Silvercorp Metals Inc (SVM) 2025 Q3 法說會逐字稿

Thank you for standing by, and good afternoon. My name is Chloe, and I will be your conference operator for today. At this time, I would like to welcome everyone to the Silvercorp's third quarter fiscal 2025 financial results conference call. (Operator Instructions)

感謝您的支持，下午好。我叫 Chloe，今天我將擔任您的會議主持人。現在，我歡迎大家參加Silvercorp 2025財年第三季財務業績電話會議。（操作員指示）

I would now like to turn the conference over to Lon Shaver, President of Silvercorp. Please go ahead.

現在我想將會議交給 Silvercorp 總裁 Lon Shaver。請繼續。

Thank you, Chloe. On behalf of Silvercorp, I'd like to welcome everyone to the call this morning or afternoon, wherever you may be. Today, we'll discuss our third quarter fiscal 2025 financial results, which we released on Tuesday after the market closed. A copy of the news release, our MD&A, and the financial statements are available on our website and on SEDAR+.

謝謝你，克洛伊。我謹代表 Silvercorp 歡迎各位參加今天上午或下午的電話會議，無論您身在何處。今天，我們將討論我們於週二股市收盤後發布的 2025 財年第三季財務業績。新聞稿、我們的 MD&A 和財務報表的副本可在我們的網站和 SEDAR+ 上查閱。

Before we jump in on the call, note that certain statements on today's call will contain forward-looking information within the meaning of securities laws. And please review the cautionary statements in our news release as well as the risk factors described in our most recent regulatory filings.

在我們開始電話會議之前，請注意，今天電話會議中的某些聲明將包含證券法所定義的前瞻性資訊。請查看我們新聞稿中的警告聲明以及我們最近的監管文件中所述的風險因素。

And now to jump in and recap our financial results. Fiscal Q3 was our strongest quarter ever, and this was highlighted by record revenue of $84 million, which was up 43% from the quarter last year; record operating cash flow of $45 million, which is up 90%; and record silver production of 1.9 million ounces, which was up 16%. This growth was driven by a strong performance from our flagship Ying Mine, which also successfully completed a mill expansion in early December and will be increasing production capacity from 2,500 to 4,000 tonnes per day.

現在我們來回顧一下我們的財務表現。第三財季是我們有史以來表現最強勁的一個季度，其中最突出的是創紀錄的 8400 萬美元的收入，比去年同期增長 43%；創紀錄的 4500 萬美元的經營現金流，增長 90%；創紀錄的 190 萬盎司白銀產量，增長 16%。這一增長得益於我們旗艦礦山英礦的強勁表現，該礦山還在 12 月初成功完成了選礦廠擴建，並將日產量從 2,500 噸提高到 4,000 噸。

In addition, a robust commodity market led to improved realized metals prices compared to the same period last year. And in particular, the realized gold and silver price rose by 35%, the zinc price rose by 49%, and lead by 8%.

此外，大宗商品市場強勁，導致金屬實際價格較去年同期上漲。其中，黃金、白銀實現價格上漲35%，鋅價格上漲49%，鉛價格上漲8%。

Silver remains our most important metal and contributed 63% of our net realized Q3 revenue this year, and that compared to 59% of revenue in last year's fiscal Q3. The results, again, reinforce why Silvercorp remains a compelling investment. We are a growing and profitable silver producer that provides investors with leverage to higher metals prices.

白銀仍然是我們最重要的金屬，貢獻了我們今年第三季淨實現收入的 63%，而去年財年第三季的營收為 59%。結果再次證明了為什麼 Silvercorp 仍然是一項引人注目的投資。我們是一家成長型、獲利型白銀生產商，為投資者提供金屬價格上漲的槓桿。

Moving down the income statement. Attributable net income for the quarter was $26 million or $0.12 per share, more than double the $11 million or $0.06 a share that was reported in the same period last year. On an adjusted basis, removing the impact of non-cash and one-time items, our net income for the quarter was $22 million or $0.10 per share compared to $11 million or $0.06 in the comparative quarter.

向下移動損益表。本季可歸屬淨利潤為 2,600 萬美元，即每股 0.12 美元，較去年同期的 1,100 萬美元或每股 0.06 美元增長一倍以上。經過調整後，剔除非現金和一次性項目的影響，本季我們的淨收入為 2,200 萬美元或每股 0.10 美元，而去年同期為 1,100 萬美元或每股 0.06 美元。

The increase in our bottom line primarily reflects the higher metals prices as well as higher volumes of gold, silver, and lead sold, which increased 40%, 15%, and 5%, respectively, year over year. And these increases were partially offset by a 10% decrease in zinc sold, a $2 million increase in admin expenses, and a one-time $12 million government payment related to the renewal of our mining license at the SGX mine.

我們的底線成長主要反映了金屬價格上漲以及黃金、白銀和鉛銷量增加，分別較去年同期成長 40%、15% 和 5%。但這些增長被鋅銷售下降 10%、管理費用增加 200 萬美元以及與 SGX 礦山採礦許可證續約相關的 1,200 萬美元政府一次性付款部分抵消。

Now looking at cash flow from operating activities, our mines generated $45 million this past quarter. This is up 90% year over year, driven by higher metal prices, increased sales, and $10 million inflow from changes in non-GAAP working capital. And that's compared to $135,000 outflow for the changes of non-cash working capital last year. Even after adjusting for non-cash working capital changes, our cash flow still grew by 47% year over year.

現在來看看經營活動產生的現金流，我們的礦山上個季度創造了 4500 萬美元的現金流。這一數字比去年同期增長了 90%，主要原因是金屬價格上漲、銷售額增加以及非 GAAP 營運資本變化帶來的 1,000 萬美元流入。相較之下，去年非現金營運資本變動的流出量為 13.5 萬美元。即使在調整非現金營運資本變動後，我們的現金流量仍較去年同期成長47%。

During the quarter, we invested $25 million in our mines and projects. This is up 29% from last year and is largely due to increased underground development and completion of the new tailing storage facility and the mill expansion projects at the Ying Mine, as well as ongoing spending at El Domo and Condor projects in Ecuador.

本季度，我們向礦山和專案投資了 2500 萬美元。這一數字比去年增長了 29%，主要原因是 Ying 礦的地下開發力度加大、新尾礦儲存設施和工廠擴建項目的完工，以及厄瓜多爾 El Domo 和 Condor 項目的持續投入。

Additionally, we repaid Wheaton Precious Metals $13.25 million that had been drawn as an early deposit for the El Domo project, paid $2.7 million in dividends, and repurchased close to $1 million worth of our shares under the current NCIB program.

此外，我們還向 Wheaton Precious Metals 償還了為 El Domo 項目提取的 1,325 萬美元早期定金，支付了 270 萬美元的股息，並根據當前的 NCIB 計劃回購了價值近 100 萬美元的股票。

We ended 2024 with a healthy cash balance of $355 million which includes $143 million in net proceeds from our convertible notes offering, which we completed last November. This cash position does not include our investments in our associates and other companies, which had a total market value of $69 million as of December 31, and this value is up slightly to $73 million as of today.

截至 2024 年，我們的現金餘額為 3.55 億美元，其中包括去年 11 月完成的可轉換票據發行的 1.43 億美元淨收益。這項現金狀況不包括我們對聯營公司和其他公司的投資，截至 12 月 31 日，這些投資的總市值為 6,900 萬美元，截至今天，這一價值略有上升，達到 7,300 萬美元。

Turning to our operating results. As we reported in January, Ying delivered record performance in Q3, which drove an 11% and 16% increase year over year in the company's total ore mined and milled. As a result, our production of silver, gold, and lead increased by 16%, 53%, and 5%, respectively, in Q3.

談到我們的經營績效。正如我們在一月份報導的那樣，英金礦業在第三季度取得了創紀錄的業績，推動公司開採和加工的礦石總量同比增長 11% 和 16%。結果，我們第三季的白銀、黃金和鉛產量分別成長了16%、53%和5%。

Zinc production decreased by 10% compared to last year due to lower head grades. Year to date, we have produced 5.3 million ounces of silver, 4,400 ounces of gold, 46 million pounds of lead, and 19 million pounds of zinc.

由於品位較低，鋅產量較去年同期下降了 10%。今年迄今為止，我們已經生產了 530 萬盎司白銀、4,400 盎司黃金、4,600 萬磅鉛和 1,900 萬磅鋅。

With the successful expansion of our mill number two and a 145,000-tonne ore stockpile, we kept the plant running at Ying during Chinese New Year. And we remain confident in achieving our silver guidance of between 6.7 million to 7.2 million ounces for fiscal 2025.

隨著我們二號工廠的成功擴建和 145,000 噸礦石庫存的增加，我們確保營礦的工廠在農曆新年期間能夠正常運作。我們仍有信心實現 2025 財年 670 萬至 720 萬盎司白銀產量的目標。

On the unit cost front, production costs averaged $78 per tonne in Q3, 5% higher than last year due to more underground development and grade control drilling completed and expensed as part of the mining cost. Year-to-date production costs averaged $80 per tonne, which was in line with our annual cost guidance of between $77 and $80 per tonne.

在單位成本方面，第三季的生產成本平均為每噸 78 美元，比去年高出 5%，因為完成了更多的地下開發和品位控制鑽探，並將其作為採礦成本的一部分支出。年初至今的生產成本平均為每噸 80 美元，符合我們每噸 77 至 80 美元的年度成本指引。

Our cash cost per ounce of silver net of byproducts was negative $1.88 in Q3, lower than the negative $0.96 in the prior year quarter, which reflected a $6 million increase in byproduct credits which offset the impact of higher production costs. And our all-in sustaining production cost increased by 10% year over year to $150 per tonne in Q3, driven by a 5% increase in unit production costs and a 3% increase in sustaining capital expenditures.

第三季度，我們每盎司白銀的現金成本（扣除副產品）為負 1.88 美元，低於去年同期的負 0.96 美元，這反映了副產品信用額度增加了 600 萬美元，抵消了生產成本上升的影響。我們的整體維持生產成本在第三季年增 10%，達到每噸 150 美元，這得益於單位生產成本成長 5% 和維持資本支出成長 3%。

However, year-to-date all-in sustaining production cost of $146 per tonne is in line with our annual guidance of between $144 to $152 per tonne. Our all-in sustaining cost per ounce of silver net of byproduct credits was $12.75, a 13% increase year over year, reflecting increases in G&A, some sustaining capital, plus some government payments totaling $6 million.

不過，今年迄今的全部維持生產成本為每噸 146 美元，符合我們每年每噸 144 美元至 152 美元的年度指導價格。我們每盎司白銀的淨維持成本（扣除副產品抵免）為 12.75 美元，年增 13%，反映了一般行政費用、部分維持資本以及一些政府支付的增加，總計 600 萬美元。

Turning to our growth projects. As mentioned earlier, we commissioned the mill number two capacity expansion and Phase 1 of our third tailings storage facility at Ying last December. Both were completed on time and under budget. With these upgrades, we are well positioned for sustained production growth in the coming years as we continue to increase mechanization at our underground mines.

轉向我們的成長項目。如前所述，我們於去年 12 月在 Ying 啟動了二號工廠的產能擴建工程和第三座尾礦儲存設施的第一期工程。兩項工程均按時完成，且未超出預算。透過這些升級，隨著我們繼續提高地下礦場的機械化程度，我們為未來幾年持續的生產成長做好了準備。

Additionally, we secured all necessary permits and licenses for the Kuanping satellite project, which is now ready for construction. Recall, as part of our fiscal 2025 budget, we've allocated $1 million for development at Kuanping.

此外，我們還獲得了寬坪衛星專案所需的所有許可證和執照，該專案現已準備好開工。回想一下，作為我們 2025 財政年度預算的一部分，我們已撥款 100 萬美元用於寬坪的開發。

We are leveraging our mine building expertise in Ecuador as we advance construction of the El Domo Copper Gold project. Since acquiring the project last July, we have strengthened our in-country technical and management team.

在推進 El Domo 銅金項目建設的過程中，我們正在利用我們在厄瓜多爾的礦山建設專業知識。自去年七月獲得該專案以來，我們加強了國內技術和管理團隊。

We've optimized the site layout, project infrastructure designs, and our open pit production plan and commenced detailed engineering for the process plant while conducting some additional metallurgical testing to potentially improve gold recovery in our copper concentrate.

我們優化了場地佈局、專案基礎設施設計和露天生產計劃，並開始對加工廠進行詳細工程設計，同時進行了一些額外的冶金測試，以潛在地提高銅精礦中的金回收率。

Additionally, we have signed a power line contract with the Ecuadorian state utility, CNEL. And we finalized the project's materials balance. And for everyone, this is basically an earthmoving schedule, and it really speaks to exactly what get moves when to where, and that includes ore coming from the open pit.

此外，我們也與厄瓜多國家公用事業公司CNEL簽署了電力線合約。我們最終確定了專案的物料平衡。對於每個人來說，這基本上是一個土方工程計劃，它實際上說明了什麼時候將什麼運送到哪裡，其中包括來自露天礦場的礦石。

We've also adopted a unit cost method for contractor bidding, ensuring we pay only on a per tonne of material moved basis going forward. Based on this approach, we awarded the first civil contract to CRCC 14, a seasoned operator in country with over a decade of experience building large infrastructure and mining projects in Ecuador.

我們也採用了承包商投標的單位成本法，確保今後我們僅按每噸材料運輸付費。基於這種方法，我們將第一份土木工程合約授予了中國鐵建十四局集團有限公司，該公司是厄瓜多爾一家經驗豐富的營運商，在厄瓜多爾建設大型基礎設施和採礦項目方面擁有十多年的經驗。

CRCC is now mobilized to build the temporary camp, initial phase of the tailings facility, the waste dump, and other important infrastructure. The remaining two civil contracts for pit stripping and mining as well as for process plant construction are set to be awarded in the coming months, keeping us on track for initial production targeted in the second half of 2026. We look to provide guidance on our capital budget for fiscal 2026 along with our production targets in April.

目前，中國鐵建正全力推動臨時營地、尾礦庫第一階段工程、廢料場等重要基礎建設。其餘兩份土木工程合約（礦坑剝離和採礦以及加工廠建設）預計將在未來幾個月內授予，這將使我們預計在 2026 年下半年實現初始生產。我們希望在 4 月提供 2026 財年資本預算以及生產目標的指導。

At the early stage Condor project, our focus has been on completing a resource review to assess future development plans for what would be a high-grade underground gold mine, and we continue to develop an exploration plan as we further our understanding of the project.

在 Condor 專案的早期階段，我們的重點是完成資源審查，以評估高品位地下金礦的未來開發計劃，並且隨著我們對專案的進一步了解，我們將繼續制定勘探計劃。

We're committed to working closely with the government of Ecuador, local communities, and our in-country partners, Salazar Resources. Our focus on responsible and sustainable development aims to create lasting benefits for both the local communities in the country.

我們致力於與厄瓜多政府、當地社區以及我們的國內合作夥伴 Salazar Resources 密切合作。我們專注於負責任和永續的發展，旨在為該國的當地社區創造持久的利益。

And for that -- with that, operator, I would like to open the call for questions.

就此而言 — — 接線員，我想開始提問環節。

Ladies and gentlemen, we will now conduct the question-and-answer session. (Operator Instructions) Dalton Baretto, Canaccord.

女士們、先生們，我們現在進行問答環節。（操作員指示）Dalton Baretto，Canaccord。

I'm going to start with a housekeeping question here. My understanding is that you guys aren't exposed at all to a lot of the tariff talk that's happening. I just want to confirm that that's the case in how you're fielding questions from investors around it.

我將從一個基本問題開始。我的理解是，你們根本不了解正在發生的許多關稅談判。我只是想確認一下您回答投資者相關問題的方式是否正確。

Hi, Dalton. Yeah, questions definitely coming up on that front. But yeah, as you know, we sell all our concentrates to smelters in country. And that's really not that different from, say, a Mexican or a Peruvian miner that's producing concentrates that obviously has to ship them to a smelter.

你好，道爾頓。是的，這方面的問題一定會出現。但是，是的，如您所知，我們將所有精礦都賣給了國內的冶煉廠。這與墨西哥或秘魯的礦工生產精礦並顯然必須將其運送到冶煉廠的情況並沒有什麼不同。

But obviously, there is advantages to us being a domestic producer. And really, once the metals leave our mine site in concentrate form and we've been paid for them, we really have no further exposure. And we're not exporting anything from China.

但顯然，身為國內生產商我們有優勢。事實上，一旦金屬以精礦形式離開我們的礦場，並且我們收到了付款，我們實際上就不會再有風險了。我們沒有從中國出口任何東西。

Obviously, I sometimes joke the only thing we export is cash in the form of dividends. So we're not bringing anything out of the country to bring into the US. But obviously, Dalton, your analysis follows the sector and the world markets.

顯然，我有時會開玩笑說，我們唯一出口的東西就是股息形式的現金。所以我們不會把任何東西帶出國並帶入美國。但顯然，道爾頓，你的分析遵循了這個行業和世界市場。

So if the tariffs were to impact global economic activity in some way and that's somehow led to an impact on global metals prices, we'd be affected indirectly like any other miner that would be in your coverage universe.

因此，如果關稅以某種方式影響全球經濟活動，並以某種方式對全球金屬價格產生影響，那麼我們就會像您覆蓋範圍內的任何其他礦業公司一樣受到間接影響。

Got it. And then just as a follow-up on El Domo. Is it -- I mean, are you planning to put out some overall game plan going forward with this April update? How comprehensive is it going to be?

知道了。然後作為對 El Domo 的後續報道。是嗎——我的意思是，您是否計劃在 4 月的更新中推出一些總體遊戲計劃？它的全面性如何？

Yes, we are. And what we will do if we have the benefit of some more contracts being signed, then we'll have some fixed numbers in terms of being able to report on actuals. But what we'll be putting together is a budget which is our best estimates of both the total construction as well as the budget for this current fiscal year.

是的。如果我們能從簽署的更多合約中獲益，那麼我們將在報告實際情況方面獲得一些固定的數字。但我們將要製定的預算是我們對本財政年度總建設量和預算的最佳估計。

So we'll have to wait just a little bit longer, but we will have numbers to provide that update. It just seemed a bit premature to put them out now while we're in the midst of finalizing some very important details regarding the construction.

因此我們還需要等待一段時間，但我們會有數據來提供更新。我們正處於最終確定施工相關一些非常重要的細節的過程中，現在就把它們推出去似乎有點為時過早。

But we continue to see the opportunity to cut back on that initial capital, which in the feasibility study have been $248 million. And there's nothing that we're seeing now that causes us to change our view.

但我們仍然看到了削減初始資本的機會，可行性研究中的初始資本為 2.48 億美元。而我們現在所看到的一切都沒有讓我們改變觀點。

Okay. So that's fine on the CapEx. But just in terms of a mine plan -- because I know you guys are looking at pretty much everything. Are you going to put an updated mine plan as well?

好的。因此，資本支出方面沒有問題。但僅就礦山計劃而言——因為我知道你們正在關注幾乎所有的事情。您也要發布更新後的礦場計畫嗎？

The mine plan isn't really expected to change once we get into production that much. So it's more just related to pre-stripping and some of the scheduling upfront, but we don't see a huge impact on the actual mine plan once we're into mining. So the production numbers that you'd be using from the feasibility study are still the best to use going forward.

一旦我們投入大量生產，礦山計劃預計不會改變。因此，它更多地與預剝離和一些前期調度有關，但一旦我們開始採礦，我們不會看到對實際採礦計劃的巨大影響。因此，可行性研究中使用的生產數字仍然是未來最好的選擇。

Got it. And if I can just squeeze one last one. Is Salazar still committed to their stake? Or is there an opportunity for you to consolidate that as well?

知道了。如果我能再擠最後一個的話。薩拉查是否仍忠於自己的股份？或者您有機會鞏固這一點？

I can't comment on that. You'll have to ask them. But obviously, we're very happy having a local partner in country, and our relationship with Salazar is very good.

我對此無法發表評論。你得問他們。但顯然，我們很高興在該國擁有當地合作夥伴，我們與薩拉查的關係非常好。

Joseph Reagor, Roth Capital Partners.

羅斯資本合夥公司的約瑟夫·里格。

So I guess first thing, part of modeling your guys' assets is the difference in pricing that you guys get for individual commodities being Chinese-based rather than the rest of the world. As you look at El Domo and the concentrates you'll produce there and the sales you have, should we be more modeling like an LME pricing basis or an SME pricing basis?

因此，我想首先，對你們的資產進行建模的一部分是你們在中國而不是世界其他地區獲得的個別商品的定價差異。當您查看 El Domo 以及您將在那裡生產的精礦和銷售情況時，我們是否應該更多地採用 LME 定價基礎或 SME 定價基礎的模型？

Yeah. No, no. An LME and a more typical pricing structure would be appropriate. We've got in place an offtake agreement that was entered into by Adventus with the concentrate traders, and this is based on market terms and conditions at the time of delivery. So if you use Western-based LME pricing and a more typical concentrate pricing model, that would be appropriate.

是的。不，不。倫敦金屬交易所 (LME) 和更典型的定價結構將是合適的。我們已經與精礦貿易商達成了承購協議，該協議基於交貨時的市場條款和條件。因此，如果使用基於西方的 LME 定價和更典型的精礦定價模型，那將是合適的。

Okay. That's helpful. And then I know the intention is to keep the mill running through the Chinese New Year this year. Do you have a rough estimate of how much extra tonnage you're going to get? I know you always have a stockpile, but how much of that you're going to process during this extra milling time.

好的。這很有幫助。然後我知道我們的目的是讓工廠在今年農曆新年期間繼續運作。您是否粗略估計您將獲得多少額外的噸位？我知道您總是有庫存，但是在這段額外的銑削時間內您要處理多少庫存呢？

Our view -- I mean, obviously, we're through Chinese New Year now. But we're still milling stockpiles ores, and we will be doing that. I think our current estimate is that we will end the quarter with a more typical ore inventory that we would have carried in the past. So not the 145,000 tonnes.

我們的觀點——我的意思是，顯然，我們現在已經度過了農曆新年。但我們仍在研磨庫存礦石，而且我們將繼續這樣做。我認為我們目前的估計是，本季末我們的礦石庫存將比過去更典型。所以不是145,000噸。

But I think in the past, we've had somewhere in the range of the 15,000 tonne type numbers or whatever that we've carried. So I think you could model that we will have run through the bulk of the ore stockpile to the end of March.

但我認為，過去我們運載的重量大約在 15,000 噸左右。因此，我認為你可以模擬出，到三月底我們將用完大部分礦石庫存。

Right. And adjusting that $15 million to the fact that the mill is a little larger, that number might be a little larger.

正確的。並將這 1500 萬美元調整到工廠稍大的事實，這個數字可能會更大一些。

Yeah. Yeah. I mean we haven't hit steady state yet. And obviously, as we're ramping up production on the mine, and we have been -- and that's obviously why we were able to build that stockpile. As we're ramping up, there will be periods of time where certainly we'll get a point where we're running at a higher rate from the mine. And obviously, the mill now is in a position to ramp up to match that.

是的。是的。我的意思是我們尚未達到穩定狀態。顯然，隨著我們正在提高礦山的產量，我們一直在這樣做——這顯然是我們能夠建立該庫存的原因。隨著我們不斷增加產量，肯定會有一段時間我們的礦井運行速度會達到更高的水平。顯然，工廠現在已經能夠提高產量來滿足這項要求。

(Operator Instructions) This concludes the question-and-answer session. I would like to turn the conference back over to Mr. Shaver for any closing remarks.

（操作員指示）問答環節到此結束。我想將會議交還給 Shaver 先生，請他做最後發言。

Okay. Well, that's great. I'd like to thank everyone for tuning in today. And as always, if anyone has any further questions, please call or e-mail us, and we look forward to hearing from you and continuing the conversation. Thanks, everyone, and have a great day.

好的。嗯，那太好了。我要感謝大家今天的收看。像往常一樣，如果您有任何其他問題，請致電或發送電子郵件給我們，我們期待您的回覆並繼續交談。謝謝大家，祝大家有個愉快的一天。

This concludes today's conference call. You may disconnect your lines. Thank you for participating, and have a wonderful 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，祝您有美好的一天。