Pan American Silver Corp (PAAS) 2025 Q3 法說會逐字稿

Thank you for standing by. This is the conference operator. Welcome to the Pan American Silver third-quarter 2025 results conference call. (Operator Instructions) The conference is being recorded. (Operator Instructions)

感謝您的耐心等待。這是會議接線員。歡迎參加泛美白銀公司2025年第三季業績電話會議。（操作員指示）會議正在錄音。（操作說明）

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

現在我將把會議交給投資者關係副總裁 Siren Fisekci。請繼續，菲塞克奇女士。

Thank you for joining us today for Pan American Silver's conference call and webcast to discuss our third quarter 2025 results. This call includes forward-looking statements and information and references non-GAAP measures. Please see the cautionary statements in our MD&A, news release and presentation slides for the Q3 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直播，共同探討我們 2025 年第三季的業績。本次電話會議包含前瞻性陳述和訊息，並參考了非GAAP指標。請參閱我們 2025 年第三季業績的管理層討論與分析、新聞稿和簡報中的警示性聲明，所有這些文件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.

現在我將把電話交給泛美航空總裁兼執行長麥可‧史坦曼。

Good morning, everyone. I'm glad you could join us to discuss Pan American's Q3 2025 results. Over the past quarter and into Q4, we have benefited from the increase in silver and gold prices and a solid performance on cost. As a result, we achieved a record attributable free cash flow of $251.7 million in Q3.

各位早安。很高興您能和我們一起討論泛美航空 2025 年第三季的業績。在過去一個季度以及進入第四季度的過程中，我們受益於白銀和黃金價格的上漲以及成本控制的穩健表現。因此，我們在第三季實現了創紀錄的歸屬於公司的自由現金流 2.517 億美元。

On September 4, we completed our acquisition of MAG Silver, but we have had only a one-month contribution from our 44% interest in the Juanicipio mine in Mexico. They're already seeing the impact on lowering costs and improving margins underscoring the strategic rationale for this transaction.

9 月 4 日，我們完成了對 MAG Silver 的收購，但我們在墨西哥 Juanicipio 礦的 ​​44% 權益僅貢獻了一個月的收益。他們已經看到了降低成本和提高利潤率的影響，這凸顯了這筆交易的策略合理性。

We account for Juanicipio using the equity method, but report production, cash costs, all-in sustaining costs and capital expenditures on an attributable base to reflect our 44% interest. I'm pleased to say that we have delivered another quarter of strong financial results. Attributable revenue in Q3 was a record of $884.4 million.

我們對 Juanicipio 的會計採用權益法，但以歸屬基數報告產量、現金成本、全部維持成本和資本支出，以反映我們 44% 的權益。我很高興地宣布，我們又一個季度取得了強勁的財務表現。第三季歸屬於該公司的營收創下 8.844 億美元的紀錄。

Net earnings were $169.2 million or $0.45 basic earnings per share. This includes a $21.7 million loss from the sale of a subsidiary and $16.3 million of income from Juanicipio. The loss from the sale of a subsidiary is primarily due to a $28.6 million reduction to the $137.4 million gain we had previously booked on December 2024 of the sale of La Arena related to net working capital adjustments.

淨利潤為 1.692 億美元，即每股基本收益 0.45 美元。這其中包括出售子公司造成的 2,170 萬美元損失和 Juanicipio 帶來的 1,630 萬美元收入。出售子公司造成的損失主要是由於淨營運資本調整導致我們先前在 2024 年 12 月確認的出售 La Arena 的 1.374 億美元收益減少了 2,860 萬美元。

This was partially offset by a $6.8 million gain on the sale of our 80% interest in La Pepa, a noncore development stage project in Chile, which we've sold for $40 million in cash proceeds in September 2025. Adjusted earnings were $181 million or $0.48 basic adjusted earnings per share. Attributable cash flow from operations was a record of $323.6 million.

部分損失被出售我們在智利非核心開發階段項目 La Pepa 的 80% 權益所獲得的 680 萬美元收益所抵消，該項目已於 2025 年 9 月以 4000 萬美元現金售出。調整後收益為 1.81 億美元，即每股基本調整收益 0.48 美元。經營活動產生的歸屬於公司的現金流量創下歷史新高，達到 3.236 億美元。

Cash and short-term investments at the end of Q3 totaled $910.8 million, plus $85.8 million of cash at Juanicipio for our 44% interest. This is after spending a net of $409.3 million on the MAG acquisition, including transaction costs. With $1.7 billion of total available liquidity, we remain in a very strong financial position.

截至第三季末，現金和短期投資總額為 9.108 億美元，加上我們在 Juanicipio 持有的 44% 股份對應的 8,580 萬美元現金。這是在為收購 MAG 淨花費 4.093 億美元（包括交易成本）之後的結果。我們擁有17億美元的可用流動資金，財務狀況依然非常穩健。

Given the strong financial position and cash flow generation, I'm happy to report that the Board has approved an increase to the dividend to $0.14 per common share with respect to Q3 2025. Despite the cash balance at the end of the quarter, reflecting the impact of the cash paid for the MAG acquisition, the Board exercises hits discretion with respect of the dividend this quarter given the strong cash flow being generated.

鑑於公司強勁的財務狀況和現金流，我很高興地宣布，董事會已批准將2025年第三季普通股股息提高至每股0.14美元。儘管本季末的現金餘額反映了收購 MAG 所支付的現金的影響，但鑑於公司產生的強勁現金流，董事會本季度對股息行使了酌情權。

While we did not repurchase any shares in Q3 due in part to the blackout associated with the MAG acquisition, we remain prepared to act opportunistically. During the first nine months of 2025, we have returned $146.9 million in dividends and share repurchase to shareholders. And we will add another $59.1 million with the dividend payment approved yesterday.

雖然由於與 MAG 收購相關的停擺，我們在第三季沒有回購任何股票，但我們仍然準備好伺機而動。2025 年前九個月，我們已向股東返還了 1.469 億美元的股息和股票回購款。加上昨天批准的股息支付，我們將再增加 5,910 萬美元。

Turning now to operations. Attributable silver production in Q3 was 5.5 million ounces including 580,000 ounces from Juanicipio one-month contribution. We continue to be pleased by the performance at La Colorada where the improved ventilation conditions are allowing mine rehabilitation and development rates to accelerate, thereby increasing the number of production areas, particularly in the deep high-grade zones of Candelaria East.

接下來是營運環節。第三季應計白銀產量為 550 萬盎司，其中包括 Juanicipio 一個月貢獻的 58 萬盎司。我們對 La Colorada 的表現感到滿意，那裡改善的通風條件使得礦山修復和開發速度加快，從而增加了生產區域的數量，尤其是在 Candelaria East 的深部高品位區域。

Silver production was impacted by lower silver grades at Huaron, reflecting increased development and reduced stope ore mining rates in order to grow the inventory of prepared high-grade stopes which are expected to enhance future production stability and reliability beginning in mid-2027.

華隆銀礦白銀產量受到白銀品位下降的影響，這反映出為了增加已準備好的高品位礦場的庫存，開發力度加大，採場礦石開採速度降低，預計這將從 2027 年中期開始提高未來的生產穩定性和可靠性。

Silver segment cash costs were $10.41 per ounce, and all-in sustaining costs were $15.43 per ounce. These costs are lower than Q2 2025 already demonstrating the positive impact Juanicipio is having on reducing silver costs and improving margins, even though it has only been in our portfolio since early September. The quarter also benefited from low all-in sustaining costs at Cerro Moro due to high by-product gold production and prices compared to Q2.

白銀部分的現金成本為每盎司 10.41 美元，全部維持成本為每盎司 15.43 美元。這些成本已經低於 2025 年第二季的預期，這表明 Juanicipio 對降低白銀成本和提高利潤率產生了積極影響，儘管它自 9 月初才加入我們的投資組合。與第二季相比，由於 Cerro Moro 礦區副產品黃金產量和價格較高，其整體維持成本也較低，因此本季也受惠於此。

Partially offsetting these factors as the lower silver production at Huaron and the royalty expense at La Colorada of $8.3 million in Q3, largely payable to a third party as part of a profit-sharing agreement for mining on an adjacent concession. Attributable gold production was 183,500 ounces. As we mentioned during our Q2 call, various technical issues at Cerro Moro, El Penon, Timmins, Shahuindo, Minera Florida as described in our MD&A are expected to linger into Q3, consistent with our expectation of a back-end weighted gold production.

部分抵消這些因素的是 Huaron 的白銀產量較低，以及 La Colorada 第三季度 830 萬美元的特許權使用費支出，這筆費用主要支付給第三方，作為鄰近礦區採礦利潤分成協議的一部分。歸屬於黃金的產量為183,500盎司。正如我們在第二季度電話會議中提到的，Cerro Moro、El Penon、Timmins、Shahuindo、Minera Florida 等礦區的各種技術問題（如我們的管理層討論與分析中所述）預計將持續到第三季度，這與我們對黃金產量在後期加權的預期相符。

The technical issues at Cerro Moro and El Penon also reduced silver production in Q3. Gold segment cash costs were $1,325 per ounce and all-in sustaining costs, excluding NRV inventory adjustments $1,697 per ounce. Overall production and cost across both the silver and gold segments remain in line with our 2025 operating outlook.

Cerro Moro 和 El Penon 的技術問題也導致第三季白銀產量下降。黃金業務現金成本為每盎司 1,325 美元，全部維持成本（不包括 NRV 庫存調整）為每盎司 1,697 美元。白銀和黃金業務的整體產量和成本與我們的 2025 年營運預期保持一致。

However, we have raised our attributable silver production guidance to 22 million to 22.5 million ounces and lowered Silver segment all-in sustaining costs to $14.50 to $16 per ounce to incorporate Juanicipio contribution. All other costs and production guidance remain unchanged. We invested $35.3 million in capital projects this quarter, mainly at La Colorada and Jacobina. At La Colorada, we continued exploration and equipment investments to further expand access to high-grade zones in the deeper Eastern extents of the Candelaria ore zone.

然而，為了將 Juanicipio 的貢獻納入考量，我們將白銀產量預期上調至 2,200 萬至 2,250 萬盎司，並將白銀業務的綜合維持成本下調至每盎司 14.50 至 16 美元。其他所有成本和生產預期均保持不變。本季我們在資本項目上投資了 3,530 萬美元，主要投資項目位於 La Colorada 和 Jacobina。在拉科羅拉達，我們繼續進行勘探和設備投資，以進一步擴大坎德拉里亞礦區東部深處高品位礦區的開採。

In September, we announced new high-grade drill results and added 52.7 million ounces of silver to inferred mineral resource, which substantially extend resource potential to the East and Southeast beyond our current mining areas. This is an exciting development that offers significant synergies through a potential 2-phase development approach to our large La Colorada Skarn project. The first phase was combined development of the Skarn with the vein mine, which is expected to result in a higher grade, lower tonnage and less capital-intensive development to what was described in our 2024 PEA.

9 月，我們公佈了新的高品位鑽探結果，並將推斷礦產資源量增加了 5,270 萬盎司白銀，這大大擴展了我們目前礦區以東和東南方向的資源潛力。這是一個令人興奮的進展，透過潛在的兩階段開發方法，可以為我們的大型 La Colorada 矽卡岩專案帶來顯著的協同效應。第一階段是將矽卡岩礦與脈礦進行共同開發，預計將帶來更高的品位、更低的噸位和更少的資本密集度的開發，正如我們在 2024 年初步經濟評估中所描述的那樣。

The second phase would involve mine expansion. This phase development approach allows an enhanced vein mine to operate in parallel utilizing shared infrastructure synergies and enhancing overall project value. Our PEA for this 2-phase development approach, combined with enhanced vein mining is underway and is expected to be issued in Q2 2026. Furthermore, we are well advanced on partnership discussions that consider this enhanced development approach.

第二階段將涉及礦山擴建。這種分階段開發方法允許增強型脈礦並行運營，利用共享的基礎設施協同效應，並提高整體專案價值。我們正在對此分兩階段開發方案進行初步經濟評估，並結合強化礦脈開採，預計 2026 年第二季發布評估報告。此外，我們在考慮這種強化發展方式的夥伴關係討論方面也取得了良好進展。

At Jacobina, results from the extensive optimization study has identified a number of opportunities to relieve constraints that could potentially benefit mine life production and operational efficiencies. These opportunities include but are not limited to: a tailings filtration and filter stack project to relieve existing long-term tailings capacity limitations; mine paste backfill plant project to take advantage of the tailings filtration circuit thereby enabling an increase or recovery in selective high-grade ore zones; and a significant process plant streamlining project to improve reliability, release throughput constraints reduced mine operating costs and enhanced gold recovery.

在雅各比納，廣泛的優化研究結果發現了一些可以緩解限制的機會，這些限制可能有利於礦山壽命、產量和營運效率。這些機會包括但不限於：尾礦過濾和濾堆項目，以緩解現有的長期尾礦處理能力限制；礦山膏體回填廠項目，以利用尾礦過濾迴路，從而提高特定高品位礦石區域的回收率；以及重要的選礦廠精簡項目，以提高可靠性、解除處理能力限制、降低礦山運營成本並提高黃金回收率。

We have recently commissioned the pilot plant on site to demonstrate the benefits that can be obtained by streamlining a planned flow sheet which has been defined to bench scale metallurgical laboratory testing. We also engaged a leading engineering firm to develop detailed designs, schedules and cost estimates for completing these optimization projects. We will continue to provide updates on implementing these exciting projects as this engineering efforts advance over the next year.

我們最近在現場調試了試驗工廠，以展示透過簡化已為桌上型冶金實驗室測試定義的計畫流程圖可以獲得的好處。我們還聘請了一家領先的工程公司，為完成這些優化專案製定詳細的設計方案、進度計劃和成本估算。在接下來的一年中，隨著工程工作的推進，我們將繼續向大家通報這些令人興奮的專案的實施進度。

At Escobal, the Guatemalan Ministry of Energy and Mines has held several separate working meetings with the ministries involved in the ILO 169 consultation process, representatives from the Xinka Parliament and the company. The Ministry of Mines has also made several appointments personnel to oversee and continue activities for the Escobal consultation process. The Ministry has not provided a time line for the completion of the ILO 169 consultation, but discussions remain active and respectful.

在埃斯科瓦爾，危地馬拉能源和礦業部與參與國際勞工組織第 169 號磋商進程的各部會、辛卡議會代表和該公司代表舉行了多次單獨的工作會議。礦業部也任命了若干人員來監督和繼續進行埃斯科巴爾磋商進程的相關活動。該部尚未給出完成 ILO 169 諮詢的時間表，但討論仍在積極進行中，並且保持尊重。

Before closing, I would like to recognize Steve Busby for his remarkable contributions to Pan American Silver over the past 22 years with 17 years spent as Chief Operating Officer. Steve is transitioning to the role of special adviser to the CEO, and I'm grateful we will continue to benefit from his key technical expertise. I also want to welcome Scott Campbell as our new Chief Operating Officer. Scott brings 25 years of operational experience in Latin America, and I look forward to continuing to work closely with him as we advance our strategy.

在結束之前，我想特別感謝史蒂夫·巴斯比先生在過去 22 年裡為泛美白銀公司做出的卓越貢獻，其中 17 年擔任首席營運長。史蒂夫將轉任執行長的特別顧問，我很感激我們將繼續受益於他的關鍵技術專長。我還要歡迎 Scott Campbell 擔任我們的新任營運長。Scott 在拉丁美洲擁有 25 年的營運經驗，我期待在推進我們策略的過程中繼續與他密切合作。

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

現在我將與其他管理團隊成員一起回答您的問題。

(Operator Instructions)

（操作說明）

Wayne Lam, TD Securities.

Wayne Lam，TD證券。

Oh yeah, thanks, morning guys. Curious on the guidance increase, would it be safe to assume that the prior guidance for Juanicipio has remained the same as under MAG previously? And just wondering if there's been a tweak floor within the Silver segment on the guidance. Just given the deal closing in September, I would have thought the pro forma silver guide would have been slightly higher. So just wondering if there are any other offsets from the other operations in the portfolio?

哦，謝謝，早安各位。鑑於業績指引上調，是否可以假設 Juanicipio 先前的業績指引與 MAG 時期保持一致？我想知道白銀板塊的指導意見是否有調整。考慮到交易在9月完成，我原本以為白銀價格的預期指導價會略高一些。所以我想知道投資組合中的其他業務是否有其他抵消因素？

Hi, good morning. No, it's pretty similar to what MAG had. Obviously, as you can imagine, this is -- we're only in the second month really of having that operation with us. But we assume that the production should be pretty similar to what we've seen in September for the remaining months of the year.

您好，早安。不，它和 MAG 的非常相似。顯然，正如你所想，我們才剛開始這項手術兩個月。但我們預計，今年剩餘月份的產量應該與九月的產量非常相似。

Okay, great, thanks. And then maybe on Huaron, just on the grades and the increase in the development ore being processed. It's been a couple of quarters now where you've encountered a bit higher dilution on the mining front. And just wondering if that maybe has also been a function of the reduction in the cutoff grade just in terms of the process grades come down a bit?

好的，太好了，謝謝。然後或許華倫礦區，只是礦石品位和正在加工的開發礦石數量的增加。近幾個季度以來，礦業方面的股權稀釋程度有所增加。我想知道這是否也與降低最低等級標準有關，也就是工藝等級有所下降？

And just curious if we should expect to bounce back in grades over the coming quarters or if that's more of an active strategy that you guys are employing to lower the cutoffs to bring in a bit more economic material?

我很好奇，我們是否應該預期未來幾季的成績會有所回升，還是說這是你們正在採取的積極策略，降低錄取分數線以納入更多經濟條件較好的材料？

Hi Wayne, this is Steve. I can address that one. Yes, what -- the initiative we started last quarter was to accelerate developments, trying to get ahead, trying to get some high-grade stopes prepared and develop an inventory of stopes to give us more reliability on production. This initiative is going to take us through all of 26 into '27. And so what you're seeing is a lot more contribution of ore from development, which is more diluted than from stope mining.

嗨，韋恩，我是史蒂夫。我可以回答這個問題。是的，我們在上個季度啟動的計劃是為了加快開發進程，力求領先一步，努力準備一些高品位採場，並建立採場庫存，從而提高生產的可靠性。這項計劃將貫穿整個 2026 年，並延續到 2027 年。因此，你看到的是來自開發項目的更多礦石，這些礦石比來自採場開採的礦石更稀薄。

And it's really an initiative to try to build inventory of stopes in the mine that will give us more flexibility in the future once we get all this development ahead of ourselves. That's what you're assuming.

這確實是一項旨在建立礦山採場庫存的舉措，以便在我們完成所有這些開發工作後，將來能夠為我們帶來更大的靈活性。這是你的假設。

Okay. Great. Thank you. And then maybe just last one, just at Jacobina, the optimization studies that are being undertaken. Can you give us a bit more detail on what's being optimized on the mine or at the plant and how that might impact the future operations, if that will be on additional tonnage or lower costs and when we might be able to see the results of that?

好的。偉大的。謝謝。最後，或許只有最後一個，就在雅各比納，正在進行的最佳化研究。您能否更詳細地介紹一下礦山或工廠正在優化哪些方面，以及這些優化將如何影響未來的運營，例如是提高產量還是降低成本，以及我們何時能夠看到成果？

Yes. Great question. There's a lot of working on Jacobina. Will pass it on to Steve. As you heard there, Steve will retire here as the COO, but he will stick around with us with his incredible wealth of knowledge, Steve will be very important for that kind of expansion work at Jacobina. So Steve, maybe if you want to answer the question.

是的。問得好。Jacobina專案有很多工作要做。我會轉告史蒂夫。正如你們剛才聽到的，史蒂夫將從首席營運官的職位上退休，但他會繼續和我們在一起，憑藉他淵博的知識，史蒂夫對於雅各比納的擴張工作將非常重要。所以史蒂夫，也許你想回答這個問題的話。

Yes, I'd be happy to, Wayne, it's very exciting what we're seeing there. The mine itself, they're -- it's pretty flexible because we're really mining 7 will be bringing on an mining area with Maricoda, and it gives us a lot of flexibility in terms of how the mine delivers or to the plant and throughput expansion, tonnage and that sort of thing. The main focus of the optimization is around the plant itself.

是的，我很樂意，韋恩，我們在那裡看到的景象非常令人興奮。礦山本身——它非常靈活，因為我們實際上正在開採 7 號礦井，它將與 Maricoda 一起建立一個礦區，這讓我們在礦山如何向工廠交付礦石以及吞吐量擴張、噸位等方面擁有很大的靈活性。優化的重點主要集中在工廠本身。

This is an old plant that was originally built in the '80s as a less than 4,000 tonne a day plant, and it's been piecemealed over the years A lot of components been added. A lot of circuits have been added to the flow sheet, and it's kind of a complex network of flow, if you will.

這是一個老舊的工廠，最初建於 80 年代，日產量不到 4000 噸，多年來經過零散的擴建，添加了許多零件。流程圖中增加了許多迴路，可以說是一個複雜的流程網路。

So we see an opportunity to go into the plant and streamline that plant, remove some of the circuits we don't need clean up some of the circuitry, try to go to bigger machines less numbers of them, reduce maintenance costs, improve reliability, improve efficiencies and reduce costs overall, coupled with -- when we look long term at Jacobina, we really see an opportunity to go to a filter stack tailings facility. That opens up a lot of -- for us -- conventional tailings were going to run out of here probably in the mid-2030s.

因此，我們看到了一個機會，可以進入工廠並簡化工廠流程，移除一些我們不需要的電路，清理一些電路，嘗試使用更大、數量更少的機器，降低維護成本，提高可靠性，提高效率並降低總體成本。此外，從長遠來看，當我們展望雅各比納時，我們確實看到了一個機會，可以建造一個濾堆尾礦處理廠。這為我們打開了很多機會——對我們來說——傳統的尾礦可能在 2030 年代中期就會用完。

So we want to bring a filter plant into this flow sheet. We've been working hard. We're looking at vacuum filters like we run at El Penon. They look quite favorable. And we're kind of proposing a vacuum filter plant that would be situated down at the tailings facility, and it will allow us to put a stack that we're designing down below the B2 dam, we call it.

所以我們希望在這個流程圖中加入一個過濾裝置。我們一直在努力工作。我們正在研究像我們在埃爾佩農使用的那種真空過濾器。它們看起來相當不錯。我們正在提議在尾礦庫建造一座真空過濾廠，這樣我們就可以在 B2 大壩下方建造我們正在設計的煙囪。

And the location of this also provides benefits to us because we can add a modular temporary paste plant and use some of the tails to build cemented pace that we can pump into the north part of the mine where some of our higher-grade mining ores are, and it allows us higher recovery of some of the higher-grade stopes that we wouldn't get without some type of cement that backfill. So that's where all this optimization is coming together.

該地點也為我們帶來了好處，因為我們可以增加一個模組化的臨時膏體廠，並利用一些尾礦來建造水泥樁，然後將其泵入礦山的北部，那裡有一些品位較高的礦石，這使我們能夠從一些高品位採場中回收更高的礦石量，如果沒有某種水泥回填，我們就無法獲得這些礦石。這就是所有優化措施最終匯聚的地方。

I hope you can appreciate, it's a significant brownfield project in and around the plant. So it's going to be -- it's going to require some very careful planning, very careful sequencing of how we make these modifications, and that's where we're working intensely with an engineering company. And as we start to get the designs and the sequencing and the costing sorted out, we'll start to deliver truly what the value of this project is going to be overall. But we're very excited about it.

希望您能理解，這是工廠及其周邊地區一項意義重大的棕地改造計畫。所以，這需要非常仔細的計劃，非常仔細地安排這些修改的順序，而這正是我們正在與一家工程公司密切合作的地方。隨著我們逐步理清設計、順序和成本，我們將開始真正展現這個專案的整體價值。但我們對此感到非常興奮。

Okay. Great. That's a lot of good detail. Thanks for taking my questions and best of luck to you, Steve.

好的。偉大的。細節很豐富。謝謝你回答我的問題，祝你好運，史蒂夫。

Thank you, Brian.

謝謝你，布萊恩。

Fahad Tariq, Jefferies.

法哈德‧塔里克，傑富瑞集團。

Hi, thanks for taking my question. Maybe just on the gold guidance, which didn't change. Can you talk about how you're thinking about the fourth quarter in the context of some of the dilution that you cited at Timmins, El Penon, some of the development delays you cited at Minera Florida. I'm just trying to get a sense of kind of the confidence in the fourth quarter on the gold side.

您好，感謝您回答我的問題。或許只是黃金價格指引沒有改變。您能否談談您對第四季度的看法，並結合您在蒂明斯和埃爾佩農提到的股權稀釋問題，以及您在米內拉佛羅裡達州提到的開發延誤問題。我只是想了解一下黃金一方在第四季的信心狀況。

Yeah, good morning, Scott Campbell here. We had our challenges certainly in Q3, but we're maintaining the guidance for Q4, and we're confident that, that will be achieved -- we did have some dilution in Penon, and we had some challenges and slight delays when it comes to ground support at both of our mines in Chile, but we're maintaining guidance and things in November have already started to look up for gold production in the southern countries.

是的，早上好，我是史考特·坎貝爾。第三季我們確實遇到了一些挑戰，但我們維持第四季度的業績指引，並且我們有信心實現這一目標——我們在佩農礦區確實出現了一些股權稀釋，而且我們在智利的兩座礦山的地面支撐方面也遇到了一些挑戰和輕微的延誤，但我們維持業績指引，而且11月份南部國家的黃金產量已經開始好轉。

Okay. And then maybe just switching gears to the updated development approach at La Colorada Skarn. Just in the opening remarks, you talked about the partnership discussions are well advanced. Maybe just any detail you can provide would be helpful.

好的。然後或許可以轉而採用 La Colorada Skarn 的最新開發方法。就在開場白中，您提到合作洽談進展順利。您提供的任何細節都將對我們有所幫助。

Yes. Look, it's a bit -- well, that the discussions are very advanced, but it's too early to share them. I hear publicly. It's looking very interesting. I think that new approach, which we had an eye on, obviously, for a long time, to see how we can advance the really high-grade part of our Skarn ore bodies.

是的。你看，情況有點——嗯，討論已經非常深入了，但現在分享還為時過早。我公開聽取意見。看起來很有趣。我認為，我們顯然已經關注這種新方法很久了，看看我們如何才能推進矽卡岩礦體中真正高品位部分的開採。

If you recall, we published a few press releases over the last couple of years. with some very impressive long, very wide high-grade intercepts in two of the three Skarn ore bodies that we discovered. Really the discovery of those high-grade structures in addition that we found during 2025, and we published in September and increased our resource thereby, I think about 53 million ounces already.

如果你還記得的話，我們在過去幾年裡發布了一些新聞稿，其中提到了我們在發現的三個矽卡岩礦體中的兩個礦體中，發現了一些非常令人印象深刻的、長度很長、寬度很大的高品位礦段。事實上，我們在 2025 年發現了這些高品位構造，我們在 9 月公佈了這一發現，從而增加了我們的資源量，我認為已經達到了約 5300 萬盎司。

Really that combination of that high-grade discovery goes to surface together with the high-grade wide intercepts of the core part of the Skarn really allow us to go to this phased approach and look forward here to 2 phases. As we said, a small tonnages will still be an impressive mine very similar silver output than the original plan we had envisioned, but obviously, higher grade less time, less capital and then go to the larger cave mine later on in time.

事實上，這項高品位礦藏的發現，加上矽卡岩核心部分的高品位寬截礦段，使我們能夠採取分階段的方法，並展望接下來的兩個階段。正如我們所說，小噸位的礦山仍然會令人印象深刻，白銀產量與我們最初設想的計劃非常相似，但顯然，品位更高，耗時更短，資本更少，然後以後再去開採更大的洞穴礦。

So very interesting advances. As we indicated, we'll come out with the PEA in Q2 next year, but a very positive advance on La Colorada. And looking forward here, to look at those partnership agreement and involves a very strong partner for this really exciting project as well.

這些進展非常有趣。正如我們之前所說，我們將在明年第二季發布初步經濟評估報告，但 La Colorada 計畫取得了非常積極的進展。展望未來，我們將審視這些合作協議，其中也包括一位實力雄厚的合作夥伴，共同推動這個令人興奮的計畫。

Okay. Great. And then maybe just lastly, is it fair to say that the partner would only be really for Phase 2? Or are you envisioning them also contributing to the CapEx and being involved in Phase 1?

好的。偉大的。最後，或許可以這樣說，這位合作夥伴真的只會參與第二階段嗎？或者您設想他們也為資本支出做出貢獻並參與第一階段？

I could very well envision a phased approach there too with a more reduced partnership option in Phase I and the larger one in Phase 2, but that still remains to be determined.

我完全可以設想，這方面也可以採取分階段的方法，第一階段採用規模較小的合作方案，第二階段採用規模較大的合作方案，但這仍有待確定。

Okay, thank you.

好的，謝謝。

John Tumazos, John Tumazos Independent Research.

John Tumazos，John Tumazos 獨立研究公司。

Thank you for taking my question. We know that you produce a little bit of base metals, too. A large differential exists with zinc at $1.44 and lead at $0.93. Why do you think the zinc price outperformed where World Steel output is down a couple percent this year. And why do you think lead lags were in world auto output as strong China trending towards 32 million cars record, et cetera.

感謝您回答我的問題。我們知道你們也生產少量賤金屬。鋅價為每盎司1.44美元，鉛價為每盎司0.93美元，兩者價差較大。你認為為什麼今年世界鋼鐵產量下降幾個百分點的情況下，鋅價卻表現優異？你認為為什麼世界汽車產量會出現領先滯後，而強勁的中國正朝著 3200 萬輛的產量紀錄邁進等等。

Yeah, good morning, Yes, John. Look, obviously, the base metals. And by the way, it's I think at the moment, only about 8% of our revenue. That will, for sure, increase once we have the La Colorada Skarn can in production, but it's a small part of our revenue. When you look at the base metals, I'm sure, I think this post and outperforming is being included in by several countries in the list of critical minerals.

是的，早上好，約翰。很明顯，就是賤金屬。順便說一句，我認為目前這只占我們收入的 8% 左右。一旦 La Colorada Skarn 罐裝啤酒投入生產，銷量肯定會增加，但這只占我們收入的一小部分。當你審視基本金屬時，我相信，我認為這篇文章以及優異的表現已被多個國家列入關鍵礦產清單。

By the way, I'm sure you have noticed that silver got included in the US as well on that list. But as you know, the base metal prices really reflect the outlook on the world economy and where that's moving. And I guess there's still so people worried about where this is going over the next few years, and that's reflected in those prices. But for sure, the inclusion of zinc and critical minerals helped out the price.

順便說一句，我相信您已經注意到，美國的白銀也被列入了那份名單。但如你所知，基本金屬價格真正反映了世界經濟前景及其走向。我想仍然有很多人擔心未來幾年的發展方向，而這種擔憂也反映在了價格上。但可以肯定的是，鋅和其他重要礦物質的添加降低了價格。

Ovais Habib, Scotiabank.

Ovais Habib，加拿大豐業銀行。

Thank you, operator. Hi, Michael and Pan American team. Congrats on a good quarter, leading off to a good free cash flow as well. Scott, congrats to you on your new appointment as well. Michael, a lot of my questions have already been answered, but some follow-ups to those questions. Starting off with the question on Cerro Moro El Penon, Timmins and I think in Minera Florida as well.

謝謝接線生。您好，Michael 和泛美航空團隊。恭喜本季業績良好，自由現金流也十分可觀。斯科特，也祝賀你榮任新職。邁克爾，我的許多問題都已經得到了解答，但還有一些後續問題。首先是關於塞羅莫羅埃爾佩農山、蒂明斯以及我認為佛羅裡達州米內拉的問題。

Obviously, they've had some issues in terms of reconciliation, geotech issues, do you see these issues lingering into Q4? Or have most of these issues now being resolved? Just to clarify on that front?

顯然，他們在和解、地質技術方面遇到了一些問題，你認為這些問題會持續到第四季嗎？或者說，這些問題現在大多都已解決？在這方面，我想澄清一下？

Yeah, good morning, Ovais. And you recall in Q2 and actually the -- some of those technical issues started, we already mentioned that they will linger into Q3, which we see. So that's obviously, the reason why our production profile, especially on the gold is more back-end loaded. As Scott mentioned, we see already an uptick on those grades. So looking forward to meet those guidance. Maybe, Scott, you can add a bit more confident.

是的，早上好，奧瓦伊斯。你還記得第二季的情況嗎？實際上，其中一些技術問題已經開始出現，我們已經提到過，這些問題會持續到第三季度，我們也看到了這一點。所以很明顯，這就是為什麼我們的生產結構，特別是黃金生產，更集中在後期的原因。正如斯科特所提到的，我們已經看到這些成績上升。非常期待能得到這些指導。史考特，或許你可以再自信一點。

Sure, thanks for the kind and sincere words. Regarding Timmins, some of the issues -- some of the geotechnical challenges we have involved the squeezing of our production drill holes in the deep central mining zone at the Bell Creek operation. We've been mitigating that through the use of cadence PBC casings and in some cases, we use a sealant or a polymer, and we've had some success with that.

當然，謝謝你的鼓勵和真誠的話語。關於蒂明斯，我們遇到的一些問題——一些地質技術挑戰涉及在貝爾溪礦區深層中央礦區擠壓我們的生產鑽孔。我們透過使用 Cadence PBC 套管來緩解這個問題，在某些情況下，我們使用密封劑或聚合物，並且取得了一些成功。

We're also installing additional ground support in development headings as we pass through high strain and stress areas using dynamic support. The pain stock system at Bell Creek recently commissioned is also becoming more and more utilized getting better utilization and the learning curve is has really flattened out on that facility. And so we're getting some -- we're seeing a lot of success. And again, the numbers are looking favorable as we head into November sort of halfway through Q4.

在通過高應力和高應變區域時，我們也正在開發巷道中安裝額外的地面支撐，並採用動態支撐。貝爾克里克最近投入使用的疼痛管理系統也得到了越來越充分的利用，利用率越來越高，而且該設施的學習曲線也確實趨於平緩。因此，我們取得了一些——我們看到了很多成功。再次強調，隨著我們進入11月，也就是第四季度過半，各項數據看起來都很樂觀。

And just going into 2026, I mean, is this more in terms of getting -- obviously, getting ahead of production and development accelerating development going into 2026?

展望 2026 年，我的意思是，這更多的是指——顯然，在生產和開發方面搶佔先機，加速 2026 年的開發嗎？

Yes, generally, yes, at several of our operations, we've initiated additional development programs in Q4 to really give us more optionality as we head into 2026. In a couple of cases, we got behind in our development. So we had to acquire new equipment, in some cases, hire external third-party contractors to do that. We're on and Timmins is included. But yes, it's all in our best interest to really ensure our success coming up in later in -- at the end of 2025 and really into 2026.

是的，總的來說，是的，在我們的幾個營運部門，我們在第四季度啟動了額外的開發計劃，以便在邁向 2026 年之際，真正為我們提供更多的選擇。在少數情況下，我們的開發進度落後了。因此，我們不得不購買新設備，在某些情況下，還需要聘請外部第三方承包商來完成這項工作。我們已經開工，蒂明斯也在其中。但是，是的，這一切都符合我們的最佳利益，真正是為了確保我們在2025年底乃至2026年取得成功。

Yeah, thanks for that, Scott. Yes. And then just moving on to Juanicipio since on the closing of the MAG transaction. Michael, is everything progressing according to your expectations? I mean, are you looking how involved are you with operations? And is there a push to get more exploration started around the area?

謝謝你，斯科特。是的。然後，隨著 MAG 交易的完成，我們繼續推進 Juanicipio 的進程。邁克爾，一切進展都符合你的預期嗎？我的意思是，你有沒有想過你參與營運的程度？是否有推動在該地區進行更多勘探活動的動力？

Yes, I'm incredibly happy where it stands. I think we also a glimpse here, but Juanicipio will do for us with only one month in Q3, and you see the strong production, strong cash flow coming out of that operation. You can imagine that even higher metal prices right now, how well that asset is doing actually, I was just there like last week, and it's just again an impressive exploration. And a lot of involvement on the operational teams here on all levels really from operation to metallurgy to geology to exploration, a lot of exploration going on as well.

是的，我對現狀非常滿意。我認為我們在這裡也看到了一些端倪，但胡安尼西皮奧在第三季度只有一個月的時間就足以讓我們了解情況了，你可以看到該運營產生了強勁的產量和強勁的現金流。你可以想像，即使現在金屬價格很高，這種資產的表現也非常好。我上週剛去過那裡，那又是一次令人印象深刻的勘探。而且，從營運到冶金到地質勘探，各個層面的營運團隊都投入了大量精力，勘探工作也在進行中。

So I'm really, really happy how this has worked out so far. I'm really looking forward to see a full quarter of Juanicipio in as I said, with a combination of very favorable metal prices as well. Obviously, we come out in early January or mid-January, normally mid- to late January with the forecast for next year, which will include also our -- in our budget, our exploration spending. So you will see all the details and ways how it looks like for the production profile. But yes, it's -- I would say it's at least matter quite a bit exceeded my expectations of Juanicipio.

所以，我對目前為止的進展非常非常滿意。正如我之前所說，我非常期待看到 Juanicipio 礦區滿一季度，同時金屬價格也非常有利。顯然，我們會在一月初或一月中旬，通常是一月中下旬發布明年的預測，其中還將包括我們的預算——在我們的預算中，我們的勘探支出。這樣你就能看到生產檔案的所有細節和具體表現。但是，是的，至少可以說，它遠遠超出了我對 Juanicipio 的預期。

Thanks for that, Michael. And my last question is on La Colorada Skarn. You're looking to announce the PEA in Q2 of next year, is the announcement of the partnership exclusive of this event or you will need to see the PEA before you kind of come to some sort of terms with the partner?

謝謝你，麥可。我的最後一個問題是關於拉科羅拉達矽卡岩的。你們計劃在明年第二季宣布初步經濟評估報告（PEA），那麼這次合作的宣布是否獨立於此次活動，還是你們需要先看到初步經濟評估報告，才能與合作夥伴達成某種協議？

No, I think we will be able to announce the partnership earlier. I think as soon as we have a document executed on that, we've released that information.

不，我認為我們可以更早宣布這項合作關係。我認為一旦我們簽署了相關文件，我們就會公佈該資訊。

Okay. Thanks, that's it for me, Michael, and thanks for taking my questions.

好的。謝謝，我的問題就這些了，邁克爾，也謝謝你回答我的問題。

Thanks always.

一直以來都非常感謝。

Cosmos Chiu, CIBC.

Cosmos Chiu，加拿大帝國商業銀行。

Thanks, Michael, and thank you, Steve, as well, and congratulations Scott. Maybe my first question is also on the Skarn technical report that's potentially coming out next year or not potentially it is coming out next year. As you mentioned, Michael, you got to take a phased approach now. with a higher grade -- the lower tonnage deposit upfront, I seem to remember the Skarn deposit is centered around some high-grade centers. The 901 Zone, 902, 903.

謝謝邁克爾，也謝謝史蒂夫，祝賀斯科特。我的第一個問題可能也與斯卡恩技術報告有關，這份報告可能會在明年發布，也可能不會在明年發布。正如你所說，邁克爾，現在必須採取分階段的方法。先開採品位較高的礦石，先開採噸位較小的礦床。我記得矽卡岩礦床就集中在一些高品位礦床附近。901區、902區、903區。

So is there one particular zone that is higher grade? I don't know if you have that answer yet. Are we looking at higher grade portions from all three areas? Are we looking at the upper portions of all three areas how should we incorporate what in 901, 902 and 903 into what we could see next year?

那麼，是否存在某個等級較高的特定區域？我不知道你是否已經找到了答案。我們是在考察這三個區域中等級較高的部分嗎？我們是否應該關注這三個區域的上半部？我們應該如何將 901、902 和 903 中的內容融入我們明年可能看到的內容中？

Yes, Cosmos, the high-grade core zones are mostly 901 and 902, we're actually doing quite a bit of drilling still on 903 and some pretty interesting success here at 903 to even further extend by quite a good distance. So I think the 903, it's still out there to see if there is a high-grade zone there as well. But when you look at the press releases, we put out over the last two years on those high-grade intercepts of the Skarn, they're all of them located in 901 and 902.

是的，Cosmos，高品味核心區主要在 901 和 902，我們實際上還在 903 進行大量的鑽探工作，並且在 903 取得了一些非常有趣的成功，甚至可以進一步延伸相當長的距離。所以我認為903區還有待調查，看看那裡是否也存在高等級區域。但如果你看看我們過去兩年發布的關於斯卡恩地層高品味截獲物的新聞稿，你會發現它們全部位於 901 和 902 層。

But as I said, it's really the combination together with those high grade closer to surface structures that we published in September. And then after that showed a big increase in resources with our reserve resource update, it's really that combination that allowed us to phased approach.

但正如我所說，這實際上是與我們在9月發布的那些靠近地表的高品位結構的結合。隨後，隨著儲備資源的更新，資源量大幅增加，正是這些因素的結合使我們能夠分階段實施。

As you can imagine, we were trying for a phased approach from the beginning on it, but obviously, a very strong project, if we can do it in a phased approach, less capital upfront, an increase later when you really understand an underground and you know the orebody well. And as I said earlier on, that doesn't mean that our production profile of silver will be much lower than what we had envisioned in the full large cave ops. And so there's less execution risk, less capital probably faster in bringing the project on. And overall, just an exciting development at La Colorada Skarn.

正如你所想，我們從一開始就嘗試分階段進行，但顯然，這是一個非常強大的項目，如果我們能夠分階段進行，前期投入的資金較少，以後當你真正了解地下情況並熟悉礦體後再增加投入。正如我之前所說，這並不意味著我們在大型洞穴開採作業中白銀的產量會比我們預想的要低得多。因此，執行風險更小，所需資金更少，專案啟動速度也可能更快。總而言之，拉科羅拉達斯卡恩礦區取得了令人興奮的進展。

Yes, that sounds great. Maybe a follow-up then. Michael, as you mentioned, with this phased approach, the possibility is that the main mine could run parallel with both Skarn phases. So is there some thinking in terms of some of that ore from the Skarn could actually go through the current mill?

是的，聽起來不錯。或許應該後續跟進一下。邁克爾，正如你所提到的，採用這種分階段的方法，主礦可以與矽卡岩礦的兩個開採階段並行。那麼，是否有人考慮過將斯卡恩礦床的部分礦石送入目前的選礦廠進行加工呢？

No. The current production, mill capacity is around 2,000, 2,500 tonnes a day. I mean we're talking here about a multiple of that. So we will build a new mill much larger and then have that mill build with the potential to expand down the road way bigger to the Phase 2, but the current operation, the current mill is too small. But the metallurgy is very, very similar the mineralization of the Skarn and the vein.

不。目前工廠的日產量約為 2,000 至 2,500 噸。我的意思是，我們現在討論的是這個數字的倍數。因此，我們將建造一座規模更大的新工廠，並預留未來擴建至第二期工程的潛力，但目前的工廠規模太小了。但是矽卡岩和脈狀礦床的冶金特性非常非常相似。

So it's an easy project really for us to kind of co-mingle the veins and the Skarn and put that to the same mill. So it's not -- the metallurgical difference is just the current mill is too small to that.

所以對我們來說，將礦脈和矽卡岩混合在一起，然後放到同一個磨機裡加工，其實是一個很容易的計畫。所以問題不在於冶金方面的差異，而是目前的軋機規模太小，無法做到這一點。

Okay. Okay. Sounds good. So it's going to be a new mill from day one for the Skarn, but it could still run in parallel with a potential expansion later on?

好的。好的。聽起來不錯。所以對斯卡恩來說，這將是一座全新的磨坊，但它仍然可以與未來的潛在擴建並行運行？

Yes, that the exciting advance here is that obviously, putting the cave mining a bit later allows us to continue to mine those high-grade vein stuff, which it seems like with the exploration, we keep finding more and more of it.

是的，令人興奮的進展在於，顯然，將洞穴採礦推遲一段時間，可以讓我們繼續開採那些高品位的礦脈，而且隨著勘探的進行，我們似乎一直在發現越來越多的礦脈。

Yes. Maybe I do apologize. I do have a long accounting question here. I just wanted to get a better understanding of the equity method of account Juanicipio. I was looking at Note number 9, and I could kind of follow through my understanding is that it's 44% of what Juanicipio 100%.

是的。或許我應該道歉。我這裡有一個比較複雜的會計問題。我只是想更了解 Juanicipio 帳戶的權益法。我看了第 9 條註釋，我大致明白了，它是 Juanicipio 100% 的 44%。

So I can understand the $72 million in revenue, $11.9 million in production cost, $15.1 million in depreciation. So 45.1% in mine operating earnings. But then it jumps to $37.1 million in net income and comprehensive income. And that's a gap that I don't really fully understand which drives the $16 million pickup for Pan American Silver at the consolidated level. So could you maybe help me out in terms of that little gap?

所以我能理解7200萬美元的收入、1190萬美元的生產成本和1510萬美元的折舊費用。因此，礦山營運收益佔比為 45.1%。但隨後淨收入和綜合收入躍升至 3,710 萬美元。而這正是泛美白銀在合併層面上漲 1,600 萬美元的原因，我至今仍未完全理解。所以，您能否幫我解決一下這個小問題？

Cosmos, it's Ignacio here. And if you want, we can take this offline as well. Yes, if you want, we can take this offline because there's a lot of detail. But basically, we -- this is -- the reporting requirements are don't require us to put all the detail in there, but some of the lines that are missing are taxes and other items that are material. But yes, basically, there's a whole bunch of other stuff there that's not included in the comprehensive income.

大家好，我是伊格納西奧。如果你願意，我們也可以線下討論。是的，如果你願意的話，我們可以線下討論，因為細節很多。但基本上，我們的——這就是——報告要求並不要求我們把所有細節都寫進去，但缺少的一些項目是稅金和其他重要項目。但實際上，還有很多其他東西沒有包含在綜合收入中。

So I work it out to about 18%. Is that a good number to kind of use in terms of that difference? Or each quarter is a bit different?

所以我算出來大約是 18%。這個數字可以用來衡量這種差異嗎？或者說每季都略有不同？

I think let's give it a couple of quarters here because this is only one month of results. So I would say we'll see what the next quarter looks like. And as I said, I'm happy to take this offline with you we can talk a little bit about.

我認為我們應該再觀察幾個季度，因為這只是一個月的結果。所以我想說，我們拭目以待下一季的情況。正如我所說，我很樂意私下和你談談這件事。

No, Ignacio, before I ask you another question. So I knew it'd be allocated. Any other accounting nuances that we should be aware of in terms of Juanicipio?

不，伊格納西奧，在我問你下一個問題之前。所以我知道這筆錢一定會被分配出去。關於 Juanicipio，還有其他需要注意的會計細微差別嗎？

No, I would say, look, this is the same method that MAG used to report Juanicipio. And yes, it's a little bit tricky because we haven't had this before. And it is difficult to talk about the company performance now given that the performance of Juanicipio or the investment in funding both in the income statement and the balance sheet. So we've introduced a few new non-GAAP metrics, including attributable revenue, attributable free cash flow attributable to operating cash flow to help us better understand and talk about the company performance, including Juanicipio.

不，我想說，你看，這和 MAG 用來舉報 Juanicipio 的方法是一樣的。是的，這有點棘手，因為我們以前從未遇到過這種情況。鑑於 Juanicipio 的業績或在損益表和資產負債表中的資金投資情況，現在很難談論公司的表現。因此，我們引入了一些新的非GAAP指標，包括歸屬收入、歸屬自由現金流和歸屬於經營現金流的指標，以幫助我們更好地了解和討論公司業績，包括Juanicipio。

And another thing to keep in mind is really the cash from Juanicipio doesn't -- that's sitting at the JV level. is buried in the interest in Juanicipio or investment in Juanicipio line in our balance sheet. That only one-off Juanicipio JV distributes dividends will that cash appear in the cash and lines in our balance sheet.

還有一點要注意的是，來自 Juanicipio 的現金實際上並沒有——它位於合資企業層面——而是被計入了我們資產負債表中的 Juanicipio 權益或 Juanicipio 投資項下。只有 Juanicipio JV 一次性發放股利時，這筆現金才會出現在我們資產負債表的現金及相關項目中。

And that cash distribution is somewhat discretionary, correct?

現金分配在某種程度上是可自由支配的，對嗎？

Yes. No, they're on the schedule. Given the transition between Mag and ourselves, it's been a little bit delayed. So it's been a couple of quarters since they haven't since the JV has not issued dividends, but there should be a catch-up in Q4 on that.

是的。不，他們已經在日程安排上了。由於 Mag 和我們之間的過渡，進度稍微延遲了一些。由於合資企業已經連續幾季沒有派發股息，但第四季應該會有所補發。

Okay. Great. And then maybe lastly, on the dividend. Great to see that you've increased it again the second consecutive quarter in terms of that increase -- but in terms of the calculation of $0.14, is a bit of a detour away from the matrix that you've given to us in the past in terms of dividend based on net cash.

好的。偉大的。最後，也許可以談談股息。很高興看到你們連續第二個季度提高了股息——但是就 0.14 美元的計算而言，這與你們過去根據淨現金計算股息的矩陣略有不同。

So I guess my question is, how should we not predict, but what should we expect for the next quarter? That's number one. And number two, how much of the fact that you were not able to use your NCIB in Q3? Does that factor into you is increasing on a discretionary basis, your dividend in Q3? And will you use the NCIB again in the future?

所以我想問的是，我們不應該預測下一季的情況，而應該對下一季抱持什麼樣的預期？這是第一點。第二，您在第三季未能使用 NCIB 的事實在多大程度上影響了您？這是否會影響您在第三季酌情增加股利？將來您還會再使用NCIB嗎？

Yes. Look, regarding the dividends. Great news. And that's really -- this is kind of a departure from our dividend policy for this quarter and this quarter only. And the reason for it is very simple. One, very strong cash flow generation. You see we nearly recovered already a large part of the $500 million that we used the cash power and that we used for the acquisition of MAG.

是的。你看，關於股息。好消息。這確實——這與我們本季的股利政策有所不同，而且僅限於本季。原因很簡單。第一，現金流生成能力非常強。你看，我們已經幾乎收回了我們利用現金流收購 MAG 時所投入的 5 億美元中的大部分。

So it was the Board's view that with this incredible strong cash flow generation, it's just the right thing to depart from the dividend policy for one quarter and have the shareholders participate in that a bit earlier. It has nothing to do with the blackout we were in until the transaction closed on the NCIB they will obviously look again at the NCIB from now on and like before make our purchases in an opportunistic way.

因此，董事會認為，鑑於公司現金流如此強勁，暫停一個季度的股利政策，讓股東提前參與其中，是完全正確的做法。這與我們之前經歷的停電無關，直到NCIB交易完成，他們顯然會從現在開始再次關注NCIB，並像以前一樣以機會主義的方式購買。

So that is not the reason for the increase. The reason for the increase is that we look at our cash forecast, we look at a strong Q4. And that was just the right thing to have our shareholders to participate a bit earlier in that really, very strong quarter.

所以這並不是成長的原因。成長的原因是，我們查看了現金流預測，預計第四季將表現強勁。讓股東們在那非常強勁的季度中更早參與進來，正是明智之舉。

Thanks, Michael. I agree as well. Those are all the questions I have. Congrats again on a very good Q3, and I look forward to the rest of 2025.

謝謝你，麥可。我也同意。這就是我所有的問題了。再次恭喜你們第三季業績出色，期待2025年剩餘時間的精彩表現。

Thank you.

謝謝。

Don DeMarco, National Bank.

唐‧德馬科，國家銀行。

Oh, thank you, operator and good morning, Michael and team. Thanks for taking my questions. First off, we saw consolidated AISC guidance lowered substantially. Was there any other contributors to this other than the addition of Juanicipio?

哦，謝謝接線員，早上好，邁克爾和團隊。謝謝您回答我的問題。首先，我們看到綜合維持成本預期大幅調降。除了 Juanicipio 之外，還有其他人參與其中嗎？

No, it's the strong impact of Juanicipio. I mean we booked on track with what we had in our original guidance like we are on the gold side. But as we alluded, when we announced the transaction that this transaction will have a meaningful positive impact to our cash cost on the silver side. And that's really the result that you've seen only with one month and if you already see that result and calculating in the advantage of having Juanicipio for a full quarter in Q4 led us to the lower guidance on our costs.

不，這是胡安尼西皮奧的強大影響力。我的意思是，我們的預訂進度與最初的預期一致，我們目前處於領先地位。但正如我們在宣布這筆交易時所暗示的那樣，這筆交易將對我們的白銀現金成本產生顯著的正面影響。而這只是一個月內取得的結果，如果你已經看到了這樣的結果，並且考慮到第四季度 Juanicipio 能夠完整地效力一個季度，這讓我們降低了成本預期。

Yes. I was just going to add, Don, this is Steve. Just to a lesser extent, we are enjoying the benefit of the higher gold prices as well relative to what we used for guidance. So that is helping to offset some of the cost increases we're seeing is that byproduct gold price.

是的。我正要補充一句，唐，這是史蒂夫。只是程度稍輕一些，相對於我們之前用作指導的價格水平，我們也享受到了更高的金價帶來的好處。因此，副產品黃金價格上漲有助於抵消我們看到的一些成本上漲。

And just to remind everybody again, I said I probably every call, there's a lot of factors. Important factors on our cost, think there can be tailwinds or headwinds that are out of our control, and one is exchange rates. Of course, when the US dollar declines, normally our local currency increase and that automatically is a headwind on our cost, but as we add benefit with a lower dollar than we see higher precious metal prices. So that's kind of the system, how we play.

再次提醒大家，我說過我可能每次打電話，都有很多因素在運作。影響我們成本的重要因素，我認為可能會有一些我們無法控制的順風或逆風，其中之一就是匯率。當然，當美元貶值時，通常我們的本幣會升值，這自然會對我們的成本構成不利影響，但隨著美元貶值帶來的收益增加，我們看到貴金屬價格上漲。這就是我們的遊戲體系和玩法。

When we see a strong dollar, we see pressure on the metal price, but we see a tailwind on our costs in local currencies and vice versa. So just keep always in mind that exchange rates are an important part as well.

美元走強時，金屬價格會面臨壓力，但以當地貨幣計價的成本會受到利多；反之亦然。所以，請始終記住，匯率也是一個重要因素。

Okay, thank you for that. Okay. And we look at Minera Florida and Timmins costs were a bit elevated in the quarter, but of course, the margins are still good. Do you have any performance criteria to identify potential divestment candidates? And can you walk us through your potential divestment pecking order?

好的，謝謝。好的。讓我們來看看 Minera Florida 和 Timmins，本季的成本略高，但利潤率當然仍然不錯。你們是否有任何績效標準來篩選潛在的撤資對象？您能否詳細介紹一下您潛在的撤資順序？

Look, I mean, we did a lot of divestments over the last few years. You probably saw it, we divested a project in Chile, La Pepa as well for $40 million cash in the quarter. And there's quite a few other smaller projects that are in the pipeline in the works right now by our business development team, I'm pretty happy with what we have right now on our operational side in our portfolio. So looking forward to continuing with those assets.

你看，我的意思是，過去幾年我們進行了許多資產剝離。您可能已經看到了，我們在本季以 4000 萬美元現金剝離了我們在智利的專案 La Pepa。目前，我們的業務發展團隊還有不少其他規模較小的項目正在籌備中，我對我們目前在營運方面和投資組合中所取得的成就感到非常滿意。非常期待繼續投資這些資產。

Okay. And then on the flip side of that, after MAG and previously the Yamana acquisition, what's a good long-term silver or gold production level that you'd like to achieve or maintain?

好的。另一方面，在 MAG 之後，以及之前的 Yamana 收購之後，您希望達到或維持怎樣的長期白銀或黃金產量水平？

I think we need to see the final budget on the Juanicipio side before I can answer that question. As you can imagine, it's a very large and important part of our silver production going forward here.

我認為我們需要先看到胡安尼西皮奧方面的最終預算，才能回答這個問題。正如你所想，這在我們未來的白銀生產中佔據著非常重要的地位。

Okay great well we'll keep an eye out for guidance next year on that then that's all for me. Thanks for taking my questions and good luck with the rest of the quarter.

好的，太好了，明年我們會密切注意這方面的指導意見，那我就說這麼多。感謝您回答我的問題，祝福您本學期剩下的時間一切順利。

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。我謹將會議交還給麥可‧史坦曼，請他作總結發言。

Thank you, operator, and thanks, everyone, for calling in. Another great quarter, record revenue of nearly $890 million, record operational cash flows of $323 million record attributable free cash flow of nearly $252 million, very strong numbers. That obviously led us to increase for the second time in a row now since Q2 to increase the dividend. It's great to have our shareholders participate not only an increase of our share price, but also in additional return to our dividend policy.

謝謝接線生，也謝謝各位的來電。又一個出色的季度，營收創歷史新高，接近 8.9 億美元，營運現金流創歷史新高，達到 3.23 億美元，歸屬於公司的自由現金流創歷史新高，接近 2.52 億美元，業績非常強勁。顯然，這導致我們自第二季以來連續第二次提高股利。很高興我們的股東不僅能參與股價上漲，還能從我們的股利政策中獲得額外回報。

So great quarter, and I'm really happy where it stands. As I said, we saw the first claims of what Juanicipio is able to do here in the full quarter, which will be the first full quarter in Q4. We only had one month of the mine in Q3, and we see already a very positive impact. And just to the last question there from done, we will see an important impact to our silver production from Juanicipio looking forward.

所以這個季度業績很棒，我對目前的狀況非常滿意。正如我所說，我們已經看到了 Juanicipio 在完整季度（即第四季度）中能夠做到的事情的第一個成果。第三季我們只開採了一個月的礦山，就已經看到了非常正面的影響。最後回答最後一個問題，展望未來，我們將看到胡安尼西皮奧的白銀產量受到重要影響。

So I'm very happy where we stand looking forward to a great and strong Q4 report that early next year, but also report our outlook for '26 and show you in detail how our guidance for that, the cost guidance and production guidance looks like. So thanks, everyone, for calling in, and have a good rest of the year, and we'll talk in early year, I guess, February or so for our Q4 results. Thanks, everyone.

因此，我對我們目前的狀況非常滿意，期待明年年初發布一份出色強勁的第四季度報告，同時也會報告我們對 2026 年的展望，並詳細向您展示我們對 2026 年的指導意見、成本指導意見和生產指導意見。感謝大家的來電，祝大家今年餘下的日子過得愉快，我們大概會在年初，也就是二月份左右，討論一下第四季度的業績。謝謝大家。

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

這就引出了今天的電話會議。您可以斷開線路。感謝您的參與，祝您有個愉快的一天。