Pan American Silver Corp. (PAAS) 2026 Q1 法說會逐字稿

Thank you for standing by. This is the conference operator. Welcome to the Pan American Silver first-quarter 2026 results conference call. (Operator Instructions)

感謝您耐心等候。我是會議接線員。歡迎參加 Pan American Silver 2026 年第一季業績電話會議。(接線員指示)

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人關係副總裁 Siren Fisekci。Fisekci 女士，請開始。

Thank you for joining us today for Pan American Silver's conference call and webcast to discuss our first-quarter 2026 results. This call includes forward-looking statements and information and references non-GAAP measures. Please see the cautionary statements in our MD&A, Q1 news release, shareholder return framework news release, and presentation slides for the period ended March 31, 2026, all of which are available on our website.

感謝各位今天參加 Pan American Silver 的電話會議與網路直播，一同討論我們 2026 年第一季的業績。本次電話會議包含前瞻性陳述與資訊，並提及非 GAAP 衡量指標。請參閱我們截至 2026 年 3 月 31 日期間的管理階層討論與分析（MD&A）、第一季新聞稿、股東回報框架新聞稿以及簡報投影片中的警示性聲明，以上資料皆可於本公司網站取得。

I'll now turn the call over to Michael Steinmann, Pan American's President and CEO.

接下來我將把電話會議交給 Pan American 總裁兼執行長 Michael Steinmann。

Good morning, everyone, and thank you for joining us today. I'm pleased to report another solid quarter of operating performance, delivering strong operating earnings, attributable silver production of 6.4 million ounces, and attributable gold production of 169,000 ounces were in line with our outlook.

各位早安，感謝今天加入我們。我很高興報告本季再度交出穩健的營運表現，實現強勁的營運獲利；歸屬白銀產量 640 萬盎司，以及歸屬黃金產量 16.9 萬盎司，均符合我們的展望。

Silver Segment all-in sustaining costs of $6.63 per ounce came in well below guidance while Gold Segment all-in sustaining costs of $1,851 per ounce were consistent with expectations. The performance on Silver Segment costs was driven by the contribution of low-cost ounces from Juanicipio and the impact of higher gold prices. Revenue of $1.2 billion was impacted by the buildup of approximately 644,000 ounces of silver in inventory, primarily at La Colorada due to the timing of concentrate shipments. Net earnings were $456 million or $1.08 per share and adjusted earnings were $1.09 per share.

白銀事業部的全維持成本（AISC）為每盎司 6.63 美元，明顯低於指引；黃金事業部的全維持成本為每盎司 1,851 美元，符合預期。白銀事業部成本表現主要受惠於 Juanicipio 的低成本盎司貢獻，以及較高金價的影響。營收 12 億美元受到庫存中約 64.4 萬盎司白銀累積的影響，主要發生在 La Colorada，原因是精礦出貨時點所致。淨利為 4.56 億美元或每股 1.08 美元；調整後每股盈餘為 1.09 美元。

We continue to generate strong levels of free cash flow, reflecting both our operating performance and favorable metal prices. In the first quarter, we generated $488 million of attributable free cash flow. This has further strengthened our balance sheet, and we ended Q1 with a record cash and short-term investment balance of over $1.8 billion, including cash attributable to our interest in Juanicipio.

我們持續產生強勁的自由現金流，反映我們的營運表現以及有利的金屬價格。第一季我們產生 4.88 億美元的歸屬自由現金流。這進一步強化了資產負債表，我們在第一季末的現金與短期投資餘額創新高，超過 18 億美元，其中包含歸屬於我們在 Juanicipio 權益的現金。

The strength of our free cash flow generation and balance sheet has enabled us to introduce an enhanced shareholder return framework. The new framework targets the return of 35% to 40% of annual attributable free cash flow to shareholders through a combination of dividends and common share repurchases under our Normal Course Issuer Bid of up to $1 billion. We expect to pay aggregate dividends of approximately $305 million during 2026, equivalent to a quarterly dividend of $0.18 per common share based on the current share count and use approximately $700 million for share repurchases.

強勁的自由現金流與資產負債表，使我們得以推出強化版的股東回報框架。新框架目標是透過股利與在我們最高達 10 億美元的常態發行人買回（Normal Course Issuer Bid）下進行普通股回購的組合，將年度歸屬自由現金流的 35% 至 40% 回饋給股東。我們預期 2026 年合計發放股利約 3.05 億美元，按目前股本計算相當於每季每股普通股股利 0.18 美元，並使用約 7 億美元進行股票回購。

By accelerating share repurchases, we aim to enhance long-term per share value by increasing each shareholders' exposure to our high-quality portfolio and supporting sustainable growth in dividends over time. This enhanced shareholder return framework reinforces our disciplined approach to capital allocation while maintaining sufficient cash for growth and M&A activities, while providing resilient shareholder returns across commodity cycles.

透過加速股票回購，我們旨在提升長期每股價值，讓每位股東對我們高品質資產組合的曝險提高，並支持股利隨時間可持續成長。此強化版股東回報框架在維持足夠現金以支持成長與併購活動的同時，也強化我們嚴謹的資本配置方式，並在商品循環中提供具韌性的股東回報。

Focusing on growth, the release of the revised PEA of the La Colorada expansion in March provides greater clarity on the capital requirements and long-term potential of this important organic growth project. The expansion is expected to produce an average of 19.1 million ounces of silver annually during the peak five years following construction and ramp-up. The revised PEA represents a huge improvement over the original study with higher grades, lower capital intensity, stronger overall returns and reduced technical risk due to the use of a conventional long-hole open stope mining method.

在成長方面，我們於 3 月發布 La Colorada 擴建案修訂後的初步經濟評估（PEA），使這項重要的內生成長專案在資本需求與長期潛力上更為明確。擴建案預期在建設與爬坡完成後的高峰五年期間，年均白銀產量可達 1,910 萬盎司。修訂後的 PEA 相較原始研究有大幅改善，包含品位更高、資本強度更低、整體報酬更強，且因採用傳統長孔開放式採場（long-hole open stope）採礦法而降低技術風險。

The project improved as a result of continued exploration success, which identified new high-grade veins east of the current mining area. Exploration drilling continues to intersect mineralization beyond current resources, highlighting the potential to further expand the resource base and extend peak production.

該專案之所以改善，源於持續的勘探成功，在現有採礦區以東辨識出新的高品位礦脈。勘探鑽探仍持續在現有資源之外交會到礦化，凸顯進一步擴大資源基礎並延長高峰產量的潛力。

The Board approved $265 million in project capital over the next five years to support development of a ramp to access the skarn mineralization. We now expect to spend between $92 million to $95 million on the La Colorada's Skarn project in 2026, increasing consolidated 2026 project capital guidance to between $240 million and $255 million.

董事會已核准未來五年投入 2.65 億美元的專案資本，以支持開發一條斜坡道（ramp）來進入矽卡岩（skarn）礦化帶。我們目前預期 2026 年在 La Colorada 的 Skarn 專案支出將介於 9,200 萬至 9,500 萬美元，並將 2026 年合併專案資本指引上調至 2.40 億至 2.55 億美元。

We're also making progress at our Jacobina optimization project. During Q1, we completed construction of two new carbon-in-pulp tanks and implemented improvements to the tailings pump system. One of the most significant opportunities we see at Jacobina is simplifying and optimizing the process plant flow sheet. Conceptual engineering is nearing completion, and we will transition to basic engineering in the coming months. We also expect detailed engineering for a filtration plant, filter tailings stack and the temporary mine paste backfill plant within the coming months.

我們在 Jacobina 最佳化專案也持續取得進展。第一季期間，我們完成兩座新的炭漿法（CIP）槽體建造，並對尾礦泵送系統實施改善。我們在 Jacobina 看到的最重要機會之一，是簡化並最佳化選冶廠流程圖（flow sheet）。概念工程已接近完成，未來幾個月將轉入基本工程。我們也預期在未來幾個月完成濾餅廠、濾尾礦堆置，以及臨時礦山膏體回填廠的詳細工程設計。

At Escobal, the government of Guatemala is continuing the ILO 169 consultation process and engagement has been ongoing, including recent site visits to review care and maintenance activities, and confirm compliance with the court order suspension. At this time, there is no timeline for the conclusion of the Escobal ILO 169 consultation or for the restart of operations at the mine.

在 Escobal，瓜地馬拉政府正持續推進 ILO 169 諮商程序，相關互動仍在進行中，包括近期的現場訪視，以檢視維護與保養（care and maintenance）活動，並確認遵循法院命令的停工要求。目前，Escobal 的 ILO 169 諮商何時結束，以及礦山何時重啟營運，均尚無時間表。

Given our strong operating performance in the first quarter, we are maintaining our full-year outlook for production, all-in sustaining costs and sustaining capital. We expect some gold production to shift into the fourth quarter of 2026. We are monitoring potential cost pressures, particularly related to fuel prices.

鑑於第一季強勁的營運表現，我們維持全年產量、全維持成本與維持性資本支出的展望不變。我們預期部分黃金產量將移轉至 2026 年第四季。我們正監測潛在的成本壓力，特別是與燃料價格相關者。

Due to most of our mines being underground, our direct exposure to fuel is relatively limited, approximately 5% of total operating costs. Higher fuel prices can have broader inflationary effects including on labor and consumables. We remain focused on managing these pressures proactively.

由於我們多數礦山為地下礦，我們對燃料的直接曝險相對有限，約占總營運成本的 5%。較高的燃料價格可能帶來更廣泛的通膨效應，包括對勞動力與耗材的影響。我們仍專注於主動管理這些壓力。

To recap, 2026 is off to an excellent start. We delivered another strong quarter. We are generating robust free cash flow, production and costs are in line with our guidance, and we have introduced an enhanced shareholder return framework that reflects the strong cash generation.

總結來說，2026 年開局非常出色。我們再度交出強勁的一季。我們正產生穩健的自由現金流，產量與成本符合指引，並推出強化版股東回報框架，以反映強勁的現金創造能力。

And with that, I'll turn the call over for questions.

接下來，我把電話會議交回進行問答。

(Operator Instructions) Fahad Tariq, Jefferies.

(接線員指示) Fahad Tariq，Jefferies。

You mentioned just now the impact of higher diesel potentially on consumables and labor. Can you maybe just mention, have you started to see any consumable prices started to go up or anything that you're hearing from your suppliers?

你剛才提到柴油價格上升可能對耗材與勞動力造成影響。你能否談一下，你們是否已開始看到任何耗材價格上漲，或從供應商那邊聽到什麼訊息？

Yes, Scott, can you take that, please?

好的，Scott，能請你回答一下嗎？

Yes. Not significantly, no. We've seen some increases in the cost of geosynthetic and (inaudible) and cost of staff transportation, where the increase in fuel cost has been passed on to us, but nothing significant in any of our operations.

可以。沒有，並不明顯。我們看到土工合成材料（geosynthetic）以及（聽不清）成本、還有員工交通運輸成本有些上升，燃料成本上漲已被轉嫁給我們，但在我們任何營運據點都不算顯著。

Okay. Great. And then maybe just one more for me. On the Silver Segment AISC, which was very low this quarter, in part because of the byproduct credits at Cerro Moro, can you maybe just talk about -- it would have to trend quite a bit higher to get to the full-year guidance. Maybe just talk about like how that's going to happen and whether it's possible for AISC to come in lower than the guidance range?

好的。了解。那我再問最後一個。關於白銀事業部的 AISC，本季非常低，部分原因是 Cerro Moro 的副產品抵減（byproduct credits）。你能否談談——要達到全年指引，AISC 必須顯著走高。能否說明一下這會如何發生，以及 AISC 是否有可能低於指引區間？

Yes, great quarter on the silver cost, as you say, mostly driven, I think it's pretty clear with Juanicipio strong production there. As you recall, that was one of the attraction of that mine that we have a strong silver production at Juanicipio compared with very low cost.

是的，白銀成本這一季表現很出色，如你所說，主要驅動因素我想很清楚，就是Juanicipio那邊強勁的產量。如你所記得的，那座礦的一個吸引力就在於：相較於非常低的成本，我們在Juanicipio有很強的白銀產量。

And then as you mentioned, the byproduct credits at Cerro Moro that been very strong this quarter. Look, this is one quarter of the year. We'll obviously reassess midyear if we're going to re-guide our cost. But after one quarter, we just decided to leave it where it is. But a great start for the year on the cost side for sure.

然後如你提到的，Cerro Moro本季的副產品抵減（byproduct credits）也非常強勁。你看，這只是全年中的一個季度。我們顯然會在年中重新評估是否要重新指引成本。但在第一季之後，我們決定先維持原先的指引不變。不過就成本面而言，這確實是今年一個非常好的開局。

Ovais Habib, Scotiabank.

Ovais Habib，豐業銀行（Scotiabank）。

Really congrats on a good quarter, again, especially on the silver segment costs. Also, the shareholders return program was a nice positive surprise as well, so that was great to see. A couple of questions from me. Maybe starting off with Juanicipio. Juanicipio consistently has been showing some positive grade reconciliation over the last couple of quarters. How do you guys see this kind of grade kind of shaping up throughout the year? And then how should we look at things kind of moving on more in the future?

真的恭喜你們交出一個很好的季度，再次特別是在白銀業務的成本方面。另外，股東回饋計畫也是一個令人驚喜的正面消息，很高興看到這點。我有幾個問題。也許先從Juanicipio開始。過去幾個季度，Juanicipio在品位對帳（grade reconciliation）方面一直呈現一些正向的表現。你們怎麼看這種品位表現今年接下來會如何發展？以及往後我們應該如何看待未來的走勢？

Yes. I will start, and we will have the technical team giving a little bit more detail on that. Absolutely. Look, we have seen this great outperformance at Juanicipio for many quarters, even before we purchased the asset. It's a great mine, as you know. And I think one of the main reason is that we find some more tonnes higher up with higher grades. But just to remind me, these are very similar systems than what we see at La Colorada. So very high-grade silver, some gold, high-grade gold, higher up to surface.

是的。我先回答，之後我們的技術團隊會就此提供更多細節。當然。你看，我們在Juanicipio已經看到這種非常好的超預期表現很多個季度了，甚至在我們收購該資產之前就如此。如你所知，這是一座很棒的礦。我認為其中一個主要原因是，我們在較上部找到了一些額外的噸數，而且品位更高。但提醒一下，這些系統與我們在La Colorada看到的非常相似。也就是非常高品位的白銀，伴隨一些黃金，在靠近地表的較上部也有高品位黃金。

The deeper down you go in the mine, the deeper and higher grade you get into base metals. And that's why like at La Colorada and the same will be valid for Juanicipio will be when you do exploration, you discover additional veins that you blend in and you start mining higher up again, you bring in higher silver grades. So that's kind of the system. That's the geology of all these systems in that silver belt of Mexico, same for Juanicipio. So as I said, the main structure, the grade will go into more base metals, more zinc and lead-rich when you go deeper down.

在礦體越往深部走，基礎金屬的品位會更深且更高。因此就像在La Colorada一樣，Juanicipio也同樣適用：當你進行勘探、發現額外的礦脈並將其混合（blend）後，你又會開始在較上部開採，從而帶入更高的白銀品位。這就是這類系統的運作方式。這也是墨西哥那條白銀帶中這些系統的地質特徵，Juanicipio也是如此。所以如我所說，主要構造在往深部時，品位會轉向更多基礎金屬，也就是更富含鋅與鉛。

But as you see, very strong outperformance on the silver side up to now. And I think we'll see that decrease coming at one point, obviously, or decrease just on silver. And as I said, very strong increase on base metals. But at the moment, we are enjoying these high grades. And I think that that slight decrease will be quite a bit slower than we probably anticipated.

但如你所見，到目前為止白銀端的超預期表現非常強勁。我想在某個時間點我們會看到它下降，當然，或是僅就白銀而言出現下降。而如我所說，基礎金屬則會有非常強的增加。但目前我們正享受這些高品位。而且我認為，那個小幅下降的速度會比我們原先預期的慢不少。

And just maybe quickly moving on to La Colorada. In regards to the PEA that you announced, obviously, a lot of drilling was left out on that PEA. And there were some very high-grade results and good structures that you guys had delineated. Are you expecting to release some sort of an updated study incorporating these results or any sort of optimization work that you've been doing in the background in the next couple of quarters?

接著也許快速談一下La Colorada。關於你們公布的PEA（初步經濟評估），顯然有不少鑽探資料沒有納入該PEA。而且你們已界定出一些非常高品位的結果與良好的構造。你們是否預期在接下來一兩個季度發布某種更新研究，把這些結果納入，或是發布你們在幕後進行的任何優化工作？

Definitely, we'll put that exploration updates and then we'll include, obviously, this data in our midyear reserve and resource update that we normally publish somewhere in August. So there, you will get a new idea how it looks like. Just you said left out, we didn't really leave them out. It's a lot of work to obviously come up with an updated PEA and the whole mine plan and everything, while our geologists are very excited on that project and keep drilling a lot and create a lot of data.

一定會。我們會發布勘探更新，並且會把這些資料納入我們年中通常在8月左右發布的儲量與資源更新。所以到時你會對它的樣貌有新的概念。至於你說「沒有納入」，我們其實不是刻意把它們排除。要做出更新版PEA以及完整的礦山計畫等，工作量非常大；同時我們的地質團隊對這個專案非常興奮，持續大量鑽探並產生大量資料。

So there's always quite a long -- I wouldn't call it lag, but backup of data that comes in a bit later on. So that will continue as we have many drill rigs working at La Colorada, and there will be constantly new data coming in. So again, we will come out with updated exploration results and then include that in our updated reserve resource estimation.

因此總會有相當長的——我不會稱之為落後（lag），但會有一個資料累積、稍晚才進來的情況。隨著我們在La Colorada有多台鑽機運作，這種情況會持續，新的資料也會不斷進來。所以再次強調，我們會發布更新的勘探結果，並把它納入更新後的儲量與資源估算。

Steve has some more additional comments to that.

Steve對此還有一些補充說明。

Yes. Sorry. Steve Busby here. I just wanted to add. So [we will] delay the next report in terms of like a PFS update. Because we have such a long schedule for this initial development of the ramp and eventually the shaft, those are kind of taking precedents of the development schedule.

是的。抱歉。我是Steve Busby。我想補充一下。所以我們會延後下一份報告，例如PFS（可行性前研究）更新。因為初期斜坡道（ramp）的開發以及最終的豎井（shaft）有非常長的時程，這些會優先於整體開發進度。

So we want to get those early-works projects going and get those moving along, and then we'll go back and start doing additional engineering and such for the plant and surface infrastructure. So as Michael said, we'll update resources along the way, but we won't come out with a new mine plan right now for a couple more years, at least.

因此我們希望先把這些前期工程（early-works）專案啟動並推進，之後再回頭進行選礦廠與地表基礎設施的額外工程設計等工作。所以如Michael所說，我們會一路更新資源量，但至少在接下來幾年內，我們不會立刻發布新的礦山計畫。

But just to add to that, so Ovais, you probably saw in the press release that Board approved the first tranche of capital for the La Colorada Skarn. That's a great milestone for this really, really important and large project for us. La Colorada is going to be one of the biggest and lowest cost silver mine in the world. And we approved the first $265 million to advance a ramp down from the existing mine to the skarn. That's a long -- it's about a five-year project to build that ramp.

另外再補充一點，Ovais，你可能在新聞稿中看到董事會已核准La Colorada Skarn的第一批資本支出。這對我們這個非常、非常重要且規模龐大的專案而言，是一個很棒的里程碑。La Colorada將會成為全球最大且成本最低的白銀礦之一。我們核准了首筆2.65億美元，用於從現有礦山向下推進一條通往矽卡岩（skarn）的斜坡道。這是一個很長的——大約五年的工程，用來建造這條斜坡道。

So you can imagine that's in ground conditions that we are very familiar with. We drive many ramps, but this ramp will be very special for us as it will access the shaft, is the first important part of capital spend on the La Colorada Skarn project. And it was important to get that started because that's really kind of one of the slowest piece of the puzzle, if you want to say so. To put it all together, as Steve said, building the new plant and surface infrastructure, there is a plenty of time later on.

所以你可以想像，這是在我們非常熟悉的地層條件中進行。我們開挖過很多斜坡道，但這條斜坡道對我們而言會非常特別，因為它將通往豎井，是La Colorada Skarn專案資本支出的第一個重要部分。而且重要的是要先啟動它，因為如果你要這麼說的話，這其實是整個拼圖中最慢的一塊之一。至於把整體拼起來，如Steve所說，興建新選礦廠與地表基礎設施，後面還有充裕的時間再做。

Cosmos Chiu, CIBC.

Cosmos Chiu，加拿大帝國商業銀行（CIBC）。

Congrats on a strong start to 2026. Maybe on skarn again, good to see that you've committed $265 million for the initial internal ramp. Could you remind us in terms of the dimensions of the internal ramp? Is it going to be sufficient for production? Will it eventually be used for production? Or most of the hoisting is going to be coming from the East Hoisting Shaft. Could you maybe help us picture it in terms of how this is going to eventually work?

恭喜2026年有一個強勁的開局。再談矽卡岩（skarn），很高興看到你們已承諾2.65億美元用於初期的內部斜坡道。你能否提醒我們這條內部斜坡道的尺寸規格？它是否足以支撐生產？它最終會用於生產嗎？還是大部分的提升（hoisting）會由東部提升豎井（East Hoisting Shaft）來完成？你能否幫我們在腦中建立一下，最終整體會如何運作？

Sure. Yes, it's Martin Wafforn here. Yes, the decline we're driving at 5.5 meters by 6 meters. So a big decline with the intention of putting big-size trucks in there in the order of 50-tonne capacity trucks and we'll use those to haul up to the 588 level, and then we'll use other trucks to take the waste that we're generating from this. It's actually 12.4 kilometers of development that we're going to do over the next five years that will all go up to surface via the other decline.

好的。是的，我是 Martin Wafforn。是的，我們正在推進的斜坡道尺寸為 5.5 公尺乘以 6 公尺。因此這是一條大型斜坡道，目的是讓大型卡車能進入，約為 50 噸載重的卡車，我們將用它們把礦石運到 588 水平，然後再用其他卡車運走我們在此過程中產生的廢石。實際上，未來五年我們將進行 12.4 公里的開發工程，這些都會透過另一條斜坡道通往地表。

Our long-term production will go up the East production shaft. That's the plan, but we will have this ramp that's available as well. But the long-term plan, as I said, that is to use the shaft for hoisting the ore to surface.

我們的長期產量將透過東部生產豎井提升至地表。這是計畫，但我們也會有這條坡道可用。不過如我所說，長期計畫是使用豎井將礦石提升至地表。

Great. And then the other part of capital return. Michael, as you mentioned, great to see the new enhanced shareholder return framework now in place. I guess my question is, is it as simple -- when we try to figure out how many shares you might buy in each quarter, should I -- for example, in Q1, you generated $488 million in free cash flow. As an estimate, can I multiply that by like 35% or 40%, subtract out what you would normally kind of divvy out in each quarter to figure out how many shares you could buy -- of course, it's going to be dependent on the levels of Pan American Silver shares. But is that kind of like the sort of how we would execute on that framework?

很好。接著談到資本回饋的另一部分。Michael，如你提到的，很高興看到新的、強化版的股東回饋框架已經到位。我想問的是，是否可以很簡單地理解——當我們試著推算你們每季可能回購多少股份時，我是否可以——例如在第一季，你們產生了 4.88 億美元的自由現金流。作為估算，我是否可以把它乘上大約 35% 或 40%，再扣掉你們通常每季會發放的股利，來推算你們能回購多少股份——當然，這也會取決於泛美白銀（Pan American Silver）股價的水準。但這是否就是我們理解你們如何執行該框架的方式？

Yes. Look, I mean, what we announced is up to $1 billion of return. One part is dividend and the dividend is kind of fixed at a total amount of $305 million for the year. So while we're buying back shares, the return on the dividend per share will slightly and slowly increase with more buybacks in place. So that's another additional interesting addition here to our capital return framework.

是的。你看，我們宣布的是最高可回饋 10 億美元。其中一部分是股利，而股利在全年總額上大致固定為 3.05 億美元。因此在我們回購股份的同時，每股股利的回饋將會隨著回購增加而略微、逐步提高。所以這也是我們資本回饋框架中另一個額外且有意思的增量。

We looked at the past returns we had. Of course, we increased the dividend three times over the last quarter, but our cash flow generation is so strong right now and the big projects that we are building, there is enough capital for our growth as well. And you probably saw we are already at about $1.8 billion between cash and short-term investments.

我們回顧了過去的回饋。當然，我們在上一季把股利提高了三次，但我們目前的現金流創造能力非常強，而我們正在建設的大型專案，也有足夠資本支應成長。而你可能也看到，我們的現金與短期投資合計已約達 18 億美元。

So the Board believes that we can return up to $1 billion. I believe that, obviously, too, we are right on track for that. And that's kind of the plan. So how many shares we can buy? Well, that, as you said, will depend on the share price for that, but we'll really try to aim for the $1 billion return this year.

因此董事會認為我們可以回饋最高 10 億美元。我當然也這麼認為，我們正按計畫推進。這就是大致的規劃。那我們能買回多少股份？如你所說，這將取決於股價水準，但我們會努力以今年達成 10 億美元回饋為目標。

It's great to hear, Michael. And then I guess on that, I noticed that in Q1, you utilized not a lot of it. You bought back about 460,000 common shares in Q1, which is not a lot given that if you want to hit some of those numbers that you just mentioned, you might need to kind of buy back 10 million shares for the rest of 2026.

很高興聽到，Michael。接著我想就此延伸一下，我注意到在第一季，你們使用的額度不多。第一季你們回購了約 46 萬股普通股，這不算多；若要達到你剛提到的一些數字，2026 年剩餘期間可能需要回購約 1,000 萬股。

So I guess my question is, in Q1, why were there not more shares being bought back? Was it due to a level in terms of where you were trading at? As you mentioned in the press release, the share buybacks were $54.04 a share in Q1 or was it just due to the fact that in Q1, you did not have this enhanced shareholder return framework put in place just yet?

所以我的問題是，第一季為什麼沒有回購更多股份？是因為當時的交易價位水準嗎？如你在新聞稿中提到，第一季的回購均價為每股 54.04 美元；還是只是因為第一季你們尚未把這個強化版股東回饋框架正式到位？

Yes, really a combination of the framework wasn't in place. And very important to remember, we put out updated PEA, and there was quite a while -- we were in a blackout and couldn't really repurchase shares for a while. So until we had all that information out -- as soon as that happened, we started repurchasing shares. So that was the reason for that kind of delay. But as you can imagine, we will step up that repurchase pretty strongly to get to that total $1 billion return for the year.

是的，主要是兩者的綜合因素。而且非常重要的是要記得，我們發布了更新後的 PEA（初步經濟評估），在那之前有一段時間——我們處於禁售期（blackout），一段時間內無法回購股份。所以直到我們把所有資訊都發布出去——一旦完成，我們就開始回購股份。這就是造成那段延遲的原因。但如你所想像，我們會相當大幅度地加快回購，以在今年達到總計 10 億美元的回饋。

Of course. Maybe one last question. In the same press release, you talked about other projects, including the Timmins project, the extension of the Bell Creek shaft, not -- didn't really get a lot of airtime, but I think it could be important. So maybe if you can touch on that a little bit as well as some of the exploration opportunities that you have mentioned for that area.

當然。也許最後一個問題。在同一份新聞稿中，你們談到其他專案，包括 Timmins 專案、Bell Creek 豎井的延伸——沒有獲得太多篇幅，但我認為可能很重要。所以也許你可以稍微談談這部分，以及你們提到該區域的一些勘探機會。

Yes, definitely important. And there's only so much room in the press release. We will, of course, give a lot of details on that during our Investor Day, but very exciting to lower the shaft and add many, many years of future production to Timmins.

是的，確實很重要。而新聞稿的篇幅有限。我們當然會在投資人日提供很多細節；把豎井加深並為 Timmins 增加很多很多年的未來產量，這非常令人振奮。

So maybe, Martin, you want to give us some more color on the shaft extension?

所以也許，Martin，你想就豎井延伸再補充一些說明？

Yes, absolutely. Yes, it's a great project. Delighted that it's announced. Actually, the idea is that we're going to extend the shaft by another 625 meters from the current [1080] level down to [1705] level. It's actually going to be developed using Alimak raises.

是的，當然。是的，這是一個很棒的專案。很高興它已經宣布。實際上，我們的想法是把豎井從目前的 [1080] 水平再延伸 625 公尺到 [1705] 水平。它實際上將使用 Alimak 天井（raise）方式來開發。

So we're coming Alimak up from two levels as we go. It's $131 million total investment. And it allows extension of Bell Creek well into 2040. Actually, we think right now around about -- depending on how the reserves go, but well beyond 2046 is what we used in the economics of the shaft extension. So exciting project. It definitely helps as well with the haulage costs because we're mining right now quite a bit below the ramp. So that's going to help us with the cost there as well.

因此我們會從兩個水平向上進行 Alimak 施工，隨著工程推進。總投資為 1.31 億美元。這使得 Bell Creek 的營運可延伸至 2040 年以後。實際上，我們目前認為——取決於儲量的情況——會遠超過 2046 年；在豎井延伸的經濟評估中，我們採用的是 2046 年以後。所以這是令人振奮的專案。它也確實有助於運輸成本，因為我們目前的採礦位置相當程度上已低於坡道。因此這也會幫助我們降低那部分成本。

That's great to hear. And I agree, Michael, not enough room in the press release. That's why you have people like me asking questions. Congrats again, Michael, Martin and team.

很高興聽到。我也同意，Michael，新聞稿篇幅真的不夠。這就是為什麼會有像我這樣的人來提問。再次恭喜，Michael、Martin 以及團隊。

(Operator Instructions) Don DeMarco, National Bank Financial.

(接線員指示) Don DeMarco，National Bank Financial。

Maybe just continuing on the discussion on the skarn. Of course, we saw the Board approve the 12-kilometer decline over five years. Does this represent a formal go forward on the project? Or would that be something that we might expect after the PFS update that was mentioned maybe in a couple of years from now?

我想延續一下關於矽卡岩（skarn）的討論。當然，我們看到董事會批准了在五年內推進 12 公里的斜坡道。這是否代表該專案正式進入推進階段？還是我們可能要等到你們提到、也許兩年後的 PFS（可行性前期研究）更新之後，才會看到正式推進？

Yes. Look, it's a project that needs quite a few years, but this is definitely the start of our skarn development. This is not just an exploration ramp down to see how that skarn looks like. We obviously have a lot of information we drilled on the skarn since 2018, when we did the discovery. And you just heard Martin saying that we're driving down a ramp of 5.5 to 6.5 meters, which will fit 50-tonne trucks. So this is definitely the first spend of a great project and the great big mine that we're going to build here for Pan American.

是的。你看，這是一個需要好幾年的專案，但這絕對是我們矽卡岩開發的起點。這不只是為了看看矽卡岩長什麼樣而往下挖一條勘探坡道。顯然，自 2018 年我們發現該礦體以來，我們已在矽卡岩上鑽探並累積了大量資訊。而你剛剛也聽到 Martin 說，我們正在推進一條 5.5 到 6.5 公尺寬的坡道，可容納 50 噸卡車通行。因此，這絕對是這個重大專案、以及我們將為泛美白銀在此打造的大型礦山的第一筆投入。

Okay. And of course, like the revised PEA came out a couple of months ago and showed CapEx of $1.9 billion. Just can you remind us, I think at this point, you were talking about funding this within Pan American exclusively. Is that right?

好的。當然，像修訂版的 PEA 在幾個月前發布，顯示資本支出（CapEx）為 19 億美元。能否提醒我們一下，我想在這個時間點，你們談到的是完全在 Pan American 內部為此提供資金。是這樣嗎？

That's correct. As I said, our cash and short-term investment balance right now is $1.8 billion. Of course, there will be a lot of cash flow coming in over the coming quarters and years while we build this asset. There is plenty of funds available for us to fund this project and continue with our return to our shareholders at the same time.

沒錯。如我所說，我們目前的現金與短期投資餘額為 18 億美元。當然，在我們建設這項資產的同時，未來幾個季度與幾年將會有大量現金流入。我們有充足資金可用來為該專案提供資金，同時也能持續對股東進行回饋。

Yes. And I guess that's a good segue into my next question. I mean, the shareholder return program is very timely. I mean, it's a real step-up in the share buybacks and coincides with the discounted valuation. But I see it is weighted to buybacks. That's pretty common in the sector. Can you share your thoughts on how you decided on the allocation between shares and dividend amounts?

是的。我想這正好引出我的下一個問題。我的意思是，股東回饋計畫推出得很及時。也就是說，這是股票回購的大幅提升，且與折價的估值相吻合。但我看到它偏重於回購。這在本產業相當常見。你能分享一下你們如何決定股票回購與股利金額之間的配置想法嗎？

Yes. I mean, when we look at the historic returns we have between share buybacks and dividends, we returned somewhere around mid-30% of our free cash flow to shareholder. Historically, probably higher weighted to dividends.

是的。我的意思是，當我們看歷史上在股票回購與股利之間的回饋時，我們大約把自由現金流的 30% 多（約中段 30%）回饋給股東。歷史上可能更偏重於股利。

Now we achieved such a high level of cash flow and, as I said, increased our dividend already three times every last past three quarters. So we all believe that, at this point, the share repurchase is a better and stronger use of our cash and return to our shareholders than just continuously increasing the dividend. So it's a great mix, I think. It was a great day when we approved the $1 billion return to our shareholder yesterday.

現在我們達到了非常高的現金流量水準，而且如我所說，我們在過去三個季度已經把股利提高了三次。因此我們都相信，在這個時間點，股票回購比起只是持續提高股利，更是我們現金更好、更有力的運用方式，也能更好地回饋股東。所以我認為這是一個很好的組合。昨天我們核准了 10 億美元回饋股東計畫，那真是很棒的一天。

John Tumazos, John Tumazos Very Independent Research.

John Tumazos，John Tumazos Very Independent Research。

Congratulations on all the cash and good things. In the updated Skarn PEA, the CapEx fell by about $1 billion, the upfront capital. Could you describe the subzones of skarn, where I'm presuming that the updated PEA accesses a higher grade, perhaps less deep part of the skarn, that needs less capital, has more revenue, maybe it's lower temperature, maybe it needs a little less ventilation. But my sense is that some parts of the skarn are richer and easier than other parts of the skarn.

恭喜你們擁有這麼多現金以及各種好消息。在更新後的 Skarn PEA 中，資本支出（CapEx）下降了約 10 億美元，也就是前期資本。你能否描述一下矽卡岩的各個子區帶？我推測更新後的 PEA 取得了品位更高、可能埋深較淺的矽卡岩部分，因此需要更少資本、帶來更多收入；也許溫度更低，也許通風需求也少一些。但我的感覺是，矽卡岩的某些部分比其他部分更富、也更容易開採。

Yes. Thanks for the question, John. Absolutely, you're right there. The big decrease in capital between the two PEAs was really that initially, it was a way, way bigger sublevel caving project. Remember at the beginning, we envisioned up to 50,000 tonnes a day.

是的。謝謝你的問題，John。完全正確。兩份 PEA 之間資本大幅下降，主要是因為最初那是一個規模大得多的分段崩落法（sublevel caving）專案。記得一開始，我們設想的產能最高可達每日 50,000 噸。

During the following years, we discovered more and more high-grade material, not only in the skarn, but also closer to surface in some additional veins. And I would like to refer everybody to a number of press releases that we put out over the last two years on those high-grade wide intercepts that we encountered within the skarn ore bodies and this really high-grade structures that we discovered close to surface.

在接下來的幾年裡，我們發現了越來越多的高品位物料，不僅在矽卡岩中，也在一些額外的礦脈中、且更接近地表。我想請大家參考我們在過去兩年發布的多份新聞稿，內容提到我們在矽卡岩礦體中遇到的高品位、厚度大的截距，以及我們在近地表發現的這些真正高品位的構造。

So when you put all that high grade together that we discovered over the last few years, we had the chance to build a smaller, higher grade starter, if you want to call. I'm not sure starter mine is the right word because the project we put out is at least 37 years long, but we will definitely mine first those higher silver grades.

因此，當你把我們過去幾年發現的所有高品位資源整合起來，我們就有機會建設一個規模較小、品位更高的起始方案（如果你想這麼稱呼）。我不確定「起始礦山」是不是正確用詞，因為我們提出的專案至少有 37 年的礦山壽命，但我們肯定會先開採那些銀品位更高的部分。

And that's why the tonnage decreased from that kind of initially around 50,000 tonnes to about 15,000 tonnes a day and just uses conventional long-hole open stoping. So with that change, obviously, it's a smaller mine to build, smaller plant to build and less development for the underground, much simpler straightforward mining method that we apply in most of our underground operations. That combination brought the capital requirement down by $1 billion.

這也是為什麼處理量從最初大約每日 50,000 噸降到約每日 15,000 噸，並且改採傳統的長孔露天採場法（long-hole open stoping）。因此，隨著這項改變，顯然要建的礦山更小、要建的選廠更小、地下開發工程也更少；我們採用的採礦方法更簡單直接，這也是我們多數地下營運所使用的方法。這樣的組合使資本需求降低了 10 億美元。

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。我想把電話會議交回給 Michael Steinmann，請他做結語。

Thank you, operator, and thanks, everyone, for calling in. Another great quarter, strong production, low cost, especially in our silver mines, a great combination, obviously, combined with very high metal prices as well and, as a result, very high cash flows. So in light of those strong free cash flows, as you saw in the press release, we adopted a new shareholder return framework, targeting to return up to $1 billion between dividends and share repurchases for 2026.

謝謝主持人，也謝謝各位來電參與。又是一個很棒的季度，產量強勁、成本低，尤其是在我們的銀礦；再加上金屬價格也非常高，因此帶來非常高的現金流。因此，鑑於這些強勁的自由現金流，如你們在新聞稿中所見，我們採納了一個新的股東回饋架構，目標是在 2026 年透過股利與股票回購合計回饋最多 10 億美元。

We also approved some really important capital spending, as we just discussed here with the people on the call for Jacobina, Timmins and of course, most importantly, for La Colorada, which really marks the first large approved capital spending to develop our great skarn deposit at La Colorada with the first $265 million approved to sink or lower that large access ramp to the deposit.

我們也核准了一些非常重要的資本支出，正如我們剛才在電話會議中與各位討論的 Jacobina、Timmins，當然最重要的是 La Colorada；這確實標誌著我們為開發 La Colorada 優質矽卡岩礦床所核准的第一筆大型資本支出，其中首筆核准的 2.65 億美元將用於掘進或下切那條通往礦床的大型進入斜坡道。

We will be hosting our Investor Day in Toronto on June 1. So there will be ample time there with lots of maps and cross-sections to explain and dive really deep into all this project, La Colorada, Jacobina and Timmins together with many other exciting projects that Pan American has on the development and exploration side and really looking forward if you could join us for that event. And again, it's on June 1 in Toronto that will be available, obviously, in person if you're in Toronto or via webcast. Looking forward to talking to everyone at that event. Have a great time until June 1. Thank you very much.

我們將於 6 月 1 日在多倫多舉辦投資人日。屆時會有充足時間，並搭配大量地圖與剖面圖，來說明並深入探討所有這些專案——La Colorada、Jacobina 與 Timmins——以及 Pan American 在開發與勘探方面的許多其他令人振奮的專案；我們非常期待你能參加這場活動。再次提醒，活動在 6 月 1 日於多倫多舉行；如果你在多倫多，當然可以親自出席，或透過網路直播參與。期待在那場活動與大家交流。在 6 月 1 日之前祝各位一切順利。非常感謝。

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

今天的電話會議到此結束。您可以掛線。感謝您的參與，祝您有美好的一天。