Pan American Silver Corp (PAAS) reports unaudited results for the quarter ended March 31, 2024 (Q1 2024). “Cash flow from operations before working capital changes of $133.2 million in the first quarter reflects strong performance on production and costs, with silver and gold production in line with our expectations, and costs for both metals lower than expected,” said Michael Steinmann, President and Chief Executive Officer.
“We progressed our major projects, notably the new ventilation infrastructure at La Colorada and the plant upgrades at Jacobina, while returning $58.0 million of capital to shareholders through $36.5 million in total cash dividends paid and $21.5 million in shares repurchased.”
Key takeaways are the Consolidated for Q1 2024 said, Silver production of 5.01 million ounces and gold production of 222.9 thousand ounces were in line with management’s expectations for Q1 2024.
Updating about the projects at hand for Q1 2024, PAAS said, at La Colorada, Pan American invested $9.6 million on project capital in Q1 2024. The new ventilation infrastructure is on schedule for completion in mid-2024, which is expected to significantly improve ventilation conditions in the mine in the second half of 2024.
At the Huaron mine, Pan American invested $14.2 million on project capital for the construction of the new dry-stack tailings storage facility, which is on schedule to be completed in the second half of 2024, while, at the Jacobina mine, Pan American invested $4.3 million on project capital related to plant facility infrastructure upgrades. PAAS also detailed update about the Timmins mine, the Escobal mine for 1Q.
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