- Pan American Silver (TSX: PAAS) has achieved its production guidance for 2024, producing 21.1 million ounces of silver and 892,000 ounces of gold
- As of December 31, 2024, Pan American’s cash and cash equivalents totalled US$862.8 million, with short-term investments amounting to US$24.5 million
- Its cash balance includes US$306.6 million in proceeds from the divestment of Pan American’s 100 per cent interest in La Arena S.A.
- Pan American Silver stock (TSX: PAAS) last traded at C$30.40
Pan American Silver (TSX: PAAS) has achieved its production guidance for 2024, producing 21.1 million ounces of silver and 892,000 ounces of gold. The company also met its annual production targets for zinc, lead, and copper.
These full-year production results were driven by a Q4 2024 performance where Pan American produced 6.0 million ounces of silver, with the La Colorada mine in Mexico contributing significantly by producing 1.6 million ounces. Gold production in Q4 2024 reached 224,000 ounces, excluding December production from the La Arena mine in Peru, which was sold on December 2, 2024.
“The strong production results combined with proceeds from the sale of La Arena have significantly increased Pan American’s cash balances. We entered 2025 with cash and short-term investments totalling US$887.3 million, positioning the company well to execute on its strategic priorities,” Michael Steinmann, Pan American’s president and chief executive officer said in a release on these results. “We are pleased to have delivered on our production guidance for 2024, driven by the back-end loaded production profile we had previously indicated. Notable performance was recorded at our two flagship operations: La Colorada and Jacobina. The La Colorada mine produced 1.6 million ounces of silver in Q4 2024, demonstrating the benefit of the new ventilation infrastructure. Meanwhile, 197 thousand ounces of gold were produced from the Jacobina mine in 2024, the highest recorded production in the mine’s history.”
As of December 31, 2024, Pan American’s cash and cash equivalents totalled US$862.8 million, with short-term investments amounting to US$24.5 million. This represents an increase of US$417.4 million from September 30, 2024. The cash balance includes US$306.6 million in proceeds from the divestment of Pan American’s 100 per cent interest in La Arena S.A. The company’s revolving credit facility remained undrawn at year-end, resulting in anticipated total available liquidity of US$1,637.3 million.
Pan American plans to release its financial results for Q4 2024 and audited financial results for the fiscal year on February 19, 2025, after market close. The results will include final production figures, cash and short-term investments figures, cash costs, and all-in sustaining costs for Q4 2024 and fiscal year 2024, as well as 2025 production and cost guidance. A conference call and webcast will be held on February 20, 2025, at 11:00 am ET (8:00 am PT).
Pan American Silver has been producing and exploring for precious metals in the Americas for nearly three decades. It operates silver and gold mines in Canada, Mexico, Peru, Bolivia, Argentina, Chile, and Brazil, and maintains interests in numerous exploration and development projects.
Pan American Silver stock (TSX: PAAS) last traded at C$30.40 and sits 64.24 per cent higher than this time, last year.
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