Pan American Silver Corp. (PAAS) 2026 Q2 法說會逐字稿

Thank you for standing by. This is the conference operator. Welcome to the Pan American Silver second-quarter 2026 results conference call. (Operator Instructions) I would now like to turn the conference over to Siren Fisekci, VP, Investor Relations. Please go ahead, Ms. Fisekci.

感謝各位耐心等候。我是會議接線員。歡迎參加泛美白銀（Pan American Silver）2026 年第二季業績電話會議。(接線員指示) 現在我想把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 second-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 Q2 news release and presentation slides for the period ended June 30, 2026, all of which are available on our website.

感謝各位今天參加泛美白銀的電話會議與網路直播，我們將討論 2026 年第二季業績。本次電話會議包含前瞻性陳述與資訊，並引用非 GAAP 衡量指標。請參閱我們截至 2026 年 6 月 30 日期間之管理階層討論與分析（MD&A）第二季新聞稿與簡報投影片中的警示性聲明，相關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.

接下來我將把電話交給泛美白銀總裁兼執行長 Michael Steinmann。

Good morning, everyone, and thank you for joining us today for our Q2 2026 conference call. Q2 delivered strong financial results, strong silver production, and meaningful progress on our growth projects. We generated $344 million of attributable free cash flow, returned a record of $300 million to shareholders, and reached an important milestone at La Colorada in early August with the first cut of the 588 decline to access the Skarn deposit.

各位早安，感謝各位今天參加我們 2026 年第二季電話會議。第二季交出強勁的財務成果、強勁的白銀產量，並在我們的成長專案上取得具體進展。我們創造了 3.44 億美元的應占自由現金流，向股東回饋創紀錄的 3.00 億美元，並於 8 月初在 La Colorada 達成重要里程碑：完成 588 斜坡道（decline）的首次切入，以進入 Skarn 礦床。

Attributable silver production of 6.5 million ounces in Q2 was at the high end of our quarterly guidance range, driven by continued strong performance at La Colorada and Juanicipio. We remain on track to achieve our full year silver production guidance of 25 million to 27 million ounces. Q2 Silver segment all-in sustaining costs were $17.80 per ounce, primarily reflecting higher cost ounces from the inventory drawdown that had accumulated at La Colorada in the first quarter of 2026. Higher royalties at La Colorada from mining more tonnes than initially planned from the adjacent third-party concession, unfavorable currency exchange rates, and higher labor-related costs.

第二季應占白銀產量為 650 萬盎司，位於我們季度指引區間的高端，主要受惠於 La Colorada 與 Juanicipio 持續強勁的表現。我們仍按計畫達成全年白銀產量指引 2,500 萬至 2,700 萬盎司。第二季白銀事業部的全維持成本（AISC）為每盎司 17.80 美元，主要反映 2026 年第一季在 La Colorada 累積的庫存於本季提領所帶來的較高成本盎司。此外，La Colorada 因自相鄰第三方特許權區開採的噸數高於原先規劃而導致權利金上升、匯率不利，以及與勞動相關成本上升。

Attributable gold production was approximately 166,000 ounces, which was below the quarterly outlook issued in February. We expect Q2 to be the weakest gold production quarter of the year with production more heavily weighted to the fourth quarter as we indicated in Q1. Gold segment all-in sustaining costs were $1,984 per ounce in Q2, slightly above our quarterly outlook due to the lower than forecasted production as well as labor and materials inflation.

第二季應占黃金產量約 16.6 萬盎司，低於我們 2 月發布的季度展望。我們預期第二季將是全年黃金產量最弱的一季；如同我們在第一季所指出的，產量將更偏重於第四季。第二季黃金事業部的全維持成本為每盎司 1,984 美元，略高於季度展望，原因在於產量低於預期，以及勞動與材料通膨。

Importantly, for the first half of the year, all-in sustaining costs were below the low end of our guidance range for silver and in line with our guidance range for gold. Based on performance to date, we are reaffirming our full year 2026 operating outlook ranges for silver and gold production, Silver segment and Gold segment, all-in sustaining costs, and sustaining capital. Within that outlook, we now expect full-year gold production to be at the low end of the 700,000 to 750,000 ounce guidance range. We have also revised our third quarter gold outlook to approximately 3,000 to 6,000 ounces below the low end of the quarterly guidance range of 178,500 to 192,000 ounces of gold.

重要的是，就上半年而言，白銀的全維持成本低於我們指引區間的下緣，而黃金則與指引區間一致。基於目前的營運表現，我們重申 2026 年全年營運展望區間，包括白銀與黃金產量、白銀事業部與黃金事業部的全維持成本，以及維持性資本支出。在該展望之下，我們目前預期全年黃金產量將落在 70 萬至 75 萬盎司指引區間的低端。我們也已修訂第三季黃金展望，預計將較季度指引區間（黃金 178,500 至 192,000 盎司）的下緣低約 3,000 至 6,000 盎司。

The change in our near-term gold outlook primarily reflects lower-than-expected production at Jacobina and El Peñon. At Jacobina, our gold production is now expected to be approximately 10,000 ounces below the low end of the original annual guidance range of 181,000 to 191,000 ounces reflecting changes to mining sequencing. The mining method employed at Jacobina over the last four years has been open stoping with very few of the stopes backfilled.

我們近期黃金展望的變動，主要反映 Jacobina 與 El Peñon 的產量低於預期。在 Jacobina，我們目前預期黃金產量將較原先全年指引區間（181,000 至 191,000 盎司）的下緣低約 10,000 盎司，反映採礦順序的調整。Jacobina 過去四年採用的採礦方法為露天採場法（open stoping），且僅有極少數採場進行回填。

Over the last several years, Jacobina has experienced seismic events. While these events have not resulted in any injuries or infrastructure damage after reassessing the risk associated with seismicity, we have implemented measures in Q2 that include leaving larger pillars, reducing production rates in some higher-grade areas, and increasing development rates to open more mining zones. These measures will result in overall mining grades coming in closer to average mineral reserve grade.

過去數年，Jacobina 曾發生地震事件。雖然這些事件未造成任何人員受傷或基礎設施損壞，但在重新評估與地震活動相關的風險後，我們已於第二季採取措施，包括保留更大的礦柱、在部分高品位區域降低產量，以及提高掘進速度以開啟更多採礦區域。這些措施將使整體採礦品位更接近平均礦產儲量品位。

Longer term, we are evaluating alternative Avoca-type mining methods in certain areas with very strong backfill and cemented backfill as part of the optimization of the Jacobina operation. Jacobina continues to be a standout performer in generating cash flow with a long reserve life and significant optimization potential. We are advancing several process plant upgrades, including installation of new carbon in pulp banks and electrical control systems, both of which are expected to be commissioned this year.

就較長期而言，作為 Jacobina 營運最佳化的一部分，我們正在特定區域評估替代性的 Avoca 類型採礦法，並採用更強的回填與膠結回填。Jacobina 仍是現金流創造方面的突出表現者，具備長期儲量壽命與顯著的最佳化潛力。我們正推進多項選礦廠升級，包括安裝新的炭漿吸附（CIP）槽組與電氣控制系統，兩者預計將於今年投運。

We're also advancing conceptual engineering to streamline and simplify the process plant flow sheet, which will feed into a trade-off study to evaluate whether upgrading the existing process plant circuitry and removing obsolete equipment or building a new state-of-the-art processing facility is the optimal choice for this long-life asset.

我們也正在推進概念工程，以精簡並簡化選礦廠流程圖（flow sheet）；此將納入取捨研究（trade-off study），以評估對於此一長壽命資產而言，升級既有選礦廠迴路並移除過時設備，或興建全新最先進的處理設施，何者為最佳選擇。

At El Peñon, silver production is expected to remain within the original annual guidance range of 3.65 million to 3.95 million ounces. Gold production is now expected to be approximately 10,000 ounces below the low end of the original annual guidance range of 104 to 111,000 ounces reflecting lower-than-expected continuity in certain secondary structures. Across the portfolio, we expect gold production to improve over the balance of the year weighted to the fourth quarter as previously indicated. Second-half production is expected to benefit from higher gold grades and higher throughput at Timmins and Shahuindo.

在 El Peñon，白銀產量預期仍將維持在原先全年指引區間 365 萬至 395 萬盎司之內。黃金產量目前預期將較原先全年指引區間（104,000 至 111,000 盎司）的下緣低約 10,000 盎司，反映部分次要構造的連續性低於預期。就整體資產組合而言，我們預期黃金產量將在今年剩餘期間改善，並如先前所述偏重於第四季。下半年產量預期將受惠於 Timmins 與 Shahuindo 較高的黃金品位與較高的處理量（throughput）。

We're also managing the effects of El Niño at our operations in Chile and Argentina, extreme rain storms have affected site access for key personnel in July and into August. Our teams are actively managing these conditions with safety remaining the top priority.

我們也正在管理聖嬰現象（El Niño）對智利與阿根廷營運的影響；7 月至 8 月期間的極端暴雨已影響關鍵人員進出礦區。我們的團隊正積極管理這些狀況，並始終以安全為最高優先。

Turning to our financial results. Revenue was $1.1 billion and attributable revenue, including our 44% interest in Juanicipio was $1.3 billion. Net earnings were $305 million or $0.72 per share, which included a tax expense of $179 million. Adjusted earnings were $0.73 per share. Cash flow from operations was $320 million after $205 million of income tax paid and $17 million used for working capital. Attributable cash flow from operations was $418 million and attributable free cash flow was $344 million, including our share from Juanicipio.

接著談我們的財務結果。營收為 11 億美元；包含我們在 Juanicipio 44% 權益的應占營收為 13 億美元。淨利為 3.05 億美元或每股 0.72 美元，其中包含 1.79 億美元的所得稅費用。調整後每股盈餘為 0.73 美元。營運活動現金流為 3.20 億美元，已扣除支付的 2.05 億美元所得稅及用於營運資金的 1,700 萬美元。應占營運活動現金流為 4.18 億美元；應占自由現金流為 3.44 億美元，包含我們自 Juanicipio 的應占份額。

Q2 is expected to be the highest period for taxes paid in 2026 due to final settlement of taxes for 2025. Higher metal prices have increased profitability and tax payments. As a result, we have increased our 2026 guidance range for income taxes paid to be between $585 million to $635 million. Our financial position remains very strong. We ended the quarter with $1.8 billion of cash and short-term investments, including cash attributable to Juanicipio.

由於 2025 年稅款的最終結算，第二季預期將是 2026 年繳稅金額最高的期間。較高的金屬價格提高了獲利能力與稅款支付。因此，我們已將 2026 年支付所得稅的指引區間上調至 5.85 億至 6.35 億美元。我們的財務狀況仍然非常強勁。本季末我們持有 18 億美元的現金與短期投資，其中包含應占 Juanicipio 的現金。

In July, we renewed and amended our five-year senior unsecured revolving credit facility, doubling its size to $1.5 billion and adding a $750 million accordion feature. The facility remains undrawn, and our total available liquidity is approximately $3.2 billion. This financial strength gives us substantial flexibility to invest in our operations, advance organic growth projects, and return capital to shareholders. At La Colorada, development of the 588 decline to access this Skarn deposit is underway. This is a key step in advancing the planned expansion outlined in the revised PEA released in March.

7 月，我們續約並修訂了五年期的高級無擔保循環信用額度，將規模加倍至 15 億美元，並新增 7.50 億美元的增額（accordion）機制。該額度目前仍未動用，我們的可用總流動性約為 32 億美元。這樣的財務實力使我們在投資營運、推進內生成長專案以及回饋股東資本方面具備高度彈性。在 La Colorada，為進入此 Skarn 礦床而開發的 588 斜坡道（decline）正在進行中。這是推進 3 月發布之修訂版初步經濟評估（PEA）所概述之擴建計畫的關鍵一步。

Engineering for the material handling system and ventilation shaft is also progressing with the design, cost, schedule, and recommendation expected before year end. At Timmins, we are advancing the first phase of the Timmins Camp Project, including the Bell Creek Shaft Extension and two exploration drifts to access Vogel and Samson deposits. We plan to release updated mineral resource and mineral reserve estimates in the third quarter and a preliminary economic assessment for the Timmins camp project in the first half of 2027.

物料搬運系統與通風井的工程設計也正持續推進，預計在年底前完成設計、成本、進度與建議方案。在 Timmins，我們正推進 Timmins Camp 專案第一階段，包括 Bell Creek 立井延伸工程，以及兩條勘探巷道，以進入 Vogel 與 Samson 礦床。我們計畫於第三季發布更新後的礦產資源量與礦產儲量估算，並於 2027 年上半年發布 Timmins camp 專案的初步經濟評估。

At Escobal, the ILO 169 consultation process continues Government representatives visited the mine in May. We met with representatives of the Ministry of Energy and Mines and the Vice Minister of Sustainable Development in June and the bilateral meeting between the government and the Xinka representatives was held in July. There remains no timeline for conclusion of the consultation process and no date for the restart of Escobal.

在 Escobal，ILO 169 諮商程序仍在進行中，政府代表於 5 月造訪礦場。我們於 6 月與能源與礦業部代表及永續發展副部長會面，政府與 Xinka 代表的雙邊會議於 7 月舉行。目前諮商程序完成仍無時間表，Escobal 何時重啟亦尚無日期。

Our strong free cash flow is translating into meaningful shareholder returns. In Q2, we returned a record of $300 million in share repurchases and dividends. To date, in 2026 we have repurchased over 7 million shares under our normal course issuer bid. We have also declared a Q2 dividend of $0.184 per common share. The enhanced shareholder return framework we announced in May is operating as intended.

我們強勁的自由現金流正轉化為具實質意義的股東回報。在第二季，我們透過股票回購與股利合計回饋創紀錄的 3 億美元。截至目前，2026 年我們已在一般正常發行人買回（NCIB）項下回購超過 700 萬股。我們亦宣告第二季每股普通股股利為 0.184 美元。我們於 5 月宣布的強化股東回報架構正如預期運作。

Repurchases reduced the share count, increasing dividends per share and each shareholder's exposure to our asset base and future free cash flow. That free cash flow generation remains robust, and we will continue to balance shareholder returns with investments in our growth portfolio.

回購降低了流通股數，提升每股股利，並增加每位股東對我們資產基礎與未來自由現金流的曝險。自由現金流的創造仍然強勁，我們將持續在股東回報與成長投資組合的投資之間取得平衡。

And with that, I will turn over for questions.

接下來我把時間交給提問。

(Operator Instructions) Lawson Winder, Bank of America Merrill Lynch.

(接線員指示) Lawson Winder，美國銀行美林。

Thank you, operator. Michael and team, thanks for today's update. I'd like to start, I guess, with the elephant in the room, which is Jacobina and the production issues at that asset and what that has meant for 2026 guidance, your expectations to now be at the lower end of the gold production range. When you think about what's happened and what you've provided the market with today, what does it mean for sustaining gold production at that mine into '27 and beyond at that just under 200,000 ounce per year range. Does it impact 2027 at all?

謝謝，接線員。Michael 與團隊，感謝今天的更新。我想先從大家最關心的問題談起，也就是 Jacobina 這項資產的產量問題，以及這對 2026 年指引的意涵——你們目前預期將落在黃金產量區間的下緣。當你回顧已發生的情況以及今天提供給市場的資訊時，這對該礦在 2027 年及之後維持每年略低於 20 萬盎司的黃金產量意味著什麼？會對 2027 年造成任何影響嗎？

Look, I mean, when you look at Jacobina and of course, this seismic activity. And I just want to make very clear, the seismic activity has not created any damage to our infrastructure or anything like that. But this is something that is going on for many years at Jacobina. The mining is an open stoping with pillars and of course, if you go on mining for a long time, you see activity. And that's if you recall, it was always our plan to put as part of our optimization study, a backfill plant in place.

你看，談到 Jacobina，當然就會提到這些地震活動。我想非常清楚地說明，這些地震活動並未對我們的基礎設施或任何設備造成損害。但這是在 Jacobina 多年來一直存在的情況。該礦採用留礦柱的露天採場法（open stoping with pillars），當然，長期採礦就會看到一些活動。而且如你所記得的，作為我們最佳化研究的一部分，設置回填廠一直是我們的計畫。

For several reasons, obviously, we want to move over this tailings at the conventional tailings dam in a dry-stack tailings time over time. And use some of those tailings as backfill in the mine. So that was always the plan. Consulting with a lot of our specialists and our systems, we decided to move on this faster, relieve the main zones a little bit, and develop faster into other zones that we have in the mine.

原因有好幾個；很明顯地，我們希望逐步把傳統尾礦壩的尾礦轉為乾式堆置尾礦（dry-stack tailings）。並將其中一部分尾礦用作礦山回填。所以這一直是既定計畫。在與許多專家及我們的系統團隊諮詢後，我們決定加快推進，稍微降低主要區域的壓力，並更快開發礦山內我們擁有的其他區域。

So that requires a bit more development right now, obviously. And as you saw, impacted that gold production. I think we guided down about 10,000 ounces less production. So not a massive impact this year. There's a lot of mitigation that we have. As we described, we leave larger pillars at the moment as a short-term mitigation.

因此，眼下顯然需要更多的掘進開發。而如你所見，這影響了黃金產量。我想我們把指引下調了大約少 10,000 盎司的產量。所以今年的影響不算重大。我們有很多緩解措施。如我們所述，短期緩解方式是目前保留更大的礦柱。

But for that, once we have place backfill in place, we will be able to recover a large part of those pillars. So these reserves are not lost. Let me just go into some other areas. Some of them have a little bit lower-grade ore than what we mine right now. Hence, the difference, but this is really just a postponement of the production in the future and investment in the future stronger and larger Jacobina.

但就此而言，一旦回填系統到位，我們將能回收其中很大一部分礦柱。因此，這些儲量並未流失。我再談談其他區域。其中一些區域的礦石品位略低於我們目前開採的品位。因此產生差異，但這其實只是把部分產量延後到未來，並為未來更強、更大的 Jacobina 進行投資。

So really part of the program coming in a bit quicker because we just want to really be on the safe side. But I don't see any impact really over the long-term program. This is Jacobina has a reserve life that goes well into the 2050s right now, and will continue -- we have continued strong success in explorations. So when you look at the big picture here at Jacobina, I don't see really a major impact of that. But for sure, short term, that's what we just reported with that about 10,000 ounces lower production this year.

所以這其實是讓計畫稍微提前一些，因為我們只是希望在安全面上更保守。但我不認為這會對長期計畫造成任何影響。Jacobina 目前的儲量壽命可延伸至 2050 年代，且我們的勘探持續取得強勁成果。因此，從 Jacobina 的大局來看，我不認為這會造成重大影響。但可以確定的是，短期內就是我們剛剛報告的——今年產量約少 10,000 盎司。

Okay. Thank you for that perspective on the short-term nature of these issues. You also described in the MD&A that El Nino impact may continue to cause disruptions through the remainder of 2026. Will those potential impacts been factored into the updated language around the gold production guidance.

了解。謝謝你對這些問題屬於短期性質的觀點。你們也在 MD&A 中提到，聖嬰現象（El Niño）的影響可能在 2026 年剩餘期間持續造成干擾。這些潛在影響是否已納入更新後的黃金產量指引措辭之中？

Yeah. Look, I mean, the El Niño impact, we've seen mostly in Chile so far. I'm sure most of the people on the phone have heard about the big impact of some of the copper production in Chile. We had very, very strong rains, especially in the south, in central Chile and actually carried over all the way to Cerro Moro, where we have lots of rains, obviously, when it gets very wet there's some daily challenges in moving your ore to the plant and pushing it through the plant when it's very wet, but nothing of a major impact there.

是的。你看，聖嬰現象的影響，到目前為止我們主要是在智利看到。我相信電話上的大多數人都聽說了智利部分銅產量受到的重大影響。我們遭遇非常、非常強的降雨，尤其是在智利南部與中部；而且實際上也一路延伸到 Cerro Moro，那裡也有很多降雨。當然，當天氣非常潮濕時，把礦石運到選廠以及在選廠推進處理會有一些日常挑戰，但並沒有造成重大影響。

I think the biggest impact we've seen was not actually rain related to our operation because the biggest impact was at El Peñon. Obviously, we are far in the north. It's a very dry area, but a lot of the roads, major highways in Chile have been interrupted. which made it quite challenging to fulfill at 100% our shift changes and bring all the people in. So we are mitigating that with different transport routes with flying people in and out to Antofagasta, et cetera, et cetera.

我認為我們看到的最大影響其實不是與降雨直接相關的營運問題，最大影響是在 El Peñon。很明顯地，我們位於北部很遠的地方。那是一個非常乾燥的地區，但智利許多道路與主要高速公路曾中斷，這使得我們要 100% 完成輪班交接並把所有人員送達變得相當具挑戰性。因此我們透過不同的運輸路線來緩解，包括讓人員搭機往返 Antofagasta 等等。

So that's all included in our plan. Well 0- remains to be seen how the Niño effect advances this year. Looks like it's going to be quite a strong phenomenon this year, temperature are quite high in the quarter. That will move up for the north, obviously, and we'll normally affect closer around Christmas or off Peru, hence El Niño.

所以這些都已納入我們的計畫之中。至於聖嬰效應今年會如何發展，仍有待觀察。看起來今年會是相當強的現象，本季氣溫相當高。這將往北移動，當然通常會在接近聖誕節前後、或在秘魯外海附近產生影響，因此稱為聖嬰（El Niño）。

It actually comes from there that it's happening normally closer to Christmas. And so we would expect more rain in this area. And then later on, the effect of El Niño obviously goes all around the globe. We're going to see effect in Australia and Europe, et cetera. So we are preparing and are prepared and preparing further at our operation, making sure that all our diversion channels and holding ponds are ready for bigger rain events at the moment. So we'll see how that advances.

其實這個名稱就源自於它通常在接近聖誕節時發生。因此我們預期該區域會有更多降雨。之後，聖嬰現象的影響顯然會擴散到全球各地。我們也會在澳洲、歐洲等地看到影響。因此我們正在準備，並在營運現場進一步做好準備，確保目前所有導流渠道與滯洪池都已就緒，以因應更大的降雨事件。我們將觀察其後續發展。

Obviously, if it has a bigger impact then we will inform the market. But at the moment, as I said, it was more a secondary impact so far at El Peñon, just due to a lot of infrastructure damage in the road system of Central and South Chile.

顯然，如果影響更大，我們會通知市場。但就目前而言，如我所說，到目前為止在 El Peñon 的影響較偏次要，主要是因為智利中南部道路系統的許多基礎設施受損。

Okay. Great. So it sounds like that is well factored in. And then just finally, not a lot of direct discussion about the plan to return up to $1 billion of cash to shareholders this year through both buybacks and dividends. Can you just confirm that remains the target despite that it hasn't been really clearly highlighted this quarter the way it was last quarter?

好的。很好。所以聽起來這已經充分納入考量。最後一點，今年透過回購與股利向股東返還最高達 10 億美元現金的計畫，這一季並沒有太多直接討論。你能否確認，儘管本季不像上季那樣被清楚強調，但這仍然是目標？

Well, we put that in the press release last quarter with the plan, and I think it's very clear that we're following on that plan. Actually, we you probably saw we returned $300 million this quarter. Obviously, that puts us kind of ahead in the plan. But you recall, we put a plan in place really after Q1. So we had to catch up some on Q1, where we paid, obviously, the normal dividend.

嗯，我們上季在新聞稿中已把該計畫寫進去，我認為很清楚我們正在依照該計畫執行。事實上，你可能也看到我們本季已返還 3 億美元。顯然，這讓我們在計畫上算是有點超前。但你也記得，我們是在第一季之後才真正制定這個計畫。所以我們必須把第一季的部分補回來，當時我們當然只支付了正常股利。

But I think we only spend about $25 million in share buybacks in Q1 so hence, the catch-up we are right on track, obviously, right now. I think the idea that we published was about 35% to 40% of cash to be distributed to our shareholders. that's still absolutely still in place. I think we continue maybe Ignacio how many shares did we buyback so far this year?

但我想我們在第一季的股票回購只花了大約 2,500 萬美元，所以才需要補進度；而目前我們顯然完全在軌道上。我想我們公布的想法是把約 35% 到 40% 的現金分配給股東，這點仍然完全不變。我想我們也持續在做——Ignacio，我們今年到目前為止回購了多少股？

Above 7 million.

超過 700 萬股。

And how much is there already now again? And I mean, we continue, obviously, in June to buy back shares -- sorry, in July.

那現在又是多少了？而且我們顯然在 6 月也持續回購——抱歉，是在 7 月。

In July, we've I think it's over 2 million shares.

7 月我們回購了，我想超過 200 萬股。

Yeah. So we continue, obviously, that program very strong. I mean, obviously, the total amount loss on if it's exactly $1 billion or less, that depends on the share price of our buyback. I'm really focused on the amount of shares and number of shares that we're buying back. And absolutely, that program is as strong as ever. So if you look, we're quite a bit ahead of the plan.

對。所以我們顯然持續非常強力地推進這個計畫。我的意思是，最終金額是正好 10 億美元或更少，取決於我們回購時的股價。我真正關注的是我們回購的股數與回購的股份數量。而且這個計畫絕對一如既往地強勁。所以如果你看一下，我們其實比計畫超前不少。

Wayne Lam, TD Securities.

Wayne Lam，TD Securities。

Yeah. Maybe just following up at Jacobina. Back a couple of months ago at the Investor Day, the discussion has still centered around the potential to increase production and the efficiencies at Jacobina. So I was just curious, was there a seismic event that occurred in the past couple of months to kind of prompt this reevaluation of the mining method underground and in light of changes here in potentially moving to more selective mining, is there still potential to scale that production at Jacobina going forward as per some of the optimization work that you're undertaking?

是的。我想追問一下 Jacobina。幾個月前在投資人日，討論仍聚焦在 Jacobina 提升產量與效率的潛力。所以我想請教，過去幾個月是否發生了某個地震事件，促使你們重新評估地下採礦方法？另外，考量到可能轉向更具選擇性的採礦，在你們正在進行的一些最佳化工作之下，Jacobina 未來是否仍有擴大產量的潛力？

Yeah, yeah, absolutely. As I said before, this is, as I see more short-term impact, there's ongoing activity on the seismic side. So said, it's really a precaution we wanted to do when we looked at this with our microseismic system to make sure that everything is safe for our people, for our infrastructure. As we pointed out, there has been no damage to it.

是的，是的，當然。如我先前所說，就我看來這是較短期的影響，地震相關的活動仍在持續。所以我們說，當我們用微震監測系統檢視時，這其實是一項我們想採取的預防措施，以確保對我們的人員與基礎設施一切安全。如我們指出的，並沒有造成任何損害。

And over mid and long term, absolutely, the potential for expansion of Jacobina is exactly the same. We are working at full speed on the optimization. You probably heard hearing the call that we have quite some investment in the plant and actually looking at alternatives there as well. And let me pass it on to Martin who will give us a bit more details on that plan.

而從中長期來看，Jacobina 的擴產潛力完全一樣。我們正以全速推進最佳化工作。你可能在電話會議中也聽到，我們在選礦廠方面有相當多的投資，並且也在評估那裡的替代方案。我把問題交給 Martin，他會就該計畫提供更多細節。

Yeah. Wayne, Yes, absolutely. As we look at this optimization project going forward, we're looking at really completely revamping the plant as one thing, and the tailings facility, as Michael mentioned, you need to go over the filtered tailings there, and we're looking at been looking for some time, the paste backfill underground and we've completed a lot of the test work that we need to do on that in terms of the strength of the rheology of the paste so all these things are advancing. The plant is going to take a bit of time. The current facility is maxed out, but we'll be looking at increases to the size of that plant as we go forward.

好的。Wayne，是的，完全正確。在我們推進這個最佳化專案時，我們正在評估幾件事：其一是幾乎全面翻新選礦廠；另外是尾礦設施——如 Michael 提到的，你們需要改採濾餅尾礦；此外，我們也已經研究一段時間地下膏體回填，並已完成許多所需的測試工作，包括膏體的流變性強度等，因此這些工作都在推進中。選礦廠會需要一些時間。目前的設施已達到最大產能，但我們會在未來推進時評估擴大該選礦廠的規模。

And we haven't really arrived at what can the mine do to provide the plant in the future, but that's some of the things that we're working on as we advance this study. We do expect because of this that will go backwards a bit more towards the mine reserve average grade as we open up new areas in the mine. Okay. So then it sounds like there's work being done to increase the mill capacity, but you haven't quite done all the work to see whether the mine can sustain the expanded mill capacity?

而我們尚未完全確定未來礦山能提供選礦廠多少供礦，但這正是我們在推進研究時正在處理的一些事項。我們確實預期，因為這些因素，當我們在礦區開拓新區域時，品位會稍微回到更接近礦山儲量平均品位的水準。好的。所以聽起來你們正在做提升磨礦/選礦處理量的工作，但還沒有完全完成評估，以確認礦山是否能支撐擴大的選礦廠處理量？

Well, nothing has changed on that program and what we showed obviously in at the Investor Day, but this is ongoing work, and it's not completed yet. But yes, we are obviously still working on that optimum size of mill. And as you saw there in the press release, we're looking at either increasing productivity in our current mill and we are working right now on that and increasing recoveries or looking at a completely new mill in the future. As I mentioned before, we're looking at the mine plan here, way into the 2050s and with probably strong reserve replacement for many, many years to come. And at one point, having a larger state-of-the-art plant at Jacobina would probably make a lot of sense, but Martin and his team are still working on the technical side of that.

嗯，這個計畫以及我們在投資人日所展示的內容都沒有改變，但這是持續進行的工作，尚未完成。不過是的，我們顯然仍在研究最佳的磨礦/選礦廠規模。而如你在新聞稿中看到的，我們正在評估：要嘛提升現有選礦廠的生產力——我們目前正在做這件事——並提高回收率；要嘛在未來興建一座全新的選礦廠。如我先前提到的，我們在這裡看的礦山計畫一路延伸到 2050 年代，而且很可能在未來很多很多年都有強勁的儲量補充。在某個時間點，Jacobina 擁有一座更大、最先進的選礦廠可能非常合理，但 Martin 和他的團隊仍在進行相關技術工作。

But yeah, all going ahead as planned on that side and going ahead at full speed.

不過，是的，這一塊都按計畫推進，而且正以全速前進。

Okay. Got it. Okay. Maybe moving to Peñon. We've discussed in the past the fact that the mine has always had a pretty short reserve life that has been continually extended out. With the depletion of the stockpiles, I was just curious what the proportion of production that had been historically? And then do you see this phase of lower continuity mineralization as transitory? Or is that something we should be kind of modeling on a go-forward basis? And is that going to be reflected in the upcoming reserve update? Just want to better understand how we should think about it going forward.

好的。了解。好的。那也許轉到 Peñon。我們過去討論過，該礦山一直以來的儲量年限都相當短，但又持續被延長。隨著堆存礦的耗竭，我想了解歷史上堆存礦在產量中的占比大概是多少？另外，你們是否認為這一階段較低連續性的礦化只是過渡性的？還是說這會是我們未來建模時應該納入的常態？而這會反映在即將發布的儲量更新中嗎？我只是想更好地理解我們未來應該如何看待這件事。

Yeah, of course, we're going to put our reserve update out in early September for the midyear reserves. So of course, all these changes and discoveries on the exploration side, et cetera, will be included in that reserve update. When you look at those smaller structures, there are smaller parallel structures to the main structures that have less continuity and need more drilling. So we removed them from the reserves for the time being. Some of them have follow-up programs with Chris and his team on exploration to add an additional drilling. And we replaced them with material from other structures that, in this case, have been higher silver grade and lower gold grade.

是的，當然，我們會在 9 月初發布年中儲量更新。所以當然，所有這些變化以及勘探端的發現等等，都會納入該次儲量更新。當你看那些較小的構造時，它們是主構造旁的較小平行構造，連續性較差，且需要更多鑽探。因此我們暫時把它們從儲量中移除。其中一些已由 Chris 和他的勘探團隊安排後續計畫，以進行額外鑽探。而我們則以其他構造的礦料來替代；在這個案例中，那些構造具有較高的銀品位與較低的金品位。

Hence, we are right on track on the silver production, but we are we're tracking a bit lower on the gold production. So there's still enough places, obviously, to go. We are still drilling and exploring a lot that Peñon has been in this level. It's a very, very large cash flow for us and has been an amazing deposit over the years, and there's still a lot to discover there. But at the moment, as I said, that moves into higher grade silver will probably continue for the foreseeable future this year. So hence, we made that now cut back a little bit on the gold and confirmed the silver production for the year.

因此，我們的白銀產量進度完全符合預期，但黃金產量的進度則略低一些。所以顯然仍然有足夠的空間可以努力。我們仍在大量鑽探與勘探，Peñon 一直在這個層位進行作業。它為我們帶來非常、非常可觀的現金流，多年來一直是個令人驚豔的礦床，而且那裡仍有很多可發掘的潛力。但就目前而言，如我所說，今年可預見的未來，轉向更高品位白銀的趨勢可能會持續。因此，我們現在把黃金產量指引稍微下調，同時確認今年的白銀產量。

Okay. Great. And maybe just last one, just at Timmins, can you give us a bit of context or a bit more color on the guided increase in production in the second half, and just with the planned increase in the mining rates, can you give us an update on the ground-condition issues that you had encountered last year?

好的。很好。另外也許最後一個問題，關於 Timmins，能否請你提供一些背景或更詳細的說明，談談下半年產量指引上調的原因？以及隨著計畫中的採礦速率提升，能否更新一下你們去年遇到的地質條件問題的最新狀況？

Yeah, sure. Things went going quite well at Timmins. Right now, we've had some ups and downs in our production rates. But in terms of the geotechnical seismicity, we're not getting any real big events recently. And the paste backfill that we implemented at Bell Creek is really helping from that regard in terms of body recovery and controlling things.

好的，當然。Timmins 的情況進展得相當不錯。目前我們的產量速率有一些起伏。但就岩土工程的地震活動而言，最近沒有出現任何真正重大的事件。而我們在 Bell Creek 導入的膏體回填（paste backfill）在礦體回收與控制方面確實很有幫助。

Obviously, still the same plan, Wayne, here. probably earlier, latest mid next year, we will present the PEA on Timmins, as we call the new Timmins with all the additional sites that we are developing right now toward [two] and exploration, and we'll have the new plan for Timmins, something that we gave you an idea at the Investor Day, but obviously, the PEA will have all the details in there then with updated resource resources updated mine plans, cost capital requirements, et cetera, to add probably substantial mine life to our Timmins deposits.

顯然，Wayne，這裡的計畫仍然相同。最早可能在明年年初、最晚在明年年中，我們會就 Timmins 發布 PEA；我們稱之為「新 Timmins」，涵蓋我們目前正在開發的所有新增礦區，朝向 [two] 與勘探推進。我們也會提出 Timmins 的新計畫——這是在投資人日我們已經讓各位有初步概念的內容，但顯然 PEA 屆時會包含所有細節，包括更新後的資源量、更新後的礦山計畫、成本、資本需求等等，並可能為我們的 Timmins 礦床增加相當可觀的礦山壽命。

Cosmos Chiu, CIBC.

Cosmos Chiu，CIBC。

Maybe my first question is on the financial side. You missed earnings compared to consensus this quarter, in part due to higher taxes. So could we maybe talk about higher taxes? I noticed that the tax rate turned out to be about 37% in Q2, higher than the 32% in your first half. So with commodity prices where they are today, is that the new normal?

我第一個問題可能在財務面。本季你們的盈餘低於市場共識，部分原因是稅負較高。所以我們能否談談稅負上升的情況？我注意到第二季的稅率約為 37%，高於上半年 32% 的水準。在目前商品價格水準下，這會成為新的常態嗎？

And then in the MD&A also talked about the fact that more taxes resulting from higher commodity prices. However, for the second half of the year for tax purposes, you're forecasting $60 an ounce and $4,000 an ounce, which is slightly lower than where spot is today. So if, again, commodity prices are to stay at the more elevated levels compared to what you're expecting, could taxes come in even higher than your revised guidance?.

另外在 MD&A 也提到，因商品價格上漲而導致稅負增加。不過就下半年稅務預估而言，你們採用每盎司 60 美元與每盎司 4,000 美元的假設，略低於目前現貨價格。因此，如果商品價格再次維持在比你們預期更高的水準，稅負是否可能甚至高於你們修訂後的指引？。

It's Ignacio here. So yeah, in terms of the taxes. Hi, Cosmos, in terms of the taxes, yes, we definitely see variability quarter to quarter on the effective tax rate. As you mentioned, in Q2, we saw in the high 30s%. However, in Q1, we did see high 20s%. And if we look at the year as a whole so far, we're in the low 30s%, which is more or less where we expected it to be.

我是 Ignacio。所以，是的，關於稅負。嗨，Cosmos，就稅負而言，是的，我們確實看到有效稅率在各季度之間會有波動。如你所提到，第二季我們看到的是 30% 高段。不過第一季我們看到的是 20% 高段。如果看今年截至目前的整體，我們在 30% 低段，這大致符合我們原先的預期。

And yes, unfortunately, there is some variability in Q2, we did see some true-ups related to previous quarters, so some adjustments. But in terms of the overall year, we're tracking in that low 30s% area, and that's more or less where we expect to be. So do keep in mind that, unfortunately, on the tax expense side, there is some variability. You'll see that in previous years as well, there was quite a bit of variability in what that effective tax rate is. But when you see the year as a whole, it's more or less where we expect.

而且是的，不幸的是，第二季確實有一些波動，我們看到一些與前幾季相關的追溯調整（true-ups），因此有一些調整項。但就全年而言，我們仍在 30% 低段區間，這也大致是我們預期會落在的水準。所以請記住，不幸的是，在所得稅費用端確實存在一定的波動性。你也會在過去幾年看到，有效稅率的波動幅度相當大。但如果以全年來看，整體大致符合我們的預期。

In terms of the actual taxes paid, yes, we've always guided that typically in the first half of the year, there's higher payments in the second half of the year, and that's to do with the true-up that we have to pay in typically at the end of Q1 or early Q2. And yeah, a lot of it has to do with the profitability of the previous year. And specifically in 2025, we saw a spike in profitability just in Q4. So that's been the big driver for these larger installments -- or sorry, larger true-ups that we saw at the end of Q1 and into Q2. And that's what's driving the higher tax payments that we've posted for the first half of the year.

就實際繳納的稅款而言，是的，我們一向的指引是：通常上半年支付較多、下半年支付較少，這與我們通常在第一季末或第二季初需要支付的追溯補繳（true-up）有關。而且，是的，其中很大一部分與前一年的獲利能力有關。特別是在 2025 年，我們僅在第四季就看到獲利能力大幅攀升。因此，這一直是我們在第一季末到第二季期間看到較大分期款——抱歉，較大追溯補繳——的主要驅動因素。這也就是推升我們上半年所揭露較高稅款支付的原因。

In terms of the rest of the year, yes, we have reguided to a range of $585 million to $635 million. That's more or less what we expect where metal prices are today. Higher profitability is driving that. The other factor, too, is that with our strong cash flows at the operations level, we are generating quite a bit of cash at the site, and that cash has to be repatriated. And a lot of that cash that's repatriated has withholding so that's just frictional cost of moving money around the company. So that's another factor that's affecting that the overall range of $585 million to $635 million.

至於今年剩餘期間，是的，我們已將指引重新調整至 5.85 億至 6.35 億美元的區間。以目前金屬價格水準來看，這大致就是我們的預期。主要是更高的獲利能力在推動。另一個因素是，隨著我們在營運層級擁有強勁的現金流，我們在各礦區端產生了相當多的現金，而這些現金需要匯回（repatriated）。而匯回的現金有很大一部分會被扣繳預提稅（withholding），這基本上是公司內部資金調度所產生的摩擦成本。因此，這也是影響 5.85 億至 6.35 億美元整體區間的另一個因素。

Great. Maybe at the operational level, maybe a question on El Peñon. As you mentioned in the prepared remarks also MD&A, there was some lower (inaudible) certain secondary structures, but you are able to maintain your Silver guidance, but you had to bring down your Gold guidance. So I'm just wondering, do these secondary structures impact gold grades more or gold production more versus silver? I thought at El Peñon, it's pretty consistent in terms of gold and silver grades coming together.

很好。也許在營運層面，我想問一個關於 El Peñon 的問題。如你在事先準備的發言以及 MD&A 中提到，某些次級構造的（聽不清）較低，但你們仍能維持白銀指引，卻必須下調黃金指引。所以我想了解的是，這些次級構造對黃金品位或黃金產量的影響是否比對白銀更大？我原本以為在 El Peñon，黃金與白銀品位的走勢相當一致、通常是一起變動的。

It's correct when you put it together that it was quite consistent, but they're actually very silver-rich veins and then very gold-rich veins. And obviously, obviously, we are blending them in the production. But what happened in the secondary structures is that some of them, as I mentioned, we took out of the mine plan because the continuity wasn't there. In many of them, it's still additional drilling needed. So the exploration is actually back in and while that's drilled, we moved those structures into resources. And if drilling is positive, they will go back from resources into the reserves but the production to replace that production, we went into more silver-rich and less gold-rich areas. As I said, they're really both. They're not just always coming together.

你把兩者放在一起看時確實是相當一致，但實際上那裡有非常富銀的礦脈，也有非常富金的礦脈。而且顯然，我們在生產中會把它們進行配礦（blending）。但在次級構造上發生的情況是，其中一些如我所提到的，我們已把它們從礦山計畫中移除，因為連續性不足。其中很多仍需要進一步鑽探。因此勘探其實已重新啟動；在鑽探進行期間，我們把這些構造先歸入資源量（resources）。如果鑽探結果正面，它們將會從資源量再回到儲量（reserves）；但為了替代那部分產量，我們轉向更富銀、較不富金的區域。如我所說，兩者其實都存在。它們並不總是一起出現。

So that's an end result is that we have no problem to deliver on the silver, but there's a bit less gold in those structures right now that are developed. So it's a constant play really on the blending at El Peñon between the gold-rich and silver-rich. And at the moment, that's just what we have developed. And so hence, more silver production right now and a bit less gold production at El Peñon.

所以最終結果是，我們交付白銀沒有問題，但目前已開發的那些構造中黃金含量稍微少一些。因此，在 El Peñon，富金與富銀之間的配礦是一個持續進行的操作。而就目前而言，這就是我們已開發的區域所呈現的狀況。因此，El Peñon 目前白銀產量較多，而黃金產量則略少一些。

Great. And then maybe one last question on project capital. I see that you were slightly below your expectations in the first half, you came in at about $84 million. You had been expecting $103 million to $110 million. You've maintained your guidance for the year, $240 million to $255 million. So could you is that just timing? Where are you going to catch up on spending on the second half, if you can just quickly talk about that.

很好。接著可能最後一個關於專案資本的問題。我看到你們上半年略低於預期，實際約為8,400萬美元。你們原先預期為1.03億至1.10億美元。你們維持全年指引為2.40億至2.55億美元。所以這只是時點問題嗎？下半年你們會在哪裡把支出補回來？如果可以的話，請你快速談一下。

Sure. I'll just start on the big picture and then hand it over to Scott. But yes, there's definitely timing in here. I mean, whether it plays a big role obviously, besides the new events this year, obviously, there's dry seasons and wet seasons and they are quite different in different places. As you can imagine, we stretch with operations from deep winters right now in South Argentina all the way up to summer in Mexico.

當然。我先從大方向說起，然後交給Scott。不過是的，這裡確實有時點因素。我的意思是，除了今年的新事件之外，顯然還有旱季與雨季，而且不同地區差異很大。如你所想像，我們的營運範圍從目前南阿根廷的嚴冬一路延伸到墨西哥的夏季。

So you have different timing. There are different parts of the year where we have the ideal time to spend that capital. So I'll pass it on to Scott, but I think that's just timing of spending.

所以時點會不同。一年當中有不同的時段，是我們投入這些資本的理想時間。我把問題交給Scott，但我認為這就是支出時點的問題。

Yes, exactly. Hello, Cosmos, Scott here. We had there was a we had a national strike in Bolivia, which delayed the mobilization of our key tailings expansion contractor. There was a bit of a lag there. And the market for [mid-tier] large contractors in both Peru and Mexico is very competitive, and there were some delays associated with their mobilization, too. But no, nothing has been postponed. I mean there's just a bit of a lag there, and we'll pick that up later in the year.

是的，完全正確。你好，Cosmos，我是Scott。我們在玻利維亞發生了全國性罷工，延遲了我們關鍵尾礦擴建承包商的進場動員。因此出現了一點落後。另外，在秘魯與墨西哥，[中型]大型承包商市場競爭非常激烈，他們的動員也有一些相關延遲。但沒有，沒有任何事情被延後。只是有一點落後，我們會在今年稍晚把它補回來。

Just to make clear here to the listeners that Bolivia strike that's nothing to do with the mine. Obviously, it strikes on the roads, in the country. And obviously, that affected us with mobilization. So no issue on our side.

我想在此向聽眾說清楚，玻利維亞的罷工與礦場本身無關。顯然那是發生在道路、全國範圍的罷工。而且很明顯地，這影響了我們的動員進場。所以我們這邊沒有問題。

(Operator Instructions) Carey MacRury, Canaccord Genuity.

(接線員指示) Carey MacRury，Canaccord Genuity。

Just on the royalties at La Colorada. I mean, you're running you're operating on that adjacent ground. Just wondering if you can give some guidance on what we should expect for that in the back half of this year and into 2027?

關於La Colorada的權利金。我的意思是，你們正在那塊相鄰的地面上運作。想請問你們能否提供一些指引，讓我們了解今年下半年以及到2027年，我們應該預期會是什麼情況？

Yeah. So it's a little bit higher. It was a little bit higher during Q2 that will even out during the year. There will be a bit less tonnage coming from there later this year. It's really just in our mine plan basically to get to the other side of those claims back into structure that fully on our claim where we operate. So it's just a short-term variability really on those royalties that were a bit higher this quarter than there will be in the future.

可以。所以它會稍微高一些。第二季確實稍微高一些，但全年會趨於平均。今年稍晚從那邊來的噸數會少一點。基本上這只是我們礦山計畫的一部分，目的是移到那些礦權的另一側，回到完全位於我們礦權範圍內、由我們營運的構造帶。所以這只是短期的波動，這一季的權利金比未來會稍高一些。

But I think in general, this year, I think we said about 30% to 40% of the production from there. And then that will, over the years will come off, right? I mean all the mine plan as part of the PEA and all the details are in there. Just to be very clear, 100% of all the resources of the Skarn are obviously in our claims and all the new discoveries of the veins that we continuously discuss and drill are all on our claims. So this is really more a short-term variability here in those tonnes coming from there.

但我想整體而言，今年我們說大約有30%到40%的產量來自那裡。然後隨著年份推進，那個比例會下降，對吧？我的意思是，作為PEA的一部分，所有礦山計畫與細節都在裡面。非常清楚地說，Skarn的所有資源100%都在我們的礦權範圍內，而我們持續討論並鑽探的所有新發現礦脈也都在我們的礦權上。所以這真的只是短期內來自那邊的噸數所造成的些許波動。

Great. And then maybe just a question on the credit facility. I mean you have a ton of cash on the balance sheet. You're generating all the cash and you've doubled the credit facility with not a lot of near-term capital spend. So just wondering what the thinking is on credit facility.

很好。接著可能問一下信貸額度。我的意思是，你們資產負債表上有大量現金。你們也在產生現金，而且在短期資本支出不多的情況下，你們把信貸額度加倍了。所以想請問對於信貸額度的考量是什麼？

Hi, Carey, this is Ignacio. Generally, this is just to make sure that the company has the financial flexibility that we need. Also, the market conditions have been quite favorable towards investment-grade issuers like Pan American Silver. So we figured it would be good time to take advantage of those favorable market conditions plus we've learned from the past that having that financial flexibility can be very positive for the company. So when opportunities come up, we can react quickly to those.

嗨，Carey，我是Ignacio。一般來說，這只是為了確保公司具備我們所需要的財務彈性。此外，市場環境對像Pan American Silver這類投資級發行人相當有利。所以我們認為，趁著有利的市場條件加上我們從過去學到，擁有財務彈性對公司可能非常正面，因此現在是個好時機。這樣當機會出現時，我們就能快速反應。

Yeah. Of course, we have a very strong balance sheet. You saw there liquidity of about $3.2 billion right now. We have a lot of big projects on the go. Just mentioned, the three main ones, which is obviously the La Colorada Skarn, the optimization study at Jacobina and all the work we do in our Timmins Camp.

是的。當然，我們的資產負債表非常強健。你也看到目前流動性大約是32億美元。我們手上有很多大型專案在推進。剛才提到三個主要的，顯然就是La Colorada Skarn、Jacobina的優化研究，以及我們在Timmins礦區所做的所有工作。

So this is a way bigger company than it was before, and it was Ignacio has an opportune time and very favorable conditions to basically double our line of credit which is undrawn, but available to us in our liquidity to be able to react to any opportunity that may arise. But at the moment, that's it's just sitting there as we had it before, and it's great to have.

所以這家公司規模比以前大得多，而Ignacio也認為這是個適當時機、條件非常有利，基本上把我們的循環信貸額度加倍；目前尚未動用，但可供我們使用，並納入我們的流動性之中，以便對任何可能出現的機會做出反應。但就目前而言，它就像以前一樣放在那裡，能有它很棒。

Don DeMarco, National Bank Financial.

Don DeMarco，National Bank Financial。

And Michael, I'll start off, I'll start with a question on Escobal. You hosted the government officials at the mine during the quarter. Can you share any incremental color on this meeting? For example, was this the first time that these particular officials visited the mine? And was there a specific purpose to the visit?

Michael，我先從Escobal的問題開始。你們在本季接待政府官員到礦場參訪。你能否分享一些這次會面的新增資訊？例如，這是否是這些特定官員第一次到礦場？以及這次參訪是否有特定目的？

No, that's not the first time. There are continuous visits by authorities to the mine that can be just the authorities or together with representatives from the Xinka, there has been many, many visits from communities around, et cetera, et cetera. So this is not the first one. And normally, we hosted a lot of visits. The mine obviously shows very well. It's in great shape. And you can go through the plant. You can go on the ground, look at the dry-stack tailings facility all the environmental work we do and day today. So just great to have them there.

不，那不是第一次。主管機關持續會到礦場參訪，可能只是主管機關自己來，或是與Xinka的代表一起來；周邊社區也有非常非常多次的參訪，等等等等。所以這不是第一次。而且通常我們接待很多參訪。礦場本身顯然呈現得很好。狀況非常好。你可以參觀選廠。你可以到現場，看乾式堆置尾礦設施，以及我們每天所做的所有環境工作。所以很高興他們能來。

Great to have reviews and have discussions with them, but no additional reason for that for the normal course.

很高興能讓他們檢視並與他們討論，但除此之外沒有其他額外原因，就只是正常流程。

Okay. Thank you. And then Jacobina. Is there any preemptive mining support or other work that requires additional CapEx? Or would anything extra that needed to be covered within the existing sustaining CapEx budgets? Or is the measurable impact from this is just limited to the 10-K reduction in production?

好的。謝謝。接著是Jacobina。是否有任何前置採礦支援或其他工作需要額外資本支出（CapEx）？或者任何需要的額外項目都會在既有的維持性資本支出預算內涵蓋？又或者這件事可衡量的影響僅限於產量減少1萬K（10-K）？

Yeah, it's really that. Obviously, we are working on that optimization study and the additional capital that will be required for planned paste backfill plant, that's all in the engineering phase right now. And once we have all the detailed strategy, we'll share that with everyone. But at the moment, yeah, the impact is really on that small reduction on the production. But once we have all the numbers together, the engineering is done, we made the final decision on size, location, et cetera, of the paste backfill plant will share it with everybody, of course.

是的，確實就是那樣。顯然，我們正在進行那項最佳化研究，以及規劃中的膏體回填廠所需的額外資本；目前這些都還在工程階段。一旦我們有了完整的詳細策略，就會與大家分享。但就目前而言，影響主要就是產量的小幅下調。不過等我們把所有數字彙整好、工程完成，並就膏體回填廠的規模、位置等做出最終決定後，當然也會與各位分享。

Okay. And a question there. year-to-date over costs, you're tracking below the low of the guidance range. So you've reaffirmed guidance. Is that a measure of conservatism? Or is there anything in H2 that would suggest that silver cost might rebound higher and closer to the midpoint of the range?

好的。我有個問題：年初至今的總成本，你們的追蹤結果低於指引區間的下緣。所以你們重申了指引。這是出於保守考量嗎？還是下半年（H2）有任何因素顯示白銀成本可能會反彈走高，並更接近區間中點？

Yeah, very good question. Look, if you look at H1, so look at the first two quarters, we are tracking very, very well on production. We're tracking very well on cost. on both metals, silver and gold. There's really these variations that we see in the quarter. You'll recall, really, really low cost on the silver side in Q1, higher cost. Now there's impact quarter by quarter that are not always the right there are some special bonuses, special payments, true-ups of taxes, et cetera, et cetera, in some of the quarters.

是的，這個問題很好。你看上半年（H1），也就是前兩個季度，我們在產量方面追蹤得非常、非常好。成本方面也追蹤得很好，兩種金屬——白銀與黃金——都是如此。我們確實會看到季度之間的波動。你會記得，第一季白銀端成本非常、非常低，之後成本較高。季度之間會有一些影響因素，不一定總是……有些季度會有特殊獎金、特殊付款、稅款追溯調整（true-ups）等等。

But when you look at the cost increases that we see, and that's for both silver and gold. There's lots of different impacts, obviously, byproduct credits have a huge impact to our cost. So when you look at Q1 with way higher metal prices, those byproduct credits helped us bringing that cost down, obviously, quite a reduction in metal prices in Q2. Hence, the costs are going up. So I don't have really a crystal ball here to look forward to our metal price is going to go.

但當你看我們看到的成本上升——白銀與黃金都是——會有很多不同的影響因素；顯然，副產品抵減（byproduct credits）對我們的成本有很大影響。所以你看第一季金屬價格高很多，這些副產品抵減幫助我們把成本拉低，顯然效果很大；第二季金屬價格大幅下滑。因此成本就上升。所以我也沒有水晶球可以預測未來金屬價格會怎麼走。

And the next impact next biggest impact are foreign exchange impacts, which can be very, very large because most of our jurisdictions actually all of our jurisdictions are in foreign currency, even in Canada because we are reporting in US dollars. So strengthening of those currencies actually that we see right now, obviously a big impact to our cost. So when you put that all together, and there's a large part of cost variations that we don't really have control over because, as I said, it's foreign exchange, it's metal prices. and then, to a lesser extent, obviously, energy and diesel costs, we just want to leave the guidance right there at the moment and see how it goes in Q3. Obviously, we'll give an update there. But very happy with cost tracking for the first six months for both gold and silver.

接下來影響最大的因素是外匯影響，可能非常、非常大，因為我們大多數的營運轄區——其實所有轄區——都是以外幣計價，即使在加拿大也是如此，因為我們是以美元報表。因此，這些貨幣目前走強，顯然會對我們的成本造成很大影響。把這些因素綜合起來看，成本波動中有很大一部分其實不是我們能控制的，因為如我所說，是外匯、是金屬價格；再其次，當然還有能源與柴油成本。我們目前希望先把指引維持在原位，看看第三季（Q3）情況如何。顯然，我們會再提供更新。但對於前六個月黃金與白銀的成本追蹤結果，我們非常滿意。

Lawson Winder, Bank of America.

美國銀行（Bank of America）的Lawson Winder。

Thank you guys for taking the follow-up. I wanted to ask about Escobal and just note that since the approval of the construction permits for the El Dorado mine in Guatemala, I mean, several indications have pointed to a much more forceful level of government support for mining generally in the country. And I'd be curious to hear your thoughts on whether or not you agree with that.

謝謝各位讓我追問。我想問關於Escobal，並指出自從瓜地馬拉El Dorado礦的建設許可獲批以來，我的意思是，有幾個跡象顯示政府對該國整體採礦業的支持力度更強。我想聽聽你們是否同意這樣的看法。

And then further to that, they were able to touch on a real hot button issue at the mine, which was water purification from volcanic ash and issues from the past that had nothing to do with mining. But nevertheless, they were able to generate a lot of community support through their efforts to help purify river water. I'm just curious if there's something like that at Escobal that might be one particular key issue. And ultimately, what I'm trying to get at is, what are the key issues being discussed between the government and the Xinka at the current moment?

另外，他們也能切入該礦一個非常敏感的議題，也就是火山灰造成的淨水問題，以及過去與採礦無關的歷史問題。但即便如此，他們仍透過協助淨化河流水質的努力，獲得了大量社區支持。我想知道在Escobal是否也有類似的、可能成為關鍵的單一議題。最終我想問的是：目前政府與Xinka之間正在討論的關鍵議題是什麼？

Yeah. So look, I don't think you should draw lines here between different projects. And less operation and not many operations in Guatemala. They're all in different areas, different communities, and very different realities, but I stand. Obviously, we have to go through that ILO 169 consultation, which is a court order process that goes years back now has been a long, long process.

是的。所以你看，我不認為你應該在不同專案之間畫等號。而且瓜地馬拉的營運不多。它們都在不同地區、不同社區，現實情況也非常不同，但我理解你的意思。顯然，我們必須走完ILO 169諮商程序，這是法院命令的流程，追溯多年，至今已是一個非常、非常漫長的過程。

But I don't think that you can just draw conclusions from other projects to this one at every projecting Guatemala is quite a different reality. Discussions are still around very similar topics, of course, like any mining project. It's water. Normally, it's kind of dust, in many places, obviously, not a big topic in an underground mine, except our tailings. It is vibration from blasting and other typical impacts that you would see from a mine operation.

但我不認為你可以僅從其他專案就對這個專案下結論；在瓜地馬拉，每個專案都是相當不同的現實情況。討論仍圍繞著非常類似的主題，當然，這跟任何採礦專案一樣。包括水。通常也會談到粉塵；在很多地方這是議題，但在地下礦通常不是大問題，除了我們的尾礦。還有爆破造成的震動，以及你在礦山營運中會看到的其他典型影響。

So those are really the main discussion items. But yeah, don't just draw a line from one project to the other, we really have to focus on each project in a country separate.

所以這些確實是主要的討論項目。但沒錯，不要把一個專案直接套用到另一個專案；我們必須把同一國家的每個專案分開來看、各自聚焦。

Okay, Mike. And then with respect to your reserve and resource and exploration update timing, you mentioned third quarter, could we maybe try to put a bit of a finer point on it? Is it possible it could be out later in August? Or would this be sort of a mid-September event?

好的，Mike。另外，關於你們儲量、資源與勘探更新的發布時間，你提到第三季，能否再更精確一點？有可能在八月稍晚發布嗎？還是會是大約九月中旬的事件？

It will be a September event, early September, but yes, just a few weeks away.

會在九月，九月初，但沒錯，就再過幾週。

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

問答環節到此結束。我想把電話會議交回給Michael Steinmann作結語。請開始。

Thank you, operator, and thanks, everyone, for calling in today. Strong silver production and strong financial results bolster our already robust balance sheet even further and allowed us to return, as you saw, $300 million to shareholders between share buybacks and dividends, a very strong result on that plan. Our capital allocation priorities remain the same. We maintain a solid balance sheet, $3.2 billion of liquidity right now together with our line of credit and invest in our high-return projects, I mentioned La Colorada Skarn, of course, Jacobina optimization and our Timmins project and continue to deliver solid returns to our shareholders in the form of share buybacks and dividends.

謝謝主持人，也謝謝各位今天來電參與。強勁的白銀產量與強勁的財務表現，進一步強化了我們本已穩健的資產負債表，並使我們能夠如各位所見，透過庫藏股回購與股利在股東之間回饋3億美元，這項計畫的成果非常強勁。我們的資本配置優先順序維持不變。我們維持穩健的資產負債表，目前流動性為32億美元，並搭配我們的授信額度；同時投資於高回報專案——我提到的La Colorada Skarn，當然還有Jacobina最佳化與我們的Timmins專案——並持續以庫藏股回購與股利的形式，為股東帶來穩健回報。

We already see metal prices recovering. I hope that will continue, obviously, from the typical summer low. And as I mentioned just now in the last question, we plan to release our mineral reserve and resource update in September and looking forward to give you an update on all that efforts. And very, very nice results we had during the year and many, many exploration projects in the company. And I'll give you an update on that in early September. Until then, thanks, everybody, for calling in.

我們已經看到金屬價格正在回升。我希望這種走勢能持續，顯然是從典型的夏季低點回升。正如我剛才在最後一個問題中提到的，我們計畫在九月發布礦產儲量與資源更新，並期待向各位更新我們在這些工作上的進展。今年我們取得了非常、非常好的成果，公司內也有許多、許多勘探專案。我會在九月初向各位更新。在此之前，謝謝各位來電參與。

That 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。各位可以掛線。感謝您的參與，祝您有美好的一天。