PAAS, silver mining company  https://panamericansilver.com

$20.71 price per share, May 2024.  It is a leading producer of silver and gold with mines in Canada, Mexico, Brazil, Bolivia, Chile and Argentina.  It has been operating in the Americas for three decades. Headquartered in Vancouver, B.C.   Shares are listed under the symbol “PAAS”.

First Quarter 2024 results:  Silver production 5.01 million ounces.  Gold production 222.9 thousand ounces.  Revenue $602.4 million.  Net loss 30.8 Million. Adjusted earnings $4.7 million.  Working capital of $693.5 million. $750.0 million available under revolving credit.  Debt total $806.6 million for two senior notes, lease obligations construction, and other loans.  On March 4, 2024 repurchased 1.7 million shares at average price of $14.16.

Project updates:

La Colorada, invested $9.6 million. New ventilation infrastructure on schedule for completion mid 2024.  Improved ventilation will allow faster development of more production areas.

Invested in exploration drilling in La Colorado Skarn project.

At Huaron Mine, invested $14.2 million on project capital for new dry-stack tailings storage facility, to be completed in 2024.

Jacobina mine, invested $4.3 million plant facility infrastructure upgrades.

Timmins Mine, invested $2.8 million on construction of paste plant project and infrastructure expected to enhance orebody extraction.

Escobal Mine in Guatemala the ILO 169 consultation experienced delays since the new government in Guatemala took office in Jan 2024.  The government confirmed its commitment but has not provided an update to the timeline.

Selling La Arena Gold Mine and La Arena II project In Peru to Jointing (Singapore) Mining Pte.Ltd., a subsidiary of Zijin Mining Group (Chinese) who will pay $245 million in vacsh and grant Pan American a life-of-mine gold net smelter return royalty of 1.4% for the La Arena II project. Additionally, the agreement provides for additional payment from Zijin of $50 million in cash.  Following completion of the La Arena transaction, Company will update the 2024 Operating Outlook. It had assumed 83-95 thousand once of gold production at Cash Costs of $1400 to $1470 per ounce. Capital expenditures were estimated to be $18 to $19 million in 2024.

(Zijin Mines is a mine I follow based in China)

Financials are Three months ended March 31, 2024 Revenue was at $602.4 Million compared to $390.3 million for 2023. There was a net loss of $30. million compared to a net gain in 2023 of $16.5 million.