All amounts expressed in U.S. dollars unless otherwise indicated. Unaudited tabular amounts are in millions of U.S. dollars and thousands of shares, options, and warrants, except per share amounts, unless otherwise noted.

VANCOUVER, B.C.--(BUSINESS WIRE)-- Pan American Silver Corp. (NYSE: PAAS) (TSX: PAAS) ("Pan American" or the "Company") reports unaudited results for the quarter ended March 31, 2024 ("Q1 2024").

"Cash flow from operations before working capital changes of $133.2 million in the first quarter reflects strong performance on production and costs, with silver and gold production in line with our expectations, and costs for both metals lower than expected," said Michael Steinmann, President and Chief Executive Officer. "We progressed our major projects, notably the new ventilation infrastructure at La Colorada and the plant upgrades at Jacobina, while returning $58.0 million of capital to shareholders through $36.5 million in total cash dividends paid and $21.5 million in shares repurchased."

Added Mr. Steinmann: "The sale of our La Arena asset in Peru, announced on May 1, 2024, will further improve our financial position with an upfront cash payment of $245 million on closing, and is aligned with our strategy of continued portfolio optimization."

The following highlights for Q1 2024 include certain measures that are not generally accepted accounting principles ("non-GAAP") financial measures. Please refer to the section titled “Alternative Performance (Non-GAAP) Measures” at the end of this news release for further information on these measures.

Consolidated Q1 2024 Highlights:

Silver production of 5.01 million ounces and gold production of 222.9 thousand ounces were in line with management's expectations for Q1 2024.
Revenue of $601.4 million.
Net loss of $30.8 million ($0.08 basic loss per share), including: an inflation adjustment in Argentina that increased income tax expense by $15.2 million; a $14.4 million net realizable value ("NRV") inventory expense; and a $10.8 million non-cash investment loss, largely due to the decrease of the New Pacific Metals Corp. share price.
Adjusted earnings of $4.7 million, or $0.01 adjusted earnings per share.
Cash flow from operations of $133.2 million before working capital changes, including $41.1 million in cash taxes paid.
Silver Segment Cash Costs and All-in Sustaining Costs ("AISC"), excluding NRV inventory adjustments, per silver ounce of $12.67 and $16.63, respectively, were lower than management's expectations for Q1 2024.
Gold Segment Cash Costs and AISC, excluding NRV inventory adjustments, per gold ounce of $1,207 and $1,499, respectively, were lower than management's expectations for Q1 2024.
The Company reaffirms its 2024 Guidance, as provided in the Company's Q4 2023 Management's Discussion and Analysis ("MD&A") dated February 21, 2024.
As at March 31, 2024, the Company had working capital of $693.5 million, inclusive of cash and investments of $331.4 million, and $750.0 million available under its revolving Sustainability-Linked Credit Facility ("SL-Credit Facility"). Total debt of $806.6 million is related to two senior notes, lease obligations, and construction and other loans.
Following approval of the Company's Normal Course Issuer Bid on March 4, 2024, Pan American repurchased, for cancellation, approximately 1.7 million shares at an average price of $14.16 per share for total consideration of $24.3 million (of which $2.8 million was payable as at March 31, 2024).
A cash dividend of $0.10 per common share with respect to Q1 2024 was declared on May 8, 2024, payable on or about June 3, 2024, to holders of record of Pan American’s common shares as of the close of markets on May 21, 2024. In March 2024, the Company paid cash dividends totaling $36.5 million. The dividends are eligible dividends for Canadian income tax purposes.
Q1 2024 Project Updates:

At La Colorada, Pan American invested $9.6 million on project capital in Q1 2024. The new ventilation infrastructure is on schedule for completion in mid-2024, which is expected to significantly improve ventilation conditions in the mine in the second half of 2024. Improved ventilation will allow development rates to accelerate, increasing the number of production areas and leading to higher throughput thereafter. As well, the Company invested in continued exploration drilling at the La Colorada Skarn project, releasing additional high-grade drill results on April 7, 2024.
At the Huaron mine, Pan American invested $14.2 million on project capital for the construction of the new dry-stack tailings storage facility, which is on schedule to be completed in the second half of 2024.
At the Jacobina mine, Pan American invested $4.3 million on project capital related to plant facility infrastructure upgrades. The Company is undertaking a study to optimize the economics of this long-life mine and evaluate opportunities to increase production rates.
At the Timmins mine, Pan American invested $2.8 million on project capital related to the construction of the paste plant project and its associated infrastructure, which is expected to provide an engineered backfill that will enhance orebody extraction and mine stability. The project is on schedule and is expected to be commissioned in Q3 2024.
At the Escobal mine in Guatemala, the ILO 169 consultation process has experienced delays since the new government in Guatemala took office in January 2024. During meetings held in Q1 2024 between Pan American, the Ministry of Energy and Mines ("MEM") and other institutions, the government confirmed its commitment to completing the Escobal ILO 169 consultation process but has not provided an update to the timeline. On April 29, 2024, the MEM released the Vice Minister of Sustainable Development who was responsible for overseeing and coordinating the Escobal ILO 169 consultation process. Since the announcement, the MEM has not yet designated a replacement for this post.
Pan American agrees to sell La Arena

On May 1, 2024, the Company announced that it has agreed to sell the La Arena gold mine as well as the La Arena II project in Peru, to Jinteng (Singapore) Mining Pte. Ltd., a subsidiary of Zijin Mining Group Co., Ltd. (collectively, "Zijin"). Under the terms of the agreement, at closing Zijin will pay $245 million in cash and will grant Pan American a life-of-mine gold net smelter return royalty of 1.5% for the La Arena II project. Additionally, upon commencement of commercial production from the La Arena II project, the agreement provides for an additional payment from Zijin of $50 million in cash. The closing of the transaction is subject to customary conditions and receipt of regulatory approvals. The Company expects the transaction to be completed in the third quarter of 2024.

Following the completion of the La Arena transaction, Pan American plans to update the 2024 Operating Outlook disclosed in its MD&A dated February 21, 2024. At La Arena, the 2024 Operating Outlook assumed 83 to 95 thousand ounces of gold production at Cash Costs of $1,400 to $1,470 per ounce and AISC of $1,675 to $1,775 per ounce. Sustaining capital expenditures were estimated to total $18 million to $19 million in 2024.

CONSOLIDATED RESULTS
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AND

Pan American Silver Announces Results of Annual General and Special Meeting
05/08/2024
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VANCOUVER, British Columbia--(BUSINESS WIRE)-- Pan American Silver Corp. (NYSE: PAAS) (TSX: PAAS) ("Pan American" or the "Company") announces the voting results from its annual general and special meeting of shareholders held on May 8, 2024, in Vancouver, British Columbia (the "Meeting"). Each of the matters voted upon at the Meeting are described in detail in the Company's Management Information Circular dated March 14, 2024, which is available on the Company's website at https://www.panamericansilver.com/invest/financial-reports-and-filings/.

A total of 239,393,813 common shares were represented at the meeting, being 65.65% of the Company’s issued and outstanding common shares as at the record date. Shareholders voted in favour of all matters brought before the meeting, including setting the number of directors at nine, the election of management’s nominees as directors, the appointment of auditors for the ensuing year, and the acceptance of the Company’s approach to executive compensation, known as “say-on-pay”.

Number of Directors
Resolution. Votes For Votes Against

Resolution to set the size of the Board of Directors at nine directors

237,772,506 (99.32%)

1,619,245 (0.68%)

Election of Directors


Director Nominee

Votes For

Votes Withheld

John Begeman

200,525,205 (98.51%)

3,030,303 (1.49%)

Neil de Gelder

155,130,986 (76.21%)

48,426,520 (23.79%)

Chantal Gosselin

200,913,024 (98.70%)

2,644,483 (1.30%)

Charles Jeannes

197,654,146 (97.10%)

5,901,360 (2.90%)

Kimberly Keating

192,508,924 (94.57%)

11,048,583 (5.43%)

Jennifer Maki

199,576,688 (98.04%)

3,980,819 (1.96%)

Kathleen Sendall

199,792,581 (98.15%)

3,764,926 (1.85%)

Michael Steinmann

201,425,944 (98.95%)

2,131,562 (1.05%)

Gillian Winckler

199,752,594 (98.13%)

3,804,913 (1.87%)

Walter Segsworth and Alexander Davidson did not stand for re-election at the Meeting. The Board and Pan American would like to thank Mr. Segsworth for his wisdom and expertise over his 15-year tenure as a director of the Company, and to thank Mr. Davidson for his contributions to the Company since his election in May 2023.

Appointment of Auditor





Resolution

Votes For

Votes Withheld

Resolution to appoint Deloitte LLP as auditors of the Company until its next annual general meeting and to authorize the directors of the Company to fix the remuneration to be paid to the auditors of the Company

204,053,173 (85.43%)

34,790,758 (14.57%)

Say-on-Pay





Resolution

Votes For

Votes Against

Advisory resolution to approve the Company’s approach to executive compensation

140,848,397 (69.19%)

62,713,097 (30.81%)

About Pan American

Pan American Silver is a leading producer of silver and gold in the Americas, operating mines in Canada, Mexico, Peru, Brazil, Bolivia, Chile and Argentina. 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 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".

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