Pan American Silver Corp. (PAAS) 2025 Q4 法說會逐字稿

Thank you for standing by. This is the conference operator. Welcome to the Pan American Silver fourth quarter and full year end 2025 results conference call. (Operator Instructions) At this time, I'd like to turn the conference call over to Siren Fisekci, Vice President, Investor Relations. Please go ahead, ma'am.

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年第四季及全年業績電話會議。（操作員指示）現在，我將把電話會議交給投資者關係副總裁 Siren Fisekci。請便，女士。

Thank you for joining us today for Pan American Silver's conference call and webcast to discuss our fourth quarter and full year 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 period ended December 31, 2025, all of which are available on our website. I'll now turn the call over to Michael Steinmann, Pan American's President and CEO.

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年第四季和全年業績。本次電話會議包含前瞻性陳述和訊息，並參考了非GAAP指標。請參閱我們截至 2025 年 12 月 31 日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。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 2025 results and our outlook for 2026. I'll start with the headline. We delivered record financial results across the board in Q4 and for the full year 2025, reflecting strong execution of our business and meaningful margin expansion from higher metal prices.

各位早安。很高興您能加入我們，共同探討泛美航空 2025 年的表現以及我們對 2026 年的展望。我先從標題說起。我們在第四季和 2025 年全年都取得了創紀錄的財務業績，這反映了我們業務的強勁執行以及金屬價格上漲帶來的顯著利潤率成長。

Net earnings were a record $452 million in Q4 or $1.07 per basic share, which included $61 million of income from our investment in Juanicipio. For the full year, net earnings were a record $980 million or $2.56 per basic share. On an adjusted basis, earnings were $470 million in Q4 or $1.11 per share, and for the full year, $959 million or $2.54 per share. The record financial results reflect both the operating strength of our assets and the leverage we have to metal prices. Importantly, that translates into record attributable free cash flow of $553 million in Q4 and $1.2 billion for the full year.

第四季淨利創下 4.52 億美元的紀錄，即每股基本收益 1.07 美元，其中包括我們對 Juanicipio 投資的 6,100 萬美元收入。全年淨利創歷史新高，達到 9.8 億美元，即每股基本收益 2.56 美元。經調整後，第四季獲利 4.7 億美元，即每股 1.11 美元；全年獲利為 9.59 億美元，即每股 2.54 美元。創紀錄的財務表現既反映了我們資產的營運實力，也反映了我們對金屬價格的槓桿作用。重要的是，這意味著第四季可歸屬自由現金流創下 5.53 億美元的紀錄，全年可歸屬自由現金流達到 12 億美元。

Cash and short-term investments increased by $408 million from Q3, totaling $1.3 billion at year-end or $1.4 billion, including our 44% interest in cash at Juanicipio. To allow shareholders to participate directly in rising net cash levels, we declared a dividend of $0.18 per common share, our third dividend increase in a row.

現金和短期投資較第三季增加 4.08 億美元，到年底總計 13 億美元，或 14 億美元，其中包括我們在 Juanicipio 持有的 44% 現金權益。為了讓股東直接參與不斷增長的淨現金水平，我們宣布派發每股普通股 0.18 美元的股息，這是我們連續第三次提高股息。

Turning to operating performance. Attributable silver production of 22.8 million ounces in 2025 exceeded the top end of the guidance range we have increased in November, while attributable gold production of 742,200 ounces was within guidance. Silver segment all-in sustaining costs, excluding NRV inventory adjustments, were $9.51 per ounce in Q4 and $13.88 per ounce for the full year. Silver all-in sustaining costs in 2025 were below the decreased guidance. The key contributor here is Juanicipio, which has been performing better than expected since we acquired the mine in September 2025 through the MAG Silver transaction.

接下來談談營運績效。2025 年應佔白銀產量為 2,280 萬盎司，超過了我們在 11 月上調的指導範圍的上限，而應佔黃金產量為 742,200 盎司，符合指導範圍。第四季白銀業務的全部維持成本（不包括淨現值庫存調整）為每盎司 9.51 美元，全年為每盎司 13.88 美元。2025 年白銀綜合維持成本低於下調後的預期。其中最重要的貢獻者是 Juanicipio，自從我們在 2025 年 9 月透過 MAG Silver 交易收購礦場以來，其表現一直優於預期。

For the gold segment, all-in sustaining costs, excluding NRV inventory adjustments, were $1,699 per ounce in Q4 and $1,621 per ounce for the full year, which was within our guidance for 2025. It's worth noting that both silver and gold segment costs in Q4 were impacted by higher royalties and worker participation expenditures reflecting the increase in metal prices. The silver segment is also affected by additional royalties at La Colorada related to mining and adjacent concession, where we paid the concession owner a share of net profits earned on ores from their concession, which we treat as a royalty expense. Royalties are also impacted at San Vicente to reflect profit sharing with the state-owned mining company, COMIBOL. In 2025, we made good progress on our major projects, investing $94 million, in line with our guidance, to advance several major projects.

就黃金業務而言，不包括淨現值庫存調整在內的全部維持成本，第四季度為每盎司 1,699 美元，全年為每盎司 1,621 美元，這符合我們對 2025 年的預期。值得注意的是，第四季白銀和黃金業務的成本均受到更高的特許權使用費和工人參與支出的影響，這反映了金屬價格的上漲。白銀板塊也受到 La Colorada 礦區及鄰近礦區採礦相關的額外特許權使用費的影響，我們向礦區所有者支付了其礦區礦石淨利潤的一部分，我們將其視為特許權使用費支出。聖維森特礦區的礦產資源利用費也會受到影響，以反映與國營礦業公司 COMIBOL 的利潤分成。2025年，我們在重大專案上取得了良好進展，按照我們的指導方針，投資9,400萬美元，推進了幾個重大專案。

Most notably, at La Colorada, where the discovery of multiple high-grade silver zones and the segment expansion of mineral resources have led us to reevaluate the development plans for the Skarn project. We now see an opportunity to integrate the mine plans and infrastructure of the La Colorada vein mine with this current project to a phased approach to development.

最值得注意的是，在拉科羅拉達，發現了多個高品位銀礦帶，礦產資源範圍擴大，這促使我們重新評估矽卡岩計畫的開發計畫。我們現在看到了一個機會，可以將拉科羅拉達礦脈的礦山規劃和基礎設施與當前項目整合起來，以分階段的方式進行開發。

The phased approach would allow us to focus on higher grade, lower tonnage and less capital-intensive initial stage with the option to target lower grade material in a future expansion. We are aiming to release an updated technical report for La Colorada in the second quarter of 2026 to include a preliminary economic assessment of the new development approach for the Skarn project. There are also continuing discussions with our potential partners on this project to include the proposed changes.

分階段的方法使我們能夠專注於更高品位、更低噸位和更少資本投入的初始階段，並可選擇在未來的擴張中瞄準更低品位的材料。我們計劃在 2026 年第二季發布 La Colorada 的最新技術報告，其中包括矽卡岩專案新開發方案的初步經濟評估。我們目前仍在與該項目的潛在合作夥伴進行討論，以納入擬議的變更。

At Jacobina, our investment in 2025 were directed at strengthening operational reliability and to advance long-term growth initiatives. We have provided more details on these initiatives in our MD&A, so I won't run through them item by item. But at high level, they include plant upgrades, tailings filtration and filter stack and paste backfill plant.

在 Jacobina，我們 2025 年的投資旨在加強營運可靠性並推動長期成長計畫。我們在管理層討論與分析中提供了這些舉措的更多細節，因此我不會逐條介紹。但從總體上看，它們包括工廠升級、尾礦過濾和濾料堆以及膏體回填廠。

At Escobal, the Guatemalan Ministry of Energy and Mines continued meetings in Q4 2025 to advance the ILO 169 consultation process, and in December 2025, posted an update on progress for the October 2024 to November 2025 period. The ministry also conducted an inspection in Q4 and confirmed our activities are compliant with the court order and suspension of operations. As we have said previously, there is no time line for completion of the consultation process and no date for restart.

在埃斯科瓦爾，危地馬拉能源和礦業部於 2025 年第四季繼續舉行會議，以推進國際勞工組織第 169 號諮詢進程，並在 2025 年 12 月發布了 2024 年 10 月至 2025 年 11 月期間的進展更新。該部在第四季度也進行了檢查，並確認我們的活動符合法院命令和暫停營運的規定。正如我們之前所說，諮詢過程沒有完成時間表，也沒有重新啟動的日期。

Turning to 2026 guidance. For silver, we are guiding attributable production of 25 million to 27 million ounces and silver segment all-in sustaining costs of $15.75 to $18.25 per ounce. The year-over-year increase in silver production reflects, in part, the full year contribution from Juanicipio, along with mine sequencing into higher silver grade at Cerro Moro.

接下來展望2026年的發展方向。對於白銀，我們預計其產量為 2,500 萬至 2,700 萬盎司，白銀業務的綜合維持成本為每盎司 15.75 至 18.25 美元。白銀產量年增，部分反映了 Juanicipio 礦場全年的貢獻，以及 Cerro Moro 礦開採順序調整為開採更高品位的白銀礦。

For gold, we are guiding attributable production of 700,000 to 750,000 ounces and gold segment all-in sustaining costs of 1,700 to $1,850 per ounce. We expect higher grades at Timmins, plus the full year of production from Juanicipio, offset by a lower contribution from Dolores as residual leaching declines and at El Penon from the exhaustion of low-grade stockpiles and lower ore tonnes processed.

對於黃金，我們預計可歸屬產量為 70 萬至 75 萬盎司，黃金業務的全部維持成本為每盎司 1700 至 1850 美元。我們預計蒂明斯礦的礦石品位會更高，胡安尼西皮奧礦將實現全年產量，但多洛雷斯礦的產量會因殘餘浸出量下降而減少，埃爾佩農礦的產量也會因低品位礦石庫存耗盡和礦石處理量減少而減少。

Our all-in sustaining cost guidance for both the silver and gold segments reflects higher metal price assumptions, which flow through to royalties, worker participation payments and increased smelting and refining costs due to price participation. Needless to say, increased metal prices far outweigh these additional royalties and provide superior return to our business, as seen with record earnings and cash flow in Q4.

我們對白銀和黃金板塊的綜合維持成本指導反映了更高的金屬價格假設，這將體現在特許權使用費、工人參與支付以及因價格參與而增加的冶煉和精煉成本上。毋庸置疑，金屬價格上漲遠遠超過了這些額外的特許權使用費，並為我們的業務帶來了更優厚的回報，正如第四季度創紀錄的收益和現金流所顯示的那樣。

Sustaining capital is expected to be similar to 2025 with the addition of capital for Juanicipio. We also plan increased project capital to advance La Colorada Skarn and Jacobina and at Timmins, with part of the increase directed toward satellite deposits, reflecting positive drill results and continued work on exploration and preliminary engineering. Please refer to our MD&A for further detail on our 2026 outlook, including an operating outlook by quarter.

預計維持資本與 2025 年類似，並增加對 Juanicipio 的資本投入。我們還計劃增加項目資本，以推進 La Colorada Skarn 和 Jacobina 以及 Timmins 的項目，其中一部分增加的資金將用於衛星礦床，這反映了積極的鑽探結果以及勘探和初步工程的持續工作。有關我們 2026 年展望的更多詳情，包括按季度劃分的營運展望，請參閱我們的管理層討論與分析。

As we look ahead, we see several meaningful catalysts for 2026. First, with metal prices currently well above Q4 and last year's average, we see potential for strong free cash flow and high returns of capital to shareholders while also funding an expanded exploration program, internal growth projects and further strengthening of our balance sheet. Second, we expect to release an updated La Colorada Skarn PEA in Q2 2026, which we believe will demonstrate higher risk-adjusted returns than the original PEA for the project. And third, the Jacobina optimization study is advancing well, and we look forward to sharing findings and opportunities as the engineering work progresses.

展望未來，我們看到2026年有幾個重要的催化劑。首先，由於金屬價格目前遠高於第四季度和去年的平均水平，我們看到了強勁的自由現金流和股東高資本回報的潛力，同時還可以為擴大的勘探計劃、內部成長項目和進一步加強我們的資產負債表提供資金。其次，我們預計將於 2026 年第二季發布更新的 La Colorada Skarn PEA，我們相信該 PEA 將展現出比該專案原始 PEA 更高的風險調整後收益。第三，Jacobina 優化研究進展順利，我們期待隨著工程工作的推進，分享研究成果和機會。

Before I wrap up my prepared remarks, I would like to provide a few thoughts on the metal price environment. This is an exceptionally fortunate period for Pan American Silver and our investors, as the increase in metal price coincides with increased silver production, driving higher levels of free cash flow. Gold strength has been driven by sustained Central Bank purchases and renewed investor interest and volatile geopolitical backdrop, US policy uncertainty and weakening confidence in fiat currencies, particularly the US dollar.

在我結束準備好的發言之前，我想先就金屬價格環境談幾點看法。對於泛美白銀公司和我們的投資者來說，這是一個極其幸運的時期，因為金屬價格上漲與白銀產量增加同時發生，從而推動了自由現金流的增加。黃金走強的驅動因素包括各國央行持續購金、投資者興趣重燃、地緣政治局勢動盪、美國政策不確定性以及市場對法定貨幣（尤其是美元）信心減弱。

Those underlying drivers are similarly supportive for silver, in addition to supply/demand fundamentals, with the silver market expected to remain in a deficit for the sixth consecutive year in 2026. We are well positioned in this environment, remaining unhedged on both gold and silver, and with a focus on delivering margin expansion. To close, 2025 was a record year for Pan American: record revenue, earnings and free cash flow, paired with strong operating execution and a stronger balance sheet. We are entering 2026 from a position of strength with a clear plan: Execute safely and reliably, generate strong cash flow, advance our high-quality growth pipeline and return capital to shareholders in a disciplined way.

除了供需基本面之外，這些潛在驅動因素也同樣支撐著白銀價格，預計白銀市場將在 2026 年連續第六年出現供應短缺。在這種環境下，我們處於有利地位，黃金和白銀均未對沖，並專注於實現利潤率擴張。總結而言，2025 年是泛美航空創紀錄的一年：收入、獲利和自由現金流均創歷史新高，同時營運執行力強勁，資產負債表也更加穩健。我們以強勁的實力和清晰的計劃進入 2026 年：安全可靠地執行，產生強勁的現金流，推進我們高品質的成長項目，並以嚴謹的方式向股東返還資本。

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

接下來，我想開始接受提問。

(Operator Instructions) Cosmos Chiu, CIBC.

（操作說明） Cosmos Chiu，CIBC。

Maybe my first question is on Juanicipio. Michael, as you mentioned, very strong results so far. So it's been about half a year now. How would you describe your overall experience with the asset so far? And what has exceeded expectations? Is it throughput? Or is it grade? Or is it both? And is that sort of outperformance sustainable?

也許我的第一個問題是關於胡安尼西皮奧的。邁克爾，正如你所說，目前為止取得了非常強勁的成果。到現在已經過去半年左右了。您如何評估您目前為止使用該資產的整體體驗？哪些方面超出了預期？是吞吐量嗎？還是指成績？或者兩者都是？這種優異表現能夠持續嗎？

Yes, it's a bit less actually than half a year. I think we took over mid of September, somewhere around that, from MAG. Great experience so far. And as you can see in the results, I'm very, very happy, but I see -- continuously very happy, but I see what Juanicipio is producing.

是的，實際上不到半年。我想我們大概是在九月中旬左右從 MAG 手中接管的。目前為止體驗很棒。正如你從結果中看到的，我非常非常高興，而且我一直都非常高興，因為我看到了胡安尼西皮奧正在取得的成就。

Of course, when you look at long-term production profiles and the geology of this kind of deposits -- and by the way, that's the same for like a deposit of La Colorada -- when you look at that geology, there's a clear zonation with metals. So you go from precious metals to more base metals. Lead, zinc, and deep down, you would go into copper really, really deep down. So that's kind of the geology of this kind of deposits.

當然，當你觀察這類礦床的長期生產概況和地質情況時——順便說一句，拉科羅拉達礦床也是如此——當你觀察地質情況時，會發現金屬分佈有明顯的區域劃分。所以你就從貴金屬轉向了賤金屬。鉛、鋅，再往下，你會發現銅，而且是非常非常深的銅。這就是這類礦床的地質特性。

So over long term, that's change as you see, but exploration, of course, a good example is La Colorada [ again ] for that or the neighboring mines of Juanicipio as well. With exploration, you keep finding new veins as well, which, again, have higher precious metal content on the top and then go deeper down into base metals. So over the long term, you should obviously expect that the silver grades will be reduced and the base metal grades increase, but that's -- you can look that up in the technical report for it. But as you said, last year, this year, it looks like a very strong silver producer for us and very low cost.

所以從長遠來看，這就是變化，正如你所看到的，但勘探當然是一個很好的例子，拉科羅拉達（La Colorada）[再次]，或者鄰近的胡安尼西皮奧（Juanicipio）礦山也是如此。隨著勘探的進行，你還會不斷發現新的礦脈，這些礦脈頂部通常含有較高的貴金屬，而向下則含有較多賤金屬。因此，從長遠來看，您顯然應該預期白銀品位會下降，賤金屬品位會上升，但這——您可以在相關技術報告中查閱。但正如你所說，去年和今年，它看起來都是我們非常強勁的白銀生產商，而且成本非常低。

Perfect. And then good that you brought up La Colorada. I wanted to ask a question about La Colorada Skarn. As you mentioned, new technical report is coming out sometime in Q2 2026. But ahead of it, I don't know how much you can share with us, Michael.

完美的。還好你提到了拉科羅拉達。我想問一個關於拉科羅拉達矽卡岩的問題。正如您所提到的，新的技術報告將於 2026 年第二季發布。但在此之前，我不知道你能和我們分享多少，麥可。

But what kind of -- in terms of that phased approach, what kind of different tonnages are you sort of evaluating? What kind of size are you sort of evaluating at this point in time? What's kind of like the cost/benefit analysis are you considering right now? And what can we expect when that comes out?

但是，就這種分階段的方法而言，你們正在評估哪些不同的噸位？您目前評估的是哪一種規模？您目前正在考慮的成本效益分析大概是什麼類型的？那我們能期待些什麼呢？

Sure, Cosmos. And yes, you need to be patient a little bit more. In a few more months here, it's coming soon. And it's a very exciting project. And that phased approach really has changed the project quite a bit.

當然，宇宙。是的，你需要再多一點耐心。再過幾個月就快到了。這是一個非常令人興奮的項目。這種分階段實施的方法確實為專案帶來了很大的改變。

If you recall, the original PEA, that called for up to 50,000 tonnes a day. Very, very large bulk minable ore body. Of course, that's still the case. It's still a very, very large, even bigger now, bulk minable ore body. But over the last 2 years, we have discovered a lot of high-grade material inside the Skarn and also between the Skarn and the surface in additional structures. And that's really what we're going to mine in Phase 1.

如果你還記得的話，最初的初步經濟評估報告要求每天最多需要 5 萬噸。儲量非常非常大的可開採採礦體。當然，情況依然如此。它仍然是一個非常非常大的，甚至現在更大了，可開採的大型礦體。但在過去兩年裡，我們在矽卡岩內部以及矽卡岩與地表之間的其他結構中發現了大量高等級材料。這就是我們在第一階段真正要開採的東西。

So it's going to be quite a long time for Phase 1. It's going to be way more than a decade. And when you look at tonnage, I don't have to file the numbers yet, but you should probably expect somewhere in the 10,000 to 15,000 tonne kind of range for Phase 1, but substantially higher grades than what we showed in the very large bulk kind of cave method in the first PEA. So it will be higher grade, less capital, and really, a focus on silver production for quite a long time before it will go to a more bulk minable, much bigger tonnage and more base metal rich production after that.

所以第一階段將會持續相當長的時間。肯定不止十年。至於噸位，我目前還不需要提交具體數字，但第一階段的產量大概會在 10,000 到 15,000 噸之間，但品位會比我們在第一次初步經濟評估中採用的大型散裝崩落法所顯示的品位高得多。因此，未來的礦山將以高品位、低資本投入為主，並在相當長的一段時間內專注於白銀生產，之後才會轉向更易開採、噸位更大、富含賤金屬的礦山生產。

And then maybe one last question. When I look at your 2026 guidance, I look at the asset level production compared to 2025 guidance. One asset that is expected to increase year-over-year is Cerro Moro. I guess this is your only asset in Argentina, but Argentina looks to be getting better as a country for mining. So I guess my question is, is this a country or an asset where you might be willing to commit more time and resources into it? Or how should we look at it?

最後，或許還有一個問題。當我查看你們 2026 年的績效指引時，我會將資產層面的產量與 2025 年的績效指引進行比較。預計 Cerro Moro 的資產價值將逐年成長。我猜這是你在阿根廷唯一的資產，但阿根廷的採礦業似乎正在好轉。所以我想問的是，這是一個值得你投入更多時間和資源的國家或資產嗎？或者我們應該如何看待這個問題？

Well, Cosmos, in general, I'm always happy to commit time on exploration to any of our assets. We have been incredibly successful over the last 20 years in replacing reserves and adding additional value through our brownfield exploration programs, and La Colorada Skarn is the best example in the company's history with a potential huge value creation through the drill bit. So I'm always happy to continue to drill and exploring our assets. And of course, in the current metal price scenarios, that's even more so.

嗯，Cosmos，總的來說，我總是很樂意投入時間去探索我們的任何資產。在過去的 20 年裡，我們透過棕地勘探計劃，在補充儲量和增加價值方面取得了巨大的成功，而 La Colorada Skarn 就是公司歷史上最好的例子，它有可能透過鑽探創造巨大的價值。所以我一直很樂意繼續鑽探和勘探我們的資產。當然，在目前的金屬價格情勢下，這一點就更加明顯了。

So you've probably seen that we assigned quite an increase of capital to our exploration programs for 2026, and that includes, for sure, Cerro Moro as well. So as you say, lots of positive changes in Argentina and a place that we are active and working for many, many years. And yes, looking forward to more positive exploration results from Cerro Moro as the year goes on.

所以你們可能已經看到，我們為 2026 年的勘探項目分配了相當多的資金，這當然也包括 Cerro Moro 項目。正如你所說，阿根廷發生了許多積極的變化，我們多年來一直在這裡積極工作。是的，期待今年稍後 Cerro Moro 能有更多積極的勘探結果。

Francesco Costanzo, Scotiabank.

弗朗西斯科·科斯坦佐，豐業銀行。

I just wanted to ask a follow-up on one of Cosmos' questions actually, just on La Colorada Skarn. Have discussions on a potential partner progressed in the last quarter? And is there any update you can provide us on what the economic terms might look like given the new phased approach or timing of when we might see a deal signed?

我其實只是想就 Cosmos 的一個問題再問一個後續問題，這個問題是關於 La Colorada Skarn 的。上個季度與潛在合作夥伴的洽談是否有進展？鑑於新的分階段方案，您能否提供一些關於經濟條款的最新信息，或者我們何時可能看到協議簽署？

Yes. Look, the discussions have progressed. But as you can imagine, with the change we made here on this phased approach compared to the single approach we had before, there has to be quite some changes, how we look at that partnership and in that discussion on how that would fall out. So discussions are in full swing. So I don't really want to share right now, details yet on it. But we included that change on the approach and are in full discussions.

是的。你看，討論已經取得了進展。但正如你所想，與我們之前採用的單一方法相比，我們在這裡採取的分階段方法必然會帶來一些變化，包括我們看待這種合作關係的方式，以及關於這種合作關係將如何發展的討論。所以討論正在如火如荼地進行中。所以我現在還不想透露更多細節。但我們已經將這項改變納入方案中，目前正在進行全面討論。

Okay. Fair enough. And then just switching gears slightly. With record silver prices, there's obviously a lot of value sitting in the ground at Escobal. So I'm just wondering if you're able to provide us any insights on your view of how the consultation process has progressed in recent months? And whether you feel that things are beginning to reaccelerate compared to this time last year?

好的。很公平。然後稍微換個角度。白銀價格屢創新高，顯然埃斯科巴爾礦區蘊藏著巨大的價值。所以我想請問您能否就近幾個月來諮詢過程的進展情況，提供一些見解？您是否覺得與去年同期相比，情況正在開始加速改善？

Well, in general, of course. And we see it worldwide, right, that there is much stronger emphasis on mining and mining projects. High metal prices, of course, helping that. A lot of declaration of critical minerals across the globe and countries that try to secure future metal production for their own use. So that will accelerate from now on, and I'm sure about that.

當然，一般來說是這樣。我們看到，世界各地都更加重視採礦和採礦計畫。當然，金屬價格高企也對此有所幫助。在全球範圍內，許多國家都在申報關鍵礦產資源，試圖確保未來金屬的生產供自己使用。所以從現在開始，這種情況會加速發展，對此我深信不疑。

And we'll bring additional projects into production across the globe. Let me have Sean giving us some more details on Escobal, especially.

我們將在全球推出更多項目並投入生產。請肖恩詳細介紹一下埃斯科巴爾的情況。

Yes. We've been meeting with the Ministry of Energy and Mines through Q4 and a few times earlier this year. And we're standing by for the next updates for meetings and schedules for activities. So there's not a change in the activity that we've seen in the past. But certainly, the engagement continues.

是的。今年第四季以及之前幾年，我們一直與能源和礦業部進行會面。我們正在等待有關會議和活動安排的最新消息。所以，我們過去看到的活動並沒有改變。但可以肯定的是，雙方的合作仍在繼續。

And I think the report that was published by the Ministry of Energy and Mines at the end of the year is encouraging, that they are providing some information from the government on their commitment to the process and the status of the process and the fact that it's ongoing. So we're looking forward to meetings here in the coming months and progressing with the process.

我認為能源和礦業部在年底發布的報告令人鼓舞，他們提供了一些政府信息，表明政府對該進程的承諾、進程的進展以及該進程正在進行的事實。因此，我們期待在接下來的幾個月裡在這裡舉行會議，並推進這一進程。

(Operator Instructions) Don DeMarco, National Bank.

（操作員指示）唐·德馬科，國家銀行。

Just a couple of financial bookkeeping questions. First off, how often are the Juanicipio dividends paid? I mean, I see that there was a line item in the Q4 financials, full year financials, but none on the Q3 financials. And I remember back in the MAG Silver days, where there were some agreements at the JV level just to pay out those dividends once a year, although there were some discussions to maybe change that more quarterly. But I'm just wondering what the current arrangement is at this point?

我有一些關於財務記帳的問題。首先，Juanicipio 的股息多久支付一次？我的意思是，我看到第四季財務報表和全年財務報表中都有這一項，但第三季財務報表中沒有。我還記得在 MAG Silver 時期，合資企業層面曾達成一些協議，規定每年支付一次股息，儘管也曾討論過或許可以改為按季度支付。但我只是想知道目前的具體安排是什麼？

Don, it's Ignacio here speaking. The dividend -- the payments from Juanicipio come in the form of dividends, and there was a payment in Q4. Pan American's share of that payment was around $44 million. Right now, the dividends are being paid out of tax paid retained earnings, and we're currently waiting for Juanicipio to pay its taxes and back and book its tax return, which will happen sometime in Q1.

唐，我是伊格納西奧。股息——Juanicipio 的付款以股息的形式支付，第四季度有一筆付款。泛美航空應得的款項約為 4,400 萬美元。目前，股息是從已繳稅留存收益中支付的，我們正在等待 Juanicipio 繳納稅款並確認其納稅申報，這將在第一季的某個時候發生。

So soon after that, we're expecting another dividend from Juanicipio, which would be higher than the one we received in Q4. So right now, it's just being driven by just the regular cycle, the financial statements and the tax returns in Mexico.

因此，我們預計 Juanicipio 將再次派發股息，而且金額將高於我們在第四季度收到的股息。所以目前，它只是由墨西哥的常規週期、財務報表和納稅申報表所驅動的。

Okay. Got it. And Ignacio, also -- looking at -- you've got the senior notes maturing, $278 million at a 4.6% coupon. Obviously, with your free cash flow and cash balance increasing, would this be a consideration to potentially repay early? I mean, obviously, the August 31 have a very favorable interest rate. There'd be no motivation there, but wondering about these 2027s?

好的。知道了。還有伊格納西奧，看看——還有即將到期的優先票據，2.78 億美元，票面利率為 4.6%。顯然，隨著您的自由現金流和現金餘額增加，這是否可以考慮提前還款？我的意思是，很顯然，8月31日到期的利率非常優惠。那將毫無動力可言，但想想2027年會是什麼樣子呢？

Yes. So that's something that we look at from time to time. They are -- as you mentioned, they are coming up in 2027. The bonds aren't very liquid, we know that. So if an opportunity came where a bondholder was interested in potentially some, we would consider it for sure.

是的。所以我們會不時地關注這個問題。正如您所提到的，它們將於 2027 年推出。我們知道，這些債券的流動性並不好。因此，如果出現債券持有人對某些債券感興趣的機會，我們一定會考慮的。

But this comes down to bigger capital allocation questions which are coming up this year. So look, if the opportunity came up to buy some of those bonds back to 2027, we would consider it for sure. But as I said, our bonds have not been trading very -- with a lot of liquidity in the market.

但這歸根結底取決於今年即將出現的更大的資本配置問題。所以，如果將來有機會購買一些到期日為 2027 年的債券，我們肯定會考慮的。但正如我所說，我們的債券交易並不活躍——市場上的流動性非常充足。

And with that, we'll be concluding today's question-and-answer session. I'd like to turn the floor back over to Michael Steinmann for any closing remarks.

今天的問答環節到此結束。我謹將發言權交還給麥可‧史坦曼，請他作總結發言。

Thanks, operator. Strong production and cost control in Q4 in combination with high metal prices resulted in record financial results across the board, as you have seen in the press release. And I'm really proud of what we have achieved in 2026, including the very swift and quick integration of the 44% of the low-cost Juanicipio mine.

謝謝接線生。正如您在新聞稿中看到的那樣，第四季度強勁的生產和成本控制，加上金屬價格高企，使得各項財務業績均創歷史新高。我為我們在 2026 年所取得的成就感到非常自豪，包括非常迅速地整合了低成本的 Juanicipio 礦場 44% 的股份。

So please keep in mind that the average metal prices in Q4 were only around $58 for silver and I think a bit more than $4,100 for gold. So we have seen substantially higher metal prices in the new year so far. And additionally, we will be increasing our silver production again by about 14%, largely driven again by the low-cost production of Juanicipio. And to top that, we'll release the updated PEA in La Colorada Skarn in Q2 and further information on the Jacobina optimization as the year advances.

所以請記住，第四季度金屬的平均價格，白銀約為 58 美元，而黃金我認為略高於 4100 美元。因此，我們看到新年伊始金屬價格大幅上漲。此外，我們將再次提高白銀產量約 14%，這主要得益於 Juanicipio 礦場的低成本生產。此外，我們將在第二季發布 La Colorada Skarn 的最新 PEA 報告，並在今年稍後發布有關 Jacobina 優化的更多資訊。

So you can imagine, I'm really looking forward to 2026, and I'm looking forward to give you an update on Q4 in our May call. Until then, have a good time. Thanks, everyone, for calling in.

所以你可以想像，我非常期待 2026 年，也期待在 5 月的電話會議上向大家報告第四季的最新情況。在此之前，祝你玩得開心。謝謝大家的來電。

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

今天的電話會議到此結束。現在您可以斷開線路了。感謝您的參與。祝您今天愉快。