Pan American Silver sees FY25 gold production 735K -800K ounces

Silver production in 2025 is forecast to be between 20M to 21M ounces. At La Colorada, the improvement in ventilation conditions is expected to enable higher development rates in 2025 relative to 2024, allowing throughput of up to 2,000 tonnes per day in 2025. At Huaron, the development of the Horizonte zone is expected to drive higher throughput and higher silver grades. Decreases in silver production relative to 2024 are forecasted at Dolores due to the cessation of active mining and the operation entering the residual leaching phase and at San Vicente due to mine sequencing into lower silver grade ores. Gold production in 2025 is forecast to be between 735 to 800 thousand ounces, reflecting the disposition of La Arena in 2024 and the cessation of active mining at Dolores, which is entering the residual leaching phase. Both silver and gold production are weighted to the second half of 2025, with a corresponding decrease in AISC per ounce over that period. Forecasted Silver Segment AISC of between $16.25 and $18.25 per ounce in 2025 reflects the expectation that the new ventilation infrastructure at La Colorada will reduce the mine’s AISC per ounce, and for higher gold by-product credits from Cerro Moro; partly offset by additional payments associated with contractual rights to mine concessions adjacent to the La Colorada mine, and higher expected costs at Huaron for operating the new tailings filtration plant and filter-stack tailings storage facility. Forecasted Gold Segment AISC of between $1,525 and $1,625 per ounce in 2025. At Shahuindo, operating costs per ounce are expected to increase due to lower grade ore stacked from mine sequencing and a higher proportion of low-grade coarse ores needed to blend with the higher grade fine ores. Sustaining capital postponed from 2024 for waste dump preparation and water treatment projects at Shahuindo is also expected to contribute to higher AISC. At Timmins, an increase in operating costs is expected from the additional costs associated with operating the new paste plant at Bell Creek and labour-driven inflationary pressures, partly offset by a weakening Canadian dollar.