Pan American Silver Corp (PAAS) 2024 Q1 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the Pan American Silver first-quarter 2024 unaudited results conference call and webcast.

早安，女士們、先生們，歡迎參加泛美銀業 2024 年第一季未經審計的業績電話會議和網路廣播。

(Operator Instructions) Also note that this call is being recorded on Thursday, May 9, 2024.

（操作員說明）另請注意，此通話的錄音時間為 2024 年 5 月 9 日星期四。

And I would like to turn the conference over to Siren Fisekci, VP, Investor Relations.

我想將會議交給投資者關係副總裁 Siren Fisekci。

Please go ahead.

請繼續。

Thank you for joining us today for Pan American Silver's Q1 2024 conference call.

感謝您今天參加泛美銀業 2024 年第一季電話會議。

This call includes forward-looking statements and information and makes reference to non-GAAP measures.

本次電話會議包括前瞻性陳述和訊息，並參考了非公認會計準則措施。

Please see the cautionary statements in our MD&A, news release, and presentation slides for our Q1 2024 unaudited results, all of which are available on our website.

請參閱我們的 MD&A、新聞稿和簡報幻燈片中關於 2024 年第一季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執行長 Michael Steinmann。

Thanks, Siren, and thank you, everyone, for joining us today.

謝謝塞壬，也謝謝大家今天加入我們。

Our Q1 operating results were in line or better than expected.

我們第一季的經營業績符合或比預期好。

Silver and gold production were within our guided ranges, and I am particularly pleased with our strong performance on controlling costs.

白銀和黃金產量都在我們的指導範圍內，我對我們在控製成本方面的強勁表現感到特別滿意。

Cash costs and all-in sustaining costs, excluding net realizable value, inventory adjustments for both silver and gold segments were lower than our quarterly guidance.

白銀和黃金部門的現金成本和整體維持成本（不包括可變現淨值）、庫存調整均低於我們的季度指引。

Operations generated $133.2 million of cash flow before working capital changes in Q1.

第一季營運資本變動前，營運產生了 1.332 億美元的現金流。

This includes $41.1 million in cash taxes paid, (technical difficulty) Q1 typically being the quarter with the higher cash tax payments.

這包括支付的 4,110 萬美元現金稅，（技術難度）第一季通常是現金稅支付額較高的季度。

We recorded a $30.8 million net loss or $0.08 loss per share in Q1, which includes a $34.4 million tax expense, of which $15.2 million is related to an inflation adjustment in Argentina, $14.4 million of net realizable value inventory expense, and a $10.8 million non-cash investment loss, largely due to the decrease of the New Pacific Metals Corp share price.

第一季我們錄得3,080 萬美元的淨虧損，即每股虧損0.08 美元，其中包括3,440 萬美元的稅務費用，其中1,520 萬美元與阿根廷的通貨膨脹調整有關，1,440 萬美元的可變現淨值庫存費用，以及1,080 萬美元的非-現金投資損失，主要是由於新太平洋金屬公司股價下跌。

Adjusted earnings were $4.7 million or $0.01 per share.

調整後收益為 470 萬美元，即每股 0.01 美元。

We exited Q1 in a strong financial position.

我們在第一季結束時財務狀況良好。

Cash and investments totaled $331.4 million, and we have the full $750 million available on our undrawn credit facility.

現金和投資總額為 3.314 億美元，我們的未提取信貸額度中有 7.5 億美元可用。

Total available liquidity is $1.1 billion.

可用流動資金總額為 11 億美元。

This strong financial position allowed us to return $58 million of capital to shareholders in Q1, $36.5 million in total cash dividends paid, and then $21.5 million in share buybacks.

這種強勁的財務狀況使我們能夠在第一季向股東返還 5,800 萬美元的資本，支付總額 3,650 萬美元的現金股息，然後進行 2,150 萬美元的股票回購。

Following the approval of our share buyback program in March 4, 2024, we repurchased approximately 1.7 million shares at an average price of $14.16 per share for cancellation, inclusive of shares (technical difficulty) that settled in April.

在我們的股票回購計劃於2024 年3 月4 日獲得批准後，我們以每股14.16 美元的平均價格回購了約170 萬股股票並註銷，其中包括4 月份結算的股票（技術困難）。

We intend to continue to take an opportunistic approach to future share buybacks.

我們打算繼續對未來的股票回購採取機會主義的態度。

We maintained the dividend announcing yesterday a cash dividend of $0.10 per common shares.

我們維持昨天宣布的股息每股普通股 0.10 美元的現金股息。

In addition to maintaining a robust shareholder returns framework, they're investing in our operations for safe and efficient improvements in performance.

除了維持穩健的股東回報框架之外，他們還對我們的營運進行投資，以安全、有效率地提高績效。

Operations performed largely in line with expectations, although Dolores was weaker than expected due to lower grades and heavy rains that required us to reduce irrigation rates, resulting in a lower ratio of ounces recovered to ounces stacked.

營運表現基本上符合預期，儘管多洛雷斯的產量低於預期，原因是品位較低，而且大雨要求我們降低灌溉率，導致回收的盎司與堆積的盎司比率較低。

NRV adjustments at Dolores also increased all-in sustaining costs by $838 per ounce.

Dolores 的 NRV 調整也使總維持成本增加了每盎司 838 美元。

Excluding NRV adjustments Dolores all-in sustaining costs were $1,529 per ounce.

不包括 NRV 調整，Dolores 的總維持成本為每盎司 1,529 美元。

At La Colorada, the new ventilation infrastructure is on track for completion in mid-2024.

La Colorada 的新通風基礎設施預計將於 2024 年中期竣工。

We expect this will lead to significant improvement in the ventilation conditions in the mine, which will allow us to accelerate the development rates by opening more areas for production.

我們預計這將顯著改善礦井通風條件，從而使我們能夠透過開放更多生產區域來加快開發速度。

This is expected to lead to higher mining rates returning to approximately 2,000 tons per day by the end of the year from the roughly 1,300 tons to 1,400 tons per day rate currently.

預計到今年年底，採礦率將從目前每天約 1,300 噸至 1,400 噸左右恢復至每天約 2,000 噸。

They're also advancing La Colorada's current project on April 7, 2024, we announced additional drill results from our ongoing exploration program at this con.

他們還在 2024 年 4 月 7 日推進 La Colorada 當前的項目，我們在這次會議上宣布了我們正在進行的勘探計劃的更多鑽探結果。

These drill results returned some of the highest grade intercepts to date, including a stunning 22.5 meters at 1,435 grams per ton silver, 31.9% lead, and 20.5% zinc.

這些鑽探結果返回了一些迄今為止最高品位的截距，其中包括令人驚嘆的 22.5 公尺、每噸 1,435 克的銀、31.9% 的鉛和 20.5% 的鋅。

We will provide an updated mineral resource estimate for this con in August, together with our mid-year corporate mineral reserve and resource report.

我們將在 8 月提供本次騙局的最新礦產資源估算，以及我們的年中企業礦產儲量和資源報告。

We continue to engage in discussions with parties who have expressed an interest in a potential partnership in this con.

我們將繼續與表示有興趣在此騙局中建立潛在合作夥伴關係的各方進行討論。

Ideally, we'd like to structure a partnership that would enable us to retain exposure to the silver with an estimated annual production of 17.2 million ounces in the first 10 years and the partner would retain exposure to the site.

理想情況下，我們希望建立一種合作夥伴關係，使我們能夠保留對白銀的投資，預計前 10 年年產量為 1,720 萬盎司，而合作夥伴將保留對該地點的投資。

We are also excited by the potential of Jacobina, as studies underway to evaluate alternative mining methods and upgrades to the processing facilities.

我們也對 Jacobina 的潛力感到興奮，因為評估替代採礦方法和升級加工設施的研究正在進行中。

The aim is to identify opportunities to optimize the long-term economics of the mine.

目的是尋找優化礦山長期經濟效益的機會。

At the Escobal mine in Guatemala, the ILO 169 consultation process has experienced delays since the new government took office in January 2024.

在危地馬拉埃斯科巴爾礦，自 2024 年 1 月新政府上任以來，ILO 169 磋商進程經歷了延誤。

During meetings held in Q1 2024 between Pan American, the Ministry of Energy and Mines, or MEM, and other institutions, the government confirmed its commitment to completing the Escobal ILO 169 consultation process that has not provided an update on the timeline.

在泛美、能源和礦業部 (MEM) 和其他機構於 2024 年第一季舉行的會議上，政府確認了其完成 Escobal ILO 169 諮詢流程的承諾，但尚未提供最新的時間表。

On April 29, 2024, the MEM released the Vice Minister of Sustainable Development who was responsible for overseeing and coordinating the Escobal ILO 169 consultation process.

2024 年 4 月 29 日，MEM 任命了永續發展部副部長，負責監督和協調 Escobal ILO 169 諮詢進程。

The MEM has not yet designated a replacement for this post.

MEM 尚未指定該職位的替代者。

On May 1, 2024, we announced that we have agreed to sell the La Arena gold mine as well as La Arena II project in Peru, the subsidiary of Zijin Mining Group.

2024年5月1日，我們宣布同意出售紫金礦業集團旗下秘魯La Arena金礦及La Arena II計畫。

Under the terms of the agreement, at closing Zijin will pay $245 million in cash and will grant Pan American a life of mine gold, net smelter return royalty of 1.5% for the La Arena II project.

根據協議條款，交易完成時，紫金將支付2.45億美元現金，並將授予Pan AmericanLa Arena II專案的礦金壽命、冶煉廠淨收益1.5%。

Additionally, upon commencement of commercial production from the La Arena II project, the agreement provides for an additional payment from Zijin of $50 million in cash.

此外，在La Arena II計畫開始商業生產後，該協議規定紫金額外支付5,000萬美元現金。

We expect La Arena transaction to close in Q3, pending satisfaction after customary conditions and regulatory approvals.

我們預計 La Arena 交易將於第三季完成，待慣例條件和監管部門批准後滿足。

The divestment is aligned with our commitment after the amount of transaction to divest properties that are not aligned with our long-term strategy while strengthening our financial position to invest in high quality growth opportunities to reduce debt and to return capital to our shareholders.

此次撤資符合我們在交易金額後的承諾，即剝離與我們長期戰略不相符的財產，同時加強我們的財務狀況，投資於高品質成長機會，以減少債務並向股東返還資本。

With the expected close of La Arena transaction, we will have generated $837 million in cash from asset sales following the acquisition of Yamana.

隨著 La Arena 交易的預計完成，我們將從收購 Yamana 後的資產出售中獲得 8.37 億美元的現金。

In addition, we will have retained four high quality royalties with industry-leading partners as well as contingent payments of $50 million.

此外，我們還將與業界領先的合作夥伴保留四筆高品質的特許權使用費以及 5000 萬美元的或有付款。

Last but not least, the divestments also expect to reduce our annual care maintenance costs by over $70 million.

最後但並非最不重要的一點是，撤資也預計將使我們的年度護理維護成本減少超過 7000 萬美元。

In closing, Pan American delivered strong performance in Q1, and we are on track to achieve our operating outlook for the year.

最後，泛美在第一季表現強勁，我們有望實現今年的營運前景。

We expect free cash flow to increase through 2024, particularly in the second half of the year based on our view of higher production and lower cost weighted towards the second half of 2024, and supportive metal prices.

基於我們對 2024 年下半年產量增加和成本下降以及金屬價格支撐的看法，我們預計自由現金流將在 2024 年之前增加，特別是下半年。

We look forward to providing our customary mid-year update on our mineral reserves and resources in August.

我們期待在 8 月按照慣例提供有關礦產儲量和資源的年中最新情況。

And with that, I would like to open the call for questions.

接下來，我想開始提問。

(Operator Instructions) Ovais Habib, Scotiabank.

（操作員指示）Ovais Habib，豐業銀行。

Thank you, operator.

謝謝你，接線生。

Good morning, Michael and Pan American team.

早安，麥可和泛美團隊。

Really congrats to a strong start to the year.

真心祝賀今年的強勁開局。

Just a couple of questions (technical difficulty) Just starting off, we just had a great start to the quarter as cost, both silver and gold segments outperformed the quarterly guidance that was provided.

只是幾個問題（技術難度） 剛開始，我們在本季度取得了良好的開端，因為成本、白銀和黃金部門的表現均優於所提供的季度指導。

At the silver segment, particularly total cash costs and AISC is down 34% and 40% respectively.

在白銀領域，總現金成本和 AISC 分別下降了 34% 和 40%。

That's quarter over quarter.

這是季度環比。

Could you please give us or help us understand what are the drivers here?

您能否告訴我們或幫助我們了解這裡的驅動程式是什麼？

Are you seeing these declining cost pressures across the board?

您是否看到成本壓力全面下降？

Maybe some color there.

也許那裡有一些顏色。

Michael?

麥可？

Yeah, Ovais, I will start with that.

是的，奧瓦伊斯，我就從這個開始。

I hand it over to Steve, to give a bit more color directly from the operations.

我把它交給史蒂夫，直接從操作中提供更多的色彩。

It's like always our cost when you look at that and these are costs net of byproduct credits.

當你看到這一點時，這就像我們的成本一樣，這些都是扣除副產品信用的成本。

So one part is obviously our production cost, which the team did a great job on cost control here.

所以其中一部分顯然是我們的生產成本，團隊在成本控制方面做得很好。

The second part that are the big impacts are base metal prices on the silver side and in the gold segment, sometimes there's a bit silver in it as well as a by-product credit.

影響最大的第二部分是白銀和黃金領域的基本金屬價格，有時其中有一點白銀以及副產品信用。

So when metal prices go up, of course, that's a tailwind for us as well on the cost side.

因此，當金屬價格上漲時，當然，這對我們來說也是成本上的利多因素。

And then the last one is that I have to mention is our currencies, right?

最後一個我不得不提的是我們的貨幣，對吧？

We have a lot of expenses in local currencies and it always depends where this currencies trade.

我們有許多以當地貨幣計價的支出，這始終取決於該貨幣的交易地點。

So in Mexico right now, very strong currency, of course, that's a headwind to our cost.

因此，目前在墨西哥，貨幣非常堅挺，這當然對我們的成本構成了不利影響。

(technical difficulty) Canadian dollar is quite weak dollar right now.

（技術難度） 加幣現在是相當疲軟的美元。

Of course, that helps us on the cost side as we report in US dollars, even though we are based in Canada, that's a foreign currency for us.

當然，這在成本方面對我們有幫助，因為我們以美元報告，儘管我們總部位於加拿大，但這對我們來說是外幣。

But maybe, Steve, you have some more detail?

但史蒂夫，你也許有更多細節嗎？

Yeah.

是的。

I don't have a lot.

我沒有很多。

All this, I mean, the currencies did play a key role, particularly down in Argentina, we didn't quite see the effective US inflation, quite I mean, it was still but heavy, but it wasn't quite to the degree we anticipated in our planning.

所有這一切，我的意思是，貨幣確實發揮了關鍵作用，特別是在阿根廷，我們沒有完全看到美國的有效通脹，我的意思是，它仍然很重，但還沒有達到我們的程度我們的計劃中預期的。

Likewise, in Chile was pretty good on the OpEx side.

同樣，智利的營運支出也相當不錯。

I would say our consumables were generally seeing a little bit better usage, lower usage of our consumables than what we had planned.

我想說的是，我們的消耗品使用率總體上比我們計劃的要好一些，但消耗品的使用率要低一些。

We're still evaluating that.

我們仍在評估這一點。

So we don't want to change the year -- the full year guidance or the future quarter guidance.

因此，我們不想改變年份——全年指導或未來季度指導。

We think those are still valid guidance going forward.

我們認為這些仍然是未來有效的指導。

But we are looking at -- we did see some reductions in usages in Q1, and we're just not sure if that's all type related yet or not.

但我們正在關注——我們確實看到第一季的使用量有所減少，我們只是不確定這是否與所有類型相關。

So you're not changing guidance but there could be some possible upside in terms of cost improvements?

因此，您不會改變指導意見，但在成本改進方面可能會有一些可能的好處？

Yeah, you don't hold me to that.

是的，你不讓我這麼做。

Everything as we mentioned, stays the same.

我們提到的一切都保持不變。

I don't think that's fair to say, yes, Ovais.

我認為這樣說是不公平的，是的，奧韋斯。

Okay.

好的。

Sounds good.

聽起來不錯。

And just in terms of selling of the non-core assets, I mean, Michael, you and your team have done a fantastic job over the last couple of months in terms of selling these assets.

就出售非核心資產而言，我的意思是，邁克爾，你和你的團隊在過去幾個月在出售這些資產方面做得非常出色。

Is there more to come?

還有更多嗎？

Any color that you can provide on some other assets that might also be non-core that you're looking to sell down the road?

您可以為其他一些您希望出售的非核心資產提供什麼顏色嗎？

Yeah.

是的。

I really want to congratulate the team here, and that's amazing to do four transactions in one year after the big amount of transaction and really selling some of those assets, that assets really not core to us.

我真的想祝賀這裡的團隊，在進行大量交易後一年內進行四筆交易並真正出售其中一些資產，這真是太棒了，這些資產對我們來說確實不是核心資產。

And I would say selling them for a good, good price and not only good price, but for cash, and mostly cash and some royalties.

我想說的是，以非常非常好的價格出售它們，不僅是好的價格，而且是現金，而且大部分是現金和一些特許權使用費。

So when you look at the quality of the royalties that we retained on each of them with very high quality mining, big large mining companies, that's a very valuable royalty portfolio that we have in our ownership now again.

因此，當你看到我們為高品質礦業、大型礦業公司保留的每家特許權使用費的品質時，你會發現這是我們現在再次擁有的非常有價值的特許權使用費組合。

So I'm very happy about that.

所以我對此感到非常高興。

That will allow us to participate obviously in future increased metal prices, when that happens, and those projects get developed.

這將使我們能夠明顯參與未來金屬價格的上漲，當這種情況發生時，這些項目就會得到開發。

We still have -- we have a lot of ground, a lot of exploration ground, a lot of some advanced exploration project I would say that doesn't really fit that came in from Yamana, some we had before.

我們仍然有——我們有很多場地，很多勘探場地，很多先進的勘探項目，我想說，這些項目與亞馬納的項目不太相符，有些是我們以前做過的。

I think in Argentina, we returned the COSE project.

我認為在阿根廷，我們退回了 COSE 項目。

So there is a lot of smaller things that not big dollar numbers, but it's -- it all takes time for management and cleaning that up and streamlining that portfolio just as everybody were more focused and helps a lot for the future.

因此，有很多較小的事情雖然金額不大，但管理、清理和簡化投資組合都需要時間，就像每個人都更專註一樣，這對未來有很大幫助。

So we will continue to go with the smaller assets from now on and still streamlined that portfolio.

因此，從現在開始，我們將繼續使用較小的資產，並且仍然精簡該投資組合。

But at the moment, like large [shark] scales, like we've seen last year in the MARA'S and La Arena's of the world, those were really the big ones that we wanted to divest.

但目前，就像我們去年在世界各地的 MARA'S 和 La Arena 看到的大型[鯊魚]鱗片一樣，這些確實是我們想要剝離的大型鱗片。

Thanks for that color, Michael.

謝謝你的顏色，麥可。

And I've got two questions on as well.

我還有兩個問題。

But maybe I'm going to come back into the queue and let some other people ask some questions as well.

但也許我會回到隊列中並讓其他一些人也問一些問題。

Thank you.

謝謝。

Okay.

好的。

Thank you.

謝謝。

(Operator Instructions) Don DeMarco, National Bank Financial.

（操作員指令）Don DeMarco，國家銀行金融部門。

Thank you, operator, and good morning, Michael and team.

謝謝您，接線員，早安，邁克爾和團隊。

I think I'll just pick up where Ovais left off on questions on Escobal.

我想我會繼續奧瓦伊斯關於埃斯科瓦爾的問題。

So I see the ILO processes experienced some delays.

所以我看到國際勞工組織的進程遇到了一些延遲。

I guess we take it as encouraging that MEM confirmed commitment to complete the process.

我想我們認為 MEM 確認承諾完成這一過程是令人鼓舞的。

But three questions here.

但這裡有三個問題。

Did they provide a timeline to complete, and is a replacement for that vacant post required to get the process back on track, and is the next meeting scheduled at this point?

他們是否提供了完成的時間表，是否需要替換該空缺職位以使流程​​重回正軌，並且此時是否安排了下一次會議？

Yeah Don, I'll start and I hand it over afterwards to Sean McAleer who is running our affairs in Guatemala.

是的，唐，我先開始，然後將其交給肖恩·麥卡利爾，他負責管理我們在危地馬拉的事務。

Sorry, I just lost my track on first question.

抱歉，我剛剛在第一個問題上迷失了方向。

(multiple speakers) No, as we said, the transaction -- the transition sorry, of the new government took really longer than expected.

（多名發言者）不，正如我們所說，新政府的交易——抱歉，過渡所花費的時間確實比預期的要長。

You're right.

你說得對。

It's encouraging, obviously that the government is committed to complete the ILO 169.

顯然，政府致力於完成 ILO 169，令人鼓舞。

But I also would like to remind everyone that's a court ordered process that we all have to go through.

但我也想提醒大家，這是我們所有人都必須經歷的法院命令的程序。

So that's just part of ILO 169 that has ordered, that it has to be finished.

所以這只是 ILO 169 所要求的一部分，必須完成。

There's no choice really, I think.

我想，真的別無選擇。

And there's no timeline to the process, is very prescribed and the government is working on it, with the former government, with good strides forward last year, definitely a slowdown.

這個過程沒有時間表，是非常明確的，政府正在努力解決這個問題，前政府去年取得了很大的進展，但肯定是放緩了。

We did make the change of the government here.

我們確實改變了這裡的政府。

And as you said, this vacant post, that in the past, that was really another person that was running for the Ministry of Mines that process, just to remind everyone, this is a process between Ministry of Mines and in a single group, and we are just a party to it.

正如你所說，這個空缺職位，在過去，實際上是另一個人在為礦產部競選這個過程，只是為了提醒大家，這是一個礦產部之間、在一個團體中的過程，並且我們只是其中的一方。

So we have no control over timelines here.

所以我們無法控制這裡的時間表。

So that post was a very important in the past.

所以那個帖子在過去是非常重​​要的。

I can't speak for MEM to see if in the future when they reassign a new person, that will be the person in charge of the process or if they want to use another person for the process.

我無法代表 MEM 判斷將來當他們重新指派新人時，該人是否將成為該流程的負責人，或者他們是否想使用另一個人來完成該流程。

And, I think with that, I hand it over to Sean.

我想，既然如此，我就把它交給肖恩。

Sean, you're way closer to it

肖恩，你離它更近了

(multiple speakers).

（多個發言者）。

Yes.

是的。

So now I'd like to add, Michael.

現在我想補充一點，麥可。

We're obviously waiting for the new appointment there, and it will be key for us.

顯然我們正在等待那裡的新任命，這對我們來說至關重要。

And we're in regular contact with the government and MEM to specifically to get updates.

我們定期與政府和 MEM 聯繫，專門獲取最新資訊。

But there's no updated timeline.

但沒有更新的時間表。

The published timeline on the MEM website was tentatively for March 31, and that's come and gone.

MEM 網站上公佈的時間表暫定為 3 月 31 日，但現在已經過去了。

But we're hoping to hear some news in the next few weeks and months as things develop.

但隨著事態的發展，我們希望在接下來的幾週和幾個月內聽到一些消息。

But unfortunately, we don't have any, anything to provide as an update and no future meeting dates.

但不幸的是，我們沒有任何資訊可以提供更新，也沒有未來的會議日期。

Okay.

好的。

Thanks for that latter point then.

謝謝你的後一點。

What about some of the key issues that have been raised over the previous sessions?

前幾屆會議提出的一些關鍵問題是怎麼樣？

I think there might have been some discussion on water, maybe noise, maybe others.

我認為可能會有一些關於水的討論，也許是噪音，也許是其他問題。

What's the status of those, the dialogue on those items at this point?

目前這些項目的對話狀況如何？

Yes.

是的。

And that was the meeting on February 21.

那就是2月21日的會議。

There hasn't been any follow-up, any working meetings around those concerns.

目前還沒有任何後續行動，也沒有圍繞這些問題召開任何工作會議。

But they're consistent with what we heard during the visits and during the interactions that we had last year.

但它們與我們在去年的訪問和互動中聽到的內容是一致的。

So not a lot of new developments there.

所以那裡沒有太多新的發展。

But again, the dialogue and the processes waiting for MEM to take charge and set the next meeting date and timeline.

但同樣，對話和流程等待 MEM 負責並設定下一次會議的日期和時間表。

Okay.

好的。

And are those issues or others, are they viewed as resolvable and you see a path toward parties agreeing on whatever they -- whatever topics discussions might be underway at the last meeting?

這些問題或其他問題是否被視為可解決，並且您認為各方可以就上次會議上可能討論的任何主題達成一致？

Yeah, it's hard to say.

是的，這很難說。

I mean for us, I mean, we're just continuing the dialogue.

我的意思是對我們來說，我們只是繼續對話。

And when we sit at the table and discuss in more detail the issues, I feel confident that we've got mitigations or other things we could do to alleviate the concerns.

當我們坐在桌邊更詳細地討論這些問題時，我相信我們可以採取緩解措施或採取其他措施來減輕擔憂。

But I think that's just part of the process, and we'll wait and see how that develops.

但我認為這只是這個過程的一部分，我們將拭​​目以待，看看事情會如何發展。

Okay, great.

好的，太好了。

And maybe just one other question.

也許只是另一個問題。

Michael, you mentioned your growing royalty portfolio, but perhaps you could share with us.

邁克爾，您提到了您不斷增長的版稅組合，但也許您可以與我們分享。

What are your intentions with this portfolio?

您對這個投資組合的意圖是什麼？

Do you see it as a long term hold or would you potentially divest it to fund development pipeline?

您是否將其視為長期持有，或者您是否有可能將其剝離以資助開發管道？

If you recall last time, we created the size of our royalty portfolio that when I was in charge of business development -- before I was CEO.

如果您還記得上次，我們在我擔任執行長之前負責業務開發時創建了特許權使用費組合的規模。

Generally, most of those royalties we spun those out into Mavericks at that point and we got the really handsome return on those royalties through the sale of Maverick's to Triple Flag that at the end, I think that has lot changed.

一般來說，我們當時將大部分特許權使用費轉入小牛隊，透過將小牛隊出售給三旗公司，我們從這些特許權使用費中獲得了非常可觀的回報，最後，我認為情況發生了很大變化。

Since then in November, we started that, I think it was 2015.

從那時起，我們從 11 月開始，我想那是 2015 年。

There were not many royalty companies.

特許權使用費公司不多。

I think those large group of very strong royalty companies now available in the world.

我認為現在世界上有大量非常強大的特許權使用費公司。

And I am pretty sure if we ever decide to sell these royalties we will find very competitive bids from different companies.

我非常確定，如果我們決定出售這些特許權使用費，我們會發現不同公司的出價非常有競爭力。

So there's no need to basically start our own royalty company again.

所以基本上沒有必要再創辦我們自己的版稅公司。

That's much my point.

這就是我的觀點。

I think if we decide to divest those royalties, we should for sure have enough offers from very sizable royalty companies here.

我認為，如果我們決定剝離這些特許權使用費，我們肯定應該從這裡非常大的特許權使用費公司獲得足夠的報價。

So it's a big amount of potential cash sitting there for us.

因此，我們有大量的潛在現金。

But at the moment, I think we are in no hurry to divest those right away.

但目前，我認為我們並不急於立即剝離這些資產。

Okay.

好的。

Okay.

好的。

Good to hear.

很高興聽到。

That's all from me and good luck with the rest of Q2.

以上就是我的全部內容，祝您在第二季的剩餘時間內一切順利。

Thank you.

謝謝。

Thank you Don.

謝謝唐。

[Gary Chiu, Cosmos].

[加里邱，宇宙]。

Hi.

你好。

It's Cosmos here, but maybe I should call myself Gary, would have been more successful.

這裡是 Cosmos，但也許我應該稱自己為加里，這樣會更成功。

Maybe my first question is on the La Colorada.

也許我的第一個問題是關於 La Colorada 的。

Michael and Steve, as you mentioned, it's almost complete by mid 2024.

Michael 和 Steve，正如您所提到的，到 2024 年中期幾乎完成。

We're almost there.

我們快到了。

So could you maybe remind us in terms of what still needs to get done?

那麼您能否提醒我們還需要完成哪些工作呢？

And then, Michael, as you mentioned, once the renovations completed, throughput is going to go up since you're going to open up more mining areas.

然後，邁克爾，正如您所提到的，一旦翻修完成，吞吐量就會上升，因為您將開闢更多的礦區。

But is great also to go up as well.

但上升也很棒。

And if that's the case, would it happen pretty much right away when the ventilation shaft is commissioned?

如果是這樣的話，當通風井投入使用時，這種情況會立即發生嗎？

Or is there going to be a lag like a month or two?

還是會有一兩個月的延遲？

Yes.

是的。

Thanks, Cosmos.

謝謝，宇宙。

Steve here, or Gary if you prefer.

史蒂夫在這裡，或者加里，如果你願意的話。

Yeah, Sean, just to get -- yeah, thank you.

是的，肖恩，只是為了——是的，謝謝你。

Just to give you an update of where we're at, we are currently putting the ducting on for the fans.

只是為了讓您了解我們的最新情況，我們目前正在為風扇安裝管道。

We've got the main duct in the top of the shaft.

主管道位於豎井頂部。

That does a 90 degree elbow and we're starting to put the horizontal sections and we've got the bases poured.

這樣就形成了 90 度的彎頭，我們開始放置水平部分，我們已經澆注了底座。

We're starting to put the mechanical equipment for the fans.

我們開始為球迷安裝機械設備。

The base spans in.

底座跨入。

These are quite large fans each.

這些都是相當大的粉絲。

There's two of them.

有兩個。

They're 2,000 horsepower each.

它們每台都有 2,000 馬力。

So our intention is to have the first one operational by the start of Q3, and we're on track for that.

因此，我們的目標是在第三季開始前讓第一個專案投入運行，我們正在朝著這個目標邁進。

It looks really good.

看起來真的很好。

There was a lot of effort, a lot of logistical expediting going on, particularly around some of the electrical components, the VLTs and things like that.

我們付出了很多努力，進行了大量的後勤工作，特別是在一些電氣部件、VLT 等方面。

So that's coming our way.

所以這就是我們的方式。

It looks good.

看起來不錯。

That's all coming together well.

這一切都很好地結合在一起。

In the meantime, we're laying out our plans for when we get that ventilation going.

同時，我們正在製定通風計劃。

We do know we've got rehabilitation works to do in the area of Candelaria East and the beach and we got to get back in there and rehabilitate some of the ground control systems that were there that were eroded or damaged through the years of this hot, humid air going through those areas.

我們確實知道坎德拉里亞東部和海灘地區有修復工作要做，我們必須回到那裡並修復一些地面控制系統，這些系統在這炎熱的歲月中被侵蝕或損壞。 。

So we were starting to see some of that already because we do have a bit of flow going through the shaft now.

所以我們已經開始看到其中的一些情況，因為我們現在確實有一些流量通過豎井。

So it is getting us into that area.

所以它讓我們進入了這個領域。

We can see it.

我們可以看到它。

There is a lot of rehabilitation work that has to be done.

有大量的復健工作需要完成。

There is a lot of development work that we have to start advancing.

我們必須開始推進許多開發工作。

So as that area comes on, we'll start advancing the development and you'll slowly see the tonnages creep up.

因此，隨著該領域的發展，我們將開始推進開發，您將慢慢看到噸位不斷增加。

Our goal is to get back to the 2,000 plus tons a day by year end.

我們的目標是到年底恢復到每天 2000 噸以上。

So it'll be a slow, gradual increase from our kind of 1,300 ton, 1,400 ton a day that we currently have.

因此，這將是我們目前每天 1,300 噸、1,400 噸的緩慢、逐步增加。

In reality, we don't -- we're not forecasting an increasing grade.

事實上，我們並沒有預測成績會提高。

As that happens where, you know, Q1 was a pretty decent grade, I'd say at 300 plus gram per ton.

當這種情況發生時，你知道，Q1 是一個相當不錯的等級，我想說每噸 300 克以上。

We might see a little bit of tweak upwards on that as we start that development work.

當我們開始開發工作時，我們可能會看到一些向上的調整。

But we do want to balance that again, what we do, what we'd like to do is mine lock Colorada at its reserve grade.

但我們確實想再次平衡這一點，我們所做的、我們想做的就是將科羅拉多礦鎖定在其儲備品位。

So that's really our objective.

這確實是我們的目標。

We're not going to go in and try to high-grade it.

我們不會嘗試去提高它的等級。

We want to get the tonnage up and we might run a reserve grade in the steady-state condition for as long as we can.

我們希望提高噸位，並且我們可能會盡可能長時間地在穩定狀態下運行儲備品位。

So that's kind of -- we stand behind our quarterly guidance of ramping that up.

所以這就是——我們支持我們的季度指導方針，以提高這一水平。

That's a big driver into our increased production in the latter half of the year.

這是我們下半年產量增加的重要推手。

Things are -- we have our challenges, we got rehabilitation challenges.

事情是——我們有我們的挑戰，我們有康復的挑戰。

We got the development advance challenges, but we're getting near there and things are looking good.

我們面臨著開發推進的挑戰，但我們已經接近目標，而且情況看起來不錯。

So we're feeling good about the project and we're on schedule to get that fan running and start this effort to start ramping the tonnage up.

因此，我們對該專案感覺良好，並且按計劃讓風扇運轉並開始努力增加噸位。

That sounds great, Steve.

聽起來不錯，史蒂夫。

Maybe switching gears a little bit of revenue.

也許會改變一點收入。

I noticed that the grades have also improved in Q1, quarter over quarter by a little bit, gold went up [3.24] last quarter to [3.38] kind of same degree for silver.

我注意到第一季的成績也有所提高，逐季略有提高，上季黃金上漲了 [3.24]，白銀上漲了 [3.38]。

I know there's some there's been some issues in the past in terms grades are up on yield.

我知道過去在成績提高方面存在一些問題。

Are we trending in the right direction?

我們的趨勢是否正確？

I understand that you're drilling it.

我明白你在鑽它。

You're still waiting on some of the drilling results.

您仍在等待一些鑽探結果。

But could you maybe comment on -- open your one as well?

但你能否評論一下——也打開你的一個？

Yeah.

是的。

Hi, Cosmos.

嗨，宇宙。

Okay, Gary, this is Chris.

好的，加里，這是克里斯。

No but we've really hit the ground running this year.

不，但今年我們確實取得了進展。

Last year we had an issue with the drilling getting in usual contractors.

去年，我們在與普通承包商進行鑽探方面遇到了問題。

It took a while to ramp up for certainly hit the Q1 running and we certainly see a lot of that drilling now coming into the inflammation for the mid-year reserve and resources update for El Penon.

需要一段時間才能加速第一季的運行，我們當然看到大量鑽探現在正進入埃爾佩農年中儲備和資源更新的火熱狀態。

And I would certainly like to believe that we would be keeping these grades.

我當然願意相信我們會保持這些成績。

And we because as you drill through these blocks, you get some good results better.

我們因為當你深入研究這些區塊時，你會得到更好的結果。

But generally, we're seeing that, that reserve grade in the drilling.

但總的來說，我們在鑽井中看到了儲備品位。

Like you say, there's going to be ebbs and flows as to how this turns out in that mid-year update and then we're looking forward to updating everyone in August.

就像你說的，年中更新的結果將會有起有落，然後我們期待在八月向大家更新。

Right.

正確的。

Thanks.

謝謝。

And maybe one last question on the holo.

也許還有關於全息的最後一個問題。

As you mentioned, the dry stack tailings project is well underway and should be completed in 2024.

正如您所提到的，幹堆尾礦計畫正在順利進行，預計將於 2024 年完工。

Could you remind us in terms of the benefits of this dry stack tailings project?

您能否提醒我們這個幹堆尾礦計畫的好處？

Is it the extension of mine life or is there going to be more sort of capacity in terms of tailings?

是延長礦山壽命還是增加尾礦處理能力？

What are some of the key benefits here?

這裡有哪些主要好處？

Yeah, Cosmos, Steve here.

是的，科斯莫斯，史蒂夫在這裡。

Yeah our tailings or conventional tailings recurrently using will reach its ultimate capacity in kind of mid in Q1 of 2025 is the current schedule.

是的，按照目前的計劃，我們經常使用的尾礦或常規尾礦將在 2025 年第一季中期達到其最終產能。

So this is the next stage of tailings for the current reserves and life of mine that we see at Huaron, is moving away from conventional tails gives us an ability to open up new areas for tailings depositions that are easier to manage that don't require quite the same -- quite the extensive dam development and empowerment development.

因此，這是我們在華隆看到的當前儲量和礦山壽命的下一階段尾礦，正在遠離傳統尾礦，使我們能夠開闢新的尾礦沉積區域，這些區域更容易管理，不需要完全相同——廣泛的水壩開發與賦權開發。

So it allows us to open up more area that we need for the life of mine reserves and resources that we intend to mine that we're at Horon.

因此，它使我們能夠開闢更多的區域，以滿足我們打算在霍​​倫開採的礦山儲量和資源的壽命。

So it's really just a shift from methodologies to something more robust and more capacity as we look into the future.

因此，當我們展望未來時，這實際上只是從方法論轉向更強大、更強大的東西。

Great.

偉大的。

Thanks, Michael, Steve, Chris, and Sean.

謝謝邁克爾、史蒂夫、克里斯和肖恩。

Those are all the questions I have.

這些就是我的所有問題。

Congrats on a very strong Q1.

恭喜第一季表現非常強勁。

Thanks Cos.

謝謝科斯。

(Operator Instructions) And at this time, we have no questions registered.

（操作員說明） 目前，我們還沒有登記任何問題。

Please proceed.

請繼續。

Yes, thanks, operator.

是的，謝謝，接線生。

And thanks, everyone on the call today.

謝謝今天參加電話會議的所有人。

That was a great quarter.

那是一個很棒的季度。

I think we delivered across the board.

我認為我們全面交付了。

We delivered on production and costs on further divestment of our assets as we indicated last year.

正如我們去年所表明的那樣，我們透過進一步剝離資產實現了產量和成本。

I think that advanced at a very high speed and very good results and we returned -- increased our returns to shareholders to sell.

我認為，我們以非常高的速度取得了非常好的成果，我們的回報增加了股東的出售回報。

There was a combination of share buybacks and dividends, a strong balance sheet.

股票回購和股利結合，資產負債表強勁。

And there's a lot of very big positive.

還有很多非常大的正面因素。

I'm looking forward to this year in combination with what we see now at the moment where higher metal prices than what we experienced as an average in Q1.

結合我們目前所看到的情況，我對今年充滿期待，金屬價格高於第一季的平均水平。

So really for looking forward to update everybody in August again, but just to remind everyone, we have a hosting investor day on June 18.

因此，我真的很期待在 8 月再次向大家更新最新消息，但只是提醒大家，我們在 6 月 18 日舉辦了託管投資者日。

So please if you want to participate and call in there, let us know.

因此，如果您想參加並致電那裡，請告訴我們。

Reach out to ir.panamericansilver.com please.

請聯絡 ir.panamericansilver.com。

And we'll make sure that you can participate and call in to that Investor Day.

我們將確保您可以參加並致電參加投資者日。

And if that, if we don't speak, then looking forward to talk in August, when we discuss our Q2 results.

如果是這樣，如果我們不說話，那麼期待在八月份討論第二季度的結果時進行交談。

Thank you, everyone.

謝謝大家。

Have a good weekend.

有一個美好的周末。

Thank you, sir.

謝謝你，先生。

Ladies and gentlemen, this does indeed conclude your conference call for today.

女士們、先生們，今天的電話會議到此結束。

Once again, thank you for attending.

再次感謝您的出席。

And at this time, we do ask that you please disconnect your lines.

此時，我們確實要求您斷開線路。