SSR Mining Inc (SSRM) 2024 Q3 法說會逐字稿

Hello, everyone, and welcome to SSR Mining's third-quarter 2024 financial results conference call.

大家好，歡迎參加 SSR Mining 2024 年第三季財務業績電話會議。

This call is being recorded.

本次通話正在錄音。

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

現在，為了致開幕詞和介紹，我想將電話會議交給 SSR Mining 的 Alex Hunchak。

Thank you, operator, and hello, everyone.

謝謝接線員，大家好。

Thank you for joining today's conference call, during which we'll provide an update on the Copler incident as well as a review of our third quarter financial results.

感謝您參加今天的電話會議，我們將在會上提供有關 Copler 事件的最新消息以及我們第三季度財務業績的回顧。

Our consolidated financial statements have been presented in accordance with US GAAP.

我們的合併財務報表已依照美國公認會計準則編製。

These financial statements have been filed on EDGAR, SEDAR, the ASX and are also available on our website.

這些財務報表已在 EDGAR、SEDAR 和 ASX 上備案，也可在我們的網站上查閱。

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.

為配合我們的電話會議，我們提供了一個線上網路直播，您可以在我們與本次電話會議相關的新聞稿中找到訪問網路直播的資訊。

Please note that all figures discussed during the call are in US dollars unless otherwise indicated.

請注意，除非另有說明，通話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 in the relevant documents.

今天的討論將包括前瞻性陳述，因此請閱讀相關文件中的揭露。

Additionally, we will refer to non-GAAP financial measures during our discussion and in the accompanying slides.

此外，我們將在討論中和附帶的幻燈片中參考非公認會計準則財務指標。

Please see our press release for information about the comparable GAAP measures.

有關可比較 GAAP 指標的信息，請參閱我們的新聞稿。

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

執行主席 Rod Antal 將與財務長 Michael Sparks 一同任職；以及營運和永續發展執行副總裁 Bill MacNevin 出席今天的電話會議。

I will now turn the line over to Rod.

現在我將電話轉給羅德。

Great.

偉大的。

Thanks, Alex, and thanks for everyone for joining us today.

謝謝，亞歷克斯，也謝謝大家今天的參與。

I'm going to start today's call with an update on Copler, summarizing the work completed to date in the key areas of focus going forward.

我將在今天的電話會議上介紹科普勒的最新情況，總結迄今為止在未來重點關注的重點領域所完成的工作。

We will then provide an update on the third quarter financial results and operational highlights for Marigold, Seabee and Puna.

然後，我們將提供 Marigold、Seabee 和 Puna 第三季財務業績和營運亮點的最新資訊。

At Copler, we've made good progress on the four key priorities since the incident.

在科普勒，自事件發生以來，我們在四個關鍵優先事項上取得了良好進展。

These have been: first, the recovery of our missing colleagues; two, the containment and remediation of the site; third, the investigation into the root cause of the heap leach failure; and fourth, preparing for the restart of the Copler mine.

這些工作包括：首先，找到了我們失蹤的同事；二、現場的控制與修復；三是調查堆浸失敗的根本原因；第四，為重啟科普勒礦井做準備。

With respect to our missing colleagues, all nine individuals have been recovered and returned to their families.

關於我們失蹤的同事，九名人員都已找到並回到家人身邊。

We are continuing to support the families and the community members impacted by the Copler incident.

我們將繼續為受到科普勒事件影響的家庭和社區成員提供支持。

Second, all of the planned containment infrastructure has been successfully installed and are proving to be effective.

其次，所有計劃中的遏制基礎設施均已成功安裝，並證明是有效的。

Public statements from the Turkish government officials continue to reiterate that there has been no recordable contamination to local soil, water or air in the sampling locations.

土耳其政府官員的公開聲明不斷重申，採樣地點沒有出現對當地土壤、水或空氣造成可記錄的污染的情況。

In partnership with the Turkish authorities, we have continued to progress the remediation at site.

我們與土耳其當局合作，繼續推動現場修復工作。

Good progress has been made to date with over 16 million tonnes of the displaced heap leach material moved into temporary storage locations, including substantially all the displaced material from the Sabirli Valley.

截至目前，工作進展順利，已有超過 1,600 萬噸的堆浸材料被轉移至臨時儲存地點，其中包括來自薩比爾利谷的幾乎所有堆浸材料。

As part of the remediation work and as previously disclosed, the heap leach pad will be permanently closed and no future heap leach processing will take place at Copler.

作為補救工作的一部分，如前所述，堆浸場將永久關閉，並且科普勒將來不會進行任何堆浸處理。

We are continuing discussions with the Turkish government officials around the final remediation plan, including the approval and construction of the East storage facility, which will permanently close, which will permanently store all of this displaced material.

我們正在繼續與土耳其政府官員討論最終的補救計劃，包括批准和建造東部儲存設施，該設施將永久關閉，並永久儲存所有這些流離失所的物質。

The Copler remediation and containment work is estimated to cost between $250 million to $300 million and take a total of 24 to 36 months to complete.

科普勒污染修復和控制工作預計耗資 2.5 億至 3 億美元，總共需要 24 至 36 個月才能完成。

In the third quarter of 2024, $48 million was spent on remediation activities at Copler, bringing total remediation spend since April 1 to $103 million.

2024 年第三季度，科普勒的修復活動花費了 4,800 萬美元，自 4 月 1 日以來的修復總支出達到 1.03 億美元。

Third, on the incident investigation.

三、關於事件調查。

The initial design of the heap leach facility prepared prior to commencing production in 2010 and each subsequent expansion thereafter was engineered, reviewed and approved by independent third-party engineering firms.

堆浸設施的初始設計在 2010 年開始生產之前準備好，此後每次擴建均由獨立的第三方工程公司設計、審查和批准。

Throughout the various stages of construction across the life of the heap leach facility, third-party reviews were also conducted to ensure conformance with underlying engineering design parameters.

在堆浸設施整個使用壽命的各個建設階段，也進行了第三方審查，以確保符合底層工程設計參數。

The investigations into the cause of the Copler incident began shortly after the event.

對科普勒事件原因的調查在事件發生後不久就開始了。

We commissioned independent experts to review the design, construction and operations of the heap leach facility.

我們委託獨立專家審查堆浸設施的設計、建造和營運。

To date, this review has not identified any material nonconformance with the construction or operation of the heap leach facility relative to the third-party engineered design parameters.

迄今為止，本次審查尚未發現堆浸設施的建造或運作與第三方工程設計參數有任何重大不符合情況。

The last point with respect to a potential restart.

最後一點與可能的重啟有關。

We continue to work closely with the relevant authorities to advance the required permits for the restart of the Copler mine.

我們繼續與相關部門密切合作，以推進重啟科普勒礦所需的許可證。

Once all regulatory approvals, including the operating permits are reinstated, it is anticipated that the initial operations at Copler could restart within 20 days from that point.

一旦包括營運許可證在內的所有監管部門批准恢復，預計科普勒核電廠的初始營運將在 20 天內恢復。

So now let's move on to Slide 4, where Michael will discuss the third quarter results.

現在讓我們看幻燈片 4，Michael 將在其中討論第三季的業績。

Thanks, Rod, and good afternoon, everyone.

謝謝，羅德，大家下午好。

Third quarter 2024 production was 97,000 gold equivalent ounces at all-in sustaining costs of $2,065 per ounce, which includes cash care and maintenance costs incurred at both Copler and Seabee, representing approximately $252 an ounce.

2024 年第三季的產量為 97,000 黃金當量盎司，總維持成本為每盎司 2,065 美元，其中包括 Copler 和 Seabee 發生的現金護理和維護成本，約為每盎司 252 美元。

Seabee was placed into temporary care and maintenance due to forest fires on August 21 and operations were subsequently restarted on October 11.

由於 8 月 21 日發生森林火災，Seabee 號被置於臨時護理和維護狀態，並於 10 月 11 日恢復運作。

Year-to-date, Marigold, Seabee and Puna have combined to produce 249,000 gold equivalent ounces.

今年迄今為止，Marigold、Seabee 和 Puna 共生產了 249,000 盎司黃金當量。

During the quarter, we continue to advance brownfield exploration programs at Marigold, Seabee and Puna, which Bill will discuss later.

本季度，我們繼續推動 Marigold、Seabee 和 Puna 的棕地勘探計劃，Bill 稍後將對此進行討論。

Additionally, site establishment and engineering activities at Hod Maden continue to progress.

此外，Hod Maden 的場地建立和工程活動也持續進行。

On to Slide 5 for a brief look at the financial results.

請參閱投影片 5 以簡要了解財務結果。

We recorded attributable net income of $0.05 per share in the third quarter, while adjusted net income per share was $0.03, largely reflecting the exclusion of minor tax and foreign exchange gains recorded in the quarter.

我們在第三季記錄的應佔淨收入為每股 0.05 美元，而調整後的每股淨收入為 0.03 美元，主要反映了本季度記錄的少量稅收和外匯收益的排除。

As a reminder, we do not adjust for care and maintenance costs and the full impact of these expenses at both Copler and Seabee are included in our adjusted net income.

提醒一下，我們沒有調整護理和維護成本，Copler 和 Seabee 的這些費用的全部影響都包含在我們的調整後淨收入中。

Including the remediation spend at Copler, third quarter cash generated by operating activities was negative $1 million, while free cash flow was negative $34 million.

包括科普勒的補救支出，第三季經營活動產生的現金為負 100 萬美元，而自由現金流為負 3,400 萬美元。

We finished the quarter with $334 million in total cash and a net cash position of $104 million and total liquidity of $834 million.

本季結束時，我們的總現金為 3.34 億美元，淨現金部位為 1.04 億美元，總流動資金為 8.34 億美元。

With our existing liquidity and an outlook for improved production and free cash flow generation in the fourth quarter, we remain in a strong position financially and are well positioned to manage the remediation costs at Copler as well as continue our reinvestment needs across the business.

憑藉我們現有的流動資金以及第四季度生產改善和自由現金流產生的前景，我們的財務狀況仍然強勁，並且能夠很好地管理 Copler 的補救成本，並繼續滿足整個業務的再投資需求。

On to Slide 7 to discuss the operations where Bill will start with Marigold.

轉到投影片 7，討論 Bill 將從 Marigold 開始的操作。

Thanks, Michael.

謝謝，麥可。

Marigold's third quarter production of 48,000 ounces was in line with expectations.

Marigold 第三季的產量為 48,000 盎司，符合預期。

As the 2024 mine plan calls for, the fourth quarter has the lowest production and highest cost of the year.

正如2024年礦山計畫所要求的，第四季是全年產量最低、成本最高的季度。

Marigold remains on track to meet its full year production guidance of 155,000 to 175,000 ounces.

Marigold 仍有望實現全年 155,000 至 175,000 盎司的產量目標。

However, we now expect increased full year costs due predominantly to increased royalty costs and higher-than-expected maintenance component costs.

然而，我們現在預計全年成本將增加，主要原因是特許權使用費增加以及維護組件成本高於預期。

Of the increase to Marigold's AISC guidance, approximately 60% is associated with higher royalty costs resulting from the strong gold price in 2024.

在 Marigold 的 AISC 指導價格上漲中，約 60% 與 2024 年金價走強導致的特許權使用費上漲有關。

We expect both of these cost pressures to persist into 2025.

我們預計這兩種成本壓力都將持續到 2025 年。

Brownfield exploration and desktop studies at Buffalo Valley advanced during the quarter as we look to continue to replace mine depletion and potentially further expand Marigold's operating life.

本季度，布法羅谷的棕地勘探和桌面研究取得進展，我們希望繼續彌補礦山的枯竭，並進一步延長 Marigold 的營運壽命。

Now on to Seabee, at Seabee, third quarter production of 10,000 ounces reflected the temporary suspension of operations on August 21 due to forest fires in the vicinity of the mine.

現在來說說 Seabee，在 Seabee，第三季的產量為 10,000 盎司，反映了 8 月 21 日因礦場附近發生森林火災而暫停營運的情況。

Thankfully, none of our employees were injured by these fires and the process plant in Santoy mine were not materially impacted.

值得慶幸的是，我們的員工都沒有在火災中受傷，桑托伊礦場的加工廠也沒有受到重大影響。

While some remote equipment, including power poles, piping and exploration equipment was damaged, operations were fully restarted on October 11.

雖然一些遠端設備（包括電線桿、管道和勘探設備）遭到損壞，但營運已於 10 月 11 日全面恢復。

Due to the suspension, Seabee's full year 2024 guidance is now 65,000 to 70,000 ounces at AISC of $1,725 to $1,755 per ounce.

由於暫停，Seabee 的 2024 年全年產量預期目前為 65,000 至 70,000 盎司，AISC 價格為每盎司 1,725 至 1,755 美元。

Seabee continues to focus on evaluating and drilling near-mine extensions to existing underground mineralization as well as the continued advancement of the Porky and Porky West targets.

Seabee 繼續專注於評估和鑽探現有地下礦化的近礦延伸區域以及 Porky 和 ​​Porky West 目標的持續推進。

The Porky targets represent a potential mine life extension opportunity and the Seabee team is aggressively advancing technical studies to better delineate the opportunity.

Porky 目標代表著潛在的延長水雷壽命的機會，海蜂隊正在積極推進技術研究，以更好地把握這一機會。

While the surface drilling program was impacted by forest fires in the third quarter, the vegetation cover cleared by the fires have provided our exploration team with new opportunities to evaluate surface targets in the coming field seasons.

雖然地面鑽探計劃在第三季度受到森林火災的影響，但火災清除的植被為我們的勘探團隊在接下來的野外季節評估地面目標提供了新的機會。

Now on to Puna, Puna produced 2.9 million ounces of silver in the third quarter, reflecting a second consecutive quarter of record throughputs for the Pirquitas processing facility.

現在來說說普納 (Puna) 礦，普納礦在第三季生產了 290 萬盎司白銀，這反映了 Pirquitas 加工廠連續第二個季度創下產量記錄。

Owing to strong operating results over the last 2 quarters, Puna is now expected to produce 10 million to 10.5 million ounces of silver in 2024, an increase of more than 1 million ounces of silver on a midpoint basis.

由於過去兩個季度的強勁營運業績，Puna 預計 2024 年白銀產量將達到 1,000 萬至 1,050 萬盎司，按中位數計算將增加 100 萬盎司以上。

While Puna's full year cost expectations are unchanged, the AISC of $1,537 per ounce in the third quarter demonstrated Puna's significant free cash flow margins in the current silver price environment.

雖然 Puna 的全年成本預期保持不變，但第三季每盎司 1,537 美元的 AISC 證明了 Puna 在當前白銀價格環境下擁有可觀的自由現金流利潤率。

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.

此外，勘探和技術工作仍在繼續評估透過在 Chinchillas 的潛在延伸來擴大 Puna 業務的機會，並透過近礦鑽探繼續推進 Cortaderas 目標。

Now I'll turn back to Rod for closing remarks.

現在我請羅德作最後發言。

Great.

偉大的。

Thanks, Michael, and thanks, Bill.

謝謝，邁克爾，謝謝，比爾。

As I mentioned, we set out 4 commitments following the Copler incident.

正如我所提到的，我們在科普勒事件後提出了四項承諾。

These commitments are important milestones in the path towards a potential restart of the operation.

這些承諾是重啟行動的重要里程碑。

And I mentioned we continue to make good progress on all the fronts.

我提到我們在各方面繼續取得良好進展。

We are looking forward to a strong close to the year at each of Marigold, Seabee and Puna, and we'll continue to advance opportunities to improve our business through operational excellence, initiatives and brownfields growth projects as we move into 2025.

我們期待 Marigold、Seabee 和 Puna 在今年取得圓滿成功，並在邁入 2025 年之際，繼續透過卓越營運、各項舉措和棕地成長項目，抓住機會改善我們的業務。

As Michael mentioned, we have continued to advance Hod Maden, and we expect to provide an update on our anticipated 2025 capital spend at the project with our normal guidance update early next year.

正如邁克爾所提到的，我們一直在推進 Hod Maden 項目，我們預計將在明年初的正常指導更新中提供有關該項目預計 2025 年資本支出的最新資訊。

To date, our work continues to demonstrate an exceptionally high-quality asset that will be a key contributor to our portfolio going forward.

到目前為止，我們的工作繼續展現出卓越的高品質資產，這將成為我們未來投資組合的關鍵貢獻者。

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

因此，如果您有任何問題，我將把電話轉給接線員。

Thank you.

謝謝。

(Operator Instructions) Ovais Habib, Scotiabank.

(操作員指示) Ovais Habib，豐業銀行。

Just a couple of questions from me.

我只是有幾個問題而已。

Starting off just on the Copler remediation.

從 Copler 修復開始。

You've talked about, obviously, this temporary storage facility right now.

顯然，您現在已經談到了這個臨時儲存設施。

And then obviously, you're going to go to a more permanent storage facility at one point.

然後顯然，你最終會去一個更永久的儲存設施。

What you're waiting for, I guess, approvals, what kind of approvals do you need?

我想，您在等待的是批准，您需要什麼樣的批准？

Are there permits required?

需要許可證嗎？

Anything else that you need kind of to go forward with that?

您還需要其他什麼來繼續推進這項工作嗎？

Any sort of color on that would be appreciated.

任何種類的顏色都會受到讚賞。

Yes.

是的。

Thanks,.

謝謝，。

Look, I think the pleasing status of where we are right now from a remediation perspective is the key point is substantially all the materials out of the Sabirli Valley.

看，我認為從補救的角度來看，我們現在的令人滿意的狀況是關鍵點是基本上所有材料都離開了薩比爾利山谷。

So that's really the good news.

這確實是個好消息。

And of course, when the incident happened, we didn't have a final sort of design for what the ultimate storage facility would be and nor did we expect that we'd have to recreate one.

當然，當事件發生時，我們還沒有最終確定最終的儲存設施的設計，也沒有想到我們必須重新創建一個。

So since that date, we've been in consultation with the government going through the various options that we had to not only locate the permanent storage facility, but also define it from an engineering perspective as well as meeting the commitments from the Turkish regulations of what the requirements are for a foreclosure.

因此，自那時起，我們一直在與政府協商，研究各種選擇，不僅要找到永久儲存設施，還要從工程角度對其進行定義，並滿足土耳其法規中關於止贖要求的承諾。

So all of that work has been ongoing, Ovais.

所以所有這些工作都在進行中，Ovais。

And the location was chosen, which is good, which is we've termed the storage facility.

而且地點也已經選定，我們稱之為儲存設施。

The engineering has progressed.

工程已取得進展。

The discussions are going on with the regulators to ensure that we have met all of the requirements as well.

我們正在與監管機構進行討論，以確保我們也滿足所有要求。

And remember, this will be the first closure of this type in country.

請記住，這是國內首次發生此類關閉事件。

So we're making sure that we're taking all the right steps.

因此我們要確保採取完全正確的措施。

And once that's all done, the approvals will be forthcoming.

一旦一切完成，就會獲得批准。

So we do expect that early next year.

所以我們確實預計明年初就會出現這種情況。

And then from that point, we'll start the efforts around the construction and then moving the materials in the temporary locations to the permanent one.

從那時起，我們將開始施工，然後將臨時地點的材料運送到永久地點。

And just in terms of the EIA, in terms, now you're kind of reverting back, I believe, to the 2012 EIA.

就 EIA 而言，我認為現在又回到了 2012 年的 EIA。

And it's kind of talking about 6,000 tonnes per day versus the 9,000 tonnes per day that was in the 2021 EIA.

也就是說，目前產量約為每天 6,000 噸，而 2021 年 EIA 預測的產量為每天 9,000 噸。

Assuming you get all the necessary approvals to restart, would you be looking at a restart at that 6,000 tonnes per day then versus the 9,000?

假設您獲得了重啟所需的所有批准，您是否會考慮以每天 6,000 噸的產量重啟，而不是 9,000 噸？

Just some clarity there.

只是有些清楚。

Yes, that's correct, Ovais.

是的，正確，Ovais。

I think, look, the cancellation, as we've disclosed, was an administrative appeal in the court.

我認為，正如我們所披露的，取消是向法院提出的行政上訴。

There is efforts going on in country to appeal those case in conjunction with the appropriate government departments.

該國正在與相關政府部門合作，對此案提出上訴。

So that is continuing in the background.

因此這在後台繼續進行。

But the default position is back to the 2014 EIA, which limits the throughput rates to 6,000 tonnes per day.

但預設立場又回到了 2014 年 EIA，即將吞吐率限制在每天 6,000 噸。

So that will be the assuming all things being equal, as we know it today, that would be the fallback position, and we'll plan on those accordingly.

所以這將是假設所有條件都相同，正如我們今天所知，這將是後備立場，我們將相應地制定計劃。

And then in the future, we have to anyway do an EIA refresh in the future, and that will just accelerate those efforts moving into next year.

然後在未來，我們無論如何都要進行 EIA 更新，這只會加速明年的努力。

And just last question for me.

這是我的最後一個問題。

In terms of any sort of restart over here, with your discussions that you're having with the regulators, does the restart have to wait until all remediation is complete?

就這裡的任何重啟而言，根據您與監管機構的討論，重啟是否必須等到所有補救措施完成？

Or can you restart while the remediation is taking place?

或者您可以在修復過程中重新啟動嗎？

It's not dependent on all of the remediation or other efforts around it.

它並不依賴所有的補救措施或其他努力。

The discussions that we've had and as I sort of mentioned, I think all of the efforts that we've had underway and are currently underway and some are completed, some are still ongoing at Copler are really a precursor to those conversations.

正如我所提到的，我認為我們已經進行的討論和目前正在進行的所有努力，以及一些已經完成、一些仍在科普勒進行中的努力，實際上都是這些對話的先兆。

And as you can imagine, actively and continually, there's many levels of government that those conversations are continuing to evolve.

你可以想像，這些對話在政府的許多層面上都在積極而持續地發展。

So it's not necessarily all on the condition that we finish all this work, but it helps while we're having those conversations because we're acting out our commitments to make good post the Copler incident, and we'll continue to have the dialogue with the various government departments to ultimately achieve a restart at Copler.

因此，這並不一定意味著我們必須完成所有這些工作，但在我們進行這些對話時，這很有幫助，因為我們正在履行我們的承諾，以做好科普勒事件後的工作，我們將繼續與各個政府部門進行對話，最終實現科普勒核電廠的重啟。

(Operator Instructions) And ladies and gentlemen, I'm showing no additional questions at this time, we'll close today's question-and-answer session as well as today's conference call.

(操作員指示)女士們、先生們，我現在沒有其他問題了，我們將結束今天的問答環節以及今天的電話會議。

We do thank you for joining the presentation.

我們非常感謝您參加本次演講。

You may now disconnect your lines.

現在您可以斷開線路了。