Basic Earnings of $0.47 per Share
All amounts expressed in U.S. dollars unless otherwise indicated. Unaudited tabular amounts are in millions of U.S. dollars and thousands of shares, options, and warrants except per share amounts and per ounce amounts, unless otherwise noted.
VANCOUVER, British Columbia--(BUSINESS WIRE)-- Pan American Silver Corp. (NYSE: PAAS) (TSX: PAAS) (“Pan American” or the “Company”) reports unaudited results for the quarter ended March 31, 2025 (“Q1 2025”).
“Pan American has had a strong start to 2025, delivering another quarter of solid operating results. Lower costs and higher metal prices resulted in a record $250.8 million of mine operating earnings and $112.6 million in free cash flow,” said Michael Steinmann, President and Chief Executive Officer. “We are on track to achieve our guidance for 2025, with production levels expected to increase over the coming quarters from a back-end loaded production profile. We remain focused on progressing our initiatives to further increase shareholder value, including the optimization study for Jacobina, development of the La Colorada Skarn, and the consultation process for Escobal.”
The following highlights for Q1 2025 include certain measures that are not generally accepted accounting principles (“non-GAAP”) financial measures. Please refer to the section titled “Alternative Performance (Non-GAAP) Measures” at the end of this news release for further information on these measures.
Consolidated Q1 2025 Results:
Silver production of 5.0 million ounces.
Gold production of 182.2 thousand ounces.
Revenue of $773.2 million.
Net earnings of $169.3 million, or $0.47 basic earnings per share.
Adjusted earnings of $153.0 million, or $0.42 adjusted earnings per share.
Cash flow from operations before non-cash working capital changes of $240.1 million, net of $95.1 million in cash taxes paid ($174.8 million after changes in non-cash working capital).
Silver Segment All-in Sustaining Costs (“AISC”)(1)per silver ounce of $13.94.
Gold Segment AISC(2), excluding net realizable value (“NRV”) inventory adjustments, per gold ounce of $1,485.
Cash and short-term investments increased by $35.7 million from December 31, 2024 to $923.0 million.
As at March 31, 2025, the Company had working capital of $1,161.8 million and $750.0 million available under its undrawn credit facility (“Credit Facility”). Total debt of $804.4 million is primarily related to two senior notes, as well as certain lease liabilities and construction loans payable.
The Company maintains its 2025 Operating Outlook, as previously provided in its Management's Discussion & Analysis (“MD&A”) dated February 19, 2025. See the “2025 Operating Outlook” section of this news release for further detail.
A cash dividend of $0.10 per common share with respect to Q1 2025 was declared on May 7, 2025, payable on or about June 2, 2025, to holders of record of Pan American’s common shares as of the close of markets on May 20, 2025. During Q1 2025, the Company paid cash dividends to its shareholders totaling $36.2 million. The dividends are eligible dividends for Canadian income tax purposes.
The Company repurchased for cancellation 909,012 common shares in Q1 2025 at an average price of $22.00 per share for a total consideration of $20.0 million under its Normal Course Issuer Bid, which was renewed on March 6, 2025.
(1) Silver Segment AISC is calculated net of credits for realized revenues from all metals other than silver and is calculated per ounce of silver sold.
(2) Gold Segment AISC is calculated net of credits for realized revenues from all metals other than gold and is calculated per ounce of gold sold.
Q1 2025 Project Updates:
At the La Colorada mine, project capital of $4.9 million was directed largely to the current vein mining operation for exploration and mine equipment leases to access, mine, and expand mineral resource extensions in the eastern and southeastern higher-grade Candelaria zone.
With respect to the La Colorada Skarn, project capital of $3.0 million was largely for exploration and in-fill drilling and advancing engineering work. Pan American is currently discussing potential partnerships for development of the project.
At Huaron, $3.0 million of project capital was related to residual accounts payable settlements for the drystack tailings storage facility, which was completed in the fourth quarter of 2024, and is now fully commissioned and operating.
At Jacobina, project capital of $4.8 million was allocated to mine and plant optimization studies aimed at maximizing long-term economic performance.
At Timmins, project capital of $2.9 million was related to underground development advances to provide access for exploration drilling of adjacent prospective deposits.
At Escobal, Pan American had four working meetings with the Guatemalan government during Q1 2025 as part of the ILO 169 consultation process. Currently, there is no date for the completion of the consultation process or the potential restart of operations at Escobal.
CONSOLIDATED RESULTS
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Pan American Silver Announces Results of Annual General and Special Meeting
VANCOUVER, British Columbia–(BUSINESS WIRE)– Pan American Silver Corp. (NYSE: PAAS) (TSX: PAAS) (“Pan American” or the “Company”) reported the voting results from its annual general and special meeting of shareholders held on May 7, 2025, in Vancouver, British Columbia (the “Meeting”). Each of the matters voted upon at the Meeting are described in detail in the Company’s Management Information Circular dated March 17, 2025, which is available on the Company’s website at https://www.panamericansilver.com/invest/financial-reports-and-filings/.
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https://panamericansilver.com/news/pan-american-silver-announces-results-of-annual-general-and-special-meeting-12/ |
