Pan American Silver Corp (PAAS) 2024 Q3 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the Pan American Silver third-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 年第三季未經審計業績電話會議和網路廣播。

(Operator Instructions) This call is being recorded on Wednesday, November 6, 2024.

（操作員說明）此通話錄音時間為 2024 年 11 月 6 日星期三。

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

現在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 Q3 2024 conference call.

感謝您今天參加泛美銀業 2024 年第三季電話會議。

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 Q3 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 年第三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 today's call.

謝謝塞壬，也謝謝大家參加今天的電話會議。

Pan American delivered strong financial performance in Q3.

泛美航空第三季的財務表現強勁。

Revenue was a record $716.1 million, which due to timing of sales excluded the sale of finished goods and concentrate inventories with a value of approximately $30 million.

收入達到創紀錄的 7.161 億美元，由於銷售時間安排，不包括價值約 3,000 萬美元的製成品和濃縮庫存的銷售。

Cash flow from operations before working capital changes was a record $235.8 million.

營運資金變動前的營運現金流達到創紀錄的 2.358 億美元。

Free cash flow also reached a record of $151.5 million.

自由現金流也達到創紀錄的 1.515 億美元。

At the end of Q3, cash and short-term investments of $469.9 million had increased by $101.3 million compared to Q2 2024.

截至第三季末，現金和短期投資為 4.699 億美元，較 2024 年第二季增加了 1.013 億美元。

Net debt decreased to $376.2 million.

淨債務減少至 3.762 億美元。

These record financial results further strengthened the balance sheet.

這些創紀錄的財務表現進一步強化了資產負債表。

At the end of Q3, we had $1.2 billion of available liquidity to invest in future growth and provide returns to shareholders.

截至第三季末，我們擁有 12 億美元的可用流動資金，可用於投資未來成長並為股東提供回報。

Yesterday, we announced a $0.10 per share dividend with respect to Q3.

昨天，我們宣布第三季每股股息 0.10 美元。

Year to date, dividend payments totaled $109.1 million.

年初至今，股利支付總額為 1.091 億美元。

In addition, we also repurchased and canceled shares for $24.3 million under our share buyback plan.

此外，我們也根據股票回購計畫回購並註銷了 2,430 萬美元的股票。

Net earnings in Q3 were $57.1 million or $0.16 per share.

第三季淨利為 5,710 萬美元，即每股 0.16 美元。

This includes a onetime tax expense for a settlement with the Mexican tax authorities and the amendment of certain Argentine income tax filings, both of which relate to prior year's tax filings.

這包括與墨西哥稅務機關達成和解的一次性稅務費用以及某些阿根廷所得稅申報的修改，兩者都與上一年的稅務申報有關。

Q3 tax expense was partially offset by reversal of the inflation-driven tax expense in Argentina that we recorded in the first half of 2024.

我們在 2024 年上半年記錄的阿根廷通貨膨脹驅動的稅收支出的逆轉部分抵消了第三季度的稅收支出。

Adjusted earnings were $115.1 million or $0.32 adjusted earnings per share.

調整後收益為 1.151 億美元，即調整後每股收益 0.32 美元。

Yesterday, we announced that we have received regulatory approval from the Government of Canada for the sale of La Arena in Peru.

昨天，我們宣布已獲得加拿大政府監管部門批准在秘魯出售 La Arena。

We expect the transaction to close later in Q4.

我們預計該交易將在第四季晚些時候完成。

Proceeds from the sale of $245 million, we are to strengthen our balance sheet.

出售收益為 2.45 億美元，我們將加強我們的資產負債表。

The agreement also grants Pan American a life-of-mine gold net smelter return royalty of 1.5%, for the La Arena II project and an additional contingent payment of $50 million when commercial production starts from the project.

該協議還向 Pan American 授予 La Arena II 項目 1.5% 的礦井黃金冶煉廠淨收益特許權使用費，並在該項目開始商業生產時額外支付 5000 萬美元的或有付款。

Turning to the operations, we produced 5.5 million ounces of silver in Q3.

說到運營，我們在第三季生產了 550 萬盎司白銀。

Led by La Colorada, where silver production was up 59% and cash costs down 26% compared with Q2.

以 La Colorada 為首，與第二季相比，白銀產量增加了 59%，現金成本下降了 26%。

Since completing the new ventilation infrastructure in mid-July, we have seen substantial improvements in mine operations.

自 7 月中旬完成新的通風基礎設施以來，我們看到礦場運作情況有了顯著改善。

Throughput rates have been rising, averaging over 1,800 tonnes per day in October, and we expect throughput to reach 2,000 tonnes per day by year-end.

吞吐量一直在上升，10 月平均每天超過 1,800 噸，我們預計到年底吞吐量將達到每天 2,000 噸。

Improving performance at La Colorada will further increase silver production and lower cash costs.

La Colorada 業績的改善將進一步增加白銀產量並降低現金成本。

We produced 225,000 ounces of gold in Q3.

第三季我們生產了 225,000 盎司黃金。

Jacobina's strong results led the gold operations, delivering robust margins with production of 50,400 ounces of gold at an all-in sustaining cost of $1,195 per ounce at that mine.

Jacobina 的強勁業績引領了黃金業務，該礦以每盎司 1,195 美元的總維持成本生產了 50,400 盎司黃金，帶來了強勁的利潤。

At Cerro Moro, gold production was reduced by delayed development due to severe winter weather in Q2 that was used to access to the site and portals and due to higher-than-planned dilution in the underground mines.

在 Cerro Moro，由於進入現場和門戶的第二季度嚴冬天氣以及地下礦山的稀釋程度高於計劃，導致開發延遲，導致黃金產量減少。

Weather in Q2 also restricted access to the Naty zone, which is 30 kilometers from the mill, resulting in delayed development, thereby reducing mining and processing of gold ores from the zone.

第二季的天氣也限制了距離工廠30公里的納蒂地區的通行，導致開發推遲，從而減少了該地區金礦石的開採和加工。

We are now catching up on production at Cerro Moro by increasing production from the Naty zone and increasing the development meters at the underground mines, focusing on higher-grade areas.

我們現在正在透過增加 Naty 地區的產量和增加地下礦場的開發量來趕上 Cerro Moro 的產量，並專注於高品位區域。

At Minera Florida, surface access to some of the mine portals was affected by heavy rainfall, which delayed the development of higher gold bonds, which is now underway.

在佛羅裡達州礦業公司，一些礦井入口的地面通道受到強降雨的影響，這延遲了目前正在進行的更高金債券的開發。

As planned, we completed mining at Dolores in Q3 and have been processing lower-grade stockpiles since July.

按照計劃，我們在第三季完成了多洛雷斯的開採，並自 7 月以來一直在處理較低品位的庫存。

Gold segment cash costs were within expirations in Q3.

黃金部門的現金成本在第三季到期。

Cash costs for the gold segment in Q3 were $1,195 per ounce, and all-in sustaining costs were $1,516 per ounce, excluding NRE adjustments.

第三季黃金部門的現金成本為每盎司 1,195 美元，總維持成本為每盎司 1,516 美元（不含 NRE 調整）。

Silver segment cash costs in Q3 were $15.88 per ounce.

第三季白銀部門現金成本為每盎司 15.88 美元。

All-in sustaining costs were $20.90 per ounce, excluding a net realizable value inventory adjustment that decreased costs by $1.27 per ounce.

總維持成本為每盎司 20.90 美元，不包括可變現淨值庫存調整，該調整使成本降低了每盎司 1.27 美元。

Costs for Silver segment in Q3 were higher than expected, largely due to lower gold by-product credits from Cerro Moro, the catch-up of sustaining capital spending at La Colorada and Huaron, and higher royalty costs at San Vicente from higher metal prices.

第三季白銀部門的成本高於預期，主要是由於 Cerro Moro 的黃金副產品信用減少、La Colorada 和 Huaron 的持續資本支出的追趕以及 San Vicente 的特許權使用費成本因金屬價格上漲而上漲。

We are on track to achieve our guidance for 2024.

我們有望實現 2024 年的目標。

As indicated previously, we expect silver production to come in at the low end of the 21 million- to 23 million-ounce range.

如前所述，我們預計白銀產量將處於 2,100 萬至 2,300 萬盎司範圍的低端。

We are very pleased with the progress we have made on our capital projects.

我們對資本項目的進展感到非常滿意。

The new filter plant and filter tailings storage facility at Huaron is on schedule to be in full operation by the end of Q1 2025.

華龍的新過濾廠和過濾尾礦儲存設施按計畫將於 2025 年第一季末全面投入營運。

At our Bell Creek mine in Timmins, commissioning of the new pace plant project is underway.

在蒂明斯的貝爾溪礦，新佩斯工廠計畫正在進行調試。

At Jacobina, we are investing in upgrading the plant facility infrastructure and in a study to maximize Jacobina's long-term economic and growth potential.

在 Jacobina，我們正在投資升級工廠設施基礎設施，並進行一項研究，以最大限度地發揮 Jacobina 的長期經濟和成長潛力。

We expect to release this optimization study in the first half of 2025.

我們預計在 2025 年上半年發布這項優化研究。

We are excited by the potential of our Jacobina asset.

我們對 Jacobina 資產的潛力感到興奮。

In our most recent mineral resource update as of June 30, 2024, which we released in early September, more than replaced mine production with new mineral reserves for the eighth year in a row.

在我們於 9 月初發布的截至 2024 年 6 月 30 日的最新礦產資源更新中，連續第八年以新礦產儲量取代了礦山產量。

In addition, exploration added 1.2 million ounces of new gold inferred mineral resource.

此外，勘探新增金推斷礦產資源量120萬盎司。

This is a long-life mine with excellent exploration potential, and we believe there's opportunity to capture more value from this high-margin operation.

這是一個具有良好勘探潛力的長壽命礦山，我們相信有機會從這項高利潤業務中獲得更多價值。

Our reserve and resource update also highlighted the potential for La Colorada's Skarn project.

我們的儲量和資源更新也凸顯了 La Colorada 矽卡岩計畫的潛力。

The estimate for indicated mineral resource increased by 53% to 265 million tonnes and grades improved by 10% for silver, 2% for zinc, and 4% for lead.

指示礦產資源量估計增加了 53%，達到 2.65 億噸，銀品位提高了 10%，鋅品位提高了 2%，鉛品位提高了 4%。

An estimated 309 million ounces of silver are contained in the indicated mineral resource category in addition to 59 million ounces in inferred mineral resource.

除了推斷礦產資源量 5,900 萬盎司之外，指示礦產資源類別中估計還含有 3.09 億盎司銀。

There is significant interest in this large long-life silver and zinc project from potential partners, and we continue to evaluate future agreements.

潛在合作夥伴對這個大型長壽命銀和鋅計畫表現出濃厚的興趣，我們將繼續評估未來的協議。

At Escobal, the Guatemalan Ministry of Energy and Mines appointed Mr. Luis Pacheco as Vice Minister Sustainable Development in August.

在埃斯科瓦爾，危地馬拉能源和礦業部於 8 月任命路易斯·帕切科先生為永續發展部副部長。

This position responsible for overseeing the ILO 169 consultation process for the mine had been vacant since April 29, 2024.

自 2024 年 4 月 29 日以來，這個負責監督該礦 ILO 169 協商流程的職位一直空缺。

During Q3 2024, Mr. Pacheco visited the mine along with other members of MEM and held working meetings regarding the consultation process.

2024 年第三季度，帕切科先生與 MEM 其他成員一起參觀了該礦，並就協商過程舉行了工作會議。

The MEM has communicated the company that the Xinka Parliament is in the process of conducting meetings in their communities, but no new timeline has been published yet for plenary consultation meetings.

MEM 已告知該公司，辛卡議會正在其社區舉行會議，但尚未公佈全體協商會議的新時間表。

The Escobal mine remains on care maintenance, and there is no date for a restart of the operation.

埃斯科巴爾礦場仍在維護中，目前尚無重啟營運的日期。

That completes my brief recap of Q3.

我對第三季的簡短回顧就到此結束了。

I'm pleased with the progress we have made year to date particularly at La Colorada and Jacobina and on our capital projects.

我對我們今年迄今為止所取得的進展感到高興，特別是在拉科羅拉達和雅各比納以及我們的資本項目上。

We are focused on achieving our production targets and managing costs to deliver margin expansion.

我們專注於實現生產目標並管理成本以實現利潤率擴張。

Current metal prices are improving profitability, and we are expecting a strong finish to the year from a backend loaded production profile.

目前的金屬價格正在提高獲利能力，我們預計後端負荷生產狀況將在今年取得強勁收官。

I would now be happy to open the call for your questions.

我現在很樂意打開電話詢問您的問題。

(Operator Instructions) Ovais Habib, Scotiabank.

（操作員指示）Ovais Habib，豐業銀行。

Thanks, operator.

謝謝，接線生。

Good morning, Michael and Pan American team.

早安，麥可和泛美團隊。

Really congrats on a good quarter, and congrats on getting La Arena sale deal approved.

真的要祝賀一個好的季度，並祝賀 La Arena 銷售交易獲得批准。

A couple of questions from me.

我有幾個問題。

My first question, staying with La Arena, Michael, with the introduction of the offtake agreement, could we expect any sort of implications on the cash or contingent element of the consideration of the NSR royalty that's already been agreed upon?

我的第一個問題是，邁克爾，隨著承購協議的出台，我們是否可以預期會對已經商定的 NSR 特許權使用費的現金或或有因素產生任何影響？

Any additional color you can provide on this offtake agreement?

您可以在此承購協議上提供任何其他顏色嗎？

No, Ovais.

不，奧韋斯。

This is just in addition.

這只是補充。

So there is no changes under consideration at all, neither on the cash nor on the NSR, as we put it in the press release, and we assume to close the transaction later this quarter.

因此，正如我們在新聞稿中所說，無論是現金還是 NSR，我們都沒有考慮任何變化，我們預計將在本季稍後完成交易。

And yeah, I think it's a great outcome.

是的，我認為這是一個很好的結果。

It's a good outcome for everyone.

這對每個人來說都是一個好的結果。

And look forward to it.

並期待它。

It was a great mine.

那是一個很棒的礦井。

La Arena, is a great producer on the oxides.

La Arena 是一家很棒的氧化物生產商。

Obviously, as we made very clear the sulfur part is not really what we are focusing on, on this business.

顯然，正如我們明確表示的那樣，硫磺部分並不是我們真正關注的業務。

But I'm looking for and I think it's a great outcome for Peru for the mine, for the community, and everybody around.

但我正在尋找並且我認為這對秘魯的礦山、社區和周圍的每個人來說都是一個很好的結果。

Thanks, Michael, for clarifying that.

謝謝邁克爾的澄清。

And just moving on to 2024 guidance.

接下來是 2024 年指導。

Again, great to see that you have (inaudible) gold guidance, again, with silver production on the lower end of guidance.

再次，很高興看到您再次獲得（聽不清楚）黃金指導，而白銀產量則處於指導的下限。

Michael, on our numbers, it would seem like consolidated gold production is kind of shaping up to also be at the low end of guidance.

邁克爾，根據我們的數據，綜合黃金產量似乎也處於指導價值的低端。

Again, we might be a little bit conservative on our assumptions for Q4.

同樣，我們對第四季的假設可能有點保守。

But is that the right way to be thinking about this?

但這是思考這個問題的正確方式嗎？

Or maybe what assets could you expect to drive stronger Q4 finish?

或者您期望哪些資產能夠推動第四季業績更加強勁？

Yeah.

是的。

This is Steve.

這是史蒂夫。

Great question.

很好的問題。

I mean we do have several of our assets, particularly Cerro Moro and actually, and this will play a role depending on closing La Arena.

我的意思是，我們確實擁有一些資產，特別是莫羅山，實際上，這將在關閉拉競技場時發揮作用。

Those two assets, particularly have a strong finish to the year.

這兩項資產在今年的表現尤其強勁。

So those are what we're looking for.

這些就是我們正在尋找的。

We're cautiously optimistic that we'll come closer to midpoint maybe, assuming all those assets carry through towards the end of the year, and we get -- we capture all that.

我們謹慎樂觀地認為，假設所有這些資產到年底都可以實現，我們可能會接近中點，並且我們得到了——我們捕獲了所有這些。

Obviously, Ovais, just to make that clear again what Steve mentioned.

顯然，奧維斯，只是為了再次澄清史蒂夫提到的內容。

Obviously, it depends on closer, the closing of the La Arena deal happens as last quarter -- in the year, yeah, last month of La Arena due to the cycles of -- the lead cycles and the climate and weather that we have around at mine is always the strongest month of the year.

顯然，這取決於更接近的情況，La Arena 交易的完成發生在上個季度——是的，在 La Arena 的上個月，由於——領先週期以及我們周圍的氣候和天氣的周期在我這裡，總是一年中最強勁的月份。

So it really depends when closure happens, therefore.

因此，這實際上取決於關閉何時發生。

For the other details, I don't have the update yet, so we have to wait for that.

至於其他細節，我還沒有得到更新，所以我們必須等待。

Sounds good.

聽起來不錯。

Okay.

好的。

Thanks for that as well.

也謝謝你。

And just helping on silver grades did decrease going into Q3, there appear to be about a 12% decline in gold grades.

進入第三季度，白銀等級確實有所下降，黃金等級似乎下降了約 12%。

Can you just comment on how should we be thinking about the gold and for grades in this asset going into Q4?

您能否評論一下進入第四季度我們應該如何看待黃金以及該資產的等級？

Yeah.

是的。

Great question.

很好的問題。

We're seeing some really interesting exploration opportunities on the silver side at El Peñon.

我們在 El Peñon 的銀礦區看到了一些非常有趣的勘探機會。

Won't so much effect this year, but looking out into the future, we see opportunities to see some interesting silver production increases there going forward.

今年不會有太大影響，但展望未來，我們看到未來有機會看到一些有趣的白銀產量增加。

The gold side, as we've mentioned during 2023, this deposit is pretty variable, pretty spotty in terms of the high-grade distribution of gold, and we're in and out of it quite a bit.

黃金方面，正如我們在 2023 年期間提到的，該礦床變化很大，就黃金的高品位分佈而言，參差不齊，而且我們經常進進出出。

So we do expect a little bit stronger gold grade going into Q4 than we saw in Q3, but it is uncertain.

因此，我們確實預計第四季的黃金等級會比第三季更高一些，但這是不確定的。

There are some variables there in terms of when we're in and when we're out.

我們何時進入和何時退出存在一些變數。

Overall, the average, we feel good with the reserve average.

總體而言，平均水平，我們對儲備平均水平感覺良好。

And we are running a bit of low-grade stockpile right now to overall come in a little bit lower than the reserve grade on gold.

我們現在正在運行一些低品位庫存，總體來說略低於黃金儲備品位。

But we're comfortable with that reserve grade.

但我們對這個儲備等級感到滿意。

Okay.

好的。

Thanks for that, Steve.

謝謝你，史蒂夫。

And my last question, any sort of updates on how the partnership discussions are progressing at the La Colorada Skarn?

我的最後一個問題是，關於 La Colorada Skarn 的合作夥伴關係討論進展如何的任何更新？

Should we be expecting any sort of news by the end of the year?

我們應該在今年年底前期待任何消息嗎？

Look, there are several very large companies that are going or have been going through the data room are already completed a large part of the technical review.

你看，有幾個非常大的公司正在或已經在通過數據室，已經完成了很大一部分的技術審查。

There's a lot of interest in a project like that.

人們對這樣的計畫很感興趣。

As you can imagine, it's a very large, very long-life asset.

正如您可以想像的那樣，這是一項非常龐大、使用壽命非常長的資產。

They are hard to find, one of the very, very few discoveries over the last 5 to 10 years in the world.

它們很難找到，是過去 5 到 10 年來世界上非常非常少的發現之一。

And so I'm feeling very optimistic, very happy of the of the group of companies that are looking at this and are interested in this.

因此，我對正在關注這一問題並對此感興趣的公司集團感到非常樂觀和高興。

As you can imagine, this will take a while to structure a partnership agreement for it.

正如您可以想像的那樣，為此建立合作夥伴協議將需要一段時間。

So I -- something that we can have something ready to make public by the end of the year, but we'll definitely continue to work on this and continue.

所以我——我們可以在今年年底前準備好公佈一些東西，但我們肯定會繼續努力並繼續下去。

But as I said, I'm very happy to have this safety now.

但正如我所說，我很高興現在擁有這種安全感。

Excellent.

出色的。

That's it for me, guys.

我就是這樣，夥計們。

Thank you for taking my questions.

感謝您回答我的問題。

Don DeMarco, National Bank.

唐‧德馬科，國家銀行。

Thank you, operator.

謝謝你，接線生。

And good morning, Michael and team.

早上好，麥可和團隊。

Thanks for taking my questions.

感謝您回答我的問題。

Congratulations on a great quarter and really good to see the operations back on track with read-through for us on Q4.

恭喜您度過了一個出色的季度，很高興看到營運重回正​​軌，並為我們通讀了第四季度的內容。

Now first question on La Colorada.

現在第一個問題是關於 La Colorada 的。

Michael, so the AISC is significantly lower quarter over quarter.

Michael，所以 AISC 環比顯著下降。

What kind of AISC range might we expect once you're up and running at 2,000 tonne per day?

一旦您以每天 2,000 噸的速度啟動並運行，我們期望的 AISC 範圍會是怎樣的？

Yeah.

是的。

Don, this is Steve.

唐，這是史蒂夫。

We're still working on next year's budget, so I can't really forecast yet what the AISC is going to look like in the 2025 when we're at this kind of 2,000 tonne a day running rate.

我們仍在製定明年的預算，因此我還無法真正預測 2025 年 AISC 會是什麼樣子，當時我們的運行速度是每天 2,000 噸。

We're evaluating our cost structure and kind of predicting where the escalation inflation may go next year, exchange rates, things like that.

我們正在評估我們的成本結構，並預測明年通膨可能升級的方向、匯率等。

So there's quite an intensive process of budgeting going on right now, and I can't really forecast out ahead.

因此，現在正在進行相當密集的預算過程，我無法真正預測未來。

Just to make clear again here, exchange rates are a huge impact to our cost structure across the globe.

在此再次明確，匯率對我們全球的成本結構產生巨大影響。

And obviously, with the US elections now behind us, we need a little bit of time, obviously, to see how that falls out and where exchange rates will fall up for next year.

顯然，隨著美國大選的結束，我們顯然需要一點時間來看看結果如何以及明年匯率將下跌到什麼程度。

Okay, thank you.

好的，謝謝。

Yeah, we see the peso weakening recently, so keep an eye on that.

是的，我們最近看到比索走弱，所以請密切注意。

Now a couple of questions on Timmins.

現在有幾個關於蒂明斯的問題。

Can you quantify the potential favorable cost impact from the new paste fill plant?

您能否量化新的膏體填充工廠潛在的有利成本影響？

And then secondly, I see it's been averaging AISC around $2,000 an ounce this year.

其次，我認為今年 AISC 的平均價格約為每盎司 2,000 美元。

Previously, this might flag as a concern, but have higher gold prices reduced concerned and extended the life of this asset?

以前，這可能會引起人們的擔憂，但金價上漲是否會減少人們的擔憂並延長該資產的壽命？

Yeah.

是的。

Great question.

很好的問題。

The simple answer is yes.

簡單的答案是肯定的。

Higher prices are extending the life of that asset, absolutely.

更高的價格絕對會延長該資產的壽命。

Cutoff grade, as we can lower that cutoff grade, it definitely has an effect on our life there.

截止等級，因為我們可以降低該截止等級，所以它肯定會對我們在那裡的生活產生影響。

I will say the $2,000 race that we're seeing there, a large part of that is as we've extended the life of that asset, we've extended it quite a bit further than where we thought we would be already when we bought Tahoe back in 2018.

我想說的是，我們在那裡看到的 2,000 美元競賽，很大一部分是因為我們延長了該資產的使用壽命，我們已經將其延長了比我們購買時認為的要遠得多2018 年的太浩湖。

And one of the things that we're seeing increased cost is on tailings disposal.

我們看到成本增加的原因之一是尾礦處理。

We're having to build quite a bit larger tailings facilities than we anticipated, and that's driving a significant amount of sustaining capital each year.

我們必須建造比我們預期更大的尾礦設施，這每年都需要大量的維持資本。

We're looking at some opportunities there that kind of fold in and couple there's a bit of a double benefit with the pace plant that maybe there are some opportunities we can go to a little bit more of a filtered approach or other approaches on the tailings.

我們正在尋找一些機會，這種折疊方式和配速裝置有雙重好處，也許有一些機會我們可以對尾礦採取更多的過濾方法或其他方法。

The tailings quite useful at both Timmins West and Bell Creek now for the pace backfills.

蒂明斯西和貝爾溪的尾礦現在對於回填非常有用。

So that allows us more and more.

這樣我們就可以得到越來越多的東西。

So it does there's an offset with the cost of pace and the cost of cement that we add to the pace, which is an added cost, we get a benefit for less cost on the tailings facility.

因此，速度成本和我們添加到速度中的水泥成本確實存在抵消，這是一項額外成本，我們透過減少尾礦設施的成本獲得了好處。

But the other big benefit, as you mentioned, is we get to mine more tonnes of ore resources for every meter of development.

但正如您所提到的，另一個巨大的好處是，我們每開發一公尺就可以開採更多噸的礦石資源。

So net-net, we don't see a significant cost decrease but bringing in the pace we see we see a similar cost with much more reserve recovery than what we saw before.

因此，淨淨來看，我們沒有看到成本顯著下降，但按照我們看到的速度，我們看到類似的成本，但儲備回收量比我們之前看到的要多得多。

Okay.

好的。

That's helpful.

這很有幫助。

Thanks for that.

謝謝你。

And then as a final question, Michael, do you have any comments on the recent M&A in the solar space, of course, referring to Gatos and Silvercrest.

最後一個問題，邁克爾，您對最近太陽能領域的併購有什麼評論嗎，當然是指 Gatos 和 Silvercrest。

You're the dominant player in the sector.

您是該領域的主導者。

Are you comfortable with your level of silver production as a percent of revenue?

您對白銀產量佔收入的百分比感到滿意嗎？

Or are you looking at M&A from a different perspective now that these acquisitions have occurred.

或者，既然這些收購已經發生，您是否會從不同的角度看待併購。

Well, look, we are a completely different sized company, obviously.

嗯，看，顯然我們是一家規模完全不同的公司。

And when you look at our M&A strategy, we are always looking around, of course.

當然，當你審視我們的併購策略時，我們總是環顧四周。

We are always interested in buying high-quality long-life assets that fit into our cost structure.

我們始終有興趣購買適合我們成本結構的高品質長壽命資產。

Those are really some absolutely important parameters that an asset we look at or go after has to fulfill.

這些確實是我們關注或追求的資產必須滿足的一些絕對重要的參數。

We're looking at accretive transactions.

我們正在關注增值交易。

And I think we have shown that very clearly the Tahoe and very clearly with the amount of transaction lately, what we are looking for.

我認為我們已經非常清楚地表明了太浩湖以及最近的交易量，我們正在尋找什麼。

And those -- that's really in our focus.

而那些——這確實是我們關注的焦點。

So of course, it's nice to find silver assets.

所以當然，找到白銀資產是件好事。

So as you know, we already have most of the very large silver assets in our portfolio, either in our resource or in our resources.

如您所知，我們的投資組合中已經擁有大部分非常大的白銀資產，無論是在我們的資源還是在我們的資源中。

There still has obviously, some work needs to be done to bring them either back or bring them into production, but we hold the biggest reserve and biggest resource of silver.

顯然，仍然需要做一些工作才能將它們恢復或投入生產，但我們擁有最大的白銀儲備和最大資源。

And as I always say, the current picture of silver and gold production is just a picture in time, which will obviously change.

正如我常說的，目前白銀和黃金生產的情況只是一個時間的圖景，顯然會改變。

And if you add to that with a very, very large silver production as well, you can very clearly see where this is going.

如果再加上非常非常大的白銀產量，您就可以非常清楚地看到情況的發展。

So we are not -- obviously not interested in looking at smaller assets.

因此，我們顯然對關注較小的資產不感興趣。

As you noticed over the last -- since the transaction with Yamana, we divested a lot of the smaller assets, simplified and improved the quality and simplified our portfolio.

正如您在過去注意到的那樣，自從與 Yamana 交易以來，我們剝離了許多較小的資產，簡化並提高了質量，並簡化了我們的投資組合。

I think you see the result this quarter with very, very strong financials.

我認為您會看到本季的財務狀況非常非常強勁。

And that was really the path we wanted to do.

這確實是我們想要走的路。

So of course, looking -- continue looking around for opportunity.

所以，當然，繼續尋找機會。

I think we're in an incredibly strong position, incredibly strong balance sheet, especially after we closed the La Arena transaction.

我認為我們的地位非常強大，資產負債表也非常強大，尤其是在我們完成了 La Arena 交易之後。

And we are ready.

我們已經準備好了。

We did the integration very successfully.

我們的整合非常成功。

And I think we'll be ready for the next transaction.

我認為我們將為下一筆交易做好準備。

But as I said, it has to be very, very disciplined in that.

但正如我所說，這必須非常非常有紀律。

So it has to be accretive.

所以它必須是增值的。

It has to be upsized and cost structure that fits into our company.

它必須擴大規模並調整成本結構以適合我們公司。

Okay.

好的。

Thank you very much for that.

非常感謝你。

That's all for me.

這就是我的全部。

Good luck with Q4.

祝第四季好運。

(Operator Instructions) No further questions at this time.

（操作員說明） 目前沒有其他問題。

I will now hand the call back to Mr. Michael Steinmann for any closing remarks.

現在，我將把電話轉回給邁克爾·斯坦曼先生，請他發表結束語。

Yeah.

是的。

Thanks, everyone, for calling in, and very busy day for everybody, for the whole world, obviously, looking at political events in the US.

感謝大家的來電，對每個人、對整個世界來說，今天都是非常忙碌的一天，顯然，關注美國的政治事件。

But Q3 has been a great quarter for us, very, very strong cash flow, free cash flow, operational cash flow, production, cost control just across the board, very strong quarter.

但第三季度對我們來說是一個偉大的季度，非常非常強勁的現金流、自由現金流、營運現金流、生產、成本控制都是全面的，非常強勁的季度。

And I'm really looking forward to Q4, which is historically always our strongest quarter as well.

我真的很期待第四季度，從歷史上看，這也是我們最強勁的季度。

This is a great time to be in precious metals.

現在是投資貴金屬的好時機。

It's a great time to be in silver and gold.

現在是白銀和黃金的好時機。

And we are the dominant player in this space, so really looking forward to next quarter and looking forward to share in January our annual production looking backwards and looking forward with our forecast for 2025 with our budget numbers.

我們是這個領域的主導者，因此非常期待下個季度，並期待在 1 月分享我們的年度產量，回顧並展望我們對 2025 年的預測和預算數字。

Until then, have a great time.

在那之前，祝您有個愉快的時光。

Thank you, everyone.

謝謝大家。

Thank you.

謝謝。

And that concludes our conference today.

我們今天的會議到此結束。

Thank you for participating.

感謝您的參與。

You may all disconnect.

你們都可以斷開連線。