Pan American Silver Corp. · TSX:PAAS
Pan American Silver — Q3 2023 Earnings Presentation
16 slides from Pan American Silver's earnings presentation, Nov 7, 2023
Slide 1: Conference Call, November 8, 2023
1 CONFERENCE CALL // November 8, 2023 2023 2023
Slide 2: Cautionary note and non-GAAP measures
2 These forward-looking statements and information reflect Pan American’s expropriation and risks relating to the constitutional court-mandated ILO 169 current views with respect to future events and are necessarily based upon a consultation process in Guatemala; diminishing quantities or grades of
Slide 3: Q3 2023 highlights
3 // Integration of assets acquired through Yamana transaction progressing well Silver production of 5.7 million Adjusted earnings of ounces; gold production of 244.2 $3.1M, or $0.01 per share(1) thousand ounces Reaffirmed 2023 Guidance, with: Fully repaid amounts drawn on • production of silver and
Slide 4: Q3 2023 financial results summary
4 in millions of US$, except per share amounts Q3 2023 YTD 2023 Revenue 616.3 1,646.5 Mine operating earnings 61.9 209.7 Net loss (22.7) (53.6) Basic loss per share(1) (0.06) (0.17) Adjusted earnings (2) 3.1 39.1 Basic adjusted earnings per share(1)(2) 0.01 0.12 Net cash generated from operating act
Slide 5: Silver and gold production by mine
5 Silver Production Gold Production (ounces ‘000s) (ounces ‘000s) Q3 2023 YTD 2023 Q3 2023 YTD 2023 La Colorada 1,009 3,586 0.6 1.9 Cerro Moro(2) 1,265 2,661 27.0 54.4 Huaron 896 2,703 0.3 0.8 San Vicente(1) 779 2,240 - 0.1 Manantial Espejo - 191 - 1.7 Jacobina(2) - - 48.3 96.6 El Peñon(2) 1,011 2,0
Slide 6: Cash costs and AISC by mine
6 Cash Costs(1) AISC(1) 1. Cash Costs and AISC are non-GAAP measures. Please refer ($ per ounce) ($ per ounce) to the “Alternative Performance (Non-GAAP) Measures” section of the MD&A for the period ended September 30, Q3 2023 YTD 2023 Q3 2023 YTD 2023 2023, for a detailed description of these measu
Slide 7: Realized metal prices and quantities of metal sold
7 Realized Metal Prices(1) Quantities of Metal Sold(2) Q3 2023 YTD 2023 Q3 2023 YTD 2023 Silver 23.11 23.13 5,827 15,992 Gold 1,927 1,939 243.6 623.5 Zinc 2,336 2,714 6.3 27.1 Lead 2,170 2,153 4.6 13.9 Copper 8,343 8,577 1.1 3.1 1. Metal price stated as dollars per ounce for silver and gold, and dol
Slide 8: Payable metal produced vs. metal sold and inventory
8 Payable Metal Quantities of Inventory Mine/Product Produced(1,2) Metal Sold build/(draw) Silver Gold Silver (thousand ounces) Inventory draw of 346 koz Inventory build of 0.1 koz La Colorada 946 1,121 (175) Cerro Moro 1,265 1,393 (128) Huaron 791 795 (4) San Vicente 748 562 186 Manantial Espejo -
Slide 9: Q3 2023 cash flow bridge
9 Sustaining Cash Flow Performance Growth, Business Development, and Other $1,000 $499 $950 $900 $850 $800 $750 $700 $650 $188 ($291) $600 $550 Millions $500 ($77) $445 $450 $409 ($37) ($185) $386 ($36) ($3) $400 ($49) $350 ($23) ($11) $300 $250 $200 $150 $100 $50 $0 (1) Cash and STI at Adjusted Sus
Slide 10: YTD 2023 cash flow bridge
10 Sustaining Cash Flow Performance Growth, Business Development, and Other $1,050 $1,000 $105 $950 $125 $900 $850 $800 $499 $750 $700 $501 $20 $650 Millions $600 $550 ($391) $500 ($99) $450 ($196) $386 $400 ($68) ($25) ($17) $350 ($117) $300 $257 $250 ($94) $200 $142 $150 $100 $50 $0 Cash and STI A
Slide 11: Q3 2023 Basic Adjusted Earnings of $0.01/share
11 Q3 2023 Basic Adjusted Earnings of $0.01/share (1) (1) Adjusted loss and basic adjusted loss per share are non-GAAP financial measures. Please refer to the section “Alternative Performance (Non-GAAP) Measures” of the MD&A for the period ended September 30, 2023, for a detailed description of thes
Slide 12: YTD 2023 Basic Adjusted Earnings of $0.12/share
12 YTD 2023 Basic Adjusted Earnings of $0.12/share (1) (1) Adjusted loss and basic adjusted loss per share are non-GAAP financial measures. Please refer to the section “Alternative Performance (Non-GAAP) Measures” of the MD&A for the period ended September 30, 2023, for a detailed description of the
Slide 13: 2023 guidance
13 // Reflects 9-month contribution for Yamana acquired mines Production expected to Production expected to be at low end of range, Guidance maintained be at low end of range, Ag Costs marginally above stated ranges Au Cost guidance maintained Sustaining capital $305 - $320 MILLION 21.0 – 23.0 Moz 8
Slide 14: Total available liquidity $1,136M
14 $386M //Prudent balance sheet management reduces risk, improves long-term shareholder returns Revolving TOTAL AVAILABLE Cash + Credit short-term Facility LIQUIDITY investments $750M $1,136M(3) Balance sheet management √ Total debt(2) of $809.1M related to senior notes and construction loans and l
Slide 15: To join the queue
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Slide 16: Audio and presentation archive
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/