Pan American Silver Corp. Q4 FY2024 earnings call

• Financial Performance: Record revenue in Q4 2024 ($815.1 million) and full year 2024 ($2.8 billion). Silver and gold production met guidance. Record cash flow from operations ($724.1 million full year) and free cash flow ($445.1 million full year). Adjusted earnings in Q4 were $126.9 million or $0.35 per share, full year $286.7 million or $0.79 per share. - Projects Completed: Completed new ventilation infrastructure at La Colorada, new filtration plant and tailings storage at Huaron, and paste backfill plant at Timmins. - Financial Position: Net cash position with $887 million cash and short-term investments against ~$800 million debt. Undrawn credit facility provides $1.6 billion liquidity. Paid $0.10 per share dividend for Q4 and repurchased ~$20 million in shares in Q1 2025.

Silver Segment: In 2024, silver production totaled 21.1 million ounces. All-in sustaining costs excluding NRV inventory adjustments were $18.98 per ounce. For 2025, expected production is 20-21 million ounces with average all-in sustaining costs between $16.25 and $18.25 per ounce. Gold Segment: In 2024, gold production was a company record of 892,000 ounces. All-in sustaining costs excluding NRV inventory adjustments were $1,501 per ounce. For 2025, expected production is 735,000 to 800,000 ounces with all-in sustaining costs between $1,525 to $1,625 per ounce.

• 2025 Production: Expect 20-21 million ounces of silver and 735,000 to 800,000 ounces of gold, weighted to the second half of the year. - Costs: Silver segment average all-in sustaining costs $16.25-$18.25 per ounce; gold segment $1,525-$1,625 per ounce. - Capital Expenditures: Sustaining capital $270M-$285M, project capital $90M-$100M. Exploration budget ~$80M. - Taxes: Cash taxes $240M-$260M, ~1/3 paid in Q1 2025. Care maintenance costs $20.5M-$24M, mostly for Escobal.

• Escobal Consultation: Government of Guatemala has not published a timeline for completion of the Escobal consultation process. Meetings are ongoing, but no restart date for Escobal's operation has been set.

Q: Comment on La Colorada 2025 guidance A: Waste constraint and concession sharing impact production, but long-term value expected from new areas discovered east of La Colorada.

Q: Jacobina optimization study timing A: Phase one of the optimization study to be announced midyear 2025, focusing on plant upgrades and paste/tailings projects; phase two later for longer-term throughput gains.

Q: Escobal status A: Meetings between the company, government of Guatemala, and Xinca representatives are ongoing; it's not a stalemate, but no timeline for consultation completion has been published.

Q: Exploration focus in 2025 A: Focus on brownfield exploration for reserve replacement near existing sites, with recent discoveries like additional zones at Cerro Moro being actively drilled.