Americas Gold and Silver Corporation (USAS) 2025 Q2 法說會逐字稿

Hello, and welcome to the Americas Gold and Silver second-quarter 2025 conference call. This call will be recorded and will be available for viewing from the events page of our website later today. Now without further ado, I'll pass the call over to America's Chairman and CEO, Paul Huet, so that we can get started.

您好，歡迎參加美洲黃金和白銀 2025 年第二季電話會議。此次通話將會被錄音，並可在今天稍後從我們網站的活動頁面上查看。現在，不用多說，我將把電話轉給美國公司董事長兼執行長保羅休特 (Paul Huet)，以便我們開始。

Thank you, Maxim. Good morning, everyone. I'd like to welcome you to our second quarter conference call. With me today on the call will be our CFO, Warren Varga, who will walk through the financial highlights of the quarter. Also with me on the call is Oliver Turner, our Executive Vice President of Corporate Development, who will take us through some important corporate highlights.

謝謝你，馬克西姆。大家早安。歡迎您參加我們的第二季電話會議。今天與我一起參加電話會議的還有我們的財務長沃倫·瓦爾加 (Warren Varga)，他將介紹本季的財務亮點。與我一起參加電話會議的還有我們的企業發展執行副總裁奧利佛‧特納 (Oliver Turner)，他將向我們介紹一些重要的企業亮點。

I'll start off today by covering some key elements of our growth before turning the call over to Warren. Please note that we will be referencing a slide deck, which is being shared through the webcast of this call. Before I begin the presentation, I would like to remind you to please review our cautionary statements regarding forward-looking information and non-GAAP measures.

今天，我將首先介紹我們成長的一些關鍵要素，然後將電話轉給沃倫。請注意，我們將參考一份幻燈片，該幻燈片將透過本次通話的網路廣播分享。在開始演講之前，我想提醒您請查看我們關於前瞻性資訊和非公認會計準則措施的警告聲明。

These statements can be found in our second quarter MD&A, news release, and in our presentation slides. Let me begin by expressing our continued confidence in the path we're forging as a company and the strides we're making to achieve our goals.

這些聲明可以在我們的第二季 MD&A、新聞稿和簡報幻燈片中找到。首先，我要表達我們對公司所走的道路以及為實現目標所取得的進展的持續信心。

Throughout Q2 of '25, the Americas team has been tirelessly focused on strengthening our foundation. We've bolstered our balance sheet, allowing us to invest in our business and begin to implement the operational enhancements we've identified to set up for a sustained production growth.

在 2025 年第二季度，美洲團隊一直不懈地致力於加強我們的基礎。我們增強了資產負債表，使我們能夠投資於我們的業務，並開始實施我們確定的營運改進措施，以實現持續的生產成長。

Our mission remains clear: to responsibly maximize the value of our assets through disciplined execution and strategic investment. This quarter, we've prioritized much needed equipment upgrades across our sites, adding new jumbos, bolters, and scoops to our fleet.

我們的使命依然明確：透過嚴格的執行和策略投資，負責任地最大化我們的資產價值。本季度，我們優先對各站點急需的設備進行升級，為我們的車隊增加了新的鑿岩台車、錨桿機和鏟車。

Additionally, renewed exploration efforts are already revealing high-grade opportunities near existing workings. At the corporate level, we've continued to make great progress. In Q2 of '25, we significantly strengthened our balance sheet by closing a USD100 million senior secured debt facility with SAF, a world-class financial partner whose support underscores our value creation vision. Finalized in June, this term loan facility provides the capital we need to fuel our ambitious growth strategy, particularly at the Galena Complex.

此外，新的勘探工作已在現有礦井附近發現了高品位礦藏。在公司層面，我們持續取得巨大進展。 2025年第二季度，我們與世界一流的金融合作夥伴SAF達成了一筆1億美元的優先擔保債務融資，顯著增強了我們的資產負債表。 SAF的支持凸顯了我們的價值創造願景。這筆定期貸款於今年6月敲定，為我們雄心勃勃的成長策略（尤其是在Galena綜合計畫）提供了所需的資金。

In addition to the term loan facility, we secured a 5-year offtake agreement for 100% of Galena's production. As part of this agreement with Teck Resources and Ocean Partners, we also completed a private placement of $11.5 million at $0.95 per share, representing a significant premium at the time of approximately 14% to our 20-day volume-weighted average price. This agreement not only provides us with the revenue certainty, but also includes improved terms for byproduct credits -- for byproducts such as copper, antimony, and gold.

除了定期貸款外，我們還獲得了 Galena 100% 產量的 5 年承購協議。作為與 Teck Resources 和 Ocean Partners 達成的協議的一部分，我們還以每股 0.95 美元的價格完成了 1,150 萬美元的私募，這比我們 20 天成交量加權平均價格高出約 14%。該協議不僅為我們提供了收入確定性，還包括改善副產品信貸條款——針對銅、銻和黃金等副產品。

Under this agreement, we will no longer be penalized for some of these byproducts. Instead, we will pave the way to begin being paid for them. This is a significant financial advantage that further supports our growth strategy and positions us well to achieve our goal of becoming a leading North American silver producer.

根據該協議，我們將不再因某些副產品而受到處罰。相反，我們將為他們開始獲得報酬鋪平道路。這是一個顯著的財務優勢，進一步支持了我們的成長策略，並使我們處於有利地位，能夠實現成為北美領先白銀生產商的目標。

The term loan facility is a cornerstone of our strategy to increase development rates, boost tonnages mined, and also reduce unit costs at the Galena Complex. It's enabling us to execute a multiyear growth plan that includes, first and foremost, something we're very excited about the introduction of long-hole stoping.

定期貸款是我們提高開發率、增加開採噸位以及降低 Galena 綜合體單位成本策略的基石。它使我們能夠執行一項多年增長計劃，其中最重要的是，我們對引入深孔採礦技術感到非常興奮。

We have developed and mined our first long-hole stope at Galena. We've mobilized a brand-new long-hole drill at Galena, and now we're actively drilling and pursuing other long-hole areas at Galena. This method offers tremendous safety improvements, higher productivity rates, lower costs, increased backfill capacity, and reduces the amount of waste we have to skip out of the mine compared to the previous conventional underhand cut and fill approaches that we did with jacklegs.

我們已經在 Galena 開發並開採了我們的第一個長孔礦場。我們在 Galena 調動了全新的長孔鑽機，現在我們正在 Galena 積極鑽探並探索其他長孔區域。與先前使用千斤頂進行的傳統暗挖填充方法相比，這種方法極大地提高了安全性、提高了生產率、降低了成本、增加了回填能力，並減少了我們必須從礦井中排出的廢料量。

Just for example, we could be drilling one long-hole stope that could have 7,000 tonnes, and that was our first stope, just under 7,000 tonnes. Historically, we've been drilling and blasting with jacklegs, underhand cut and fill.

舉個例子，我們可能正在鑽一個長孔採場，可能裝載7000噸，而這是我們的第一個採場，裝載量略低於7000噸。我們以前一直採用臥式鑽孔機和暗挖充填法進行鑽孔和爆破。

They were about 50 to 70 tonnes each blast. So we're going from drilling and blasting 50 to 70 tonnes with a handheld jackleg to using the long-hole method that can have stopes up towards 7,000 tonnes. So a huge, huge shift in momentum for us.

每次爆炸約50至70噸。因此，我們將從使用手持式千斤頂鑽孔和爆破 50 至 70 噸的方法轉變為使用深孔方法，這種方法可以開採出高達 7,000 噸的礦體。這對我們來說是一個巨大的轉變。

Number two, the expansion of our underground fleet equipment. We've already acquired 10 new pieces of equipment, 7 loaders, and 3 trucks, all supporting productivity gains and cost reductions as we start implementing and ramping up the long-hole stoping.

第二，擴充我們的地下礦設備。我們已經購置了10台新設備，包括7台裝載機和3輛卡車。隨著我們開始實施和提升深孔採礦技術，所有這些設備都有助於提高生產效率並降低成本。

And the third and my extremely important thing is the major infrastructure upgrades. We're advancing trade-off studies on materials handling to optimize underground productivity and hoisting schedules alongside major upgrades like the new hoist motor for the number 3 shaft, which is scheduled for installation in the second half of 2025.

第三件也是我認為極其重要的事情是重大基礎設施升級。我們正在推進材料處理的權衡研究，以優化地下生產力和提升計劃，同時進行重大升級，例如計劃於 2025 年下半年安裝的 3 號井的新提升馬達。

I'm actually quite pleased that during a recent site visit last week, we were able to see the components have arrived on site, and therefore, Phase 1 of our shaft upgrades will begin in Q3. Phase 2 is scheduled to be done in the fourth quarter, which is setting us up for 2026.

事實上，我很高興在上週最近的一次現場訪問中，我們看到零件已經抵達現場，因此，我們的軸升級第一階段將於第三季開始。第二階段計劃於第四季完成，為 2026 年做好準備。

This financing ensures that we have the balance sheet strength to sustain robust production growth over the coming years, positioning Galena as a key driver of our success.

此次融資確保了我們擁有足夠的資產負債表實力來維持未來幾年強勁的生產成長，從而使 Galena 成為我們成功的關鍵驅動力。

Switching specifically to production. We achieved a standout performance in Q2. On a consolidated basis, we produced just under 700,000 ounces. It was right at 689,000 silver ounces, a remarkable 54% increase from the 446,000 ounces in Q1. This leap reflects the dedication and skill of our teams across our operations, setting a strong foundation for the year.

專門轉向生產。我們在第二季度取得了出色的業績。合併後，我們的產量略低於70萬盎司。實際產量約68.9萬盎司白銀，較第一季的44.6萬盎司大幅成長54%。這一增長體現了我們各營運團隊的奉獻精神和精湛技藝，為全年業績奠定了堅實的基礎。

At Galena, we've seen a 34% quarter-over-quarter silver production, growing to 420,000 ounces. This success stems from extensive operational enhancements, including time studies, engineering work, and productivity-focused projects. The introduction of the new equipment and the commencement of long-hole stoping have been pivotal, delivering safer and more efficient mining methods.

在加利納，我們看到白銀產量較上季增加 34%，達到 42 萬盎司。這項成功源自於廣泛的營運改進，包括時間研究、工程工作和以生產力為中心的專案。新設備的引進和深孔採礦法的開始至關重要，提供了更安全、更有效率的採礦方法。

Our team's efforts are unlocking Galena's vast potential and we're on track to further increase output once our upgrades to the shaft are completed later this year. At Cosalá in Mexico, our team delivered an extraordinary 103% production increase over Q1, contributing 269,000 silver ounces in Q2.

我們團隊的努力正在釋放 Galena 的巨大潛力，一旦今年稍後豎井升級完成，我們就有望進一步提高產量。在墨西哥的科薩拉，我們的團隊實現了比第一季度高出 103% 的產量成長，在第二季度貢獻了 269,000 盎司白銀。

This growth reflects outstanding execution as we transition towards the high-grade silver copper EC120, on schedule for commercial production by the end of 2025. EC120 promises to significantly enhance our silver output and free cash flow, reinforcing Cosalá's role in our portfolio.

這一增長反映了我們在向高品位銀銅 EC120 過渡過程中的出色執行，計劃於 2025 年底實現商業化生產。EC120 預計將大幅提高我們的白銀產量和自由現金流，從而鞏固 Cosalá 在我們投資組合中的地位。

These strong production results paired with our fortified balance sheet position us exceptionally well to meet our 2025 goals. We're building momentum across our operations, and we look forward to sharing more as we advance our development and drilling programs.

強勁的生產業績加上我們穩健的資產負債表，使我們有充分的條件來實現2025年的目標。我們正在各項業務中累積動力，並期待在推動開發和鑽探專案的同時分享更多資訊。

Now let's dive specifically into Galena, first and foremost. At Galena and in Mexico, safety is the cornerstone of our operations, and I'm incredibly proud of our Galena team's unwavering commitment to this principle. Their outstanding performance was showcased at the recent May mine rescue competition in Kellogg, Idaho, where the team earned first place in Rope Rescue, first place in Benchman contest, and second place in the Technician event.

現在，讓我們先深入研究一下方鉛礦。在加利納和墨西哥，安全是我們營運的基石，我為加利納團隊對這項原則的堅定承諾感到無比自豪。他們的出色表現在最近五月於愛達荷州凱洛格舉行的礦山救援比賽中得到了展示，該隊在繩索救援比賽中獲得第一名，在 Benchman 比賽中獲得第一名，在技術員比賽中獲得第二名。

One of our engineers, Nicole Henderson, was honored as Benchman of the Year and tied for the inaugural Central Mine Rescue MVP Award, recognizing her mastery of Mine Rescue protocols and leadership, both on and off the field.

我們的工程師妮可·亨德森 (Nicole Henderson) 榮獲年度基準人物稱號，並榮獲首屆中央礦山救援 MVP 獎，以表彰她在場內場外對礦山救援規程和領導能力的掌握。

These achievements highlight the strength and dedication of our Galena crew. As previously mentioned earlier on the call, Galena produced 420,000 silver ounces in Q2, meeting our internal expectations. We've advanced the 55-179 decline, opening access to new stopes, and successfully mining our first long-hole stope. New loaders and trucks are boosting productivity while ventilation improvements, including the first Alimak raise and ongoing second raise enhance our underground conditions.

這些成就彰顯了我們 Galena 團隊的實力和奉獻精神。正如之前在電話會議上提到的，Galena 在第二季生產了 42 萬盎司白銀，符合我們的內部預期。我們已推進 55-179 傾斜，開闢了通往新礦區的通道，並成功開採了我們的第一個長孔礦區。新的裝載機和卡車正在提高生產率，同時通風改進（包括第一次 Alimak 提升和正在進行的第二次提升）改善了我們的地下條件。

The upcoming number 3 shaft hoist motor upgrades in the second half will further increase capacity, targeting our increased rate of approximately 110 to 118 tonnes per hour versus the 42 tonnes per hour that we actually inherited six months ago.

下半年即將進行的 3 號豎井提升馬達升級將進一步提高產能，目標是將提升速度提高到每小時約 110 至 118 噸，而六個月前的實際提升速度為每小時 42 噸。

Now discussing some of our recent test work with metallurgical breakthroughs, having potential to add significant value at Galena. In May, we reported that test work by SGS Canada achieved 90% to 96% recoveries on antimony and 98% to 99% recoveries from the tetrahedrite material. With concentrates grading 18% to 19% antimony and 600 ounce per tonne silver, that's tremendous results that we're already seeing from this test work.

現在討論我們最近在冶金學方面取得的一些突破性測試工作，這些工作有可能為 Galena 增加巨大的價值。我們在五月報道，SGS加拿大公司的測試工作取得了90%至96%的銻回收率，以及98%至99%的黑曜石回收率。精礦中銻的品位為18%至19%，銀的品位為每噸600盎司，我們從這項測試工作中看到了驚人的成果。

This puts us on a pathway to potentially become the only US producer of antimony, a critical mineral for the defense and energy sections, especially after China's September 2024 halt on incoming antimony to the US. Obviously, we're not stopping there. The next step in enhancing our value creation potential from antimony is through ongoing test work being conducted by Allihies Engineering, which is focused on treating our concentrate to produce multiple saleable antimony products.

這使我們有可能成為美國唯一的銻生產商，銻是國防和能源領域的關鍵礦物，尤其是在中國於2024年9月暫停向美國供應銻之後。顯然，我們不會止步於此。增強銻的價值創造潛力的下一步是透過 Allihies Engineering 正在進行的測試工作，該測試專注於處理我們的精礦以生產多種可銷售的銻產品。

Historically, antimony was recovered from Galena ore, so we have strong technical precedent for recovery test work that's currently underway. At our Cosalá Operation in Mexico, we have a team of experts led by our General Manager, Gabriel Soto, who has been consistent with his standard of safety and productivity.

歷史上，銻是從方鉛礦中回收的，因此我們目前正在進行的回收測試工作擁有強大的技術先例。在墨西哥的科薩萊礦區，我們擁有一支由總經理加布里埃爾·索托領導的專家團隊，他始終秉持著安全和高效標準。

During the second quarter, silver production was just under 270,000 ounces of silver, which was 103% higher than in Q1. This was alongside 1.5 million pounds of zinc and 0.2 million pounds of lead. Higher EC120 grades drove this silver surge.

第二季度，白銀產量略低於 27 萬盎司，比第一季高出 103%。同時，也發現了 150 萬磅鋅和 20 萬磅鉛。更高的 EC120 等級推動了白銀價格的飆升。

Though base metal -- the base metal output dipped as we continued our transition from San Rafael, it is important to note that the higher lead and zinc base metal output of San Rafael, which will switch to a higher silver and copper as we move into the EC120, which is scheduled to happen in Q4 of this year.

儘管賤金屬——隨著我們繼續從聖拉斐爾轉型，賤金屬產量有所下降，但值得注意的是，聖拉斐爾的鉛和鋅賤金屬產量較高，隨著我們進入 EC120，其將轉向更高的銀和銅，這計劃於今年第四季度發生。

We're accelerating EC120 development toward its high-grade silver, copper core with production increases expected through the second half of '25, as I mentioned. San Rafael's remaining stopes continue to offset costs during this shift.

正如我所提到的，我們正在加速 EC120 的開發，以實現其高品位銀銅核心，預計到 25 年下半年產量將會增加。聖拉斐爾剩餘的礦場在此輪班期間繼續抵銷成本。

EC120's preproduction contributed $8.3 million to revenue with 211,000 silver ounces produced. We're on track for commercial production by year-end, significantly boosting our silver output and more importantly, our cash flow.

EC120 的預生產貢獻了 830 萬美元的收入，生產了 211,000 盎司銀。我們預計在年底前實現商業化生產，這將顯著提高我們的白銀產量，更重要的是，提高我們的現金流。

Now before I hand the call over to Warren to go over our financial highlights, I'd like to welcome Shirley In't Veld to our Board of Directors. Mrs. In't Veld brings over 30 years of experience in senior management and board positions across the mining, renewables, and energy sectors. Her extensive background includes serving as a director for companies such as Westgold, Develop Global and, more recently, Karora Resources, where she was a Director on our team as well as leadership roles at Verve Energy and Alcoa in Australia.

現在，在我把電話交給沃倫，讓他回顧我們的財務亮點之前，我想歡迎雪莉·因特·維爾德加入我們的董事會。因特·維爾德女士在礦業、再生能源和能源領域擁有超過30年的高階管理和董事會經驗。她擁有豐富的經驗，曾擔任 Westgold、Develop Global 等公司的董事，最近還擔任 Karora Resources 的董事（在 Karora Resources 擔任我們團隊的董事），並在澳洲 Verve Energy 和 Alcoa 擔任領導職務。

Her expertise strengthens our Board and will be invaluable as we continue to execute our growth strategy. And now I'll pass the call over to Warren, our Chief Financial Officer.

她的專業知識增強了我們的董事會，並且在我們繼續執行成長策略時將發揮無價的作用。現在我將把電話轉給我們的財務長沃倫。

Thank you, Paul, and good morning, everyone. This morning, we released our Q2 2025 financial results. Our unaudited condensed interim consolidated financial statements and MD&A for the three and six months ended June 30, 2025, are available on our website and under Americas Gold and Silver's profile on SEDAR Plus and EDGAR.

謝謝你，保羅，大家早安。今天上午，我們發布了 2025 年第二季財務業績。截至 2025 年 6 月 30 日的三個月和六個月的未經審計的簡明中期合併財務報表和 MD&A 可在我們的網站上以及 SEDAR Plus 和 EDGAR 上的 Americas Gold and Silver 簡介下查閱。

Revenue was $27 million, down from $33 million in Q2 2024 due to the noted lower zinc and lead production as we focus on the EC120 development where we will see higher silver and copper output compared to the San Rafael mine.

收入為 2,700 萬美元，低於 2024 年第二季的 3,300 萬美元，原因是我們專注於 EC120 開發，與聖拉斐爾礦場相比，我們將看到更高的銀和銅產量，導致鋅和鉛產量下降。

Silver sales grew with realized price of $34.22 per ounce. We produced 689,000 silver ounces and 839,000 silver equivalent ounces, including 1.5 million pounds of zinc and 1.9 million pounds of lead. Costs were approximately $28 per silver equivalent ounce for cost of sales, $26.64 per silver ounce for cash costs and $32.89 per silver ounce for all-in sustaining costs, down almost $3 from last quarter's with continued reductions expected as production volumes rise.

白銀銷量成長，實現價格為每盎司34.22美元。我們生產了68.9萬盎司白銀和83.9萬盎司白銀當量，其中包括150萬磅鋅和190萬磅鉛。銷售成本約為每銀盎司 28 美元，現金成本約為每銀盎司 26.64 美元，總維持成本約為每銀盎司 32.89 美元，比上一季下降近 3 美元，預計隨著產量上升，成本將繼續下降。

Our net loss was $15 million, an increase from $4 million in Q2 2024, driven by our investment in the revitalization of the Galena mine, the transition to EC120 at Cosalá, increasing precious metal prices on metals-based liabilities, nonrecurring noncash corporate G&A expenses connected with the addition of critical technical personnel and the reconstitution of the Board of Directors and lower net revenue from the decreased base metals production previously noted.

我們的淨虧損為 1500 萬美元，較 2024 年第二季度的 400 萬美元有所增加，原因是我們對 Galena 礦振興的投資、Cosalá 向 EC120 的過渡、金屬負債的貴金屬價格上漲、與增加關鍵技術人員和重組董事會相關的非賤性非現金公司 G&A 費用，以及先前提到的淨金屬產量下降。

This loss was partially offset by lower interest and financing expenses and higher foreign exchange gains as well as very strong silver revenue performance. The adjusted loss was $12 million and the adjusted EBITDA was a $4 million loss.

這一損失被較低的利息和融資費用、較高的外匯收益以及非常強勁的白銀收入表現部分抵消。調整後的虧損為 1,200 萬美元，調整後的 EBITDA 虧損為 400 萬美元。

Our cash balance soared to $62 million this quarter, an increase of $53 million from Q1, mainly due to the first $50 million tranche of our $100 million term loan facility with SAF Group and the $11.5 million offtake financing with Ocean Partners. Working capital improved to $10 million from a $29 million deficit at year-end 2024. With that, I'll now turn the call over to Oliver Turner.

本季我們的現金餘額飆升至 6,200 萬美元，較第一季增加 5,300 萬美元，主要原因是我們與 SAF 集團簽訂了 1 億美元定期貸款協議，其中第一筆為 5,000 萬美元，並與 Ocean Partners 簽訂了 1,150 萬美元的承購融資協議。營運資金從 2024 年底的 2,900 萬美元赤字改善至 1,000 萬美元。說完這些，我現在將電話轉給奧利佛·特納。

Thank you, Warren, and hello, everyone. I'm pleased to share some significant developments in our corporate strategy that are enhancing America's visibility in the market and positioning us for continued growth.

謝謝你，華倫，大家好。我很高興與大家分享我們公司策略的一些重大進展，這些進展提高了美國在市場上的知名度，並為我們持續成長奠定了基礎。

In July, we hosted our first external group analyst tour with nine different sell-side groups attending a two-day visit to Galena. The tour was very successful, and we're able to show the group many of the positive developments and productivity improvements Paul mentioned earlier as we execute this investment year into our Galena operations.

7 月份，我們組織了首次外部團體分析師參觀，九個不同的賣方團體參加了對加利納為期兩天的訪問。這次參觀非常成功，我們向團隊展示了保羅之前提到的許多積極的發展和生產力的提高，因為我們正在對加利納業務進行今年的投資。

Later this year, we also look forward to hosting our first buy-side tour and welcome inquiries from a very strong shareholder base. In terms of our results, I'd like to highlight a key achievement in this quarter. 82% of our revenue came from silver. In fact, this surpasses our short-term goal of reaching over 80% exposure to silver by the end of 2025, demonstrating that we're well on track to becoming a leading North American silver producer.

今年晚些時候，我們也期待舉辦首次買方巡演，並歡迎廣大股東的詢問。就業成績而言，我想強調本季的一項重要成就：我們82%的營收來自白銀。事實上，這超出了我們在 2025 年底實現 80% 以上白銀投資的短期目標，顯示我們有望成為北美領先的白銀生產商。

While this percentage will shift slightly over the coming quarters as we transition into new mining areas with variable base metals byproduct credits, it is a strong indicator of our progress and the effectiveness of our silver-focused strategy.

隨著我們向具有可變基本金屬副產品信用的新採礦區過渡，這一百分比在未來幾季將略有變化，但它是我們取得進展和以白銀為重點的策略有效性的有力指標。

And look, no matter which way you cut it, investing into our company is one of the best ways you can place silver in this very exciting market that we're currently experiencing. Over to slide 15. I'd like to address our upcoming share consolidation, which will see every 2.5 Americas shares exchanged for 1 Americas shares.

而且，無論你如何看待，投資我們公司都是你在我們目前經歷的這個非常令人興奮的市場中投資白銀的最佳方式之一。翻到第 15 張投影片。我想談談我們即將進行的股票合併，每 2.5 股美洲股票將兌換 1 股美洲股票。

As apparent -- as previously noted by our shareholder vote on June '24 and approved by the Board on August 6, this consolidation is designed to expand the investability of our stock to a wider audience. With a higher share price, the stock will now not only be eligible for more large institutional investors who have a minimum price threshold, but it will also enable margin trading for retail investors through brokers with share price requirements.

顯然——正如我們 6 月 24 日股東投票指出並於 8 月 6 日獲得董事會批准的那樣，此次合併旨在擴大我們股票的可投資性，使其覆蓋更廣泛的受眾。隨著股價上漲，該股票現在不僅將有資格獲得更多具有最低價格門檻的大型機構投資者，而且還可以透過具有股價要求的經紀商為散戶投資者提供保證金交易。

This is the potential to enhance liquidity and allow our stock to be included in more investment portfolios in larger sizes, a positive and welcome outcome for all Americas investors. We intend to file articles of amendment soon and expect the common shares to commence trading on a post-consolidation basis within the next 10 days following final approvals. We'll provide further updates as we move forward. And with that, I'll turn the call back over to Paul for some closing remarks.

這有可能提高流動性，並允許我們的股票被納入更多更大規模的投資組合，這對所有美國投資者來說都是一個積極且受歡迎的結果。我們打算很快提交修改章程，並預計普通股將在最終批准後的 10 天內開始以合併後的方式交易。我們將在後續工作中提供進一步的更新。說完這些，我將把電話轉回給保羅，讓他做一些結束語。

Thank you, Oliver and Warren. And actually, thank you to everyone who took the time to join us for this call today. Look, Q2, without doubt, has been a tremendous quarter about momentum for us at both Galena and in Mexico.

謝謝你，奧利佛和沃倫。實際上，感謝今天抽出時間參加我們這次電話會議的所有人。毫無疑問，第二季對我們在加利納和墨西哥來說都是勢頭強勁的一個季度。

Galena has had operational, explorational, and metallurgical breakthroughs, some of which haven't been done for years. Cosalá continues to thrive and get into the EC120 and at the corporate level, with our $100 million financing, we're really set up to really deliver on those things that we've been working on.

方鉛礦在營運、勘探和冶金方面都取得了突破，其中一些突破已經是多年前的事情了。Cosalá 繼續蓬勃發展並進入 EC120，在公司層面，憑藉 1 億美元的融資，我們真正準備好實現我們一直在努力實現的目標。

So overall, the first half of the year has been very exciting. It's been a lot of work. We're certainly not afraid of the work, and we're excited about what the second half is going to bring. So thank you to each and every one of you for taking the time to be with us here today and listening to our call. If you have further questions, please don't hesitate to get a hold of any one of us, and have a great day.

總體而言，今年上半年非常令人興奮。這需要做很多工作。我們當然不害怕工作，我們對下半場將會帶來什麼感到興奮。所以，感謝你們每一個人今天抽出時間來與我們在一起並聆聽我們的呼籲。如果您還有其他問題，請隨時與我們聯繫，祝您有美好的一天。

Take care, everyone.

大家保重。