The following is a summary of the Pan American Silver Corp. (PAAS) Q3 2024 Earnings Conference Call Transcript:

Financial Performance:

• Pan American Silver reported record Q3 2024 revenue of $716.1 million.

• Free cash flow reached a record high of $151.5 million.

• Net earnings were $57.1 million, with adjusted earnings of $115.1 million or $0.32 per share after adjusting for one-time tax expenses.

• Declared a $0.10 per share dividend for Q3, with year-to-date dividends totaling $109.1 million and share repurchases of $24.3 million under the buyback plan.

Business Progress:

• Received regulatory approval for the sale of La Arena in Peru, expecting to close the transaction in Q4, enhancing the balance sheet with $245 million from the sale.

• Notable improvements at La Colorada mine with increased silver production and reduced cash costs.

• On track with 2024 guidance, expecting silver production at the lower end of the forecast range.

• Capital projects progressing well, including the new filter plant at Huaron and the Bell Creek mine expansion.

Opportunities:

• Strengthening of balance sheet post La Arena sale provides flexibility for future growth investments or shareholder returns.

• The La Colorada Skarn project shows significant interest from potential partners, highlighting opportunities for strategic partnerships or additional project investments.

Risks:

• Delays in production at Cerro Moro due to weather conditions impacting gold production.

• Uncertainty in silver grade outputs at El Penon as the mineral deposit variability might affect Q4 projections.

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