Business
Pan American Silver Reports Unaudited Second Quarter 2024 Results
All amounts expressed in U.S. dollars unless otherwise indicated. Unaudited tabular amounts are in millions of U.S. dollars and thousands of shares, options,
About this update from Pan American Silver Corp.
[{"type":"text","content":"All amounts expressed in U.S. dollars unless otherwise indicated. Unaudited tabular amounts are in millions of U.S. dollars and thousands of shares, options, and warrants except per share amounts and per ounce amounts, unless otherwise noted. VANCOUVER, British Columbia / Aug 07, 2024 / Business Wire / Pan American Silver Corp. (NYSE: PAAS) (TSX: PAAS) (\"Pan American\" or the \"Company\") reports unaudited results for the quarter ended June 30, 2024 (\"Q2 2024\"). \"Operations generated record cash flow before working capital changes of $203.3 million in Q2 2024, with solid performance on costs, which were below our expected ranges for both the silver and gold segments in the quarter. This resulted in free cash flow of $102.1 million in Q2 2024,\" said Michael Steinmann, President and Chief Executive Officer. \"We completed the new ventilation infrastructure at La Colorada on schedule in early July, and we are now seeing significant improvements in the underground working conditions. We expect silver production to increase in the second half of the year, which will bring annual silver production to within our guidance range based on first half 2024 results. We are also on track to meet our annual production outlook for gold, zinc, lead and copper.\" The following highlights for Q2 2024 include certain measures that are not generally accepted accounting principles (\"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 Q2 2024 Results: Silver production of 4.57 million ounces was largely impacted by ventilation constraints at La Colorada and weather-related disruptions at Dolores and Cerro Moro. The Company expects an increase in silver production in the second half of 2024 (\"H2 2024\") following commissioning of the new ventilation infrastructure at La Colorada and other factors. Gold production of 220.4 thousand ounces was impacted mostly by weather-related disruptions at Dolores and Minera Florida. The Company expects increased production in H2 2024 from a back-end loaded production profile. Record revenue of $686.3 million. Net loss of $21.4 million ($0.06 basic loss per share) includes a $93.1 million income tax expense, driven by a $42.4 million impact from the effect of the d...