Pan American Silver Corp. · TSX:PAAS
Pan American Silver — FY2020 Earnings Presentation
15 slides from Pan American Silver's earnings presentation, Feb 17, 2021
Slide 1: Q4 and FY 2020 Earnings Review
Q4 and FY 2020 Earnings Review February 17, 2021
Slide 2: Cautionary Note
Cautionary Note Non-GAAP Measures This presentation of Pan American Silver Corp. and its subsidiaries (collectively, “Pan American”, “Pan American Silver”, the “Company”, “we” or “our”) refers to various non-GAAP measures, such as “AISC", “cash costs per ounce sold”, “adjusted earnings” and “basic a
Slide 3: Cautionary Note
Cautionary Note These forward-looking statements and information reflect Pan American’s current views with respect to future events and are necessarily based upon a number of assumptions that, while considered reasonable by Pan American, are inherently subject to significant operational, business, e
Slide 4: Consolidated 2020 Highlights
Consolidated 2020 Highlights • Navigated impact of COVID-19, implementing measures to protect health & safety and to support workforce & communities • Generated record operating cash flow of $462.3 M • Fully repaid the revolving credit facility debt and increased cash and short-term investment balan
Slide 5: Consolidated Financial Results
Consolidated Financial Results Audited in millions of US$, except per share amounts Q4 2020 FY 2020 Revenue 430.5 1,338.8 Mine operating earnings 137.2 360.2 Net earnings 169.0 176.5 Basic earnings per share(1) 0.80 0.85 Adjusted earnings(2) 120.5 243.4 Basic adjusted earnings per share(1) 0.57 1.16
Slide 6: FY 2020 Consolidated Cash Flows
FY 2020 Consolidated Cash Flows (1) (1) (2) (1) (1) (1) (1) (1) “STI” means short-term investments, “NCI” means non-controlling interests, and “D&A” means depreciation and amortization. (2) Net cash generated from operating activities before changes in working capital, interest and income taxes paid
Slide 7: Q4 2020 reconciliation of adjusted earnings to GAAP net earnings
Q4 2020 reconciliation of adjusted earnings to GAAP net earnings Q4 2020 Basic Adjusted Net Earnings $0.57/share 7 February 17, 2021
Slide 8: Net Cash Position
Liquidity and Capital Position (Cash + Short Term Investments – Revolving Credit Facility Debt) In US$ millions $400 $300 $279 Net Cash Position $200 $136 $100 $62 $0 $(21) $(37) -$100 $(138) -$200 $(196) $(213) -$300 Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Since the acquisit
Slide 9: 2020 Annual Results Compared to Forecast
2020 Annual Results Compared to Forecast Revised 2020 2020 Actual Forecast (1) Production Silver (million ounces) 17.3 18.0 - 19.0 Gold (thousand ounces) 522.4 525.0 - 575.0 Zinc (thousand tonnes) 40.2 40.0 - 43.0 Lead (thousand tonnes) 15.7 17.0 - 18.0 Copper (thousand tonnes) 5.2 4.3 - 4.9 Cash Co
Slide 10: 2020 Annual Capital Expenditures
2020 Annual Capital Expenditures Revised 2020 Original 2020 (in US$ millions) 2020 Actual Forecast(1) Forecast(1) Sustaining Capital 162.0 175.0 – 180.0 225.0 – 240.0 Project Capital 21.5 20.0 – 21.0 22.0 – 27.0 Total Capital 183.5 195.0 – 201.0 247.0 – 267.0 Approximately $50 million to $60 million
Slide 11: 2021 Guidance
2021 Guidance • Forecasting record gold production and an ~35% increase in silver relative to 2020 • We expect production and cash flow to be backloaded towards the second half of the year Silver Production Gold Production Cash Costs AISC (million ounces) (thousand ounces) ($ per ounce)(1) ($ per ou
Slide 12: 2021 Guidance
2021 Guidance Consolidated Base Metal Production Zinc Lead Copper (thousand tonnes) (thousand tonnes) (thousand tonnes) 60.7 – 64.5 23.4 – 25.7 7.1 – 8.0 12 February 17, 2021
Slide 13: 2021 Expenditures Guidance
2021 Expenditures Guidance (1) Expenditures ($ millions) Sustaining Capital La Colorada 27.0 - 29.5 Huaron 14.5 - 15.5 Morococha 6.0 - 7.0 San Vicente 13.5 - 14.5 Manantial Espejo 6.5 - 7.5 Dolores 26.0 - 30.0 Shahuindo 66.5 - 68.0 La Arena 44.5 - 45.0 Timmins 40.5 - 43.0 Sustaining Capital Sub-tota
Slide 14: Q&A
Q&A To join the queue: Press * and 1 on your touch-tone telephone. You will hear a tone acknowledging your request. If you wish to remove yourself from the queue, press * and 2
Slide 15: Archived recording
Archived recording The audio and presentation archive of this conference call and webcast will be accessible on our website at: https://www.panamericansilver.com/investors/events-and-presentations/