Q1 2025 Pan American Silver Corp Earnings Call Transcript

May 08, 2025 / 03:00PM GMT

Release Date Price: C$35.56 (+4.62%)

Transcript

Key Points

Positve

Pan American Silver Corp (PAAS) reported record mine operating earnings of $250.8 million for Q1 2025, continuing the positive trend from 2024.
The company achieved silver production of over 5 million ounces, slightly above the guidance range, with lower-than-anticipated production costs.
Gold production in Q1 was 182,200 ounces, in line with guidance, and gold segment all-in sustaining costs were better than expected.
Pan American Silver Corp (PAAS) generated $112.6 million of free cash flow in Q1, with a record cash and short-term investments balance of $923 million.
The company has approximately $1.7 billion of total available liquidity, providing capacity to pursue growth objectives, including the La Colorada Skarn project.

Negative

Minera Florida faced challenges in Q1 due to mine sequencing, lower grades, absenteeism, and equipment delivery delays, impacting production costs.
Bell Creek experienced technical challenges with seismicity and ground conditions, which slowed down operations more than expected.
The Escobal project in Guatemala is progressing slowly, with no set date for the completion of the consultation process or potential restart of operations.
The company anticipates potential cost increases in Q2 due to sustaining capital spending and tailings compaction projects.
Despite strong performance, the company maintains its cost guidance for the year, indicating potential variability in future quarters.

Operator

Thank you for standing by. This is the conference operator. Welcome to the Pan American Silver first quarter 2025 results conference call. (Operator Instructions) The conference is being recorded. (Operator Instructions)

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

Siren Fisekci

Pan American Silver Corp - Vice President, Investor Relations & Corporate Communications

Thank you for joining us today for Pan American Silver's conference call and webcast to discuss our results for the first quarter of 2025. 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 Q1 2025 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

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