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Pan American Silver reports Q2 2022 results

Press Release

August 10, 2022

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

VANCOUVER, BC, Aug. 10, 2022 – Pan American Silver Corp. (NASDAQ: PAAS) (TSX: PAAS) (“Pan American” or the “Company”) today reported unaudited results for the quarter ended June 30, 2022 (“Q2 2022”).

“Operations at our flagship asset, La Colorada, have improved significantly, with silver production rising to approximately 1.7 million ounces in Q2,” said Michael Steinmann, President and Chief Executive Officer. “However, Pan American’s Q2 results were markedly impacted by the underperformance at Dolores and our determination that recording an impairment of this asset was required. The remaining operations performed largely in line with our expectations, recovering well from the impact of the COVID-19 Omicron wave in the first quarter of 2022. We continue to expect consolidated production to be weighted to the back half of 2022, especially for the Gold Segment due to mine sequencing at Shahuindo and La Arena. Our financial position remains solid with cash and short-term investments of $241.3 million and an undrawn line of credit of $500 million.”

Consolidated Q2 2022 Highlights:

  • Silver production of 4.5 million ounces and gold production of 128.3 thousand ounces.
  • Revenue was $340.5 million, inclusive of a negative $9.3 million adjustment on open concentrate shipments, largely related to the decline in metal prices towards the end of Q2 2022. Revenue in Q2 2022 excluded inventory build-ups of 34.2 thousand ounces of silver and 8.5 thousand ounces of gold.
  • Net loss of $173.6 million ($0.83 basic loss per share), impacted by a pre-tax impairment charge of $99.1 million recorded for Dolores and $62.8 million in net realizable value (NRV) inventory adjustments, primarily at Dolores.
  • Adjusted loss of $6.5 million ($0.03 basic adjusted loss per share) excludes the impact from the Dolores impairment and the heap inventory write-down.
  • Operations generated $20.8 million of cash flow, net of $42.4 million in tax payments and a $19.5 million build-up in working capital.
  • Silver Segment Cash Costs and All-in Sustaining Costs (“AISC”) per silver ounce were $12.10 and $17.30, respectively. Excluding NRV inventory adjustments, Silver Segment AISC was $15.90 per ounce.
  • Gold Segment Cash Costs and AISC per gold ounce were $1,132 and $2,051, respectively. Excluding NRV inventory adjustments, Gold Segment AISC was $1,540 per ounce.
  • As at June 30, 2022, Pan American had working capital of $513.9 million, inclusive of cash and short-term investment balances of $241.3 million; a long-term investment in Maverix Metals Inc. (“Maverix”) with a fair value of $112.5 million; and $500.0 million available under our sustainability-linked credit facility. Total debt of $63.2 million was related to lease liabilities and construction loans.
  • A cash dividend of $0.11 per common share has been declared, payable on or about September 2, 2022, to holders of record of Pan American’s common shares as of the close on August 22, 2022. Aligned with the Company’s dividend policy, the dividend is comprised of a base dividend of $0.10 per common share and a variable dividend component of $0.01 per common share. The dividends are eligible dividends for Canadian income tax purposes.
  • Management has updated its Guidance for 2022. See the “2022 Guidance” section of this news release for further details, and the Company’s Management’s Discussion and Analysis for the three and six months ended June 30, 2022.

Dolores Update

Management identified the following impairment indicators at the Dolores Mine as part of our quarterly review of impairment indicators:

i) Year-to-date 2022 silver and gold production being less than that expected, driven by lower grades in Phase 9B of the open pit. The exploration drilling originally conducted for Phase 9B of the open pit had some high-grade intercepts that were to be mined during the first half of 2022. These high grades were not fully realized during mining. Management now believes that these high-grade intercepts contributed to a localized overestimation of the contained ounces within Phase 9B. The updated mineral resource and production plan for the life of mine adjusts for this overestimation on the remainder of Phase 9B;

ii) inflationary pressures, which have particularly affected this shorter-life asset where most of the mining will be completed in the next two years;

iii) the suspension of underground mining operations in Q2 2022 due to inflationary cost pressures, and the subsequent reclassification of underground mineral reserves to mineral resources; and,

iv) a reduction in the expected duration of economic leaching to the year 2030.

These factors resulted in an impairment to the mineral property, plant and equipment, as well as a net realizable value (“NRV”) inventory adjustment, largely related to the heap inventory.

i. a pre-tax impairment charge of $99.1 million; and,
ii.an NRV adjustment of $55.4 million.

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