024 年第一季成長 42%，這得益於銷量增加和實現價格上漲。
Silver averaged $33.60 per ounce, and gold averaged over $3,031 per ounce. Zinc and lead also contributed positively. Treatment and refining charges were $8.7 million down more than $1.1 million from Q1 2024, reflecting more favorable commercial terms negotiated last year.
白銀平均價格為每盎司 33.60 美元，黃金平均價格為每盎司 3,031 美元以上。鋅和鉛也做出了積極貢獻。處理和精煉費用為 870 萬美元，比 2024 年第一季下降了 110 多萬美元，反映了去年談判的更有利的商業條款。
Production costs decreased by $3.1 million, mainly as a result of more efficient mining operations. These contributed to a higher cash operating margin of 81%, up from 70% last year. Gross profit for the quarter came in at $121 million versus $65 million a year ago. That's a near doubling. Juanicipio continues to deliver industry leading costs.
生產成本減少了 310 萬美元，主要原因是採礦作業效率更高。這些因素使得現金營業利潤率從去年的 70% 上升至 81%。本季毛利為 1.21 億美元，去年同期為 6,500 萬美元。這幾乎翻了一番。Juanicipio 繼續提供業界領先的成本。
Our cash costs were negative, $0.91 per ounce silver sold. And $8.50 a silver equivalent out sold, driven by strong by-product credits and disciplined site level performance. All in sustaining costs were $2.04 per silver ounce sold, and $10.64 per equivalent ounce, down significantly from the prior year. All in sustaining margins remained solid, like really solid. Q1 delivered an all-in sustaining margin of $126 million.
我們的現金成本為負，每盎司白銀售價 0.91 美元。在強勁的副產品信貸和嚴格的站點級性能的推動下，白銀當量銷售為 8.50 美元。所有維持成本為每售出一盎司白銀 2.04 美元，每當量盎司 10.64 美元，較前一年大幅下降。整體而言，利潤率保持穩固，非常穩固。第一季的總維持利潤為 1.26 億美元。
Free cash flow was equally strong in Q1, delivering $77 million and that was after paying $57 million in taxes during the quarter. At the corporate level, MAG recorded net income of $28.7 million or $0.28 per share, and adjusted EBITDA of $55.8 million driven by a 44% of Juanicipio. We received $61.5 million in cash from Juanicipio in April. Juanicipio has now retired all into company debt.
第一季的自由現金流同樣強勁，達到 7,700 萬美元，而這還是在該季度繳納了 5,700 萬美元的稅款之後。在公司層面，MAG 的淨收入為 2,870 萬美元，即每股 0.28 美元，調整後 EBITDA 為 5,580 萬美元，這得益於 Juanicipio 44% 的股份。我們在四月從 Juanicipio 獲得了 6,150 萬美元現金。胡安尼西皮奧 (Juanicipio) 現已退休，全心投入公司債務。
Building on our inaugural dividend in April, MAG declared its second quarterly dividend, $0.02 per share, fixed component and $0.18 per share cash flow link component tied to our targeted 30% of cash received from Juanicipio. That's a total dividend of $0.20 per share, payable May 28 to shareholders of record as of May 19. We believe this dual component approach to the dividend aligns shareholders' returns directly with underlying performance and reinforces our commitment to discipline capital returns.
在 4 月首次派發股息的基礎上，MAG 宣布了其第二次季度股息，每股 0.02 美元，固定部分和每股 0.18 美元的現金流掛鉤部分，與我們從 Juanicipio 收到的 30% 現金目標掛鉤。總股息為每股 0.20 美元，將於 5 月 28 日支付給 5 月 19 日登記在冊的股東。我們相信，這種雙重股利方法將股東回報與基本績效直接掛鉤，並加強了我們對嚴格資本回報的承諾。
So let's turn to exploration, where progress continues across all three of our key projects. At Juanicipio, we completed 6,992 meters of underground infill drilling in Q1, focused on the Valdecañas, Anticipada, and Ramal veins.
因此，讓我們轉向探索，我們的三個關鍵項目都在繼續取得進展。在 Juanicipio，我們在第一季完成了 6,992 公尺的地下加密鑽探，並專注於 Valdecañas、Anticipada 和 Ramal 礦脈。
Surface drilling will begin in Q2, targeting scan potential and targeting new vein systems like [Magdalena]. At Deer Trail, we drilled six reverse circulation pre-collar holes, totaling 1,783 meters, testing cost effective and time-saving ways to progress our targets through the tough initial 300 meters to 400 meters of drilling. Results are pending. And geophysical surveys are underway to refine our drill targeting while we continue to review alternatives to reduce drill costs and discovery risk.
地面鑽探將於第二季開始，目標是掃描潛力並瞄準新的礦脈系統，例如[瑪格達萊娜]。在 Deer Trail，我們鑽了六個反循環預套孔，總長 1,783 米，測試了經濟有效且節省時間的方法，以便在最初艱難的 300 米至 400 米鑽探過程中推進我們的目標。結果尚待確定。我們正在進行地球物理勘測，以完善我們的鑽探目標，同時我們將繼續審查降低鑽探成本和發現風險的替代方案。
At Larder, we finalized target selection and logistics for a 25,000 meter drill program at the instant pond zone, where historical drilling and recent sampling delivered stunning gold grades. Looking ahead, Juanicipio remains on track to meet 2025 production guidance of 14.7 million to 16.7 million silver ounces. And all in sustaining costs of $6 to $8 per ounce.
在 Larder，我們最終確定了即時池塘區 25,000 公尺鑽探計劃的目標選擇和物流，該區域的歷史鑽探和最近的取樣結果顯示出驚人的金品位。展望未來，胡安尼西皮奧仍有望實現 2025 年 1,470 萬至 1,670 萬盎司白銀的產量目標。所有這些的維持成本都在每盎司 6 至 8 美元之間。
Sustaining capital of $70 million to $80 million is budgeted for tailings expansion, ventilation systems, and electrical infrastructure. An additional $22 million to $28 million is allocated to installing the underground conveyor, expected to come online in late 2026 and delivering enhanced efficiencies, costs, and production potential.
預算維持資本為 7,000 萬至 8,000 萬美元，用於尾礦擴建、通風系統和電力基礎設施。另外也撥款 2,200 萬至 2,800 萬美元用於安裝地下傳送帶，預計 2026 年底投入使用，以提高效率、降低成本並增加生產潛力。
We'll also drill 50,500 meters this year across all underground and surface programs to continue expanding the resource base at Juanicipio. Q1 marked another strong quarter for MAG with record production, improved margins, and robust dividends. We're well positioned to build on this momentum through 2025.
我們今年還將在所有地下和地面項目中鑽探 50,500 米，以繼續擴大 Juanicipio 的資源基礎。第一季對 MAG 來說又是一個強勁的季度，產量創歷史新高，利潤率提高，股息也十分可觀。我們已做好準備，在 2025 年繼續保持這一勢頭。
So thank you for your support. We'll see you next quarter. And until then, please take care.
非常感謝您的支持。我們將於下個季度與您見面。在此之前，請多保重。