Pan American Silver Corp Q4 2024 Earnings Call Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Cosmos Chiu - CIBC Capital Markets - Analyst : Thanks, Michael and team. Maybe my first question is on La Colorada. I see that your 2025 guidance is 5.5 million to 5.8 million ounces. I could have -- I would have thought that could have been slightly higher just given that you produced 1.6 million ounces in Q4. But I guess now everything is in a straight line. So could you maybe comment on 2025 guidance for La Colorada?

Question: Cosmos Chiu - CIBC Capital Markets - Analyst : Great. And maybe same type of question for Jacobina as well. You're guiding to 185,000 to 195,000 ounces in 2025. I thought that could have gone higher potentially as well just given that you did a record 52.4 in Q4 2024. Could you maybe comment on that? And also maybe comment on, I believe there's some optimization studies ongoing at Jacobina, how that's going so far as well.

Question: Cosmos Chiu - CIBC Capital Markets - Analyst : And maybe one last question, sort of bigger picture. Michael, I'm sure you've noticed that Newmont has now sold their Timmins assets. Does this now change how you view your Timmins asset? And then also, can you remind us of the book value you have for these assets? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. FEBRUARY 20, 2025 / 4:00PM, PAAS.TO - Q4 2024 Pan American Silver Corp Earnings Call

Question: Cosmos Chiu - CIBC Capital Markets - Analyst : Great. Thanks, again, Michael, Steve, Chris, Sean, and team. Those are all the questions I have. Thank you.

Question: Don DeMarco - National Bank Financial - Analyst : Thank you, operator and good morning, Michael and team. Constructive guidance, really showed some stability in the ops. So a few questions. Can you hear me okay?

Question: Don DeMarco - National Bank Financial - Analyst : Okay. Great. So I jumped in a little bit late. You may have talked a bit about Jacobina, but what is the timing of the optimization study? And what details can you share now about the throughput increases or mine life extensions, things like that, that have been talked about at one point?

Question: Don DeMarco - National Bank Financial - Analyst : Okay. And Steve, while I have your ear here, on El Pe±on, we're seeing stable production year-over-year. Costs are stable and attractive AISC midpoint of $1,235, actually even slightly lower year-over-year. It's -- does this mean that those sort of initial integration hiccups are really in the rearview mirror and you're feeling comfortable with this asset now?

Question: Don DeMarco - National Bank Financial - Analyst : Okay. Good to see. And so, Michael, last question on Escobal. So you mentioned that the government hasn't published a time line for completion of the consultation process. What is your sense here? It's been a stalemate for about a year now, but there's probably other meetings going on. Are there reasons to be optimistic for '25? Or what are your thoughts on Escobal?

Question: Don DeMarco - National Bank Financial - Analyst : Okay. Excellent. Thank you for that. That's all for me. Good luck with Q1 and the rest of the year.

Question: Ovais Habib - Scotiabank GBM - Analyst : Hi, Michael. Just a couple of questions from me. Sorry, if you've already touched upon some of these as I've been bouncing between a couple of calls. Michael, just first question in regards to the guidance. I believe production and costs are second half-weighted. Any kind of color that you can provide in terms of what assets will drive the split between the first and second half?

Question: Ovais Habib - Scotiabank GBM - Analyst : Perfect. And my just -- my next question and -- is more the fact that, again, you had a great Q4, generated a lot of free cash flow in Q4 that based on operations, kind of it looks like they are stabilizing going into 2025 as well. So that's really good to see. Now, that kind of you've integrated all those Yamana assets, you've done a great job on the noncore as well, is it time now to start focusing on more on exploration side? Or how should we look at 2025 in terms of exploration?

Question: Ovais Habib - Scotiabank GBM - Analyst : That's perfect. Thanks, Michael, for that and thanks for taking my questions and, looking forward to seeing you during PDAC.

Question: Adrian Day - Adrian Day Asset Management - Analyst : Yeah. Good morning. Just a follow-up, if I may, on Escobal but taking a different direction. Once you get the approval to reopen, and of course, you'll obviously get an indication that's coming probably before it actually happens, but how soon before you're producing again? And how soon before it's fully ramped back up?

Question: Adrian Day - Adrian Day Asset Management - Analyst : Okay, okay. That's helpful. And just once the approval is granted, are you -- as a company, are you ready to start? Or would you say, well, we've got other things going on. We'll leave it a few months now.

Question: Adrian Day - Adrian Day Asset Management - Analyst : Okay, I appreciate that. Thank you.