Business
Pan American Silver Reports First Quarter 2023 Results
VANCOUVER, British Columbia / May 10, 2023 / Business Wire / Pan American Silver Corp. (NYSE: PAAS) (TSX: PAAS) ("Pan American" or the "Company") today
About this update from Pan American Silver Corp.
[{"type":"text","content":"VANCOUVER, British Columbia / May 10, 2023 / Business Wire / Pan American Silver Corp. (NYSE: PAAS) (TSX: PAAS) (\"Pan American\" or the \"Company\") today reported unaudited results for the quarter ended March 31, 2023 (\"Q1 2023\"). \"Pan American reported solid results for the first quarter of 2023, with adjusted earnings of $0.10 per share,\" said Michael Steinmann, President and Chief Executive Officer. \"Going forward, Pan American will be a significantly larger, more diversified company following our acquisition of Yamana. Our guidance for 2023 demonstrates the positive impact of the four new mines on production and costs, and we are excited by the growth opportunities the combined portfolio presents.\" On March 31, 2023, Pan American completed its previously announced acquisition of all of the issued and outstanding common shares of Yamana Gold Inc. (\"Yamana\"), following the sale by Yamana of its Canadian assets to Agnico Eagle Mines Limited, by way of a plan of arrangement under the Canada Business Corporations Act (the \"Yamana transaction\"). The Yamana transaction added four producing mines to Pan American's portfolio: the Jacobina mining complex in Brazil, the El Peñon and Minera Florida mines in Chile, and the Cerro Moro mine in Argentina (\"Acquired Operations\"), plus several exploration and development projects in Chile, Brazil and Argentina. Operating and financial results reported in this news release, except for the financial position as at March 31, 2023, reflect only Pan American's original mines, specifically: La Colorada, Huaron, San Vicente, Manantial Espejo, Timmins, Shahuindo, La Arena and Dolores (the \"Original Assets\"). The following highlights for Q1 2023 include certain measures that are not generally accepted accounting principle (\"non-GAAP\") financial measures. Please refer to the section titled “Alternative Performance (Non-GAAP) Measures” at the end of this news release for further information on these measures. Consolidated Q1 2023 Highlights: Silver production of 3.9 million ounces and gold production of 122.7 thousand ounces. As previously disclosed, Manantial Espejo has been placed on care and maintenance following the completion of mining at the end of 2022; some residual production was recorded for Q1 2023. Revenue was $390.3 million, inclusive of a negative $3.8 million price adjus...