Pan American Silver Corp (PAAS) 2023 Q2 法說會逐字稿

Good morning. My name is Joanna, and I will be your conference operator today. At this time, I would like to welcome everyone to Pan American Silver's Second Quarter 2023 Conference Call. Siren, you may begin your conference.

早上好。我叫喬安娜，今天我將擔任你們的會議操作員。此時此刻，我謹歡迎大家參加泛美銀業 2023 年第二季度電話會議。 Siren，你可以開始你的會議了。

Thank you for joining us today for Pan American Silver's Q2 2023 Conference Call. This call includes forward-looking statements and information and makes reference to non-GAAP measures. Please see the cautionary statements in our MD&A, news release and presentation slides for our Q2 2023 unaudited results, all of which are available on our website.

感謝您今天參加泛美銀業 2023 年第二季度電話會議。本次電話會議包括前瞻性陳述和信息，並參考了非公認會計準則措施。請參閱我們的 MD&A、新聞稿和演示幻燈片中關於 2023 年第二季度未經審計結果的警示聲明，所有這些都可以在我們的網站上找到。

I'll now turn the call over to Michael Steinmann, Pan American's President and CEO.

現在我將把電話轉給泛美公司總裁兼首席執行官邁克爾·斯坦曼 (Michael Steinmann)。

Thanks, Siren, and thank you, everyone, for joining our call today. The second quarter is the first period we are reporting results inclusive of the assets acquired through the Yamana transaction, which closed on March 31. The results clearly deliver on the benefits we had expected through the strategic acquisition, enhancing both the scale and quality of our portfolio.

謝謝塞壬，也謝謝大家今天加入我們的電話會議。第二季度是我們報告的第一個業績期，其中包括通過Yamana 交易收購的資產，該交易於3 月31 日結束。結果明顯實現了我們通過戰略收購預期的收益，提高了我們的規模和質量。文件夾。

With the contribution of the new assets, production in Q2 was up 102% for gold and 55% for silver relative to Q1. Consolidated Q2 silver production of 6 million ounces was at the high end of our 2023 quarterly guidance and consolidated record gold production of 248,200 ounces also approached the upper end of the range.

在新資產的貢獻下，第二季度黃金產量較第一季度增長102%，白銀產量較第一季度增長55%。第二季度白銀綜合產量為 600 萬盎司，處於我們 2023 年季度指導的上限，而創紀錄的黃金綜合產量 248,200 盎司也接近該範圍的上限。

Silver and gold segment all-in sustaining costs per ounce of $15.70 and $1,342, respectively, are within our full year cost guidance. With a strong performance year-to-date, we have reaffirmed our original 2023 operating guidance provided in our Q1 2023 MD&A. As indicated with that guidance, our production is back-end weighted, particularly for gold in the fourth quarter.

白銀和黃金每盎司的總維持成本分別為 15.70 美元和 1,342 美元，在我們的全年成本指導範圍內。憑藉今年迄今為止的強勁表現，我們重申了 2023 年第一季度 MD&A 中提供的原始 2023 年運營指導。正如該指引所示，我們的產量是後端加權的，特別是第四季度的黃金。

Please see the quarterly operating outlook provided in the Q1 MD&A for the slides that accompany this call for the detail. The strong production and sales volumes resulted in Q2 revenue of $639.9 million. Net loss in Q2 was $47.4 million or $0.13 per share. This reflects noncash accounting impacts. Notably, a $33.3 million impairment charge, net of tax, related to the sale of our 92.3% interest in Morococha for cash consideration of $25 million as per our news release from July 31.

請參閱第一季度 MD&A 中提供的季度運營展望，了解本次電話會議隨附的幻燈片。強勁的生產和銷售量導致第二季度收入達到 6.399 億美元。第二季度淨虧損為 4740 萬美元，即每股虧損 0.13 美元。這反映了非現金會計影響。值得注意的是，根據我們 7 月 31 日發布的新聞稿，我們以 2500 萬美元現金代價出售 Morococha 92.3% 的股權，產生了 3330 萬美元的減值費用（稅後）。

The net loss also includes $26.1 million net of tax for fair-value adjustments on finished goods inventories that were expensed during the quarter. As these inventory adjustments are related to the Yamana transaction and more onetime in nature from purchase price accounting, we have adjusted them from the earnings.

淨虧損還包括本季度費用化的成品庫存公允價值調整稅後淨虧損 2610 萬美元。由於這些庫存調整與 Yamana 交易有關，並且更多地是來自採購價格會計的一次性調整，因此我們根據收益進行了調整。

The adjusted earnings were $14.7 million or $0.04 per share. Cash flow from operations totaled $117 million, net of $50.5 million in taxes paid. Our annual tax payments are typically the highest in Q1 and Q2. We repaid $55.4 million of debt in Q2 and exited the quarter in a strong financial position with $470 million available under the sustainability-linked credit facility and cash and short-term investment of $409.2 million.

調整後收益為 1,470 萬美元，即每股 0.04 美元。運營現金流總計 1.17 億美元，扣除 5,050 萬美元的已繳稅款。我們的年度納稅額通常在第一季度和第二季度最高。我們在第二季度償還了5540 萬美元的債務，並在本季度結束時保持了強勁的財務狀況，與可持續發展相關的信貸安排下提供了4.7 億美元的可用資金，以及4.092 億美元的現金和短期投資。

This includes the $192.9 million of cash that is restricted to the MARA project. Our financial position improves further with the divestment of non-core assets we announced on July 31, 2023. The sale of our interest in the MARA project in Argentina the Morococha mine in Peru and the Agua de la Falda project in Chile.

其中包括僅限於 MARA 項目的 1.929 億美元現金。隨著我們於 2023 年 7 月 31 日宣布剝離非核心資產，我們的財務狀況進一步改善。出售我們在阿根廷 MARA 項目、秘魯 Morococha 礦和智利 Agua de la Falda 項目中的權益。

Together with the divestment of non-core equity investments, is expected to yield total cash proceeds of $593 million. The sale of the equity investments have already been completed, and we expect the other 3 asset sales to be completed in the third quarter of 2023. In addition to the cash proceeds, Pan American will retain future upside through the retention of copper and gold royalties with strong counterparties. The divestment of the MARA project and Morococha mine will also allow meaningful reductions in our annual project development, reclamation and care maintenance costs for 2023 and going forward.

連同非核心股權投資的剝離，預計將產生 5.93 億美元的現金收益總額。股權投資的出售已經完成，我們預計另外3項資產出售將於2023年第三季度完成。除了現金收益外，泛美將通過保留銅和黃金特許權使用費來保留未來的上漲空間與實力雄厚的交易對手。 MARA 項目和 Morococha 礦的撤資還將使我們 2023 年及以後的年度項目開發、復墾和護理維護成本大幅減少。

As per our capital allocation objectives, we intend to fully repay the $280 million drawn on our credit facility as of June 30, '23. The remainder of the proceeds will increase our cash balance, further strengthening our balance sheet and position us to advance our growth projects, including the La Colorada Skarn Project as well as paying dividends to the shareholders.

根據我們的資本配置目標，我們打算全額償還截至 2023 年 6 月 30 日從我們的信貸額度中提取的 2.8 億美元。其餘收益將增加我們的現金餘額，進一步加強我們的資產負債表，並使我們能夠推進我們的增長項目，包括 La Colorada Skarn 項目以及向股東支付股息。

We announced yesterday a $0.10 per share dividend with respect to Q2, equivalent to $36.4 million in aggregate dividends. Optimizing our portfolio was an important and stated objective following the Yamana transaction, and I'm pleased with our progress to date.

我們昨天宣布第二季度每股股息 0.10 美元，相當於股息總額 3640 萬美元。優化我們的投資組合是亞馬納交易後的一個重要且明確的目標，我對我們迄今為止取得的進展感到滿意。

Turning to the La Colorada Skarn project. Work continues on the preliminary economic assessment of PEA, which we aim to release as part of an updated La Colorada property technical report later this year. The PEA will include our view of project development, operating and capital cost estimates for the Skarn.

轉向 La Colorada Skarn 項目。 PEA 的初步經濟評估工作仍在繼續，我們的目標是作為今年晚些時候更新的 La Colorada 房地產技術報告的一部分發布。 PEA 將包括我們對 Skarn 項目開發、運營和資本成本估算的看法。

At the La Colorada mine, the concrete line ventilation shaft advanced to a depth of about 420 meters at the end of July and is expected to reach shaft bottom by the end of this year. Once the 2 exhaust plants are installed, I mean next year, we expect to see significant improvement in ventilation in the high-grade east Candelaria area of the mine.

在La Colorada礦，混凝土線通風井已於7月底推進至約420米深度，預計今年年底將到達井底。一旦安裝了 2 個排氣裝置，我的意思是明年，我們預計該礦東坎德拉里亞地區的高品位通風狀況將得到顯著改善。

Until this new system is operating, we are restricting development and mining rates in the higher grade deep eastern portion of the Candelaria deposit. As reflected in our year-to-date results and our guidance for 2023. The new ventilation infrastructure, which includes a refrigeration unit that was commissioned in 2022 will also provide benefits to the development of the Skarn project.

在這個新系統投入運行之前，我們將限制坎德拉里亞礦床東部深部品位較高的開發和開採率。正如我們今年迄今為止的業績和 2023 年的指導所反映的那樣。新的通風基礎設施（包括 2022 年調試的製冷機組）也將為 Skarn 項目的開髮帶來好處。

At the Escobal mine in Guatemala 3 meetings were held in the second quarter under the ILO 169 consultation process being led by the Guatemalan government. We also took part in a working meeting in late June, with participation of the Xinka Parliament, their advisers and Guatemala government institutions. During the meeting, we presented details on the dry-stack tailings facility management of water and vibration from blasting activities when the mine was in operations.

在危地馬拉埃斯科巴爾礦，第二季度在危地馬拉政府主導的國際勞工組織第 169 號磋商進程下召開了 3 次會議。我們還參加了六月下旬的工作會議，辛卡議會及其顧問和危地馬拉政府機構參加了會議。會議期間，我們詳細介紹了乾堆尾礦設施對礦山運營時爆破活動產生的水和振動的管理。

Following the meeting, we responded to a request for additional information and continue to work with MEM, the Ministry of Energy and Mines in the process. Now that all parties have delivered to our institutional presentations, demand considers that the information transfer process for Phase II of the consultation is complete. The MEM has established several dates for working meetings with the parties involved in the consultation.

會後，我們回應了提供更多信息的請求，並在此過程中繼續與 MEM、能源和礦業部合作。現在各方都已完成了我們的機構陳述，需求認為第二階段磋商的信息傳遞過程已經完成。 MEM 已確定與參與磋商的各方舉行工作會議的幾個日期。

We continue to participate in the ILO consultation process in good faith and respecting the constitutional court order. Escobal continues under the care and maintenance and at this time, no date has been set for a potential restart of the operations.

我們繼續真誠地參與國際勞工組織的磋商進程，並尊重憲法法院的命令。埃斯科瓦爾仍在繼續進行維護和保養，目前尚未確定可能重新啟動運營的日期。

Please see that the Ministry of Energy and Mines website for further information, activities and the time line for the Escobal ILO 169 process. A link is provided on our website on the Escobal page.

請參閱能源和礦業部網站，了解 Escobal ILO 169 流程的更多信息、活動和時間表。我們網站的 Escobal 頁面上提供了一個鏈接。

Our second quarter results show the successful transformation of Pan American into a major precious metal producer with more diversified operations across the Americas and a strong focus on silver. The integration of the Yamana assets is progressing well, and we are on track to capture the $40 million to $60 million of annual synergies we had identified through the transaction.

我們第二季度的業績顯示，泛美公司成功轉型為主要貴金屬生產商，在美洲擁有更加多元化的業務，並重點關注白銀。 Yamana 資產的整合進展順利，我們有望實現通過交易確定的 4000 萬至 6000 萬美元的年度協同效應。

We are committed to maintaining operational efficiencies and delivering on our targets, and I look forward to updating you next quarter as we continue to evolve into the new Pan American Silver.

我們致力於保持運營效率並實現我們的目標，隨著我們繼續發展成為新的泛美銀牌，我期待著下個季度向您通報最新情況。

Before we move on to questions, a few housekeeping items. We are currently working on an updated reserve and resource report, inclusive of our Yamana acquisition properties, which should be released in the next few weeks. I would also like to note that we have revised the date for our ESG call. The call will now be on October 19, 2023 at 8 a.m. Pacific Time, 11 a.m. Eastern time.

在我們繼續提問之前，先介紹一些家務用品。我們目前正在編寫更新的儲量和資源報告，其中包括我們收購的 Yamana 資產，該報告應在未來幾週內發布。我還想指出的是，我們已經修改了 ESG 電話會議的日期。該電話會議將於太平洋時間 2023 年 10 月 19 日上午 8 點、東部時間上午 11 點舉行。

We'll provide further details closer to that date. Together with the other members of our management team, we will now be happy to take your questions.

我們將在臨近該日期時提供更多詳細信息。我們現在將與我們管理團隊的其他成員一起樂意回答您的問題。

[Operator Instruction] First question comes from Lawson Winder at Bank of America Securities.

[操作員說明] 第一個問題來自美國銀行證券公司的Lawson Winder。

Okay. Thank you very much, operator, and hello, Michael and team. Thank you for the update today. I would like to start off just by asking about your capital return, which you touched on briefly in your prepared remarks, but I just wanted to kind of ask that again and hopefully get a little more color from you.

好的。非常感謝您，操作員，您好，邁克爾和團隊。感謝您今天的更新。我想首先詢問一下您的資本回報率，您在準備好的發言中簡要提到了這一點，但我只是想再問一次，希望能從您那裡得到更多的信息。

And that is 1 with the dividend I would expect and with a much larger asset base you have now with the Yamana assets, there is that ability to pay a higher dividend, and I'd like to hear your thoughts on that. And then secondly, -- with the share price trading now well below where you issued shares for the Yamana acquisition, I mean does it make sense for Pan American to be repurchasing its shares?

這是我期望的股息 1，並且您現在擁有的 Yamana 資產更大的資產基礎，有能力支付更高的股息，我想听聽您對此的想法。其次，目前股價遠低於你們為收購 Yamana 而發行的股票價格，我的意思是泛美公司回購其股票是否有意義？

Yes. Thanks, Lawson. Look, I think our capital allocation did not change what we did the last few years in the sense that, first of all, we maintain a very strong balance sheet. I think we proven already in the first quarter here that we are on track doing so. We announced last week the sale of a few non-core assets for about $593 million cash and some high-quality royalties as well.

是的。謝謝，勞森。看，我認為我們的資本配置並沒有改變我們過去幾年所做的事情，因為首先我們保持了非常強勁的資產負債表。我認為我們在第一季度就已經證明我們正在這樣做。上週我們宣布以約 5.93 億美元現金和一些優質特許權使用費出售一些非核心資產。

We just announced that, Lawson, so that closing will happen for most of them, I would guess in Q3. So the money is obviously not in our bank account yet, but it will come. And of course, that's where your question, I guess, hints on to on the capital allocation. So strong balance sheet, low debt levels.

我們剛剛宣布，勞森，所以我猜他們中的大多數將在第三季度關閉。所以錢顯然還沒有存入我們的銀行賬戶，但它會來的。當然，我想這就是你的問題暗示了資本配置的問題。資產負債表如此強勁，債務水平較低。

You know that we took on 2 bonds from Yamana. They're very attractive interest rates on those bonds. They're long-term bonds, so that's fine. We took some money on our line of credit, net flow of credit, which, as you can imagine, with the current interest rate situation is more expensive debt and will be paid back when we receive the cash from that -- those transactions. And then the rest, of course, will improve even further our balance sheet, and there will be returns to our shareholders.

你知道我們從 Yamana 那裡獲得了 2 份債券。這些債券的利率非常有吸引力。它們是長期債券，所以沒關係。我們在信用額度、淨信用流量上拿了一些錢，正如你可以想像的那樣，在當前的利率情況下，這是更昂貴的債務，當我們從這些交易中收到現金時，我們就會償還這些錢。當然，其餘的將進一步改善我們的資產負債表，我們的股東也會得到回報。

So that brings you to your question. We declared $0.10 of a dividend. That's kind of like probably the last quarter of our dividend payment under the old policy that got kind of a bit distorted because our dividend policy was based on net cash -- we put that in place for a long time. Pan American did not have any debt. So that's how it worked really well. So we're working on a new policy right now.

這引出了你的問題。我們宣布派發 0.10 美元的股息。這有點像我們在舊政策下的最後一個季度的股息支付，有點扭曲，因為我們的股息政策是基於淨現金的——我們已經實行了很長時間。泛美沒有任何債務。這就是它運作得非常好的方式。所以我們現在正在製定一項新政策。

We believe that the right time to install that will be at the end of the year when we have all that cash in from those non-core asset sales and -- we and the Board did not make a final decision yet how that will look like, but it will be something easy to follow like our old policy and I think the door will be open there to anything like dividends, share buybacks, et cetera.

我們相信，安裝該系統的最佳時機是在今年年底，屆時我們將從非核心資產銷售中獲得所有現金，而且我們和董事會尚未做出最終決定，但具體情況會如何，但這將是很容易遵循的事情，就像我們的舊政策一樣，我認為股息、股票回購等任何事情都會敞開大門。

But don't forget that we also have some high-quality projects, and that's really the core of our business to build out high-quality projects and do that with cash in our balance sheet. So La Colorada Skarn, of course, will be a focus on that -- and as I mentioned in the call just before the PA should be out on summer later in this year.

但不要忘記，我們也有一些高質量的項目，這確實是我們業務的核心，即建設高質量的項目並用資產負債表中的現金來實現這一目標。當然，《La Colorada Skarn》將成為焦點——正如我在 PA 將於今年晚些時候推出之前的電話會議中提到的那樣。

Okay. If I could also follow-up on the asset sales. It would make a lot of sense that La Arena 2 would also be a non-core asset potentially to be divested? I mean, is that a fair assumption? And then secondly, how do you think about that given that there's still a couple more years or maybe several more years of really strong gold production left at that asset?

好的。如果我也能跟進資產出售情況就好了。 La Arena 2 也將成為可能被剝離的非核心資產，這很有意義嗎？我的意思是，這是一個公平的假設嗎？其次，考慮到該資產還有幾年甚至幾年的真正強勁的黃金產量，您對此有何看法？

Yes. I mean, look, we I think, we had only holding these assets for about 3 or 4 months, we have been able to come through -- follow-through here and come out with a very strong group of non-core asset sales. We are working on others. So this is not done by any means. We have a lot of assets in our portfolio some from Pan American and some from Yamana side.

是的。我的意思是，我認為，我們只持有這些資產大約 3 或 4 個月，我們已經能夠完成 - 後續行動並推出一組非常強大的非核心資產銷售。我們正在為其他人努力。所以這是無論如何也做不到的。我們的投資組合中有很多資產，一些來自泛美，一些來自亞馬納方面。

So we'll continue looking at that and optimize our portfolio. And I think I made statements before that copper for us is not obviously another focus. We are focusing on our silver production and our gold production -- and I would envision with copper project something similar than we did with MARA, where we would get cash for an asset and a very strong loyalty copper royalty to keep our hands on the upside of the future copper price.

因此，我們將繼續關注這一點並優化我們的產品組合。我想我之前曾說過，銅對我們來說顯然不是另一個焦點。我們專注於白銀生產和黃金生產——我預計銅項目與我們在 MARA 所做的類似，我們將獲得資產現金和非常忠誠的銅特許權使用費，以保持我們的優勢。未來銅價。

So kind of the similar structure than we did with MARA. You're right that La Arena still has a few years of gold production from the oxides on the top I'm not worried about that. There will be many different ways to structure like a deal on something like that where you keep it all, keep mining and hand over the asset later on or a new buyer, who wants to look at the sulfides below, finishes the mining of the oxide and pays us for the gold. So, I mean, we're not worried about that. I think that's just the detail that we can solve in a deal negotiation.

與 MARA 的結構非常相似。你說得對，拉競技場仍然可以通過頂部的氧化物生產幾年的黃金，我對此並不擔心。會有很多不同的方式來構建類似的交易，你可以保留所有資產，繼續開採並稍後移交資產，或者新買家想要查看下面的硫化物，完成氧化物的開採並向我們​​支付黃金。所以，我的意思是，我們並不擔心這一點。我認為這只是我們可以在交易談判中解決的細節。

Okay. Great. And then hopefully, just one final question that should be fairly straightforward. Just on the silver unit cost guide for Q4, by the way, thank you for providing the quarterly guidance. So unit costs stepped down in Q3 versus Q2 on higher production and then there's still even higher production in Q4, but the cost step back up. Is that just -- are you expecting a decline in some of the byproduct credits in Q4 versus Q3?

好的。偉大的。希望最後一個問題應該相當簡單。順便說一下，關於第四季度的白銀單位成本指南，感謝您提供季度指導。因此，由於產量增加，第三季度的單位成本比第二季度有所下降，第四季度的產量仍然更高，但成本卻有所回升。您是否預計第四季度的一些副產品信用額會比第三季度有所下降？

Yes. Steve here. No, it's more reflective of our sustaining capital timing. We see a heavy quarter in Q4 for sustaining capital spend. And that's really weather-related, particularly in some of our assets. Q4 is kind of the peak time for our construction on leach pad, waste dumps, things like that.

是的。史蒂夫在這裡。不，它更能反映我們的持續資本時機。我們預計第四季度的資本支出將非常強勁。這確實與天氣有關，特別是在我們的一些資產中。第四季度是我們在瀝濾場、垃圾場等設施上進行施工的高峰期。

Yes, really weather-related [they are having] many places, when we go from the wet into the dry season. It's just something to the quarterly guidance, Lawson, in case people didn't see that it's in our MD&A. And when you look at the quarterly in the Q1 -- yes, sorry, In the Q1 MD&A. And if you look at our guidance there per quarter, we actually -- our costs were actually below our guidance, right in the guidance for the annual one. But when you look quarter-by-quarter, we did really well in Q2.

是的，當我們從雨季進入旱季時，[他們有]很多地方確實與天氣有關。這只是季度指導中的內容，勞森，以防人們沒有看到它出現在我們的 MD&A 中。當你看第一季度的季度報告時——是的，抱歉，在第一季度的 MD&A 中。如果你看看我們每季度的指導，我們的成本實際上低於我們的指導，就在年度指導中。但當你逐季度查看時，我們在第二季度做得非常好。

The next question comes from Craig Hutchison of TD Securities.

下一個問題來自道明證券 (TD Securities) 的克雷格·哈奇森 (Craig Hutchison)。

I had a question on the MARA project you plan to retain, and I think you could have kind of touched on it. Is that something you hold longer term? Or would you be looking to monetize that post the deals close? And I guess, have you got any expressions of interest on that NSR since you announced it last week?

我對你計劃保留的 MARA 項目有一個疑問，我想你可以談談它。這是你長期持有的東西嗎？或者您是否希望在交易結束後獲利？我想，自從您上周宣布 NSR 以來，您是否收到過任何對此感興趣的表達？

Look, I mean, at the moment, it's really selling -- focusing to sell some of these non-core assets. And as I said, whenever we can try to keep access to future upside through royalties. I think it has worked for us really, very well in the past. I would like to remind everybody of the Maverix transaction we did with our former portfolio of royalties we had in 2015 where we started Maverix Metals, when we're a strong and long time shareholder until the company got sold earlier this year. I think it's after -- yes.

看，我的意思是，目前，它確實在出售——專注於出售其中一些非核心資產。正如我所說，只要我們能夠嘗試通過特許權使用費來獲得未來的收益。我認為它在過去對我們確實非常有效。我想提醒大家，我們在 2015 年用之前的特許權使用費投資組合進行了 Maverix 交易，當時我們成立了 Maverix Metals，當時我們是強大且長期的股東，直到今年早些時候該公司被出售。我認為是在——是的之後。

What's going on the transaction side. So that worked out really very well for us. I think we got in about $152 million cash from quite a smaller portfolio -- this royalties we're talking now are very strong royalty as you can imagine.

交易方面發生了什麼。所以這對我們來說真的非常好。我認為我們從相當小的投資組合中獲得了大約 1.52 億美元的現金——我們現在談論的特許權使用費是非常高的特許權使用費，正如你可以想像的那樣。

When we're talking, especially in the case of MARA, about life of mine, copper royalty probably 1 of the larger copper deposits in the world that is to be developed. I don't want to make a decision right now. What we do with this royalty is you can imagine there's a lot of demand for royalties. And of course, people are asking what we're doing with them. But at the moment, we're just focusing on optimizing the portfolio and collecting those royalties, and we'll decide later on how we create most value for our shareholders out of that portfolio.

當我們談論礦山壽命時，特別是在 MARA 的情況下，銅礦可能是世界上待開發的較大銅礦床之一。我現在不想做決定。您可以想像，我們對特許權使用費的需求量很大。當然，人們會問我們正在用它們做什麼。但目前，我們只是專注於優化投資組合併收取這些特許權使用費，稍後我們將決定如何從該投資組合中為股東創造最大價值。

Okay. Great. Maybe one last question. Just on the tax, you mentioned taxes, cash tax is higher in Q1 and Q2. Can we expect them to drop off fairly substantially here into Q3? And -- can you just provide some context of why it was so high just for catch-up payments from 2022?

好的。偉大的。也許還有最後一個問題。就稅收而言，您提到稅收，第一季度和第二季度的現金稅較高。我們能否期望它們在第三季度大幅下降？而且——您能否提供一些背景信息，說明為什麼 2022 年的補繳付款金額如此之高？

Craig, this is Ignacio speaking. So in general, yes, as you know, we pay installments throughout the year. However, there's always a catch-up that we do. Usually, typically between March and April. And in this case, there was a large catch-up in April from some taxes. Specifically, I think it was in Chile. But yes, that's just a normal cadence of our tax payments. Installments have been a catch-up and sometimes the margin (inaudible). So do you like either lines in Q1 or Q2.

克雷格，我是伊格納西奧。所以總的來說，是的，如你所知，我們全年分期付款。然而，我們總是在追趕。通常，通常在三月到四月之間。在這種情況下，四月份一些稅收出現了很大的追趕。具體來說，我認為是在智利。但是，是的，這只是我們納稅的正常節奏。分期付款是一種追趕，有時是保證金（聽不清）。那麼你喜歡 Q1 還是 Q2 中的哪一行呢？

But yes, you're right. It's normally our biggest largest tax payments are in the first 2 quarters of the year.

但是，是的，你是對的。通常我們最大的納稅額是在今年的前兩個季度。

That's correct.

這是正確的。

The next question comes from Don DeMarco from National Bank Financial.

下一個問題來自國家銀行金融公司的唐·德馬科。

First question, so looking at the asset disposition late-July, does this change your care maintenance guidance for 2023? I think it was about $100 million for the year and maybe $50 million has been spent in H1?

第一個問題，看看 7 月底的資產處置，這是否會改變您 2023 年的護理維護指導？我認為今年大約花費了 1 億美元，上半年可能花費了 5000 萬美元？

Yes. Look, a very good point. I mean that it's not only the cash that comes in and the royalties, but a lot of care and maintenance costs that will go away with those transactions. The biggest ones for the care and maintenance costs with the Morococha and of course, MARA.

是的。看，非常好的一點。我的意思是，這些交易不僅會帶來現金和特許權使用費，還會消除大量的護理和維護成本。最大的費用是 Morococha 的保養和維護成本，當然還有 MARA。

It really depends when the transaction closes. But as soon as they close, yes, that will go away, depending which month we may going to adjust a little bit the care and maintenance capital down at the end of the year, but it really depends on that date. But definitely for future years, there will be a big improvement.

這實際上取決於交易何時結束。但一旦它們關閉，是的，這種情況就會消失，具體取決於哪一個月我們可能會在年底稍微調整一下護理和維護資本，但這實際上取決於那個日期。但在未來幾年，肯定會有很大的進步。

Okay. And what we see with the reporting last night at the cost, the AISC is a little bit variable versus the guidance ranges. And just looking at some of the cornerstone assets like we see Shahuindo and El Peñón that are above the ranges on AISC. Jacobina positively the bottom of the guidance range. So what are some of the factors that are driving the swings at these 3 mines? And -- and would we expect a reversion to sort of midpoints of the guidance range in H2?

好的。我們從昨晚的報告中看到，總成本報告中的 AISC 與指導範圍相比略有變化。只要看看一些基石資產，比如 Shahuindo 和 El Peñón 就超出了 AISC 的範圍。 Jacobina 確實處於指導範圍的底部。那麼導致這三個礦山波動的因素有哪些呢？而且——我們是否預計下半年會回到指導範圍的中點？

Yes. Thanks, Don. Steve here. Maybe I'll start with Jacobina. Jacobina is having very, very good success on some of their cost control programs. And we have enjoyed some pretty good cost -- even cost per ton, unit cost per ton have been looking very good there. We're a little bit -- we're monitoring very closely the exchange rate of the reais that has an effect there that's pretty strong. But we did come out pretty good in Q2, and we're optimistic, I think, looking forward at Jacobina.

是的。謝謝，唐。史蒂夫在這裡。也許我會從雅各賓娜開始。 Jacobina 在一些成本控制計劃上取得了非常非常好的成功。我們享受了一些相當不錯的成本——甚至每噸成本、每噸單位成本看起來都非常好。我們正在非常密切地監控雷亞爾的匯率，這對那裡的影響非常大。但我們在第二季度的表現確實不錯，我認為我們對 Jacobina 充滿樂觀。

El Peñón, there's quite a bit going on there in terms of rescheduling some of the mine plan. We've enjoyed some really good silver production coming out of El Peñón a little bit disappointing gold production during Q2. So, we're kind of readjusting that plan. We always anticipated a strong second half of the year, or particularly strong Q4 at El Penon.

El Peñón，在重新安排一些採礦計劃方面，有很多事情要做。我們在第二季度從 El Peñón 獲得了一些非常好的白銀產量，但黃金產量有點令人失望。所以，我們正在重新調整該計劃。我們一直預計埃爾佩農下半年會表現強勁，或者第四季度尤其強勁。

But we have kicked up development rates a bit. And some of the activities there have kicked up a bit. So that's driving some of the cost differentials from what we had before. And I think Cerro Moro, I think that was the other 1 you were talking about.

但我們稍微提高了開發速度。那裡的一些活動已經開始了一些。因此，這導致了我們之前的一些成本差異。我認為莫羅山，我認為那是你談論的另一座山。

Or no it was Shahuindo.

或者不，是沙胡因多。

Shahuindo, yes. At Shahuindo, I would say, right now, it's really -- we're focused on this blending of course ore with the fine clay ores -- and what that happened -- what we've decided to do is drop some of the cutoff grade, if you will, of some of the ores to give us better blending rock for their higher-grade clay ores. And the effect of that kind of drives a bit of the cost as well, and that's kind of the noise we're seeing there.

沙胡因多，是的。在Shahuindo，我想說，現在，我們真的專注於將天然礦石與細粘土礦石混合——以及所發生的事情——我們決定做的是放棄一些界限如果你願意的話，可以對一些礦石進行品位，以便我們更好地混合岩石以獲得更高品位的粘土礦石。這種影響也會增加一些成本，這就是我們在那裡看到的噪音。

Yes. But maybe just add in general really -- the general cost driver, a big cost driver when you look at, of course, sustaining capital 1 and that varies, as we said before, say month-to-month -- that's a seasonality to that, which depends on the weather pattern or on the dry and wet season of different countries we are working in, when we can do certain work and when not.

是的。但也許只是一般性地添加——一般成本驅動因素，當然，當你考慮維持資本1 時，這是一個很大的成本驅動因素，正如我們之前所說，逐月變化——這是一個季節性因素這取決於我們工作所在的不同國家的天氣模式或旱季和雨季，我們什麼時候可以做某些工作，什麼時候不能做。

So that's just [a given] and especially in Peru that the dry season starts in Northern Hemisphere winter. Byproduct, very important byproduct timing of sales of that and prices of byproduct as all our costs are net of byproducts -- those have a big impact on our cost. And then the last 1 that Steve alluded to is currencies, right? Depending on how much of local currency payments we have in a certain country and how strong that local currency is -- that has a big impact on our cost positive or negative depending where it goes.

所以這只是[給定的]，尤其是在秘魯，旱季從北半球的冬季開始。副產品，非常重要的副產品銷售時間和副產品價格，因為我們所有的成本都扣除了副產品——這些對我們的成本有很大影響。史蒂夫提到的最後一個是貨幣，對吧？取決於我們在某個國家有多少當地貨幣支付以及當地貨幣的堅挺程度——這對我們的成本產生很大影響，無論是正還是負，具體取決於它的去向。

So those are kind of different impacts and of course, and we have to follow our capital schedule and [certain] byproduct and currencies are out of our control. So just keep in mind, when you look at all-in sustaining costs that those are big factors as well that play into it.

因此，這些都是不同的影響，當然，我們必須遵循我們的資本計劃，[某些]副產品和貨幣是我們無法控制的。因此，請記住，當您考慮總體維持成本時，這些也是影響成本的重要因素。

Okay. Okay. We'll keep modeling the guidance ranges for time being. And -- yes, but final question, just going over to the ILO 169 process. It sounds like an encouraging quarter. I mean [getting] sounds like good progress there. They are asking questions. There seems to be some dialogue there. I'm looking at your website here that you had mentioned. And after Phase 2 consultation, there's the Supreme Court verification. So could you give us an idea of when that Phase 2 might conclude and then what the expected events would be through Phase 3?

好的。好的。我們將暫時繼續對指導範圍進行建模。而且——是的，但最後一個問題是，請轉到 ILO 169 流程。這聽起來是一個令人鼓舞的季度。我的意思是，[取得]聽起來像是取得了不錯的進展。他們在問問題。那裡似乎有一些對話。我正在查看您提到的您的網站。第二階段諮詢之後，還有最高法院的核實。那麼您能否告訴我們第二階段何時結束以及第三階段的預期事件是什麼？

Yes. So, I mean, you're right, lots of activities in the quarter and ongoing. The website from the Ministry of Mines, I think, shows something like October, end of October or November for the conclusion of that phase. Look, I don't know, if that's really the exact timing, but I think that's what at the moment is on their website, and that's what the government is probably trying to achieve.

是的。所以，我的意思是，你是對的，本季度有很多活動並且正在進行。我認為，礦業部的網站顯示該階段的結束時間為 10 月、10 月底或 11 月。聽著，我不知道這是否真的是確切的時間，但我認為這就是他們網站上目前的內容，這就是政府可能正在努力實現的目標。

And then it will go into the last phase with the core clarification. So I don't have really dates for you exactly. I just encourage everyone to follow that website from the government of Guatemala from the Ministry of Mines and there will be periodic updates as we're going on and see how that evolves.

然後進入最後階段，進行核心澄清。所以我沒有確切的日期給你。我只是鼓勵大家關注危地馬拉政府礦業部的網站，隨著我們的進展，將會定期更新，看看情況如何發展。

Okay. I can see the link on your website. Okay.

好的。我可以在你的網站上看到鏈接。好的。

[Operator Instruction] There are no further questions at this time. Mr. Steinmann, I turn the call back over to you.

[操作員說明] 目前沒有其他問題。斯坦曼先生，我將電話轉回給您。

Yes. Thank you, operator, and thanks, everybody, for calling in today. A busy quarter with a new larger and stronger Pan American with the addition of the former Yamana assets, strong production and big advance already on divestments of non-core assets in the quarter.

是的。謝謝接線員，也謝謝大家今天打來電話。這是一個繁忙的季度，新的更大、更強的泛美公司增加了前亞馬納資產，強勁的生產和本季度非核心資產剝離已經取得的巨大進展。

So as you can imagine, it was a very busy quarter. I'm very happy to see the advances and on top of that, as I mentioned, the integration is going really well. We are very happy with our local teams and everything advancing well. And harvesting of synergies is right on plan between our $40 million to $60 million. So -- we'll continue that arrive down under our path, and we're looking forward to report the next quarter to you in November until then, enjoy the rest of the summer. Thank you very much.

正如您可以想像的那樣，這是一個非常繁忙的季度。我很高興看到這些進步，最重要的是，正如我提到的，集成進展非常順利。我們對當地團隊感到非常滿意，一切進展順利。我們計劃在 4000 萬至 6000 萬美元之間收穫協同效應。因此，我們將繼續沿著我們的道路前進，我們期待著在 11 月向您報告下一個季度的情況，直到那時，享受夏天剩下的時間。非常感謝。

Ladies and gentlemen, this concludes your conference call for today. We thank you for participating, and we ask that you please disconnect your lines.

女士們、先生們，今天的電話會議到此結束。我們感謝您的參與，並請您斷開線路。