Americas Gold and Silver Corporation (USAS) 2026 Q1 法說會逐字稿

Well, good morning, everyone. I would like to welcome you to the Americas Gold and Silver first-quarter 2026 conference call. Just a reminder that today's call is being recorded. (Operator Instructions)

各位早安。歡迎各位參加 Americas Gold and Silver 2026 年第一季電話會議。提醒各位，今天的電話會議將會錄音。(接線員指示)

I would now like to hand the conference over to Mr. Warren Varga, CFO. Please go ahead, sir.

現在我想把電話會議交給財務長 Warren Varga 先生。先生，請開始。

Thank you, and good morning, everyone, and welcome to the Americas Gold and Silver's first-quarter 2026 conference call. This call is being recorded and available on our website's Events page later today. We will also be referencing a slide deck during today's webcast presentation. Joining me today is Oliver Turner, our Executive Vice President of Corporate Development. Paul Huet is on a plane and our CEO and Chairman is on a plane and unable to attend today, but I'm sure he'll listen to us later.

謝謝，各位早安，歡迎參加 Americas Gold and Silver 2026 年第一季電話會議。本次電話會議將錄音，並於今日稍晚在我們網站的「活動」頁面提供回放。我們也會在今天的網路直播簡報中參考一份投影片。今天與我一同出席的是企業發展執行副總裁 Oliver Turner。Paul Huet 正在搭機，我們的執行長兼董事長也正在搭機，今天無法出席，但我相信他稍後會收聽。

I'll begin with a few housekeeping items and then walk through key operational and strategic highlights from our first quarter before turning the call over to Oliver later on. Before we begin, I would like to remind you to review our cautionary statements regarding forward-looking information and non-GAAP measures contained in our second quarter MD&A, news release and presentation slides.

我將先說明幾項會議注意事項，接著回顧第一季的主要營運與策略重點，稍後再把電話交給 Oliver。在開始之前，提醒各位查閱我們第二季 MD&A、新聞稿與簡報投影片中所載，關於前瞻性資訊與非 GAAP 指標的警示性聲明。

Please also note that unless otherwise stated, all dollar figures will be expressed in US dollars throughout this call. Before discussing our operational results, I would like to recognize continued commitment to safety across our operations. On our year-end conference call, I mentioned that our Galena team had achieved a major safety milestone with one full year in over 500,000 hours worked without a single lost time accident. I'm very pleased to report that as of April 14, our Cosala team achieved one full year without a single lost time accident as well.

另請注意，除非另有說明，本次電話會議中所有金額均以美元表示。在討論營運成果之前，我想先肯定我們各營運據點對安全的持續承諾。在年終電話會議上，我提到 Galena 團隊達成一項重要的安全里程碑：累計超過 500,000 工時、整整一年沒有任何一次損失工時事故。我也很高興報告，截至 4 月 14 日，Cosala 團隊同樣達成整整一年零損失工時事故。

Just a great success for both of our teams, and we're very proud of all their efforts at sites. Safety remains a foundation of strong operating culture, and I want to congratulate all of our employees on their commitment and performance. Q1 demonstrated continuing momentum across Americas. Operationally, we delivered a record consolidated silver production of 787,000 ounces and recorded consolidated sales of 830,000 ounces for Q1.

這對我們兩個團隊而言都是非常了不起的成功，我們對他們在現場的所有努力深感自豪。安全仍是強健營運文化的基石，我要祝賀所有員工的投入與表現。第一季展現 Americas 各項業務持續的動能。在營運方面，我們第一季創下合併白銀產量新高，達 787,000 盎司，並錄得合併銷售量 830,000 盎司。

Importantly, this production growth was accompanied by solid cost performance in Q1 with cash costs of approximately $24 per ounce sold and all-in sustaining costs of $34 per ounce sold. In addition to strong silver production, we also continue to increase exposure to antimony, a critical metal and with growing strategic importance in North America. We believe Galena remains uniquely positioned as one of the few active domestic sources of antimony production in the United States.

重要的是，第一季的產量成長同時伴隨穩健的成本表現：現金成本約為每售出一盎司 24 美元，全維持成本為每售出一盎司 34 美元。除了強勁的白銀產量外，我們也持續提高對銻的曝險；銻是關鍵金屬，且在北美的策略重要性日益提升。我們認為 Galena 仍具獨特優勢，是美國境內少數仍在運作的銻生產來源之一。

The strong start to the year positions us in an excellent position to achieve our 2026 consolidated production guidance of 3.2 million to 3.6 million silver ounces at an average all-in sustaining cost of $30 to $35 per ounce sold. As a reminder, consolidated total capital expenditures for 2026 are targeted to be between $90 million to $120 million, including $30 million to $40 million to be deployed at the Crescent Mine.

今年的強勁開局，使我們處於極佳位置以達成 2026 年合併產量指引：白銀 320 萬至 360 萬盎司，平均全維持成本為每售出一盎司 30 至 35 美元。提醒各位，2026 年合併資本支出總額目標為 9,000 萬至 1.2 億美元，其中包含將投入 Crescent 礦山的 3,000 萬至 4,000 萬美元。

Over the past year, our team has made four major new high-grade discoveries at Galena, highlighting the significance of untapped potential across the district. Our most recent discovery, the 43L-TJ Vein Complex was announced just two weeks ago and includes six new high-grade silver, copper antimony veins located close to existing infrastructure. Several of the high-grade intercepts are shown on the slide, including 1,392 grams per tonne silver, 1.5% copper and 1.5% antimony over 1.9 meters.

過去一年，我們團隊在 Galena 新發現四處主要的高品位礦化，凸顯該礦區仍有大量尚未開發的潛力。我們最新的發現為 43L-TJ 脈系複合體，於兩週前公布，包含六條新的高品位銀、銅、銻礦脈，位置接近既有基礎設施。投影片中展示了數個高品位截距，包括每公噸 1,392 克白銀、1.5% 銅及 1.5% 銻，厚度 1.9 公尺。

We continue to see antimony associated with many of these high-grade silver systems, further reinforcing the strategic importance of the Galena complex as both a high-grade silver asset and a growing domestic source of antimony for the US and for the world. At Cosala, our exploration teams have also delivered encouraging results with the new El Alacran discovery located just 600 meters north of San Rafael. The discovery, which was announced six weeks ago, intersected multiple silver, gold, copper intercepts, including 69 grams per tonne silver, 0.2 grams per tonne gold and 0.2% copper over 28 meters.

我們持續看到銻與多個高品位白銀系統伴生，進一步強化 Galena 複合礦區的策略重要性：既是高品位白銀資產，也是美國乃至全球日益重要的國內銻來源。在 Cosala，我們的勘探團隊也取得令人鼓舞的成果，新發現的 El Alacran 位於 San Rafael 以北僅 600 公尺處。該發現於六週前公布，鑽探穿越多段銀、金、銅礦化截距，包括每公噸 69 克白銀、每公噸 0.2 克黃金及 0.2% 銅，厚度 28 公尺。

Follow-up drilling is already underway. The recent discoveries across our operations highlight the significant untapped potential within our asset base. To capitalize the opportunity in front of us, we've allocated the largest exploration budget of $15 million to $20 million and the largest exploration drilling campaign in the company's history with over 64,000 meters to be drilled across our properties. The recent exploration success also becomes even more meaningful when viewed alongside our recently announced updated silver M&I resource announced earlier this year.

後續鑽探已經展開。我們各營運據點近期的發現，凸顯資產組合中仍有顯著的未開發潛力。為把握眼前機會，我們配置公司史上最大的勘探預算 1,500 萬至 2,000 萬美元，以及史上最大規模的勘探鑽探計畫，將在各項資產合計鑽探超過 64,000 公尺。當把近期勘探成果與我們今年稍早公布的更新白銀 M&I 資源量一併觀察時，其意義更為重大。

At Galena, measured and indicated silver resources increased 19% year-over-year to 88 million ounces, while grades improved by 21% to 501 grams per tonne silver. On a consolidated basis, silver M&I mineral resources increased by 10% to 116 million ounces with grades increasing by 30% to, sorry, 240 grams per tonne silver. We believe this growing high-grade resource base provides a strong foundation to support our long-term growth plans.

在 Galena，白銀實測與指示（M&I）資源量年增 19% 至 8,800 萬盎司，同時品位提升 21% 至每公噸 501 克白銀。以合併口徑計算，白銀 M&I 礦產資源量增加 10% 至 1.16 億盎司，品位提高 30% 至——抱歉——每公噸 240 克白銀。我們相信，這個持續成長的高品位資源基礎，為支持我們的長期成長計畫提供了堅實根基。

For more details, please refer to the America's March 30, 2026 news release and the NI 43-101 technical reports supporting the mineral resource and reserve estimates for Galena Complex and coastal operations, which were filed on the company's profile on SEDAR+ yesterday, May 14, 2026. Let me now walk you through some of the major growth initiatives currently underway across the Galena complex. Starting with the paste backfill plant, progress continues to advance well. Major equipment is currently in fabrication with delivery starting in June 2026.

更多細節請參閱 Americas 於 2026 年 3 月 30 日發布的新聞稿，以及支持 Galena 複合礦區與 Cosala 營運之礦產資源與儲量估算的 NI 43-101 技術報告；該等文件已於昨日（2026 年 5 月 14 日）提交至 SEDAR+ 上的公司檔案。接下來我將帶各位了解目前在 Galena 複合礦區推進中的幾項主要成長計畫。首先是膏體回填廠，進度持續穩健推進。主要設備目前正在製造中，預計自 2026 年 6 月起開始交付。

Site preparation is nearly complete and commissioning remains targeted for the fourth quarter 2026. Once operational, the pace plant is expected to increase backfill cycle times by approximately 250% and support increased long-haul stopes productivity with output being of about 93 tons per hour. Another critical project is the number three Shaft, which has been recently completed. Phase 1 is now completed, sorry, both phases are now completed, both Phase 1 and Phase 2. These upgrades are expected to increase hoisting through, by approximately 150% to roughly 105 tonnes per hour and increase total capacity to roughly 1,350 tonnes per day, a significant step forward for the operations.

場地準備工作已接近完成，試車仍以 2026 年第四季為目標。一旦投入運作，該膏體廠預期可將回填循環時間提升約 250%，並支援提升長距離採場（long-haul stopes）生產力，產出約為每小時 93 噸。另一項關鍵專案是 3 號豎井，近期已完工。第一階段已完成——抱歉——兩個階段現在都已完成，第一階段與第二階段皆已完成。這些升級預期可將提升能力提高約 150%，至約每小時 105 噸，並將總產能提升至約每日 1,350 噸，對營運而言是重大進展。

This is a critical step in derisking our growth and enabling higher ore production into 2026 and beyond. We are also making strong progress on digital infrastructure investments. Fiber optic communications are currently being installed down the number three shaft, enabling real-time equipment tracking, improved automation and full mine connectivity. Full coverage is targeted by the fourth quarter of 2026. At the same time, engineering and minor fabrication is underway to repurpose the Galena Shaft into a long-term infrastructure corridor supporting paste, power, air, water and electrical systems, all important for supporting larger scale mining operations in the future.

這是降低我們成長風險、並使 2026 年及其後能提高礦石產量的關鍵一步。我們在數位基礎設施投資方面也取得強勁進展。目前正沿著 3 號豎井安裝光纖通訊，將可實現設備即時追蹤、提升自動化並達成全礦連線。目標是在 2026 年第四季達成全面覆蓋。同時，工程設計與小規模製造正在進行中，以將 Galena 豎井改造為長期基礎設施走廊，支援膏體、電力、空氣、水與電氣系統，這些都對未來支援更大規模的採礦作業至關重要。

On the processing side, Galena mill upgrades are progressing. Crusher upgrades have now been completed. Flotation cells have been ordered, and we continue progressing toward restarting the third mill. The goal is to increase total milling capacity from 750 tonnes per day to roughly 1,200 tonnes per day by the end of 2026. At the recently acquired Crescent Mine, we also continue to make strong progress following the acquisition.

在選礦處理方面，Galena 選礦廠升級正在推進中。破碎機升級現已完成。浮選槽已下單訂購，我們也持續朝重啟第三座磨礦線推進。目標是在 2026 年底前，將總磨礦產能由每日 750 公噸提升至約每日 1,200 公噸。在近期收購的 Crescent 礦場，我們在收購完成後也持續取得顯著進展。

All critical systems have been restored. More than 650 feet of development was completed in the first quarter and drilling activities have begun. An additional 2,000 feet of development is planned during the second quarter to support resource expansion and future mining. Overall, we are beginning to see tangible results from our growth capital projects that are positioning the Galena complex for a meaningful step change in production for, by the end of 2026.

所有關鍵系統均已恢復。第一季已完成超過 650 英尺的巷道掘進，並已開始鑽探作業。第二季規劃再進行 2,000 英尺的巷道掘進，以支援資源量擴增與未來採礦。整體而言，我們開始看到成長資本專案帶來的具體成果，這些專案正使 Galena 綜合礦區在 2026 年底前具備實現產量顯著躍升的條件。

These advancements, combined with our strong balance sheet and growing resource base, position Galena as a key long-term driver of value creation for the company. Now going to the financial results. Following the market close yesterday, we released our unaudited condensed interim consolidated financial statements and MD&A for the three months ended March 31, 2026.

這些進展，加上我們強健的資產負債表與持續成長的資源基礎，使 Galena 成為公司長期價值創造的關鍵驅動因素。接下來談財務結果。在昨日收盤後，我們發布了截至 2026 年 3 月 31 日止三個月的未經審計簡明中期合併財務報表及管理層討論與分析（MD&A）。

These documents are available on our website as well as under the company's profile on SEDAR+ and EDGAR. Revenue for the quarter was $68 million, an increase of 84% compared to the prior quarter and an increase of 189% over Q1 2025, primarily due to the silver production, the higher silver production discussed earlier and higher realized silver prices during the quarter.

這些文件可在我們的網站，以及公司在 SEDAR+ 與 EDGAR 的檔案頁面中查閱。本季營收為 6,800 萬美元，較上一季增加 84%，較 2025 年第一季增加 189%，主要由於白銀產量（即先前提到的較高白銀產量）以及本季白銀實現價格較高所致。

Our average realized silver price increased by 148% from Q1 2025 to Q1 2026. The average realized silver price was approximately $80 per ounce for Q1 2026 compared to approximately $32 per ounce in Q1 2025. This is largely comparable to the average London silver price with the difference being the timing of our concentrate sales during the quarter. Our net income was $10 million or $0.03 per share for Q1 2026, an increase from a net loss of $20 million or $0.08 per share for Q1 2025.

我們的平均白銀實現價格自 2025 年第一季至 2026 年第一季上升 148%。2026 年第一季平均白銀實現價格約為每盎司 80 美元，而 2025 年第一季約為每盎司 32 美元。這與倫敦白銀平均價格大致相當，差異主要來自本季精礦銷售時點的影響。2026 年第一季淨利為 1,000 萬美元（每股 0.03 美元），相較 2025 年第一季淨損 2,000 萬美元（每股虧損 0.08 美元）有所增加。

This is primarily attributed to the higher net revenue that I mentioned earlier and a higher gain on derivatives, offset in part by higher cost of sales and the impact of higher forward gold and silver curve prices, which increased the unrealized present value of the company's metals contract liabilities on our balance sheet. Adjusted earnings for the quarter were $20 million or $0.06 per share, which represents an increase of over 260% over the Q1 2025 loss of approximately $12 million or $0.05 per share.

這主要歸因於我先前提到的較高淨營收，以及衍生性金融工具收益增加；但部分被較高銷貨成本，以及遠期黃金與白銀曲線價格上升的影響所抵銷，後者提高了公司資產負債表上金屬合約負債的未實現現值。本季調整後盈餘為 2,000 萬美元（每股 0.06 美元），較 2025 年第一季約 1,200 萬美元的虧損（每股虧損 0.05 美元）增加逾 260%。

Adjusted EBITDA was $34 million or $0.10 per share, also a significant improvement over the Q1 2025 loss of $5.5 million or $0.02 per share. Our liquidity is in a very strong position to address our capital plans with cash balance of approximately $122 million and working capital of $67 million at the end of the quarter. Capital expenditures were approximately $23 million during Q1, mainly due to the development initiatives at the Galena Complex that have already been discussed in support of our aggressive growth plans.

調整後 EBITDA 為 3,400 萬美元（每股 0.10 美元），亦較 2025 年第一季 550 萬美元的虧損（每股虧損 0.02 美元）大幅改善。我們的流動性處於非常強勁的狀態，可支應資本計畫；本季末現金餘額約 1.22 億美元，營運資金為 6,700 萬美元。第一季資本支出約 2,300 萬美元，主要用於先前已討論、為支持我們積極成長計畫而在 Galena 綜合礦區推動的開發措施。

I will now turn the call over to Oliver.

我現在把電話交給 Oliver。

Thank you very much, Warren, and good morning, everyone. Over the past year, America has experienced a significant increase in both analyst coverage and trading activity, reflecting the growing interest in the company and the progress being made across the business. Today, the company is now covered by eight analysts compared to just two analysts a little over a year ago, marking a substantial increase in both market visibility and institutional awareness.

非常感謝你，Warren，各位早安。過去一年，美國市場的分析師覆蓋與交易活動都顯著增加，反映出市場對公司的興趣提升，以及公司在各項業務上的進展。目前公司已由八位分析師覆蓋，而一年多前僅有兩位，這代表市場能見度與機構認知均大幅提升。

When we take the trading liquidity, the numbers are truly staggering. From January 1 to May 8, 2026, Americas traded at an average of approximately CAD32.8 million per day, comparing to approximately CAD1.9 million per day during the same period in 2025. This represents an over 1,600% increase in daily traded volume.

若看交易流動性，數字確實驚人。自 2026 年 1 月 1 日至 5 月 8 日，Americas 的日均成交金額約為 3,280 萬加幣，相較 2025 年同期約 190 萬加幣。這代表日均成交量增加超過 1,600%。

On the US NYSE Exchange, we're now trading over USD48 million worth of volume, which is a 1,300% improvement compared to the same period last year. So combined, we're now trading north of CAD100 million per day. And what does this mean? This now allows us to be owned by some of the largest mining investors in the world.

在美國 NYSE 交易所，我們目前的成交金額已超過 4,800 萬美元，較去年同期提升 1,300%。因此合計而言，我們目前日均成交金額已超過 1 億加幣。那這代表什麼？這使得全球一些最大的礦業投資人得以持有我們的股票。

And I'm very pleased to say that we now have most of them on our register. It's a big step forward for Americas Gold and Silver as we continue to build our case as a premier silver and antimony investment vehicle for institutions globally. And lastly, we're now trading with a significant beta to silver price of over 1.5 times, which is one of the strongest in the entire silver sector.

我也很高興地表示，我們的股東名冊上現在已涵蓋其中大多數。這是 Americas Gold and Silver 的一大步，我們持續強化自身作為全球機構投資人首選的白銀與銻投資載體之投資論述。最後，我們目前相對白銀價格的貝他值超過 1.5 倍，為整個白銀產業中最強之一。

This means that for investors searching for a way to invest into a silver vehicle with strong outperformance of the underlying metal, USA shares are a terrific place to be. With that, I'll turn the call back to Warren for closing remarks.

這表示，對於尋找能以強勢表現超越標的金屬的白銀投資工具之投資人而言，USA 的股票是非常好的選擇。接下來我把電話交回 Warren 作結語。

Thank you, Oliver. Overall, Q1 represented a very strong start to 2026 and continue to demonstrate the momentum we are building across the business. We delivered record silver production and sales, advanced several key growth initiatives at the Galena Complex, strengthened our balance sheet and continue to generate strong exploration across our operations. As we move through the remainder of 2026, our focus remains on safely executing our growth strategy, increasing production capacity and continuing to unlock the long-term value of our asset base.

謝謝你，Oliver。整體而言，第一季為 2026 年帶來非常強勁的開局，並持續展現我們在各項業務上累積的動能。我們創下白銀產量與銷售的紀錄，推進 Galena 綜合礦區多項關鍵成長計畫，強化資產負債表，並持續在各營運據點產出強勁的探勘成果。在 2026 年剩餘期間，我們的重點仍是安全地執行成長策略、提升產能，並持續釋放資產基礎的長期價值。

We believe the combination of high-grade silver exposure, increasing domestic antimony production and significant operational growth potential positions Americas as one of the more unique precious metal stories in the sector today. Thank you again for joining us. We appreciate your continued interest and support in Americas Gold and Silver. All right. Operator, I think we're ready to open up to some questions here.

我們相信，高品位白銀曝險、國內銻產量提升，以及顯著的營運成長潛力三者的結合，使 Americas 成為當今產業中較為獨特的貴金屬投資故事之一。再次感謝各位參與。我們感謝各位持續關注並支持 Americas Gold and Silver。好的。接線生，我想我們準備好開始回答一些問題了。

All right, operator, I think we're ready to open up to some questions here.

好的，接線生，我想我們準備好開始回答一些問題了。

(Operator Instructions)

（接線生指示）

Dalton Baretto, Canaccord.

Dalton Baretto，Canaccord。

Thanks. Good morning, Warren, Oliver, and team. Thanks for taking my question. My first one is on the Galena Complex. So it sounds like you're setting this operation up to be running at 1,200 short tons per day, I think, by the end of this year. And I just want to clarify, first of all, are you permitted to go at that level? And then secondly, what needs to happen to get you to that rate? And what sort of time frame are you thinking?

謝謝。早安，Warren、Oliver 以及團隊各位。謝謝讓我提問。我的第一個問題是關於 Galena 綜合礦區。聽起來你們正把這個營運設定為到今年年底可達到每日 1,200 短噸的運轉水準，我想是這樣。我想先確認一下，第一，你們是否已取得許可可達到該水準？第二，要達到那個處理量需要完成哪些事項？你們預期的時間框架是什麼？

Yes. Thanks, Dalton. I'll take that one. So yes, in terms of where we plan to exit the year, it's always easier to talk about ore tonnes because yes, we are moving, waste out of the mine, debottlenecking some areas and of course, moving waste around to get back into CRF stopes until we have the paste fill plant up and running. But on an ore tonne basis, we're looking to exit this year at around 650 short tonnes per day.

是的。謝謝你，Dalton。我來回答這題。是的，關於我們計畫在年底達到的水準，用礦石噸數來談總是比較容易，因為我們確實正在把廢石從礦山運出、對部分區域進行去瓶頸，當然也需要移運廢石，以便在膏體充填廠投運前重新進入 CRF 採場。但以礦石噸數計算，我們預計今年年底的退出水準約為每日 650 短噸。

That's the number that we've been striving towards over the course of the year. Of course, we started the year just over 400 tonnes per day, and that's up from about 270 tonnes per day towards the end of 2024. So big step-ups year-over-year. The most important aspect of getting there, of course, is the hoisting, the upgrades that we've now completed to the number three shaft, the Phase 1 upgrades are complete.

這是我們在今年整個過程中一直努力達成的數字。當然，我們年初的產量略高於每日400噸，相較於2024年底約每日270噸已有所提升。因此年比年有很大的躍升。而達成這個目標最重要的環節，當然是提升井提升能力——我們已完成三號井的升級，第一階段升級已完成。

Phase 2 is also just recently being completed, which are big step-ups in hoisting capacity. In terms of moving material underground, obviously, we've got a lot more equipment underground and then the ramp-up of long-hole stoping, of which we've now taken 10 panels are all critical. But the most important step towards ramping up El long-haul stoping even further, of course, is that paste fill plant, which we're on track to have commissioning in the fourth quarter of this year.

第二階段也在近期完成，這將使提升能力大幅提高。就地下物料運輸而言，很明顯我們在地下配置了更多設備，並且長孔採礦（long-hole stoping）的爬坡增產也很關鍵，我們目前已採了10個採場面板（panels）。但要進一步大幅提升 El 的長孔採礦產能，最重要的一步當然是膏體充填廠（paste fill plant）；我們正按計畫在今年第四季進行試車投產（commissioning）。

Regarding permitting, fully permitted for everything we have in our growth plan, so no problems there whatsoever.

關於許可方面，我們成長計畫中的所有項目都已取得完整許可，因此完全沒有任何問題。

Thanks. And then just maybe switching gears to the antimony side of things. Just frame that for me from a strategic as well as an economic perspective, how relevant is it really to the broader silver story? And then I guess part B of that question that you can maybe answer at the same time is presumably some of your peers and neighbors in the region are also mining tetrahedrite. Is there an opportunity to expand that JV to be sort of a much bigger regional effort?

謝謝。接著也許換個話題談談銻（antimony）。從策略以及經濟角度幫我框架一下：它對更廣泛的白銀故事到底有多重要？另外我想問題的第二部分，你也可以一起回答：推測你們在該區域的一些同業與鄰近礦山也在開採黝銅礦（tetrahedrite）。是否有機會把這個合資（JV）擴大，成為更大型的區域性合作？

Yes. Thanks, Dalton. Good questions. And I start off with Cosala. Look, last year, Cosala delivered a record 1.2 million ounces of silver there, and that was during a transition out of San Rafael into the EC120 mine, which we're now fully underway with declaring commercial production earlier this year.

是的。謝謝你，Dalton。問題問得很好。我先從 Cosala 談起。你看，去年 Cosala 創下紀錄，交付了120萬盎司白銀，而那是在我們從 San Rafael 過渡到 EC120 礦的期間完成的；我們今年稍早已宣布達到商業化生產（commercial production），目前已全面展開。

Really strong performance by the team down there last year. We're very proud of them. And of course, this year, we're going to be producing somewhere in the region of 1.1 million to 1.3 million ounces of silver there.

去年那邊團隊表現非常強勁。我們為他們感到非常自豪。當然，今年我們預計在那裡生產約110萬到130萬盎司白銀。

One of the most exciting things about Cosala, going forward, of course, is not only EC120 and that delivering year after year, but of course, is the exploration upside that we have. Warren talked about it earlier, the discovery that we announced at El Alacran, which is about 600 meters north of San Rafael. That's just one of several outcropping areas across the property, which we're really excited about. There's about five outcropping areas that have been identified, which we're very eager to get drilling into.

展望未來，Cosala 最令人振奮的事情之一，當然不只是 EC120 能夠年復一年地貢獻產量，更重要的是我們擁有的勘探上行空間。Warren 先前提到過，我們在 El Alacran 宣布的發現，位置在 San Rafael 以北約600公尺。那只是該礦權範圍內多個露頭區（outcropping areas）之一，我們對此非常興奮。目前已辨識出大約五個露頭區，我們非常期待進行鑽探。

Just to take a little step back in history, there's been three major outcropping areas at Cosala that have been drilled off and those have actually turned into mines. So some pretty strong returns right there. So we'll continue drilling out at El Alacran, getting some real exploration dollars put into the ground there, and it's certainly an important part of the story for sure.

稍微回顧一下歷史，在 Cosala 過去有三個主要露頭區已完成鑽探圈定，而那些最後都實際發展成礦山。因此回報相當可觀。所以我們會持續在 El Alacran 進行鑽探，把真正的勘探資金投入地面作業，這無疑是整個故事中非常重要的一部分。

When it comes to switching back up to Idaho here and talking about tetrahedrite in the Silver Valley and beyond in Idaho, our approach to that, of course, we've announced the JV with US antimony. There is a lot of flexibility in that facility.

再把話題拉回愛達荷州，談談銀谷（Silver Valley）以及愛達荷州其他地區的黝銅礦（tetrahedrite）。我們對此的做法，當然是已宣布與 US Antimony 的合資（JV）。該設施具有很大的彈性。

So the facility that we're going to be building, which we're targeting to commission by midway through next year, about 18 months from our original announcement date on track right there. that facility is going to have flexibility in terms of the scale of feed that accepts. We'll certainly obviously have feed or capabilities of putting enough of our own capacity through rather, but we'll also be flexing that facility with the ability to add an additional line if we find other sources of feed.

因此，我們將要興建的設施，目標是在明年年中前完成試車投產——從我們最初公告日起算約18個月，目前進度完全符合計畫。該設施在可接受的進料規模方面具有彈性。我們當然會有足夠的自有進料（或更精確地說，有能力處理足夠的自有產能），但如果我們找到其他進料來源，也會讓該設施具備增設額外產線的彈性。

We want to be collaborative with everybody in Idaho and certainly others in the United States. We'd love to have all this consolidated in just a few facilities rather than everybody building their own.

我們希望與愛達荷州的所有相關方合作，當然也包括美國其他地區的夥伴。我們很樂見把這些產能整合在少數幾座設施中，而不是每個人都各自興建自己的設施。

So that's something we're in active discussions with. We'll see how all of that goes. Of course, our primary focus is going to be putting our own feed through there. And these are not large facilities. These facilities are measured in single-digit tons per hour, not talking about 1,000-plus tonne per day. So a very small facility, but we'll be open to collaboration with others.

因此我們正在就此進行積極討論。我們會看看後續進展如何。當然，我們的首要重點仍是處理我們自己的進料。而且這些並不是大型設施。這些設施的規模是以每小時個位數噸來衡量，不是那種每日1,000噸以上的規模。所以這是一座非常小型的設施，但我們也願意與其他人合作。

Thanks, guys. That's all for me.

謝謝各位。我這邊就到這裡。

Allison Carson, Desjardins.

Allison Carson，Desjardins。

Good morning, and thanks for taking my question. So my question is just a little bit more on the paste fill plant. It sounds like everything is progressing well. And I know you touched on it, but I was wondering if you could give us just a little bit more color on how you expect it to play into improving mining flexibility, cycle times and just overall productivity at Galena.

早安，謝謝讓我提問。我的問題想再多問一點關於膏體充填廠（paste fill plant）。聽起來一切進展順利。我知道你們有提到，但我想請你們再多補充一些細節：你們預期它將如何改善 Galena 的採礦彈性、循環週期（cycle times）以及整體生產力？

Yes, for sure. I'll start off there. And I know we also have Evan Pelletier of course, who's at the helmet both operations and driving this forward. So I'll ask him to step in just afterwards to add some more color here. But starting off, everything is on track, as I said, for commissioning in the fourth quarter.

是的，當然。我先回答這題。而且我們當然也有 Evan Pelletier，他負責兩個營運並推動這項工作。所以我會在我回答後請他補充更多細節。不過先說結論：如我所說，一切都按計畫進行，目標在第四季試車投產。

We've got all of our specific pieces of equipment that are required on order that's expected to be delivered around midyear. Of course, we'll have to get that commission and get the reticulation system underground. We do it to have a significant impact on times. We've talked a couple of times about it being north of 250% there in terms of cycle time improvement.

我們所需的各項特定設備都已下單，預計在年中左右交付。當然，之後我們必須完成試車並把管網系統（reticulation system）鋪設到地下。我們預期它會對時間（週期）帶來顯著影響。我們已多次提到，就循環時間改善而言，幅度可望超過250%。

There will also be improvements in primary and secondary panel mining as well. So a lot of areas where that's going to help us. It's going to help us reduce costs. It's going to allow us to move more tonnes underground. So it will be a very significant step forward for us.

此外，在一次與二次面板採礦（primary and secondary panel mining）方面也會有所改善。因此它能幫助我們的面向很多。它將幫助我們降低成本。它將讓我們能在地下搬運更多噸數。所以這對我們而言會是非常重大的向前一步。

Evan, I don't know if you have any more specifics you'd like to touch on there.

Evan，我不確定你是否還有任何更具體的內容想補充？

No, I think that was great. And that was it. Congrats on the quarter.

沒有，我覺得你講得很好。我這邊就這樣。恭喜本季表現。

Thank you, Allison.

謝謝你，Allison。

(Operator Instructions)

（接線員指示）

[Omeet Singh, SCP Resource Finance].

[Omeet Singh，SCP Resource Finance]。

Congrats on the quarter. My question was around Galena grades. So obviously, you printed 284 grams per tonne for this quarter. I'm trying to understand how much of that is driven by the shift towards long-haul stoping or that mix between Galena and tetrahedrite ore. So could you speak to that maybe so I could just model it better going forward?

恭喜本季表現。我的問題是關於 Galena 的品位。所以很明顯，你們本季的數據是每噸284克。我想了解其中有多少是由於轉向長孔採礦（long-hole stoping）所驅動，或是 Galena 與黝銅礦（tetrahedrite）礦石配比（mix）所造成的。所以你們能否談談這點，讓我之後能更好地建立模型？

Yes. Thanks for your question, Omeet. Evan, would you like to answer that question on the grades at Galena and what we can expect going forward?

是的。謝謝你的提問，Omeet。Evan，你願意回答一下關於 Galena 品位的問題，以及我們接下來可以期待什麼嗎？

Yes. Sure, absolutely. Thanks for the question, Omeet. The grades overall are going to keep on climbing over here. The decline in grade was not due to the dilution in long-haul stopes.

是的。當然，沒問題。謝謝你的問題，Omeet。整體品位在這邊會持續上升。品位下滑並不是因為長孔採場的稀釋所致。

It was mostly mining more Galena as we were in those areas for the quarter. But the tetrahedrite is definitely around and the grades are there, and we're still going to see some higher grades coming out of Galena.

主要是因為我們在本季度位於那些區域，因此開採了較多的 Galena。但四面銅礦（tetrahedrite）確實就在附近，品位也在，我們仍將看到 Galena 產出一些更高品位的礦石。

Yeah, that means that's helpful.

是的，這很有幫助。

Thank you very much.

非常感謝。

Omeet, one of the things to, as we transition and move forward as well, just like what Evan said, it depends on which area that we're mining in. This mine has been set up to focus on silver lead for a considerable period of time. And we all know that, that is where the slightly lower grades are. So phenomenal silver grades, but slightly lower in comparison to that tetrahedrite or the silver copper material.

Omeet，另外一點是，隨著我們轉型並往前推進，也正如 Evan 所說，這取決於我們正在開採哪個區域。這座礦山在相當長一段時間內的配置是以銀鉛為重點。而我們都知道，那裡的品位相對略低一些。所以銀品位非常出色，但相較於四面銅礦或銀銅礦化物料，品位會稍低。

One of the objectives this year and moving into next year, as we put more of the waste development in, that's what a significant component of what our capital spend is this year and next year. We're setting up more and more of those silver copper stopes.

今年以及進入明年其中一個目標，是隨著我們投入更多廢石巷道掘進——這也是我們今年與明年資本支出的重要組成部分——我們正在建立越來越多的銀銅採場。

So as we transition to long-haul stoping, we're also transitioning into more of a focus on the silver copper. So just like Evan said, we can expect to see continued strong grade performance and increases from here.

因此，當我們轉向長孔採礦時，我們也在轉向更聚焦於銀銅。所以正如 Evan 所說，我們可以預期品位表現將持續強勁，並從現在起進一步提升。

That's helpful. Appreciate it. And then I guess another question here. This would be regarding payabilities of your antimony. Could you speak to that a little bit?

這很有幫助。感謝。那我想再問一個問題。這是關於你們的銻（antimony）可付性（payabilities）。你能稍微談一下嗎？

Because I'm seeing that your realized price is actually quite close to spot. Maybe share with me a bit about how payabilities are at Galena for antimony.

因為我看到你們的實現價格其實非常接近現貨價。能否跟我分享一下 Galena 的銻可付性大概是怎麼樣的？

Yes. So Omeet, we're happy to have a conversation offline with you about that. There are certain things we're able under the contract to discuss and other ones that were not. So I think it's best if we have a follow-up call on that one, and we can get on a conversation with Warren as well.

可以。所以 Omeet，我們很樂意在會後與你線下再聊這個。合約之下有些內容我們可以討論，另一些則不能。所以我認為最好就這個問題再安排一次後續通話，我們也可以把 Warren 一起拉進來討論。

No worries. I appreciate it. Thanks, guys. Once again, congrats on the quarter.

沒問題。感謝。謝謝各位。再次恭喜本季表現。

Thank you very much, Nate.

非常感謝你，Nate。

Thank you.

謝謝。

Dalton Bareto, Canaccord.

Dalton Bareto，Canaccord。

Thanks for taking the follow-up, guys.

謝謝你們接受我的追問，各位。

Where are we at with Crescent? Do you still see that mine ramping up midyear? What sort of mining rates do you think you can get to this year as well as on a steady-state basis?

Crescent 目前進展到哪裡了？你們仍然認為該礦會在年中開始爬坡增產嗎？你們認為今年可以達到什麼樣的採礦速率，以及在穩態運行下大概會是什麼水平？

Thanks, Dalton. Evan, I might ask you to jump in there. I know you've been there very recently, obviously.

謝謝你，Dalton。Evan，我想請你來補充一下。我知道你最近才剛去過那裡，顯然。

Yes. Yes. Thanks, Dalton, for the question. Crescent is progressing very, very well. We're averaging, on average, we've done (technical difficulty) feet of development as of now the (technical difficulty) strides.

是的。是的。謝謝你的問題，Dalton。Crescent 的進展非常、非常順利。截至目前，我們平均已完成（技術問題）英尺的掘進，（技術問題）步伐。

We've got a bunch of new gear on site. We've also eliminated the use of generators. So the diesel generator and compressors were on site. We ran power lines. We have fiber ops. The plan is to connect the two ramps this year, which is the [Countus] and the BC4. As soon as that's done, then we can start falling into production as we'll have a second means of egress.

我們已經有一批新設備到場。我們也已經取消使用發電機。所以現場原本有柴油發電機和壓縮機。我們架設了電力線路。我們有光纖作業。計畫是在今年把兩條斜坡道連接起來，也就是 [Countus] 和 BC4。一旦完成，我們就可以開始進入生產，因為我們將有第二個逃生通道。

We see early in the next year in '27, pulling some muck, some ore, sorry, out of Crescent. The most exciting thing about the Crescent is the historic mining that was done at depths. We've seen some grades down there that was mined at 300 ounces to the tonne. So we're setting up doing drilling, finding these areas and doing some engineering on pushing another decline potentially to getting even deeper in the future.

我們預期在明年初、也就是 27 年，從 Crescent 拉出一些渣土、一些礦石——抱歉，是礦石。Crescent 最令人興奮的是歷史上在深部進行過的採礦。我們在那裡看到過一些品位，曾以每噸 300 盎司的品位被開採。因此我們正在佈置鑽探，尋找這些區域，並做一些工程研究，未來可能再推進另一條斜坡道以進一步向更深處延伸。

That's great. And then maybe I can just ask very quickly around the situation in Sinaloa. It seems to be deteriorating pretty rapidly. Any impact to operations or shipments, that sort of thing?

太好了。那我也想很快問一下錫那羅亞州的情況。看起來惡化得相當快。對營運或出貨有任何影響嗎，諸如此類？

Thanks, Dalton. Yes. No, in terms of our operations, everything has been okay. Obviously, we're aware of the situation in the state and have been since the beginning of this, which has been going for quite a period of time right now.

謝謝你，Dalton。是的。就我們的營運而言，一切都還好。當然，我們了解該州的情況，並且從一開始就一直關注，這件事目前已經持續相當一段時間了。

So we have our own protocols in place there in terms of how we respond to things. And otherwise, we've got our heads down. We're mining, we're producing a concentrate and get the trucks to the coast when they can.

因此我們在那邊有自己的應對流程與規範。除此之外，我們就專注把事情做好。我們在採礦、在生產精礦，並在卡車能走的時候把貨運到海岸。

Great. Thanks for taking my follow-ups, guys.

很好。謝謝你們回答我的追問，各位。

Thanks all.

謝謝大家。

And once again, everyone, that is all the time we have for questions today. I'd like to hand the conference back over to Oliver Turner for any additional or closing remarks.

再次提醒各位，今天的提問時間就到這裡。我想把會議交回給 Oliver Turner，請他做任何補充或結語。

Yes. Thank you very much, operator. And I'd just like to say thanks to everyone who's listening on the call, no matter which time zone you're in, we appreciate the support. It's obviously been quite the transformation so far at Galena.

好的。非常感謝你，接線員。我也想對所有正在收聽電話會議的朋友說聲謝謝，不論你身處哪個時區，我們都很感謝各位的支持。到目前為止，Galena 顯然已經經歷了相當大的轉型。

And what I would say is we are only getting started here. There's a lot more to come. This is an extremely large system, which we're in the process of unlocking step by step, quarter-by-quarter, and we're excited to demonstrate what we think we can do with these assets. So thanks again for your support. Great silver market to be an investor in, and we're looking forward for many positive quarters to come.

而我想說的是，我們在這裡才剛剛開始。後面還有很多內容。這是一個極其龐大的系統，我們正一步一步、逐季地把它解鎖，我們也很期待展示我們認為能用這些資產做到什麼。所以再次感謝各位的支持。白銀市場對投資人而言是個很好的市場，我們也期待未來會有許多正面的季度表現。

Thank you.

謝謝。

Once again, everyone, that does conclude today's conference. We would like to thank you all for your participation. You may now disconnect.

再次提醒各位，今天的電話會議到此結束。感謝各位的參與。您現在可以掛線。