Pan American Silver Corp (PAAS) 2025 Q1 法說會逐字稿

Thank you for standing by. This is the conference operator. Welcome to the Pan American Silver first-quarter 2025 results conference call. As a reminder, all participants are in listen-only mode. The conference is being recorded. (Operator Instructions)

感謝您的支持。我是會議主持人。歡迎參加泛美白銀 2025 年第一季業績電話會議。提醒一下，所有參與者都處於只聽模式。會議正在錄製中。（操作員指示）

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

現在，我想將會議交給投資者關係副總裁 Siren Fisekci。請繼續，Fisekci 女士。

Thank you for joining us today for Pan American Silver's conference call and webcast to discuss our results for the first quarter of 2025. 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 Q1 2025 results, all of which are available on our website.

感謝您今天參加泛美白銀公司的電話會議和網路廣播，討論我們 2025 年第一季的業績。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指標。請參閱我們的 MD&A、新聞稿和 2025 年第一季業績簡報投影片中的警示聲明，所有這些聲明均可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航空總裁兼執行長 Michael Steinmann。

Hello, everyone. I'm glad you could join us to discuss our Q1 results. 2025 is off to a strong start, with Pan American posting another quarter of solid operating performance, building on the momentum from last year. Mine operating earnings have been increasing over each quarter in 2024, and this trend continued for the first quarter of 2025, reaching a record of $250.8 million in mine operating earnings.

大家好。我很高興您能加入我們討論我們的第一季業績。 2025 年開局強勁，泛美航空延續去年的良好勢頭，再創季度穩健營運業績。2024 年，礦場營運收益每季都在增加，這一趨勢在 2025 年第一季持續，礦場營運收益達到創紀錄的 2.508 億美元。

The improvements in metal prices have certainly contributed to margin expansions, but I would like to acknowledge the work of our teams in not only maintaining a focus on safe, efficient operations, but also carefully managing costs in order to deliver the margin improvements that resulted in the record mine operating earnings for the quarter.

金屬價格的上漲無疑促進了利潤率的提高，但我要承認我們團隊的工作不僅注重安全、高效的運營，而且還精心管理成本，以實現利潤率的提高，從而使本季度的礦山運營收益創下歷史新高。

La Colorada is contributing strongly to these results. The improvement in mine ventilation conditions has allowed us to accelerate development rates and increase the number of production areas, which is leading to higher throughput and lower per unit costs. In Q1, we produced just over 5 million ounces of silver production, slightly above our guidance range for the quarter. On cost, the performance was even better. Lower-than-anticipated production costs across the Silver segment contributed to all-in sustaining costs of $13.94 per ounce, well below our guided range.

La Colorada 為這些成果做出了巨大貢獻。礦井通風條件的改善使我們能夠加快開發速度並增加生產區域的數量，從而提高產量並降低單位成本。第一季度，我們的白銀產量略高於 500 萬盎司，略高於本季的預期範圍。在成本方面，表現甚至更佳。白銀部門的生產成本低於預期，導致總維持成本為每盎司 13.94 美元，遠低於我們的指導範圍。

The low Silver segment all-in sustaining costs also benefited from higher-than-expected byproduct credits from higher gold production at Cerro Moro and higher zinc and lead production across our poly-metallic operations as well as some lower capital expenditures.

白銀部門較低的總維持成本也受益於 Cerro Moro 黃金產量增加、多金屬業務鋅和鉛產量增加以及一些資本支出降低帶來的高於預期的副產品信貸。

Gold production in Q1 of 182,200 ounces was in line with our guidance while Gold segment all-in sustaining costs, excluding NRV adjustments of $1,485 per ounce, were better than expected. The main drivers of the strong cost performance in the Gold segment were higher-than-expected gold and silver production from residual leaching at Dolores and higher silver byproduct credits at El Penon. Revenue in Q1 was $773 million, while net earnings in Q1 totaled $169 million or $0.47 per share. Adjusted earnings were $153 million or $0.42 per share.

第一季黃金產量為 182,200 盎司，符合我們的預期，而黃金部門的全部維持成本（不包括每盎司 1,485 美元的 NRV 調整）優於預期。黃金部門強勁的成本表現的主要驅動力是多洛雷斯 (Dolores) 殘餘浸出產生的黃金和白銀產量高於預期，以及埃爾佩尼翁 (El Penon) 的白銀副產品信用額度增加。第一季營收為 7.73 億美元，淨利潤總計 1.69 億美元，即每股 0.47 美元。調整後收益為 1.53 億美元，即每股 0.42 美元。

Operating cash flow before noncash working capital changes was $240 million, including $95 million cash taxes. The taxes paid in Q1 represent roughly one-third of the cash tax we expect to pay in 2025. After working capital changes, operating cash flow totaled approximately $175 million.

非現金營運資本變動前的營運現金流為 2.4 億美元，其中包括 9,500 萬美元的現金稅。第一季繳納的稅款約占我們預計 2025 年繳納的現金稅的三分之一。營運資本變動後，營運現金流總計約1.75億美元。

At the end of Q1, our cash and short-term investments increased to a record balance of $923 million, and free cash flow for the quarter was $112.6 million. Keep in mind that this increase in cash over the quarter is net of the $95 million in taxes paid, $81 million invested in our sustaining and growth projects, inclusive of lease and loan payments, and $56 million we returned to shareholders through dividends and the share buyback.

第一季末，我們的現金和短期投資增至創紀錄的 9.23 億美元，本季自由現金流為 1.126 億美元。請記住，本季現金的成長是扣除已繳納的 9,500 萬美元稅款、用於維持和成長項目的 8,100 萬美元投資（包括租賃和貸款支付）以及透過股息和股票回購返還給股東的 5,600 萬美元之後的淨額。

The cash generated by our operations fully funded our business needs, provided returns to shareholders and further improved our balance sheet. Including our undrawn line of credit, we have approximately $1.7 billion of total available liquidity, which gives us plenty of capacity to pursue our growth objectives. Our largest organic growth opportunity, the La Colorada Skarn project, continues to move ahead. Over Q1, we advanced engineering work and continued with exploration and infill drilling. We are also continuing to discuss potential partnerships for development of the project.

我們營運產生的現金完全滿足了我們的業務需求，為股東提供了回報，並進一步改善了我們的資產負債表。包括我們未提取的信用額度在內，我們總共擁有約 17 億美元的可用流動資金，這為我們追求成長目標提供了充足的能力。我們最大的有機成長機會—La Colorada Skarn 項目，正在繼續向前發展。在第一季度，我們推進了工程工作並繼續進行勘探和加密鑽探。我們也正在繼續討論該專案開發的潛在合作夥伴關係。

We expect those discussions to take several quarters given the size and long-life nature of the project. Our aim is to retain maximum exposure to the silver in this deposit. We're also investing at the La Colorada Vein mine operations to explore extensions to the mineral resource in the higher-grade Candelaria zone to the east and southeast of our current operation.

鑑於該項目的規模和長期性，我們預計這些討論將需要幾個季度。我們的目標是最大限度地保留該礦床中的銀。我們也在 La Colorada Vein 礦場進行投資，以探索位於我們目前礦場東部和東南部的高品位 Candelaria 區域的礦產資源延伸。

At Escobal, Pan American had four working meetings with the Guatemalan government during Q1 2025 as part of the ILO 169 consultation process. Currently, there is no date for the completion of the consultation process or the potential restart of operations at Escobal. The comprehensive mine and plant optimization studies at Jacobina are progressing well, and we expect to include the findings of the first phase in early August 2025. The initial findings will include evaluations of modifying mining and tailings disposal methods to maximize the long-term value for this flagship asset.

在埃斯科瓦爾，泛美石油公司於 2025 年第一季與危地馬拉政府舉行了四次工作會議，作為國際勞工組織 169 號諮詢過程的一部分。目前，尚未確定埃斯科巴爾礦場諮詢進程的完成日期或重啟營運的日期。Jacobina 的綜合礦場和工廠優化研究進展順利，我們預計在 2025 年 8 月初得出第一階段的研究結果。初步調查結果將包括修改採礦和尾礦處置方法的評估，以最大限度地提高此旗艦資產的長期價值。

In closing, 2025 is off to a very strong start. Operating performance is in line or better than expected and our forecast shows higher production over the balance of 2025 as per the quarterly guidance we provided in February. We are maintaining the guidance we provided in February for consolidated production cost and annual expenditures.

總而言之，2025 年開局非常強勁。營運績效符合或優於預期，根據我們 2 月提供的季度指導，我們預測 2025 年餘下的產量將有所提高。我們維持二月份提供的綜合生產成本和年度支出指導。

That outlook, combined with today's favorable precious metal prices points to the potential of generating very strong profit margins this year. We generated $112.6 million of free cash flow in Q1 alone, and gold prices are currently trading substantially higher than the average in Q1. This is an incredibly exciting time to be in precious metals and invested in Pan American.

這一前景，加上目前有利的貴金屬價格，顯示今年有可能產生非常強勁的利潤率。光是第一季度，我們就產生了 1.126 億美元的自由現金流，目前黃金價格遠高於第一季的平均價格。這是涉足貴金屬和投資泛美的一個令人難以置信的激動人心的時刻。

I would now be happy to take your questions together with the other members of our management team.

現在我很樂意和我們管理團隊的其他成員一起回答您的問題。

(Operator Instructions) Ovais Habib, Scotiabank.

（操作員指示）Ovais Habib，豐業銀行。

Congrats to a strong start to the year, especially on cost. Michael, a couple of questions from me. Just starting off with -- just remaining on the cost side. So costs, both at the Silver and the Gold segments, really outperformed the quarterly guidance that was provided. Now with Q1 trending ahead of guidance, should we expect subsequent quarters to adjust for this cost improvement? How should we be looking at costs going into Q2 and kind of beyond?

恭喜您今年開局良好，尤其是在成本方面。邁克爾，我有幾個問題。剛開始——只停留在成本方面。因此，無論是白銀部門還是黃金部門的成本，都確實超出了所提供的季度指導。現在第一季的業績趨勢超乎預期，我們是否應該預期後續季度會根據這一成本改善進行調整？我們該如何看待第二季及以後的成本？

I'll have Scott answering the question. But just in general, obviously, great performance on the cost, as you mentioned. We normally don't make adjustments after one quarter, but we're pretty happy with what we're seeing.

我會讓斯科特來回答這個問題。但就總體而言，正如您所說，成本方面的表現顯然非常出色。我們通常不會在一個季度後做出調整，但我們對目前的情況感到非常滿意。

But I'd like Scott to answer the rest of the question, please.

但我希望斯科特能回答問題的其餘部分。

Yeah. It's Scott Campbell here. Yeah. We're very encouraged by the strong cost performance in both Silver and Gold segment operations. That's in large part, a function of our commitment to cost control, the high byproduct metal prices, and, in some cases, favorable exchange rates in the countries where we operate.

是的。我是斯科特·坎貝爾。是的。我們對白銀和黃金部門營運的強勁成本表現感到非常鼓舞。這在很大程度上得益於我們對成本控制的承諾、高副產品金屬價格，以及在某些情況下，我們經營所在國家的優惠匯率。

We're maintaining our cost guidance for the year. And as Michael said, we don't usually make an adjustment after only one quarter, but we're encouraged by our cost performance so far this year. And we think this will continue, provided metal prices and exchange rates to maintain their levels.

我們維持今年的成本指引。正如麥可所說，我們通常不會在一個季度後就做出調整，但今年迄今為止的成本表現令我們感到鼓舞。我們認為，只要金屬價格和匯率維持在現有水平，這種情況就會持續下去。

We normally see a cost increase on a per ounce basis as we get into the placement and compaction of our thickened tailings from our new tailings filtration plant. And sustaining capital spending will also increase at several operations, specifically Shahuindo as we get into the dry season and our large capital projects begin.

當我們進入新的尾礦過濾廠的濃縮尾礦的放置和壓實階段時，我們通常會看到每盎司成本的增加。隨著旱季的到來和大型資本項目的開始，幾個作業區的持續資本支出也將增加，特別是 Shahuindo 作業區。

So essentially, I would get a little bit of an uptick in Q2, but as kind of production increases going into the second half, your per ounce cost essentially should come down in the second half. Is that how we should look at it?

因此，從本質上講，我會在第二季度獲得一點上漲，但隨著下半年產量的增加，每盎司的成本基本上會在下半年下降。我們應該這樣看待它嗎？

I think, as Scott said, if everything stays the same, right, as you know, our costs have different important inputs. One, of course, is our operation and how we perform there. The other one, because this is net of byproduct credits, the other big input is byproduct metal prices, which we all know are very high right now. So if that continues, of course, it has a positive impact to our cost.

我認為，正如斯科特所說，如果一切保持不變，對，如你所知，我們的成本有不同的重要投入。首先當然是我們的營運以及我們在那裡的表現。另一個，因為這是副產品信用額的淨額，另一個大的投入是副產品金屬價格，我們都知道現在非常高。因此，如果這種情況持續下去，當然會對我們的成本產生正面影響。

And the last big one is exchange rates. And as we have some favorable exchange rates in some of the countries at the moment, that helps us as well. So if those inputs that are out of our control, maintain their position and of course we will continue to have very strong control of our cost on site, and then you're right, Ovais.

最後一個重要問題是匯率。目前，我們在某些​​國家擁有優惠的匯率，這也對我們有幫助。因此，如果那些我們無法控制的投入保持其地位，當然我們將繼續對現場成本進行強有力的控制，那麼您是對的，Ovais。

Perfect. Thanks for that, Michael and Scott. Just moving on to -- in terms of gold and silver sold, that seemed to be high this quarter as compared to previous quarters. Are you able to give any sort of information on what the drivers were on that?

完美的。謝謝你，麥可和斯科特。就黃金和白銀的銷售量而言，與前幾季相比，本季的銷售量似乎很高。您能否提供任何有關該事件的驅動因素的資訊？

This is Ignacio speaking. Yeah, the main driver there was, as you remember, we had a very strong Q4 production and a lot of that production came in late in December. So we did sell in January that extra production from December. And you'll see in some of our slides, I think it's over 445,000 ounces of Gold inventory that we sold in Q1.

我是伊格納西奧。是的，主要的驅動力是，正如你記得的，我們第四季度的產量非常強勁，而且許多產量是在 12 月下旬實現的。因此，我們確實在一月銷售了十二月份多餘的產量。您會在我們的一些幻燈片中看到，我認為我們在第一季銷售了超過 445,000 盎司的黃金庫存。

Really just timing of shipment, which happens many quarters, sometimes there is an increase of inventory, sometimes a decrease depending on how the production ends at the end of the month. Obviously, a little bit easier to control timing on the doré shipment, a bit harder sometimes with the concentrate that we sell there where we have to wait for ships and ports to be ready. So that's just kind of the normal course of business at the end of each quarter. And as I said, sometimes it's a bit more, sometimes less. But as Ignacio said, after a very strong Q4, that's kind of the rest of selling that went on there in January.

實際上只是裝運時間，這種情況在許多季度都會發生，有時庫存會增加，有時會減少，這取決於月底的生產結束情況。顯然，控制金銀礦裝運的時間稍微容易一些，但對於我們在那裡銷售的精礦，有時就有點困難了，因為我們必須等待船隻和港口準備好。這只是每個季度末的正常業務流程。正如我所說，有時會多一點，有時會少一點。但正如伊格納西奧所說，在經歷了非常強勁的第四季之後，1 月的剩餘銷售情況就有所改善。

That's great. And just one more question. At Minera Florida, you were talking about costs that were high and you noted that absenteeism as one of the causes. Are you able to shed some more light on what's happening there? And how should we position ourselves going into Q2?

那太棒了。還有一個問題。在 Minera Florida，您談到了高昂的成本，並指出曠工是原因之一。您能否進一步解釋一下那裡發生的事情？我們應該如何定位自己以進入第二季度？

Yeah. Minera Florida had a rough quarter, certainly. We were affected by mine sequencing, some lower grade than expected, some absenteeism out of operation there and delays regarding our plant and equipment delivery, mobile equipment delivery. We expect to claw that loss of production back and get those costs per ounce back in line in Q3 and Q4.

是的。毫無疑問，Minera Florida 本季經歷了艱難時期。我們受到礦山排序的影響，一些礦山的品位低於預期，一些礦山停工，以及工廠和設備交付、移動設備交付的延遲。我們預計在第三季和第四季彌補產量損失並使每盎司成本恢復正常。

Yeah. this is Steve. If I can just add on the absenteeism. January is the big month for holidays in Chile. And this year, it was a particularly hard-hit month in terms of the number of holidays that we had our people out on, that's really what affected us in Q1 at Florida.

是的。這是史蒂夫。如果我可以補充一下曠工的情況。一月是智利最重要的節慶月份。今年，就我們員工外出度假的數量而言，這是一個特別嚴重的月份，這對我們佛羅裡達州第一季的業務造成了很大影響。

And maybe that's it for me, guys. Again, congrats on the great quarter.

朋友們，也許對我來說就是這樣了。再次恭喜本季取得如此出色的成績。

Cosmos Chiu, CIBC.

加拿大帝國商業銀行 (CIBC) 的 Cosmos Chiu。

Michael and team, congrats on, I agree, very strong start, very strong Q1. Maybe if I can ask about Bell Creek. I read that there were some geotechnical challenges at Bell Creek in the quarter. And then I actually went back to the commentary in Q1 2024, and there were some challenging ground conditions at that time as well. So is this a continuing issue? Could you maybe give us a bit more color in terms of what's happening? I know it's not your largest asset, but I'm just wondering if you can give us a bit more color?

麥可和他的團隊，我同意，恭喜你們，開局非常強勁，第一季非常強勁。也許我可以問一下關於貝爾溪 (Bell Creek) 的情況。我讀到過，本季貝爾溪 (Bell Creek) 遇到了一些岩土工程挑戰。然後我實際上回到了 2024 年第一季的評論，當時也有一些具有挑戰性的地面條件。那麼這是一個持續存在的問題嗎？您能否向我們詳細介紹正在發生的事情？我知道這不是你最大的資產，但我只是想知道你是否可以給我們多一點資訊？

Yeah. I'll start and maybe Martin can add in a little bit as well, Cosmos. But yeah, that central zone of Bell Creek, which is where our high grade and our little bit bigger stopes are for the Bell Creek mine, it's been challenging. We've been seeing some seismicity there, and we have to manage that carefully as we mine and we've put in some dynamic support as we enter into that area. And it's a more challenging area than we expected.

是的。我先開始，也許馬丁也可以補充一點，科斯莫斯。但是，是的，貝爾溪的中心區域，也就是我們貝爾溪礦的高品位和稍大一點的採場所在的地方，這一直很有挑戰性。我們在那裡發現了一些地震活動，我們在採礦時必須小心處理，並且在進入該地區時我們已經投入了一些動態支援。這個領域比我們想像的更具挑戰性。

We thought we were putting in some programs that we did see some benefits last year. Last year, what we were seeing was a lot of hole squeezing. We were reporting hole squeezing on our drill holes. We have gotten some additives and things we're doing there that has helped a lot, but we're still facing some ground movements, ground seismicity in the area that we have to manage very carefully, and it has slowed us down more than we expected in Q1.

我們認為我們實施的一些計劃去年確實看到了一些好處。去年，我們看到了很多漏洞被擠壓。我們報告了鑽孔擠壓現象。我們在那裡得到了一些添加劑，並且正在做的事情有很大幫助，但我們仍然面臨著該地區的一些地面運動和地面地震，我們必須非常小心地管理，這讓我們在第一季度的速度比我們預期的要慢。

I don't know, Martin, if you had any more you want to add.

馬丁，我不知道您是否還有什麼要補充的。

No, that's a great answer, Steve. As we get deeper in the mine, certainly, seismicity is there. It's sort of with us all the time. The guys do a fantastic job of managing that and dealing with it. We've had to increase our support in some areas.

不，史蒂夫，這是一個很好的答案。隨著我們深入礦井，肯定會有地震發生。它一直存在於我們身邊。這些人在管理和處理這個問題上做得非常出色。我們必須在某些領域增加支援。

But it's with us, and it does cause us at times to change our production plans during the quarter when you see that with the grades going up and down a bit as we have to change out some things in our plan. But we're sort of used to it now, and we've got systems in place to deal with it as it happens, and it's part of our mining process there at the mine.

但它存在於我們之中，當你看到等級上升或下降時，它確實會導致我們有時在本季度改變我們的生產計劃，因為我們必須改變計劃中的一些事情。但我們現在已經習慣了，我們已經建立了系統來處理這種情況，這是我們礦場採礦過程的一部分。

Maybe switching gears to Escobal. Michael, as you mentioned, there were four working meetings with the Guatemalan government in the quarter. Is that what you had expected? Are you happy with that progress? I know you can't give us any kind of timing at this point in time. But I'm just wondering, were you happy with what happened in Q1?

也許會轉向埃斯科瓦爾。邁克爾，正如您所說，本季與危地馬拉政府舉行了四次工作會議。這是你所期望的嗎？您對這個進展滿意嗎？我知道你現在無法給我們任何時間安排。但我只是想知道，您對第一季發生的事情滿意嗎？

Yeah. This is Sean. We had those meetings. Yeah, it's good to talk to you. Yeah, we had those meetings during the quarter. Things have been moving very slowly, and it's always been hard to predict the rhythm of the meetings and the larger meetings, but they were good meetings, lots of dialogue around the main concerns in the process, which, again, focused around water, environmental health concerns and blasting vibrations from the mine. So we expect to have some more working meetings in the coming weeks and months and provide an update at the next results call.

是的。這是肖恩。我們舉行了那些會議。是的，很高興和你交談。是的，我們在本季舉行了這些會議。事情進展非常緩慢，而且總是很難預測會議和大型會議的節奏，但這些會議都很好，圍繞過程中的主要問題進行了大量對話，這些對話再次集中在水、環境健康問題和礦井爆破振動方面。因此，我們預計將在未來幾週和幾個月內舉行更多工作會議，並在下次業績電話會議上提供最新資訊。

Great. And then on (technical difficulty) side, some questions here. Number one, I know that when you talk about all-in sustaining costs, you still talk about the NRV adjustment. But just to confirm, that is going to become less and less important as Dolores comes off. And at some point in time, will you stop talking about the NRV adjustment?

偉大的。然後關於（技術難度）方面，這裡有一些問題。首先，我知道當您談論全部維持成本時，您仍然會談論 NRV 調整。但需要確認的是，隨著多洛莉絲的消失，這一點將變得越來越不重要。在某個時間點，您會停止談論 NRV 調整嗎？

Cosmos, it's Ignacio here. Yeah, no, I think you've got that right. Obviously, if you look at our previous results, a lot of the NRV adjustments that we had were due to Dolores. Now that Dolores is in full leach mode, that will become less of an issue. So we should see that those numbers disappear.

科斯莫斯，我是伊格納西奧。是的，不，我認為你是對的。顯然，如果你看一下我們之前的結果，你會發現我們所做的許多 NRV 調整都是因為 Dolores 造成的。現在，多洛雷斯已完全進入浸出模式，這將不再是一個問題。所以我們應該會看到這些數字消失。

However, we do have other mines that have large heap leaches and large inventories in heap leaches like Shahuindo. So Shahuindo has very good margins. But yeah, in theory, we could see NRV adjustments in Shahuindo in the future. But yeah, now that Dolores is winding down and in leach, those numbers should taper as well.

然而，我們確實有其他礦山，它們擁有大型堆浸池和大量堆浸池庫存，例如 Shahuindo。因此，Shahuindo 的利潤率非常好。但是，理論上，我們將來可以看到 Shahuindo 的 NRV 調整。但是的，現在多洛雷斯正在逐漸衰落，這些數字也應該會減少。

Great. And then maybe one last question following up on my buddy Ovais' question here. Asked a different way in terms of guidance, I know you've maintained full-year guidance. But my question is, previously, you had guided in Q2 to $19.50 to $21.25 an ounce. In Q3, you've guided to $14.25 to $16.25 an ounce all-in sustaining cost. At this point in time, are those still good goalposts to use in terms of us modelling Q2 and Q3?

偉大的。然後也許還有最後一個問題，是關於我的朋友 Ovais 的問題。當被問及指導方面的不同觀點時，我知道您一直維持全年指導。但我的問題是，此前，您曾預測第二季的價格為每盎司 19.50 美元至 21.25 美元。在第三季度，您預計總維持成本為每盎司 14.25 美元至 16.25 美元。此時，就我們建模 Q2 和 Q3 而言，這些是否仍然是良好的目標？

Cosmos, Steve here. Yeah, we feel that that guidance is still in line, our quarterly guidance. So I think that's a good gauge. As we mentioned, there are some sustaining capital projects that start picking up steam, things like that. We've got some -- the tailings compaction that we're on, some developments picking up steam. So those are good guidance as we look forward. And as production comes up and the costs come down, we think that quarterly guidance still is in line.

科斯莫斯，我是史蒂夫。是的，我們認為該指導仍然符合我們的季度指導。所以我認為這是一個很好的標準。正如我們所提到的，一些持續的資本項目開始加速發展，諸如此類。我們正在進行一些尾礦壓實工作，有些進展正在加速。因此，這些都是我們展望未來的良好指導。隨著產量上升和成本下降，我們認為季度指導仍然符合預期。

Yeah. And maybe if I can just --?

是的。也許如果我可以--？

Obviously, just to reiterate here, of course, that all depends where metal prices and exchange rates stand, right? I mean if we -- because those cost guidance have been calculated with the metal prices that we used at the time in our guidance, so you have to look at that.

顯然，當然，這裡要重申的是，一切都取決於金屬價格和匯率的立場，對嗎？我的意思是，如果我們——因為這些成本指導是根據我們當時在指導中使用的金屬價格計算的，所以你必須考慮這一點。

And of course, when we have higher by-product metal prices and more favorable exchange rate, that will be and has right now a positive impact to our cost. So when you look at the guidance, just have a look at the metal prices and the exchange rates that we used for that guidance as well.

當然，當我們的副產品金屬價格更高且匯率更優惠時，這將對我們的成本產生正面影響。因此，當您查看指南時，只需查看我們用於該指南的金屬價格和匯率。

Of course. We'll definitely adjust for those different input factors here. And then, Michael, since I have you here, maybe if I can slip in one more question. In the MD&A, you don't talk much about Navidad. I know there's still a lot of questions about the province of Chubut, but from our industry sources, it does seem like Argentina is becoming a better place to do business. And so any comments that you can make on Navidad?

當然。我們肯定會根據這些不同的輸入因素進行調整。然後，邁克爾，既然你在這裡，也許我可以再問你一個問題。在 MD&A 中，你很少談論 Navidad。我知道關於丘布特省仍然存在許多疑問，但從我們的業內消息來源來看，阿根廷確實正在成為一個更好的經商之地。那麼，您對聖誕節有什麼評論嗎？

Yeah. Look, I mean, we are a long time working in Argentina many decades. And of course, we have operations in Santa Cruz and had operations in Santa Cruz for a long time. So things are changing in Argentina on many fronts, but I think it's still too early to talk about.

是的。你看，我的意思是，我們在阿根廷工作了幾十年。當然，我們在聖克魯斯有業務，並且已經在那裡運營了很長時間。因此，阿根廷在許多方面的情況都在發生變化，但我認為現在談論還為時過早。

Navidad, obviously, we will see, hopefully, continued positive changes here over the years under the new administration. We see the positive impact already on Cerro Moro. And hopefully, that will continue. We are very happy to have kind of some long-term pipeline projects with us that are there. And there's very little cost to hold on on this project. And one of the largest silver resource on the planet. So we'll just monitor and watch and see how Argentina evolves over the next, I would say, 12 to 24 months.

聖誕快樂，顯然，我們希望看到在新政府的領導下，這裡在未來幾年繼續發生積極的變化。我們已經看到了對塞羅莫羅的正面影響。希望這種情況能夠持續下去。我們非常高興能與那裡合作一些長期的管道項目。而且堅持這個專案的成本非常小。也是地球上最大的銀資源之一。因此，我們將密切關注並觀察阿根廷在未來 12 到 24 個月內將如何發展。

Congrats once again on a strong Q1, and we look forward to that continuing for the rest of 2025.

再次恭喜您第一季業績強勁，我們期待這種勢頭在 2025 年剩餘時間繼續保持。

(Operator Instructions) Don DeMarco, National Bank.

（操作員指示） 唐‧德馬科 (Don DeMarco)，國家銀行。

Great quarter, certainly on costs. On costs, and I'll start off with that. In response to a previous question, you mentioned a few drivers, commitment to cost control, favorable FX rates, strong byproduct credits. Do you have a sense of the approximate benefit of each of these categories on the aggregate outperformance in Q1?

本季表現非常好，成本當然也很高。關於成本，我將從這一點開始。在回答先前的問題時，您提到了一些驅動因素，包括成本控制承諾、優惠的外匯匯率、強勁的副產品信貸。您是否了解每個類別對第一季整體表現的大致益處？

That's quite complicated to answer, Don, because just on the exchange rate, for example, right, there is a lot of different pieces depending where we buy different services and products and equipment from which country that comes in, et cetera. So I don't have a detailed number on that.

唐，這個問題很難回答，因為僅就匯率而言，就有很多不同的因素，取決於我們從哪裡購買不同的服務、產品和設備，以及這些服務和產品來自哪個國家，等等。所以我沒有這方面的詳細數字。

Obviously, the byproduct credit is a bit easier. I think if you just look at -- you look at the metal prices that we used on our cost calculation for the guidance at the beginning of the year and then looking at the result with the higher metal prices now. But as I said, that kind of those exchange rates and obviously, cost control at the site are all very tightly intertwined. So I think it's quite difficult to get you exact numbers on how much is coming from which side.

顯然，副產品信貸要容易一些。我認為，如果你只看一眼——你會發現我們在年初用於成本計算的金屬價格，然後再看現在金屬價格上漲的結果。但正如我所說，這些匯率和現場成本控制顯然都是緊密相連的。因此我認為很難得到確切的數字來表明來自哪一方的具體數量。

Okay. Well, that's helpful nonetheless. But then maybe shifting to my next question on capital allocation. So your balance sheet is continuing to improve. You got cash over $900 million. You mentioned $1.7 billion in liquidity. So what are your priorities on capital allocation? Like, considering the different range of options, you got debt repayment, do you see opportunity to increase the NCIB or dividends or maybe see a better ROI by deploying cash into the pending Skarn development that's pending?

好的。嗯，無論如何這還是有幫助的。但接下來也許我會轉到關於資本配置的下一個問題。所以你的資產負債表正在持續改善。您有超過 9 億美元的現金。您提到了 17 億美元的流動資金。那麼，您在資本配置方面的優先事項是什麼？例如，考慮到不同的選擇範圍，您得到了債務償還，您是否看到了增加 NCIB 或股息的機會，或者也許通過將現金投入到即將進行的 Skarn 開發中來獲得更好的投資回報率？

Most of them, what you just mentioned, probably debt repayment is not really urgent for us. Just for everybody to remember, we have two bonds and they're very, very favorable bonds and their interest rates. I think the $500 million bond is about 2.65% and then the rest up to the $800 million. So that's about $280 million. Some are sitting around 4.6%.

大多數情況下，就是您剛才提到的，可能還債對我們來說並不是很緊急。只是讓大家記住，我們有兩種債券，它們是非常非常優惠的債券和利率。我認為 5 億美元債券的利率約為 2.65%，其餘部分最高可達 8 億美元。所以這大約是 2.8 億美元。有些則在 4.6% 左右。

So these are very favorable bonds. I don't think there's no hurry to pay those back. By the way, the larger one, the $500 million bond only matures in 2031, so 2.65% interest rates until 2031. I think we can, obviously, with that money, provide better return to shareholders than buying back that debt. So that leads us to the rest of the buckets that you mentioned.

所以這些都是非常有利的債券。我認為不急於償還這些債務。順便說一句，規模較大的 5 億美元債券要到 2031 年才到期，因此直到 2031 年利率均為 2.65%。我認為，顯然，我們可以用這筆錢為股東提供比回購債務更好的回報。因此，這引出了您提到的其餘內容。

And yeah, shareholder return is always on our radar, which is close to -- as you know, we have a policy in place that adds a special or additional dividend to our base dividend of $0.10 per share per quarter, depending on our net cash, we are very close there. I think it starts kicking in at $100 million net cash. We're just a little bit shy of that. I would expect to cross that threshold here pretty soon. And then our dividend will automatically increase.

是的，股東回報始終在我們的關注範圍內，我們已經接近這個目標了——正如你所知，我們制定了一項政策，即根據我們的淨現金，在每季度每股 0.10 美元的基本股息上增加特別股息或額外股息，我們已經非常接近這個目標了。我認為當淨現金達到 1 億美元時它就開始發揮作用了。我們只是有點害羞而已。我希望很快就能跨過這個門檻。然後我們的股息就會自動增加。

There's a graph and a table in our MD&A explaining that. I think it goes as high as about $0.18 depending on how much net cash we have. So automatically, the dividend will increase. You saw that we were buying back shares in January. Now we will continue that theme during the year. We just extended or renewed our NCIB, and we'll continue the same thing to be very opportunistic in buying back stock.

我們的 MD&A 中有一張圖表和一張表格對此進行了解釋。我認為它會高達 0.18 美元左右，具體取決於我們有多少淨現金。因此股息將自動增加。您看到我們在一月份回購了股票。現在我們將在今年繼續這個主題。我們剛剛延長或更新了我們的 NCIB，我們將繼續做同樣的事情，抓住機會回購股票。

There's always pullbacks and opportunities to do that, and we'll jump in the market and do that. So very strong return in total to shareholders of $56 million in Q1. And then, of course, the best return is investment in our business. And that goes from strong exploration results, investment in exploration to replace our reserves or add new resources to our assets. Continued development of the Skarn obviously comes to mind, which is a gigantic, very big, very interesting, nice, long-life asset for the company.

總是會有回調和機會，我們會進入市場並做到這一點。因此，第一季股東總回報非常豐厚，達到 5,600 萬美元。當然，最好的回報就是對我們業務的投資。這源自於強勁的勘探成果、對勘探的投資以取代我們的儲量或為我們的資產增加新的資源。顯然，我們會想到繼續開發 Skarn，這對公司來說是一項巨大的、非常大的、非常有趣的、好的、長壽命的資產。

Those kind of projects, of course, will provide the best return to our shareholders. But kind of the combination is obviously what makes it so interesting, I think, to be a shareholder in Pan American where you have all of this taken care of, right? It's such a strong business and we saw in Q1, where we can not only obviously pay for our sustaining capital, but invest money in special projects, and there's a whole list in the press release that we are taking care of.

當然，這類項目將為我們的股東帶來最佳回報。但我認為，這種結合顯然讓成為泛美航空的股東變得如此有趣，因為這一切都由你來處理，對嗎？這是一項非常強大的業務，我們在第一季看到，我們不僅可以支付維持資本，還可以投資特殊項目，新聞稿中列出了我們正在處理的完整清單。

A lot of exploration we normally spend during the year, mostly close to site, I would call it exploration, but probably close to $100 million, which, of course, the Skarn is one result of that very, very strong result. And still have sufficient funds to return it to shareholders and have quite a big cash balance, which can always come very handy when opportunities arise in the market.

我們通常在一年內花費大量資金進行勘探，大部分是在現場附近，我稱之為勘探，但可能接近 1 億美元，當然，Skarn 就是這一非常非常強勁的結果之一。並且仍然有足夠的資金返還給股東，並擁有相當多的現金餘額，當市場出現機會時，這總是非常有用的。

Certainly. Okay. And then you mentioned the Skarn and with that the negotiations. You're looking to maintain maximum silver. Are you happy with the level of silver in your portfolio right now relative to gold? And can you share your thoughts on the different levers that you have to increase silver, Skarn being one, Escobal, with Cosmos' question, you touched on Navidad, maybe there's potential M&A. So how do you feel about that level right now where it is?

當然。好的。然後您提到了 Skarn 以及相關的談判。您希望保留最多的銀幣。您對目前投資組合中白銀相對於黃金的水平滿意嗎？您能否分享一下您對提高白銀價格的不同槓桿的看法，其中之一就是 Skarn，Escobal，對於 Cosmos 的問題，您提到了 Navidad，也許存在潛在的併購。那麼您對於現在的水平有什麼感覺？

No, look, I mean, this is -- our silver-gold -- let's call it, our silver-gold ratio within Pan American, not the gold ratio that people normally talk about on prices, varies, goes up and down depending on the constellation of our assets. I remember back maybe quite a few years, maybe 15 years, we had a very, very large zinc production when we still had Morococha in our portfolio. And zinc was a very important metal then silver became -- went back to probably around 50%, 55% of revenue. Of course, now silver is less. And again, for several reasons.

不，你看，我的意思是，這是我們的銀金比率，我們稱之為泛美內部的銀金比率，而不是人們通常談論的價格的黃金比率，它會根據我們資產的狀況而變化、上下波動。我記得大概是好幾年以前，大概是 15 年前，當我們的投資組合中還有 Morococha 時，我們的鋅產量非常非常大。鋅是一種非常重要的金屬，而銀則成為——大概又回到了收入的 50% 到 55% 左右。當然，現在銀子少了。再次強調，原因有幾個。

Once we purchased together with some interesting silver production, obviously, in Argentina and Chile, also some very strong gold production. And the gold price is outperforming at the moment, the silver price strongly. And that's obviously skewing the kind of the percentages of the two -- of all the four metals or five metals we produce on our revenue. So it's just a picture in time.

我們曾經在阿根廷和智利購買了一些有趣的白銀產品，顯然，也購買了一些非常強勁的黃金產品。目前金價表現優於銀價。這顯然扭曲了我們生產的所有四種金屬或五種金屬在我們收入中所佔的百分比。所以這只是一張及時的照片。

But you mentioned, look, we have the largest reserve and the largest resource of silver in the world in our portfolio. There's a large number of big projects, just as Skarn, probably an average of about 17 million ounces of silver a year. Of course, Escobal has the potential to produce 20 million to 22 million ounces a year.

但是您提到，看，我們的投資組合中擁有世界上最大的白銀儲備和資源。有大量的大型項目，就像 Skarn 一樣，平均每年大約有 1700 萬盎司的白銀。當然，埃斯科巴爾每年有潛力生產 2,000 萬至 2,200 萬盎司。

As I mentioned, Navidad, the largest silver resource in the world, one of the largest and probably not right now ready, but a very interesting resource there. So there's plenty of opportunity. And you mentioned M&A as well. So there's plenty of opportunity for us to change in the future that silver-gold ratio that we have internally. So lots of silver projects there. But at the moment, of course, very strong cash flow generation from outperforming gold.

正如我所提到的，Navidad 是世界上最大的銀礦之一，現在可能還沒準備好，但卻是一個非常有趣的資源。因此，機會很多。您也提到了併購。因此，未來我們有足夠的機會改變我們內部的金銀比率。那裡有很多白銀項目。但目前，黃金的優異表現當然帶來了非常強勁的現金流。

This concludes the question-and-answer session. I would like to turn the conference back over to Michael Steinmann for any closing remarks. Please go ahead.

問答環節到此結束。我想將會議交還給邁克爾·斯坦曼 (Michael Steinmann) 做最後發言。請繼續。

Yeah. Thanks, everyone, for calling in today. Great results, great quarter, great start of the year. Really looking forward to Q2 and beyond. Just one item I would like to mention here. At the end of this month, we will release our 2024 Sustainability Report. So our ESG performance is core to our business and really look forward to updating you on our progress in that area with our report that's out there annually. You can look at probably the last 12 years of report on our website and get a very good idea of what we are doing on this really important projects that we do on the ESG side.

是的。謝謝大家今天的來電。出色的業績，出色的季度，出色的年初。真的很期待第二季及以後。我只想在這裡提一件事。本月底，我們將發布2024年永續發展報告。因此，我們的 ESG 績效是我們業務的核心，我們真誠期待透過每年發布的報告向您通報我們在該領域的進展。您可以查看我們網站上過去 12 年的報告，並很好地了解我們在 ESG 方面開展的這些非常重要的項目。

With that, thanks, everyone, for calling in and looking forward to talk to you in August for Q2. Thank you, everyone.

最後，感謝大家的來電，期待 8 月與大家討論第二季事宜。謝謝大家。

This brings to a close today's conference call. You may disconnect your lines. Thank you for participating and have a pleasant day.

今天的電話會議到此結束。您可以斷開線路。感謝您的參與並祝您有個愉快的一天。