Core Viewpoint - Pan American Silver (PAAS) shows significant upside potential with a mean price target of $31.35, indicating a 33.2% increase from its current price of $23.54 [1] Price Targets and Analyst Estimates - The mean estimate consists of nine short-term price targets with a standard deviation of $3.78, suggesting variability in analyst predictions [2] - The lowest estimate of $27.36 indicates a 16.2% increase, while the highest estimate suggests a potential surge of 61.4% to $38 [2] - A low standard deviation among price targets indicates a high degree of agreement among analysts regarding the stock's price movement [9] Earnings Estimates and Analyst Sentiment - Analysts are optimistic about PAAS's earnings prospects, as indicated by a positive trend in earnings estimate revisions [4][11] - Over the last 30 days, the Zacks Consensus Estimate for the current year has increased by 10.2%, with four estimates moving higher and three lower [12] - PAAS holds a Zacks Rank 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks based on earnings estimates [13] Caution on Price Targets - Solely relying on consensus price targets for investment decisions may not be wise, as analysts' ability to set accurate targets has been questioned [3][10] - Analysts often set overly optimistic price targets due to business incentives, which can lead to inflated expectations [8]

Company Overview - Pan American Silver (PAAS) shares increased by 12.4% to close at $24.41, following a notable trading volume that exceeded typical levels [1] - The stock had previously experienced an 11.3% decline over the past four weeks [1] Market Context - The rise in Pan American Silver's shares is linked to a surge in gold and silver prices amid escalating U.S.-China trade tensions [2] - Recent tariff changes by Trump have set new rates at 10% for most U.S. trade partners for 90 days, while China faces a steep 125% tariff [2] Earnings Expectations - The company is projected to report quarterly earnings of $0.23 per share, reflecting a significant year-over-year increase of 2200% [3] - Expected revenues for the upcoming quarter are $714.95 million, which is an 18.9% increase compared to the same quarter last year [3] Earnings Estimate Revisions - The consensus EPS estimate for Pan American Silver has been revised 0.5% higher in the last 30 days, indicating a positive trend that typically correlates with stock price appreciation [4] - The stock currently holds a Zacks Rank of 3 (Hold), suggesting a neutral outlook [4] Industry Comparison - Pan American Silver is part of the Zacks Mining - Silver industry, where Avino Silver (ASM) also operates [4] - Avino Silver's shares closed 17.1% higher at $1.71, with a 3.6% return over the past month [4] - Avino Silver's consensus EPS estimate has decreased by 50% over the past month to $0.01, indicating a challenging outlook compared to the previous year [5]

NOTICE OF 2025 ANNUAL GENERAL AND SPECIAL MEETING OF SHAREHOLDERS INFORMATION CIRCULAR March 17, 2025 (Page intentionally left blank) PAN AMERICAN What's Inside | Notice of our 2025 Annual General and Special Meeting of Shareholders | i | | --- | --- | | About this Information Circular | iii | | About the Meeting | | | ………………………………………………………………………………….……..…… | 1 | | Items of Business | | | ………………………………………………………………………….…….…..……… | 2 | | Notice and Access | | | ……………………………………………………………………………….…..……… | 3 | | Vot ...

Group 1: Stock Performance - Pan American Silver (PAAS) closed at $25.87, with a +0.47% change from the previous day, underperforming the S&P 500's daily gain of 1.77% [1] - The stock has increased by 5.36% over the past month, contrasting with the Basic Materials sector's loss of 0.29% and the S&P 500's loss of 5.73% [1] Group 2: Upcoming Financial Results - The company is expected to report an EPS of $0.28, reflecting a 2700% increase compared to the same quarter last year [2] - Revenue is anticipated to reach $731.71 million, indicating a 21.67% rise from the year-ago quarter [2] Group 3: Annual Estimates - For the annual period, earnings are projected at $1.26 per share and revenue at $2.9 billion, representing increases of +59.49% and +2.83% respectively from the previous year [3] - Recent analyst estimate revisions are crucial as they often indicate changes in short-term business dynamics, with positive revisions suggesting a favorable business outlook [3] Group 4: Valuation Metrics - Pan American Silver has a Forward P/E ratio of 20.52, which is lower than the industry average of 22.75, suggesting the stock is trading at a discount [6] - The company has a PEG ratio of 2.9, aligning with the Mining - Silver industry's average PEG ratio of 2.9 [7] Group 5: Industry Ranking - The Mining - Silver industry is currently ranked 146 in the Zacks Industry Rank, placing it in the bottom 42% of over 250 industries [7] - The Zacks Industry Rank indicates that the top 50% rated industries outperform the bottom half by a factor of 2 to 1 [8]

Core Insights - The article highlights the investment strategies and achievements of Paul Franke, a seasoned investor with 38 years of trading experience, emphasizing his contrarian stock selection style and the development of a system called "Victory Formation" for identifying stocks based on supply/demand imbalances [1] Group 1: Investment Strategies - Paul Franke recommends a diversified approach by owning at least 50 well-positioned stocks to achieve regular stock market outperformance [1] - The "Bottom Fishing Club" articles focus on deep-value candidates or stocks that are experiencing significant technical momentum reversals to the upside [1] - The "Volume Breakout Report" articles discuss positive trend changes supported by strong price and volume trading actions [1] Group 2: Performance and Recognition - Franke was consistently ranked among the top investment advisors nationally during the 1990s and achieved the 1 rank in the Motley Fool® CAPS stock picking contest in 2008 and 2009 out of over 60,000 portfolios [1] - As of September 2024, he is ranked in the Top 3% of bloggers by TipRanks® for 12-month stock picking performance based on suggestions made over the last decade [1]

Financial Data and Key Metrics Changes - Revenue reached a record of $815.1 million in Q4 and $2.8 billion for the full year 2024, driven by the acquisition of Yamana mines and strong metal prices [6][10] - Cash flow from operations was a record $274.1 million in Q4 and $724.1 million for the full year, reflecting strong margins [9] - Free cash flow also set a record at $196.2 million in Q4 and $445.1 million for the full year [10] - Net earnings for Q4 were $107.8 million or $0.30 per share, while full year net earnings were $112.7 million or $0.31 per share [10][12] - The company entered 2025 with a net cash position of $887 million against approximately $800 million of debt, providing $1.6 billion in total available liquidity [13][15] Business Line Data and Key Metrics Changes - Silver production totaled 21.1 million ounces, while gold production reached a record of 892,000 ounces in 2024 [6] - All-in sustaining costs for silver were $18.98 per ounce, slightly above guidance, while gold segment costs were $1,501 per ounce, within guidance [7] Market Data and Key Metrics Changes - The company expects silver production in 2025 to be between 20 to 21 million ounces and gold production between 735,000 to 800,000 ounces, with production weighted towards the second half of the year [16] Company Strategy and Development Direction - The company plans to invest between $270 million to $285 million in sustaining capital and $90 million to $100 million in project capital in 2025 [18] - Investments will focus on La Colorada, Timmins, and Jacobina, with a strong emphasis on exploration and optimizing existing operations [19][20] - The company aims to maintain a focus on safe, efficient, and sustainable mining operations while capitalizing on the current strong metal price environment [22][23] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's strong financial position and ability to pursue growth objectives while returning capital to shareholders [13][14] - The company is optimistic about the integration of the Yamana assets and the potential for increased value generation in the Timmins district [42][44] - Management noted ongoing discussions regarding the Escobal project, emphasizing that progress is being made despite the lack of a published timeline for the consultation process [62][67] Other Important Information - The company announced a dividend of $0.10 per share for Q4 and has repurchased approximately $20 million worth of shares under its buyback plan [14][15] - Total dividends paid in 2024 amounted to $145.4 million, with over $1 billion returned to investors since 2010 [15] Q&A Session Summary Question: Guidance for La Colorada production in 2025 - Management explained that the guidance reflects a balance between short-term production and long-term exploration value [25][28] Question: Jacobina production guidance and optimization studies - Management indicated that ongoing optimization projects will impact production forecasts, with confidence in future throughput increases [35][36] Question: Timmins assets and their value post-Newmont sale - Management expressed optimism about the Timmins district's potential and the ability to generate value through collaboration with neighboring operations [41][42] Question: Escobal project consultation process - Management clarified that while there have been delays, discussions are ongoing, and they remain hopeful for a positive outcome [62][67] Question: Exploration focus for 2025 - Management confirmed that exploration remains a priority, with a substantial budget allocated for brownfield exploration [80][83] Question: Restart timeline for Escobal once approved - Management estimated it would take about one to two quarters to start production again, with full ramp-up expected thereafter [88][89]

Pan American Silver (PAAS) reported $815.1 million in revenue for the quarter ended December 2024, representing a year-over-year increase of 21.7%. EPS of $0.35 for the same period compares to -$0.04 a year ago.The reported revenue compares to the Zacks Consensus Estimate of $805.2 million, representing a surprise of +1.23%. The company has not delivered EPS surprise, with the consensus EPS estimate being $0.35.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings ...

Pan American Silver (PAAS) came out with quarterly earnings of $0.35 per share, in line with the Zacks Consensus Estimate. This compares to loss of $0.04 per share a year ago. These figures are adjusted for non-recurring items.A quarter ago, it was expected that this silver mining company would post earnings of $0.21 per share when it actually produced earnings of $0.32, delivering a surprise of 52.38%.Over the last four quarters, the company has surpassed consensus EPS estimates two times.Pan American Silv ...

[Executive Summary & Highlights](index=1&type=section&id=Executive%20Summary%20%26%20Highlights) Pan American Silver achieved record Q4 and FY 2024 revenue, cash flow, and free cash flow, reflecting strong metal prices and operational performance [Q4 2024 and FY 2024 Performance Highlights](index=1&type=section&id=Q4%202024%20and%20FY%202024%20Performance%20Highlights) Pan American Silver reported record revenue, cash flow from operations, and free cash flow for Q4 and FY 2024, reflecting strong metal prices, expanding margins, and solid operating performance - Pan American generated record free cash flow of **$196.2 million** in Q4 2024 and **$445.1 million** in FY 2024, reflecting strong metal prices, expanding margins, and solid operating performance[3](index=3&type=chunk) Q4 2024 and FY 2024 Key Financial and Production Highlights | Metric | Q4 2024 | FY 2024 | | :------------------------------------ | :------ | :------ | | Revenue | $815.1 million | $2.8 billion | | Net earnings | $107.8 million | $112.7 million | | Basic earnings per share | $0.30 | $0.31 | | Adjusted earnings | $126.9 million | $286.7 million | | Basic adjusted earnings per share | $0.35 | $0.79 | | Cash flow from operating activities | $274.1 million | $724.1 million | | Free cash flow | $196.2 million | $445.1 million | | Silver production | 6.0 million ounces | 21.1 million ounces | | Gold production | 224.2 thousand ounces | 892.5 thousand ounces | | Silver Segment Cash Costs | $14.06 per ounce | $14.30 per ounce | | Silver Segment AISC (excl. NRV) | $19.88 per ounce | $18.98 per ounce | | Gold Segment Cash Costs | $1,223 per ounce | $1,203 per ounce | | Gold Segment AISC (excl. NRV) | $1,521 per ounce | $1,501 per ounce | | Capital expenditures | N/A | $372.4 million | | Working capital (Dec 31, 2024) | N/A | $1,033.4 million | | Cash and short-term investments (Dec 31, 2024) | N/A | $887.3 million | | Total available liquidity (Dec 31, 2024) | N/A | $1.6 billion | | Total debt (Dec 31, 2024) | N/A | $803.3 million | | Cash dividend declared | $0.10 per common share | N/A | - The company repurchased **1,720,366 common shares** for **$24.3 million** in FY 2024 and an additional **909,012 shares** for **$20.0 million** in January 2025 under its Normal Course Issuer Bid (NCIB)[6](index=6&type=chunk) [Q4 2024 Project Updates](index=3&type=section&id=Q4%202024%20Project%20Updates) The company advanced several key projects in Q4 2024, including significant capital investments and infrastructure upgrades across multiple mines [Mine-Specific Project Developments](index=3&type=section&id=Mine-Specific%20Project%20Developments) The company advanced several key projects in Q4 2024, including significant capital investments in La Colorada for the Skarn project, substantial completion of Huaron's new tailings filtration plant, and full operation of Timmins' Bell Creek paste backfill plant - La Colorada: **$8.0 million** of project capital was spent on the Skarn project for engineering work and exploration drilling[10](index=10&type=chunk) - 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[10](index=10&type=chunk) - Timmins: **$1.5 million** of project capital was spent to complete construction of the Bell Creek paste backfill plant, now fully operational for enhanced ground stability and increased mineral resource recovery[10](index=10&type=chunk) - 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[10](index=10&type=chunk) - Escobal: The mine remains on care and maintenance with no date for a restart of operations, as the ILO 169 consultation process continues with Xinka representatives and the government[10](index=10&type=chunk) [2025 Operating Outlook](index=3&type=section&id=2025%20Operating%20Outlook) The company provides its 2025 operating outlook, including production forecasts for silver, gold, and base metals, along with detailed cost and expenditure projections [Production Forecasts](index=3&type=section&id=Production%20Forecasts) Pan American forecasts 2025 silver production between 20.00-21.00 million ounces and gold production between 735-800 thousand ounces, with production for both metals expected to be weighted towards the second half of the year - Silver production in 2025 is forecast to be between **20.00 to 21.00 million ounces**, driven by higher development rates at La Colorada and increased throughput/grades at Huaron, offset by decreases at Dolores and San Vicente[11](index=11&type=chunk) - 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[11](index=11&type=chunk) - Both silver and gold production are weighted to the second half of 2025, with a corresponding decrease in AISC per ounce over that period[11](index=11&type=chunk) [Silver and Gold Production by Segment](index=4&type=section&id=Silver%20and%20Gold%20Production%20by%20Segment) Detailed 2025 production forecasts for silver and gold are provided across various segments and individual mines 2025 Silver and Gold Production Forecasts by Segment | Segment/Mine | Silver Production (million ounces) | Gold Production (thousand ounces) | | :------------- | :------------------------------- | :-------------------------------- | | **Silver Segment Total** | **14.70 - 15.50** | **79 - 89** | | La Colorada (Mexico) | 5.50 - 5.80 | 2 | | Cerro Moro (Argentina) | 2.80 - 2.90 | 77 - 87 | | Huaron (Peru) | 3.70 - 3.90 | — | | San Vicente (Bolivia) | 2.70 - 2.90 | — | | **Gold Segment Total** | **5.30 - 5.50** | **656 - 711** | | Jacobina (Brazil) | — | 185 - 195 | | El Peñon (Chile) | 3.70 - 3.80 | 120 - 130 | | Timmins (Canada) | — | 120 - 130 | | Shahuindo (Peru) | 0.25 | 125 - 135 | | Minera Florida (Chile) | 0.45 | 78 - 90 | | Dolores (Mexico) | 0.90 - 1.00 | 28 - 31 | | **Total Production** | **20.00 - 21.00** | **735 - 800** | [Quarterly Production Forecasts](index=4&type=section&id=Quarterly%20Production%20Forecasts) Quarterly production forecasts for silver and gold in 2025 indicate a weighting towards the second half of the year 2025 Quarterly Operating Outlook | Quarter | Silver Production (million ounces) | Gold Production (thousand ounces) | | :------ | :------------------------------- | :-------------------------------- | | Q1 | 4.75 - 5.00 | 175 - 189 | | Q2 | 4.95 - 5.20 | 179 - 194 | | Q3 | 5.10 - 5.35 | 189 - 205 | | Q4 | 5.20 - 5.45 | 192 - 212 | | **FY 2025** | **20.00 - 21.00** | **735 - 800** | [Consolidated Base Metal Production](index=5&type=section&id=Consolidated%20Base%20Metal%20Production) The 2025 forecast includes consolidated production volumes for key base metals: zinc, lead, and copper 2025 Consolidated Base Metal Production Forecasts (thousand tonnes) | Metal | Forecast | | :---- | :------- | | Zinc | 42 - 45 | | Lead | 21 - 22 | | Copper| 4 | [Cost Forecasts (AISC)](index=4&type=section&id=Cost%20Forecasts%20(AISC)) The 2025 AISC forecasts for both silver and gold segments are provided, with expectations of decreasing costs in the second half of the year, based on specific metal price and exchange rate assumptions - AISC per ounce is expected to decrease in the second half of 2025, corresponding with the weighting of silver and gold production to that period[11](index=11&type=chunk) - AISC forecasts assume average metal prices of **$30.00/oz** for silver, **$2,650/oz** for gold, **$3,000/tonne** for zinc, **$2,000/tonne** for lead, and **$9,500/tonne** for copper[13](index=13&type=chunk) - Average annual exchange rates relative to **1 USD** are assumed for the Mexican peso (**20.00**), Peruvian sol (**3.75**), Argentine peso (**1,177**), Bolivian boliviano (**7.00**), Canadian dollar (**$1.38**), Chilean peso (**950.00**), and Brazilian real (**5.75**)[13](index=13&type=chunk) [Silver Segment AISC](index=4&type=section&id=Silver%20Segment%20AISC) The 2025 All-in Sustaining Cost (AISC) forecast for the silver segment details quarterly expectations and influencing factors - Forecasted Silver Segment AISC for 2025 is between **$16.25 and $18.25 per ounce**[14](index=14&type=chunk) 2025 Quarterly Silver Segment AISC Forecast | Quarter | AISC ($ per ounce) | | :------ | :----------------- | | Q1 | 21.00 - 22.25 | | Q2 | 19.50 - 21.25 | | Q3 | 14.25 - 16.25 | | Q4 | 10.25 - 13.00 | | **FY 2025** | **16.25 - 18.25** | - The forecast reflects reduced AISC at La Colorada due to new ventilation and higher gold by-product credits from Cerro Moro, partly offset by additional contractual payments and higher operating costs at Huaron for the new tailings plant[14](index=14&type=chunk) [Gold Segment AISC](index=4&type=section&id=Gold%20Segment%20AISC) The 2025 All-in Sustaining Cost (AISC) forecast for the gold segment outlines quarterly expectations and key cost drivers - Forecasted Gold Segment AISC for 2025 is between **$1,525 and $1,625 per ounce**[14](index=14&type=chunk) 2025 Quarterly Gold Segment AISC Forecast | Quarter | AISC ($ per ounce) | | :------ | :----------------- | | Q1 | 1,575 - 1,675 | | Q2 | 1,550 - 1,650 | | Q3 | 1,500 - 1,600 | | Q4 | 1,500 - 1,600 | | **FY 2025** | **1,525 - 1,625** | - Operating costs per ounce are expected to increase at Shahuindo due to lower grade ore and postponed capital, and at Timmins from new paste plant operations and inflationary pressures, partly offset by a weakening Canadian dollar[14](index=14&type=chunk) [Expenditure Forecasts](index=5&type=section&id=Expenditure%20Forecasts) Pan American forecasts total capital expenditures for 2025 to be between $360.0-$385.0 million, with specific allocations for sustaining and project capital, as well as other operational and administrative expenses 2025 Expenditures Forecast ($ millions) | Category | Forecast | | :-------------------------- | :------------- | | 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 | [Planned Project Capital Expenditures](index=5&type=section&id=Planned%20Project%20Capital%20Expenditures) Detailed project capital expenditures for 2025 are outlined for various mines, focusing on exploration, infrastructure, and optimization initiatives - Planned project capital expenditures for 2025 include **$10.0-$12.0 million** for La Colorada (Veins) for exploration and infrastructure, and **$39.0-$42.0 million** for La Colorada (Skarn) for exploration and engineering[21](index=21&type=chunk) - Huaron has an estimated residual project capital of **$12.0-$13.5 million** for the new tailings filtration plant. Timmins plans **$18.0-$20.0 million**, including a new 'stage 6' tailings storage facility and satellite deposit exploration[21](index=21&type=chunk) - Jacobina has an estimated investment of **$11.0-$12.5 million** to advance a mine and plant optimization study[21](index=21&type=chunk) [Conference Call and Webcast Details](index=5&type=section&id=CONFERENCE%20CALL%20AND%20WEBCAST%20TO%20DISCUSS%20THE%202024%20FINANCIAL%20RESULTS%20AND%202025%20OPERATING%20OUTLOOK) Pan American Silver will host a conference call and webcast on February 20, 2025, at 11:00 am ET to discuss the 2024 financial results and 2025 operating outlook - A conference call and webcast to discuss the 2024 financial results and 2025 Operating Outlook will be held on **February 20, 2025, at 11:00 am ET (8:00 am PT)**[19](index=19&type=chunk) - Participants can register for the conference call and access the webcast via provided links, with an archive available for three months on panamericansilver.com[19](index=19&type=chunk)[20](index=20&type=chunk) [Consolidated Financial Results](index=7&type=section&id=CONSOLIDATED%20RESULTS) This section presents a consolidated overview of key financial and operational data for Q4 and FY 2024, including income statements and cash flows [Key Consolidated Financial and Operational Data](index=7&type=section&id=Key%20Consolidated%20Financial%20and%20Operational%20Data) This section provides a consolidated overview of key financial metrics and operational data for Q4 and FY 2024 compared to 2023, highlighting significant improvements in revenue and net earnings Consolidated Results Summary | Metric | Q4 2024 | Q4 2023 | FY 2024 | FY 2023 | | :------------------------------------ | :------ | :------ | :------ | :------ | | **FINANCIAL** | | | | | | Revenue ($ millions) | 815.1 | 669.6 | 2,818.9 | 2,316.1 | | Mine operating earnings ($ millions) | 184.9 | 64.9 | 548.5 | 296.8 | | Net earnings (loss) ($ millions) | 107.8 | (67.8) | 112.7 | (104.9) | | Basic earnings (loss) per share ($) | 0.30 | (0.19) | 0.31 | (0.32) | | Adjusted earnings (loss) ($ millions) | 126.9 | (16.3) | 286.7 | 39.3 | | Basic adjusted earnings (loss) per share ($) | 0.35 | (0.04) | 0.79 | 0.12 | | Net cash generated from operating activities ($ millions) | 274.1 | 167.4 | 724.1 | 450.2 | | Sustaining capital expenditures ($ millions) | 77.9 | 92.6 | 279.0 | 288.5 | | Non-sustaining capital expenditures ($ millions) | 21.5 | 41.8 | 101.4 | 141.3 | | Cash dividend per share ($) | 0.10 | 0.10 | 0.40 | 0.40 | | **PRODUCTION** | | | | | | Silver (thousand ounces) | 6,018 | 4,835 | 21,061 | 20,437 | | Gold (thousand ounces) | 224 | 268 | 892 | 883 | | Zinc (thousand tonnes) | 14.1 | 9.4 | 45.1 | 38.8 | | Lead (thousand tonnes) | 6.1 | 4.2 | 20.8 | 18.7 | | Copper (thousand tonnes) | 1.0 | 1.4 | 5.2 | 5.0 | | **CASH COSTS ($/ounce)** | | | | | | Silver Segment | 14.06 | 19.31 | 14.30 | 13.07 | | Gold Segment | 1,223 | 1,096 | 1,203 | 1,113 | | **AISC ($/ounce)** | | | | | | Silver Segment (excl. NRV) | 19.88 | 26.28 | 18.98 | 17.91 | | Gold Segment (excl. NRV) | 1,521 | 1,415 | 1,501 | 1,416 | | **AVERAGE REALIZED PRICES ($/ounce or $/tonne)** | | | | | | Silver ($/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 | [Fourth Quarter Consolidated Income Statements](index=9&type=section&id=Fourth%20Quarter%20Consolidated%20Income%20Statements) The consolidated income statement for Q4 2024 shows a significant increase in revenue and a return to net earnings compared to a net loss in Q4 2023, driven by higher mine operating earnings and substantial gains from the sale of subsidiaries Fourth Quarter Consolidated Income Statements ($ millions) | Metric | Q4 2024 | Q4 2023 | | :------------------------------------------ | :------ | :------ | | Revenue | 815.1 | 669.6 | | Cost of sales | (630.2) | (604.7) | | Mine operating earnings | 184.9 | 64.9 | | Earnings (loss) from operations | 254.6 | (26.8) | | Earnings (loss) before income taxes | 226.0 | (48.0) | | Income tax expense | (118.2) | (19.8) | | Net earnings (loss) | 107.8 | (67.8) | | Basic earnings (loss) per share | 0.30 | (0.19) | | Gains from sale of subsidiaries | 137.4 | — | | Change in mine reclamation obligations | (53.9) | (13.8) | [Fourth Quarter Consolidated Statements of Cash Flows](index=10&type=section&id=Fourth%20Quarter%20Consolidated%20Statements%20of%20Cash%20Flows) The consolidated cash flow statement for Q4 2024 indicates a substantial increase in net cash generated from operating activities and a positive net cash flow from investing activities, primarily due to significant cash proceeds from the sale of subsidiaries Fourth Quarter Consolidated Statements of Cash Flows ($ millions) | Metric | Q4 2024 | Q4 2023 | | :------------------------------------------ | :------ | :------ | | Net cash generated from operating activities | 274.1 | 167.4 | | Net cash generated from investing activities | 201.8 | (70.6) | | Net cash generated from financing activities | (49.7) | (45.5) | | Cash and cash equivalents at end of period | 862.8 | 399.6 | | Cash proceeds from sale of subsidiaries | 306.6 | 45.5 | | Payments for mineral properties, plant and equipment | (85.4) | (118.7) | [Company Information](index=11&type=section&id=Company%20Information) This section provides an overview of Pan American Silver's operations, geographic presence, and its use of alternative performance measures [About Pan American Silver](index=11&type=section&id=About%20Pan%20American%20Silver) Pan American Silver is a leading producer of precious metals in the Americas, operating silver and gold mines across seven countries, with a focus on sustainability, operational excellence, and prudent financial management over three decades - 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[31](index=31&type=chunk) - The company also owns the Escobal mine in Guatemala, which is currently not operating, and holds interests in exploration and development projects[31](index=31&type=chunk) - Headquartered in Vancouver, B.C., Pan American Silver has been operating for over three decades, earning an industry-leading reputation for sustainability performance, operational excellence, and prudent financial management[31](index=31&type=chunk) [Alternative Performance (Non-GAAP) Measures](index=11&type=section&id=Alternative%20Performance%20(Non-GAAP)%20Measures) This section defines and explains several non-GAAP financial measures used by Pan American Silver, emphasizing their utility for investors while cautioning against direct comparison with other companies' metrics - Non-GAAP measures like Cash Costs, Adjusted earnings, and All-in Sustaining Costs (AISC) are used as benchmarks for performance in the mining industry, providing a more comprehensive view of operating costs and normalized earnings[34](index=34&type=chunk) - Total debt, working capital, and total available liquidity are non-GAAP measures used by Pan American and investors to evaluate financial leverage, ability to meet current obligations, and liquid assets available[34](index=34&type=chunk) - Free cash flow, calculated as net cash from operating activities less sustaining capital expenditures, is a non-GAAP measure used to evaluate profitability and capital available for investment or return to shareholders[34](index=34&type=chunk) [Cautionary Note Regarding Forward-Looking Statements and Information](index=13&type=section&id=Cautionary%20Note%20Regarding%20Forward-Looking%20Statements%20and%20Information) This section provides a cautionary note regarding forward-looking statements and information, outlining inherent risks, uncertainties, and assumptions that could cause actual results to differ materially from projections - Forward-looking statements relate to future financial or operational performance, including estimated production, AISC, capital expenditures for 2025, and expectations regarding strategic initiatives and capital projects[37](index=37&type=chunk) - These statements are based on assumptions such as metal prices, foreign exchange rates, timing and impact of capital expenditure projects, ore grades, and regulatory approvals, which are subject to significant operational, business, economic, and regulatory uncertainties[38](index=38&type=chunk) - Known and unknown risks include inflation, fluctuations in metal prices and currency markets, operational hazards, changes in laws and regulations, political developments, and diminishing mineral reserves, which could cause actual results to differ materially[39](index=39&type=chunk)

In its upcoming report, Pan American Silver (PAAS) is predicted by Wall Street analysts to post quarterly earnings of $0.35 per share, reflecting an increase of 975% compared to the same period last year. Revenues are forecasted to be $812.87 million, representing a year-over-year increase of 21.4%.The consensus EPS estimate for the quarter has undergone a downward revision of 15.3% in the past 30 days, bringing it to its present level. This represents how the covering analysts, as a whole, have reassessed ...