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Pan American Silver reports cash flow from operations of $114.9 million in Q3

Nov 5, 2020

Pan American Silver Corp. today reported unaudited results for the third quarter ended September 30, 2020. Pan American's unaudited condensed interim consolidated financial statements and notes ("financial statements"), as well as Pan American's management's discussion and analysis ("MD&A") for the three and nine months ended September 30, 2020, are available on Pan American's website at panamericansilver.com and on SEDAR at www.sedar.com.

"Low operating costs and strong precious metal prices contributed to robust mine operating earnings of $124.6 million in Q3," said Michael Steinmann, President and Chief Executive Officer. "All operations are running and projects are proceeding. We have replenished the heap leach inventories drawn down during the mine suspensions in Q2 of this year, are nearing completion of the first of two ventilation raises at La Colorada, which will re-open access to the high-grade area of the mine, and have started processing the high grade ore from the COSE mine at our Manantial Espejo plant."

Added Mr. Steinmann: "We have generated strong operating cash flow year-to-date of approximately $292 million. In line with our capital allocation priorities, we have substantially reduced debt, with only $60 million drawn on our Credit Facility, as of today. We are aiming to have no bank debt by the end of the year. We are also increasing the dividend for the second time this year, raising the quarterly dividend by 40% to $0.07 per common share."

  • Consolidated gold production was 116.9 thousand ounces, primarily reflecting the expected replenishment of in-process inventories at the heap leach operations following the draw down of inventories that occurred during the COVID-19 related suspensions earlier in 2020. In addition, reduced operating capacities on account of COVID-19 protocols and adjustments being made to the mining methods at the Timmins Bell Creek mine reduced gold production.

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