Pan American Silver Corp (PAAS) 2025 Q2 法說會逐字稿

Thank you for standing by. This is the conference operator. Welcome to the Pan American Silver second-quarter 2025 results conference call. (Operator Instructions) 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 年第二季業績電話會議。（操作員指示）會議正在錄音。（操作員指示）

I would now like to turn the conference over to Siren Fisekci, Vice President, 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 second-quarter 2025 results. This call includes forward-looking statements and information and references to non-GAAP measures. Please see the cautionary statements in our MD&A, news release and presentation slides for the Q2 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 年第二季的業績。本次電話會議包括前瞻性陳述和資訊以及對非公認會計準則指標的引用。請參閱我們的 MD&A、新聞稿和 2025 年第二季業績簡報幻燈片中的警示聲明，所有這些內容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。

Thank you, and good morning, everyone. I'm glad you could join us to discuss Pan American's Q2 2025 results. Today, I'm pleased to report another quarter of record-setting results. Top-line revenue of $811.9 million reflects solid operating performance and the benefit of supportive price environment. Net earnings were a record of $189.6 million or $0.52 per share, largely driven by record mine operating earnings of $273.3 million.

謝謝大家，早安。我很高興您能加入我們討論泛美航空 2025 年第二季的業績。今天，我很高興地報告本季又創紀錄的業績。8.119億美元的營業收入反映了穩健的經營績效和有利的價格環境的好處。淨利潤達到創紀錄的 1.896 億美元，即每股 0.52 美元，主要得益於創紀錄的 2.733 億美元礦山營運利潤。

Adjusted earnings were $155.4 million or $0.43 per share. Cash flow from operations before noncash working capital changes was also a record of $287.9 million after $68.3 million in cash taxes paid. After noncash working capital changes, operating cash flow totaled $293.4 million. Free cash flow was a record of $233 million, increasing our cash balance to a record high of $1.1 billion at the end of Q2. Our capital allocation framework remain unchanged, maintain our strong balance sheet, sustain and grow the business and return capital to shareholders.

調整後收益為 1.554 億美元，即每股 0.43 美元。在支付 6,830 萬美元現金稅款後，非現金營運資本變動前的營運現金流量也創下了 2.879 億美元的新高。非現金營運資本變動後，營運現金流總計 2.934 億美元。自由現金流達到創紀錄的 2.33 億美元，使我們的現金餘額在第二季末增至創紀錄的 11 億美元。我們的資本配置框架保持不變，維持強勁的資產負債表，維持和發展業務並向股東返還資本。

Given our strong balance sheet, we are focused on growing the business. And in Q2, we significantly advanced that objective with our proposed acquisition of MAG Silver. The top-tier Juanicipio silver asset is expected to provide an immediate uplift to Pan American silver production and free cash flow generation while meaningfully reducing our consolidated Silver segment costs. It also represents further opportunities to grow our silver production through the exploration potential of the asset. MAG shareholders approved the transaction in July, and we are now awaiting the clearance under Mexican antitrust laws. The transaction is expected to close in the second half of 2025.

鑑於我們強勁的資產負債表，我們專注於發展業務。在第二季度，我們透過擬議收購 MAG Silver，大大推進了這一目標。頂級的 Juanicipio 白銀資產預計將立即提升泛美白銀產量和自由現金流的產生，同時大幅降低我們合併的白銀部門成本。這也代表著我們可以透過資產的勘探潛力進一步增加白銀產量。MAG 股東於 7 月批准了該交易，目前正在等待墨西哥反壟斷法的批准。該交易預計將於 2025 年下半年完成。

In addition to the acquisition, we invested $73.7 million in sustaining and project capital in Q2. Project capital was invested in the La Colorada mine and the Skarn project and the Huaron, Timmins, and Jacobina mines. At Jacobina, in addition to advancing mine and plant optimization studies, we have invested in improvements to plant availability and equipment reliability. In terms of the La Colorada Skarn project, our discussions around potential partnerships for the development are progressing well, and we expect to share more on our plans for the Skarn in the coming months.

除了收購之外，我們還在第二季投資了 7,370 萬美元作為維持資本和專案資本。專案資本投資於 La Colorada 礦場和 Skarn 專案以及 Huaron、Timmins 和 Jacobina 礦場。在 Jacobina，除了推進礦場和工廠最佳化研究之外，我們還投資於提高工廠可用性和設備可靠性。就 La Colorada Skarn 專案而言，我們圍繞開發潛在合作夥伴關係的討論進展順利，我們預計將在未來幾個月分享更多有關 Skarn 的計劃。

We have also delivered on the third priority of our capital allocation approach, returning capital to shareholders. Yesterday, we announced a 20% dividend increase from $0.10 to $0.12 per common share with respect to Q2 2025. We also repurchased just under 0.5 million common shares at an average price of $24.22 per share for a total consideration of $11.1 million in Q2. During the first half of this year, we have returned approximately $103.5 million in dividends and share buybacks to our shareholders.

我們也實現了資本配置方法的第三個優先事項，即向股東返還資本。昨天，我們宣布，2025 年第二季每股普通股股息將增加 20%，從 0.10 美元增加到 0.12 美元。我們也以每股 24.22 美元的平均價格回購了近 50 萬股普通股，第二季的總對價為 1,110 萬美元。今年上半年，我們向股東返還了約 1.035 億美元的股利和股票回購。

Total available liquidity at the end of Q2 was roughly $1.9 billion, affording us ample flexibility to pursue our organic and inorganic growth opportunities even after accounting for the $500 million of cash that will be paid as part of the consideration for MAG Silver.

第二季末的總可用流動資金約為 19 億美元，即使在考慮到作為 MAG Silver 對價的一部分支付的 5 億美元現金後，我們仍然有足夠的靈活性來追求有機和無機增長機會。

Turning now to operations. We produced 5.1 million ounces of silver in Q2 within our guidance range for the quarter. Our Silver segment achieved all-in sustaining costs of $19.69 per ounce, excluding NRV adjustments, which was at the low end of our guidance range.

現在轉向營運。我們在第二季生產了 510 萬盎司白銀，符合本季的預期範圍。我們的白銀部門實現了每盎司 19.69 美元的全維持成本（不包括 NRV 調整），處於我們指導範圍的低端。

La Colorada once again led the performance in the Silver segment following the improvement to ventilation from the new infrastructure installed in mid-2024. Throughput reached an average of 2,130 tonnes per day in Q2 relative to the 2,000 tonnes per day that we were targeting. As a result, silver production at La Colorada was up nearly 50% and cash costs per silver ounce down by nearly 25% compared with the first half of 2024. We are maintaining our guidance for silver production and costs in 2025.

隨著 2024 年中期安裝的新基礎設施改善了通風狀況，La Colorada 再次在銀牌細分市場中表現領先。第二季的吞吐量平均達到每天 2,130 噸，而我們設定的目標是每天 2,000 噸。結果，與 2024 年上半年相比，La Colorada 的白銀產量增加了近 50%，每盎司白銀的現金成本下降了近 25%。我們維持對 2025 年白銀產量和成本的預期。

Gold production of 178,700 ounces in Q2 was slightly below our guidance range, while gold segment all-in sustaining costs, excluding NRV adjustments of $1,611, were within guidance. The gold segment was impacted by lower throughput and grades at Timmins, primarily as a result of additional backfill and hangingwall dilution.

第二季黃金產量為 178,700 盎司，略低於我們的指導範圍，而黃金部門的全部維持成本（不包括 1,611 美元的 NRV 調整）在指導範圍內。黃金業務受到蒂明斯產量和品位下降的影響，主要原因是額外的回填和上盤稀釋。

At El Peño, production was impacted by mine and development sequencing into lower gold and higher silver grades. These impacts were partially offset by stronger performance at Shahuindo from higher gold grades and positive mine grade reconciliations and at Dolores with the leach cycle delivering more production than originally planned in Q2.

在埃爾佩尼奧 (El Peño)，產量受到礦山和開發順序的影響，金品位較低，銀品位較高。這些影響被 Shahuindo 的強勁表​​現（由於金品位較高和礦山品位調節良好）以及 Dolores 的浸出循環（在第二季度實現了比原計劃更多的產量）部分抵消。

Gold production in the first half of 2025 was in line with our guidance, and we are maintaining our outlook for gold production and all-in sustaining costs. However, we now expect gold production to be more heavily weighted to the fourth quarter of 2025 than originally indicated in our 2025 quarterly operating outlook.

2025 年上半年的黃金產量符合我們的預期，我們維持對黃金產量和總維持成本的展望。然而，我們現在預計，2025 年第四季的黃金產量將比我們 2025 年季度營運展望中最初預測的要大。

At Escobal, the Xinka Parliament issued a statement in May 2025 with respect to the ILO 169 consultation process. The Guatemalan Ministry of Energy and Mines, or MEM, has now delivered a response to that statement describing the proposals to address the concerns the Xinka Parliament had raised. These documents can be reviewed on the MEM website. The MEM has indicated that they will continue to hold working meetings and maintain dialogue with the Xinka Parliament as they work towards completing the ILO 169 consultation, although a date for completing the consultation has not been specified.

在埃斯科巴爾，辛卡議會於 2025 年 5 月就國際勞工組織第 169 號磋商進程發表了一份聲明。危地馬拉能源和礦業部（MEM）現已對該聲明作出回應，並提出了解決辛卡議會所提出擔憂的建議。這些文件可以在 MEM 網站上查閱。MEM 表示，他們將繼續舉行工作會議並與辛卡議會保持對話，努力完成國際勞工組織第 169 號磋商，但尚未確定完成磋商的日期。

As we consider the global backdrop for precious metals, we see very supportive environment for gold and silver prices. Global photovoltaic installations and electronic applications continue to drive industrial demand growth for silver, while mine supply is largely flat. The silver market is in its fifth consecutive year of structural deficit, and this deficit is expected to persist in the coming years, depleting above-ground stocks further, a very supportive backdrop for silver prices. We view the MAG Silver acquisition as a high-quality addition to our portfolio to capitalize on this outlook for silver.

當我們考慮貴金屬的全球背景時，我們看到黃金和白銀價格的非常有利的環境。全球光伏裝置和電子應用繼續推動白銀工業需求成長，而礦山供應基本持平。白銀市場已連續第五年出現結構性赤字，預計未來幾年這種赤字仍將持續，進一步消耗地上庫存，這對白銀價格形成非常有利的背景。我們認為，收購 MAG Silver 是我們投資組合的高品質補充，能夠充分利用白銀的前景。

In summary, Pan American Silver has delivered record financial results in the first half of 2025. Our operating teams are focused on meeting our production targets and maintaining strong control over costs. We are on track to achieve our guidance for 2025. We look forward to continuing to deliver robust free cash flow and returning capital to our shareholders.

總而言之，泛美白銀在 2025 年上半年取得了創紀錄的財務表現。我們的營運團隊專注於實現生產目標並維持對成本的強力控制。我們有望實現 2025 年的目標。我們期待繼續為股東提供強勁的自由現金流和回報資本。

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

現在我很樂意與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 on Q2 beat. A couple of questions from me. In Q2, on Cerro Moro, El Peñon, Timmins, Minera Florida, essentially all experienced either negative grade reconciliation or geotechnical issues. First part of the question is, have these issues been resolved going into Q3? I believe you said Q3 is expected to be your weakest quarter with Q4 being your strongest quarter in terms of the gold production.

恭喜 Q2 獲勝。我有幾個問題。在第二季度，Cerro Moro、El Peñon、Timmins 和 Minera Florida 礦場基本上都經歷了品位調節不足或土壤工程問題。首先要問的是，這些問題在進入第三季時是否已經解決？我相信你說過，就黃金產量而言，預計第三季度將是你們最疲軟的一個季度，而第四季度將是你們最強勁的一個季度。

And part two of the question is, do you think Jacobina can make up for the loss of ounces if it comes to that? Essentially, what I'm trying to ask, Michael, is how confident are you with meeting the gold production guidance?

問題的第二部分是，如果事情發展到那一步，您認為 Jacobina 能彌補損失嗎？本質上，我想問的是，邁克爾，你對於達到黃金產量指導目標有多大信心？

Ovais, I have Steve here next to me, who will answer your question.

Ovais，我旁邊有史蒂夫，他會回答你的問題。

Good morning, Ovais. For the most part, those issues we faced in terms of grade reconciliations at most of those operations and the geotechnical issues, we are addressing aggressively. We do anticipate some of it to linger into Q3. That's why we're kind of pushing the gold guidance heavier into Q4. That's kind of where we raised that note. But we're feeling pretty confident.

早安，Ovais。在大多數情況下，我們正在積極解決我們在大多數作業中遇到的等級協調問題和土壤問題。我們確實預計部分情況將持續到第三季。這就是為什麼我們在第四季加大黃金指導的原因。這就是我們提出這一點的地方。但我們覺得自己非常有信心。

Generally, what we see when we have a quarter of low reconciliations, we do generally see it come back. Our drill data on average, we're comfortable with the reserve information. It's just the swings of highs and lows quarter to quarter, and it kind of hit those operations you mentioned during Q2.

一般來說，當我們看到某個季度的對帳率較低時，我們通常會看到它回升。就我們的鑽探資料而言，我們對儲量資訊感到滿意。這只是季度間高點和低點的波動，它對您在第二季度提到的那些營運產生了影響。

Geotechnically, we're having some good success in Timmins at addressing particularly some of the production drill hole squeezing issues we've had. We're drilling larger diameter holes. We're using an additive that's been pretty unique and it's been pretty helpful in maintaining those holes open. And we've added quite a bit of ground support, even dynamic support, along some of the key developments in the high-stress areas. So we're feeling pretty good that we're overcoming those issues there.

從岩土工程角度來看，我們在蒂明斯取得了一些成功，特別是解決了我們遇到的一些生產鑽孔擠壓問題。我們正在鑽更大直徑的孔。我們使用了一種非常獨特的添加劑，它對於保持這些孔洞暢通非常有幫助。我們在一些高壓力區域的關鍵建設中增加了相當多的地面支持，甚至是動態支持。因此我們很高興能夠克服這些問題。

So yes, so that's why we kind of favored pushing some of the gold into Q4, but we remain incredibly confident that we'll come in within guidance on gold production and certainly on silver and cost.

是的，這就是為什麼我們傾向於將部分黃金推向第四季度，但我們仍然非常有信心，我們將在黃金產量以及白銀和成本方面達到指導水平。

And I mean, most of these operations have kind of achieved at least about 40% to 50% of production year-to-date. So in terms of kind of getting over that hump, it does seem like you guys should be able to hit those numbers. So thanks for that color.

我的意思是，今年迄今為止，這些業務中的大多數已經實現了至少約 40% 到 50% 的產量。因此，就克服這個困難而言，看起來你們應該能夠達到這些數字。所以感謝那個顏色。

Just wanted to see if I can move on to noncore asset sales. Michael, your team has done an excellent job in kind of selling noncore asset sales over the past couple of years. Should we expect more to come going into the second half or even the next 12 months?

只是想看看我是否可以繼續進行非核心資產銷售。邁克爾，在過去幾年裡，你的團隊在非核心資產銷售方面做得非常出色。我們是否應該期待下半年甚至未來 12 個月會出現更多變化？

Yeah. Definitely, we are working on some of the deals. They are mostly smaller things. So don't expect like big, big sales like we've seen over the last 18 months. But there's quite a few smaller things that we are working on, and we'll release those, obviously, when they're done. I would expect that a few will close here from now to the end of the year.

是的。毫無疑問，我們正在進行一些交易。它們大多是較小的東西。因此，不要期望出現像過去 18 個月那樣的大額銷售。但我們正在進行一些較小的工作，完成後我們就會發布它們。我預計從現在到今年年底，這裡將會關閉一些工廠。

I mean, Michael, maybe in terms of a little bit detail, I mean, are those operating assets? Or are they more exploration assets that you're looking to sell?

我的意思是，邁克爾，也許從細節上來說，那些是經營資產嗎？或者它們是您想要出售的更多勘探資產？

No, they're not operating assets. There's a lot of like mid to later stage exploration plays that we are finding new homes for in all kind of different jurisdictions and also different constellations. You should expect maybe some straight out sales, some participation in other companies, et cetera, et cetera.

不，它們不是經營資產。我們正在為許多處於中後期階段的勘探項目尋找新的歸宿，這些項目涵蓋不同的司法管轄區和不同的地區。你可能會看到一些直接出售，一些參與其他公司，等等。

Fahad Tariq, Jefferies.

法哈德·塔里克，傑富瑞。

On Jacobina, in the quarter, there was a comment in the MD&A about mine sequencing to lower grade gold grade ores. Can you just talk about expectations for the second half of the year on grades?

關於 Jacobina，在本季度，MD&A 中對礦山排序對低品位金礦石進行了評論。能談談對下半年成績的期望嗎？

Yeah, Fahad, this is Steve. We're trying to move towards mining at Jacobina at reserve grades, which are actually a little bit lower than what we saw even in Q2. With that said, we have access to some higher grades during the rest of the year that we will be tapping into.

是的，法哈德，這是史蒂夫。我們正嘗試在 Jacobina 進行儲量品位的開採，但實際上儲量品位比我們在第二季度看到的還要低一些。話雖如此，我們在今年剩餘的時間裡可以獲得一些更高的成績，我們將利用這些成績。

So we won't -- that push towards lower grade will come as part of the optimization study we're working on where we'll start to push more tonnes at lower grades and kind of maintain or expand the gold production to a limited degree. But again, we remain confident that we'll deliver to our guidance at Jacobina according to what we showed there.

因此，我們不會——推動降低品位的黃金開採將作為我們正在進行的優化研究的一部分，在該研究中，我們將開始推動增加低品位黃金的開採量，並在有限的程度上維持或擴大黃金產量。但我們仍然相信，我們將按照我們在 Jacobina 所展示的成果來履行我們的指導。

Okay. And then on Escobal and the consultation process, can you just give a bit more color about the types of meetings that are happening, I guess, over the coming weeks and months? Is it Pan American being involved in those meetings directly with the Xinka Parliament? Or is it the government meeting with them in Pan American providing information and where needed?

好的。然後關於埃斯科巴爾和協商過程，您能否詳細介紹未來幾週和幾個月將要舉行的會議類型？泛美航空是否直接參與了與辛卡議會的會議？還是政府在泛美會議中與他們會面並提供所需資訊？

Just keep in mind that the consultation is between the government led by the Ministry of Mines and the Xinka, and it's not led by Pan American. So you have to keep that in mind.

請記住，此次磋商是在礦業部領導的政府和 Xinka 之間進行的，而不是由泛美公司領導的。所以你必須記住這一點。

But I have Sean here, who is leading our efforts in Guatemala, who can give us more details on this.

但我請來了肖恩，他是我們在危地馬拉工作的負責人，他可以向我們提供有關此事的更多細節。

What we're seeing now is a series of working meetings that are being planned. So we expect to see the government meet with Xinka Parliament over the coming weeks. They did have a meeting on July 29. So those meetings are ongoing, and we will be called in to participate in the future. We expect that to happen. And we have ongoing meetings with the MEM and the government at the same time in parallel when they have questions and issues that they want to resolve with us. But I would expect that we would have a few meetings this quarter. And so we'll update that in the Q3 update.

我們現在看到的是一系列正在計劃的工作會議。因此，我們預計政府將在未來幾週與辛卡議會舉行會晤。他們確實在 7 月 29 日舉行了一次會議。因此，這些會議正在進行中，我們將來也會被邀請參加。我們期待這種情況發生。當 MEM 和政府有疑問和問題需要與我們一起解決時，我們會同時與他們舉行會議。但我預計我們本季會舉行幾次會議。因此我們將在第三季更新中對此進行更新。

Lawson Winder, Bank of America Securities.

勞森·溫德（Lawson Winder），美國銀行證券。

Nice quarter. I wanted to ask about Skarn, something you said in your prepared remarks, Michael, and then follow up on that. Did you say that you expected an update in a month, like in terms of like a singular month? Or do you mean months? And then -- because that would be a lot sooner than the prior guide for the year-end. And then what are the current permutations of monetization that look most likely at this point?

不錯的季度。邁克爾，我想問一下關於 Skarn 的問題，這是你在準備好的發言中提到的，然後跟進一下。您是否說過您預計在一個月內進行更新，例如單個月？還是你是指幾個月？然後——因為這比之前的年底指南要早得多。那麼目前最有可能的貨幣化排列是什麼？

Yeah. No, first, that was probably [mesh] with English. The several months that was plural, not singular month. I will be very soon, as you mentioned. Look, very, very interesting developments on the Skarn. I don't know if you recall, we started showing maybe late last year, first kind of intercepts on very high-grade veins above the Skarn further to the east. There were exceptional intercepts. We published a few in the press release there. And we kept drilling there very actively over the last like 8 months, 10 months. And we are looking at actually tapping into that as well and look at synergies between the Skarn and those high-grade intercepts.

是的。不，首先，這可能與英語不符。幾個月是複數，不是單數月份。正如您所說，我很快就會來。瞧，斯卡恩的發展非常非常有趣。我不知道您是否還記得，我們​​大概在去年年底開始展示第一種在更東邊的矽卡岩上方非常高品位的礦脈上的截距。有異常的攔截。我們在那裡的新聞稿中發表了一些內容。在過去的 8 個月到 10 個月裡，我們一直在那裡積極地進行鑽探。我們也正在考慮利用這一點，並研究 Skarn 與那些高品味攔截物之間的協同作用。

And with cryptic here, that's one of the release we will put out when we have all the data together, which will happen. You should expect that coming in the next few months to discuss those results, and then that will be included in our updated resource and reserve calculation as well.

這裡的 cryptic 是我們在收集所有資料後將要發布的版本之一，這將會發生。您應該期待在接下來的幾個月內討論這些結果，然後這些結果也將納入我們更新的資源和儲備計算中。

So that's probably the -- beside the infill drill and the Skarn, obviously, we know by now a lot about the Skarn, but that's definitely the most interesting and additional information that will come into the project when you look at La Colorada entirely and how we move forward with the Skarn project and with La Colorada, adding those very, very high-grade veins to the east.

所以這可能是——除了填充鑽孔和 Skarn，顯然，我們現在對 Skarn 了解很多，但這絕對是最有趣和附加的信息，當你全面審視 La Colorada 時，以及我們如何推進 Skarn 項目和 La Colorada，在東部添加那些非常非常高品位的礦脈時，這些信息將會進入項目。

So just stay tuned. Sorry, I don't have all the details that I can share right now with you, but it's definitely part of the several updates that we're going to see during the rest of the year on La Colorada and on the Skarn.

所以請繼續關注。抱歉，我現在無法與您分享所有細節，但這絕對是我們在今年剩餘時間將在 La Colorada 和 Skarn 上看到的幾項更新的一部分。

Okay. And then just to be clear, one of those updates could be some sort of monetization or partnership transaction?

好的。然後需要明確的是，其中一個更新可能是某種貨幣化或合作交易？

Look, these discussions are ongoing. And of course, those additional veins and synergies will play into the partnership negotiations as well. So that will come after. So I can't promise yet when that will come out. But as I said, we're working hard on that. And whenever it's ready, we will share. But the first few steps here will be the reserve update, resource update on it and then the inclusion of those high-grade veins and then the next step will be to include that in our negotiations with potential partners.

看，這些討論仍在進行中。當然，這些額外的脈絡和協同效應也將在合作談判中發揮作用。那是之後的事。所以我還不能保證什麼時候會發布。但正如我所說，我們正在努力實現這一目標。一旦準備就緒，我們就會分享。但這裡的前幾個步驟將是儲量更新、資源更新，然後納入那些高品位礦脈，下一步將是將其納入與潛在合作夥伴的談判中。

Okay. Fantastic. And then just since you brought it up, the reserve and resource update, could you give us an idea of the timing on when that update would come? And then thinking about gold and silver price assumptions in that update, I mean, would you say you'd have a fairly high level of confidence in replacing reserves this year? And to the extent that the change in the gold and silver price assumptions might be quite material, could we be looking at some impact on the current mine plans?

好的。極好的。既然您提到了儲備和資源更新，您能否告訴我們更新的具體時間？然後考慮一下更新中的黃金和白銀價格假設，我的意思是，您是否對今年的儲備補充有相當高的信心？如果黃金和白銀價格假設的變化可能相當重大，我們是否會看到對當前採礦計劃產生一些影響？

Yeah. Look, I mean, if you recall, when you look at our reserve resource update, we never use just a one price fits all. I'm a strong believer that you have -- depending on the mine life, if you look at a shorter mine life, and obviously, we're sitting on a in a very high metal price environment, in order to optimize your return, you obviously should use higher prices in those assets in very long-life assets like Jacobina, for example, you would use lower prices. We have that done all the time. When you look at our reserve resource tables, there is actually a whole page with different prices that we use for different assets.

是的。你看，我的意思是，如果你還記得的話，當你查看我們的儲備資源更新時，我們從不使用單一價格來滿足所有需求。我堅信你必須 - 取決於礦山壽命，如果你考慮較短的礦山壽命，顯然，我們正處於非常高的金屬價格環境中，為了優化你的回報，你顯然應該在這些資產中使用更高的價格，例如在像 Jacobina 這樣的長壽命資產中，你會使用較低的價格。我們一直都是這麼做的。當您查看我們的儲備資源表時，實際上有一整頁的表格，其中列出了我們對不同資產使用的不同價格。

So that will remain, and we will do -- use a similar approach this year. There will be obviously a few assets where we use slightly higher prices, but I think we are still very, very conservative. I think on the price side to really maintain and take advantage of big margins that we can create with this metal price environment and the result you see obviously in our strong cash flow that we delivered last quarter.

因此，這種情況會繼續存在，而且我們今年也會採取類似的方法。顯然，對於少數資產，我們會採用略高的價格，但我認為我們仍然非常非常保守。我認為在價格方面，我們可以真正維持並利用這種金屬價格環境所能創造的巨大利潤，而您在我們上個季度實現的強勁現金流中顯然可以看到這一結果。

So that kind of the same theme continues. But of course, we have probably what $1,500 higher gold price than last year. So you have to adapt a little bit not to leave really high-paying material behind. So it's an interesting year definitely to use and define metal prices for your reserve and resources. As you know, we are one of the few companies to do it midyear because we want to have a new reserve and resource when you go into the budgeting season. But you should expect a press release coming out over the next few weeks, definitely before, I would say, mid-September.

所以同樣的主題還在繼續。但當然，金價可能比去年高出 1,500 美元。所以你必須稍微適應一下，不要丟掉真正高薪的材料。因此，對於使用和定義儲備和資源的金屬價格來說，這無疑是有趣的一年。如您所知，我們是少數在年中這樣做的公司之一，因為我們希望在進入預算季節時擁有新的儲備和資源。但你應該會在接下來的幾週內看到一份新聞稿，我估計肯定是在九月中旬之前。

Cosmos Chiu, CIBC.

加拿大帝國商業銀行 (CIBC) 的 Cosmos Chiu。

Maybe going back to the various geotechnical mine sequencing and negative grade reconciliation issues at the various properties, El Peñon, Cerro Moro, Timmins and Florida. I seem to notice that a number of these operations came from the Yamana portfolio. I would say these are normal issues underground, but would it also be related to the fact that some of these operations were operated by a previous operator, and that's why some of these issues came up?

也許可以回顧 El Peñon、Cerro Moro、Timmins 和 Florida 等不同礦區的各種岩土礦排序和負品位協調問題。我似乎注意到其中許多操作來自 Yamana 投資組合。我想說這些都是地下的正常問題，但這是否也與其中一些操作是由之前的操作員操作的事實有關，這就是為什麼會出現這些問題？

Yeah. Cosmos, Steve here. No, I would have to say, no, there's no specific bias towards those Yamana assets in terms of this reconciliation issue. It is a factor of narrow vein mining. I'd say we favor narrow vein mining certainly at El Peñon and Minera Florida. When you look at that Cerro Moro as well, those are pretty variable, highly variable narrow veins, and it's a characteristic of those type of deposits that we face. They are challenges that we've dealt with with some of the Pan American silver operations.

是的。科斯莫斯，我是史蒂夫。不，我必須說，就這項和解問題而言，對這些 Yamana 資產沒有特定的偏見。這是窄礦脈採礦的因素。我想說，我們尤其青睞 El Peñon 和 Minera Florida 的窄礦脈採礦。當你觀察塞羅莫羅 (Cerro Moro) 時，你會發現那些是變化很大的窄脈，這是我們所面臨的這類礦床的特徵。這些是我們在泛美銀礦業務中遇到的一些挑戰。

So again, we're confident this is a quarterly blip, and it comes and goes. We're not concerned about our overall reserve estimates. It's just the timing and spatial locations of these estimates that we have to hone in. As we go into budgeting season for 2026, we are looking at potentially enhancing some of the drill density in some of these narrow vein zones to try to reduce that variability going into next year. But I don't see any bias towards just Yamana operations there.

因此，我們再次確信這只是一個季度性的波動，它有時會時無。我們並不關心我們的總體儲備估計數。我們只需要確定這些估計的時間和空間位置。隨著我們進入 2026 年的預算季節，我們正在考慮提高一些窄脈區域的鑽探密度，以試圖減少明年的變化。但我並沒有看到對 Yamana 業務有任何偏見。

Just to add to this, we have seen, obviously, this kind of result, as Steve said, which is often a result of very high-grade narrow vein mining. You have more variability, obviously, than in a larger massive skarn, for example, or porphyry. So you have more variability, and we see the same kind of results sometimes at Huaron or San Vicente or other assets, a matter of fact, obviously, more narrow structures at La Colorada in the past.

補充一點，正如史蒂夫所說，我們顯然已經看到了這種結果，這通常是高品位窄脈開採的結果。顯然，與較大的塊狀夕卡岩或斑岩相比，其變化性更強。因此，您具有更多的可變性，我們有時會在 Huaron 或 San Vicente 或其他資產中看到相同的結果，事實上，顯然，過去 La Colorada 的結構更為狹窄。

So these are normally short-term issues, and we deal with them. So nothing specific to being ex Yamana assets. We own the assets now for quite a while. I'm sure you have noticed that over quarter and quarter on quarter, all these assets have been our strongest cash flows in our portfolio.

所以這些通常是短期問題，我們會處理它們。因此，與前 Yamana 資產無關。我們擁有這些資產已經相當長一段時間了。我相信您已經注意到，每個季度以來，所有這些資產都是我們投資組合中最強勁的現金流。

I do know this. Maybe as a follow-up in terms of these issues here, are they related to like new areas that you're entering at these different assets, maybe new structures that you might not have previously been aware of that could maybe potentially lead to a more sustained impact on mining? Or am I thinking too much into it?

我確實知道這一點。也許作為對這些問題的後續跟進，它們是否與您在這些不同資產中進入的新領域有關，也許是您之前可能沒有意識到的新結構，可能會對採礦產生更持久的影響？還是我想太多了？

Yeah. I think a little bit too much. I mean, you're on a bit. It's more towards the extremity of the known -- of the veins that we have been mining. As we reach the extremities of those reserves and go deeper on those, we generally are seeing a bit more variability, a little less density of information which also drives a bit more variability in our results.

是的。我想得有點太多了。我的意思是，你有點過頭了。它更接近已知的極限——我們一直在開採的礦脈。當我們達到這些儲備的極限並對其進行更深入的研究時，我們通常會看到更多的變化，更少的資訊密度，這也會導致我們的結果出現更多的變化。

Okay. Maybe my next question will be going back to what I'm actually good at, numbers. On that sustaining CapEx here, you've budgeted $270 million to $280 million per year. I seem to see that so far, you've done about $122 million. Certainly not hitting 50% for some of the assets like Jacobina, Shahuindo. So can you maybe talk about that CapEx budget for the year and where you're going to be planning on spending more of that CapEx in Q3 and Q4?

好的。也許我的下一個問題將回到我真正擅長的領域——數字。對於維持性資本支出，您每年的預算為 2.7 億至 2.8 億美元。我似乎看到到目前為止你已經賺了大約 1.22 億美元。對於 Jacobina、Shahuindo 等一些資產來說，肯定不會達到 50%。那麼您能否談談今年的資本支出預算以及您計劃在第三季和第四季在哪些方面增加資本支出？

Cosmos, Scott Campbell here. Yeah, we had a few delays starting off our major capital projects at Shahuindo this year. Some are weather-related, permitting related, and the awards process took a little bit longer to the tender process, but full speed ahead with those. And so we do intend to -- our CapEx will be in line with our forecast.

Cosmos，我是 Scott Campbell。是的，今年我們在 Shahuindo 的主要資本項目啟動時遇到了一些延誤。有些與天氣有關，有些與許可有關，而且授予過程比招標過程花費的時間稍長，但這些都在全速推進。因此我們確實打算——我們的資本支出將與我們的預測一致。

Great. And maybe one last question here on the dividend. It's great to see that it's increased. It's great to see the very robust free cash flow in Q2. I want to confirm, based on the mechanics of the dividend, how you calculate the variable component, once you use a part of your cash on the balance sheet to pay for MAG Silver, there's potential for that dividend to decrease again. Is that correct?

偉大的。這裡也許還有最後一個問題，關於股息。很高興看到它有所增加。很高興看到第二季的自由現金流非常強勁。我想確認一下，根據股息機制，如何計算可變部分，一旦您使用資產負債表上的部分現金來支付 MAG Silver，股息就有可能再次減少。對嗎？

Well, there's obviously a dividend policy, as you mentioned, but just keep in mind that we generate a lot of free cash flow, so does MAG and there will be cash obviously coming to us when we close the transaction. So I think it's too early to say, but I don't think so that we're going to see a big impact when I look forward here.

嗯，正如您所說，顯然有股息政策，但請記住，我們產生了大量自由現金流，MAG 也是如此，當我們完成交易時，顯然會有現金流向我們。所以我認為現在說還為時過早，但我認為展望未來我們不會看到很大的影響。

Okay. And then on the MAG transaction, as you mentioned, it's been approved by MAG Silver's shareholders, and you're still waiting for the antitrust sort of -- not the permit, but the approval. Is that like the last hurdle? And how should we view it?

好的。關於 MAG 交易，正如您所提到的，該交易已獲得 MAG Silver 股東的批准，您仍在等待反壟斷方面的批准——不是許可證，而是批准。這就像是最後一道障礙嗎？我們又該如何看待它呢？

Yeah, that's absolutely the last hurdle. I would expect that once we get that okay from Mexico, which is between all the transactions we did in the past that was required and was always the last piece to the transaction, and I would expect to probably close a few days later after we receive that approval.

是的，這絕對是最後的障礙。我希望，一旦我們得到墨西哥的批准，這是我們過去進行的所有交易中所必需的，並且始終是交易的最後一部分，我預計在我們收到批准後的幾天內可能會完成。

Okay. And nothing more complicated to this transaction compared to what you've done in the past, correct, Michael?

好的。與您過去所做的相比，這筆交易沒有什麼更複雜的，對嗎，邁克爾？

No, everything is completely moving normal here. You saw a very clear vote of confidence by the MAG shareholders. So really looking forward to add that operation or piece of operation to our portfolio, which has very strong production there as well, very strong silver at very low cost. That's obviously the reason why we are interested -- very interested in that acquisition, looking at one of the highest quality, highest grade, lowest cost silver mine on the planet with, in my view, probably one of the biggest exploration upside as well.

不，這裡一切都很正常。您看到 MAG 股東非常明確地表示了信任。因此，我們非常期待將該業務或部分業務添加到我們的投資組合中，該業務在那裡也有非常強大的產量，白銀價格非常低。這顯然是我們感興趣的原因——對這次收購非常感興趣，因為它是地球上最高品質、品位最高、成本最低的銀礦之一，在我看來，它也可能是最有勘探潛力的銀礦之一。

And then maybe a bit premature, but on the MAG Silver transaction, once it closes, have you determined how you're going to account for it, given that it is a 44% minority interest? Is it going to be some kind of equity pickup, equity accounting sort of one line pickup in your income statement? Have you thought about how you're going to account for it?

再說個可能有點早的問題，關於MAG Silver的交易，一旦完成，考慮到它佔了44%的少數股權，你們是否已經確定該如何進行會計處理？會不會是某種股權回升，或者說，在損益表中增加一行權益會計？您是否考慮過如何解釋這一點？

Cosmos, this is Ignacio here. So yes, we're still doing the analysis, but -- nice talking to you. A good point of reference would be the way MAG accounted for the Juanicipio JV interest, which was, as you mentioned, an equity pickup. In addition to that, I can also point you to the MAG info circ, there's pro forma financial statements there, and then there is already some assumptions on what the accounting is going to look like. So yes, everything is pointing towards an equity pickup.

科斯莫斯，我是伊格納西奧。是的，我們仍在進行分析，但是—很高興與您交談。一個很好的參考點是 MAG 對 Juanicipio JV 權益的核算方式，正如您所提到的，這是一種股權收購。除此之外，我還可以向您指出 MAG 資訊循環，那裡有備考財務報表，並且已經對會計將會是什麼樣子進行了一些假設。所以是的，一切都指向股票回升。

This concludes the question-and-answer session. I'd like to turn the conference back over to Michael Steinmann for any closing remarks.

問答環節到此結束。我想將會議交還給邁克爾·斯坦曼 (Michael Steinmann) 來做結束語。

Thanks, operator, and thank you, everyone, for calling in here on a beautiful summer day, at least here in Vancouver. Another great quarter for Pan American, beat across the board on our strong financial results. We're looking forward to the rest of this year, looking forward to add Juanicipio piece to our portfolio as well later this year.

謝謝接線員，也謝謝大家，至少在溫哥華，你們在一個美麗的夏天打電話過來。泛美航空又迎來了一個出色的季度，強勁的財務表現全面超越預期。我們期待今年剩餘的時間，也期待在今年稍後將 Juanicipio 添加到我們的投資組合中。

And as I mentioned, we will release the reserve and resource update as of midyear, and that should be quite an active second half or last four months, five months of the year with news flows on various topics for the company. Looking forward to that and looking forward to update you in November on our Q3 results. Until then, enjoy the rest of the summer. Thank you, everyone.

正如我所提到的，我們將在年中發布儲備和資源更新，這應該是下半年或最後四個月、五個月相當活躍的時期，公司將發布有關各種主題的新聞。期待這一點，並期待在 11 月向您通報我們的第三季業績。到那時，盡情享受剩下的夏天吧。謝謝大家。

This concludes 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，祝您有個愉快的一天。