Pan American Silver reports audited financial results for 2024, including record revenue, cash flow from operations and free cash flow
Pan American Silver reports audited financial results for 2024, including
record revenue, cash flow from operations and free cash flow
• Company provides 2025 Operating Outlook
Vancouver, B.C. - February 19, 2025 - Pan American Silver Corp. (NYSE: PAAS) (TSX: PAAS) ("Pan American" or the
"Company") provides fourth quarter ("Q4 2024") financial results and audited financial results for the year ended
December 31, 2024 ("FY 2024"), and its outlook for production, costs and expenditures in 2025 (the "2025
Operating Outlook"). Pan American will host a conference call and webcast to discuss the 2024 financial results
and the 2025 Operating Outlook on February 20, 2025; details provided further in this news release.
"Pan American generated record free cash flow of $196.2 million in Q4 and $445.1 million in 2024, reflecting
strong metal prices, expanding margins, and solid operating performance, highlighted by strong silver and record
annual gold production," said Michael Steinmann, President and Chief Executive Officer. "We are well positioned
to continue generating robust operating margins in 2025, by prioritizing safe, sustainable operations and efficient
cost management. We are in a strong financial position with $1.6 billion of total available liquidity to provide solid
shareholder returns through dividends and opportunistic share buybacks, while pursuing our strategic initiatives."
Q4 2024 and FY 2024 HIGHLIGHTS:
• Silver production was 6.0 million ounces in Q4 2024 and 21.1 million ounces in FY 2024. Annual silver
production was within the 2024 Guidance.
• Gold production was 224.2 thousand ounces in Q4 2024 and a record 892.5 thousand ounces in FY 2024.
Gold production in Q4 2024 excludes December production from the La Arena mine (the sale of the mine
was completed on December 2, 2024). Annual gold production was within the 2024 Guidance.
• Record revenue of $815.1 million and $2.8 billion in Q4 2024 and FY 2024, respectively.
• Net earnings of $107.8 million, or $0.30 basic earnings per share, in Q4 2024. FY 2024 net earnings of
$112.7 million, or $0.31 basic earnings per share.
• Adjusted earnings of $126.9 million, or $0.35 basic adjusted earnings per share, in Q4 2024. FY 2024
adjusted earnings of $286.7 million, or $0.79 basic adjusted earnings per share.
• Record cash flow generated from operating activities of $274.1 million and $724.1 million in Q4 2024 and
FY 2024, respectively.
• Record free cash flow of $196.2 million and $445.1 million in Q4 2024 and FY 2024, respectively.
• Silver Segment Cash Costs were $14.06 and $14.30 per ounce in Q4 2024 and FY 2024, respectively. Silver
Segment all-in sustaining costs ("AISC") excluding net realizable value ("NRV") inventory adjustments were
$19.88 and $18.98 per ounce in Q4 2024 and FY 2024, respectively. FY 2024 Silver Segment Cash Costs and
AISC were slightly above the 2024 Guidance ranges.
• Gold Segment Cash Costs were $1,223 and $1,203 per ounce in Q4 2024 and FY 2024, respectively. Gold
Segment AISC excluding NRV inventory adjustments were $1,521 and $1,501 per ounce in Q4 2024 and FY
2024, respectively. FY 2024 Gold Segment Cash Costs and AISC were within the 2024 Guidance ranges.
• Capital expenditures totaled $372.4 million in 2024, comprised of $279.0 million of sustaining capital and
$93.4 million of project capital.
• As at December 31, 2024 , the Company had working capital of $1,033.4 million, inclusive of cash and
short-term investments of $887.3 million, and $750.0 million available under its revolving Credit Facility.
Total debt of $803.3 million was related to two senior notes, construction and other loans, and leases.
• A cash dividend of $0.10 per common share has been declared, payable on or about March 14, 2025, to
holders of record of Pan American’s common shares as of the close on March 3, 2025. The dividends are
eligible dividends for Canadian income tax purposes.
Q4 2024 NEWS RELEASE
All amounts expressed in U.S. dollars unless otherwise indicated. Tabular amounts are in
millions of U.S. dollars and thousands of shares, options and warrants, except per share
amounts, unless otherwise noted.
PAN AMERICAN SILVER CORP. 1
• Under the Company's Normal Course Issuer Bid ("NCIB"), for the year ended December 31, 2024,
1,720,366 common shares were repurchased for cancellation at an average price of $14.16 per share for a
total consideration of $24.3 million. In January 2025, 909,012 common shares were repurchased for
cancellation under the NCIB at an average price of $22.00 per share for a total consideration of
$20.0 million.
Q4 2024 Project Updates:
• La Colorada - $8.0 million of project capital was spent, primarily on the Skarn project for engineering work
and exploration drilling.
• Huaron - $6.5 million of project capital was spent on the construction of the new tailings filtration plant
and filter-stack tailings storage facility, which was substantially completed in Q4 2024 and is expected to
be fully operational within the first half of 2025. Residual capital accounts payable settlements are
expected in 2025 and have been included in the 2025 Operating Outlook.
• Timmins - $1.5 million of project capital was spent to complete construction of the Bell Creek paste backfill
plant. The plant is now fully operational and is expected to provide enhanced ground stability and
increased mineral resource recovery.
• Jacobina - $4.5 million of project capital was spent in upgrading the plant facility infrastructure and on a
study aimed at optimizing the mine's long-term economics and sustainability.
• Escobal - Guatemalan government representatives held working meetings with Xinka representatives in
relation to the ongoing Escobal ILO 169 consultation process. Pan American also had working meetings
with the government, including with the Vice Minister of Sustainable Development who is responsible for
overseeing the consultation process. The Escobal mine remains on care and maintenance and there is no
date for a restart of operations.
2025 OPERATING OUTLOOK
Pan American reports mines in either a Silver Segment or a Gold Segment, with AISC calculated on a by-product
basis; specifically, by-product metal sales are credited against the operating costs to produce the primary metal for
that segment.
The following estimates contain forward-looking information about expected future events and financial and
operating performance of Pan American. Readers should refer to the risks and assumptions set out in the
"Cautionary Note Regarding Forward-Looking Statements and Information" at the end of this news release. Pan
American may revise forecasts during the year to reflect actual results to date and those anticipated for the
remainder of the year.
• Silver production in 2025 is forecast to be between 20.00 to 21.00 million ounces. At La Colorada, the
improvement in ventilation conditions is expected to enable higher development rates in 2025 relative to
2024, allowing throughput of up to 2,000 tonnes per day in 2025. At Huaron, the development of the
Horizonte zone is expected to drive higher throughput and higher silver grades. Decreases in silver
production relative to 2024 are forecasted at Dolores due to the cessation of active mining and the
operation entering the residual leaching phase and at San Vicente due to mine sequencing into lower
silver grade ores.
• Gold production in 2025 is forecast to be between 735 to 800 thousand ounces, reflecting the disposition
of La Arena in 2024 and the cessation of active mining at Dolores, which is entering the residual leaching
phase.
• Both silver and gold production are weighted to the second half of 2025, with a corresponding decrease in
AISC per ounce over that period.
Q4 2024 NEWS RELEASE
All amounts expressed in U.S. dollars unless otherwise indicated. Tabular amounts are in
millions of U.S. dollars and thousands of shares, options and warrants, except per share
amounts, unless otherwise noted.
PAN AMERICAN SILVER CORP. 2
• Forecasted Silver Segment AISC of between $16.25 and $18.25 per ounce in 2025 reflects the expectation
that the new ventilation infrastructure at La Colorada will reduce the mine's AISC per ounce, and for
higher gold by-product credits from Cerro Moro; partly offset by additional payments associated with
contractual rights to mine concessions adjacent to the La Colorada mine, and higher expected costs at
Huaron for operating the new tailings filtration plant and filter-stack tailings storage facility.
• Forecasted Gold Segment AISC of between $1,525 and $1,625 per ounce in 2025. At Shahuindo, operating
costs per ounce are expected to increase due to lower grade ore stacked from mine sequencing and a
higher proportion of low-grade coarse ores needed to blend with the higher grade fine ores. S ustaining
capital postponed from 2024 for waste dump preparation and water treatment projects at Shahuindo is
also expected to contribute to higher AISC. At Timmins, an increase in operating costs is expected from the
additional costs associated with operating the new paste plant at Bell Creek and labour-driven inflationary
pressures, partly offset by a weakening Canadian dollar.
2025 Silver and Gold Production and AISC Forecasts:
Silver Production Gold Production AISC
(million ounces) (thousand ounces) ($ per ounce)(1)
Silver Segment:
La Colorada (Mexico) 5.50 - 5.80 2 20.00 - 22.00
Cerro Moro (Argentina) 2.80 - 2.90 77 - 87 6.00 - 10.00
Huaron (Peru) 3.70 - 3.90 — 16.00 - 17.50
San Vicente (Bolivia)(2) 2.70 - 2.90 — 19.00 - 20.50
Total 14.70 - 15.50 79 - 89 16.25 - 18.25
Gold Segment:
Jacobina (Brazil) — 185 - 195 1,275 - 1,375
El Peñon (Chile) 3.70 - 3.80 120 - 130 1,185 - 1,285
Timmins (Canada) — 120 - 130 2,100 - 2,200
Shahuindo (Peru) 0.25 125 - 135 1,735 - 1,835
Minera Florida (Chile) 0.45 78 - 90 1,700 - 1,850
Dolores (Mexico) 0.90 - 1.00 28 - 31 850 - 1,000
Total 5.30 - 5.50 656 - 711 1,525 - 1,625
Total Production 20.00 - 21.00 735 - 800 n/a
2025 Quarterly Operating Outlook:
Q1 Q2 Q3 Q4 FY 2025
Silver Production (million ounces) 4.75 - 5.00 4.95 - 5.20 5.10 - 5.35 5.20 - 5.45 20.00 - 21.00
Gold Production (thousand ounces) 175 - 189 179 - 194 189 - 205 192 - 212 735 - 800
Silver Segment AISC (1)
21.00 - 22.25 19.50 - 21.25 14.25 - 16.25 10.25 - 13.00 16.25 - 18.25
Gold Segment AISC (1)
1,575 - 1,675 1,550 - 1,650 1,500 - 1,600 1,500 - 1,600 1,525 - 1,625
(1) AISC is a non-GAAP measure. Please refer to the “Alternative Performance (Non-GAAP) Measures” section of the Management's
Discussion and Analysis ("MD&A") for the period ended December 31, 2024 for further information on this measure. The AISC forecasts
assume average metal prices of $30.00/oz for silver, $2,650/oz for gold, $3,000/tonne ($1.36/lb) for zinc, $2,000/tonne ($0.91/lb) for
lead, and $9,500/tonne ($4.31/lb) for copper; and average annual exchange rates relative to 1 USD of 20.00 for the Mexican peso
("MXN"), 3.75 for the Peruvian sol ("PEN"), 1,177 for the Argentine peso ("ARS"), 7.00 for the Bolivian boliviano ("BOB"), $1.38 for the
Canadian dollar ("CAD"), 950.00 for the Chilean peso ("CLP") and 5.75 for the Brazilian real ("BRL").
(2) San Vicente data represents Pan American’s 95.0% interest in the mine's production.
Q4 2024 NEWS RELEASE
All amounts expressed in U.S. dollars unless otherwise indicated. Tabular amounts are in
millions of U.S. dollars and thousands of shares, options and warrants, except per share
amounts, unless otherwise noted.
PAN AMERICAN SILVER CORP. 3
2025 Consolidated Base Metal Production Forecasts:
(thousand tonnes) Zinc Lead Copper
42 - 45 21 - 22 4
2025 Expenditures Forecast:
($ millions)
Sustaining Capital 270.0 - 285.0
Project Capital 90.0 - 100.0
Total Capital Expenditures 360.0 - 385.0
Reclamation Expenditures 28.0 - 34.5
Care & Maintenance 20.5 - 24.0
General and Administrative 80.0 - 85.0
Exploration and Project Development 15.0 - 20.0
Income Tax Payments 240.0 - 260.0
Depreciation and Amortization 450.0 - 500.0
2025 Planned Project Capital Expenditures:
• La Colorada (Veins) - estimated investment of $10.0 to $12.0 million for exploration, mine infrastructure,
and mine equipment leases to access, mine, and expand mineral resource extensions in the deep eastern
and southeastern extensions of the higher-grade Candelaria mineralized structure.
• La Colorada (Skarn) - estimated investment of $ 39.0 to $42.0 million for continued exploration and in-fill
drilling, and to advance engineering work, particularly in mine design, de-watering, geotechnical and
access studies.
• Huaron - estimated residual project capital of $ 12.0 to $13.5 million for the new tailings filtration plant
and filter-stack tailings storage facility , relating to final payables and lease payments for the tailings
filtration plant equipment.
• Timmins - estimated investment of $ 18.0 to $ 20.0 million, comprised of $12.5 to $14.5 million for the
construction of a new "stage 6" tailings storage facility, and $5.5 million for exploration activities at
satellite deposits.
• Jacobina - estimated investment of $ 11.0 to $ 12.5 million to advance the mine and plant optimization
study that will evaluate alternative mining methods and production rates with the aim of maximizing the
mine's long-term economics and sustainability.
CONFERENCE CALL AND WEBCAST TO DISCUSS THE 2024 FINANCIAL RESULTS AND 2025 OPERATING OUTLOOK
Date: February 20, 2025
Time: 11:00 am ET (8:00 am PT)
Webcast: https://event.choruscall.com/mediaframe/webcast.html?webcastid=RKB97YTl [event.choruscall.com]
Conference Call: Participants can register for the conference call at: https://dpregister.com/
DiamondPassRegistration/register?confirmationNumber=10196160&linkSecurityString=fe574774c0
Upon registration, you will receive the dial-in details and a unique PIN to access the call. This process will bypass
the live operator and avoid the queue. Registration will remain open until the end of the live conference call.
Those without internet access or who prefer to speak with an operator may dial:
1-844-763-8274 (toll-free in Canada and the U.S.)
1-647-484-8814 (international participants)
Visit panamericansilver.com to access the webcast, presentation slides and the MD&A for the period ended
December 31, 2024. An archive of the webcast will also be available for three months at panamericansilver.com.
Q4 2024 NEWS RELEASE
All amounts expressed in U.S. dollars unless otherwise indicated. Tabular amounts are in
millions of U.S. dollars and thousands of shares, options and warrants, except per share
amounts, unless otherwise noted.
PAN AMERICAN SILVER CORP. 4
CONSOLIDATED RESULTS
December 31,
2024
December 31,
2023
Weighted average shares during period (thousands) 363,361 326,540
Shares outstanding end of period (thousands) 363,041 364,660
Three months ended
December 31,
Year ended
December 31,
2024 2023 2024 2023
FINANCIAL
Revenue $ 815.1 $ 669.6 $ 2,818.9 $ 2,316.1
Cost of Sales(1) $ 630.2 $ 604.7 $ 2,270.4 $ 2,019.3
Mine operating earnings $ 184.9 $ 64.9 $ 548.5 $ 296.8
Net earnings (loss) $ 107.8 $ (67.8) $ 112.7 $ (104.9)
Basic earnings (loss) per share(2) $ 0.30 $ (0.19) $ 0.31 $ (0.32)
Adjusted earnings (loss)(3) $ 126.9 $ (16.3) $ 286.7 $ 39.3
Basic adjusted earnings (loss) per share(2)(3) $ 0.35 $ (0.04) $ 0.79 $ 0.12
Net cash generated from operating activities $ 274.1 $ 167.4 $ 724.1 $ 450.2
Net cash generated from operating activities before changes in
working capital(3)
$ 279.9 $ 125.5 $ 851.9 $ 397.0
Sustaining capital expenditures(3) $ 77.9 $ 92.6 $ 279.0 $ 288.5
Non-sustaining capital expenditures(3)(4) $ 21.5 $ 41.8 $ 101.4 $ 141.3
Cash dividend per share $ 0.10 $ 0.10 $ 0.40 $ 0.40
PRODUCTION
Silver (thousand ounces) 6,018 4,835 21,061 20,437
Gold (thousand ounces) 224 268 892 883
Zinc (thousand tonnes) 14.1 9.4 45.1 38.8
Lead (thousand tonnes) 6.1 4.2 20.8 18.7
Copper (thousand tonnes) 1.0 1.4 5.2 5.0
CASH COSTS(3) ($/ounce)
Silver Segment(5) 14.06 19.31 14.30 13.07
Gold Segment(5) 1,223 1,096 1,203 1,113
AISC(3) ($/ounce)
Silver Segment(5) 19.80 26.55 18.70 18.17
Silver Segment (excl. NRV)(5) 19.88 26.28 18.98 17.91
Gold Segment(5) 1,463 1,411 1,530 1,371
Gold Segment (excl. NRV)(5) 1,521 1,415 1,501 1,416
AVERAGE REALIZED PRICES(6)
Silver ($/ounce) 30.87 22.33 28.06 22.94
Gold ($/ounce) 2,666 1,980 2,388 1,951
Zinc ($/tonne) 3,060 2,493 2,828 2,656
Lead ($/tonne) 1,967 2,121 2,058 2,146
Copper ($/tonne) 9,019 8,146 9,260 8,475
(1) Cost of Sales includes production costs, depreciation and amortization and royalties.
(2) Per share amounts are based on basic weighted average common shares.
(3) Non-GAAP measure; please refer to the "Alternative Performance (non-GAAP) Measures" section of this news release for further
information on these measures.
(4) Non-sustaining capital expenditures primarily relate to project capital that is expected to increase future production.
(5) Silver Segment Cash Costs and AISC are calculated net of credits for realized revenues from all metals other than silver ("silver segment
by-product credits"), and are calculated per ounce of silver sold. Gold Segment Cash Costs and AISC are calculated net of credits for
realized revenues from all metals other than gold ("gold segment by-product credits"), and are calculated per ounce of gold sold.
(6) Metal prices stated are inclusive of final settlement adjustments on concentrate sales.
Q4 2024 NEWS RELEASE
All amounts expressed in U.S. dollars unless otherwise indicated. Tabular amounts are in
millions of U.S. dollars and thousands of shares, options and warrants, except per share
amounts, unless otherwise noted.
PAN AMERICAN SILVER CORP. 5
Fourth Quarter Consolidated Income Statements
(unaudited)
Three months ended
December 31,
2024 2023
Revenue $ 815.1 $ 669.6
Cost of sales
Production costs (416.2) (441.3)
Depreciation and amortization (188.7) (143.1)
Royalties (25.3) (20.3)
(630.2) (604.7)
Mine operating earnings 184.9 64.9
General and administrative (6.3) (18.5)
Exploration and project development (0.9) (3.8)
Mine care and maintenance (6.9) (7.9)
Foreign exchange gains (losses) 18.9 (7.9)
Impairment charges — (36.2)
Derivative (losses) gains (19.0) 7.1
Gains (losses) on sale of mineral properties, plant and equipment 2.5 (0.4)
Gains from sale of subsidiaries 137.4 —
Transaction and integration costs — (0.3)
Change in mine reclamation obligations (53.9) (13.8)
Other expense (2.1) (10.0)
Earnings (loss) from operations 254.6 (26.8)
Investment (loss) income (5.9) 3.3
Interest and finance expense (22.7) (24.5)
Earnings (loss) before income taxes 226.0 (48.0)
Income tax expense (118.2) (19.8)
Net earnings (loss) $ 107.8 $ (67.8)
Net earnings (loss) attributable to:
Equity holders of the Company 107.6 (68.0)
Non-controlling interests 0.2 0.2
$ 107.8 $ (67.8)
Other comprehensive earnings (loss), net of taxes
Items that will not be reclassified to net earnings (loss)
Unrealized (loss) gain on long-term investment (0.3) 0.5
Remeasurement of retirement benefit plan (0.2) (2.6)
Income tax expense related to long-term investments — (0.9)
Total other comprehensive loss $ (0.5) $ (3.0)
Total comprehensive earnings (loss) $ 107.3 $ (70.8)
Total comprehensive earnings (loss) attributable to:
Equity holders of the Company $ 107.1 $ (71.0)
Non-controlling interests 0.2 0.2
$ 107.3 $ (70.8)
Earnings (loss) per share attributable to common shareholders
Basic earnings (loss) per share $ 0.30 $ (0.19)
Diluted earnings (loss) per share $ 0.30 $ (0.19)
Weighted average shares outstanding (in 000’s) Basic 363,016 364,678
Weighted average shares outstanding (in 000’s) Diluted 363,113 364,678
Q4 2024 NEWS RELEASE
All amounts expressed in U.S. dollars unless otherwise indicated. Tabular amounts are in
millions of U.S. dollars and thousands of shares, options and warrants, except per share
amounts, unless otherwise noted.
PAN AMERICAN SILVER CORP. 6
Fourth Quarter Consolidated Statements of Cash Flows
(unaudited)
Three months ended
December 31,
2024 2023
Operating activities
Net earnings (loss) for the period $ 107.8 $ (67.8)
Income tax expense 118.2 19.8
Depreciation and amortization 188.7 143.1
Impairment charges — 36.2
Net realizable value inventory recovery (12.3) (0.2)
Gains from sale of subsidiaries (137.4) —
Accretion on closure and decommissioning provision 7.5 8.2
Change in mine reclamation obligations 53.9 13.8
Investment loss (gain) 5.9 (3.3)
Interest paid (9.3) (11.1)
Interest expense 12.3 13.2
Interest received 3.5 4.9
Income taxes paid (65.0) (32.4)
Other operating activities 6.1 1.1
Net change in non-cash working capital items (5.8) 41.9
$ 274.1 $ 167.4
Investing activities
Cash disposed in sale of subsidiaries $ (16.2) $ —
Cash proceeds from sale of subsidiaries 306.6 45.5
Payments for mineral properties, plant and equipment (85.4) (118.7)
Proceeds from disposition of mineral properties, plant and equipment 2.1 0.9
Net (payments) proceeds from derivatives (5.3) 1.7
$ 201.8 $ (70.6)
Financing activities
Proceeds from common shares issued $ 0.5 $ —
Distributions to non-controlling interests — (0.4)
Dividends paid (36.3) (36.4)
Net (repayments) proceeds from debt (1.7) 10.4
Payment of equipment leases (12.2) (19.1)
$ (49.7) $ (45.5)
Effects of exchange rate changes on cash and cash equivalents (2.4) 0.8
Increase in cash and cash equivalents 423.8 52.1
Cash and cash equivalents at the beginning of the period 439.0 347.5
Cash and cash equivalents at the end of the period $ 862.8 $ 399.6
Q4 2024 NEWS RELEASE
All amounts expressed in U.S. dollars unless otherwise indicated. Tabular amounts are in
millions of U.S. dollars and thousands of shares, options and warrants, except per share
amounts, unless otherwise noted.
PAN AMERICAN SILVER CORP. 7
About Pan American Silver
Pan American is a leading producer of precious metals in the Americas, operating silver and gold mines in Canada, Mexico,
Peru, Bolivia, Argentina, Chile and Brazil. We also own the Escobal mine in Guatemala that is currently not operating, and we
hold interests in exploration and development projects. We have been operating in the Americas for over three decades,
earning an industry-leading reputation for sustainability performance, operational excellence and prudent financial
management. We are headquartered in Vancouver, B.C. and our shares trade on the New York Stock Exchange and the
Toronto Stock Exchange under the symbol "PAAS".
Learn more at panamericansilver.com
Follow us on LinkedIn
For more information contact:
Siren Fisekci
VP, Investor Relations & Corporate Communications
Ph: 604-806-3191
Email: [email protected]
Alternative Performance (Non-GAAP) Measures
In this news release, we refer to measures that are non-GAAP financial measures. These measures are widely used in the
mining industry as a benchmark for performance, but do not have a standardized meaning as prescribed by IFRS as an
indicator of performance, and may differ from methods used by other companies with similar descriptions. These non-GAAP
financial measures include:
• Cash Costs. Pan American's method of calculating cash costs may differ from the methods used by other entities and,
accordingly, Pan American's Cash Costs may not be comparable to similarly titled measures used by other entities.
Investors are cautioned that Cash Costs should not be construed as an alternative to production costs, depreciation
and amortization, and royalties determined in accordance with IFRS as an indicator of performance.
• Adjusted earnings and basic adjusted earnings per share. Pan American believes that these measures better reflect
normalized earnings as they eliminate items that in management's judgment are subject to volatility as a result of
factors, which are unrelated to operations in the period, and/or relate to items that will settle in future periods.
• All-in Sustaining Costs per silver or gold ounce sold, net of by-product credits ("AISC"). Pan American has adopted
AISC as a measure of its consolidated operating performance and its ability to generate cash from all operations
collectively, and Pan American believes it is a more comprehensive measure of the cost of operating our consolidated
business than traditional cash costs per payable ounce, as it includes the cost of replacing ounces through
exploration, the cost of ongoing capital investments (sustaining capital), general and administrative expenses, as well
as other items that affect Pan American's consolidated earnings and cash flow.
• Total debt is calculated as the total current and non-current portions of: long-term debt, finance lease liabilities and
loans payable. Total debt does not have any standardized meaning prescribed by GAAP and is therefore unlikely to
be comparable to similar measures presented by other companies. Pan American and certain investors use this
information to evaluate the financial debt leverage of Pan American.
• Working capital is calculated as current assets less current liabilities. Working capital does not have any standardized
meaning prescribed by GAAP and is therefore unlikely to be comparable to similar measures presented by other
companies. Pan American and certain investors use this information to evaluate whether Pan American is able to
meet its current obligations using its current assets.
• Total available liquidity is calculated as the sum of cash and cash equivalents, short-term investments, and the
amount available on the revolving Credit Facility. Total available liquidity does not have any standardized meaning
prescribed by GAAP and is therefore unlikely to be comparable to similar measures presented by other companies.
Pan American and certain investors use this information to evaluate the liquid assets available to Pan American.
• Free cash flow is calculated as net cash generated from operating activities less sustaining capital expenditures. Free
cash flow does not have any standardized meaning prescribed by GAAP and is therefore unlikely to be comparable to
similar measures presented by other companies. Pan American and certain investors use this information to evaluate
the profitability of Pan American and identify capital that may be available for investment or return to shareholders.
Readers should refer to the "Alternative Performance (non-GAAP) Measures" section of Pan American’s MD&A for the period
ended December 31, 2024 for a more detailed discussion of these and other non-GAAP measures and their calculation.
Q4 2024 NEWS RELEASE
All amounts expressed in U.S. dollars unless otherwise indicated. Tabular amounts are in
millions of U.S. dollars and thousands of shares, options and warrants, except per share
amounts, unless otherwise noted.
PAN AMERICAN SILVER CORP. 8