All amounts expressed in U.S. dollars unless otherwise
indicated. Unaudited tabular amounts are in thousands of U.S.
dollars except number of shares, options, warrants, and per share
amounts, unless otherwise noted.
VANCOUVER, BC, Nov. 4,
2020 /PRNewswire/ - Pan American Silver Corp. (NASDAQ:
PAAS) (TSX: PAAS) ("Pan American" or the "Company") today reported
unaudited results for the third quarter ended September 30,
2020 ("Q3 2020"). Pan American's unaudited condensed interim
consolidated financial statements and notes ("financial
statements"), as well as Pan American's management's discussion and
analysis ("MD&A") for the three and nine months ended
September 30, 2020, are available on Pan American's website
at panamericansilver.com and on SEDAR
at www.sedar.com.
"Low operating costs and strong precious metal prices
contributed to robust mine operating earnings of $124.6 million in Q3," said Michael Steinmann, President and Chief Executive
Officer. "All operations are running and projects are proceeding.
We have replenished the heap leach inventories drawn down during
the mine suspensions in Q2 of this year, are nearing completion of
the first of two ventilation raises at La
Colorada, which will re-open access to the high-grade area
of the mine, and have started processing the high grade ore from
the COSE mine at our Manantial Espejo plant."
Added Mr. Steinmann: "We have generated strong operating cash
flow year-to-date of approximately $292
million. In line with our capital allocation priorities, we
have substantially reduced debt, with only $60 million drawn on our Credit Facility, as of
today. We are aiming to have no bank debt by the end of the year.
We are also increasing the dividend for the second time this year,
raising the quarterly dividend by 40% to $0.07 per common share."
Operations Review and Impact of COVID-19
During Q3 2020, seven of Pan American's nine operations were
operating with limited workforce levels in order to accommodate
COVID-19 related protocols. Two of the Company's operations, Huaron
and Morococha in Peru, were
suspended for most of Q3 2020, having previously been returned to
care and maintenance on July 20,
2020, because of an increase in workers testing positive for
COVID-19. The Company began gradually redeploying its workforce at
these mines over the last two weeks of September after intensive
health screenings and testing. Huaron and Morococha resumed
operations at the end of Q3 2020. Pan American continues to enforce
protocols to help protect the health and safety of our workforce
during the COVID-19 pandemic.
Pan American is engaging with its communities to better
understand the effects of the COVID-19 pandemic on its residents
and how we can support them during this time. In Q3 2020, Pan
American entered into a $1.5 million
partnership commitment with UNICEF Canada to provide health and
education to vulnerable children in Latin
America affected by the pandemic. In addition, our Shahuindo
mine donated an oxygen plant to the Province of Cajabamba in
Peru, as part of Pan American's
commitment to support its local communities.
Q3 2020 Highlights:
- Revenue was $300.4
million, primarily reflecting lower quantities of metal
sold, partially offset by strong realized precious metal prices.
The Company recorded a $79.8 million
increase in inventories during Q3 2020, of which approximately
$25.0 million was in the form of dore
and finished inventories. Revenue associated with these dore
inventories were not recorded in Q3 2020 due to timing of
shipments, and will be reflected in revenue in the normal course.
The remaining increase in inventories largely resulted from the
replenishment of the heap leach operations at Dolores, Shahuindo and La Arena, where
inventories were drawn down during the mine suspensions earlier in
2020; these inventories, equivalent to about 30,000 ounces of gold
and 0.5 million ounces of silver, were replenished during Q3
2020.
- Net income was $65.3
million ($0.31 basic income
per share). Net income includes $13.1
million of investment income and $27.1 million of mine care and maintenance costs,
largely incurred from the suspensions of Huaron and Morococha,
which restarted operations at the end of Q3 2020.
- Adjusted earnings of $72.1
million ($0.34 basic adjusted
earnings per share) excludes the $20.5
million of mine care and maintenance costs related primarily
to the Huaron and Morococha suspensions.
- Net cash generated from operations was $114.9 million and includes $9.0 million source of cash from working capital
changes.
- Consolidated silver production was 4.1 million ounces.
Silver production was impacted by the COVID-19 related suspensions
of Huaron and Morococha, lack of access to high-grade ore at
La Colorada due to the delay in
completing a ventilation project, in-process inventory build-up on
the Dolores pads following draw
downs of those inventories in Q2 2020, and reduced operating
capacities at the other mines on account of adopting stringent
COVID-19 protocols. Those factors also affected base metal
production.
- Consolidated gold production was 116.9 thousand ounces,
primarily reflecting the expected replenishment of in-process
inventories at the heap leach operations following the draw down of
inventories that occurred during the COVID-19 related suspensions
earlier in 2020. In addition, reduced operating capacities on
account of COVID-19 protocols and adjustments being made to the
mining methods at the Timmins Bell Creek mine reduced gold
production.
- Silver Segment Cash Costs and All-in Sustaining Costs
("AISC") were $7.14 and
$6.01 per silver ounce sold,
respectively. Net realizable value ("NRV") inventory adjustments
reduced Silver Segment AISC by $5.96
per ounce.
- Gold Segment Cash Costs and AISC were $793 and $1,057 per
gold ounce sold, respectively.
- Consolidated AISC, including gold by-product credits
from the Gold Segment mines, were $(8.42) per silver ounce sold.
- Capital expenditures totaled $41.7 million, comprised of $36.4 million of sustaining capital and
$5.4 million of project capital.
- During Q3, Pan American repaid $110.0
million on its four-year, $500.0
million revolving Credit Facility (the "Credit Facility").
At September 30, 2020, the Company
had $90.0 million drawn on its Credit
Facility, cash and short-term investment balances of $231.6 million and working capital of
$465.6 million. Total debt was
$129.8 million, including
$34.3 million of lease liabilities
and $5.6 million of loans in
Peru. In October 2020, the Company repaid an additional
$30.0 million on the Credit Facility
and plans to repay the remaining balance of $60.0 million by the end of 2020.
- The Board of Directors has approved
an increase in the quarterly cash dividend from
$0.05 to $0.07 per common share, or approximately
$14.7 million in aggregate cash
dividends per quarter, payable on or about November 27, 2020, to holders of record of Pan
American's common shares as of the close on November 16, 2020. Pan American's dividends are
designated as eligible dividends for the purposes of the Income Tax
Act (Canada). As is standard
practice, the amounts and specific distribution dates of any future
dividends will be evaluated and determined by the Board of
Directors on an ongoing basis.
- Relative to the guidance provided on August 5, 2020, management has maintained its
2020 Guidance for gold and base metal production, silver
segment and gold segment Cash Costs and AISC, and consolidated
silver basis AISC, while revising its estimates for 2020 silver
production and capital expenditures; see the "Guidance" section of
this news release for further information.
Cash Costs, AISC, adjusted earnings, basic adjusted earnings per
share, sustaining capital, project capital, working capital, total
debt, and total available liquidity are not generally accepted
accounting principle ("non-GAAP") financial measures. Please refer
to the "Alternative Performance (non-GAAP) Measures" section of
this news release for further information on these measures.
CONSOLIDATED RESULTS
|
Three months
ended
|
Twelve months
ended
|
|
September
30,
2020
|
December 31,
2019
|
Weighted average
shares during period (millions)
|
210.2
|
198.6
|
Shares outstanding
end of period (millions)
|
210.2
|
209.8
|
|
|
|
|
Three months
ended
September 30,
|
|
2020
|
2019
|
FINANCIAL
|
|
|
Revenue
|
$
|
300,414
|
$
|
352,187
|
Mine operating
earnings
|
$
|
124,561
|
$
|
63,850
|
Net
earnings
|
$
|
65,260
|
$
|
37,719
|
Basic earnings per
share(1)
|
$
|
0.31
|
$
|
0.18
|
Adjusted
earnings(2)
|
$
|
72,088
|
$
|
71,202
|
Basic adjusted
earnings per share(1)
|
$
|
0.34
|
$
|
0.34
|
Net cash generated
from operating activities
|
$
|
114,943
|
$
|
81,948
|
Net cash generated
from operating activities before
changes in working capital(2)
|
$
|
105,959
|
$
|
96,842
|
Sustaining capital
expenditures(2)
|
$
|
36,352
|
$
|
42,256
|
Project capital
expenditures(2)
|
$
|
5,359
|
$
|
12,309
|
Cash dividend per
share
|
$
|
0.050
|
$
|
0.035
|
PRODUCTION
|
|
|
Silver (thousand
ounces)
|
4,087
|
6,665
|
Gold (thousand
ounces)
|
116.9
|
150.2
|
Zinc (thousand
tonnes)
|
8.6
|
16.8
|
Lead (thousand
tonnes)
|
3.4
|
6.8
|
Copper (thousand
tonnes)
|
0.7
|
2.3
|
CASH
COSTS(2) ($/ounce)
|
|
|
Silver
Segment
|
7.14
|
5.47
|
Gold
Segment
|
793
|
729
|
AISC(2)
($/ounce)
|
|
|
Silver
Segment
|
6.01
|
8.80
|
Gold
Segment
|
1,057
|
920
|
Consolidated Silver
Basis
|
(8.42)
|
(0.11)
|
AVERAGE REALIZED
PRICES(3)
|
|
|
Silver
($/ounce)
|
24.77
|
17.16
|
Gold
($/ounce)
|
1,914
|
1,477
|
Zinc
($/tonne)
|
2,189
|
2,276
|
Lead
($/tonne)
|
1,822
|
2,002
|
Copper
($/tonne)
|
6,463
|
5,780
|
|
|
(1)
|
Per share amounts are
based on basic weighted average common shares.
|
(2)
|
Non- GAAP measures:
adjusted earnings, basic adjusted earnings per share, and net cash
generated from operating activities before changes in working
capital are non-GAAP financial measures. Please refer to the
"Alternative Performance (non-GAAP) Measures" section of this news
release for further information on these measures.
|
(3)
|
Metal prices stated
are inclusive of final settlement adjustments on concentrate
sales.
|
INDIVIDUAL MINE OPERATING PERFORMANCE
|
Silver
Production (ounces '000s)
|
Gold
Production (ounces '000s)
|
|
Three months
ended September 30,
|
Three months
ended September 30,
|
|
2020
|
2019
|
2020
|
2019
|
Silver
Segment:
|
|
|
|
|
La
Colorada
|
1,445
|
2,091
|
1.0
|
1.2
|
Dolores
|
871
|
1,496
|
22.7
|
33.1
|
Huaron
|
274
|
975
|
0.0
|
0.3
|
Morococha(1)
|
142
|
588
|
0.1
|
0.3
|
San
Vicente(2)
|
655
|
860
|
0.1
|
0.1
|
Manantial
Espejo
|
606
|
606
|
5.4
|
5.4
|
Gold
Segment:
|
|
|
|
|
Shahuindo
|
81
|
37
|
33.0
|
40.6
|
La Arena
|
9
|
6
|
21.6
|
31.0
|
Timmins
|
4
|
5
|
32.8
|
38.3
|
Total(3)
|
4,087
|
6,665
|
116.9
|
150.2
|
|
|
(1)
|
Morococha data
represents Pan American 92.3% interest in the mine's
production.
|
(2)
|
San Vicente data
represents Pan American 95.0% interest in the mine's
production.
|
(3)
|
Totals may not add
due to rounding.
|
|
Cash
Costs(1) ($
per ounce)
|
AISC(1) ($ per ounce)
|
Three months
ended September 30,
|
Three months
ended September 30,
|
2020
|
2019
|
2020
|
2019
|
La
Colorada
|
6.54
|
2.82
|
10.07
|
4.03
|
Dolores
|
(5.12)
|
0.00
|
(22.92)
|
7.45
|
Huaron
|
(0.97)
|
5.32
|
5.78
|
8.69
|
Morococha
|
6.07
|
5.66
|
13.23
|
11.36
|
San
Vicente
|
18.08
|
13.04
|
20.08
|
15.21
|
Manantial
Espejo
|
14.03
|
24.22
|
12.22
|
21.35
|
Silver Segment
Consolidated(2)
|
7.14
|
5.47
|
6.01
|
8.80
|
Shahuindo
|
464
|
552
|
616
|
775
|
La Arena
|
837
|
738
|
1,409
|
988
|
Timmins
|
1,111
|
922
|
1,318
|
1,026
|
Gold Segment
Consolidated(2)
|
793
|
729
|
1,057
|
920
|
Consolidated
metrics per silver ounce sold(3):
|
|
|
|
|
All
Operations
|
|
|
(8.42)
|
(0.11)
|
Consolidated AISC
before NRV inventory adjustments
|
|
|
(2.56)
|
1.07
|
|
|
(1)
|
Cash Costs and AISC
are non-GAAP measures. Please refer to the section "Alternative
Performance (Non-GAAP) Measures" of the MD&A for the period
ended September 30, 2020 for a detailed description of these
measures and where appropriate a reconciliation of the measure to
the Q3 2020 financial statements.
|
(2)
|
Silver segment Cash
Costs and AISC are calculated net of credits for realized revenues
from all metals other than silver and are calculated per ounce of
silver sold. Gold segment Cash Costs and AISC are calculated net of
credits for realized silver revenues and are calculated per ounce
of gold sold. Consolidated AISC is based on total silver ounces
sold and are net of by-product credits from all metals other than
silver.
|
(3)
|
Consolidated silver
basis total is calculated per silver ounce sold with total gold
revenues included within by-product credits. G&A costs are
included in the consolidated AISC, but not allocated in calculating
AISC for each operation.
|
2020 GUIDANCE
The following table provides management's guidance for 2020, as
at November 4, 2020. Relative to the
guidance provided on August 5, 2020,
management has maintained its guidance for gold and base metal
production, silver segment and gold segment Cash Costs and AISC,
and consolidated silver basis AISC. Management has reduced its
estimate for 2020 silver production from 19.0 to 22.0 million
ounces to 18.0 to 19.0 million ounces, as a result of an inability
to access high-grade ore at La
Colorada due to the delay in completing the first
ventilation raise, and reduced underground mining rates at our
Manantial Espejo operation; both related to the impact of COVID-19
protocols.
These estimates are forward-looking statements and information
that are subject to the cautionary note associated with
forward-looking statements and information at the end of this news
release.
Annual Production, Cash Costs and AISC Guidance
|
Silver
Production (million ounces)
|
Gold
Production (thousand
ounces)
|
Cash
Costs ($ per
ounce)(1)
|
AISC ($ per
ounce)(1)
|
|
|
|
|
|
Silver
Segment(2)
|
17.7 -
18.7
|
130.0 -
138.0
|
6.20 -
7.70
|
10.50 -
12.50
|
Gold
Segment(2)
|
0.3
|
395.0 -
437.0
|
800 - 860
|
1,050 -
1,125
|
Consolidated
Silver Basis(3)
|
18.0 -
19.0
|
525.0 -
575.0
|
n/a
|
(3.00) -
0.75
|
|
|
(1)
|
Cash Costs and AISC
are non-GAAP measures. Please refer to the section "Alternative
Performance (Non-GAAP) Measures" of the MD&A for the period
ended September 30, 2020, for a detailed description of these
calculations and a reconciliation of these measures to the Q3 2020
financial statements. The Cash Costs and AISC forecasts assume the
realized prices and exchange rates provided in the MD&A for the
period ended June 30, 2020.
|
(2)
|
As shown in the
detailed quantification of consolidated AISC, included in the
"Alternative Performance (Non-GAAP) Measures" section of the
MD&A for the period ended September 30, 2020, corporate general
and administrative expense, and exploration and project development
expense are included in consolidated (silver basis) AISC, but are
not allocated amongst the operations and thus are not included in
either the silver or gold segment totals.
|
(3)
|
Consolidated total is
calculated per silver ounce sold with gold revenues included in the
by-product credits.
|
Management's guidance for zinc, lead and copper production is
unchanged, as provided in the following table:
|
Consolidated Base
Metal Production
|
|
(tonnes
'000s)
|
Zinc
|
40.0 -
43.0
|
Lead
|
17.0 -
18.0
|
Copper
|
4.3 - 4.9
|
Capital Expenditures Guidance
Based on capital expenditures to date, which reflect COVID-19
related delays, and those expected for the remainder of 2020,
Management is reducing the forecast annual expenditures by
approximately $15.0 million. These
reductions reflect the deferral of certain capital investments.
|
(in millions of
USD)
|
Sustaining
Capital
|
175.0 -
180.0
|
Project
Capital
|
20.0 -
21.0
|
Total
Capital
|
195.0 -
201.0
|
Third Quarter 2020 Unaudited Results Conference Call and
Webcast
Date:
|
November 5,
2020
|
Time:
|
11:00 am ET (8:00 am
PT)
|
Dial-in
numbers:
|
1-800-319-4610
(toll-free in Canada and the U.S.)
|
|
+1-604-638-5340
(international participants)
|
Webcast:
|
panamericansilver.com
|
Callers should dial in 5 to 10 minutes prior to the scheduled
start time. The live webcast and presentation slides will be
available on the Company's website at panamericansilver.com.
An archive of the webcast will also be available for three
months.
About Pan American Silver
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. As the world's second largest primary silver producer
with the largest silver reserve base globally, we provide enhanced
exposure to silver in addition to a diversified portfolio of gold
producing assets. Pan American has a 26-year history of operating
in Latin America, earning an
industry-leading reputation for corporate social responsibility,
operational excellence and prudent financial management. We are
headquartered in Vancouver, B.C.
and our shares trade on NASDAQ and the Toronto Stock Exchange under
the symbol "PAAS".
Learn more at panamericansilver.com.
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 of Mineral
Projects.
For additional information about Pan American's material mineral
properties, please refer to Pan American's Annual Information Form
dated March 12, 2020, filed at
www.sedar.com, or Pan American's most recent Form 40-F furnished to
the SEC.
Alternative Performance (Non-GAAP) Measures
In this news release, we refer to measures that are not
generally accepted accounting principle ("non-GAAP") financial
measures. These measures are widely used in the mining
industry as a benchmark for performance, but do not have a
standardized meaning as prescribed by IFRS as an indicator of
performance, and may differ from methods used by other companies
with similar descriptions. These non-GAAP financial measures
include:
- Cash Costs. The Company's method of calculating cash costs may
differ from the methods used by other entities and, accordingly,
the Company's Cash Costs may not be comparable to similarly titled
measures used by other entities. Investors are cautioned that Cash
Costs should not be construed as an alternative to production
costs, depreciation and amortization, and royalties determined in
accordance with IFRS as an indicator of performance.
- Adjusted earnings and basic adjusted earnings per share. The
Company believes that these measures better reflect normalized
earnings as they eliminate items that in management's judgment are
subject to volatility as a result of factors, which are unrelated
to operations in the period, and/or relate to items that will
settle in future periods.
- All-in Sustaining Costs per silver or gold ounce sold, net of
by-product credits ("AISC"). The Company has adopted AISC as a
measure of its consolidated operating performance and its ability
to generate cash from all operations collectively, and the Company
believes it is a more comprehensive measure of the cost of
operating our consolidated business than traditional cash costs per
payable ounce, as it includes the cost of replacing ounces through
exploration, the cost of ongoing capital investments (sustaining
capital), general and administrative expenses, as well as other
items that affect the Company's consolidated earnings and cash
flow.
- Total debt is calculated as the total current and non-current
portions of: long-term debt, finance lease liabilities and loans
payable. Total debt does not have any standardized meaning
prescribed by GAAP and is therefore unlikely to be comparable to
similar measures presented by other companies. The Company and
certain investors use this information to evaluate the financial
debt leverage of the Company.
- Working capital is calculated as current assets less current
liabilities. Working capital does not have any standardized meaning
prescribed by GAAP and is therefore unlikely to be comparable to
similar measures presented by other companies. The Company and
certain investors use this information to evaluate whether the
Company is able to meet its current obligations using its current
assets.
- Total available liquidity is calculated as the sum of Cash and
cash equivalents, Short-term Investments, and the amount available
on the Credit Facility. Total available liquidity does not have any
standardized meaning prescribed by GAAP and is therefore unlikely
to be comparable to similar measures presented by other companies.
The Company and certain investors use this information to evaluate
the liquid assets available to the Company.
Readers should refer to the "Alternative Performance (non-GAAP)
Measures" section of the Company's Management's Discussion and
Analysis for the period ended December 31, 2019, for a more
detailed discussion of these and other non-GAAP measures and their
calculation.
Cautionary Note Regarding Forward-Looking Statements and
Information
Certain of the statements and information in this news release
constitute "forward-looking statements" within the meaning of the
United States Private Securities Litigation Reform Act of 1995 and
"forward-looking information" within the meaning of applicable
Canadian provincial securities laws. All statements, other than
statements of historical fact, are forward-looking statements or
information. Forward-looking statements or information in this news
release relate to, among other things: future financial or
operational performance, including our estimated production of
silver, gold and other metals in 2020, our estimated Cash Costs,
AISC and capital expenditures in 2020 and future operating margins
and cash flow; the ability of the Company to eliminate or otherwise
reduce the outstanding balance on its Credit Facility by the end of
2020; the effect of any reductions or suspensions in our operations
relating to the COVID-19 pandemic may have on our financial and
operational results; the ability of Pan American to continue with
its operations, or to successfully maintain our other operations on
care and maintenance; whether Pan American is able to maintain a
strong financial condition and have sufficient capital, or have
access to capital through our Credit Facility or otherwise, to
sustain our business and operations; the presence and impact of
COVID-19 on our workforce, suppliers and other essential resources
and what effect those impacts, if they occur, would have on our
business; the ability of the Company to successfully complete any
capital projects, the expected economic or operational results
derived from those projects, and the impacts of any such projects
on the Company; the approval or the amount of any future cash
dividends; the future results of exploration activities, including
with respect to the skarn exploration program at La Colorada; and our portfolio growth
profile.
These forward-looking statements and information reflect the
Company's current views with respect to future events and are
necessarily based upon a number of assumptions that, while
considered reasonable by the Company, are inherently subject to
significant operational, business, economic and regulatory
uncertainties and contingencies. These assumptions include: the
world-wide economic and social impact of COVID-19 is managed and
the duration and extent of the COVID-19 pandemic is minimized or
not long-term; continuation of operations following shutdowns or
reductions in production, our ability to manage reduced operations
efficiently and economically, including to maintain necessary
staffing; tonnage of ore to be mined and processed; ore grades and
recoveries; prices for silver, gold and base metals remaining as
estimated; currency exchange rates remaining as estimated; capital,
decommissioning and reclamation estimates; our mineral reserve and
resource estimates and the assumptions upon which they are based;
prices for energy inputs, labour, materials, supplies and services
(including transportation); no labour-related disruptions at any of
our operations; no unplanned delays or interruptions in scheduled
production; all necessary permits, licenses and regulatory
approvals for our operations are received in a timely manner; our
ability to secure and maintain title and ownership to properties
and the surface rights necessary for our operations; and our
ability to comply with environmental, health and safety laws. The
foregoing list of assumptions is not exhaustive.
The Company cautions the reader that forward-looking statements
and information involve known and unknown risks, uncertainties and
other factors that may cause actual results and developments to
differ materially from those expressed or implied by such
forward-looking statements or information contained in this news
release and the Company has made assumptions and estimates based on
or related to many of these factors. Such factors include, without
limitation: the duration and effects of COVID-19, and any other
pandemics on our operations and workforce, and the effects on
global economies and society; fluctuations in silver, gold and base
metal prices; fluctuations in prices for energy inputs, labour,
materials, supplies and services (including transportation);
fluctuations in currency markets (such as the PEN, MXN, ARS, BOB,
GTQ and CAD versus the USD); operational risks and hazards inherent
with the business of mining (including environmental accidents and
hazards, industrial accidents, equipment breakdown, unusual or
unexpected geological or structural formations, cave-ins, flooding
and severe weather); risks relating to the credit worthiness or
financial condition of suppliers, refiners and other parties with
whom the Company does business; inadequate insurance, or inability
to obtain insurance, to cover these risks and hazards; employee
relations; relationships with, and claims by, local communities and
indigenous populations; our ability to obtain all necessary
permits, licenses and regulatory approvals in a timely manner;
changes in laws, regulations and government practices in the
jurisdictions where we operate, including environmental, export and
import laws and regulations; changes in national and local
government, legislation, taxation, controls or regulations and
political, legal or economic developments in Canada, the United
States, Mexico,
Peru, Argentina, Bolivia, Guatemala or other countries where the Company
may carry on business, including legal restrictions relating to
mining, including in Chubut, Argentina, risks relating to expropriation,
and risks relating to the constitutional court-mandated ILO 169
consultation process in Guatemala;
risks of liability relating to our past sale of the Quiruvilca mine
in Peru; diminishing quantities or
grades of mineral reserves as properties are mined; increased
competition in the mining industry for equipment and qualified
personnel; and those factors identified under the caption "Risks
Related to Pan American's Business" in the Company's most recent
form 40-F and Annual Information Form filed with the United States
Securities and Exchange Commission and Canadian provincial
securities regulatory authorities, respectively. Although the
Company has attempted to identify important factors that could
cause actual results to differ materially, there may be other
factors that cause results not to be as anticipated, estimated,
described or intended. Investors are cautioned against undue
reliance on forward-looking statements or information.
Forward-looking statements and information are designed to help
readers understand management's current views of our near and
longer term prospects and may not be appropriate for other
purposes. The Company does not intend, nor does it assume any
obligation to update or revise forward-looking statements or
information, whether as a result of new information, changes in
assumptions, future events or otherwise, except to the extent
required by applicable law.
View original
content:http://www.prnewswire.com/news-releases/pan-american-silver-reports-cash-flow-from-operations-of-114-9-million-in-q3-2020-and-increases-dividend-by-40-301166737.html
SOURCE Pan American Silver Corp.