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- **Record Q3 Financials**: $884.4 million revenue, $169.2 million net earnings, and $251.7 million free cash flow, driven by MagSilver acquisition.
- **Dividend Boost**: $0.14 per share dividend approved, up 16.7%, reflecting strong cash flow recovery.
- **Juanicipio Impact**: One-month contribution lowers silver costs; full Q4 impact expected to reduce all-in sustaining costs to $14.50-$16/oz.
- **Scarn Project Update**: Phased development approach with PEA in Q2 2026; high-grade, low-tonnage phase one to enhance margins.
- **Liquidity Strength**: $1.7 billion total liquidity supports strategic initiatives and shareholder returns.

**【CEO Summary Section】**
- **Record Financial Performance**: Q3 2025 attributable revenue reached $884.4 million, with net earnings of $169.2 million and adjusted earnings of $181 million. Free cash flow was $251.7 million, driven by the MagSilver acquisition and Juanicipio's one-month contribution.
- **Strategic Acquisition Impact**: The $409.3 million MagSilver acquisition added 580,000 ounces of silver production, lowering costs and improving margins. Juanicipio's attributable cash flow and production are expected to grow in Q4.
- **Dividend Increase**: The board approved a dividend of $0.14 per share, up from $0.12, reflecting strong cash flow despite the acquisition's cash impact.
- **Operational Highlights**: Silver production was 5.5 million ounces, with segment cash costs at $10.41/oz and all-in sustaining costs at $15.43/oz, down from Q2. Gold production was 183,500 ounces, with costs at $1,325/oz.
- **Guidance Update**: Silver production guidance raised to 22-22.5 million ounces, with all-in sustaining costs lowered to $14.50-$16/oz.

**【CFO Financial Commentary】**
- **Liquidity Strength**: Cash and short-term investments totaled $910.8 million, plus $85.8 million at Juanicipio, providing $1.7 billion in total liquidity.
- **Cost Management**: Despite higher metal prices, operational efficiency reduced silver segment costs, with Juanicipio contributing to lower all-in sustaining costs.
- **Dividend Policy**: The dividend increase was discretionary, driven by strong cash flow recovery post-acquisition.

**【Q&A Key Highlights】**
- **Juanicipio Contribution**: Q3 results reflect only one month of Juanicipio's impact; full Q4 contribution expected to lower silver costs further.
- **Scarn Project Progress**: A phased development approach for La Colorada Scarn is underway, with a PEA expected in Q2 2026. Phase one focuses on high-grade, low-tonnage mining, while phase two considers a larger cave mine.
- **Optimization at Jacobina**: Engineering studies aim to streamline the plant, reduce costs, and improve reliability. Potential projects include a filter stack tailings facility and backfill plant.
- **Dividend and NCIB**: The dividend increase was a one-time decision due to strong cash flow; NCIB usage may resume in Q4, depending on market conditions.
- **Base Metal Pricing**: Zinc and lead prices reflect global economic outlook and critical minerals inclusion, despite auto and steel sector trends.

Pan American Silver Corp. (PAAS) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

PAAS

PAAS fundamentals

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