Pan American Silver Corp. (PAAS) Q3 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 third quarter 2025 results conference call. As a reminder, all participants are in listen only mode and the conference is being recorded. After the presentation, there'll 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 reach an operator by pressing star then zero. I would now like to turn the conference over to Siren Sasecki, Vice President, Investor Relations. Please go ahead, Ms. Sasecki. Thank you for joining us today for Pan American Silver's conference call and webcast to discuss our third quarter 2025 results. This call includes forward-looking statements and information and references non-GAAP measures. Please see the cautionary statements in our MD&A news release and presentation slides for the Q3 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. Good morning, everyone. I'm glad you could join us to discuss Pan American's Q3 2025 results. Over the past quarter and into Q4, we have benefited from the increase in silver and gold prices and a solid performance on cost. As a result, we achieved a record attributable free cash flow of $251.7 million in Q3. On September 4th, we completed our acquisition of MAG Silver. While we have had only a one-month contribution from our 44% interest in the Juanisipio mine in Mexico, we're already seeing the impact on lowering costs and improving margins, underscoring the strategic rationale for this transaction. We account for Juanisipio using the equity method, but report production, cash costs, all in sustaining c...