Teck Resources Ltd (TECK) 2026 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to Teck's second-quarter 2026 earnings release conference call. (Operator Instructions) This conference call is being recorded on Thursday, July 23.

各位女士、先生，感謝您稍候。歡迎參加 Teck 2026 年第二季財報發布電話會議。(接線員指示) 本電話會議於 7 月 23 日（星期四）錄音。

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人關係副總裁 Emma Chapman。請開始。

Thank you, operator. Good morning, everyone, and thank you for joining us for Teck's second-quarter 2026 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 two for the assumptions underlying our forward-looking statements.

謝謝，接線員。各位早安，感謝各位參加 Teck 2026 年第二季電話會議。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與不確定性而有所不同。Teck 不承擔更新任何前瞻性陳述之義務。請參閱投影片第二頁，了解我們前瞻性陳述所依據的假設。

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.

我們將在本簡報中引用非 GAAP 衡量指標。相關說明與調節表載於我們的 MD&A，以及我們網站上的最新新聞稿。

On today's call, Jonathan Price, our CEO, will provide highlights for the second quarter of 2026. Crystal Prystai, our CFO, will follow with further details on our operational performance and financials in the quarter. Jonathan will then wrap up with closing remarks, and an opportunity for Q&A.

在今天的電話會議中，我們的執行長 Jonathan Price 將提供 2026 年第二季重點摘要。接著，我們的財務長 Crystal Prystai 將進一步說明本季的營運表現與財務結果。之後 Jonathan 將以結語作結，並開放問答。

And with that, over to you, Jonathan.

那麼，交給你了，Jonathan。

Thank you, Emma, and good morning, everyone. We've delivered another quarter of strong operational and financial performance. We generated significantly higher earnings and robust cash flow in the second quarter of 2026, supported by favorable commodity prices, including another record quarterly average copper price.

謝謝你，Emma，各位早安。我們再度交出一季強勁的營運與財務表現。在 2026 年第二季，我們在有利的大宗商品價格支撐下（其中包括再創紀錄的季度平均銅價），創造了顯著更高的獲利與強勁的現金流。

Compared with the same period last year, we generated cash flow from operations of $1.7 billion and tripled adjusted EBITDA to $2.2 billion. We also successfully managed our net cash unit costs despite energy cost headwinds, supported by stronger operational performance and favorable byproduct pricing. As a result, we increased our net cash position by $756 million during the quarter and $1 billion in the first half of the year.

與去年同期相比，我們的營運活動現金流達 17 億美元，調整後 EBITDA 增至 22 億美元、為去年的三倍。在能源成本逆風下，我們仍成功控管淨現金單位成本，這得益於更強的營運表現與有利的副產品定價。因此，我們在本季將淨現金部位增加 7.56 億美元，並在上半年累計增加 10 億美元。

Alongside this strong financial performance, we continue to make good progress against our near-term priorities to create shareholder value. We are advancing our merger of equals with Anglo American, with our focus on securing the remaining regulatory approval. Meanwhile, integration planning is intensified to ensure we are ready to close shortly after approval is received.

在強勁財務表現的同時，我們也持續在短期優先事項上取得良好進展，以創造股東價值。我們正推進與 Anglo American 的對等合併，重點在於取得剩餘的監管核准。同時，整合規劃也在加速進行，以確保在取得核准後能迅速完成交割。

Operationally, we continue to build momentum across the business. Copper production increased by 25% compared with the second quarter of last year with higher production across all our copper operations, coupled with continued strong sales volumes.

在營運方面，我們持續在整個業務上累積動能。與去年第二季相比，銅產量增加 25%，我們所有銅業務的產量均提升，並且銷售量持續強勁。

We are delivering greater operational stability quarter by quarter through our continued focus on safe, reliable and consistent performance, and there are no changes to our previously disclosed annual guidance. Importantly, this strong performance includes QB, where we achieved our third consecutive quarter of stable operations, an important step toward realizing the full value of this world-class asset.

透過持續聚焦安全、可靠且一致的表現，我們逐季提升營運穩定性，且先前揭露的年度指引維持不變。重要的是，這項強勁表現也包含 QB；我們已連續第三季達成穩定營運，這是邁向充分實現此世界級資產價值的重要一步。

During the quarter, we also continued to advance our tailings management facility work at QB, including the completion of Rock Bench 5. And I'll return later in the presentation to some of the TMF options currently under evaluation with the potential to further enhance operational continuity.

本季期間，我們也持續推進 QB 的尾礦管理設施（TMF）相關工作，包括完成 Rock Bench 5。我稍後將在簡報中回到目前正在評估的部分 TMF 選項，這些選項有望進一步提升營運連續性。

At Highland Valley, we continue to advance the Mine Life Extension project with detailed engineering now approximately 95% complete.

在 Highland Valley，我們持續推進礦山壽命延長（Mine Life Extension）專案，目前詳細工程設計約完成 95%。

Overall, this was another strong quarter that demonstrates disciplined execution across the business, reinforces the quality of our portfolio, and positioned us well as we move towards completing our merger with Anglo American.

整體而言，這又是一個強勁的季度，展現我們在全公司範圍內的紀律執行，強化了我們投資組合的品質，並使我們在邁向完成與 Anglo American 的合併時處於有利位置。

So turning to the merger update on slide five. The regulatory approval process in China continues to progress as expected, and we remain focused on engagement with the regulator. In parallel, integration planning continues to advance. Our teams are working hard to ensure we are fully prepared to close the transaction properly following receipt of the necessary approvals, while also continuing to develop our plans to capture the significant value creation opportunities available through the combination.

接著看投影片第五頁的合併最新進展。中國的監管核准流程持續按預期推進，我們仍專注於與監管機關的溝通互動。同時，整合規劃也持續推進。我們的團隊正努力確保在取得必要核准後，能妥善完成交易交割，同時也持續完善計畫，以掌握透過合併所帶來的重大價值創造機會。

Consistent with our original expectations, we continue to anticipate completing the transaction within 12 to 18 months of the September 2025 announcement.

與我們最初的預期一致，我們仍預計在 2025 年 9 月公告後的 12 至 18 個月內完成交易。

Turning to our focus on safe and stable operational performance, beginning with safety on slide six. During the second quarter, our high potential incident frequency rate at Teck-controlled operations remained low at 0.08, broadly in line with our performance last year. Many safety incidents are thoroughly investigated, with corrective actions implemented to strengthen critical risk controls and reduce the likelihood of recurrence.

接著談我們對安全且穩定營運表現的聚焦，先從投影片第六頁的安全開始。在第二季，Teck 控制之營運據點的高潛在事件頻率率仍維持在低檔 0.08，整體與去年表現大致一致。許多安全事件都會被徹底調查，並採取矯正措施，以強化關鍵風險控制並降低再發生的可能性。

We're also very pleased that the Highland Valley Copper Mine Life Extension project has now achieved 1 million hours worked without a high potential incident or a lost time injury, reflecting a strong safety culture across the project team.

我們也非常高興 Highland Valley Copper 礦山壽命延長專案目前已達成 100 萬工時，期間未發生高潛在事件或損失工時傷害，反映專案團隊具備強健的安全文化。

So turning now to our operational performance on slide seven. Copper production increased by almost 25% in the second quarter compared with the same period last year, with higher production across each of our operations as shown in the chart on the left. This higher production, together with favorable commodity and byproduct prices, drove a significant reduction in our net cash unit costs, more than offsetting the impact of higher energy prices.

接著看投影片第七頁的營運表現。與去年同期相比，第二季銅產量增加近 25%，如左側圖表所示，我們各項營運據點的產量均提升。更高的產量，加上有利的大宗商品與副產品價格，推動我們的淨現金單位成本顯著下降，且降幅足以抵銷能源價格上升的影響。

As a result, our profitability continued to strengthen, with adjusted EBITDA margins reaching a record 61%, up from 36% in the second quarter of 2025. These results demonstrate how our continued focus on operational performance is translating into higher volumes, lower costs, and improved financial returns.

因此，我們的獲利能力持續增強，調整後 EBITDA 利潤率達到創紀錄的 61%，高於 2025 年第二季的 36%。這些結果顯示，我們持續聚焦營運表現正轉化為更高的產量、更低的成本，以及更佳的財務回報。

Turning to QB on slide eight. As we continue to advance Tailings Management facility development, we have not experienced any TMF-related downtime in the past three quarters, supporting improved asset utilization and operational consistency. As a result, QB produced 55,800 tonnes of copper during the quarter, compared with 52,700 tonnes in the same period last year, with stable throughput and recoveries, and all key operating metrics tracking in line with our full-year guidance.

接著看投影片第八頁的 QB。在我們持續推進尾礦管理設施（TMF）開發的同時，過去三個季度未出現任何與 TMF 相關的停機，支持提升資產利用率與營運一致性。因此，QB 本季銅產量為 55,800 公噸，高於去年同期的 52,700 公噸；處理量與回收率保持穩定，且所有關鍵營運指標皆與我們的全年指引一致。

During the planned maintenance shutdown in May, we completed several initiatives designed to optimize plant performance and increase throughput. We began to see the benefits of that work towards the end of the quarter, providing a solid foundation for continued operational improvement throughout the remainder of the year.

在 5 月的計畫性維修停機期間，我們完成了多項旨在最佳化選礦廠表現並提高處理量的措施。我們在本季末開始看到這些工作的效益，為今年剩餘期間持續的營運改善奠定了穩固基礎。

Overall, QB continues to demonstrate improving operational consistency, giving us increasing confidence in the long-term performance and value of this world-class asset.

整體而言，QB 持續展現營運一致性的改善，使我們對這項世界級資產的長期表現與價值更具信心。

And looking at the QB TMF on slide nine. Progress on the TMF remains an important enabler of predictable operating performance at QB, and we made significant progress during the second quarter. As you can see from these photographs, we completed Rock Bench 5 during the quarter, an important milestone that supports freeboard management through the remainder of the year.

再看投影片第九頁的 QB TMF。TMF 的進展仍是 QB 可預測營運表現的重要推動因素，而我們在第二季取得了顯著進展。如這些照片所示，我們在本季完成了 Rock Bench 5，這是一項重要里程碑，可支持今年剩餘期間的自由板高（freeboard）管理。

Completion of the cyclone station upgrades and increased paddock availability improved our sand deposition rates and supported continued progress towards planned TMF performance. As mentioned, there was no TMF-related downtime at the concentrator in the past three quarters, demonstrating the progress we've made in reducing operational constraints.

旋流站升級完成以及堆場可用性提升，改善了我們的砂沉積速率，並支持朝向既定的TMF表現持續推進。如前所述，過去三個季度選礦廠未發生任何與TMF相關的停機，顯示我們在降低營運限制方面取得的進展。

Workers continue to optimize the supporting ancillary infrastructure required to accommodate higher sand deposition rates. The construction of the secondary cyclone station should further improve our sand deposition performance.

工人持續優化為容納更高砂沉積速率所需的配套輔助基礎設施。第二座旋流站的建設應可進一步提升我們的砂沉積表現。

The latest progress on the QB TMF is reflected in our updated scorecard on slide 10. As I've already mentioned, we completed Rock Bench 5 as planned. Looking ahead, we expect to complete installation of the secondary sand cyclone system by the end of the year, further strengthening the robustness of the tailings handling system and increasing its ability to manage variability in plant feed.

QB TMF的最新進展已反映在投影片10更新的記分卡中。如我先前提到的，我們按計畫完成了Rock Bench 5。展望未來，我們預期在年底前完成第二套砂旋流系統的安裝，進一步強化尾礦處理系統的韌性，並提升其管理選廠入料變異性的能力。

Consistent with our QB action plan, we are progressing our evaluation of the timing and sequencing of the installation of the permanent TMF pipeline infrastructure, which will mechanically raise the tailings pipeline, supporting more efficient and optimized TMF performance. As part of this assessment, we are evaluating opportunities to accelerate certain TMF activities, including the potential advancement of material placement currently planned for 2027 by constructing an additional Rock Bench this year.

依據我們的QB行動計畫，我們正推進對永久性TMF管線基礎設施安裝時點與施工順序的評估；該設施將以機械方式抬升尾礦管線，支持更高效率且更優化的TMF表現。作為此評估的一部分，我們正在評估加速部分TMF活動的機會，包括透過今年增建一座Rock Bench，將目前規劃於2027年的材料堆置提前的可能性。

Proceeding with Rock Bench 6 would allow the permanent pipeline infrastructure to be installed later this year, which is earlier than planned. This would provide greater operational flexibility during completion of the sand dam, reducing execution risk and supporting continued improvements in operating performance from a stable operating base.

推進Rock Bench 6將使永久性管線基礎設施可於今年稍晚安裝，較原計畫更早。這將在砂壩完工期間提供更大的營運彈性，降低執行風險，並在穩定的營運基礎上支持營運績效持續改善。

If we take the decision to proceed, construction of Rock Bench 6 is expected to commence in late August or early September, and be completed by around year-end, with an estimated capital investment of approximately USD100 million this year.

若我們決定推進，Rock Bench 6的施工預計於8月下旬或9月上旬開始，並於年底前後完成；今年預估資本投資約為1億美元。

Overall, we continue to make good progress on the TMF and are focused on opportunities to safely accelerate development and further strengthen the long-term reliability of QB operations.

整體而言，我們在TMF方面持續取得良好進展，並聚焦於在確保安全的前提下加速開發的機會，進一步強化QB營運的長期可靠性。

So turning now to the mine life extension at Highland Valley on slide 11. Construction continues to advance well, with the project achieving an important safety milestone of more than 1 million hours worked without any high potential incidents or lost time injuries. During the second quarter, we completed installation of the pilings for the mill upgrades and successfully executed the first integrated shutdown between the operation and the mine life extension project.

接著看投影片11，Highland Valley的礦山壽命延長計畫。施工持續順利推進，該專案達成一項重要的安全里程碑：累計工作時數超過100萬小時，且未發生任何高潛在事件或損失工時傷害。第二季期間，我們完成了磨機升級用樁基的安裝，並成功執行了營運端與礦山壽命延長專案之間的首次整合停機。

Detailed engineering is now approximately 95% complete. Procurement is nearing completion and construction activity continues to ramp up across the site, including earthworks, pipelines, brownfield works and supporting infrastructure. We invested $254 million of project capital during the quarter, and our capital expenditure guidance remains unchanged at $900 million to $1.2 billion for 2026, and $2.1 billion to $2.4 billion over the life of the project.

詳細工程設計目前約完成95%。採購接近完成，工地施工活動持續加速推進，包括土方工程、管線、既有廠區（brownfield）工程及配套基礎設施。本季我們投入2.54億美元的專案資本支出，而我們的資本支出指引維持不變：2026年為9億至12億美元，專案全期為21億至24億美元。

Capitalized stripping activity is also expected to increase during the second half of the year as we prepare future mining areas. While higher diesel prices will have some impact, our guidance for capitalized stripping remains unchanged at $450 million to $550 million for the Copper business.

隨著我們準備未來採礦區域，資本化剝採活動預期也將在下半年增加。儘管柴油價格上升將帶來一定影響，我們對銅業務的資本化剝採指引仍維持不變，為4.5億至5.5億美元。

The Mine Life Extension will extend Highland Valley's mine life to 2046, while supporting average annual copper production of approximately 132,000 tonnes, reinforcing its position as a cornerstone asset in the Copper portfolio.

礦山壽命延長計畫將把Highland Valley的礦山壽命延長至2046年，同時支持平均年銅產量約13.2萬噸，鞏固其作為銅資產組合核心資產的地位。

Overall, we're continuing to execute well across our portfolio with strong operational performance, supporting disciplined product delivery, and positioning the business well for the future.

整體而言，我們在整個資產組合上持續良好執行，營運表現強勁，支持有紀律的產品交付，並使業務為未來做好良好布局。

I'll now hand over to Crystal to take you through the financial results in more detail.

接下來我把時間交給Crystal，請她更詳細說明財務結果。

Thanks, Jonathan, and good morning, everyone. Starting with an overview of our strong financial performance in Q2 2026 on slide 13. We delivered significantly stronger financial results in the second quarter with adjusted EBITDA tripling to $2.2 billion compared to the same period last year. This performance was underpinned by strong copper production across all of our operations, including a third consecutive quarter of stable production at QB, together with higher commodity prices and increased byproduct revenues.

謝謝你，Jonathan，各位早安。先從投影片13，概述我們在2026年第二季的強勁財務表現。第二季我們交出顯著更強的財務結果，調整後EBITDA較去年同期成長至三倍，達22億美元。此表現主要受惠於我們所有營運據點的強勁銅產量，包括QB連續第三季維持穩定產量，加上更高的大宗商品價格與副產品收入增加。

In addition, we significantly improved profitability at Trail operations as we continue to focus on cash generation through value-driven optimization of feed sources and production. As a result, our adjusted EBITDA margin increased to a record 61%.

此外，隨著我們持續透過以價值為導向的原料來源與生產最佳化，聚焦現金創造，我們也大幅提升了Trail營運的獲利能力。因此，我們的調整後EBITDA利潤率提升至創紀錄的61%。

Our strong earnings in the second quarter translated into robust cash generation with $1.7 billion of cash flow from operations, contributing to a $756 million increase in our net cash position over the quarter. We also returned $61 million to shareholders through payment of our regular quarterly base dividend.

第二季的強勁獲利轉化為穩健的現金創造，營運活動現金流達17億美元，推動本季淨現金部位增加7.56億美元。我們也透過支付例行的季度基本股利，向股東回饋6,100萬美元。

Looking now at the key drivers of our higher profitability in Q2 2026 on slide 14. The increase in adjusted EBITDA was primarily driven by significantly higher commodity prices, including favorable pricing adjustments and stronger byproduct pricing. Higher copper production and sales volumes and higher volumes of byproducts also made significant contributions.

接著看投影片14，說明2026年第二季獲利能力提升的關鍵驅動因素。調整後EBITDA的增加主要由顯著更高的大宗商品價格所帶動，包括有利的價格調整以及更強的副產品定價。更高的銅產量與銷售量，以及更高的副產品銷量也做出顯著貢獻。

Overall, operating costs were lower year on year, more than offsetting higher oil prices, while lower smelter processing charges also provided a benefit. These positive factors were partially offset by higher royalties and profit sharing as a result of higher profitability at our operations.

整體而言，營運成本較去年同期下降，足以抵銷油價上升的影響；同時，較低的冶煉加工費也帶來助益。由於各營運據點獲利能力提高，較高的權利金與利潤分成在一定程度上抵銷了上述正面因素。

Turning to our Copper segment now on slide 15. Compared with Q2 last year, gross profit before depreciation and amortization more than doubled to $1.8 billion with margins substantially higher at 65% compared with 46% a year ago. This stronger performance was driven by record copper prices together with higher production across all operations. Higher copper production reflects higher throughput across our operations as well as higher grades at Highland Valley and Antamina as expected.

接著看投影片15的銅事業部。與去年第二季相比，折舊與攤銷前毛利增加逾一倍至18億美元，利潤率亦大幅提升至65%，高於一年前的46%。此較強表現主要由創紀錄的銅價以及各營運據點產量提升所帶動。銅產量增加反映我們各營運據點處理量提升，以及如預期在Highland Valley與Antamina的品位提高。

QB delivered its third consecutive quarter of stable operations with copper production increasing to 55,800 tonnes from 52,700 tonnes in the same period last year. Our Copper net cash unit costs improved by 19%, reflecting higher copper production and byproduct credits.

QB連續第三季維持穩定營運，銅產量由去年同期的52,700噸增加至55,800噸。我們的銅淨現金單位成本改善19%，反映銅產量提高以及副產品抵減增加。

Looking ahead, guidance for our Copper segment remains unchanged, and we continue to expect further growth in copper production this year to 455,000 to 530,000 tonnes from 454,000 tonnes last year.

展望未來，我們對銅事業部的指引維持不變，並仍預期今年銅產量將進一步成長至455,000至530,000噸，高於去年的454,000噸。

Looking at our Zinc segment on slide 16. Compared with Q2 last year, gross profit before depreciation and amortization increased 122% to $353 million, with margins significantly higher at 39% compared with 28% previously. This improvement was primarily driven by strong performance at Trail operations. This reflects materially higher byproduct pricing and the continued execution of our value-driven optimization of feed sources and production, including prioritizing processing of residues in the near term.

再看投影片16的鋅事業部。與去年第二季相比，折舊與攤銷前毛利增加122%至3.53億美元，利潤率亦顯著提升至39%，高於先前的28%。此改善主要由Trail營運的強勁表現所帶動。這反映副產品價格大幅走高，以及我們持續執行以價值為導向的原料來源與生產最佳化，包括短期內優先處理殘渣。

As a result, gross profit before depreciation and amortization at Trail increased to $203 million, compared with $42 million in the same period last year, despite the planned shutdown of the lead circuit during the quarter.

因此，儘管本季鉛回路按計畫停機，Trail的折舊與攤銷前毛利仍提升至2.03億美元，高於去年同期的4,200萬美元。

On July 7, we also announced a strategic investment agreement with the Government of Canada to support strategic metals production at Trail. The initiative has the potential to expand production of germanium and antimony and add new gallium capacity. It also remains subject to certain conditions as well as evaluation under our capital allocation framework.

7月7日，我們亦宣布與加拿大政府達成一項策略性投資協議，以支持Trail的策略金屬生產。該倡議有潛力擴大鍺與銻的產量，並新增鎵的產能。該項目亦仍須符合若干條件，並需依據我們的資本配置框架進行評估。

At Red Dog, zinc production in the second quarter reflected lower grades and recoveries consistent with the mine plan, and Zinc sales were within our guidance range at 37,000 tonnes. Zinc net cash unit costs improved 29%, benefiting from lower smelter processing charges and higher byproduct credits.

在Red Dog，第二季鋅產量反映了與礦山計畫一致的品位與回收率下降，而鋅銷售量為37,000噸，落在我們的指引區間內。鋅的淨現金單位成本改善29%，受惠於較低的冶煉加工費以及較高的副產品抵減。

Looking ahead, Red Dog's shipping season commenced on July 12. As in previous years, the majority of diesel deliveries are expected during the third quarter, alongside Zinc concentrate sales of 220,000 to 270,000 tonnes, reflecting the normal seasonal shipping pattern.

展望未來，Red Dog的航運季已於7月12日開始。與往年相同，預期大部分柴油交付將在第三季進行，同時鋅精礦銷售量為220,000至270,000噸，反映正常的季節性航運模式。

Our guidance for the Zinc business remains unchanged. We continue to expect Zinc in concentrate production of 410,000 to 460,000 tonnes, and refined zinc production of 190,000 to 230,000 tonnes in 2026.

我們對鋅業務的指引維持不變。我們仍預期2026年鋅精礦產量為410,000至460,000噸，精煉鋅產量為190,000至230,000噸。

Turning now to our net cash unit costs on slide 17. Despite oil price headwinds during the quarter, we reduced net cash unit costs across both our Copper and Zinc businesses, reflecting strong operational performance, cost discipline, and favorable byproduct pricing.

接著看第17頁的淨現金單位成本。儘管本季受到油價逆風影響，我們仍在銅與鋅兩大業務中降低了淨現金單位成本，反映強勁的營運表現、成本紀律以及有利的副產品定價。

In Copper, total cash unit costs declined despite approximately USD0.07 per pound of energy inflation impact, supported by higher production across our operations. Net cash unit costs improved even further from USD2.02 per pound to USD1.64 per pound as stronger byproduct production and pricing, particularly for molybdenum, silver and zinc increased byproduct credits.

在銅業務方面，儘管能源通膨影響約為每磅0.07美元，總現金單位成本仍下降，主要受惠於各項營運的產量提升。淨現金單位成本進一步由每磅2.02美元改善至每磅1.64美元，因副產品產量與價格走強，特別是鉬、白銀與鋅，帶動副產品抵減增加。

In Zinc, total cash unit costs were broadly stable as the impact of lower production volumes has been largely offset by lower smelter processing charges. Red Dog has been largely insulated from higher energy prices year to date, as diesel for the 2026 shipping season had not yet been delivered.

在鋅業務方面，總現金單位成本大致持平，因產量下降的影響大多被較低的冶煉加工費所抵銷。截至目前，Red Dog在很大程度上未受能源價格上升影響，因2026年航運季所需柴油尚未交付。

Net cash unit costs in Zinc also improved significantly from USD0.49 per pound to USD0.35 per pound, driven by stronger byproduct prices, including silver, lead, and germanium. These cost improvements, together with the favorable pricing environment, translated into materially stronger margins across both of our business.

鋅的淨現金單位成本亦顯著改善，由每磅0.49美元降至每磅0.35美元，主要受惠於副產品價格走強，包括白銀、鉛與鍺。這些成本改善，加上有利的定價環境，使我們兩大業務的利潤率明顯提升。

Turning now to our margins on slide 18. We delivered a significant expansion in margins across both of our business segments during the second quarter, reflecting the benefit of higher commodity prices, together with continued operational improvements and disciplined cost performance.

接著看第18頁的利潤率。第二季我們兩個業務分部的利潤率均顯著擴張，反映較高的大宗商品價格帶來的效益，以及持續的營運改善與嚴謹的成本表現。

In Copper, our adjusted EBITDA margin increased to 70% compared with 45% in the second quarter of last year, driven by stronger copper prices, higher production and sales volumes, and strong byproduct credits.

在銅業務方面，我們的調整後EBITDA利潤率提升至70%，相較去年第二季的45%，主要由更強的銅價、更高的產量與銷售量，以及強勁的副產品抵減所帶動。

In Zinc, our adjusted EBITDA margin increased to 38% from 25% a year ago, reflecting higher zinc prices, stronger byproduct credits, and the continued optimization of feed sources at Trail operations.

在鋅業務方面，我們的調整後EBITDA利潤率由一年前的25%提升至38%，反映鋅價上升、副產品抵減更強，以及Trail營運持續優化原料來源。

Turning now to our balance sheet on slide 19. As a result of the strong cash generation from our operations, we continue to strengthen our balance sheet while funding the Highland Valley Mine Life Extension Project.

接著看第19頁的資產負債表。由於營運帶來強勁的現金創造能力，我們在為Highland Valley礦山延壽專案提供資金的同時，持續強化資產負債表。

In the second quarter of 2026, we generated significant cash flow from operations of $1.7 billion. Net cash increased by $756 million during the quarter to $1.2 billion, representing an increase of $1 billion over the first half of this year.

在2026年第二季，我們的營運活動產生了17億美元的可觀現金流。本季淨現金增加7.56億美元至12億美元，較今年上半年增加10億美元。

Our liquidity strengthened further to $10.3 billion as of June 30, including $6.1 billion of cash. We also continued to reduce debt through our scheduled semi-annual repayments under the QB Project Finance Facility, positioning us with a strong balance sheet as we move toward completion of the Anglo Teck merger.

截至6月30日，我們的流動性進一步增強至103億美元，其中現金61億美元。我們亦持續依QB專案融資額度的既定半年期還款安排降低負債，使我們在邁向完成Anglo與Teck合併之際，具備強健的資產負債表。

I will now pass it back to Jonathan for closing remarks.

我現在把時間交回Jonathan作結語。

Thanks, Crystal. I'll now wrap up briefly on slide 21. We're pleased to have delivered another quarter of strong operational and financial performance, reflecting the continued progress we are making across the business.

謝謝，Crystal。我將在第21頁做個簡短總結。我們很高興再度交出一季強勁的營運與財務表現，反映我們在各項業務上持續取得進展。

As we look to the second half of the year, our key near-term priorities remain clear. Advancing our merger of equals with Anglo American, including securing the remaining regulatory approval and progressing integration planning, continuing to deliver safe, stable and reliable operating performance across our business, further strengthening the performance of QB through continued operational improvements and progress on the tailings management facility, and advancing the Highland Valley Mine Life Extension project.

展望下半年，我們短期的關鍵優先事項依然明確。推進與Anglo American的對等合併，包括取得剩餘的監管核准並推動整合規劃；持續在各項業務中交付安全、穩定且可靠的營運表現；透過持續的營運改善與尾礦管理設施的進展，進一步強化QB的表現；以及推進Highland Valley礦山延壽專案。

By remaining focused on these priorities, we believe we are well positioned to complete the merger and create a leading critical minerals company with the financial strength, operational capability and portfolio quality to deliver long-term value for shareholders.

透過持續聚焦這些優先事項，我們相信我們已具備良好條件完成合併，並打造一家領先的關鍵礦物公司，具備財務實力、營運能力與優質資產組合，為股東創造長期價值。

So with that, over to you, operator, for questions, please.

那麼，接下來請接線員開放提問。

(Operator Instructions)

(接線員指示)

Orest Wowkodaw, Scotiabank.

Orest Wowkodaw，豐業銀行（Scotiabank）。

Good morning. It's really great to see the operational turnaround, especially at QB. And before my question, I just wanted to also put out a big thank you to Emma for all her help with IR, wish the best on her next opportunity.

早安。很高興看到營運出現扭轉，尤其是在QB。在提問之前，我也想特別感謝Emma在投資人關係（IR）方面提供的所有協助，並祝福她在下一個機會一切順利。

What specifically -- I'm just curious if advancing Rock Bench 6 and advancing some of the infrastructure, if that could positively impact throughput rates in terms of versus plan for 2027, '28?

我想具體請教——我只是好奇，若提前推進Rock Bench 6並推進部分基礎設施，是否可能對2027、2028年相較於計畫的處理量（throughput）帶來正面影響？

Thanks, Orest. And thank you as well for that comment on Emma. I'll talk a little bit about that later.

謝謝你，Orest。也謝謝你對Emma的那段話。我稍後會再談一點。

The short answer to your question is no, Orest. We don't expect any impact to throughput rates directly the result of the planned actions that we're taking here. As mentioned, we see this as an acceleration and essentially a de-risking that allows us to further underwrite that ongoing operational continuity that we've worked so hard to achieve over the last three quarters.

對你問題的簡短回答是：不會，Orest。我們不預期我們在此採取的計畫行動會直接對處理量造成任何影響。如前所述，我們將其視為一種加速，並本質上是去風險化，使我們能進一步支撐並確保我們在過去三個季度努力達成的持續營運連續性。

And second question, just in terms of the regulatory approval, specifically from China, can you give us an update on where things are at, whether you or any requests for potential offtakes or asset sales or anything like that? Or is it just really, I'm curious to what the Chinese may be asking for in terms of the process?

第二個問題，就監管核准而言，特別是來自中國的核准，你能否更新目前進度？你們是否收到任何要求，例如可能的包銷/承購（offtakes）或資產出售之類？或者我只是好奇，中方在流程上可能會要求什麼？

Yeah, look, I'd say that the process with SAMR, which is the markets regulator in China is unfolding in the normal course. We continue to respond to information requests aligned with the typical process here. We're moving ahead. We still expect completion to be within the originally announced 12 to 18 months from the date of announcement. And beyond that, there's nothing more to say in that we haven't received any requests for remedies arising from the approval process, so business as usual for the time being.

是的，我想我會說，與SAMR（中國的市場監管機構）的流程正按一般程序推進。我們持續回覆符合典型流程的資訊要求。我們正在向前推進。我們仍預期完成時間會落在最初公告日起算12至18個月之內。除此之外，沒有更多可補充的；我們尚未收到任何因核准流程而提出的補救措施要求，因此目前一切照常。

Okay. Thank you. And just finally, how quickly do you openly receive that Chinese approval?

好的。謝謝。最後想請教一下，您通常多快能公開收到中國方面的核准？

Sorry, you just cut out a little bit there. How quickly?

抱歉，剛剛你那邊有一點斷訊。你是問多快？

How quickly do you expect the transaction to close post the Chinese approval?

在取得中國核准之後，您預期交易多快能完成交割？

Very quickly. We'd be talking a matter of a couple of weeks, no more than that.

非常快。我們談的是幾週的時間，不會超過這個範圍。

Dalton Barreto, Canaccord Genuity. Please go ahead.

Canaccord Genuity 的 Dalton Barreto。請開始。

Thanks, operator. Good morning, Jonathan. Thanks for taking my question. On the assumption that you do get the SAMR approvals in short order and you close fairly quickly, can you give us an update on where you're at in terms of the integration planning? What things have been settled on and ready, what are you still working on? And any thinking around the pro forma portfolio?

謝謝，接線員。早安，Jonathan。謝謝你回答我的問題。假設你們很快就取得 SAMR 的核准並且相當迅速完成交割，能否更新一下你們在整合規劃方面的進度？哪些事項已經定案並準備就緒，哪些還在進行中？以及對於備考（pro forma）投資組合有什麼想法？

Yeah, thanks for those questions, Dalton. An enormous amount of work going on integration planning between ourselves and Anglo American right now. Of course, we have to continue to operate entirely as independent companies until such time as the merger closes. We run our own businesses. There's no crossover of decisions in relation to operations or current activities.

好的，謝謝這些問題，Dalton。目前我們與 Anglo American 之間正在進行大量的整合規劃工作。當然，在併購完成交割之前，我們必須持續完全以獨立公司身分運作。我們各自經營自己的業務。在營運或目前活動相關的決策上，彼此之間不會有交叉或互相影響。

In the meantime, of course, we've got to ensure that we can seamlessly integrate these two new companies to do two things. One, to maintain operational continuity and to ensure we can operate efficiently and effectively. On the other hand, of course, we've got a lot of value to capture here through the combination of these businesses. So we're planning for both of those things.

同時，當然，我們必須確保能夠無縫整合這兩家新公司，以達成兩件事。第一，維持營運連續性，並確保我們能高效且有效地運作。另一方面，當然，透過這些業務的結合，我們也有大量價值可以釋放。因此，我們同時在為這兩個面向做規劃。

So on the one hand, we have to plan the way forward around business processes and systems, organizational structures. And of course, the appointment of leadership and other teams throughout the new organization will be key to standing that new business up.

因此，一方面，我們必須規劃未來的業務流程與系統、組織架構。當然，在新組織中任命領導層以及各團隊，將是建立新業務運作的關鍵。

On the other hand, we're working hard to build out the synergy capture plans that we have at a much higher level of fidelity to ensure that as soon as the merger closes, teams in the new Anglo Teck organization can get after capturing that value. So an enormous amount of work going on, and we'd expect that work to continue with a high level of intensity all the way through to completion of the transaction.

另一方面，我們也正努力把協同效益的落地計畫做得更細緻、更高的精準度，以確保一旦併購完成交割，新成立的 Anglo Teck 組織團隊就能立即著手實現並捕捉這些價值。因此目前有大量工作在進行中，我們也預期這些工作會以高度強度一路持續到交易完成。

Thanks, Jonathan. And maybe in parallel, as you're working through that, can you comment on where you guys are at either Aztec or potentially with Anglo American on the Collahuasi QB2 tie up, specifically from an ownership perspective?

謝謝，Jonathan。另外在你們同步推進這些工作的同時，能否評論一下你們（Teck）或可能與 Anglo American 在 Collahuasi 與 QB2 的整合（tie up）方面，特別是從持股結構角度，目前進展到哪裡？

Yeah. So we remain super focused on that. Of course, given the significant value opportunity that that presents. As we've said before, we continue to believe that it offers the shareholders of both QB and Collahuasi, the fastest route to Copper growth, lowest risk, lowest capital intensity, and therefore delivers the highest returns of any opportunity available to either operation and either set of shareholders here.

好的。我們仍然非常專注在這件事上。當然，因為這帶來相當可觀的價值機會。如同我們先前所說，我們仍然相信，對 QB 與 Collahuasi 的股東而言，這是最快的銅產量成長路徑、風險最低、資本強度最低，因此在兩個營運體及其股東可選擇的所有機會中，能帶來最高的報酬。

One of the first steps there, of course, is advancing a formal study to ensure that we validate and underwrite the investment thesis here and begin to shape exactly what that project will look like from an execution perspective. We've engaged with shareholders of both operations. We've engaged with local governments. And we remain very optimistic that we'll arrive at a mutually beneficial agreement here for all parties because there is so much value to be shared.

其中第一步之一，當然，是推進正式研究，以確保我們能驗證並支持這裡的投資論點，並開始從執行角度具體勾勒該專案將會是什麼樣子。我們已與兩個營運體的股東進行交流。我們也與地方政府進行溝通。我們仍然非常樂觀，因為有這麼多可共享的價值，我們將能為所有相關方達成一個互利的協議。

I won't comment more on the nature of those commercial interactions at this point because of course, they remain confidential. But we remain very focused as this Anglo American on pursuing that synergy capture opportunity.

由於這些商業互動仍屬機密，我目前不會進一步評論其性質。但我們仍然非常專注，並與 Anglo American 一起推動這項協同效益的價值實現機會。

Great. Thanks, Jonathan. And just maybe one more thing on that. Is that study being conducted or will be conducted as a collective or are the different shareholders having different people look at this?

很好。謝謝，Jonathan。就這點再追問一個問題。這項研究是由各方共同進行（collective），還是不同股東各自找不同的人來看？

So ultimately, of course, that's going to have to be a shared piece of work across both sites. But what we have to do is of course, come into those interactions with the specifics here. We're working with Anglo American on developing that. So we have the coverage, of course, as we do today across both QB and Collahuasi in that respect.

所以最終，當然，這必須是跨兩個場址共同完成的一項工作。但我們需要做的是，當然，在互動討論中帶著具體細節進來。我們正與 Anglo American 一起推進相關內容的制定。因此就這方面而言，如同我們今天所做的，我們對 QB 與 Collahuasi 兩邊都有覆蓋與投入。

But of course, ultimately, what that looks like is going to be something for all shareholders to be part of. But for the time being, that's something we're progressing at pace.

但當然，最終會長成什麼樣子，將會是所有股東都需要參與的一件事。不過就目前而言，我們正加速推進這項工作。

Anita Soni, CIBC World Markets.

CIBC World Markets 的 Anita Soni。

Thanks for taking my questions. And again, similar to Orest, congratulations on your move, and best wishes on your next endeavor. And thanks for all your help over the last couple of years.

謝謝你回答我的問題。另外也跟 Orest 一樣，恭喜你職務異動，並祝福你下一段旅程一切順利。也謝謝你過去幾年給予我們的所有協助。

I just wanted to ask, firstly, on this Rock Bench 6, what would you need to see to be able to make that go-ahead decision to accelerate the Rock Bench 6 construction?

我想先問第一個問題，關於 Rock Bench 6，你們需要看到哪些條件，才會做出加速 Rock Bench 6 施工的放行（go-ahead）決策？

I think, Anita, as ever, when we make a decision to invest capital, we need to ensure that that's the right thing to do in terms of the uplift that it will give to the value of the operation. I think we have a pretty strong conviction view that this is the direction that we will go in because of that acceleration and de-risking that I mentioned. But we've just got our usual investment committee processes to work through here and the technical assessment of Dale and his team. But like I said, I think a high likelihood that that's the direction that we'll follow.

我想，Anita，一如往常，當我們決定投入資本時，我們必須確保這麼做在提升該營運體價值方面是正確的。我認為我們對於這會是我們前進方向有相當強的信念，因為我剛提到的加速與降風險效果。但我們還是需要走完一貫的投資委員會流程，以及 Dale 和他的團隊所做的技術評估。不過如我所說，我認為很有可能我們會朝這個方向推進。

And the idea is that you'd now build out the Rock Bench, so you'd have a wide enough crest field to put the infrastructure in earlier, and then that would help with the sand deposition and accelerate that.

而這個想法是你們現在把 Rock Bench 擴建出來，讓堤頂（crest）平台夠寬，可以更早把基礎設施放上去，然後這會有助於砂料堆置並加速那個進程。

Yeah, that's exactly right. Of course, an additional Rock Bench here, Rock Bench 6, will significantly widen the crest that will enable the installation of the permanent infrastructure on that crest. And of course, then the efficiency of the deposition of tailings upstream and the deposition of sand downstream will be significantly enhanced and more efficient than the practices that we're deploying today.

對，完全正確。當然，新增一個 Rock Bench，也就是 Rock Bench 6，將會顯著加寬堤頂，讓我們能在堤頂上安裝永久性基礎設施。而且，尾礦向上游的堆置效率，以及砂料向下游的堆置效率，都將比我們目前採用的做法顯著提升、更加有效率。

Okay, so would there any be any cost savings from that? Just more of the sand deposition is being taken up by just sort of a automatic deposition rather than physically placing it with trucks. Is there any soft cost savings that you guys are looking at?

好的，那這樣會有任何成本節省嗎？也就是更多砂料堆置可以透過某種自動化堆置方式完成，而不是用卡車實際去鋪放。你們是否在評估任何軟性成本節省？

Yes, I mean, I think that's a fair assumption. I don't think there'll be dramatically material in the context of the overall operation at QB. But yes, you're right in that we will gain efficiencies from progressing to this next phase of a steady-state operation.

是的，我想這樣的假設是合理的。我不認為在 QB 整體營運的脈絡下，這會是非常重大的節省。但沒錯，你說得對，隨著我們進入下一階段的穩態（steady-state）營運，我們確實會獲得一些效率提升。

Okay. And I just have one quick question. On the Antamina Zinc pipeline, is there any update on where that stands? I read it says in your release that it will shut down during the quarter. Is there any idea when it would restart?

好的。我只有一個簡短的問題。關於 Antamina 的鋅管線，有沒有最新進展？我看到你們的新聞稿寫到它會在本季期間停運。有沒有大概何時會重啟的想法？

Yeah, Anita, that's now fixed, and it's back in operation.

是的，Anita，那個現在已經修好了，並且已恢復運作。

Craig Hutchison, TD Cowen.

Craig Hutchison，TD Cowen。

Hi, guys. Good morning. I just want to ask a follow-up question on the throughput at QB. Just given your guidance range of 115,000 to 132,000 tonnes, is the goal now in the second half of the year to really push the mill up to its design rate? Are you still being a bit cautious on that?

嗨，各位。早安。我想追問一下 QB 的處理量（throughput）。考量你們給的指引區間為 115,000 到 132,000 噸，今年下半年目標是否是要把磨礦廠推升到設計產能？你們在這方面是否仍然比較保守？

I guess maybe as a follow up, like is there anything on the Tailings Management Facility or the mill itself that would prevent you guys from operating a design?

我想再追問一下，例如尾礦管理設施（TMF）或磨礦廠本身，是否有任何因素會阻礙你們以設計產能運轉？

Dale, do you want to provide a bit of color on that, please?

Dale，你可以就這點補充說明一下嗎？

Sir, thanks for the question. I think really the focus that we've been doing in recognizing three quarters of stable operation is just stability. And what that's allowed us to do, as you can see, achieving that stable metallurgical recovery, as well as improved molly plant performance.

先生，謝謝你的問題。我想我們的重點是在認知到已經有三個季度的穩定運轉之後，仍然以「穩定性」為核心。而這讓我們能做到的，如你所見，是達成穩定的冶金回收率，以及鉬（molly）廠表現的改善。

But agree, our focus now is to build upon that stability, optimizing and improving plant performance, and it is unconstrained from the TMF. So really, our focus is to be able to achieve stable operations and to be able to drive demonstrated results through that improvement over the next few quarters. So that's our focus there.

不過我同意，我們現在的重點是建立在這個穩定性之上，去最佳化並提升廠區表現，而且不受 TMF 的限制。所以我們真正的重點，是能夠達成穩定運轉，並在接下來幾個季度透過改善來推動可驗證的成果。這就是我們在這方面的重點。

Okay. And then the improvements in recovery, is part of that just the stability of the operation, or are you also starting to see improvements just in terms of the geology, less oxide, less clay-type interferences with the recoveries?

好的。那回收率的改善，其中一部分只是因為運轉更穩定，還是你們也開始看到地質條件帶來的改善，例如氧化物更少、黏土類型對回收率的干擾更少？

Yes, as the mining continues develop, we do expect to see improved recovery as a result of the ore type. At the same time, what we're doing today is through stable operation. It's far easier to identify those opportunities to make some incremental improvements. This is allowing us also to drive more operating discipline to achieve that stability and repeatability of performance. So it's really a combination of the two as we keep moving forward.

是的，隨著採礦持續推進，我們確實預期因礦石類型而帶來回收率提升。同時，我們目前所做的是透過穩定運轉。在穩定運轉下，更容易辨識那些可以做一些漸進式改善的機會。這也讓我們能夠推動更高的操作紀律，以達成穩定性與可重複的表現。所以在我們持續往前推進時，這兩者是相互結合的。

Okay, great. And just maybe one last question for me. Just on the Trail deal you guys announced a few weeks back, just is the plan to double the production of germanium, is part of that just better recoveries from Red Dog or is it more you're going to source more ore from other places? And I'm just trying to understand like how much of an uplift would be for you guys from your existing operations versus just more of a tolling type of arrangement?

好的，很棒。我最後可能再問一個問題。關於你們幾週前宣布的 Trail 交易，計畫把鍺（germanium）產量加倍，其中一部分是來自 Red Dog 更好的回收率，還是你們會從其他地方取得更多礦源？我想了解的是，這對你們而言有多少提升是來自既有營運本身，還是比較像代工（tolling）安排帶來的增量？

Yeah, so Craig, that's more about increasing the processing capacity at Trail over time so we can handle more feed. Of course, the majority of our feed today comes from Red Dog. And of course, that's been supplemented by certain residues and other sources to complement that. And we continue to look on a go-forward basis at a wide range of potential sources.

是的，Craig，這主要是關於隨時間提高 Trail 的處理產能，讓我們可以處理更多進料。當然，我們目前大部分的進料來自 Red Dog。而且，這也會由特定殘渣與其他來源補充，以作為搭配。我們也會在未來持續評估各式各樣的潛在來源。

And our commercial group working with our corporate development group has been very active sourcing a wide range of feeds to support that going forward. But fundamentally, the additional volume isn't a recovery game. It's actually expanding processing capacity, and that's what the investment would be directed towards.

我們的商務團隊與企業發展團隊合作，一直非常積極地尋找多元的進料來源，以支持未來的需求。但從根本上說，額外的量不是回收率的問題。而是擴增處理產能，投資也會主要用在這個方向。

Liam Fitzpatrick, Deutsche Bank.

Liam Fitzpatrick，德意志銀行（Deutsche Bank）。

Hi, Jonathan and team. Two quick ones, probably. First one, just on indexation in Canada, any recent updates that you can share with us on that?

嗨，Jonathan 和團隊。我有兩個簡短問題。第一個，關於加拿大的指數納入（indexation），最近有沒有任何更新可以跟我們分享？

And second one on Trail. You did highlight that Q2 would be impacted by maintenance, but profitability has still remained very strong compared to history in Q2. So should we expect similar or better profitability in the second-half or anything else you'd highlight on that asset? Thank you.

第二個關於 Trail。你們確實提到第二季會受到維修影響，但第二季的獲利能力相較於歷史仍然非常強勁。所以我們是否應該預期下半年獲利能力相近或更好？或是對這項資產還有其他你們想強調的重點？謝謝。

Thank you, Liam. I'll get Crystal to comment on Trail, and the second half. To the point on indexation, there was some movement on that yesterday when we heard from S&P having released a proposal to the market for comment on the potential for foreign issuers to have indexation, which of course has been the matter that we've been looking to deal with.

謝謝你，Liam。我會請 Crystal 針對 Trail 與下半年做評論。至於指數納入的部分，昨天有一些進展：我們聽到標普（S&P）向市場發布了一份提案，徵求意見，內容是關於外國發行人可能被納入指數（indexation）的可能性；這當然就是我們一直希望解決的議題。

Now, issuers would have to meet certain domicile criteria for Canada. But that's been quite encouraging in that it talks about the materiality being an important part of the Canadian investment landscape. And it also doesn't require Canada to be the highest level of economic component of a business of an issuer to achieve that. So we're quite encouraged by what we've seen overnight.

目前，發行人必須符合加拿大的特定註冊地（domicile）標準。但這相當令人鼓舞，因為它提到「重要性（materiality）」是加拿大投資版圖中的重要一環。而且它也不要求加拿大必須是發行人業務中最高層級的經濟組成，才能達成納入。因此，我們對昨晚看到的內容感到相當鼓舞。

Also, S&P rather than applying strict type criteria or giving themselves some flexibility here, and some discretion around how these decisions are made and importantly, when these decisions are made. So the consultation process will start shortly, it's open for comment until August 21, and we expect beyond that to learn more.

另外，標普並非採用非常嚴格的類型標準，而是給自己一些彈性，以及在這些決策如何做出、以及更重要的是何時做出方面，保留一定的裁量空間。因此諮詢程序將很快開始，開放徵詢意見至 8 月 21 日，我們預期之後會了解更多。

So I think the signals there, Liam, are being quite positive here, and we'll continue to watch that carefully. And of course, our investors and other members of the investment community continue to advocate strongly for that development.

所以我認為這些訊號，Liam，是相當正面的，我們會持續密切關注。當然，我們的投資人以及投資社群的其他成員也持續強力倡議推動這項發展。

And then, Crystal on Trail, please.

接著請 Crystal 談 Trail。

Yeah. Hi, Liam. I hope today is going well. Similar to what we said in the first quarter, as we think about trail, we're very focused on the feed optimization and the profitability as we go forward really depends both on commodity prices as well as that feed profile. We continue to focus on maximizing profitability over volumes, but there's a couple of things I would note for the second half of the year.

好的。嗨，Liam。希望你今天一切順利。如同我們在第一季所說，當我們思考 Trail 時，我們非常專注於進料最佳化，而未來的獲利能力同時取決於商品價格以及進料組合。我們仍然以最大化獲利而非追求產量為優先，但對於今年下半年有幾點我想特別說明。

First being that we expect the refined zinc production to increase in the third quarter as we continue to optimize the feed source, as I mentioned, and that also balances with processing residues. And then, we do have planned shutdowns for required maintenance in both zinc and lead in the fourth quarter. So I think those would be things I would use to moderate your expectations for the second half of the year.

第一，我們預期第三季精煉鋅產量會增加，因為我們會持續如我所提到的那樣最佳化進料來源，同時也會與處理殘渣之間取得平衡。另外，我們在第四季針對鋅與鉛都有規劃停機，以進行必要的維修。所以我認為這些因素會是你在調整下半年預期時需要納入考量的。

Myles Allsop, UBS.

Myles Allsop，瑞銀（UBS）。

Great. Thanks. I mean, one thing that surprised me a little bit is that you didn't point to the upper end of guidance. I mean, how are you just being super prudent given history when thinking about production for this year? Or is there a realistic scenario where you could be at the midpoint of guidance rather than the top end of guidance?

很好。謝謝。我的意思是，有一件事讓我有點意外，就是你們沒有指向指引區間的上緣。我的意思是，考量到過往歷史，在思考今年的產量時，你們是不是只是特別保守謹慎？或者是否存在一個現實情境，讓你們可能落在指引的中點，而不是上緣？

Yeah, Myles, thank you. I mean, we are very focused on this operational consistency and stability throughout the year. That's a primary focus for us. I think we've spoken before, particularly at HVC, that that has been very much an H1 weighted story in the second half at HVC. We're going to have to have some downtime in the mills for tie ins to the Mine Life Extension Project.

是的，Myles，謝謝你。我的意思是，我們非常專注於全年營運的一致性與穩定性。這是我們的首要重點。我想我們之前談過，特別是在HVC，那在HVC的下半年，這一直是一個明顯偏向上半年（H1）的故事。我們必須讓磨礦廠有一些停機時間，以便進行礦山壽命延長專案的接駁（tie-ins）。

And we also expect in a reduction in grade as well from a feed perspective in the second half of 2026. So we are expecting lower production there. We're also expecting lower production at Antamina in the second half of the year.

此外，從給礦角度來看，我們也預期在2026年下半年品位會下降。因此我們預期那段期間產量會較低。我們也預期Antamina在下半年產量會較低。

So of course, we'll work as hard as we can to generate the best production outcomes, possible across all of our sites. But we do still think that the guidance ranges that we have here are valid and appropriate and reflect well the full-year outcomes that we're anticipating.

所以當然，我們會盡最大努力在所有營運據點爭取最佳的產量成果。但我們仍然認為目前提供的指引區間是有效且適當的，也能很好地反映我們所預期的全年結果。

And going back to QB, the de-bottle acting optimization, now that we're getting three steady quarters and the tailings has been of de-risk to a large degree. Should we be thinking about bringing forward the de-bottlenecking optimization opportunities, getting throughput up that 15%, 20% or so?

回到QB，關於去瓶頸的最佳化，現在我們已經連續三個季度維持穩定，而且尾礦風險在很大程度上已經降低。我們是否應該考慮把去瓶頸的最佳化機會提前，讓處理量提高大約15%、20%之類？

Thanks for the question. I think certainly the work in achieving that stable operation is certainly highlighting key areas that will allow us to, one, optimize and then think about future debottlenecking. So that work is in progress, really building upon that operational information that we're gathering to think about what's next and as we progress.

謝謝你的問題。我認為，達成穩定營運的工作，確實正在凸顯一些關鍵領域，讓我們能夠，第一，先做最佳化，然後再思考未來的去瓶頸。所以這項工作正在進行中，主要是建立在我們所蒐集的營運資訊之上，去思考下一步以及我們如何推進。

But certainly, our focus now is to certainly drive that stability and provide that incremental improvement within what we have. And that's really highlighting that the really the best cost-effective way to -- cost effective ways to improve the operation as we go forward.

但當然，我們目前的重點是推動穩定性，並在既有條件下提供增量改善。而這也確實正在凸顯，隨著我們往前走，改善營運最具成本效益的方式——也就是最具成本效益的改善途徑。

What's the best timeframe to start debottlenecking? I mean, could that be over the next two years or would we still be looking further out?

開始去瓶頸的最佳時間點是什麼？我的意思是，這會是在未來兩年內發生，還是我們仍要看得更長遠？

So I think that's part of the work that we're doing. To understand what work we're actually needing to do and then how fast we can do that work, just recognizing all the other work we're doing in terms of the broader picture of what QB will be, what it will look like and how we progress. So I think that work is still being defined to what we can do short term and then what would take more work in a bit longer time.

所以我認為這就是我們正在做的工作的一部分。去了解我們實際需要做哪些工作，以及我們能多快完成這些工作，同時也要認知到我們在更宏觀的層面上還有其他工作在進行——包括QB將會是什麼樣子、會呈現什麼面貌，以及我們如何推進。因此我認為，這項工作仍在界定中：哪些是短期能做的，哪些則需要更多工作、時間也會更長一些。

I think, Myles, you can see from our disclosure today around some of the key operating parameters, we've still got work to do to push those towards design levels. And that provides a higher base and a strong foundation on which to execute those new bottlenecking projects.

我想，Myles，從我們今天對一些關鍵營運參數的揭露，你可以看出我們仍有工作要做，才能把那些推向設計水準。而那會提供更高的基礎與更強的根基，讓我們得以執行那些新的去瓶頸專案。

Adam Smiarowski, Bank of America.

Adam Smiarowski，美國銀行。

Thank you, operator. This is Adam Smirowski on for Lawson. I just had a follow-up question on the recovery initiative at QB2. Would you be able to describe some of the work that's being done there? And what level of Copper recovery we should expect for the remainder of 2026 and into 2027?

謝謝，接線員。我是Adam Smirowski，代Lawson提問。我有一個關於QB2回收率提升計畫的追問。你們能否描述一下目前正在進行哪些工作？以及在2026年剩餘期間與進入2027年，我們應該預期的銅回收率水準為何？

Yeah. So look, we're not going to re-guide the Copper recoveries. We've set out the parameters for this year that we're targeting to operate within. But Dale, maybe if you can just give some color on some of the initiatives that we're pursuing to improve recoveries.

是的。所以你看，我們不會重新提供銅回收率的指引。我們已經列出今年我們目標要在其中運作的參數。不過Dale，也許你可以補充一些我們正在推動、用以提升回收率的措施細節。

Quite a bit of the work that we've done builds upon the comprehensive operational review that was done last year. One key element was certainly accelerated drilling, getting some more information around your body to help our operational plans, and help develop key playbooks for different ore types as we go forward. So that work's been done and now we're currently optimizing that, and that's being fed into our different process control setups to allow us to be more efficient in what we do.

我們做的相當多工作，是建立在去年完成的全面營運檢討之上。其中一個關鍵要素，確實是加速鑽探，以取得更多關於礦體的資訊，來協助我們的營運規劃，並在未來針對不同礦石類型制定關鍵操作手冊（playbooks）。所以那部分工作已完成，而我們目前正在進行最佳化，並把成果導入不同的製程控制設定，讓我們能更有效率地執行。

In addition, we continue to progress installation of additional sensors and controls to allow us to be fine tune the operation, really building upon that stable operation and see what we can do to improve that control and just that stable base.

此外，我們持續推進額外感測器與控制系統的安裝，使我們能更精細地調整營運，真正建立在穩定營運之上，看看我們能如何改善控制能力，以及那個穩定的基礎。

We continue to improve and optimize our reagent addition, building upon that stability. That's allowed us to be more effective and efficient in how we see things, and this gives us more confidence in the repeatability of our performance and our ability to build upon it as we continue to improve our throughput rates.

我們也持續改善並最佳化藥劑添加，並以穩定性為基礎。這讓我們在觀察與判斷上更有效、更有效率，也讓我們對績效可重複性更有信心，並有能力在持續提升處理量的同時，進一步在此基礎上改善。

Great. Thank you. And just a question on costs. Q1 and Q2 net cash costs have been well below guidance, and byproduct prices are above the guidance that you provided. So my question is, are unit cash costs setting up to beat guidance and communicate the sensitivity of those unit costs to byproduct prices as well as especially for diesel shipment going in? What sensitivity we have to zinc to the diesel prices?

很好。謝謝。另外一個關於成本的問題。第一季與第二季的淨現金成本都明顯低於指引，而副產品價格也高於你們提供的指引假設。所以我的問題是：單位現金成本是否有望優於指引？以及能否說明單位成本對副產品價格的敏感度，特別是對於進場柴油運輸（shipment）的影響？我們對鋅價格與柴油價格的敏感度是多少？

Hi. I hope you're having a good day. Again, similar to the story on production, I think that's an important component as we think about the unit costs in the second half of the year. Obviously, we're very pleased with our cost performance year to date.

你好。希望你今天過得愉快。同樣地，類似於產量的故事，我認為在思考下半年單位成本時，這是一個重要的組成部分。顯然，我們對今年迄今的成本表現非常滿意。

There remains a lot of volatility in the byproduct pricing as well as in energy costs. So while we do have a more conservative assumptions embedded in our guidance because those were established late last year, we remain confident in the ranges. I think if byproduct pricing persists, you would expect to be below the midpoint on Copper and then similarly on the Zinc side of things.

副產品定價以及能源成本仍然存在很大的波動。因此，雖然我們的指引中採用了較保守的假設，因為那些是在去年年底制定的，但我們仍對該區間有信心。我認為如果副產品價格維持目前水準，你會預期銅的成本會低於中點，而鋅方面也會有類似情況。

From a sensitivity perspective, I think there was a few things you had in there, I believe you said energy and what the sensitivity to that was. For every $10 change in per barrel of WTI is about $0.01 on our zinc C1s and about $0.03 on copper.

就敏感度而言，我想你提了幾個項目，我記得你提到能源，以及對能源的敏感度。WTI每桶價格每變動10美元，對我們的鋅C1成本約影響0.01美元，對銅約影響0.03美元。

I'm not sure if I captured everything that you were asking there, but feel free to weigh in if there was more.

我不確定我是否完整涵蓋了你剛才問的所有內容，但如果還有其他部分，歡迎你再補充。

That's helpful on the energy. And just on some of the byproduct assumptions, I think silver is roughly double of what you had in your guidance. So just how $10 change in silver, how that's going to affect net costs?

這對能源方面很有幫助。另外就一些副產品假設而言，我認為白銀大約是你們指引中所提的兩倍。所以白銀每變動10美元，會如何影響淨成本？

Sorry, just give me one quick second here to find that. I don't have it off the top of my head. Can we circle back with you offline? Sorry, I just need to get the team to provide a bit more on that. I can provide it to you in EBITDA context, but I don't have the C1s off the top here.

抱歉，請給我一秒鐘讓我找一下。我一時想不起來。我們可以之後私下再回覆你嗎？抱歉，我需要請團隊就這部分提供更多資訊。我可以用EBITDA的脈絡提供給你，但我現在一時沒有C1成本的數字。

That's perfect. Thank you.

太好了。謝謝。

Okay. We'll come back to you offline.

好的。我們會在會後私下回覆你。

Brian MacArthur, Raymond James.

Raymond James 的 Brian MacArthur。

Good morning, and thank you for taking my question. I just want to follow-up on Craig's question about the germanium and I guess gallium and other stuff that the Canadian government's putting money in that Trail.

早安，謝謝讓我提問。我想跟進 Craig 關於鍺的問題，以及我想還有鎵和其他一些加拿大政府正在投入資金、與 Trail 相關的項目。

At Red Dog, as it currently said, it runs out over a number of years, we've got a new area. I've got a couple of questions. Does the new area have the same amount of germanium? Or B, if it doesn't, how do you get your heads around the fact that you may be losing one of the major sources for geranium at Trail on a longer-term basis if it's not grading the same way. And I realize this is pretty competitive information, so I'll accept whatever you're willing to actually talk about. Thanks.

就 Red Dog 而言，照目前的說法，它在未來幾年會逐步耗盡，而我們也有一個新區域。我有幾個問題。新區域的鍺含量是否相同？或者B，如果不相同，你們如何看待：若品位不一樣，長期而言你們可能會失去 Trail 主要的鍺來源之一？我也理解這是相當具競爭性的資訊，所以你們願意談多少我都可以接受。謝謝。

Yeah, thanks for that question, Brian. And I'm going to pass you to Ian Anderson, our Chief Commercial Officer, because in addition to Red Dog, which he can comment on, he's also been looking at and working to develop a whole series of other feed sources to supplement the feed to Trail. So over to you, Ian.

好的，謝謝你的問題，Brian。我會把問題交給我們的首席商務長 Ian Anderson，因為除了 Red Dog（他可以評論）之外，他也一直在研究並推動開發一系列其他原料來源，以補充供給 Trail 的進料。交給你了，Ian。

Thanks for the question, Brian. I would say at the outset that decisions in terms of Red Dog MLE and the advancement of that project are independent from what we're doing at Trail. And of course, subject to the normal both capital allocation and portfolio decisions that are required of any project.

謝謝你的問題，Brian。我先說明，關於 Red Dog MLE 的決策以及該專案的推進，與我們在 Trail 所做的事情是相互獨立的。當然，也都要符合任何專案所需的常規資本配置與投資組合決策。

But the feed sources for Trail come from a variety of places, including Red Dog. As we're advancing the Red Dog MLE project, which of course is rich in germanium. We've also entered into a number of recent transactions in order to secure off-take agreements with both zinc and germanium miners. And I'll give you some examples.

不過，Trail 的進料來源來自多個地方，包括 Red Dog。在我們推進 Red Dog MLE 專案的同時（該專案當然富含鍺），我們也透過近期多筆交易，確保與鋅礦與鍺礦業者的承購協議（off-take agreements）。我舉幾個例子。

So we recently had a transaction to divest the apex germanium mined Blue Moon Metals. And that secured an off-take agreement for zinc concentrate from Blue Moon and marketing rights for that product produced from Apex.

我們最近有一筆交易，出售 Blue Moon Metals 所開採的 Apex 鍺礦資產。該交易同時確保了來自 Blue Moon 的鋅精礦承購協議，以及對 Apex 所產出產品的行銷權利。

We also had a recent investment on an equity basis to rebuild zinc, lead, and silver capacity in the Idaho Silver Valley, an area that's really growing, and you're seeing more production coming on there through Bunker Hill.

我們也在近期以股權投資方式，投入重建愛達荷州 Silver Valley 的鋅、鉛與白銀產能；該區域正在快速成長，你也看到透過 Bunker Hill 有更多產量逐步投產。

And we also engaged in a recent divestment of the Smucker Project to Valhalla Metals. And that secured priority purchase rights and last an offer of last concentrates produced from the Sun and Smucker properties.

此外，我們近期也將 Smucker 專案出售給 Valhalla Metals。該交易確保了優先採購權，以及對 Sun 與 Smucker 礦區所產精礦的最後報價權（last offer）。

So we are also working on a number of others. And of course, based on this announcement, this is an exciting area where there's lots of promise. So we intend to continue our strategy of optimizing for value at Trail and both residues and feed sources are an important component of that in order to create optionality.

我們也正在推進其他多個項目。當然，基於這次公告，這是一個令人振奮、充滿潛力的領域。因此，我們打算持續推動在 Trail 以價值最大化為目標的策略；而殘渣與進料來源都是其中的重要組成，用以創造更多選擇性。

Great. That's very helpful. Can I just ask one more question? Because when I look at some of the other sources, [Kipushi], China, would you take that stuff where you're trying to get your -- I assume it's all designed to be Western sources?

很好。這非常有幫助。我可以再問一個問題嗎？因為當我看一些其他來源，例如 [Kipushi]、中國，你們會採用那些來源嗎？我猜你們的策略應該是以西方來源為主？

We've got lots of offers and we'll be very careful about how we engage with those, but some of them are pretty exciting, as I said, both on the residue basis and on the raw feed basis. So more to come on that one.

我們收到很多提案，我們會非常謹慎地評估如何與之合作；但如我所說，其中一些在殘渣來源與原料進料來源兩方面都相當令人振奮。這部分後續會有更多消息。

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

謝謝。由於時間關係，我們無法再接受更多提問。我現在把電話交回給 Jonathan Price 作結語。

Okay, thank you, operator. And before we sign off, and to some of the kind comments earlier in the call, I did want to note that this is Emma Chapman's last quarterly conference call with Teck. Of course, I'd like to thank Emma for her incredible contributions, for the incredible relationships that she's built and has maintained throughout both the sell side and the buy side. And I know she's worked in very close partnership with many of you. Of course, Emma's been with us through what has been an intensely active period of time, and she's done an amazing job on behalf of Teck, and we wish her all the very best in her next chapter.

好的，謝謝接線員。在我們結束之前，也呼應稍早通話中的一些善意評論，我想特別提到：這是 Emma Chapman 在 Teck 的最後一次季度電話會議。當然，我要感謝 Emma 的卓越貢獻，以及她在賣方與買方之間建立並維繫的深厚關係。我知道她與在座許多人都密切合作。Emma 與我們一同走過一段非常忙碌且高度活躍的時期，她代表 Teck 做得非常出色；我們也祝福她在下一段旅程一切順利。

Edwin Tradeo has stepped in as Acting Vice President, Investor Relations and Treasurer. Many of you will already know Edwin from his previous roles with the company since 2005. He's been in Treasury; he's been in Corporate Development and previously in Investor Relations. So please do reach out to Edwin and of course, other members of our IR team on anything that you want to follow up on.

Edwin Tradeo 已接任代理投資人關係副總裁兼財務主管（Treasurer）。你們許多人應該早已認識 Edwin，他自 2005 年起就在公司擔任不同職務。他曾在財務部（Treasury）、企業發展（Corporate Development）任職，也曾在投資人關係部門工作。因此，若有任何想要跟進的事項，歡迎聯繫 Edwin，當然也可以聯繫我們投資人關係團隊的其他成員。

So thanks again to all of you for joining us today and enjoy the rest of your day. Thank you.

再次感謝各位今天參與，祝各位今天剩下的時間愉快。謝謝。