Record Mine Operating Earnings
Pan American Silver posted a record of $250.8 million in mine operating earnings for Q1 2025, building on the momentum from 2024.
Silver Production Exceeds Guidance
Silver production slightly exceeded guidance with over 5 million ounces produced in Q1.
Better-than-Expected Cost Performance
All-in sustaining costs for silver were $13.94 per ounce, below the guided range, benefiting from higher gold production and byproduct credits.
Strong Financial Position
The company ended Q1 with a record cash and short-term investments balance of $923 million and $1.7 billion in total available liquidity.
Gold Production and Costs
Gold production in Q1 was 182,200 ounces, in line with guidance, with all-in sustaining costs of $1,485 per ounce, better than expected.
Free Cash Flow Generation
Generated $112.6 million in free cash flow in Q1, despite $95 million in taxes paid.
Positive Outlook with Growth Opportunities
The La Colorada Skarn project is progressing, with continued exploration and engineering work. The company is also maintaining its guidance for 2025.