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.
“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.
|Q4 2022||FY 2022||Q4 2022||FY 2022|
|(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
|Q4 2022||FY 2022|
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 https://www.panamericansilver.com/invest/arrangement-agreement-with-yamana/ and on SEDAR and EDGAR under Pan American’s issuer profile at www.sedar.com and www.sec.gov, respectively.
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 www.sedar.com, 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.
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