Pan American Silver Corp provides fourth quarter (Q4 2024) financial results and audited financial results for the year ended December 31, 2024 (FY 2024), and its outlook for production, costs and expenditures in 2025 (Pan American will host a conference call and webcast to discuss the 2024 financial results and the 2025.
“Pan American generated record free cash flow of $196.2 million in Q4 and $445.1 million in 2024, reflecting strong metal prices, expanding margins, and solid operating performance, highlighted by strong silver and record annual gold production,” said Michael Steinmann, President and Chief Executive Officer.
“We are well positioned to continue generating robust operating margins in 2025, by prioritizing safe, sustainable operations and efficient cost management. We are in a strong financial position with $1.6 billion of total available liquidity to provide solid shareholder returns through dividends and opportunistic share buybacks, while pursuing our strategic initiatives.”
Q4 2024 and FY 2024 Highlights are,
1: Silver production was 6.0 million ounces in Q4 2024 and 21.1 million ounces in FY 2024. Annual silver production was within the 2024 Guidance.
2: Gold production was 224.2 thousand ounces in Q4 2024 and a record 892.5 thousand ounces in FY 2024. Gold production in Q4 2024 excludes December production from the La Arena mine (the sale of the mine was completed on December 2, 2024). Annual gold production was within the 2024 Guidance.
3: Record revenue of $815.1 million and $2.8 billion in Q4 2024 and FY 2024, respectively. 4: Net earnings of $107.8 million, or $0.30 basic earnings per share, in Q4 2024. FY 2024 net earnings of $112.7 million, or $0.31 basic earnings per share. 5: Record cash flow generated from operating activities of $274.1 million and $724.1 million in Q4 2024 and FY 2024, respectively.
Record free cash flow of $196.2 million and $445.1 million in Q4 2024 and FY 2024, respectively. Silver Segment Cash Costs were $14.06 and $14.30 per ounce in Q4 2024 and FY 2024, respectively. Silver Segment all-in sustaining costs excluding net realizable value inventory adjustments were $19.88 and $18.98 per ounce in Q4 2024 and FY 2024, respectively. FY 2024 Silver Segment Cash Costs and AISC were slightly above the 2024 Guidance ranges.
Gold Segment Cash Costs were $1,223 and $1,203 per ounce in Q4 2024 and FY 2024, respectively. Gold Segment AISC excluding NRV inventory adjustments were $1,521 and $1,501 per ounce in Q4 2024 and FY 2024, respectively. FY 2024 Gold Segment Cash Costs and AISC were within the 2024 Guidance ranges.
Capital expenditures totaled $372.4 million in 2024, comprised of $279.0 million of sustaining capital and $93.4 million of project capital.
As at December 31, 2024, the Company had working capital of $1,033.4 million, inclusive of cash and short-term investments of $887.3 million, and $750.0 million available under its revolving Credit Facility. Total debt of $803.3 million was related to two senior notes, construction and other loans, and leases.
A cash dividend of $0.10 per common share has been declared, payable on or about March 14, 2025, to holders of record of Pan American’s common shares as of the close on March 3, 2025. The dividends are eligible dividends for Canadian income tax purposes.
Under the Company’s Normal Course Issuer Bid, for the year ended December 31, 2024, 1,720,366 common shares were repurchased for cancellation at an average price of $14.16 per share for a total consideration of $24.3 million. In January 2025, 909,012 common shares were repurchased for cancellation under the NCIB at an average price of $22.00 per share for a total consideration of $20.0 million.
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