Financial Data and Key Metrics Changes - Pan American Silver reported record mine operating earnings of $250.8 million in Q1 2025, continuing the upward trend from 2024 [3] - Revenue for Q1 was $773 million, with net earnings totaling $169 million or $0.47 per share, and adjusted earnings of $153 million or $0.42 per share [5] - Operating cash flow before non-cash working capital changes was $240 million, with free cash flow for the quarter at $112.6 million [6] Business Line Data and Key Metrics Changes - Silver production in Q1 reached over 5 million ounces, slightly above guidance, with all-in sustaining costs at $13.94 per ounce, well below the guided range [4] - Gold production was 182,200 ounces, in line with guidance, and gold segment all-in sustaining costs were $14.85 per ounce, better than expected [5] Market Data and Key Metrics Changes - The company benefited from higher byproduct credits due to increased gold production at Cerro Moro and higher zinc and lead production across polymetallic operations [5] - The favorable precious metal prices are expected to generate strong profit margins throughout 2025 [10] Company Strategy and Development Direction - The La Colorada Skarn project is identified as the largest organic growth opportunity, with ongoing engineering work and exploration [7] - The company aims to retain maximum exposure to silver in its deposits while exploring extensions to mineral resources in existing operations [8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in maintaining production guidance for 2025, with expectations for higher production in subsequent quarters [10] - The company is optimistic about the favorable operating environment, driven by strong metal prices and effective cost management [10] Other Important Information - The company has approximately $1.7 billion in total available liquidity, providing capacity to pursue growth objectives [6] - Discussions with the Guatemalan government regarding the Escobal project are ongoing, with no set timeline for completion [9] Q&A Session Summary Question: Cost performance and future adjustments - Management acknowledged strong cost performance but indicated that adjustments to guidance are not typically made after one quarter [14][16] Question: Drivers of gold and silver sales - The increase in sales was attributed to strong Q4 production, with significant inventory sold in January [20][21] Question: Issues at Minera Florida - Management noted challenges due to mine sequencing, lower grades, and absenteeism, with expectations to recover production in Q3 and Q4 [22][23] Question: Geotechnical challenges at Bell Creek - Management confirmed ongoing seismicity issues at Bell Creek, which have impacted production plans [29][32] Question: Progress on Escobal project discussions - Management reported slow but positive progress in discussions with the Guatemalan government, focusing on environmental concerns [35] Question: Capital allocation priorities - Management emphasized a balanced approach to capital allocation, including shareholder returns and investment in growth projects [50][56]

CONFERENCE CALL // MAY 8, 2025 1 2 Non-GAAP Measures This presentation of Pan American Silver Corp. and its subsidiaries (collectively, "Pan American", "Pan American Silver", the "Company", "we" or "our") refers to various non-GAAP measures, such as "AISC", "adjusted earnings" and "basic adjusted earnings per share", "total debt", and "working capital". These measures do not have any standardized meaning prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other co ...

Core Insights - Pan American Silver reported a revenue of $773.2 million for the quarter ended March 2025, marking a 28.6% increase year-over-year and a surprise of +10.99% over the Zacks Consensus Estimate of $696.62 million [1] - The company's EPS for the quarter was $0.42, significantly up from $0.01 in the same quarter last year, resulting in an EPS surprise of +121.05% compared to the consensus estimate of $0.19 [1] Financial Performance - The stock of Pan American Silver has returned +15.3% over the past month, outperforming the Zacks S&P 500 composite's +10.6% change, and currently holds a Zacks Rank 2 (Buy) [3] - Key production metrics include: - Gold production: 182.2 Koz, slightly below the average estimate of 185.63 Koz [4] - Silver production: 5,003 Koz, exceeding the average estimate of 4,877.26 Koz [4] - La Colorada Operation produced 1.2 Koz of gold, above the average estimate of 0.66 Koz, and 1,389 Koz of silver, slightly above the average estimate of 1,357.67 Koz [4] - Huaron Operation produced 951 Koz of silver, exceeding the average estimate of 888.87 Koz [4] - San Vicente Operation produced 643 Koz of silver, above the average estimate of 629.11 Koz [4] - Dolores Operation produced 349 Koz of silver and 14 Koz of gold, both exceeding their respective average estimates [4] - Shahuindo Operation produced 29.5 Koz of gold, slightly below the average estimate of 30.43 Koz [4] - Timmins Operation produced 28.5 Koz of gold, below the average estimate of 30.31 Koz [4] Pricing Metrics - Average realized prices per ounce were: - Silver: $31.25, slightly below the average estimate of $32.08 [4] - Gold: $2,868, above the average estimate of $2,786.08 [4]

Core Viewpoint - Pan American Silver (PAAS) reported quarterly earnings of $0.42 per share, significantly exceeding the Zacks Consensus Estimate of $0.19 per share, marking an earnings surprise of 121.05% compared to $0.01 per share a year ago [1][2] Financial Performance - The company achieved revenues of $773.2 million for the quarter ended March 2025, surpassing the Zacks Consensus Estimate by 10.99% and showing an increase from $601.4 million year-over-year [2] - Over the last four quarters, Pan American Silver has exceeded consensus EPS estimates two times and topped consensus revenue estimates three times [2] Stock Performance - Pan American Silver shares have increased approximately 23.8% since the beginning of the year, contrasting with a decline of -4.7% in the S&P 500 [3] - The current consensus EPS estimate for the upcoming quarter is $0.32 on revenues of $740.48 million, and for the current fiscal year, it is $1.32 on revenues of $2.93 billion [7] Industry Outlook - The Mining - Silver industry is currently ranked in the top 2% of over 250 Zacks industries, indicating a favorable outlook that can positively influence stock performance [8] - Empirical research suggests a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can be tracked by investors [5][6]

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]

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 ...

Pan American Silver Corp. (NYSE:PAAS) Gold Forum Americas 2024 Conference September 17, 2024 1:20 PM ET Company Participants Michael Steinmann - President & CEO Conference Call Participants Jackie Przybylowski - BMO Capital Markets Jackie Przybylowski All right. So you've done a few acquisitions over the last couple of years. Is the company considering further portfolio optimization and what assets would it look to sell and could it sell its portfolio of royalties? Michael Steinmann Yeah. Thanks. And thanks ...

Pan American Silver Corp. (NYSE:PAAS) Jefferies Industrials Conference 2024 September 5, 2024 8:00 AM ET Company Participants Ignacio Couturier - CFO Conference Call Participants Matthew Murphy - Jefferies Matthew Murphy Yeah, okay. Up next we have Pan American Silver presenting the story is CFO, Ignacio Couturier who's been with the company for 20 years. Ignacio Couturier 22 years. Matthew Murphy 22 years. And he's going to take us through a bit of a presentation and then, we'll throw it open to some Q&A. ...

Yamana Gold Inc. (AUY) Gold Forum Americas / XPL-DEV 2022 Conference September 20, 2022 10:00 AM ET Company Participants Peter Marrone - Executive Chairman Conference Call Participants Peter Marrone Great, thank you very much. So let me begin by saying what you know, which is we're in the midst of a, in process on a business combination, but to provide context and underpin the value that has been ascribed to the deal, first I'll provide a summary of our assets and the assessment of value that our board went ...

Summary of Yamana Gold Inc. Conference Call Company Overview - **Company**: Yamana Gold Inc. (AUY) - **Event**: Bank of America 2022 Global Metals, Mining and Steel Conference Call - **Date**: May 18, 2022 - **Participants**: Daniel Racine (President, CEO & Director), Lawson Winder (Bank of America) Key Points Company Performance - Yamana Gold is performing exceptionally well, with all mines exceeding expectations and a strong Q1 performance. The forecast for Q2 is also positive, aiming for 1 million ounces of gold equivalent (GEO) production, with a growth target of 3% for the following years [3][4][5] - The company has maintained a pristine balance sheet and is actively buying back shares, indicating strong financial health and commitment to shareholder returns [4][29] Cost Management - Despite industry-wide cost inflation, Yamana has effectively controlled costs through operational excellence initiatives, involving teams at all levels to optimize performance and efficiency [5][6][7] - The company has increased its inventory to four months, which has mitigated the impact of rising fuel costs, with the overall cost increase projected to be a maximum of 3% for the year [7][8] Growth Outlook - Yamana aims to reach 1.5 million ounces of production within 10 years, with immediate targets of 1.25 million ounces achievable through the Wasamac project and ongoing improvements at Jacobina and Canadian Malartic [11][12][13] - The company is confident in its ability to convert resources into reserves, particularly at Canadian Malartic, which has shown significant resource growth [12][13] Exploration Success - The exploration strategy has been revitalized, leading to increased resource discovery without significantly increasing costs. The use of AI in exploration has enhanced efficiency [15][17] - Successful exploration at Jacobina and Canadian Malartic has contributed to the company's growth, with a focus on drilling and resource conversion [16][17] Asset Development - **Wasamac**: Acquired last year, showing promising exploration results and a feasibility study indicating potential production of 200,000 ounces per year. The focus is currently on permitting and environmental assessments [19][20][22] - **MARA**: A copper/gold asset in Argentina, with a prefeasibility study indicating potential production of 556 million pounds of copper per year. The mill is already built, and the company is finalizing environmental assessments [23][24][25] Capital Allocation - Yamana has a low gross and net debt, aiming for a net debt to EBITDA ratio below 1. The company has increased dividends by 500% since mid-2019 and is considering further increases [29][30] - The capital allocation strategy includes a mix of dividends, project investments, and share buybacks, with a focus on low capital risk projects [28][30] Additional Insights - The company is leveraging its strong financial position to enhance shareholder returns while maintaining a balanced approach to capital allocation [29][30] - The operational excellence initiatives and strategic exploration efforts are key drivers of Yamana's success in a challenging market environment [6][15]