Pan American Silver (PAAS) Q4 2024 earnings summary

Executive summary

• Achieved record revenue of $2.82 billion in FY 2024 and $815.1 million in Q4, driven by strong metal prices, full-year Yamana asset integration, and operational performance.

• Silver production reached 21.1 million ounces and gold production hit a record 892,500 ounces in 2024, both within guidance.

• Completed major projects at La Colorada, Huaron, Timmins, and Jacobina, supporting future growth.

• Ended 2024 with $887 million in cash and short-term investments, $1.6 billion in available liquidity, and $1,033.4 million in working capital.

• Returned over $1 billion to shareholders since 2010 through dividends and share buybacks, with $145.4 million in dividends paid in 2024 and 2.6 million shares repurchased since March 2024.

Financial highlights

• Q4 2024 cash flow from operations was $274.1 million; full-year cash flow reached $724.1 million.

• Free cash flow was $196.2 million in Q4 and $445.1 million for the year.

• Q4 net earnings were $107.8 million ($0.30/share); full-year net earnings were $112.7 million ($0.31/share).

• Adjusted Q4 earnings were $126.9 million ($0.35/share); full-year adjusted earnings were $286.7 million ($0.79/share).

• FY 2024 gross margin was $548.5 million, up from $296.8 million in FY 2023.

Outlook and guidance

• 2025 production guidance: 20–21 million ounces of silver and 735,000–800,000 ounces of gold.

• All-in sustaining costs (AISC) for silver expected at $16.25–$18.25/oz; gold AISC at $1,525–$1,625/oz.

• Capital expenditures for 2025 projected at $360–$385 million, with $270–$285 million sustaining and $90–$100 million project capital.

• Exploration budget set at $80 million, focused on reserve replacement and brownfield opportunities.

• Production and lower AISC expected to be weighted to the second half of 2025.