Pan American Silver Corp (TSX:PAAS)
C$ 32.43 1.09 (3.48%) Market Cap: 11.77 Bil Enterprise Value: 12.25 Bil PE Ratio: 0 PB Ratio: 1.86 GF Score: 84/100
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Q3 2024 Pan American Silver Corp Earnings Call Transcript

Nov 06, 2024 / 04:00PM GMT
Release Date Price: C$31.34 (+0.61%)

Key Points

Positve
  • Pan American Silver Corp (PAAS) reported record revenue of $716.1 million for Q3 2024, excluding $30 million in finished goods and concentrate inventories.
  • The company achieved record cash flow from operations before working capital changes at $235.8 million and free cash flow of $151.5 million.
  • Net debt decreased to $376.2 million, strengthening the balance sheet with $1.2 billion of available liquidity.
  • A $0.10 per share dividend was announced for Q3, with year-to-date dividend payments totaling $109.1 million.
  • The company received regulatory approval for the sale of La Arena in Peru, expected to close in Q4, with proceeds of $245 million to further strengthen the balance sheet.
Negative
  • Net earnings in Q3 were impacted by a one-time tax expense related to settlements with Mexican and Argentine tax authorities.
  • Silver production costs were higher than expected due to lower gold by-product credits and increased royalty costs.
  • Gold production at several mines was affected by severe weather conditions and higher-than-planned dilution in underground mines.
  • The Escobal mine in Guatemala remains on care and maintenance with no restart date, pending consultation processes.
  • Silver production is expected to be at the low end of the 21 million to 23 million-ounce guidance range for 2024.
Operator

Good morning, ladies and gentlemen, and welcome to the Pan American Silver third quarter 2024 unaudited results conference call and webcast. (Operator Instructions) This call is being recorded on Wednesday, November 6, 2024.

I would now like to turn the conference over to Siren Fisekci, VP Investor Relations. Please go ahead.

Siren Fisekci
Pan American Silver Corp - Vice President - Investor Relations

Thank you for joining us today for Pan American Silver's Q3 2024 conference call. This call includes forward-looking statements and information and makes reference to non-GAAP measures. Please see the cautionary statements in our MD&A, news release and presentation slides for our Q3 2024 unaudited results, all of which are available on our website.

I'll now turn the call over to Michael Steinmann, Pan American's President and CEO.

Michael Steinmann
Pan American Silver Corp - President, Chief Executive Officer, Director

Thanks, Siren, and thank you, everyone, for joining today's call. Pan

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