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Pan American Silver announces preliminary 2022 production results

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Pan American Silver announces preliminary 2022 production results






Pan American Silver Corp. (NASDAQ: PAAS) (TSX: PAAS) is pleased to announce its preliminary production results for the fourth quarter and full year 2022, with FY 2022 results in line with annual guidance.

  • Consolidated silver production in 2022 of 18.5 million ounces was within the revised guidance range of 18.0 to 18.5 million ounces provided on November 9, 2022, and only modestly below the original guidance of 19.0 to 20.5 million ounces provided on February 23, 2022.
  • Consolidated gold production in 2022 of 552.5 thousand ounces was within the original guidance range of 550.0 to 605.0 thousand ounces provided on February 23, 2022.
  • Consolidated zinc production in 2022 of approximately 38 thousand tonnes was within guidance of 35 – 40 thousand tonnes, lead production of approximately 18 thousand tonnes was above guidance of 15 – 17 thousand tonnes, and copper production of approximately 5 thousand tonnes was modestly below guidance of 5.5 – 6.5 thousand tonnes, based on the original guidance ranges provided on February 23, 2022.


“I am very pleased with our team’s efforts to deliver production results in line with our guidance for 2022. Q4 2022 results were led by strong production at Shahuindo and La Arena, as expected,” said Michael Steinmann, President and Chief Executive Officer.


Pan American plans to release operating costs with its audited results for Q4 2022 and FY 2022 on February 22, 2023, after market close. Pan American and Yamana Gold Inc. are working together on a smooth integration of the Latin American assets and operating teams regarding the Arrangement (as defined herein) among Pan American, Agnico Eagle Mines Limited  and Yamana. Pan American expects to provide annual production and cost guidance for 2023 for the combined entity shortly after completion of the Arrangement.


Preliminary 2022 Production Results


Figures are preliminary and subject to final adjustment. The final figures will be provided in Pan American’s financial results for Q4 2022 and FY 2022.



Silver Production

(thousand ounces)

Gold Production

(thousand ounces)

Q4 2022 FY 2022 Q4 2022 FY 2022
La Colorada 1,339 5,927 0.7 3.3
Huaron 1,025 3,660 0.2 0.9
Morococha(1) 324 0.1
San Vicente(2) 703 2,526 0.1
Manantial Espejo 1,010 3,463 8.9 26.6
Dolores 591 2,242 34.6 136.9
Shahuindo 77 260 49.7 151.4
La Arena 14 38 36.2 98.5
Timmins 4 15 34.0 134.6
Total(3) 4,763 18,455 164.4 552.5
(1) Morococha data represents Pan American’s 92.3% interest in the mine’s production. Morococha was placed on care and maintenance in February 2022.
(2) San Vicente data represents Pan American’s 95.0% interest in the mine’s production.
(3) Totals may not add due to rounding.



Consolidated Base Metal Production

(thousand tonnes)

Q4 2022 FY 2022
Zinc 10 38
Lead 5 18
Copper 1 5



Special Meeting of Shareholders


On November 8, 2022, Pan American and Agnico Eagle announced an arrangement agreement among Pan American, Agnico Eagle, and Yamana whereby Pan American would acquire all of the issued and outstanding common shares of Yamana and the sale by Yamana of its Canadian assets, including certain subsidiaries and partnerships which hold Yamana’s interests in the Canadian Malartic mine, to Agnico Eagle, by way of a plan of arrangement under the Canada Business Corporations Act. This is a transformational and strategic transaction for Pan American which will strengthen Pan American’s position as the leader in silver and gold production in Latin American.


Pan American would like to remind shareholders of the special meeting of shareholders scheduled to take place on January 31, 2023 to consider an ordinary resolution to authorize the issuance of up to 156,923,287 Pan American common shares to the shareholders of Yamana as consideration in respect of the Arrangement. Shareholders of record on December 14, 2022 will be eligible to vote at the Meeting. A meeting of Yamana shareholders is scheduled to be held concurrently on January 31, 2023.


Pan American encourages shareholders to review the management information circular in respect of the Meeting and to vote. The Circular has been publicly filed and is available on Pan American’s website at and on SEDAR and EDGAR under Pan American’s issuer profile at and, respectively.


Technical Information


Scientific and technical information contained in this news release have been reviewed and approved by Martin Wafforn, P.Eng., Senior Vice President Technical Services and Process Optimization, and Christopher Emerson, FAusIMM, Vice President Business Development and Geology, each of whom are Qualified Persons, as the term is defined in Canadian National Instrument 43-101 – Standards of Disclosure for Mineral Projects.


For additional information about Pan American’s material mineral properties, please refer to Pan American’s Annual Information Form dated February 23, 2022, filed at, or Pan American’s most recent Form 40-F filed with the Securities and Exchange Commission.


About Pan American


Pan American owns and operates silver and gold mines located in Mexico, Peru, Canada, Argentina and Bolivia. We also own the Escobal mine in Guatemala that is currently not operating. Pan American provides enhanced exposure to silver through a large base of silver reserves and resources, as well as major catalysts to grow silver production. We have a 28-year history of operating in Latin America, earning an industry-leading reputation for sustainability performance, operational excellence and prudent financial management. We are headquartered in Vancouver, B.C.


Posted January 18, 2023

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