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Dec 31, 2024
Pan American Silver Q4 2024 Earnings Report
Pan American Silver reported record revenue and free cash flow in Q4 2024, with strong silver and gold production.
Key Takeaways
Pan American Silver delivered strong financial results for Q4 2024, with record revenue of $815.1 million and net earnings of $107.8 million. Adjusted earnings per share stood at $0.35, reflecting solid operational performance. The company generated a record free cash flow of $196.2 million, supporting its robust financial position. Silver and gold production remained strong, aligning with company guidance.
Record Q4 2024 revenue of $815.1 million, reflecting higher metal prices and strong production.
Net earnings of $107.8 million and adjusted EPS of $0.35 in Q4 2024.
Record free cash flow of $196.2 million in Q4 2024.
Silver and gold production of 6.0 million ounces and 224.2 thousand ounces, respectively.
Pan American Silver
Pan American Silver
Forward Guidance
Pan American expects continued strong financial performance in 2025, with stable silver and gold production and disciplined cost management. The company anticipates improved operating margins driven by operational efficiencies and higher metal prices.
Positive Outlook
- Projected silver production of 20.00 to 21.00 million ounces in 2025.
- Gold production forecasted between 735 to 800 thousand ounces in 2025.
- Improved operating efficiencies at La Colorada and Huaron expected to reduce costs.
- Sustained free cash flow generation supporting shareholder returns.
- Strong financial position with $1.6 billion of available liquidity.
Challenges Ahead
- Higher operating costs at Shahuindo and Timmins due to mine sequencing and inflation.
- Decreased silver production at Dolores and San Vicente due to lower grades and residual leaching.
- Silver Segment AISC expected between $16.25 and $18.25 per ounce in 2025.
- Gold Segment AISC projected between $1,525 and $1,625 per ounce in 2025.
- Potential market volatility impacting metal prices and revenue.