SSR Mining Inc (SSRM) 2024 Q2 法說會逐字稿

Hello, everyone, and welcome to SSR Mining's second-quarter 2024 financial results conference call. Please be advised that this call is being recorded. (Operator Instructions)

大家好，歡迎參加SSR Mining 2024年第二季財務業績電話會議。請注意，此通話正在錄音。（操作員說明）

At this time, for opening remarks and introductions, I would like to turn the call over to Alex Hunchak from SSR Mining. Please go ahead.

現在，我想將電話轉給 SSR Mining 的 Alex Hunchak 進行開場演講和介紹。請繼續。

Thank you, operator. And hello, everyone. Thank you for joining today's conference call, during which we'll provide an update on the Çöpler incident, as well as a review of our second-quarter financial results. Our consolidated financial statements have been presented in accordance with US GAAP. These financial statements have been filed on EDGAR, SEDAR, ASX, and are also available on our website.

謝謝你，接線生。大家好。感謝您參加今天的電話會議，在此期間我們將提供有關埃普勒事件的最新信息，以及對我們第二季度財務業績的回顧。我們的合併財務報表是根據美國公認會計原則（US GAAP）編製的。這些財務報表已在 EDGAR、SEDAR、ASX 提交，也可在我們的網站上取得。

To accompany our call, there is an online webcast and you will find the information to access the webcast in our news release relating to this call. Please note that all figures discussed during the call are in US dollars unless otherwise indicated.

為了配合我們的電話會議，我們還提供了線上網路廣播，您可以在我們與本次電話會議相關的新聞稿中找到存取網路廣播的資訊。請注意，除非另有說明，電話會議中討論的所有數字均以美元為單位。

Today's discussion will include forward-looking statements, so please read the disclosures and the relevant documents. Additionally, we will refer to non-GAAP financial measures during our discussion and in the accompanying slides. Please see our press release for information about the comparable GAAP measures.

今天的討論將包括前瞻性陳述，因此請閱讀披露資訊和相關文件。此外，我們將在討論期間和隨附的幻燈片中提及非公認會計準則財務指標。請參閱我們的新聞稿，以了解有關可比較 GAAP 衡量標準的資訊。

Rod Antal, Executive Chairman, will be joined on today's call by Michael Sparks, Chief Financial Officer; and Bill MacNevin, EVP, Operations & Sustainability.

執行主席羅德·安塔爾 (Rod Antal) 將由首席財務官邁克爾·斯帕克斯 (Michael Sparks) 參加今天的電話會議；以及營運與永續發展執行副總裁 Bill MacNevin。

I'll now turn the line over to Rod.

我現在將電話轉給羅德。

Right, and thanks Alex. I will start with an update on Çöpler, summarising where the site currently stands, and then we'll provide an update on the second quarter results from Marigold, Seabee, and Puna, with all three operations performing well against plan to this point in the year.

好的，謝謝亞歷克斯。我將從 Çöpler 的最新情況開始，總結網站目前的狀況，然後我們將提供 Marigold、Seabee 和 Puna 第二季度業績的最新情況，所有三個業務均按照計劃執行良好。

At Çöpler, there have been four priorities in our ongoing efforts since the incident. In summary, these are: one, the recovery of our missing colleagues; two, the containment of the incident; three, the remediation of the site; and lastly, four, the incident review and preparing for next steps.

自事件發生以來，在安普勒，我們持續努力的重點有四個。概括起來就是：一、失蹤同事的尋回；二、事件的遏制；三、現場整治；最後，第四，事件回顧和下一步準備。

With respect to the recovery of our missing colleagues, the nine individuals who were lost as a result of the tragic incident have been recovered and we want to thank all those who have worked tirelessly to locate and return our colleagues to their families. We are continuing to support the families, our employees, and the community members impacted by the incident. And to date, we have retained a full complement of salaried staff at Çöpler.

關於失蹤同事的尋回，在這起悲慘事件中失蹤的九名人員已經找到，我們要感謝所有為尋找我們的同事並將其送回家人而不懈努力的人們。我們將繼續為受該事件影響的家庭、員工和社區成員提供支援。迄今為止，我們在埃普勒保留了全部受薪員工。

Secondly, all of the planned containment infrastructure, including a grout curtain, cofferdam, and buttress, as well as pumping systems and the Sabırlı Creek diversion, have been successfully installed. Public statements from Turkish government officials continue to reiterate that there has been no recordable contamination to local soil, water, or air in sampling locations.

其次，所有計劃的安全殼基礎設施，包括灌漿幕、圍堰和支墩，以及泵送系統和 Sabärlä± Creek 改道，均已成功安裝。土耳其政府官員的公開聲明繼續重申，採樣地點的當地土壤、水或空氣沒有可記錄的污染。

Third, with respect to remediation, we continue to prioritize the cleanup of the Sabırlı Valley and remain on track to have all the displaced heap leach material removed by the end of the third quarter. Of the total displaced material, we have moved more than 70% into temporary storage locations.

第三，在修復方面，我們繼續優先清理 Sabärlä± 山谷，並繼續按計劃在第三季末清除所有移位的堆浸材料。在所有轉移的材料中，我們已將 70% 以上移至臨時儲存地點。

More importantly, this includes more than 90% of the material from the Sabirli Valley. The total remediation spend in the second quarter is $55 million against our estimated total remediation spend at $250 to $300 million. We are continuing discussions with the Turkish government officials around the remediation plan, including the approval and construction of the east storage facility.

更重要的是，其中90%以上的材料都來自薩比爾利山谷。第二季的總修復支出為 5,500 萬美元，而我們估計的總修復支出為 250 至 3 億美元。我們正在繼續與土耳其政府官員討論修復計劃，包括東部儲存設施的批准和建設。

As we look ahead, it's important to note that the investigations into the cause of the Çöpler incident continue and we are cooperating fully with the relevant authorities in Turkeye. We have commissioned independent third parties to review the design, construction and operation of the heap leach pad.

展望未來，值得注意的是，對阿普勒事件原因的調查仍在繼續，我們正在與土耳其有關當局充分合作。我們已委託獨立第三方審查堆浸墊的設計、施工和運作。

To date, these reviews have not identified any material non-conformance with the construction or operation of the heap leach pad relative to third-party design parameters. Simultaneously, we continue to work closely with all the relevant authorities to advance the permits required to restart the Çöpler mine. These include the reinstatement of the Çöpler EIA and operating permits.

迄今為止，這些審查尚未發現堆浸墊的構造或操作相對於第三方設計參數有任何重大不符合之處。同時，我們繼續與所有相關當局密切合作，以推進重新啟動 öpler 礦場所需的許可。其中包括恢復安普勒環境影響評估和營運許可證。

If and when the permits are granted, we would anticipate commencing sulphide plant operations through the processing of existing ore stockpiles on-site. These stockpiles contain more than 700,000 ounces of gold.

如果獲得許可，我們預計將透過現場處理現有礦石庫存開始硫化物工廠運作。這些庫存含有超過 700,000 盎司的黃金。

Certainly, there is a lot of work ahead for us to Çöpler, as we continue to advance the remediation efforts. However, we have made meaningful progress to date and remain fully committed to a restart of the operation once we receive all the necessary permits.

當然，隨著我們繼續推進補救工作，我們還有很多工作要做。然而，迄今為止，我們已經取得了有意義的進展，並且在獲得所有必要的許可後，我們仍然完全致力於重新啟動營運。

And now with that, we'll move on to slide 4, where Michael will discuss the second quarter results.

現在，我們將轉到幻燈片 4，邁克爾將在其中討論第二季的業績。

Thank you, Rod, and good afternoon, everyone. Second-quarter 2024 production was 76,000 gold equivalent ounces at all-in sustaining cost of $2,116 per ounce, which includes cash, care and maintenance costs incurred at Çöpler representing approximately $245 per ounce.

謝謝羅德，大家下午好。2024 年第二季的產量為 76,000 盎司黃金當量，總維持成本為每盎司 2,116 美元，其中包括 öpler 產生的現金、護理和維護成本，約為每盎司 245 美元。

For the first half, Marigold, Seabee, and Puna combined to produce 156,000 gold equivalent ounces in line with our continued expectations for a second half-weighted production profile. And each asset remains well on track for their full year of production and cost guidance.

上半年，Marigold、Seabee 和 Puna 合計生產了 156,000 盎司黃金當量，符合我們對下半年半加權產量情況的持續預期。每項資產在全年生產和成本指導方面均保持良好勢頭。

We finished the quarter with a cash position of $358 million, inclusive of the aforementioned $55 million in remediation costs and another $17 million in cash, care and maintenance costs at Çöpler. With an undrawn revolving credit facility and an outlook for improved production and free cash flow generation in the second half, we remain in a strong position financially.

本季結束時，我們的現金部位為 3.58 億美元，其中包括上述 5,500 萬美元的補救成本以及 öpler 的另外 1,700 萬美元的現金、護理和維護成本。憑藉未提取的循環信貸額度以及下半年生產和自由現金流產生改善的前景，我們在財務上仍然處於強勢地位。

During the quarter, we continue to advance brownfield exploration programs at Marigold, Seabee, and Puna, which Bill will discuss later. Additionally, site establishment and engineering activities at Hod Maden continue to progress as we move towards a construction decision for the project.

本季度，我們繼續推進 Marigold、Seabee 和 Puna 的棕地勘探計劃，比爾將在稍後討論。此外，隨著我們做出專案建立決策，Hod Maden 的工地建設和工程活動繼續取得進展。

On to slide 5 for a brief look at the financial results. We recorded attributable net income of $0.05 per share in the second quarter, while adjusted net income per share was $0.04, reflecting the exclusion of the mark-to-market gain on our portfolio of marketable securities.

請參閱投影片 5，簡要了解財務表現。第二季度我們的歸屬淨利潤為每股 0.05 美元，調整後每股淨利潤為 0.04 美元，這反映了我們有價證券投資組合按市值計價的收益被排除在外。

As a reminder, in the first quarter of 2024, we booked $250 million remediation expense for costs we expect to incur at Çöpler, and the impact of this expense was fully reflected in first quarter income statement. Included in the remediation spend at Çöpler, second quarter cash generated by operating activities was negative $78 million, while free cash flow was negative $116 million. As noted, our total cash position remained strong at $358 million.

提醒一下，在 2024 年第一季度，我們為預計在 öpler 產生的成本計入了 2.5 億美元的補救費用，這筆費用的影響已充分反映在第一季度損益表中。包括在安普勒的補救支出中，第二季經營活動產生的現金為負 7,800 萬美元，而自由現金流為負 1.16 億美元。如前所述，我們的總現金狀況依然強勁，達 3.58 億美元。

With an additional undrawn revolving credit facility and strong second half free cash flow expected from the other operations, we remain well-positioned to manage remediation costs at Çöpler, as well as our reinvestment needs across the business.

憑藉額外的未提取循環信貸額度和其他業務預計下半年的強勁自由現金流，我們仍然能夠很好地管理 Çöpler 的補救成本以及整個業務的再投資需求。

Now on to slide 7, where Bill will discuss the operations starting with Marigold.

現在轉到幻燈片 7，Bill 將在其中討論從 Marigold 開始的操作。

Thanks, Michael. Marigold's second-quarter production of 26,000 ounces was in line with our expectation. The 2024 mine plan called for the second quarter to feature the lowest production and highest cost of the year, reflecting the focus on waste stripping at Red Dot in the first half of 2024, and a catch-up in sustaining capital spend to bring us back on track for the year-to-date spend.

謝謝，麥可。Marigold 第二季產量為 26,000 盎司，符合我們的預期。2024 年礦場計畫要求第二季產量達到全年最低水平，成本達到最高水平，這反映出 2024 年上半年紅點工廠的重點是廢物剝離，以及在維持資本支出方面的追趕，以讓我們恢復活力今年迄今的支出步入正軌。

With the first half now complete, we expect production and cost to improve meaningfully in the second half of the year, particularly in the fourth quarter. Marigold remains on track for its full-year production and cost guidance. Brownfield growth activity at Buffalo Valley and other near mine targets advanced during the quarter, as we look to continue to replace mine depletion and potentially further extend Marigold's operating life.

隨著上半年的完成，我們預計下半年的產量和成本將顯著改善，特別是第四季。Marigold 的全年產量和成本指引仍處於正軌。布法羅谷和其他鄰近礦山目標的棕地增長活動在本季度取得進展，因為我們希望繼續替代礦山枯竭，並有可能進一步延長 Marigold 的運營壽命。

Now on to Seabee. At Seabee, second-quarter production was 17,000 ounces at an AISC of $1,626 per ounce. Production and costs were in line with expectations, as grade mined and processed are expected to average between 5 and 6 grams per tonne for the remainder of 2024. Seabee remains on track for full year guidance.

現在來說說海蜂。Seabee 第二季產量為 17,000 盎司，AISC 為每盎司 1,626 美元。產量和成本符合預期，預計 2024 年剩餘時間內開採和加工的品位平均為每噸 5 至 6 克。Seabee 仍有望實現全年指引。

Exploration activity at Seabee continues to focus on near mine extensions to existing underground mineralization, as well as the continued advancement of Porky and Porky West targets. The Porky targets represent a potential mine life extension opportunity, and the Seabee team are aggressively advancing technical studies to better delineate the opportunity.

Seabee 的勘探活動繼續專注於現有地下礦化的近礦區延伸，以及 Porky 和 ​​Porky West 目標的持續推進。Porky 目標代表了延長礦山壽命的潛在機會，Seabee 團隊正在積極推進技術研究，以更好地描繪這一機會。

Now on to Puna. Puna produced 2.7 million ounces of silver in the second quarter, a strong bounce back from softer production in the first quarter due to heavy rains. AISC of $15.19 per ounce in the second quarter demonstrated Puna's significant free cash flow of margins in the current silver price environment.

現在前往普納。普納第二季白銀產量為 270 萬盎司，從第一季因大雨導致的產量疲軟中強勁反彈。第二季 AISC 為每盎司 15.19 美元，這表明 Puna 在當前白銀價格環境下擁有可觀的利潤自由現金流。

The first half production of 4.6 million ounces of silver at an AISC of [$15.36] per ounce. Puna remains well on track for full year guidance. In addition, exploration and technical work continues to evaluate opportunities to extend operations at Puna through potential extensions at Chinchillas and continued advancement of the Cortaderas target through near mine drilling.

上半年白銀產量為 460 萬盎司，AISC 為每盎司 [15.36 美元]。普納仍有望實現全年指引。此外，勘探和技術工作繼續評估透過 Chinchillas 的潛在延伸以及透過近礦鑽探繼續推進 Cortaderas 目標來擴展 Puna 作業的機會。

Now, we'll turn back to Rod for closing remarks.

現在，我們將請羅德致閉幕詞。

Thanks, Bill and Michael. As you can see, our second-quarter results were well aligned to our expectations, with Marigold, Seabee, and Puna all on track to meet full-year guidance. We'll continue to diligently advance remediation efforts at Çöpler and remain fully committed to returning to operations in third [year].

謝謝，比爾和邁克爾。正如您所看到的，我們第二季的業績與我們的預期非常一致，Marigold、Seabee 和 Puna 都有望達到全年指引。我們將繼續努力推進埃普勒的修復工作，並繼續全力致力於恢復第三個工廠的運營[年]。

So with that, I will turn the call over to the operator for any questions you may have.

因此，如果您有任何問題，我會將電話轉給接線員。

(Operator Instructions) Lawson Winder, Bank of America.

（操作員指令）Lawson Winder，美國銀行。

Thanks, operator. And hello, Rod and team. Thanks for the update, and my condolences to your colleagues and their families. I just wanted to ask about a statement in the release where you said that you're not able to estimate when and under what conditions the mine will resume at Çöpler and implied in that is that the mine will restart. Have you received indications from Turkish authorities suggesting that the mine will start at some unknown time and under some unknown conditions?

謝謝，接線生。羅德和他的團隊，大家好。感謝您的更新，並向您的同事及其家人表示慰問。我只是想問新聞稿中的一份聲明，您在聲明中表示，您無法估計何時以及在什麼條件下，阿普勒礦井將恢復運行，並暗示該礦井將重新啟動。您是否收到土耳其當局的指示，表明該礦將在某個未知時間和某些未知條件下啟動？

Yeah, look. As you can appreciate maybe the focus for us has been on the priorities as I outlined. And moving diligently through each one of those sequences is really important to put us in the right environment for us to gain those approvals for restart. So those discussions are underway.

是的，看。正如您所理解的，也許我們的重點是我概述的優先事項。努力完成這些序列中的每一個對於讓我們處於正確的環境中以獲得重新啟動的批准非常重要。所以這些討論正在進行中。

Obviously, I'm not going to provide too much more color or comment on those. But we are actively discussing the work forward plan for Çöpler, as we move through each one of those stages.

顯然，我不會提供太多的顏色或評論。但隨著我們經歷每個階段，我們正在積極討論 Çöpler 的工作未來計畫。

Okay. All right. Well, thanks. That's helpful, Rod.

好的。好的。嗯，謝謝。這很有幫助，羅德。

And then could I also ask about some of the exploration you guys have touched on in your presentation and in the results, when you look to year end? So two questions on the reserve update. With the existing operations do you anticipate replacing reserves based on drilling to date and do you anticipate any change to the gold price assumption on which those reserves are based?

然後我還可以問一下你們在展望年底時在演講和結果中談到的一些探索嗎？關於儲備更新的兩個問題。對於現有的業務，您是否預計會根據迄今為止的鑽探取代儲備，並且您預計這些儲備所基於的金價假設是否會發生任何變化？

As you remember last year we actually did a pretty big comprehensive update to all of our technical reports and I think it was sort of lost earlier this year with the obviously the Çöpler incident. And that was a comprehensive refresh across each one of the operations.

正如您所記得的那樣，去年我們實際上對所有技術報告進行了相當大的全面更新，我認為今年早些時候由於明顯的埃普勒事件而丟失了它。這是對每項業務的全面更新。

The exploration this year is obviously targeted on those targets to -- particularly at both Puna and Seabee to extend mine life, but that work program is still active. So it's a bit early to tell exactly what the results will be or indeed the actual timing of those results to do any more updates to what we already did pretty comprehensively during 2023.

今年的勘探顯然是針對這些目標——特別是在普納和海比，以延長礦山壽命，但該工作計劃仍在進行中。因此，現在要準確判斷結果是什麼，或者這些結果的實際時間對我們在 2023 年已經相當全面地完成的工作進行更多更新還為時過早。

So that's the work plan at the moment. We'll obviously release exploration results as and when they're available or meaningful exploration results as and when they're available. But the real key priority right now is Seabee and Puna.

這就是目前的工作計畫。顯然，我們會在可用時發布探索結果，或在可用時發布有意義的探索結果。但現在真正的重點是 Seabee 和 Puna。

And then on the gold price assumption is there any intention to change that for the year-end reserve statements or just keep that in line with the technical reports?

那麼，對於金價假設，是否有意改變年終準備金報表的假設，或只是與技術報告一致？

Look, we haven't even got to that yet. We won't even assess the gold price until the end of the year, but I think from memory when we did the tech reports for this year, early this year, we were well in line with what our peer group was doing.

看，我們還沒有做到這一點。我們甚至要到年底才會評估金價，但我認為，從記憶中看，當我們在今年年初做今年的技術報告時，我們與同儕團隊的做法非常一致。

Okay. Thank you.

好的。謝謝。

This concludes the question-and-answer session.

問答環節到此結束。

Great. Appreciate it. Thank you, operator, and thank you all for joining us today. And we'll talk again here soon. Thank you.

偉大的。欣賞它。謝謝運營商，也謝謝大家今天加入我們。我們很快就會在這裡再次討論。謝謝。

This brings to 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。您可以斷開線路。感謝您的參與並祝您有個愉快的一天。