Pan American Silver Reports Slight Dip in Silver Production, Significant Increase in Gold Output for FY23

Pan American Silver has released its preliminary production figures for the year 2023, which show a slight drop in silver output but a significant rise in gold production. These figures include contributions from the four mines acquired following the company's takeover of Yamana Gold, with production data from these mines accounted for from March 31, 2023, to December 31, 2023.

Key Production Figures:

• Silver Production: The consolidated silver production stood at 20.4 million ounces in 2023, slightly below the guidance range of 21.0-23.0 million ounces. This represents an 11% increase compared to the previous year.
• Gold Production: Gold output was 882.9 thousand ounces, falling within the guided range of 870.0-970.0 thousand ounces, marking a 60% increase from 2022.
• Jacobina Mine's Performance: This mine, included in the Yamana Gold acquisition, produced a record 196.1 thousand ounces of gold in 2023, inclusive of its output before being acquired by Pan American.
• Other Metals: Zinc production was approximately 38.8 thousand tonnes, slightly below the guidance of 41.0-45.0 thousand tonnes. Lead production of about 18.7 thousand tonnes was within the projected range of 18.0-21.0 thousand tonnes, and copper output met the guidance at approximately 5.0 thousand tonnes.

Analysis and Outlook:

• The slight decline in silver production against the forecast may be attributed to operational challenges or market dynamics.
• The substantial increase in gold production highlights Pan American's successful integration of the Yamana Gold assets and its strategic expansion in gold mining.
• The company's ability to mostly meet its production guidance across various metals underscores its operational resilience and efficiency.