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NEWS
Pan American Silver Reports Unaudited Third Quarter 2024 Results, with Record Free Cash Flow of $151.5 Million
Consolidated Q3 2024 Results:
• Silver production of 5.47 million ounces.
• Gold production of 225.0 thousand ounces.
• Record revenue of $716.1 million, which excludes an approximately $30 million build-up in finished goods and concentrate inventories.
• Net earnings of $57.1 million, or $0.16 basic earnings per share.
• Adjusted earnings of $115.1 million, or $0.32 adjusted earnings per share.
• Income tax expense of $73.3 million includes: (i) a net $40.5 million in Mexico and (ii) $6.3 million in Argentina, both related to prior years' tax filings, which were partially offset by (iii) the reversal of $26.5 million of Argentine inflation-driven tax expense that was recorded in the first half of 2024. Adjusted earnings does not include the first two items, as these relate to previous years' income.
• Record cash flow from operations before non-cash working capital changes of $235.8 million, net of $26.4 million in cash taxes paid.
• Silver Segment Cash Costs and All-in Sustaining Costs ("AISC")(1)(2), excluding net realizable value ("NRV") inventory adjustments, per silver ounce of $15.88 and $20.90, respectively.
• Gold Segment Cash Costs and AISC(2)(3), excluding NRV inventory adjustments, per gold ounce of $1,195 and $1,516, respectively.
• Cash and short-term investments increased by $101.3 million to $469.9 million.
• At September 30, 2024, the Company had working capital of $780.0 million and $750.0 million available under the undrawn Credit Facility ("SL-Credit Facility"). Total debt of $815.2 million is primarily related to two senior notes, as well as certain lease liabilities, construction and other loans payable.
• The Company maintains its 2024 Operating Outlook, as previously provided in its Management's Discussion & Analysis ("MD&A") dated February 21, 2024. See the "2024 Operating Outlook" section of this news release for further detail.
• A cash dividend of $0.10 per common share with respect to Q3 2024 was declared on November 5, 2024, payable on or about November 29, 2024, to holders of record of Pan American's common shares as of the close of markets on November 18, 2024. In Q3 2024, the Company paid cash dividends totaling $36.3 million. The dividends are eligible dividends for Canadian income tax purposes.
• Silver production of 5.47 million ounces.
• Gold production of 225.0 thousand ounces.
• Record revenue of $716.1 million, which excludes an approximately $30 million build-up in finished goods and concentrate inventories.
• Net earnings of $57.1 million, or $0.16 basic earnings per share.
• Adjusted earnings of $115.1 million, or $0.32 adjusted earnings per share.
• Income tax expense of $73.3 million includes: (i) a net $40.5 million in Mexico and (ii) $6.3 million in Argentina, both related to prior years' tax filings, which were partially offset by (iii) the reversal of $26.5 million of Argentine inflation-driven tax expense that was recorded in the first half of 2024. Adjusted earnings does not include the first two items, as these relate to previous years' income.
• Record cash flow from operations before non-cash working capital changes of $235.8 million, net of $26.4 million in cash taxes paid.
• Silver Segment Cash Costs and All-in Sustaining Costs ("AISC")(1)(2), excluding net realizable value ("NRV") inventory adjustments, per silver ounce of $15.88 and $20.90, respectively.
• Gold Segment Cash Costs and AISC(2)(3), excluding NRV inventory adjustments, per gold ounce of $1,195 and $1,516, respectively.
• Cash and short-term investments increased by $101.3 million to $469.9 million.
• At September 30, 2024, the Company had working capital of $780.0 million and $750.0 million available under the undrawn Credit Facility ("SL-Credit Facility"). Total debt of $815.2 million is primarily related to two senior notes, as well as certain lease liabilities, construction and other loans payable.
• The Company maintains its 2024 Operating Outlook, as previously provided in its Management's Discussion & Analysis ("MD&A") dated February 21, 2024. See the "2024 Operating Outlook" section of this news release for further detail.
• A cash dividend of $0.10 per common share with respect to Q3 2024 was declared on November 5, 2024, payable on or about November 29, 2024, to holders of record of Pan American's common shares as of the close of markets on November 18, 2024. In Q3 2024, the Company paid cash dividends totaling $36.3 million. The dividends are eligible dividends for Canadian income tax purposes.
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