Pan American Silver has unveiled its financial results for the fourth quarter of 2023 (Q4 2023) and the full year ended December 31, 2023 (FY 2023), highlighting a robust financial position and the strategic move to repurchase common shares through a normal course issuer bid.President and CEO Michael Steinmann emphasized the company's solid foundation, with $440.9 million in cash and short-term investments and full access to a $750.0 million credit facility. Steinmann also outlined the strategic initiatives for 2024, which include advancing the La Colorada Skarn project, optimizing Jacobina operations, and rationalizing the portfolio.
For Q4 2023 and FY 2023, Pan American reported silver production of 4.8 million ounces and 20.4 million ounces, respectively, and gold production reaching a record 267.8 thousand ounces for Q4 2023 and 882.9 thousand ounces for FY 2023. Despite challenges, these figures fell within the company's guidance.Revenue reached a record $669.6 million for Q4 2023 and $2.3 billion for FY 2023. However, the company faced a net loss of $67.8 million in Q4 2023 and $104.9 million for FY 2023, impacted by additional charges including a $36.2 million impairment charge for Shahuindo's unused crushing and agglomeration plant and a $13.8 million closure and decommissioning expense.
Adjusted losses amounted to $16.3 million for Q4 2023, while FY 2023 saw adjusted earnings of $39.3 million. Cash flow from operating activities stood at $167.4 million for Q4 2023 and $450.2 million for FY 2023.The company's Silver Segment Cash Costs and all-in sustaining costs (AISC) for FY 2023 exceeded the guidance range, primarily due to production shortfalls at La Colorada and increased mine developments at Huaron. The Gold Segment Cash Costs were slightly above the guidance range, with AISC within the expected range.
Capital expenditures totaled $429.7 million in 2023, with the completion of the new ventilation shaft at La Colorada marking a significant milestone. Pan American ended the year with a working capital of $765.8 million, including cash and short-term investments of $440.9 million.
Furthermore, Pan American announced a cash dividend of $0.10 per common share, payable on March 15, 2024, underscoring its commitment to shareholder value. The company's announcement of a normal course issuer bid reflects confidence in the intrinsic value of its operations and future growth prospects.
