Teck Resources Ltd (TECK) 2025 Q1 法說會逐字稿

Welcome to Teck's first-quarter 2025 results release conference call. (Operator Instructions) This conference call is being recorded on Thursday, April 24, 2025.

歡迎參加泰克資源2025年第一季業績發布電話會議。 （操作員指示）本次電話會議將於2025年4月24日（星期四）錄製。

I would now like to turn the conference over to Emma Chapman, Vice President, Investor Relations. Please go ahead.

現在，我想將會議交給投資者關係副總裁 Emma Chapman。請您發言。

Thank you, operator. Good morning, everyone, and thank you for joining us for Teck's first-quarter 2025 conference call. Today's call contains forward-looking statements. Actual results may vary due to various risks and uncertainties. Teck does not assume the obligation to update any forward-looking statements. Please refer to slide 2 for the assumptions underlying our forward-looking statements.

謝謝接線生。大家早安，感謝您參加泰克資源2025年第一季電話會議。今天的電話會議包含前瞻性陳述。實際結果可能因各種風險和不確定性而有所不同。泰克資源不承擔更新任何前瞻性陳述的義務。請參閱投影片2，以了解我們前瞻性陳述所基於的假設。

We will reference non-GAAP measures throughout this presentation. Explanations and reconciliations are in our MD&A and the latest press release on our website. Jonathan Price, our CEO, will start with an overview of our first quarter. Crystal Prystai, our CFO, will follow with a financial and operational review. Jonathan will conclude with closing remarks followed by a Q&A session.

本次演講將始終引用非公認會計準則 (Non-GAAP) 指標。相關解釋和對帳資訊請參閱我們的管理層討論與分析 (MD&A) 報告以及我們網站上的最新新聞稿。執行長喬納森·普萊斯 (Jonathan Price) 將首先概述第一季業績。財務長克里斯托普萊斯泰 (Crystal Prystai) 將隨後進行財務和營運回顧。喬納森將致閉幕詞，隨後進行問答環節。

I will now turn the call over to Jonathan.

現在我將把電話轉給喬納森。

Thanks, Emma. And good morning, everyone. Now before we get into the quarter, I want to take a moment to acknowledge the current macro environment on slide 4. As we all know, the past few months have been marked by volatility and uncertainty. Factors like the threat of a global economic downturn, geopolitical tensions, inflation, and supply chain disruptions have created an uncertain and challenging global business landscape.

謝謝，艾瑪。大家早安。在開始本季之前，我想花點時間回顧一下第四張投影片中目前的宏觀環境。眾所周知，過去幾個月充滿了波動和不確定性。全球經濟衰退的威脅、地緣政治緊張局勢、通貨膨脹以及供應鏈中斷等因素，造成了全球商業格局的不確定性和挑戰。

Despite these headwinds, we believe that the fundamentals for our key metals, copper and zinc, are robust over the medium and long term as several macro factors continue to drive demand. These metals are essential for global manufacturing and development, industrial policy and national security, electrification infrastructure, as well as the growth of the digital economy. On the supply side, the industry continues to face constraints.

儘管面臨這些不利因素，我們相信，由於多種宏觀因素持續推動需求，我們主要金屬——銅和鋅——的中長期基本面仍然強勁。這些金屬對全球製造業和發展、產業政策和國家安全、電氣化基礎設施以及數位經濟的成長至關重要。在供應方面，該行業仍面臨限制因素。

At the same time, new demand opportunities are emerging as many economies seek to revitalize their industrial sector. For example, defense spending may be significantly broadened to include areas central to economic resilience such as upgrades to and expansion of electricity grids, which remains central to copper demand. We see this providing a medium-term boost to metal's demand as the world enters into a state-backed, more capital-intensive phase of growth.

同時，隨著許多經濟體尋求振興其工業部門，新的需求機會正在湧現。例如，國防開支可能會大幅擴大，涵蓋對經濟韌性至關重要的領域，例如電網升級和擴建，而這仍然是銅需求的核心。我們認為，隨著全球經濟進入國家支持、資本密集成長階段，這將在中期提振金屬需求。

And even in the short term, we continue to see extreme tightness in the concentrate markets that make up nearly 90% of our revenue with benchmark treatment charges for copper and zinc at historically low levels. In this environment, Teck is well positioned for continued value creation. We are growing copper production and improving margins through disciplined operational performance.

即使在短期內，我們仍看到占我們收入近90%的精礦市場極為緊張，銅和鋅的基準處理費處於歷史低點。在這種環境下，泰克資源已做好準備，並繼續創造價值。我們正在透過嚴謹的營運績效來提高銅產量和利潤率。

In addition, we have an active share buyback program, a portfolio of value-accretive copper growth projects, an agile commercial strategy, and a strong balance sheet. Together, these underpin the resilience of our business, which is a competitive advantage for Teck, enabling us to navigate uncertainty while continuing to deliver value through our strategy of balancing disciplined copper growth with returns to shareholders.

此外，我們擁有積極的股票回購計劃、一系列能夠增值的銅礦項目組合、靈活的商業策略以及強勁的資產負債表。這些因素共同支撐了我們業務的韌性，而這正是泰克資源的競爭優勢，使我們能夠應對不確定性，同時透過平衡穩健的銅礦成長與股東回報的策略，繼續創造價值。

So turning to slide 5, we are closely monitoring the potential impact of tariffs and retaliatory trade measures between the countries we trade with and the risks of wider macroeconomic uncertainty. Although the situation is fluid and evolving rapidly, we do not expect announced tariffs to materially impact our business. That said, the global trade war could weigh on global economic growth with potential implications for metals demand.

第五張投影片顯示，我們正在密切關注與我們有貿易往來的國家之間關稅和報復性貿易措施的潛在影響，以及更廣泛的宏觀經濟不確定性風險。儘管情況瞬息萬變，但我們預計已宣布的關稅不會對我們的業務造成重大影響。即便如此，全球貿易戰可能會對全球經濟成長造成壓力，並可能對金屬需求產生影響。

Today, we are continuing to see strong demand for our copper and zinc concentrate, and we are working closely with our customers with limited impact so far. Our copper and zinc concentrate sales are not exposed to US tariffs as we primarily sell to Asia and Europe with no sales to the US. On the other hand, Chinese tariffs, if maintained, are expected to apply to our sales of Red Dog concentrate to China, which represent less than 20% of our zinc and lead concentrate sales.

目前，我們的銅和鋅精礦需求持續強勁，我們正與客戶密切合作，目前受影響有限。我們的銅和鋅精礦銷售不受美國關稅影響，因為我們主要銷往亞洲和歐洲，沒有銷往美國。另一方面，如果中國關稅保持不變，預計我們銷往中國的紅狗精礦將受到影響，而紅狗精礦在中國的銷售量不到我們鋅和鉛精礦銷量的20%。

However, over the past few years, we have successfully developed a regionally diverse customer base, which gives us greater optionality while trade negotiations are ongoing. Red Dog is a highly valued concentrate in the zinc market, and we have several long-standing customers for this product. We also have other options available, including trail feed integration, delivery outside the Red Dog shipping season, and product swaps, all options that support continuity of sales.

然而，過去幾年，我們成功拓展了區域多元化的客戶群，這讓我們在貿易談判期間擁有更大的選擇空間。紅狗精礦是鋅市場上備受推崇的品種，我們有許多長期客戶。我們還有其他選擇，包括追​​蹤進料整合、紅狗運輸季節以外的交貨以及產品互換，所有這些選擇都有助於保持銷售的連續性。

Turning to trial and our metal sales, refined zinc, lead, and specialty metals such as germanium, indium, and sulfur products are sold into the US, but they are exempt from US tariffs as they are compliant with the US MCA. Overall, Teck has a strong business with diversified products and operations and agile commercial strategy and strong logistics capabilities. This enables us to quickly adapt and respond to changing market conditions to mitigate any potential impact on our business.

談到試驗和金屬銷售，精煉鋅、鉛以及鍺、銦和硫等特殊金屬產品銷往美國，但由於符合美國《金屬和金屬法案》(MCA)，因此免徵美國關稅。整體而言，泰克資源業務強勁，產品和營運多元化，商業策略靈活，物流能力強大。這使我們能夠快速適應和應對不斷變化的市場環境，從而減輕任何對我們業務的潛在影響。

Turning now to highlights from the first quarter of 2025 on slide 6, our profitability improved significantly compared to last year, driven by higher commodity prices and copper sales volumes. Our adjusted EBITDA more than doubled to $927 million. The ramp up of QB operations continues, and we are seeing performance improvements in key areas such as average daily mill throughput. Production was impacted in the quarter by additional shutdowns, and I will provide more detail on this later in the presentation.

現在就來看看投影片6中2025年第一季的亮點。受大宗商品價格上漲和銅銷量上漲的推動，我們的獲利能力較去年同期大幅提升。調整後EBITDA成長逾一倍，達9.27億美元。 QB業務的產能持續提升，我們在關鍵領域（例如平均每日產量）的業績也正在改善。本季度，由於新增停工，生產受到了影響，我將在稍後的演示中詳細介紹。

During the quarter, QB successfully achieved the completion testing requirements under the USD2.5 billion project finance facility. This is a significant milestone that provides independent verification confirming the robustness of the design, construction, and the capacity of the asset to operate at design levels, providing further confidence in the ramp up to steady state by the end of the year.

本季度，卡達灣公司成功滿足了25億美元專案融資協議下的竣工測試要求。這是一個重要的里程碑，它提供了獨立驗證，確認了該設施的設計、施工以及在設計水平上運營的穩健性，進一步增強了其在年底前達到穩定狀態的信心。

In the first quarter, we had strong operational performance across our established operations, particularly Highland Valley and Carmen de Andacollo. Trail operations generated strong profit in the quarter following the successful implementation of a range of initiatives to improve profitability and cash flow generation.

第一季度，我們現有的營運業務，尤其是高地谷和卡門·德·安達科洛，都取得了強勁的營運業績。由於成功實施了一系列旨在提升獲利能力和現金流產生的舉措，Trail 營運在本季度實現了強勁的利潤。

Our annual guidance is unchanged across all operations. Our balance sheet remains strong and resilient. We ended the quarter in a net cash position of $764 million. And as of yesterday, our liquidity is $10 billion. Finally, we continue to return cash to shareholders through share buybacks and dividends, totaling $568 million year to date.

我們所有業務的年度指引保持不變。我們的資產負債表依然強勁且富有韌性。本季末，我們的淨現金狀況為7.64億美元。截至昨日，我們的流動資金為100億美元。最後，我們繼續透過股票回購和股利向股東返還現金，年初至今已達5.68億美元。

So turning to our ongoing commitment to safety and sustainability on slide 7, our safety performance was strong in the first quarter. Our high potential incident frequency rate across the operations we control remained low at 0.05. I would like to take a moment to acknowledge the fatalities that occurred at Antamina in which Teck holds a non-operating interest earlier this week. We are deeply saddened by this event, and we offer our condolences to the family, friends, and colleagues of the deceased. As ever, we will support the Antamina team with the investigation and ensure that lessons are both learned and shared.

談到我們對安全和永續發展的持續承諾（請參閱第7張投影片），我們第一季的安全表現非常出色。我們控制的作業區高潛在事故發生率維持在0.05的低點。我想藉此機會，對本週稍早泰克持有非經營權益的安塔米納礦場發生的傷亡事件表示慰問。我們對這起事故深感悲痛，並向罹難者的家人、朋友和同事表示慰問。我們將一如既往地支持安塔米納礦團隊進行調查，並確保學習並分享經驗。

In March, we released our 24th annual sustainability report which details last year's environmental and social performance, including key areas such as health and safety, support for communities, indigenous peoples, diversity, and climate. A copy of the report is available on our website. So coming back to QB ramp up on slide 8, as I just mentioned, the successful achievement of completion testing under the QB project finance facility is a significant milestone.

今年3月，我們發布了第24份年度永續發展報告，其中詳細介紹了去年的環境和社會績效，涵蓋健康與安全、社區支持、原住民、多樣性和氣候等關鍵領域。報告副本可在我們的網站上查閱。回到投影片8上的QB加速部分，正如我剛才提到的，在QB專案融資機制下成功完成竣工測試是一個重要的里程碑。

It comprised several independently verifying operational and technical tests that validate the robustness of the design, construction, and operational performance of QB. This demonstrates QB's ability to generate strong cash flows. We've made significant progress in the ramp up of QB, as you can see on the left-hand side of the slide. We have a plan to consistently achieve design throughput and recoveries and have several data points showing that we can and have already operated at these levels.

它包含多項獨立的驗證性操作和技術測試，旨在驗證QB的設計、建造和運行性能的穩健性。這證明了QB能夠產生強勁的現金流。如您在投影片左側所見，我們在QB的產能提升方面取得了重大進展。我們計劃持續實現設計吞吐量和採收率，並且有多個數據點表明我們能夠並且已經實現了這些水準的營運。

That said, first-quarter production was impacted for two reasons. First, the previously disclosed 18-day extended shutdown to conduct maintenance and reliability work and progress tailings development; and second, external factors that included a nationwide power outage in Chile in February, leaving the site without power, which affected production for several days and challenging weather.

儘管如此，第一季的產量仍受到兩個原因的影響。首先，先前揭露的停產時間延長了18天，以進行維護和可靠性工作並推進尾礦開發；其次，外部因素包括2月份智利全國範圍內的停電，導致礦場停電數日，影響了生產，以及惡劣的天氣。

In particular, challenging weather impacted the rate of material movement for tailings lifts required for the development of the tailings management facility, which was also impacted by slower-than-expected sand drainage times. The result of this slower-than-planned TMF development is that additional mechanical movement is required prior to installation of the permanent infrastructure, and we expect to extend planned maintenance shutdowns in Q2 and Q3 to complete this work.

尤其是惡劣的天氣影響了尾礦管理設施建設所需的尾礦提昇機的物料運輸速度，同時，排砂時間也比預期慢，這也影響了尾礦管理設施的建設進度。尾礦管理設施建設進度慢於計劃，導致在永久性基礎設施安裝之前需要進行額外的機械移動，我們預計將在第二季度和第三季度延長計劃的維護停工時間，以完成這項工作。

This is expected to impact production in the short term only and there are no issues with dam integrity. Once this phase of TMF development is complete, we will be on track for full production ramp up by year-end and steady-state operations into the future. Moving to slide 9, QB's plant performance continues to improve.

預計這只會在短期內影響產量，大壩的完整性不會受到影響。一旦TMF開發階段完成，我們將有望在年底前全面提升產量，並在未來實現穩定營運。轉到第9張投影片，QB的工廠績效持續改善。

In the first quarter, the average daily throughput, excluding the extended and unplanned shutdowns, increased compared to the fourth quarter, demonstrating continued improvement in operational stability. Higher levels of transitional were mined, leading to lower recoveries as expected, and higher-grade ore mine in March increased the average grade for the quarter.

第一季度，扣除延長和非計劃停工的影響，日均產量較第四季度有所增長，顯示營運穩定性持續改善。過渡礦開採量增加，導致採收率如預期下降，而3月份高品位礦石的開採提高了本季的平均品位。

For the remainder of the year, we will continue to drive operational performance and expect to achieve higher throughput rates and higher recoveries in line with design. We continue to expect to achieve our production guidance for QB albeit at the lower end of our previously disclosed range of 230,000 to 270,000 tonnes. And we continue to expect QB net cash unit costs to be between USD1.80 and USD2.15 per pound for the full year, although commensurate with production, we expect this to be towards the higher end of guidance.

在今年剩餘時間裡，我們將繼續提升營運業績，並期望實現與設計一致的更高吞吐率和更高採收率。我們繼續預期QB礦的產量將達到預期，儘管產量將處於我們先前公佈的23萬噸至27萬噸區間的低端。我們繼續預期QB礦全年淨現金單位成本將在每磅1.80美元至2.15美元之間，儘管與產量情況相符，但我們預計該成本將接近預期的高端。

So turning to slide 10, we expect significant growth in our copper production with improving margins this year. Our copper EBITDA margin increased last year from 33% to 42%. This year, current consensus estimates show further improvement to 51%. We continue to expect our copper production to grow to between 490,000 to 565,000 tonnes for the full year from 446,000 tonnes in 2024, reflecting the ongoing ramp-up of QB and improved grades and throughput at Highland Valley.

翻到第10張投影片，我們預計今年銅產量將大幅成長，利潤率也將提升。去年，我們的銅EBITDA利潤率從33%增加到42%。今年，目前的市場普遍預期將進一步提升至51%。我們繼續預計，全年銅產量將從2024年的44.6萬噸增至49萬噸至56.5萬噸，這反映了QB礦的持續增長以及Highland Valley礦品位和產量的提升。

We also expect a significant reduction in our copper net cash unit costs to USD1.65 to USD1.95 per pound from USD2.20 per pound in 2024, reflecting an increase in copper and molybdenum production as well as continued cost discipline across our operations. Slide 11 outlines our ongoing growth trajectory, underpinned by our existing portfolio of operating mines, coupled with our well-funded value-accretive near-term copper projects, including the mine life extension at Highland Valley in British Columbia and our high-returning greenfield projects at Zafranal in Peru and San Nicolas in Mexico.

我們也預計，到2024年，銅淨現金單位成本將從每磅2.20美元大幅降至每磅1.65美元至1.95美元，這反映了銅和鉬產量的提升，以及我們持續在營運過程中嚴格控製成本。第11張投影片概述了我們持續的成長軌跡，這得益於我們現有的營運礦場組合，以及我們資金雄厚、近期可增值的銅項目，包括不列顛哥倫比亞省Highland Valley的礦山壽命延長項目，以及我們在秘魯Zafranal和墨西哥San Nicolas的高回報綠地項目。

Compared to QB, these greenfield projects are significantly less complex and smaller in scope with lower capital intensities. We are also working to define the most capital efficient and value-accretive path for further growth of QB through optimization of the mill and low capital debottlenecking opportunities that could increase throughput by 15% to 25%. With these projects, we have a clear path to increase our annual copper production to approximately 800,000 tonnes before the end of the decade.

與QB相比，這些綠地專案明顯簡單，規模較小，資本密集度也較低。我們也正在努力透過優化工廠和低資本瓶頸機會，為QB的進一步發展找到最具資本效率和增值潛力的途徑，從而將產量提高15%至25%。憑藉這些項目，我們擁有明確的發展路徑，預計在2020年前將銅年產量提升至約80萬噸。

Now on slide 12, I will cover the key progress updates and major future milestones as we work to bring these near-term projects to potential sanctioning this year. An independent review of the mine life extension product to Highland Valley was completed in the first quarter and confirmed construction readiness of the project. This means we should be positioned for a potential sanction decision after we receive the necessary permits which potentially could be in mid-2025.

現在，在第12張投影片上，我將介紹我們努力使這些近期專案在今年獲得潛在批准的關鍵進度更新和未來重要里程碑。高地谷礦山壽命延長產品的獨立審查已於第一季完成，並確認該專案已具備施工準備就緒狀態。這意味著，在獲得必要的許可證（可能在2025年中期）後，我們應該能夠做好迎接潛在批准決定的準備。

At Zafranal, the project is progressing as scheduled, and we received the advanced works permit on April 10. We aim to submit the construction permit in Q2, and the project could be ready for a potential sanction decision in late 2025. At San Nicolas, engagement with government authorities and other stakeholders is ongoing to support our permit application. We expect to complete the feasibility study in the second half of 2025, positioning the project for a potential sanction decision following the receipt of necessary permits.

扎夫拉納爾計畫正在按計畫推進，我們已於4月10日獲得了前期工程許可證。我們計劃在第二季提交施工許可證，並可能在2025年底獲得批准。聖尼古拉斯計畫正在與政府部門和其他利益相關者持續溝通，以支持我們的許可證申請。我們預計在2025年下半年完成可行性研究，以便在獲得必要的許可證後，為專案獲得批准做好準備。

At QB, our focus is to ramp up to steady state. At the same time, optimization is progressing, and detailed planning for debottlenecking is underway, which should enable us to submit the declaration of environmental impact or [EIA] permit application in the second half of the year. We look forward to progressing these well-funded near-term projects to sanction and launching the next phase of Teck's copper growth.

在QB，我們的重點是逐步達到穩定狀態。同時，優化工作正在進行中，去瓶頸​​化的具體規劃也正在進行中，這將使我們能夠在下半年提交環境影響聲明或[EIA]許可申請。我們期待著推進這些資金充足的近期項目，並啟動泰克銅礦下一階段的成長。

I'll now hand over to Crystal to provide further details on our first-quarter results.

現在我將把時間交給 Crystal，讓她提供有關我們第一季業績的更多詳細資訊。

Thanks, Jonathan. And good morning, everyone. I will start with our first-quarter 2025 financial performance on slide 14. We more than doubled our adjusted EBITDA in the quarter compared to a year ago to $927 million. This was primarily driven by higher copper and zinc prices and increased copper sales volumes due to strong production performance across our established operations.

謝謝，喬納森。大家早安。首先，我將在第14張投影片上介紹我們2025年第一季的財務表現。本季度，我們的調整後EBITDA較去年同期成長了一倍多，達到9.27億美元。這主要得益於銅和鋅價格上漲，以及我們現有業務部門強勁的生產業績帶來的銅銷售成長。

We generated increased revenue and profit from byproducts, including molybdenum from QB and Highland Valley as well as silver, germanium, and other critical metals from the Trail. We also benefited from a weaker Canadian dollar as we converted US-dollar-denominated revenue into Canadian dollars. Our results reflect positive pricing adjustments of $106 million, primarily as a result of higher copper prices.

我們透過副產品實現了收入和利潤的成長，這些副產品包括來自QB和Highland Valley的鉬，以及來自Trail的銀、鍺和其他關鍵金屬。我們也受惠於加幣走弱，因為我們將以美元計價的收入轉換為加幣。我們的業績反映了1.06億美元的正向價格調整，主要得益於銅價上漲。

Our finance income increased significantly to $91 million compared with $27 million a year ago as our investment income increased due to our elevated cash balance since the sale of steelmaking coal business last year. In February, we paid a final 2024 Canadian income [tax installment of] $630 million, primarily related to earnings and the proceeds from the sale of the steelmaking coal business. And importantly, we continue to return cash to shareholders throughout the quarter, with $568 million returned year to date.

我們的財務收入大幅成長至9,100萬加元，而去年同期僅為2,700萬加元，這主要得益於我們自去年出售煉鋼煤業務以來現金餘額的增加，從而導致投資收入增加。今年2月，我們支付了最後一筆2024年加拿大所得稅分期付款，金額為6.3億加元，主要與收益和出售煉鋼煤業務的收益有關。更重要的是，我們本季持續向股東返還現金，年初至今已返還5.68億加元。

Turning to slide 15, which summarizes the key drivers of our financial performance in the first quarter compared to the same period in 2024, our adjusted EBITDA increased by 127% in the first quarter as a result of strong base metal prices, higher copper and zinc in concentrate sales volumes, and the positive impact of a weaker Canadian dollar.

第 15 張投影片總結了我們第一季與 2024 年同期相比財務業績的主要驅動因素，由於基本金屬價格強勁、銅和鋅精礦銷量增加以及加元走弱的積極影響，我們第一季度的調整後 EBITDA 增長了 127%。

Copper sales volumes increased by 11% from Q1 of last year, reflecting higher volumes from Highland Valley and Carmen de Andacollo. Zinc in concentrate sales volumes increased by 10% due to the timing of sales from Red Dog and increased volumes from Antamina. Our strong adjusted EBITDA also reflects improved copper and zinc unit costs, reflecting cost discipline across our business. This was partially offset by an increase in royalties, primarily as a result of increased profitability at Red Dog.

銅礦銷量較去年第一季成長11%，這得益於Highland Valley礦場和Carmen de Andacollo礦場銷量的成長。鋅精礦銷售量成長10%，這得益於Red Dog礦場的銷售時機和Antamina礦場銷售量的增加。我們強勁的調整後EBITDA也反映了銅和鋅單位成本的改善，這反映了我們整個業務部門的成本控制。這部分被特許權使用費的增加所抵消，特許權使用費的增加主要源自於Red Dog礦獲利能力的提升。

Now looking at each of our reporting segments in greater detail and starting with copper on slide 16, in Q1 2025, gross profit gross profit before depreciation and amortization from our copper segment increased 90% to $704 million compared with the same period last year, primarily due to higher copper prices and sales volumes and increased byproduct revenues from molybdenum and zinc. This reflects strong performance across our established copper operations. Copper production increased by 7% (technical difficulty)

現在更詳細地回顧我們各個報告部門，從第 16 張投影片上的銅開始。 2025 年第一季度，我們銅部門的折舊攤銷前毛利潤年增 90%，達到 7.04 億美元，這主要得益於銅價上漲、銷量增加以及鉬和鋅副產品收入的增加。這反映了我們現有銅業務的強勁表現。銅產量增加了 7%（技術難度）。

Just a moment, I'm going to turn the hold music on for just a moment and check the volume with the backup line.

請稍等，我將暫時打開等候音樂，並用備用線路檢查音量。

Thank you for your patience. We have reconnected with the presenters.

感謝您的耐心等待。我們已經與主持人重新聯繫。

Hi, everyone, sorry about the technical difficulties. I'm going to start back at the beginning of slide 16 and get going again. In Q1 2025, gross profit before depreciation and amortization from our copper segment increased 90% to $704 million compared with the same period last year, primarily due to higher copper prices and sales volumes and increased byproduct revenues from molybdenum and zinc. This reflects strong performance across our established copper operations.

大家好，抱歉出現技術故障。我將從第16張投影片的開頭重新開始。 2025年第一季度，我們銅業務的折舊攤銷前毛利年增90%，達到7.04億美元，主要得益於銅價上漲、銷售量增加，以及鉬和鋅副產品收入的增加。這反映了我們現有銅業務的強勁表現。

Copper production increased by 7% to 106,000 tonnes, driven by increased grades and mill throughput at Highland Valley and Carmen de Andacollo. Production significantly improved at Highland Valley as we advanced mining in the higher grade Lornex Pit, which has softer ore leading to increased mill throughput.

銅產量增加7%，達到10.6萬噸，這得益於Highland Valley和Carmen de Andacollo礦區品位和選礦廠產量的提升。 Highland Valley礦區的產量顯著提升，得益於我們推進品位更高的Lornex礦坑的開採工作，該礦區礦石質地較軟，從而提高了選礦廠產量。

Carmen de Andacollo also had improved mill throughput as a result of increased water availability compared to the same period last year, which was affected by drought conditions. Antamina performed in line with expectations. Our net cash unit costs improved by USD0.32 per pound to USD2.04 per pound as a result of higher copper production, increased byproduct credit, reduced smelter processing charges, and lower transportation costs at QB.

Carmen de Andacollo 銅礦的產量也因水資源供應增加而有所提高，而去年同期受乾旱影響。 Antamina 銅礦的業績符合預期。由於銅產量增加、副產品抵免增加、冶煉廠加工費降低以及 QB 運輸成本降低，我們的淨現金單位成本降低了每磅 0.32 美元，達到每磅 2.04 美元。

This strong performance led to an improvement in our gross profit margin before depreciation and amortization of 13% to 47% compared to the same period last year. On April 9, QB's third and final labor union ratified a new three-year collective bargaining agreement. This completes all labor negotiations for QB's workforce with labor agreements now in place through 2028.

這一強勁表現使我們的折舊及攤銷前毛利率較去年同期提升了13%，達到47%。 4月9日，QB的第三家也是最後一家工會批准了一項新的三年期集體談判協議。這標誌著QB員工的所有勞資談判工作圓滿結束，目前所有勞資協議均有效，有效期至2028年。

Looking forward to the rest of this year, we expect to see QB continue to ramp up to steady state by year end as well as increased quarterly copper production at Highland Valley as we process increasing proportions of higher-grade Lornex ore through 2025. For the full year, as Jonathan mentioned, we continue to expect growth in our copper production with improving margins in line with our guidance of 490,000 to 565,000 tonnes at a net cash unit cost of between USD1.65 and USD1.95 per pound.

展望今年剩餘時間，我們預計 QB 的產量將在年底前繼續提升至穩定狀態，同時隨著我們在 2025 年之前加工更多高品位 Lornex 礦石，Highland Valley 的季度銅產量也將增加。正如喬納森所提到的，就全年而言，我們預計銅產量將繼續增長，利潤率也將提高，符合我們預期的 490,000 至 565,000 噸，淨現金單位成本在每磅 1.65 美元至 1.95 美元之間。

Turning now to our zinc segment on slide 17, our profitability in zinc improved significantly in the first quarter with a 79% increase in gross profit before depreciation and amortization to $225 million. This increase was due to higher zinc prices, strong sales volumes at Red Dog, and improved profitability at our Trail operations. Our Red Dog zinc in concentrate sales of 91,000 tonnes were higher than our guidance range for the quarter of 75,000 to 90,000 tonnes due to the timing of sales.

現在來看幻燈片17上的鋅業務，我們鋅業務的獲利能力在第一季顯著提升，折舊攤銷前毛利成長79%，達到2.25億美元。這一成長得益於鋅價上漲、Red Dog鋅礦銷售強勁以及Trail鋅礦獲利能力的提升。由於銷售時機的考慮，Red Dog鋅精礦銷售量為9.1萬噸，高於我們本季7.5萬噸至9萬噸的預期範圍。

Red Dog production was impacted by lower grades as expected in the mine plan. Our net cash unit cost improved to USD0.59 per pound from USD0.67 per pound in the same period last year, driven by reduced smelter processing charges and partially offset by the impact of lower production levels. At Trail operations, we generated strong profitability in the quarter, reflecting increased production of byproducts such as silver, germanium, and other critical metals as well as the successful implementation of initiatives to improve profitability and cash flow generation at Trail.

正如礦山計劃預期，Red Dog 的產量受到品位下降的影響。我們的淨現金單位成本從去年同期的每磅 0.67 美元改善至每磅 0.59 美元，這得益於冶煉廠加工費的降低，但產量下降的影響部分抵消了這一改善。 Trail 礦區本季獲利能力強勁，這得益於銀、鍺和其他關鍵金屬等副產品產量的增加，以及旨在提升 Trail 獲利能力和現金流產生能力的舉措的成功實施。

Looking forward to the second quarter, we expect zinc and concentrate sales from Red Dog of 25,000 to 35,000 tonnes, reflecting the normal seasonality of sales. Our full-year production and unit cost guidance for our zinc segment is unchanged. Our guidance for zinc in concentrate production remains at 525,000 to 575,000 tonnes, and we continue to expect refined zinc production of 190,000 to 230,000 tonnes for the year. Net cash unit costs are expected to be between USD0.45 and USD0.55 per pound.

展望第二季度，我們預期Red Dog的鋅及精礦銷售將達到2.5萬至3.5萬噸，這反映了正常的銷售季節性。我們對鋅業務的全年產量和單位成本指引保持不變。我們對精礦產量的指引仍為52.5萬至57.5萬噸，我們預計全年精煉鋅產量仍為19萬至23萬噸。預計淨現金單位成本在每磅0.45至0.55美元之間。

Turning to our balance sheet on slide 18, our balance sheet remains strong and resilient. We were in a net cash position of $764 million at March 31. And as of yesterday, our liquidity was $10 billion, including $5.8 billion of cash. Our cash balance decreased in the first quarter, primarily due to continued return to shareholders through dividends and share buybacks, the final 2024 tax payment relating to the earnings and sale of the steelmaking coal business, and the seasonally larger royalty payment to NANA in respect of Red Dog's strong Q4 2024 performance.

回顧第18張投影片上的資產負債表，我們的資產負債表依然強勁且富有韌性。截至3月31日，我們的淨現金狀況為7.64億美元。截至昨日，我們的流動性為100億美元，其中包括58億美元現金。第一季度，我們的現金餘額有所下降，主要原因是我們繼續透過股息和股票回購向股東派發股息，支付與煉鋼煤業務收益和出售相關的2024年最終稅款，以及由於Red Dog在2024年第四季度的強勁表現，我們向NANA支付了季節性的較高特許權使用費。

Our remaining outstanding term notes of USD1 billion are long dated. We will continue to deleverage as we make semiannual repayments on the QB project finance facility through 2031. With the achievement of the QB project financing completion testing requirements, Teck and the other sponsor guarantees of the project finance facility have been released. Our balance sheet strength and investment-grade credit ratings enable continued value creation in current market conditions.

我們剩餘未償還的10億美元定期票據為長期票據。我們將繼續去槓桿，每半年償還QB專案融資，直至2031年。隨著QB專案融資完成測試要求的達成，泰克資源及其他發起人對該專案融資的擔保已解除。我們強勁的資產負債表和投資等級信用評級使我們能夠在當前市場環境下持續創造價值。

On slide 19, we remain committed to our disciplined capital allocation framework, which balances investment in value-accretive growth with returns to shareholders while maintaining a strong balance sheet through the cycle. Our capital allocation framework and project sanction requirements ensure the prudent deployment of capital.

第19張投影片展示了我們持續推行的嚴謹資本配置框架，該框架在價值增值成長投資與股東回報之間取得平衡，同時在整個週期中保持強勁的資產負債表。我們的資本配置架構和專案審批要求確保了資本的審慎部署。

All growth projects must meet stringent criteria, delivering attractive risk-adjusted returns and competing for capital. We are continuing to execute on our $3.25 billion authorized share buyback, and we are committed to returning between 30% and 100% of available cash flows to our shareholders.

所有成長項目都必須符合嚴格的標準，提供具有吸引力的經風險調整後的回報，並具備資本競爭力。我們將繼續執行32.5億美元的授權股票回購計劃，並承諾將30%至100%的可用現金流返還給股東。

Looking at our cash returns now on slide 20, we continue to build on our strong history of cash returns to shareholders, which currently total approximately $5.4 billion since 2020. We are in the market daily, actively buying back our shares under the $3.25 billion share buyback announced last year with more than half of the buyback now complete. We have increased the daily number of shares repurchased (technical difficulty)

回顧投影片20的現金回報，我們持續鞏固了股東現金回報的強勁歷史，自2020年以來，我們已累計約54億美元。我們每天在市場上積極回購股票，去年宣布的32.5億美元股票回購計畫已完成一半以上。我們增加了每日回購股票的數量（技術難度）。

The quality of your backup line has deteriorated to the point where we're not really able to hear you. I'd like to suggest that we pause for a moment and reconnect your main line. And I will put hold music on again.

您的備用線路品質太差，我們幾乎聽不到您的聲音。建議您暫停一下，然後重新連接您的主線路。我會再次播放等待音樂。

Okay. I think, Gailene, everyone on the line can still hear us. So we're just going to continue on and proceed with the rest of the call. Apologies again, everyone, on the line. I'm just going to jump -- we are getting feedback that people that are listening on the line can hear what's going on in the room, so we want to just continue.

好的。蓋琳​​，我想電話那頭的每個人都能聽到我們說話。所以我們會繼續通話，繼續進行接下來的通話。再次向電話那頭的各位致歉。我先說一下——我們收到的回饋是，正在監聽電話的人能聽到房間裡發生的事情，所以我們想繼續通話。

They can possibly hear what's going on in the room because your line is not connected in the call. I will join you back in if that's your choice and cut the hold music. Joining you back in now.

他們可能聽到房間裡發生的事情，因為你的線路沒有接通。如果你願意的話，我會重新加入你，並切斷等待音樂。現在就重新加入你。

We've reconnected with the presenters. Please proceed.

我們已與主持人重新連結。請繼續。

Sorry, everyone. I'm going to jump back in here, still on slide 20. As of yesterday, we've executed $1.75 billion of the $3.25 billion authorization under our normal course issuer bid, including over $500 million year to date. This leaves approximately $1.5 billion of our authorized share buybacks remaining to further improve our per-share value. And with the strong cash flow generation potential of our business, we could see further cash returns to shareholders in line with our capital allocation framework.

抱歉各位。我回到這裡，還是在第20張投影片。截至昨天，我們已按照正常發行人報價執行了32.5億美元授權中的17.5億美元，其中年初至今已執行了超過5億美元。這意味著我們剩餘的授權股票回購金額約為15億美元，用於進一步提升我們的每股價值。憑藉我們業務強大的現金流創造潛力，我們有望根據資本配置框架，為股東帶來更多現金回報。

Turning to our near-term growth now on slide 21, our value accretive near-term copper projects are well funded. While the project capital attributable to these growth projects remain unsanctioned and uncommitted, we continue to expect to deploy between USD3.2 billion and USD3.9 billion over the next four years for our near-term copper projects. And we will continue to be disciplined in our assessment and progression of these projects to ensure value-accretive growth.

我們現在來看幻燈片21上的近期成長，我們那些能夠增值的近期銅礦專案資金充足。雖然這些成長項目的項目資本尚未獲得批准和承諾，但我們預計未來四年內仍將為近期銅礦項目投入32億美元至39億美元。我們將繼續嚴格評估和推進這些項目，以確保實現增值成長。

As we continue to balance our growth in copper with cash return to shareholders, we can continue to significantly impact the accretive growth potential of our metrics on a per-share basis, as shown on slide 22. Last year, with the ramp-up of QB and with a significant portion of our $3.25 billion share buyback completed, we increased our copper production per share by 54% compared to the prior year. And by 2026, as we stabilize QB at full production and complete the remaining authorized share buyback, our copper production per share could increase by a further 34% to 51%.

隨著我們持續平衡銅產量成長與股東現金回報，我們能夠持續大幅提升每股指標的增值潛力，如第22張投影片所示。去年，隨著QB產能的提升以及32.5億美元股票回購計畫的大部分完成，我們的每股銅產量較前一年成長了54%。到2026年，隨著QB產能穩定在滿載生產水準並完成剩餘的授權股票回購，我們的每股銅產量可望進一步成長34%至51%。

Beyond that, our copper production per share could increase substantially as we bring our near-term value-accretive growth projects online. And this does not consider the impact of any further share buybacks that could be authorized under our capital allocation framework as a result of the strong cash flow generation potential of our business. Through the end of the decade, our copper production has the potential to increase rapidly on a per share basis.

除此之外，隨著我們近期增值成長項目的上線，我們的每股銅產量有望大幅提升。這還未考慮我們資本配置框架下可能授權的任何進一步股票回購的影響，這些回購源自於我們業務強勁的現金流創造潛力。到2020年，我們的每股銅產量預計將快速成長。

With that, I'll now turn it back over to Jonathan.

說完這些，我現在將發言權交還給喬納森。

Thanks, Crystal. So turning to slide 24, we remain focused on our priorities to create value for our shareholders, completing the QB ramp up to steady-state operations, continuing to drive operational excellence across our portfolio of high-quality copper and zinc operations and projects, growing our copper production and improving our margins, remaining committed to returning cash to our shareholders by continuing to execute our authorized share buyback program and paying our base dividend, progressing our value-accretive near-term copper projects to possible sanction decisions in 2025, positioning us for our next phase of copper growth, and maintaining the resilience of our business to navigate uncertainty and create value, leveraging our agile commercial strategy and strong balance sheet.

謝謝，Crystal。請翻到第 24 張幻燈片，我們將繼續專注於為股東創造價值的優先事項，完成 QB 的穩態運營提升，繼續推動我們優質銅和鋅業務及項目組合的卓越運營，增加銅產量並提高利潤率，繼續致力於通過執行授權的股票回購計劃和支付基本股息來向股東還現金，推進我們價值的近期銅項目，返還年獲得可能的批准決定，為我們下一階段的銅成長做好準備，並保持業務的韌性以應對不確定性並創造價值，利用我們靈活的商業策略和強勁的資產負債表。

So to wrap up on slide 25, our strategy remains delivering growth and creating value in a responsible and disciplined way. We will continue to balance investment in growth with returns to shareholders. We have the resilience to successfully navigate the current environment as well as potentially exploring evolving opportunities. As a pure-play energy transition metals company, Teck is uniquely positioned to deliver significant value to shareholders through the execution of our copper growth strategy.

最後，在第25張投影片上總結一下，我們的策略仍然是以負責任且嚴謹的方式實現成長並創造價值。我們將繼續在成長投資與股東回報之間取得平衡。我們擁有成功應對當前環境的韌性，並有可能探索不斷發展的機會。作為一家專注於能源過渡金屬業務的公司，泰克資源擁有獨特的優勢，能夠透過執行我們的銅成長策略為股東創造巨大價值。

Apologies again for the disruption on the line during that portion of the call. Hopefully, you can hear us clearly now. So with that, operator, please open the line for questions.

再次為這段通話造成的干擾致歉。希望您現在能聽清楚我們的聲音。接線員，請您打開熱線，以便我們解答您的問題。

(Operator Instructions) Orest Wowkodaw, Scotiabank.

（操作員指示）Orest Wowkodaw，豐業銀行。

Hi, good morning. Questions on Q2. It sounds like you're pushing back the target for sustainable full production at the operation from midyear to end of year, yet the guidance is unchanged. Can you give us a sense of how long these extended maintenance outages related to the tailings facility are supposed to impact Q2 and Q3? And I'm curious what gives you confidence at this point. Given the pretty weak Q1, you can still make even the low end of the range for the year.

大家早安。關於第二季的問題。聽起來你們把永續全面生產的目標從年中推遲到了年底，但指導方針卻沒有改變。能否介紹一下與尾礦設施相關的長期維護停工預計會對第二季和第三季造成多久的影響？我很好奇是什麼讓您現在有信心。考慮到第一季表現相當疲軟，你們仍然可以實現全年預期的低端目標。

Orest, thank you for the questions. Look, we'd always expected 2025 to be a build of production throughout the year and achieving steady-state operations towards the end of the year rather than in the first part of the year. And I think that's no different with what we've guided to today. We still expect to deliver the guidance of 230,000 to 270,000 tonnes this year, albeit now towards the bottom end of that range.

奧雷斯特，謝謝你的提問。你看，我們一直預計2025年全年產量將有所成長，並在年底而不是上半年實現穩定營運。我認為這與我們今天的產量指引沒有什麼不同。我們仍預計今年的產量將達到23萬噸至27萬噸的指引，儘管現在已接近該區間的下限。

And yes, there's some additional work we have to do here around the tailings facility. We're making good progress. We're implementing measures to complete that work quickly, and that includes initiatives which will allow us to speed up sand drainage and deposition of material at the dam.

是的，我們在尾礦處理設施周圍還有一些額外的工作要做。目前進展順利。我們正在採取措施盡快完成這項工作，其中包括加速排沙和大壩物料沉積的措施。

Look, as we've said, completing this work will require some additional downtime in Q2 and Q3, which is why we anticipate being at that lower end. But once we get through this phase of the transition from the starter dam to regular ongoing sand lifts, which is essentially a one-time event, we can then operate at steady state for the life of the facility. So that's the phase of work we're going through this quarter and next quarter.

正如我們之前所說，完成這項工作將需要在第二季和第三季進行一些額外的停機，這就是為什麼我們預計成本會處於較低水準。但是，一旦我們完成了從起始壩到定期進行砂石提升的過渡階段（這基本上是一次性的），我們就可以在設施的整個使用壽命期間保持穩定運行。這就是我們本季和下個季度要經歷的工作階段。

That's why we have confidence that we can end the year running at steady state, and that's why we believe that we will continue to deliver within the guidance range that we've set out for 2025. Knowing that this was a ramp-up year for the operation, we reflected in that guidance range the uncertainty with operations in this phase of the life of the project. And that's what you're seeing in our disclosures today. But I think critical that we remain confident of delivering production within that range.

正因如此，我們有信心在今年底實現穩定運營，也因為如此，我們相信我們將繼續在2025年設定的指導範圍內實現產量。考慮到今年是營運的加速年，我們在該指導範圍內反映了專案生命週期這一階段營運的不確定性。這就是大家在我們今天的披露中看到的。但我認為，至關重要的是，我們仍然有信心在該範圍內實現產量。

And sorry, can you give us detail how long are the expected outages for Q2, Q3 now?

抱歉，您能否詳細說明第二季、第三季預計的停電時間是多久？

Look, that will be a function of the work that needs to be done, Orest, which will be determined by the operations team and will be a function of the improvements that we make in sand and the improvements that we make in the pace of material deposition at the dam. So it's not possible to be precise on what those -- the number of days that we will need to achieve that this year at this point in time. But I can tell you that the range of outcomes that we expect to be likely in terms of (technical difficulty) are reflected in the guidance and are reflected in the fact that we continue to hold that guidance, yet we are pointing towards the lower end of that range.

你看，這將取決於需要完成的工作，奧雷斯特，這將由營運團隊決定，並將取決於我們在沙子方面取得的進展以及我們在大壩物質沉積速度方面取得的進展。因此，目前還無法準確確定今年實現這一目標所需的天數。但我可以告訴你，我們預計在（技術難度）方面可能出現的結果範圍已反映在指導中，並且我們將繼續維持該指導，但我們指向的是該範圍的下限。

Okay. And do you see anything at this point that could impact the guidance range for '26, the 280 to -- I think, it's 310 based on what you're seeing? Or are all these issues expected to be solved by year end?

好的。您目前認為有什麼因素會影響2026年的業績預期範圍嗎？根據您目前的情況，280到310之間？還是所有這些問題預計都會在年底前解決？

Yes. So the short answer is no, Orest. We don't expect to see any changes due to the guidance for 2026 or beyond. The work that's required here on the tailings to transition into steady state, we expect to be finished in the third quarter of this year. So therefore, as we move into 2026 and beyond, we don't see any ongoing impact of the works that we're undertaking today.

是的。所以，簡而言之，Orest，不會。我們預計2026年或以後的指導方針不會有任何變化。我們預計，尾礦庫達到穩定狀態所需的工作將在今年第三季完成。因此，隨著2026年及以後的到來，我們預計目前正在進行的工作不會產生任何持續影響。

Thank you.

謝謝。

Thanks, Orest.

謝謝，奧雷斯特。

Liam Fitzpatrick, Deutsche Bank.

利亞姆·菲茨帕特里克，德意志銀行。

Okay. All right. My question is just around the next crop of projects that you're highlighting now. First of all, would you realistically approve something like Zafranal in the current macro environment? Or would you wait for greater clarity around US trade policies and the general macro and so on?

好的。我的問題是關於您現在重點介紹的下一批項目。首先，在當前的宏觀環境下，您真的會批准像 Zafranal 這樣的藥物嗎？還是您會等到美國貿易政策和宏觀經濟情勢更加明朗之後再決定？

And then it also seems that three or four of your projects are all converging towards a decision within the next 6 to 12 months or so. Can you talk about management bandwidth to manage multiple projects, particularly while QB is still ramping up and how you're thinking about project staging with all of these options?

而且，看起來您的三到四個項目都即將在未來6到12個月左右做出決定。您能否談談管理多個專案的管理頻寬，尤其是在QB仍在加速發展的情況下，以及您如何考慮在所有這些選項下進行專案分階段？

Yes. Thanks for the question, Liam. Now of course, as we look at the projects we have in the portfolio here, what we're focused on is the long-term perspective for the fundamentals of the commodities associated with those projects, and we see nothing at this point in time that changes our view or our conviction on the long-term fundamentals for both copper and zinc being the key components of growth, with copper being the primary target. So there's nothing in that respect that causes us to sort of take a pause in that regard.

是的。謝謝你的提問，利亞姆。當然，當我們審視我們投資組合中的項目時，我們關注的是與這些項目相關的大宗商品長期基本面的前景。目前，我們認為沒有任何因素會改變我們對銅和鋅作為經濟成長關鍵要素的長期基本面的看法或信念，而銅是主要目標。因此，在這方面，沒有任何因素會讓我們有所猶豫。

The growth projects that we have in the portfolio are critical to the long-term strategy. As I mentioned in the call, these are projects that are smaller in scope, lowering complexity than QB, for example, with low capital intensities, which should be very competitive projects and should deliver strong returns. So from that perspective, no change. Of course, we always continue to evaluate those things. And when we take our projects forward for sanction, we always look at a range of forward pricing scenarios to ensure that those economics and returns will be robust.

我們投資組合中的成長項目對長期策略至關重要。正如我在電話會議中提到的，這些項目規模較小，複雜性低於QB項目，例如資本密集度較低，這些項目應該非常有競爭力，並且應該能帶來豐厚的回報。所以從這個角度來看，沒有改變。當然，我們始終會持續評估這些因素。當我們將專案提交審批時，我們始終會考慮一系列的預期定價方案，以確保這些專案的經濟效益和回報穩健。

Just in terms of your comment on organizational bandwidth, just to put these projects into context, so Highland Valley mine life extension is a brownfield project at a site where we've been operating since the '60s, and we've undertaken numerous previous brownfield expansions of that site. The team is all in place is ready to go. And as I mentioned, we had a very positive independent review of our construction readiness for that project. So we've got a good level of confidence moving forward with that.

就您對組織頻寬的評論而言，為了將這些項目放在一個大背景下討論，Highland Valley 礦山壽命延長項目是一個棕地項目，我們自 60 年代以來一直在該礦場運營，並且之前已經對該礦場進行過多次棕地擴建。團隊已經全部到位，隨時可以投入營運。正如我所提到的，我們對該專案的施工準備進行了非常積極的獨立評估。因此，我們對該專案的推進充滿信心。

The other greenfield project that we would deliver, and then Teck would take the lead on, is Zafranal. Because, of course, we are 80% of that project. So that's where we would be delivering. And again, we've been building a very strong team over an extended period of time now, coupled with our EPC partners. So we're well set up subject to sanction and permits, of course, for construction and delivery of that project.

另一個由我們負責交付、泰克資源將主導的綠地計畫是札夫拉納爾（Zafranal）。因為我們當然參與了這個專案80%的建設，所以交付工作也由我們負責。而且，我們長期以來一直在與我們的EPC合作夥伴一起組建一支非常強大的團隊。因此，我們已做好充分準備，當然，前提是獲得批准和許可，才能建造和交付該專案。

San Nicolas is somewhat different because, of course, that is an incorporated joint venture with Agnico, which doesn't mean Teck is taking the lead on delivering that project. It's actually the joint venture that does that work. So of course, we'll be very closely involved in a range of ways in support of that project, and in particular, really taking a lead on the commercial aspects of that project when it comes to the marketing and sales of copper and zinc.

聖尼古拉斯的情況有所不同，因為它當然是與阿格尼科公司（Agnico）成立的合資公司，這並不意味著泰克資源公司會主導該項目的實施。實際上是合資公司在負責這項工作。因此，我們當然會以各種方式密切參與該項目，支持其發展，尤其是在銅和鋅的市場營銷和銷售方面，真正在該項目的商業層面發揮主導作用。

But that's necessarily by virtue of the way that that's been set up is a lower lift on the organization here. So we do believe that this is manageable, Liam. We've been preparing for this for a number of years in terms of systems, processes, procedures, et cetera, but most importantly, bringing in the talent, developing the teams, and getting ourselves set up for success in execution. Thanks, Liam.

但這必然是由於目前的組織架構對組織的影響較小。所以我們確實相信這是可以控制的，利亞姆。多年來，我們在系統、流程、程序等方面一直在為此做準備，但最重要的是，引進人才，發展團隊，並為成功執行做好準備。謝謝，利亞姆。

Carlos De Alba, Morgan Stanley.

卡洛斯·德阿爾巴，摩根士丹利。

Yes, thank you very much. Good morning, guys. I would like to check if you received any feedback or suggestions for potential improvement on the completed QB independent testing that you successfully did recently, which again, congratulations on that. But I'm interested to know if there was any suggestions or any potential improvements that they provided?

是的，非常感謝。大家早安。我想問大家最近成功完成了 QB 獨立測試，你們是否收到了任何回饋或改進建議？再次恭喜你們。不過，我更想知道他們是否提供了任何建議或改進建​​議？

Look, I think in short answer is no. That's not really the way that process works. There's a series of tests that have to be achieved based on performance and those tests were achieved and independently validated and certified, but it's not really an improvement focused process, Carlos.

嗯，我認為簡而言之，答案是否定的。這其實不是流程的運作方式。有一些基於性能的測試必須完成，這些測試也已經完成，並經過了獨立驗證和認證，但這實際上不是一個以改進為重點的流程，卡洛斯。

(technical difficulty) Was QB shut down as a result of the power outages? I think it's a little bit -- it was several days, but it will help us for the analysis if we had a little bit of a more precise number of days.

（技術難題）QB 是因為停電才關閉的？我覺得有點……停電持續了好幾天，但如果能知道更精確的天數，對分析會有幫助。

Yes, so Carlos, we were sort of directly shut down for a couple of days, and then it took us a couple of days to get back up and running to full rates again. So broadly speaking, four days, half of which was downtime and half of which was recovery. Of course, it's the first time at QB that we've had to deal with one of these events and get the site back up and running to it's full capacity. So that's a learning experience. Perhaps in the future, we'll be able to come back online more quickly, but we have to be prudent first time out dealing with an event like this at that site. Thanks, Carlos.

是的，卡洛斯，我們當時直接停運了幾天，然後又花了幾天時間才恢復到滿載運行。所以大致來說，總共四天，一半是停機時間，一半是恢復時間。當然，這是QB第一次處理此類事件，並讓網站恢復滿載運作。所以這是一次學習經驗。也許將來我們能夠更快地恢復上線，但對於第一次在那個網站處理此類事件的人來說，我們必須謹慎行事。謝謝，卡洛斯。

Craig Hutchison, TD Cowen.

克雷格·哈奇森（Craig Hutchison），TD Cowen。

Hi, good morning. I just wanted to ask about the zinc business. I think in your opening remarks, you said that about 20% of the sales from Red Dog is going to China, could be subject to tariffs that remain in place. Any indications or whether there's concerns about those sales right now, whether you have to be direct to material? And then I guess just on the flip side, are you purchasing materials for Red Dog from China that are subject to tariffs? And could that be a potential risk on costs? Thanks.

大家好，早安。我只是想問一下鋅業務。我記得您在開場白中提到，Red Dog 大約 20% 的銷售額銷往中國，而這些產品可能會受到目前仍在實施的關稅的影響。請問您目前對這些銷售有何擔憂？您是否必須直接採購原料？另一方面，您為 Red Dog 從中國採購的材料是否也受到關稅的影響？這會不會對成本造成潛在的風險？謝謝。

Yes. Thanks, Craig, for those questions. Look, on the outbound, as I mentioned, given the levels of tariffs being placed on imports from the US into China, that creates challenges with supply at the moment. Now fortunately, at this time of the year, given the shipping seasons that Red Dog, we're not moving material from the site in any event. So we're pretty well covered at present.

是的。謝謝 Craig 的提問。關於出境貨物，正如我之前提到的，考慮到美國對中國進口產品徵收的關稅，目前的供應面臨挑戰。幸運的是，考慮到 Red Dog 的運輸季節，每年這個時候我們都不會將材料從現場運走。所以目前我們的供應情況還不錯。

The commercial team is working very hard, as I mentioned on the call, as a range of options and alternatives here, which could see us placing material elsewhere through this period of time. The bottom line is, Craig, that we don't expect to face a material impact here as the result of tariffs between China and the US. And as I said, we've got a number of months up our sleeve here to resolve any issues that might arise. There is no risk the other way around. We're not exposed on the inbound here in terms of imports of goods from China into US or into Red Dog, so no risk there.

正如我在電話會議上提到的，商業團隊正在努力研究一系列方案和替代方案，這可能會導致我們在這段時間內將材料轉移到其他地方。 Craig，最重要的是，我們預期中美之間的關稅不會對我們造成重大影響。正如我所說，我們還有幾個月的時間來解決任何可能出現的問題。反過來說，沒有任何風險。就從中國進口到美國或Red Dog的商品而言，我們並沒有受到進口風險的影響，所以沒有風險。

Okay, and (technical difficulty)

好的，（技術難題）

Yes. Look, as I said, tragic event. We will work very closely, as we always do, with the Antamina team here to understand what's happened and to look at learnings for the future and learnings not just for Antamina, of course, but for the industry more generally. Our understanding is that the site will be returning to operations today, so getting back up and running. Thanks, Craig.

是的。正如我所說，這是一場悲劇。我們將一如既往地與安塔米納礦團隊密切合作，了解事件經過，並汲取教訓，為未來做好準備，這不僅對安塔米納礦，也對整個行業都有益處。我們的理解是，該礦場將於今天恢復運作。謝謝，克雷格。

Myles Allsop, UBS.

瑞銀集團的邁爾斯·奧爾索普。

Hi. Maybe just on QB and (technical difficulty) I mean, if all goes to plan, when should you get the licenses to be able to lift throughput above the 143,000 tonnes a day? Just how do we model that kind of optimization debottlenecking?

你好。也許只是關於QB和（技術難題）我的意思是，如果一切按計劃進行，什麼時候應該獲得許可證才能將吞吐量提升到每天14.3萬噸以上？我們如何模擬這種優化瓶頸？

Yes. I mean I think there's a level of optimization that's allowed under the current permit, Myles, as we have it today, which is essentially a 10% allowance from nameplate. So that's something we already have in hand. In terms of the submission of the EIA, let's say, that goes in, in July of this year. We would expect to have an approval on that 12-month subsequent.

是的。 Myles，我的意思是，我認為根據我們目前的許可證，允許一定程度的優化，也就是我們目前的許可，也就是銘牌許可的10%。所以，我們已經掌握了這些。就環境影響評估的提交而言，假設在今年7月提交。我們預計在接下來的12個月內會獲得批准。

So that would be July of the following year, which fits very well with the timeframe we have for the debottlenecking. So the existing permit really allows for the for the optimization that we've been talking about and this EIA or amendment to the permit allows for the debottlenecking. So we can get the optimization with what we have now. And with the EIA, we can unlock the debottlenecking.

所以應該是隔年7月，這與我們為消除瓶頸所設定的時間表非常吻合。現有的許可證確實允許我們進行一直在談論的優化，而這份環境影響評估（或許可證修訂）則允許消除瓶頸。因此，我們可以利用現有資源進行最佳化。而有了環境影響評估，我們就可以解決瓶頸問題。

(technical difficulty) I think there's still a dispute that had to be resolved before you could kind of push ahead with the debottlenecking project. Where are you with that? I mean, is that potentially going to push back approval for midyear?

（技術難題）我認為在推進去瓶頸專案之前，還存在一些爭議需要解決。您現在的情況如何？我的意思是，這是否有可能推遲年中審批？

Yes. Look, so we are going through engagements with various of the indigenous government organizations surrounding Highland Valley and those -- a number of those parties, two of those parties in fact, have initiated dispute resolution processes under the Environmental Assessment Act. That's not unusual for these sorts of processes. It's the way in which they engage with the province, essentially around the terms of the permit ultimately.

是的。你看，我們正在與高地谷週邊的多個原住民政府組織進行接觸，其中一些組織，實際上有兩個組織，已經根據《環境評估法》啟動了爭議解決程序。這類程序並不罕見。關鍵在於他們與省政府的溝通方式，最終主要圍繞著許可證條款。

We stay very close to this, of course. As you can imagine, we're very close with the indigenous government organizations. We're very close with the province here in British Columbia, who have this as a priority project for them. So they're working very hard on this. Of course, we continue to assess the project plan and schedule as these processes unfold.

當然，我們對此保持密切關注。正如你所想的，我們與原住民政府組織保持著密切聯繫。我們與不列顛哥倫比亞省也保持密切聯繫，他們將此作為優先事項。因此，他們正在為此努力工作。當然，隨著這些進程的推進，我們會繼續評估專案計畫和進度。

And while we can't guarantee time for permitting, you never can with any project, we are optimistic that we will have a resolution in the middle of this year. So we'll continue to progress the project. As I said, the work we've done on construction readiness looks very good. That's been independently verified, and we'll continue to move the project forward this year. So yes, we've got to get through those engagements. And ultimately it will get the permits issued, but we're hopeful that the middle of this year is still the timeframe that we're working to.

雖然我們無法保證獲得許可的時間，任何專案都無法保證，但我們樂觀地認為，我們將在今年年中得到解決方案。因此，我們將繼續推進該專案。正如我所說，我們在施工準備方面所做的工作看起來非常好。這已經得到了獨立驗證，我們今年將繼續推進該項目。所以，是的，我們必須完成這些工作。最終，它將獲得許可，但我們希望今年年中仍然是我們正在努力實現的時間表。

(technical difficulty) We're not going to see any more downgrades to production guidance for '25?

（技術難題）我們不會看到 25 年生產指導再有任何下調嗎？

Yes. Look, what we know about the site, what we see in the operation of the mine of the concentrator of the port, and our view now on the work that is required to progress the tailings facility from today into steady state operations, all of those factors are considered in the guidance range. So of course, we are looking at guidance all the time to ensure it's appropriate and representative of what we expect to do the asset. And we've communicated 230,000 to 270,000 again today because we have confidence in delivering within that range, albeit at the lower end.

是的。我們對現場的了解，我們對礦場、選礦廠和港口運營的觀察，以及我們現在對從現在開始推進尾礦設施進入穩定運營所需工作的看法，所有這些因素都已納入指導範圍。因此，我們當然會一直關注指導，以確保其合理且能夠代表我們對該資產的預期。我們今天再次傳達了23萬至27萬的目標，因為我們有信心在這個範圍內交付，儘管這個範圍比較低。

Thank you.

謝謝。

Thanks, Myles.

謝謝，邁爾斯。

Matthew Murphy, BMO Capital Markets.

馬修·墨菲，BMO資本市場。

Hi, Jonathan, just would like to dig a little deeper on the understanding the tailings issue. Is sand drainage -- is that referring to like how wet the sand is?

你好，喬納森，我想深入了解尾礦庫的問題。排水是指沙子的濕度嗎？

Well, it's essentially referring to how long it's taking that sand to dry, might be a better way of thinking about it. But yes, it is to do with the moisture in the sand and the time that it's taking for those moisture levels to reduce.

嗯，它本質上指的是沙子乾燥所需的時間，這可能是更好的理解方式。但是，它確實與沙子中的水分以及水分含量降低所需的時間有關。

Okay (technical difficulty)

好的（技術困難）

No, it's really a separate issue there. I mean, ultimately, what you need to be able to do is to compact the sand. And to compact the sand, you need it to drain. We think the source of some of these slower drainage times has been a function of clay and fines in the sand, which have to be separated. That separation happened through the cyclones, and we've recently made some modifications to those cyclones. And the initial results from those modifications are positive again, which is part of what gives us confidence that we move through this issue by the third quarter of the year.

不，這實際上是一個單獨的問題。我的意思是，最終你需要做的是壓實沙子。而要壓實沙子，就需要排水。我們認為排水速度較慢的部分原因是沙子中含有黏土和細粉，必須將它們分開。分離是透過旋風分離器進行的，我們最近對這些旋風分離器進行了一些改進。這些改進的初步結果再次令人鼓舞，這在一定程度上讓我們有信心在今年第三季之前解決這個問題。

Okay. And then the last one, the need to take maintenance shutdowns, is it because you're currently constrained on tailings capacity? So you're like waiting for these lifts to be ready to let the mill go do what it can do, or is part of the shutdown also on the mill?

好的。最後一個問題，需要進行維修停機，是因為你們目前的尾礦處理能力有限嗎？所以你們是在等待這些升降機準備就緒，讓選礦廠繼續運行，還是說停機也跟選礦廠有關？

So we have our regular shutdowns on the mills for mill relining and other works. So there's nothing different at the mill over and above what we would consider to be our sort of routine quarterly work. The reason that we point towards the low end of the guidance range is that the work we have to do on the tailings facility does create a constraint to production. But again, factoring in the range of outcomes there that we can foresee for this year, we maintain the range of 230,000 to 270,000.

因此，我們定期關閉磨機進行磨機襯板更換和其他工作。因此，除了我們認為的常規季度工作之外，磨機的運作情況並沒有什麼不同。我們之所以將預期範圍設在低端，是因為我們必須在尾礦庫進行的工作確實會對產量造成限制。但同樣，考慮到我們今年可以預見的結果範圍，我們維持23萬至27萬的產量區間。

Thank you.

謝謝。

Thank you very much, Matt.

非常感謝，馬特。

Lawson Winder, Bank of America Securities.

勞森·溫德（Lawson Winder），美國銀行證券。

Operator, thank you very much. Good morning, Jonathan, and thank you for the update there. Maybe I'll ask again about QB2 and just going back to one of the challenges that was experienced last year. That was the stabilization of the mix of clay in the feed. Is the asset now on track to be able to deliver that consistency in the second half? And then also on the geotechnical issue, the defaulting that led to the slip on the ramp, is that -- has the work to date in the mine now confirmed that that was, in fact, localized?

接線員，非常感謝。早安，喬納森，感謝您的更新。也許我會再詢問QB2礦井的情況，並回顧去年遇到的一個挑戰。那就是穩定進料中黏土混合物的問題。該礦井現在是否能夠順利在下半年實現這種穩定性？然後，關於岩土工程問題，導致斜坡滑落的違約，迄今為止礦井的施工是否已經證實，滑落實際上是局部性的？

Yes, so there's no ongoing manifestation of that geotechnical issue. That's very much behind us, Lawson. In terms of the clays, as we go through this year, we've started the year processing a lot of transitionals, which is why you've seen some lower recoveries in the first quarter.

是的，所以目前還沒有出現岩土工程問題。勞森，這已經基本解決了。就黏土而言，今年年初我們處理了很多過渡性黏土，這就是為什麼第一季的採收率下降。

As the year progresses, we expect to have less transition ore; and therefore, less play and therefore, better recovery. So all of those things are connected. That's been in the plan for this year. It's why we've expected or partly at least why we've expected to see quarter-over-quarter improvement through the year, but nothing different from what we've communicated previously there, Lawson.

隨著時間的推移，我們預計過渡礦會減少，因此開採量也會減少，但復甦也會更好。所以，所有這些都是相互關聯的。這已經包含在我們今年的計劃中。這就是為什麼我們預期，或至少部分預期，我們預計全年業績會環比改善，但這與我們之前傳達的沒有什麼不同，勞森。

(technical difficulty) The guidance suggested that grade would improve in the second half. But actually, I mean, you guys had really solid grades at QB2. I think it was about 0.61%. But you're guiding to a 0.6% average grade. I mean, is there some room in there for grade to potentially do better? Is that part of what's driving your confidence in staying within the guidance range?

（技術難題）指導意見顯示，下半場的評分會有所提升。但實際上，你們在QB2的評分非常穩定。我記得大概是0.61%。但你們給的平均分數是0.6%。我的意思是，評分還有提升的空間嗎？這是你們保持評分在指導範圍內的信心所在嗎？

No. Look, we still expect grades for the full year to be approximately 0.6%. With the mine plan, we ended up processing a little bit of higher grade in March that was previously expected to come through in April. So there's always a few sort of puts and takes in this. But as we look at this for the year as a whole, the average of 0.6% is still the right number. So we're not relying on grade to deliver the guidance, if that's the question, Lawson.

不。你看，我們仍然預計全年品位約為0.6%。根據礦山計劃，我們最終在3月加工了比之前預計4月份品位略高的礦石。所以這其中總是會有一些取捨。但從全年來看，0.6%的平均值仍然是合適的數字。所以，勞森，如果你問我這個問題，我們不會依賴品味來提供指導。

Yes, that was it. Perfect. Thanks very much, Jonathan.

是的，就是這樣。完美！非常感謝，喬納森。

Thank you, Lawson.

謝謝你，勞森。

Bill Peterson, JPMorgan.

摩根大通的比爾彼得森。

Yes, hi, good morning. Thanks for taking the question. I am thinking, I guess, on Trail specifically, nice job on profitability. I guess, how should we think about profitability in the second quarter and back half of the year? Specifically, do you expect the byproducts to repeat in the subsequent quarters? And then maybe beyond that, what initiatives do you have to maybe continue driving improved profitability? Is there room for further improvements there?

是的，早安。感謝您回答這個問題。我想，具體來說，Trail 在盈利能力方面做得很好。那麼，我們該如何看待第二季和下半年的獲利能力呢？具體來說，您預計這些副產品會在接下來的幾季中重複出現嗎？除此之外，您還有什麼措施可以繼續提升獲利能力？這方面還有進一步改進的空間嗎？

Yes. Thanks for that, Bill. I'll ask Crystal to just respond on the outlook for Trail for the balance of the year.

是的。謝謝你，比爾。我會請克里斯托談談今年剩餘時間Trail的前景。

Thanks, Bill, nice to hear from you. Look, in Q1, as you mentioned, we had very strong performance at Trail. We generated $80 million of gross profit before depreciation and amortization. That was really the result of that implementation of initiatives to improve cash flows. Those have been fully embedded in now, and we expect those to continue through the rest of the year. And we'll continue to realize the benefit of those.

謝謝，比爾，很高興收到你的來信。正如你所提到的，在第一季度，Trail 的業績非常強勁。我們在折舊攤銷前實現了 8,000 萬美元的毛利。這其實是我們實施改善現金流措施的結果。這些舉措現在已經完全落實到位，我們預計這些舉措將在今年剩餘時間持續下去。我們將繼續實現這些措施帶來的好處。

And then in terms of the contribution from byproducts such as silver, germanium, and indium -- and then obviously, the FX rate has an impact. We built up a stockpile of materials during the period when we had the kits at boiler under repair in 2023. We are progressing treating those materials, which is where you're seeing the benefit of some of those specialty metals coming through and supporting the improvement of the profitability.

就銀、鍺和銦等副產品的貢獻而言，匯率顯然也會產生影響。我們在2023年鍋爐維修期間累積了一批材料庫存。我們正在對這些材料進行處理，您會看到一些特殊金屬的加入帶來的效益，並有助於盈利能力的提升。

So we expect that to continue through this year. But of course, that's not a long-term solution. The TC environment for Trails continues to be challenging, but the cost structure changes that we've made there have been -- have led to some improvement that we're seeing come through, and we expect that to continue.

所以我們預計這種情況會持續到今年。當然，這不是長久之計。 Trails 的 TC 環境仍然充滿挑戰，但我們在那裡進行的成本結構調整已經帶來了一些改善，我們正在看到這些改善的成果，我們預計這種情況會持續下去。

Great, thanks for that. And then I guess for something south of the border, I guess, any thoughts on the upcoming presidential election? Any potential impacts to the industry, industry in Canada, read-throughs for HPC or maybe basically -- maybe [FDI]?

太好了，謝謝。接下來我想談談邊境以南的一些事情，我想問一下，您對即將到來的總統大選有什麼看法？這對產業、加拿大的產業、高效能運算（HPC）的解讀，或基本上是（外國直接投資）有什麼潛在影響？

Nothing in particular. I mean there's obviously an election early next week. We will know who the Prime Minister will be at that point in time. I think what we can say is that both sides of politics here are very, very supportive of the resources industry. That's been a key part of their platforms, whether that's about deregulation and simplification, whether that's about actually putting in place investment vehicles to help with the development of the industry here.

沒什麼特別的。我的意思是，下週初顯然要舉行選舉。到時候我們就能知道誰會成為首相了。我想我們可以說的是，這裡的政壇雙方都非常非常支持資源產業。這一直是他們政綱的重要組成部分，無論是放鬆管制和簡化程序，還是實際建立投資工具來促進這裡的產業發展。

I think there's a lot of support for resources. Canada is recognizing that as a real potential competitive advantage and a great lever through which to engage with the US on something that's clearly very important to them. So we hope to see that progress, Bill, in the weeks and months ahead. But I think, however the election works out, Canada will remain very focused on its mining industry on its critical minerals. And we do expect to see supportive legislation to help ease doing business essentially in the country. So I think the outlook is positive from that perspective.

我認為資源領域得到了大力支持。加拿大認識到，這是一個真正的潛在競爭優勢，也是一個與美國就對他們至關重要的議題進行接觸的重要槓桿。比爾，我們希望在未來幾週和幾個月內看到這方面的進展。但我認為，無論選舉結果如何，加拿大仍將高度重視其採礦業及其關鍵礦產。我們確實期待看到支持性立法，以幫助簡化在加拿大的營商環境。因此，我認為從這個角度來看，前景是樂觀的。

Thanks.

謝謝。

Thanks, Bill.

謝謝，比爾。

Thank you. We are out of time for further questions. I'd now like to hand the call back over to Jonathan Price for closing remarks.

謝謝。我們已經沒有時間回答其他問題了。現在我想把電話交還給喬納森·普萊斯，請他做最後發言。

Yes, thank you, operator. Apologies once again for the issues in the call today. I hope you were able to hear everything you needed to hear. If not, as ever, please follow up with Emma and the Investor Relations team. I would just close off by saying the business is in really good shape. We are very resilient. We're managing very well through these turbulent times, both through our commercial strategy and through the strong balance sheet we have.

是的，謝謝接線生。再次為今天電話會議中出現的問題道歉。希望您能夠聽到所有需要了解的資訊。如果沒有，請一如既往地聯繫Emma和投資者關係團隊。最後，我想說的是，我們的業務狀況非常好。我們非常有韌性。憑藉我們的商業策略和強勁的資產負債表，我們很好地度過了這段動盪時期。

We will continue returning capital to our shareholders per our commitment of balancing that with growth, and we've discussed QB extensively on this call. We will get past this tailings situation by the third quarter of this year, move on to steady-state operations. And as I said, we see no changes to guidance this year or in the coming years. So thank you very much for joining us all today, and enjoy the rest of your day.

我們將繼續履行平衡資本與成長的承諾，向股東返還資本。我們在本次電話會議上詳細討論了QB問題。我們將在今年第三季前解決尾礦庫問題，並逐步實現穩定營運。正如我所說，我們預計今年或未來幾年的業績指引不會有任何變化。非常感謝大家今天加入我們，祝大家今天過得愉快。