Q2 2025 Pan American Silver Corp Earnings Call Transcript

Aug 7, 2025 / 03:00 PM GMT

Release Date Price: C$43.22 (+7.03%)

Transcript

Key Points

Positve

Pan American Silver Corp (PAAS) reported record-setting financial results for Q2 2025, with topline revenue of $811.9 million and net earnings of $189.6 million.
The company achieved a record free cash flow of $233 million, increasing its cash balance to a record high of $1.1 billion.
A proposed acquisition of Max Silver is expected to provide an immediate uplift to silver production and free cash flow generation.
Pan American Silver Corp (PAAS) announced a 20% dividend increase from $0.10 to $0.12 per common share for Q2 2025.
The company maintains a strong balance sheet with total available liquidity of approximately $1.9 billion, allowing flexibility for growth opportunities.

Negative

Several operations, including Sarah Morrow and Timmins, experienced negative grade reconciliation or geotechnical issues, impacting production.
Gold production was slightly below guidance, with expectations now more heavily weighted towards Q4 2025.
The consultation process for the Escobal project in Guatemala is ongoing, with no specified completion date.
The company faced delays in starting major capital projects due to weather, permitting, and tender process issues.
There is potential for the dividend to decrease once cash is used for the Max Silver acquisition, depending on future cash flow generation.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

PAAS.TO - Pan American Silver Corp
Q2 2025 Pan American Silver Corp Earnings Call
Aug 07, 2025 / 03:00PM GMT

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Presentation
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Unidentified_1 [1]
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Thank you for standing by. This is the conference operator. Welcome to the Pan American Silver 2nd quarter 2025 results conference call.

As a reminder, all participants are in listen-only mode and the conference is being recorded. After the presentation, there will be an opportunity to ask questions.

To join the question queue, you may press then one on your telephone keypad.

Should you need assistance during the conference call, you may signal an operator by pressing, then 0.

I would now like to turn the conference over to Suan Faki, Vice President, investor relations. Please go ahead, Ms. Fei.

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