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• Revenue: $815.1 million in Q4; $2.8 billion for 2024.

• Silver Production: 21.1 million ounces in 2024.

• Gold Production: 892,000 ounces in 2024.

• All-in Sustaining Costs (Silver): $18.98 per ounce in 2024.

• All-in Sustaining Costs (Gold): $1,501 per ounce in 2024.

• Cash Flow from Operations: $274.1 million in Q4; $724.1 million for 2024.

• Free Cash Flow: $196.2 million in Q4; $445.1 million for 2024.

• Net Earnings: $107.8 million or $0.30 per share in Q4; $112.7 million or $0.31 per share for 2024.

• Adjusted Earnings: $126.9 million or $0.35 per share in Q4; $286.7 million or $0.79 per share for 2024.

• Cash and Short-term Investments: $887 million.

• Total Available Liquidity: $1.6 billion.

• Dividends Paid: $145.4 million in 2024.

• Share Buyback: Approximately 2.6 million shares repurchased since March.

• 2025 Silver Production Guidance: 20 million to 21 million ounces.

• 2025 Gold Production Guidance: 735,000 to 800,000 ounces.

• 2025 All-in Sustaining Costs (Silver): $16.25 to $18.25 per ounce.

• 2025 All-in Sustaining Costs (Gold): $1,525 to $1,625 per ounce.

• Sustaining Capital (2025): $270 million to $285 million.

• Project Capital (2025): $90 million to $100 million.

• Exploration Investment (2025): $80 million.

• Cash Taxes (2025): $240 million to $260 million.

• Care and Maintenance Costs: $20.5 million to $24 million, mostly related to Escobal.

• Warning! GuruFocus has detected 7 Warning Signs with PAAS.

Release Date: February 20, 2025

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

• Pan American Silver Corp (NYSE:PAAS) reported record revenue of $815.1 million in Q4 and $2.8 billion for the full year 2024, driven by strong metal prices and full-year production from acquired Yamana mines.

• The company achieved its production guidance for 2024, with silver production totaling 21.1 million ounces and gold production reaching a record 892,000 ounces.

• Cash flow from operations was a record $274.1 million in Q4 and $724.1 million for the full year, reflecting strong margins.

• Pan American Silver Corp (NYSE:PAAS) is in a strong financial position entering 2025, with a net cash position of $887 million and total available liquidity of $1.6 billion.

• The company announced a $0.10 per share dividend for Q4 and repurchased approximately 900,000 shares under the share buyback plan, demonstrating a commitment to returning capital to shareholders.

Negative Points

• All-in sustaining costs for the silver segment were slightly above guidance at $18.98 per ounce in 2024.

• The transition of the Dolores mine to the residual leaching phase and active reclamation resulted in adjustments that offset gains from the sale of La Arena.

• The guidance for La Colorada in 2025 is lower than expected due to capacity constraints and the need to develop new areas, impacting short-term production.

• The Escobal mine in Guatemala remains in a consultation process with no published timeline for completion, leading to uncertainty about its restart.

• The company expects production and costs to be weighted towards the second half of 2025, influenced by factors such as weather and mine sequencing, which could affect financial performance in the first half.