Pan American Silver Corp. (PAAS) Q2 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Thank you for standing by. This is the conference operator. Welcome to the Pan American Silver second quarter 2025 results conference call. As a reminder, all participants are in listen only mode and the conference is being recorded. After presentation, there will be an opportunity to ask questions. To join the question queue, you may press star then one on your telephone keypad. Should you need assistance during the conference call, you may signal an operator by pressing star, then zero. I would now like to turn the conference over to Sue Ann Tesecki, Vice President, Investor Relations. Please go ahead, Ms. Tesecki. Thank you for joining us today for Pan American Silver's conference call and webcast to discuss our second quarter 2025 results. This call includes forward-looking statements and information and references to non-GAAP measures. Please see the cautionary statements in our MD&A news release and presentation slides for the Q2 2025 results, all of which are available on our website. I'll now turn the call over to Michael Steinman, Pan American's President and CEO. Thank you, and good morning, everyone. I'm glad you could join us to discuss Pan American's Q2 2025 results. Today, I'm pleased to report another quarter of record-setting results. Top line revenue of $811.9 million reflects solid operating performance and the benefit of supportive price environment. Net earnings were a record of $189.6 million or 52 cents per share, largely driven by record mine operating earnings of $273.3 million. Adjusted earnings were $155.4 million, or 43 cents per share. Cash flow from operations before non-cash working capital changes was also a record of $287.9 million after $68.3 million in cash taxes paid. After non-cash working capital changes, operating cash flow total...