Pan American Silver Corp
(NYSE:PAAS)

Pan American Silver Corp., together with its subsidiaries, engages in the exploration, development, extraction, processing, refining, and reclamation of silver, gold, zinc, lead, and copper mines in Canada, Mexico, Peru, Argentina, and Bolivia. It holds interests in the La Colorada, Dolores, Huaron,...

Website: http://www.panamericansilver.com

Founded: 1994

Full Time Employees: 6,800

CEO: Michael Steinmann

Sector: Basic Materials

Industry: Silver

Silver Canadian

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Bull Thesis:

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Income Statements:

Quarterly

Annual

Unit: USD	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-06-09	2023-03-31	2022-12-31	2022-06-30	2022-02-23	2021-03-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2019-02-20	2015-05-12	2014-05-09	2014-02-20	2013-02-20	2011-06-30	2011-03-23	2011-02-16	2010-09-30	2010-06-30	2010-03-22	2009-12-31	2009-06-30	2009-03-31	2008-12-31	2008-03-31	2008-02-20	2007-11-09	2006-12-31	2005-11-02	2005-03-31	2005-02-28	2004-11-01	2004-09-30

revenue	854,600,000	811,900,000	773,200,000	815.1	716,100,000	686,300,000	601,400,000	2,316,100,000	616,300,000	639,900,000	1,807,100,000	390,300,000	375,472,000	340,469,000	422,170	368,099,000	300,414,000	249,509,000	358,428,000	404,379,000	352,187,000	282,948,000	232,643,000	173,357,000	178,125,000	209,734,000	192,360,000	247,335,000	231,866,000														30,044,000	29,086,000		27,409,000	27,409,000
yoy	19.34%	18.30%	28.57%	-100.00%	16.19%	7.25%	-66.72%	493.42%	64.14%	87.95%	427950.31%	6.03%	24.98%	36.46%	-99.88%	-8.97%	-14.70%	-11.82%	54.07%	133.26%	97.72%	34.91%	20.94%	-29.91%	-23.18%																		9.61%
qoq	5.26%	5.01%	94859426.44%	-100.00%	4.34%	14.12%	-74.03%	275.81%	-3.69%	-64.59%	363.00%	3.95%	10.28%	80547.37%	-99.89%	22.53%	20.40%	-30.39%	-11.36%	14.82%	24.47%	21.62%	34.20%	-2.68%	-15.07%	9.03%	-22.23%	6.67%															3.29%			0.00%
cost of sales																													-113,237,000	305,696,000	78,760,000	77,597,000	73,658,000	245,637,000	72,697,000	66,046,000	45,117,000	199,032,000	50,511,000	48,803,000	49,233,000	124,608,000			22,937,000
production costs	-395,500,000	-395,900,000	-380,200,000	-416.2	-400,900,000	-424,600,000	-392,100,000	-1,479,200,000	-402,200,000	-405,300,000	-778,100,000	-230,800,000	-252,271,000	-288,282,000	-263,442	-193,180,000	-117,220,000	-148,433,000	-224,317,000		-204,628,000	-184,004,000			-128,974,000	-130,878,000	-136,223,000	-124,389,000
depreciation and amortization	-120,500,000	-122,400,000	-119,400,000	-188.7	-130,200,000	-128,400,000	-124,400,000	-484,200,000	-139,800,000	-150,000,000	-466,800,000	-73,100,000	-79,281,000	-74,327,000	-76,141	-75,093,000	-50,700,000	-48,156,000	-78,149,000		-62,671,000	-57,613,000			-40,518,000	-36,860,000	-31,612,000	-32,242,000		86,483,000	21,131,000	23,084,000	22,448,000	83,169,000	24,375,000	21,856,000	14,815,000	46,349,000	9,864,000	8,227,000	9,549,000	17,520,000	-3,788,000	3,218,000	3,683,000	3,033,000	3,033,000
royalties	-25,600,000	-20,300,000	-22,800,000	-25.3	-9,300,000	-16,400,000	-13,900,000	-55,900,000	-12,400,000	-14,000,000		-9,200,000	-8,873,000	-9,512,000	-6,548	-9,862,000	-7,933,000	-4,534,000	-5,904,000		-5,442,000	-5,191,000			-6,003,000	-10,420,000	-5,570,000	-5,693,000
mine operating earnings	313,000,000	273,300,000	250,800,000	184.9	175,700,000	116,900,000	71,000,000	296,800,000	61,900,000	70,600,000	339,600,000	77,200,000	35,047,000	-31,652,000	76,039	89,964,000	124,561,000	48,386,000	50,058,000	98,610,000	63,850,000	36,140,000	17,194,000		2,630,000	31,576,000	18,955,000	85,011,000	118,629,000	239,807,000	91,208,000	60,581,000	51,144,000	126,006,000	57,334,000	23,490,000	10,474,000	93,219,000	48,375,000	28,859,000	29,125,000	113,319,000	4,919,000	3,488,000	2,766,000
general and administrative	-31,400,000	-21,600,000	-24,500,000	-6.3	-17,400,000	-23,700,000	-22,400,000	-61,400,000	-15,000,000	-17,500,000	-121,000,000	-10,400,000	-3,002,000	-8,315,000	-8,255	-8,052,000	-10,367,000	-8,739,000	-6,588,000		-8,237,000	-7,571,000			-5,700,000	-5,578,000	-2,602,000	-4,638,000	-4,565,000	17,109,000	5,900,000	3,385,000	4,652,000	12,769,000	3,571,000	2,498,000	2,267,000	10,435,000	1,596,000	3,120,000	1,860,000	9,172,000			1,660,000
income from investment in juanicipio	16,300,000
exploration and project development	-5,300,000	-1,700,000	-4,100,000	-0.9	-3,200,000	-3,200,000	-2,800,000	-14,600,000	-3,700,000	-6,100,000	-39,800,000	-1,000,000	-8,560,000	-4,175,000	-4,076	-2,480,000	-1,839,000	-1,739,000	-2,427,000		-2,066,000	-4,625,000			-3,754,000	-2,980,000	-990,000	-10,405,000	-7,150,000	24,527,000	433,000	9,822,000	8,820,000	9,934,000	4,609,000	2,161,000	641,000	5,494,000	714,000	1,992,000	101,000
mine care and maintenance	-7,200,000	-7,800,000	-7,700,000	-6.9	-7,400,000	-8,800,000	-8,700,000	-82,200,000	-24,200,000	-26,900,000		-22,000,000	-10,478,000	-12,291,000	-9,266	-7,266,000	-27,123,000	-52,203,000	-16,024,000		-6,365,000	-5,842,000
foreign exchange gains	-400,000	-4,500,000	100,000	18.9	1,600,000	6,300,000	11,400,000	8,900,000	14,600,000	1,500,000		700,000	795,000					-63,000		2,970,000		697,000		406,000			-5,958,000	4,883,000	1,508,000	11,058,000	4,762,000	1,642,000	1,636,000	-1,018,000	1,781,000		834,000	-6,147,000
derivative gains	-1,400,000	12,900,000	15,800,000	-19	5,300,000	-800,000	-10,600,000	8,300,000		2,100,000		3,300,000
losses from sale of subsidiaries	-21,700,000
mineral properties, plant and equipment gains		800,000	-500,000		-3,000,000		300,000	7,900,000	10,000,000			200,000
other income	-12,200,000	-7,500,000			300,000	3,900,000			500,000	2,000,000	-50,600,000	-1,200,000	-9,167,000	3,650,000	2,530	854,000	-730,000		-1,303,000		1,042,000		107,000		1,014,000	239,000			-565,000
earnings from operations	249,700,000	243,900,000	228,200,000	254.6	151,900,000	89,400,000	34,800,000	38,100,000	39,300,000	-24,100,000		27,500,000	-148,015,000	-153,811,000	52,702	73,296,000	84,724,000	-19,178,000	10,156,000	52,244,000	38,925,000	19,999,000	33,701,000		-11,422,000	17,723,000			108,625,000
investment income	20,600,000	11,500,000	5,300,000	-5.9		3,000,000	-10,800,000					6,900,000	1,247,000	-7,654,000	-6,083		13,055,000	47,540,000	-28,280,000	33,741,000	36,139,000	2,533,000	12,283,000		333,000	593,000	-592,000	3,032,000	629,000
interest and finance expense	-21,200,000	-21,000,000	-19,600,000	-22.7	-20,900,000	-20,700,000	-20,400,000	-91,400,000	-28,000,000	-29,700,000	-64,900,000	-9,200,000	-6,402,000	-5,299,000	-3,484	-3,841,000	-4,367,000	-4,863,000	-6,391,000		-8,256,000	-7,945,000			-2,224,000	-2,764,000	-2,902,000	-3,326,000	-1,185,000
earnings before income taxes	249,100,000	234,400,000	213,900,000	226	130,400,000	71,700,000	3,600,000		3,500,000			25,200,000	-153,170,000	-166,764,000	43,135	30,415,000	92,889,000	24,135,000	-24,515,000	77,658,000	66,808,000	12,802,000	43,031,000		-13,084,000	15,453,000	-312,397,000	-9,504,000
income tax expense	-79,900,000	-44,800,000	-44,600,000	-118.2	-73,300,000		-34,400,000	-46,100,000	-26,200,000			-8,700,000	-18,890,000	-6,868,000		-37,977,000	-27,629,000	-4,723,000	-52,720,000			-8,937,000						-19,907,000
net earnings	169,200,000	189,600,000	169,300,000	107.8	57,100,000		-30,800,000					16,500,000	-172,060,000	-173,632,000
yoy	196.32%		-649.68%
qoq	-10.76%	11.99%	157049992.76%	-100.00%								-109.59%	-0.91%
net income margin %	19.80%	23.35%	21.90%	13.23%	7.97%	0%	-5.12%	0%	0%	0%	0%	4.23%	-45.82%	-51.00%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	0%	0%	NaN%	0%	0%
net earnings attributable to:
equity holders of the company	168,600,000	189,200,000	168,700,000	107.6	56,700,000	-21,900,000	-30,900,000	-103,700,000	-21,800,000	-46,800,000	-982,400,000	16,400,000	-172,756,000	-173,982,000	14,036	-7,798,000	65,741,000	20,063,000	-76,807,000	51,927,000	37,657,000	18,371,000	33,275,000	-63,809,000	-19,371,000	6,844,000	-293,615,000	-29,060,000	112,623,000
non-controlling interests	600,000	400,000	600,000	0.2	400,000	500,000	100,000	-1,200,000	-900,000	-600,000	-413,100,000	100,000	696,000	350,000	628	236,000	-481,000	-651,000	-428,000		62,000	128,000	537,000	232,000	-414,000	-84,000	551,000	-351,000		-1,827,000	-28,000	-1,251,000	-683,000	-1,097,000		63,000	-31,000		-1,020,000
other comprehensive earnings, net of taxes
items that will not be reclassified to net earnings:
gain on investments	400,000	200,000				100,000
total other comprehensive earnings	400,000	200,000				100,000
total comprehensive earnings	169,600,000	189,800,000	169,300,000	107.3	57,100,000		-31,000,000					100,000	-154,669,000	-185,837,000
total comprehensive earnings attributable to:
earnings per share attributable to common shareholders
basic earnings per share	0.45	0.52	0.47	0.3	0.16		-0.08					0.08	-0.82	-0.83	0.07		0.31	0.1	-0.37	0.25	0.18	0.09	0.19	-0.42	-0.13	0.05	-1.94	-0.19	1.04
diluted earnings per share	0.44	0.52	0.47	0.3	0.16		-0.08					0.08	-0.82	-0.83	0.07		0.31	0.1	-0.37	0.25	0.18	0.09	0.19	-0.42	-0.13	0.05	-1.94	-0.24	1.04
weighted-average shares outstanding basic	378,821	362,011	362,408		362,996	362,954	364,486	326,540
weighted-average shares outstanding diluted	378,909	362,121	362,520		363,068	362,954	364,486	326,540
other expense			-1,700,000	-2.1			-3,300,000	-21,300,000										-6,486,000				-350,000
loss on investments							-200,000			-4,400,000
total other comprehensive loss				-0.5			-200,000	-27,300,000		-4,400,000		-16,400,000	17,391,000
impairment charges								-78,600,000		-42,400,000				-99,064,000
gains on sale of mineral properties, plant and equipment				2.5										-522,000	-551	110,000	41,000	-1,986,000	35,000	1,040,000	-673,000	3,447,000	40,000
gains from sale of subsidiaries				137.4
transaction and integration costs								-25,300,000	-600,000	-5,500,000		-18,900,000	-157,334,000							197,000	-2,863,000	-3,446,000
change in mine reclamation obligations				-53.9
items that will not be reclassified to net earnings
unrealized gain on long-term investment				-0.3
remeasurement of retirement benefit plan				-0.2				-2,600,000
income tax expense related to long-term investments
weighted-average shares outstanding (in 000’s) basic				363,016					364,439	364,439		210,681	210,573	210,514	210,348	210,261	210,160	210,041	209,779	209,671	209,535	209,461	176,467	153,352	151,643	151,500			107,867
weighted-average shares outstanding (in 000’s) diluted				363,113					364,439	364,439		210,704	210,573	210,514	210,450	210,261	210,355	210,252	209,980	209,873	209,730	209,568	176,594	153,504	151,643	151,570			108,153
investment loss					-600,000			-5,500,000	-7,800,000	-7,900,000						-39,033,000
income tax recovery related to investments
mineral properties, plant and equipment losses						-1,200,000				-1,900,000
income tax						-93,100,000		-500,000													-29,089,000
net income						-21,400,000		-104,900,000	-22,700,000	-47,400,000	-1,395,500,000																			112,573,000
net loss attributable to:
other comprehensive loss, net of taxes
total comprehensive loss						-21,300,000		-132,200,000	-26,200,000	-51,800,000
total comprehensive loss attributable to:
loss per share attributable to common shareholders
basic loss per share						-0.06		-0.32	-0.06	-0.13						-0.04
diluted loss per share						-0.06		-0.32	-0.06	-0.13						-0.04
loss from associates							-100,000
gains and income from associates								-400,000				-400,000
income before income taxes								-58,800,000		-61,700,000	-1,794,500,000
items that will not be reclassified to net loss:
unrealized loss on long-term investment								-24,200,000					22,010,000	-12,205,000
derivative									-4,200,000
net income attributable to:
loss on investments, net of tax									-3,500,000
income tax recovery										14,300,000	399,000,000																19,333,000
temporary suspension, standby, and other incremental covid-19 costs											-7,700,000
impairment of operating mining properties											-214,900,000
derivative losses
termination fee payment to gold fields											-300,000,000
reimbursement of termination fee from pan american											150,000,000
impairment of non-operating mining properties											-1,707,800,000
income from operations											-1,729,600,000																																			2,817,000	2,817,000
yoy
qoq																																														0.00%
operating margin %	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	-95.71%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	0%	0%	NaN%	10.28%	10.28%
realized loss on long-term investment												-16,800,000
income tax recovery related to long-term investments												400,000	-4,619,000
gains on derivatives													5,818,000	3,693,000	1,638
losses on sale of mineral properties, plant and equipment													-1,134,000
gain and income from associates
foreign exchange losses														-5,135,000	-5,646	-2,409,000	-2,362,000		-1,843,000		-6,012,000				-6,386,000	-5,540,000
income from equity investees															289
income tax (expense) recovery															-28,471
net earnings and comprehensive earnings															14,664
net earnings and comprehensive earnings attributable to:
gains on commodity and foreign currency contracts																2,377,000	1,465,000	3,612,000	-8,823,000	1,564,000	170,000	1,240,000	341,000	524,000			1,049,000	279,000
share of income from associate and dilution loss																198,000
loss on derivatives																						-1,785,000				-99,000
net loss and comprehensive loss																-7,562,000
comprehensive loss attributable to:
share of income from associate and dilution gain																	1,078,000	40,000	-2,929,000	14,246,000	79,000	309,000	611,000
gain on derivatives																	-523,000	636,000					1,771,000		229,000		1,249,000	14,203,000	36,530,000
net earnings for the period																	65,260,000	19,412,000	-77,235,000	51,706,000	37,719,000	18,499,000	33,812,000	-63,577,000	-19,785,000	6,760,000	-293,064,000	-29,411,000	113,478,000
attributable to:
adjustment on reclassification of held for sale assets																					-15,596,000
bargain purchase gain																							30,492,000
net earnings from continuing operations																						3,865,000	35,741,000
net earnings from discontinued operations																						14,634,000
net loss from discontinued operations
metal inventory loss
impairment (charges) reversals
transaction costs
cost of sales - sum																									-175,495,000	-178,158,000	-173,405,000	-162,324,000
gain on commodity, diesel fuel swap and foreign currency contracts																									641,000
gain on sale of mineral properties, plant and equipment																									133,000	6,000
income taxes																									-6,701,000	-8,693,000			-31,121,000																-2,753,000
attributable to: - sum																									-19,785,000	6,760,000	-293,064,000	-29,411,000	113,478,000
impairment charge																											-336,785,000	-100,009,000
gain on commodity and foreign currency contracts																													-93,000
acquisition costs
gain on sale of assets																											5,969,000	1,466,000	861,000										1,100,000		2,250,000	7,483,000			20,164,000
other income and expenses																											10,210,000												-213,000
earnings from continuing operations																											-310,152,000	-23,413,000
weighted-average shares outstanding (in 000's) basic																											151,428	152,332
weighted-average shares outstanding (in 000's) diluted																											151,428	154,259
consolidated statements of comprehensive income
unrealized net gains																											171	1,298	1,425
reclassification adjustment for net loss included in earnings																											651	-2,570	-402
total comprehensive income for the period																											-292,242	-30,683	114,501
total comprehensive income attributable to:
total comprehensive income attributable to: - sum																												-30,683	114,501
doubtful accounts provision																																	3,293,000	4,375,000		-4,375,000
earnings before taxes																													144,599,000
non-controlling interest																													855,000						-863,000			-765,000		-488,000	-728,000	-3,777,000	-540,000	-81,000	141,000	-320,000	-320,000
condensed consolidated statement of comprehensive income
see accompanying notes to the unaudited condensed interim consolidated financial statements.
sales																														631,986,000	191,099,000	161,262,000	147,250,000	454,812,000	154,406,000	111,392,000	70,406,000	338,600,000	108,750,000	85,889,000	87,907,000	255,447,000			29,386,000
accretion of asset retirement obligation																														2,929,000	732,000	777,000	688,000	2,998,000	753,000	754,000	693,000	2,687,000
doubtful accounts and inventory provisions																														4,754,000	1,461,000
write-down of mining assets																																						15,117,000
operating earnings																														190,488,000	82,682,000	46,597,000	33,691,000	95,930,000	48,401,000	18,077,000	6,873,000	59,486,000	45,393,000			93,650,000
interest and financing expenses																														-2,061,000	-766,000	-434,000	-85,000	-4,292,000	-2,472,000	-1,121,000	-426,000	-951,000	-463,000	-246,000	-140,000	-573,000	126,000	93,000	75,000
investment and other income (expenses)																														5,488,000	3,090,000
net gains on commodity and foreign currency contracts																														-237,000		-654,000	1,321,000	1,918,000	-414,000	2,442,000	283,000		1,554,000
net gains on sale of assets																														651,000	76,000	223,000	366,000	-220,000	8,000			998,000
income before taxes and non-controlling interest																														205,387,000	89,643,000			90,851,000						27,149,000	30,865,000		2,789,000
income tax provision																														-90,987,000	-43,226,000	-17,588,000	-18,757,000	-27,756,000		-2,694,000	-2,350,000	-24,430,000	-14,497,000	-599,000	-6,246,000	-25,484,000		-942,000
earnings per share
basic income per share																														1.05	0.43	0.27	0.17	0.71		0.12	0.08	0.31	0.38	0.34	0.31	0.79
diluted income per share																														1.05	0.43	0.27	0.17	0.71	0.31	0.12	0.08	0.3	0.38	0.33	0.3	0.76
weighted-average shares outstanding																																												66,878,766
basic																														106,969	107,227	106,920		87,578								73,628			66,788	66,660	66,660
diluted																														107,575	108,043	107,509		87,751								76,152
cash dividends declared per common share																														0.075
net gains on commodity and foreign currency
contracts																															-201,000
net income for the period																															46,389,000	28,815,000	18,256,000		27,805,000	10,208,000	6,610,000		30,157,000	26,062,000	23,891,000		2,328,000		15,692,000	3,289,000	3,289,000
earnings per share:
weighted-average number of shares outstanding
basic																														106,969	107,227	106,920		87,578								73,628			66,788	66,660	66,660
diluted																														107,575	108,043	107,509		87,751								76,152
investment and other income																																280,000	767,000			-1,069,000	1,411,000	2,704,000	476,000	131,000	1,495,000	6,034,000	1,341,000	256,000	939,000
income before non-controlling interests and taxes																																47,654,000	37,696,000			12,839,000
cash dividends declared and paid per common share																																0.025
weighted average number of shares outstanding
basic																																	106,905		88,337	87,230	84,140	80,236	78,582	76,521	76,482
diluted																																	107,628		88,661	87,369	84,425	80,773	80,221	79,434	79,093
investment and other (expenses) income																																		-1,467,000
net income for the year																																		61,998,000				24,602,000				58,206,000
investment and other expenses																																			-3,407,000
income (loss) before taxes and non-controlling interest																																			43,897,000
income tax (provision) recovery																																			-15,229,000
earnings (loss) per share:
basic income (loss) per share																																			0.31
foreign exchange loss																																				-1,152,000			-2,173,000			-799,000
net gain on sale of assets																																				37,000	16,000
net earnings before non-controlling interest and taxes																																					8,991,000	49,797,000				87,467,000
other expenses																																						-4,674,000
net (losses) and gains on commodity and currency contracts																																						-1,619,000
weighted average shares outstanding
basic																																	106,905		88,337	87,230	84,140	80,236	78,582	76,521	76,482
diluted																																	107,628		88,661	87,369	84,425	80,773	80,221	79,434	79,093
asset retirement and reclamation																																							672,000	674,000	790,000	2,457,000	735,000	527,000
net earnings before taxes and non-controlling interest																																							45,674,000
operating income																																								23,073,000	26,374,000		1,448,000	-119,000	-2,799,000
foreign exchange gain																																								631,000	273,000
other income and expense																																								-370,000
net gain on commodity and foreign currency contracts																																								4,005,000	613,000
(loss) gain on sale of assets																																								-75,000
attributable to common shareholders:
accretion of convertible debentures																																										-47,000
adjusted net income for the period attributable to common shareholders																																								26,062,000	23,891,000		2,328,000
exploration																																										8,040,000	545,000	1,424,000	960,000
premium on early retirement of debentures
loss on commodity and currency contracts																																										-18,328,000
early conversion premium on convertible debentures
net income for the year attributable to common shareholders																																										58,159,000
weighted-average shares outstanding:
basic																														106,969	107,227	106,920		87,578								73,628			66,788	66,660	66,660
diluted																														107,575	108,043	107,509		87,751								76,152
operating costs																																											-21,337,000	22,380,000
general and administrative, including...																																											2,065,000	1,563,000
income tax benefit																																											79,000
basic and diluted income per share																																											0.03
weighted-average shares outstanding – basic																																											66,943
weighted-average shares outstanding – diluted																																											71,926
loss on commodity contracts																																												-3,337,000
loss before taxes and non-controlling interest																																												-3,200,000
net loss for the period																																												-4,223,000
adjusted net loss for the period attributable to common shareholders																																												-4,226,000
basic and fully diluted loss per share																																												-0.06
weighted-average shares outstanding																																												66,878,766
reclamation																																													410,000	302,000	302,000
write-down of non-producing property																																													2,460,000
debt settlement expense
net income before taxes and non-controlling interest																																													18,304,000
net income for the period attributable to common shareholders																																													15,692,000
earnings per share
basic																																													0.23
fully dilluted																																													0.23
weighted-average number of shares outstanding
basic																														106,969	107,227	106,920		87,578								73,628			66,788	66,660	66,660
fully diluted																																													69,487	72,213	72,213
expenses
operating																																														18,526,000	18,526,000
general and administration																																														934,000	934,000
stock-based compensation																																														518,000	518,000
exploration and development																																														1,213,000	1,213,000
interest																																														66,000	66,000
expenses - sum																																														24,592,000	24,592,000
gain on sale of concessions
debt settlement expenses																																														-53,000	-53,000
interest and other income																																														845,000	845,000
adjustments:
charges relating to conversion of convertible
debentures
convertible debentures issue costs
adjusted net income attributable to
common shareholders																																														3,289,000	3,289,000
earnings per share - basic and fully diluted																																														0.05	0.05
weighted-average number of shares outstanding -
basic																														106,969	107,227	106,920		87,578								73,628			66,788	66,660	66,660

Balance Sheets:

Quarterly

Annual

Unit: USD	2025-09-30	2025-06-30	2025-03-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-06-30	2022-03-31	2021-09-30	2021-06-30	2021-03-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-05-06	2019-03-31	2019-02-20	2015-08-14	2015-05-12	2014-05-09	2014-02-20	2013-02-20	2011-06-30	2011-03-23	2011-02-16	2010-09-30	2010-06-30	2010-03-22	2009-12-31	2009-06-30	2009-03-31	2008-12-31	2008-03-31	2008-02-20	2007-11-09	2006-12-31	2005-11-02	2005-03-31	2005-02-28	2004-11-01	2004-09-30	2004-07-28	2004-06-30	2004-04-20	2004-03-31	2004-03-16	2004-02-17	2003-11-12	2003-08-12

assets
current assets
cash and cash equivalents	870,200,000	1,080,900,000	900,100,000	439,000,000	337,200,000	301,100,000	399,600,000	347,500,000	367,500,000	411,300,000	194,829,000	271,876,000	257,509,000	157,125,000	133,497,000	150,329,000	188,117,000	147,827,000	120,564,000	94,713,000	92,221,000	59,618,000	90,548,000	138,510,000	182,667,000	109,921,000	178,097,000	249,937,000													51,915,000	65,840,000		22,501,000	17,901,000		17,862,000	17,862,000	53,979,000	53,979,000	14,191,000	67,505,000	14,191,000	14,191,000	92,839,000	11,138,000
investments	40,600,000	28,300,000	22,900,000	30,900,000	31,400,000	30,300,000	41,300,000	38,500,000	41,700,000	101,800,000
trade and other receivables	206,700,000	160,600,000	171,800,000	150,500,000	149,500,000	149,500,000	138,000,000	150,000,000	156,300,000	173,300,000	135,233,000	139,513,000	128,605,000	128,833,000	123,915,000	121,491,000	126,787,000	135,713,000	168,753,000	168,882,000	173,856,000	56,998,000	181,866,000	96,091,000	107,037,000	101,721,000	136,015,000	114,782,000	134,612,000	83,671,000
income tax receivables	30,800,000	24,600,000	29,500,000	53,600,000	52,300,000	60,000,000	62,900,000	64,500,000	61,900,000	44,300,000	42,736,000	22,281,000	26,691,000	24,709,000
inventories	587,200,000	603,400,000	594,600,000	810,200,000	743,600,000	744,900,000	711,600,000	701,400,000	681,800,000	675,600,000	435,362,000	472,959,000	498,015,000	521,334,000	458,582,000	358,972,000	279,312,000	325,779,000	346,507,000	328,743,000	283,320,000	124,997,000	296,108,000	214,465,000	236,843,000	239,495,000	276,049,000	284,352,000	270,089,000	133,200,000	106,854,000	106,854,000	102,778,000	96,893,000	93,446,000	93,446,000	83,623,000	83,455,000	72,650,000	53,612,000			22,216,000	14,233,000	8,279,000	10,674,000	8,809,000	8,809,000	5,777,000	5,777,000	6,612,000	8,447,000	6,612,000	6,611,000	6,736,000	6,965,000
other assets	37,300,000	50,600,000	43,800,000	28,900,000	31,200,000	33,700,000	36,600,000	32,800,000	48,300,000	54,600,000													1,043,000	2,163,000	7,288,000	7,375,000	7,825,000	8,014,000	7,291,000	6,685,000	1,618,000	1,618,000	24,862,000	23,045,000	18,430,000	2,696,000	11,144,000	3,713,000	1,959,000	22,556,000	16,322,000	15,060,000	2,430,000	518,000	697,000	647,000	4,826,000	4,826,000	4,826,000	4,826,000	3,960,000	3,506,000	3,960,000	3,748,000	3,975,000	4,294,000
non-current assets
mineral properties, plant and equipment	5,278,500,000	5,256,000,000	5,288,700,000	5,516,000,000	5,571,500,000	5,614,600,000	5,675,100,000	5,885,100,000	7,373,400,000	7,472,400,000	2,243,142,000	2,330,156,000	2,322,854,000	2,344,696,000	2,361,777,000	2,422,478,000	2,448,173,000	2,468,689,000	2,504,901,000	2,584,684,000	2,240,212,000		2,236,674,000	1,301,002,000	1,261,878,000	1,268,036,000	1,866,972,000
long-term inventories	47,700,000	29,400,000	29,300,000	28,900,000	28,500,000	28,400,000	27,800,000	60,300,000	63,100,000	64,300,000	26,773,000	26,457,000	25,759,000	24,018,000
long-term tax receivables	20,300,000	24,000,000	18,900,000	12,100,000	13,300,000	13,500,000	14,700,000	20,800,000	25,900,000	24,500,000	8,809,000	9,044,000
deferred tax assets	36,800,000	31,100,000	33,500,000	55,600,000	65,500,000	81,800,000	80,400,000	66,000,000	69,300,000	62,100,000	54,740,000	61,992,000	56,164,000	57,728,000	57,116,000	31,462,000	32,446,000	30,203,000	36,447,000	11,324,000	11,939,000	43,911,000	11,359,000	12,244,000	11,113,000	7,823,000	540,000	165,000	1,450,000	8,577,000
investment in juanicipio	1,904,200,000
other long-term assets	87,100,000	71,500,000	72,500,000	26,300,000	19,900,000	22,200,000	25,100,000	25,300,000	28,400,000	28,500,000
total assets	9,147,400,000	7,360,400,000	7,205,600,000	7,152,000,000	7,043,900,000	7,080,000,000	7,213,100,000	7,534,000,000	8,962,200,000	9,112,700,000	3,323,568,000	3,540,297,000	3,479,322,000	3,455,012,000	3,362,610,000	3,304,469,000	3,295,833,000	3,366,044,000	3,461,682,000	3,456,131,000	3,422,095,000	1,630,746,000	3,415,758,000	1,937,476,000	1,959,574,000	1,981,705,000	2,730,962,000	2,767,456,000	3,387,979,000	1,919,591,000	2,072,608,000	2,072,608,000	1,980,779,000	1,936,968,000	1,848,609,000	1,848,609,000	973,805,000	973,080,000	873,383,000	846,646,000	762,903,000	754,208,000	679,995,000	371,742,000	365,890,000	370,079,000	341,948,000	342,059,000	314,627,000	316,024,000	279,883,000	339,095,000	279,883,000	280,186,000	270,710,000	187,372,000
liabilities
current liabilities
accounts payable and accrued liabilities	523,300,000	447,600,000	434,300,000	489,300,000	467,300,000	470,300,000	498,000,000	477,500,000	490,800,000	475,100,000	301,692,000	299,593,000	284,066,000	278,036,000	278,128,000	237,917,000	194,130,000	208,704,000	225,330,000	218,335,000	182,374,000	140,091,000	200,287,000	131,743,000	119,371,000	112,991,000	132,030,000	125,609,000	136,757,000	92,292,000	81,230,000	81,230,000	90,525,000	79,487,000	96,159,000	96,159,000		47,861,000	49,208,000	50,358,000	53,736,000	53,511,000	40,095,000	17,135,000	18,262,000	20,331,000	11,435,000	11,435,000	8,521,000	9,135,000	10,525,000	10,697,000	10,525,000	10,565,000		13,333,000
derivative liabilities			2,100,000								245,000	1,115,000	2,356,000	2,380,000
provisions	67,000,000	56,300,000	44,600,000	61,100,000	55,600,000	50,100,000	41,600,000	28,700,000	44,300,000	50,800,000	12,132,000	12,508,000	13,497,000	11,465,000											3,142,000	3,154,000	3,079,000	3,172,000	7,022,000	76,284,000
lease obligations	53,600,000	45,200,000	40,400,000	46,100,000	44,500,000	43,500,000	45,700,000	39,600,000	38,800,000	41,300,000	13,555,000	11,974,000	10,585,000	11,654,000								1,127,000
debt	6,000,000	6,800,000	6,800,000	6,800,000	6,700,000	6,700,000	6,700,000	14,800,000	25,000,000	30,300,000	7,371,000	3,400,000	3,400,000	3,400,000		95,560,000	200,000,000	260,000,000	275,000,000	315,000,000	335,000,000		335,000,000
income tax payables	116,500,000	82,000,000	72,700,000	127,400,000	73,600,000	49,000,000	32,100,000	39,900,000	37,400,000	35,800,000	23,384,000	33,370,000	51,277,000	27,233,000
non-current liabilities
long-term provisions	426,300,000	428,700,000	429,600,000	408,600,000	391,000,000	409,000,000	432,400,000	388,100,000	536,700,000	537,200,000	244,690,000	246,250,000	210,281,000	217,645,000
long-term lease obligations	90,400,000	63,900,000	53,800,000	61,600,000	58,800,000	58,200,000	52,200,000	49,800,000	57,500,000	57,600,000	18,968,000	20,622,000	18,242,000	19,042,000
long-term debt	707,000,000	704,800,000	703,400,000	700,700,000	699,500,000	698,200,000	697,000,000	704,900,000	1,014,000,000	1,057,800,000	23,329,000	11,050,000	12,750,000	13,600,000													34,925,000	34,302,000	41,134,000
other long-term liabilities	98,600,000	96,400,000	95,700,000	98,800,000	92,000,000	89,800,000	93,200,000	106,300,000	123,000,000	108,500,000	26,280,000	26,062,000	27,369,000	27,320,000	27,120,000	26,823,000	26,784,000	26,610,000	27,754,000	27,859,000	27,476,000		27,743,000	25,425,000	30,997,000	32,331,000	25,764,000	26,045,000	23,256,000	35,967,000
deferred tax liabilities	435,700,000	455,000,000	491,900,000	504,300,000	526,000,000	517,800,000	541,600,000	733,400,000	1,163,600,000	1,210,700,000	159,665,000	171,433,000	193,716,000	190,303,000	185,971,000	203,665,000	201,915,000	203,978,000	176,808,000	182,778,000	183,121,000		191,204,000	148,819,000	167,823,000	169,271,000	285,856,000	285,947,000	321,630,000	50,047,000
total liabilities	2,524,400,000	2,386,700,000	2,375,300,000	2,507,100,000	2,420,500,000	2,399,000,000	2,440,600,000	2,626,900,000	3,553,100,000	3,619,800,000	845,948,000	852,328,000	840,208,000	814,853,000	779,320,000	855,583,000	902,138,000	982,949,000	993,836,000	1,005,900,000	1,003,166,000	417,288,000	1,008,325,000	424,127,000	443,072,000	450,363,000	554,133,000	578,667,000	661,250,000	364,285,000	544,546,000	544,546,000	512,085,000	501,691,000	489,563,000	489,563,000	166,537,000	174,068,000	181,996,000	161,173,000	157,800,000	159,003,000	167,969,000	86,059,000	93,381,000	89,875,000	78,615,000	81,249,000	56,287,000	56,901,000	95,785,000	96,602,000	95,785,000	96,088,000	87,087,000	66,507,000
equity
issued capital	7,450,700,000	5,919,200,000	5,925,800,000	5,939,000,000	5,938,300,000	5,938,300,000	5,966,500,000	5,963,000,000	5,963,000,000	5,963,000,000	3,137,457,000	3,136,626,000	3,132,870,000	3,132,870,000	3,132,186,000	3,129,531,000	3,128,977,000	3,126,898,000	3,123,514,000	3,119,472,000	3,117,651,000		3,117,124,000	2,321,498,000	2,296,672,000	2,296,672,000	2,295,208,000	2,295,208,000	2,300,517,000	1,281,075,000
stock-based compensation reserve	95,200,000	94,800,000	94,900,000
investment revaluation reserve	-30,300,000	-30,700,000	-30,900,000	-30,400,000	-30,400,000	-30,500,000	-30,300,000	-27,300,000	-23,800,000	-19,400,000	-12,205,000										1,000		1,000	208,000	-348,000	-517,000	-156,000	-137,000	964,000
deficit	-898,700,000	-1,023,900,000	-1,173,300,000	-1,370,800,000	-1,391,200,000	-1,333,000,000	-1,269,500,000	-1,181,200,000	-1,122,900,000	-1,039,700,000	-746,016,000	-546,773,000	-590,996,000	-589,962,000	-645,859,000	-777,203,000	-832,436,000	-841,996,000		-768,777,000	-799,082,000	-1,600,864,000			-808,417,000	-793,512,000																-24,430,000	-87,228,000	-112,515,000	-120,890,000	-111,976,000	-127,646,000	-130,169,000	-131,299,000	-130,516,000	-120,543,000	-124,686,000	-120,543,000	-120,524,000	-112,535,000	-108,170,000
total equity attributable to company shareholders	6,616,900,000	4,959,400,000	4,816,500,000	4,632,000,000	4,610,900,000	4,669,000,000	4,760,700,000	4,848,300,000	4,909,900,000	4,997,400,000	2,472,502,000	2,683,201,000	2,635,288,000	2,636,301,000
non-controlling interests	6,100,000	14,300,000	13,800,000	12,900,000	12,500,000	12,000,000	11,800,000	58,800,000	499,200,000	495,500,000	5,118,000	4,768,000	3,826,000	3,858,000	3,556,000	3,187,000	3,668,000	4,319,000	4,747,000	4,968,000	5,541,000		5,674,000	5,137,000	6,157,000	6,431,000	6,371,000	6,455,000	7,328,000		7,774,000	7,774,000	8,057,000	7,137,000	15,256,000	15,256,000	6,369,000		5,746,000
total equity	6,623,000,000	4,973,700,000	4,830,300,000	4,644,900,000	4,623,400,000	4,681,000,000	4,772,500,000	4,907,100,000	5,409,100,000	5,492,900,000	2,477,620,000	2,687,969,000	2,639,114,000	2,640,159,000	2,583,290,000	2,448,886,000	2,393,695,000	2,383,095,000	2,467,846,000	2,450,231,000	2,418,929,000		2,407,433,000	1,513,349,000	1,516,502,000	1,531,342,000	2,176,829,000	2,188,789,000	2,726,279,000	1,555,306,000
total liabilities and equity	9,147,400,000	7,360,400,000	7,205,600,000	7,152,000,000	7,043,900,000	7,080,000,000	7,213,100,000	7,534,000,000	8,962,200,000	9,112,700,000	3,323,568,000	3,540,297,000	3,479,322,000	3,455,012,000	3,362,610,000	3,304,469,000	3,295,833,000	3,366,044,000	3,461,682,000	3,456,131,000	3,422,095,000		3,415,758,000	1,937,476,000	1,959,574,000	1,981,705,000	2,730,962,000	2,767,456,000	3,387,979,000	1,919,591,000
other liabilities				2,400,000	5,500,000	6,400,000	100,000	1,000,000		1,000,000																					28,614,000	28,614,000
share option reserve				94,200,000	94,200,000	94,200,000	94,000,000	93,800,000	93,600,000	93,500,000	93,266,000													22,573,000	22,438,000	22,268,000	21,349,000	21,110,000	20,560,000	7,409,000
long-term investments
asset held for sale								141,800,000	44,600,000
liabilities relating to asset held for sale								42,900,000	22,000,000
long-term deferred revenue										13,700,000
short-term investments											46,430,000	54,410,000	57,938,000	83,242,000	72,913,000	81,302,000	73,449,000	91,346,000	117,776,000	82,310,000	46,594,000		31,011,000	74,004,000	92,242,000	182,528,000	216,284,000	172,785,000	196,116,000		180,583,000	180,583,000	133,949,000	110,600,000	92,623,000	92,623,000	75,120,000	78,081,000	3,350,000	76,146,000	55,400,000	87,207,000	91,601,000	45,863,000	73,959,000	69,791,000	62,977,000	62,977,000	64,757,000	64,757,000	74,938,000	75,294,000	74,938,000	74,938,000	13,000	13,000
derivative assets											6,905,000	7,143,000	6,662,000	10,216,000
prepaid expenses and other current assets											10,805,000	14,441,000	8,522,000	11,809,000	16,236,000	8,968,000	10,924,000	18,894,000	16,838,000	12,030,000	12,307,000		14,364,000	11,556,000	7,835,000								4,510,000	4,642,000	2,568,000	2,568,000	3,464,000	3,462,000	4,076,000
long-term investment											112,472,000
goodwill & other assets											5,332,000	5,348,000	3,878,000	4,191,000					4,987,000
deferred revenue											14,637,000	14,951,000	12,669,000	12,775,000	12,995,000	13,297,000	13,576,000	12,489,000	12,542,000	12,573,000	12,731,000	12,006,000	13,062,000	13,288,000																							754,000	754,000	780,000	780,000	865,000	853,000	865,000	864,000	880,000	993,000
long-term investment and associate												124,677,000
reserves												93,348,000	93,414,000	93,393,000	93,407,000	93,371,000	93,486,000	93,874,000	94,274,000	94,568,000	94,818,000		94,756,000
long-term refundable taxes													8,033,000	8,719,000
investment in associates													78,692,000	78,392,000	72,822,000	59,239,000	58,670,000	81,104,000	84,319,000	69,885,000	69,877,000		69,727,000	70,566,000
income taxes receivable															23,689,000	30,039,000	22,398,000	18,616,000	17,209,000	32,956,000	33,751,000		18,098,000	13,108,000	39,663,000	45,546,000	23,822,000	40,685,000	18,671,000	531,000	87,000	87,000	3,182,000	5,559,000	12,132,000	12,132,000	17,668,000
derivative financial instruments															9,031,000	1,364,000	1,854,000		1,272,000	175,000	1,356,000		2,452,000	640,000	1,913,000	544,000			25,000	158,000
current assets - sum															837,863,000					719,809,000					668,200,000	687,488,000	838,244,000	871,664,000	975,267,000	716,741,000
long-term refundable tax															4,706,000	9,815,000	24,625,000	18,692,000	17,900,000	41,041,000	21,833,000		25,854,000	70,000	8,038,000	7,926,000	10,247,000	9,801,000	9,937,000	37,574,000
goodwill and other assets															4,183,000	4,456,000	4,455,000	4,476,000		4,959,000	4,067,000
current portion of provisions															11,725,000	4,960,000	6,624,000	5,950,000	7,372,000	4,190,000	5,711,000		5,086,000	5,072,000
current portion of lease obligations															12,087,000	12,243,000	13,567,000	15,142,000	14,198,000	16,533,000	13,525,000		13,334,000
income tax payable															21,178,000	31,106,000	13,811,000	13,400,000	24,770,000	21,479,000	24,551,000	17,769,000	20,235,000	8,306,000
current liabilities - sum															324,818,000					260,537,000					198,418,000	199,035,000	157,926,000	182,632,000	196,598,000
long-term portion of provisions															209,663,000	207,359,000	205,195,000	190,442,000	188,012,000	163,249,000	142,660,000		139,137,000	70,083,000
long-term portion of lease obligations															18,753,000	22,023,000	23,379,000	24,088,000	27,010,000	28,959,000	30,233,000		14,767,000
capital and reserves
total equity attributable to equity holders of the company															2,579,734,000	2,445,699,000	2,390,027,000	2,378,776,000	2,463,099,000	2,445,263,000	2,413,388,000		2,401,759,000	1,508,212,000	1,510,345,000	1,524,911,000	2,170,458,000	2,182,334,000	2,719,401,000	1,546,029,000
share purchase warrants																		15,136,000	15,040,000	14,945,000	14,850,000		14,757,000	14,664,000			63,000	207,000	8,594,000	63,399,000
assets held for sale																					406,780,000		409,917,000							29,040,000
liabilities relating to assets held for sale																					30,934,000		33,526,000
current
other																						6,907,000
non-current
mineral interests, plant and equipment																						1,287,138,000
sales tax and other receivables																						47,076,000
restricted cash																						4,101,000
goodwill																							3,057,000	3,057,000	3,057,000	3,057,000	7,134,000	7,134,000	211,292,000
current portion of long-term debt																						125,000,000			35,392,000	34,986,000
reclamation provision																						87,262,000
deferred tax liability																						29,960,000
shareholders’ equity
share capital																						2,792,251,000									1,272,860,000	1,272,860,000	1,255,166,000	1,251,222,000	1,206,647,000	1,206,647,000	754,536,000	754,589,000	655,517,000	654,990,000
share-based payment reserve																						22,071,000
total shareholders’ equity																						1,213,458,000									1,520,288,000	1,520,288,000	1,460,637,000	1,428,140,000	1,343,790,000	1,343,790,000	800,899,000	792,847,000	685,641,000	680,035,000	599,617,000	590,379,000	512,026,000	285,683,000	272,509,000							242,493,000	184,098,000			120,865,000
total liabilities and shareholders’ equity																						1,630,746,000																					679,995,000	371,742,000	365,890,000							339,095,000	279,883,000			187,372,000
loans payable
current portion of finance lease																								5,356,000	1,989,000	3,952,000	4,837,000	4,437,000	12,473,000
long-term portion of finance lease																								1,320,000	567,000	3,663,000	5,364,000	5,717,000	24,377,000
loan payable																									23,899,000	22,718,000	14,589,000	20,095,000
current income tax liabilities																									14,625,000	21,234,000	3,391,000	29,319,000	40,346,000	44,875,000
prepaids and other current assets																										7,733,000	7,977,000	9,123,000	9,546,000	9,145,000
retained deficit																											-145,943,000
mineral property, plant and equipment																												1,870,678,000	2,182,742,000		1,492,538,000	1,492,538,000	1,489,737,000	1,501,421,000	1,457,724,000	1,457,724,000	683,832,000	697,398,000	697,061,000	307,067,000	305,918,000	300,538,000	112,993,000	119,957,000	110,417,000	104,647,000					83,574,000	84,834,000	83,574,000	83,877,000	72,275,000	69,320,000
retained (deficit) earnings																												-133,847,000
cash																													346,208,000	205,639,000	179,921,000	179,921,000	154,442,000	127,110,000	100,474,000	100,474,000	37,267,000	29,231,000	26,789,000	60,099,000			80,347,000			28,345,000
retained earnings																													397,360,000	249,140,000	192,779,000	192,779,000	149,070,000	122,929,000	88,232,000	88,232,000	43,052,000	32,844,000	26,234,000	31,789,000	1,632,000
short-term investments at fair value																														255,357,000
mineral, property, plant and equipment																														1,150,014,000
derivative financial instruments provisions																														32,000
accumulated other comprehensive income																														8,405,000	9,346,000	9,346,000	3,951,000	1,520,000	1,618,000	1,618,000		1,013,000			-8,650,000	10,309,000
non-controlling interest																														9,277,000								6,165,000		5,438,000	5,486,000	4,826,000	9,680,000	2,368,000	1,460,000	1,379,000	1,734,000	1,734,000
accounts receivable																															66,893,000	66,893,000	59,452,000	60,737,000	66,059,000	66,059,000	51,382,000	63,663,000	51,067,000		68,600,000	69,343,000					16,948,000	16,948,000						7,497,000	5,599,000	6,631,000
unrealized gain on commodity contracts																																		661,000	160,000	160,000		8,261,000	10,829,000
future income taxes																															8,172,000	8,172,000	7,867,000	6,300,000	4,993,000	4,993,000	5,111,000	5,816,000	5,602,000	6,655,000	8,388,000	3,582,000	6,670,000
prepaid and other deferred expenses																															6,520,000	6,520,000
total current assets																															549,030,000	549,030,000	466,180,000	412,502,000	372,455,000	372,455,000	278,829,000	271,969,000	174,363,000	291,204,000	244,918,000	270,523,000	270,097,000	106,722,000	125,353,000	136,251,000	110,195,000	110,306,000	136,540,000	137,562,000	104,575,000	162,930,000	104,575,000	104,787,000	107,111,000	26,715,000
long-term refundable tax receivable																															28,171,000	28,171,000				11,909,000
income taxes payable																															29,699,000	29,699,000	15,103,000	11,002,000	4,021,000	4,021,000	884,000
total current liabilities																															115,241,000	115,241,000	105,707,000	90,489,000	100,180,000	100,180,000	62,729,000	72,697,000	79,281,000	57,738,000	58,581,000	63,173,000	65,481,000	17,497,000	25,002,000	21,596,000	13,119,000	15,753,000	11,593,000	12,207,000	22,648,000	35,957,000	22,648,000	22,826,000	20,057,000	20,840,000
provision for asset retirement obligation and reclamation																															69,463,000	69,463,000	64,345,000	63,827,000	62,775,000	62,775,000		58,040,000	57,323,000	50,999,000			44,309,000	32,858,000	32,264,000	32,012,000	29,796,000	29,796,000		21,202,000	21,192,000	21,132,000	21,192,000	21,192,000
contributed surplus																															45,303,000	45,303,000	52,450,000	52,469,000	47,293,000	47,293,000	4,662,000	4,401,000	4,122,000	3,251,000
retained earnings and accumulated other comprehensive income																															202,125,000	202,125,000	153,021,000	124,449,000	89,850,000
total liabilities, non-controlling interests and shareholders’ equity																															2,072,608,000	2,072,608,000	1,980,779,000	1,936,968,000	1,848,609,000	1,848,609,000	973,805,000		873,383,000
unrealized loss on commodity and foreign currency contracts																																	79,000				3,993,000
other liability																																	20,788,000	20,788,000
unrealized loss on foreign currency contracts																																						10,011,000	14,267,000
convertible debenture																																			20,788,000	20,788,000
long-term trade receivable																																				3,825,000
unrealized gain on commodity and foreign currency contracts																																					5,194,000			6,095,000	5,502,000	1,121,000	186,000
accounts payable and other current liabilities																																					57,852,000
provision for asset retirement and reclamation																																					58,830,000
accumulated other comprehensive loss																																					-1,351,000		-232,000	-9,995,000
advances on concentrate inventory																																						4,587,000
taxes payable																																						4,711,000	9,892,000	3,233,000	1,771,000	2,834,000	23,187,000
other current liabilities																																						5,527,000	5,914,000	4,147,000	3,047,000	3,146,000	2,199,000
total liabilities, non-controlling interest and shareholders’ equity																																						973,080,000		846,646,000	762,903,000	754,208,000
other liabilities and provisions																																								490,000	151,000			1,500,000
accounts receivable, net of nil provision for doubtful accounts																																								85,358,000			65,971,000	20,091,000	23,647,000	25,757,000			9,708,000	10,322,000	7,545,000	9,465,000	7,545,000
prepaid expenses																																								3,239,000			3,106,000	4,034,000	1,567,000	1,684,000	3,599,000	3,599,000	2,319,000	2,319,000	1,289,000	1,391,000	1,289,000	1,550,000	1,924,000	1,968,000
construction in progress																																								129,332,000	95,981,000	69,800,000	104,037,000
investment in non-producing properties																																								96,487,000	98,385,000	96,027,000	188,107,000
unrealized loss on commodity contracts																																									27,000	509,000			6,127,000			2,634,000				2,485,000
inventories and stockpiled ore																																									51,737,000	38,980,000
prepaid expenses and other																																									3,376,000	4,450,000
direct smelting ore																																									1,379,000	1,483,000	1,831,000	2,343,000	2,546,000	2,671,000	3,289,000	3,289,000	3,436,000	3,436,000	3,901,000	3,604,000	3,901,000	3,901,000	4,012,000	4,135,000
asset retirement obligations and reclamation																																									50,370,000	45,782,000
common shares																																									592,402,000	590,047,000
additional paid in capital																																									14,233,000	14,453,000	14,485,000	13,790,000	11,273,000	10,976,000	9,874,000	9,874,000	11,858,000	11,858,000	12,752,000	12,711,000	12,752,000	12,753,000	11,117,000	11,117,000
advance on metal shipments																																										3,173,000
future tax asset																																											500,000
liability component of convertible debentures																																												99,000	134,000	134,000	167,000	167,000			19,116,000	17,078,000	19,116,000
authorized: 100,000,000 common shares of no par value issued and outstanding:
december 31, 2006 – 76,195,426 common shares december 31, 2005 – 67,564,903 common shares																																											584,769,000
equity component of convertible debentures																																												636,000	636,000	633,000	701,000	701,000			66,735,000	68,855,000	66,735,000	66,736,000
investment and non-producing properties																																												142,202,000	126,877,000						83,873,000	84,221,000	83,873,000	83,873,000
advances for metal shipments																																														652,000	1,244,000	1,244,000	2,632,000	2,632,000	4,536,000	5,198,000	4,536,000	4,537,000	4,763,000	4,724,000
current portion of bank loans and capital lease																																													134,000		14,000	14,000			2,639,000	12,629,000	2,639,000	2,639,000		1,700,000
current portion of non-current liabilities																																												362,000	479,000	479,000			426,000		4,948,000	4,948,000	4,948,000	5,085,000
provision for future income taxes																																												31,594,000	33,162,000
severance indemnities and commitments																																												143,000	1,359,000	1,542,000	2,640,000	2,640,000	3,158,000	3,158,000	2,126,000	2,140,000	2,126,000	2,252,000
authorized:
100,000,000 common shares of no par value
issued:
december 31, 2004 – 66,835,378 common shares
september 30, 2005 – 67,166,373 common shares																																												383,772,000
march 31, 2005 – 66,926,051 common shares																																													381,490,000
non-producing properties																																														125,863,000
current portion of bank loans and capital leases																																														134,000
bank loans and capital lease																																															332,000	332,000			10,803,000	407,000	10,803,000	10,803,000		10,992,000
provision for future income tax liability																																														33,212,000
shareholders' equity
authorized: 100,000,000 common shares of no par value
december 31, 2003 - 53,009,851 common shares
december 31, 2004 - 66,835,378 common shares																																														380,571,000
total shareholders' equity																																														280,204,000	263,333,000	260,810,000	258,340,000	259,123,000	184,098,000			184,098,000	183,623,000
total liabilities and shareholders' equity																																														370,079,000	341,948,000	342,059,000	314,627,000	316,024,000	279,883,000			280,186,000	270,710,000
mineral property, plant and equipment - notes 3 and 4																																															102,315,000
investment and non-producing properties - note 5																																															121,323,000			84,434,000
current portion of other non-current liabilities																																															426,000	426,000		426,000
provision for future income tax																																															30,073,000	30,073,000	19,035,000	19,035,000	19,035,000	19,035,000	19,035,000	19,035,000		19,035,000
authorized: 100,000,000 common shares with no par value
september 30, 2004 - 66,752,572 common shares																																															380,404,000	380,404,000
deferred loss on commodity contracts																																																111,000				828,000
mineral property, plant and equipment - notes 4 and 5																																																102,315,000
investment and non-producing properties - note 6																																																121,323,000
mineral property, plant and equipment - note 3																																																	85,391,000
investment and non-producing properties - note 4																																																	84,434,000
current portion of bank loans and capital lease - note 6																																																	14,000
bank loans and capital lease - note 6																																																	332,000
liability component of convertible debentures - note 5																																																	187,000
provision of asset retirement obligation and reclamation																																																	21,202,000
june 30, 2004 - 66,638,380 common shares																																																	377,091,000	377,091,000
equity component of convertible debentures - note 5																																																	690,000
deferred loss and unrealized gain on commodity contracts																																																		408,000
mineral property, plant and equipment - note 4																																																		85,766,000
current portion of bank loans and capital lease - note 7																																																		14,000
bank loans and capital lease - note 7																																																		332,000
liability component of convertible debentures - note 6																																																		187,000
equity component of convertible debentures - note 6																																																		690,000
see accompanying notes to consolidated financial statements
operating line of credit
december 31, 2002 - 43,883,454 shares
december 31, 2003 - 53,009,851 shares																																																			225,154,000
approved by the board
signed ross j. beaty ross j. beaty, director
december 31, 2003 – 53,009,851 common shares
march 31, 2004 – 57,316,341 common shares																																																				285,613,000
december 31, 2002 – 43,883,454 shares
december 31, 2003 – 53,009,851 shares																																																					225,154,000
liability component of convertible debenture																																																						19,116,000
december 31, 2002 - 43,883,454 common shares
december 31, 2003 - 53,006,558 common shares																																																						225,133,000
investment and other properties - note 3																																																							83,337,000
accounts payable and accrued liabilities - note 4																																																							11,303,000
current portion of bank loans - note 5																																																							1,620,000
current portion of capital lease																																																							75,000
current portion of convertible debenture liability - note 6																																																							1,213,000
current portion of severance indemnity and commitments																																																							953,000	953,000
current portion of deferred revenue																																																							130,000	130,000
bank loans - note 5																																																							10,307,000
capital lease																																																							209,000
liability component of convertible debenture - note 6																																																							21,634,000
provision for reclamation																																																							13,184,000	13,128,000
provision for future income tax - note 3																																																							19,035,000
severance indemnities and other liabilities																																																							1,781,000
share capital - note 7
september 30, 2003 - 52,609,853 common shares																																																							220,865,000
convertible debentures - note 6																																																							64,176,000
investment and other properties																																																								82,908,000
severance indemnities																																																								1,519,000
december 31, 2002 – 43,883,454 common shares
june 30, 2003 – 52,127,284 common shares																																																								217,918,000

Cashflow Statements:

Quarterly

Annual

Unit: USD	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-06-30	2022-03-31	2022-02-23	2021-09-30	2021-06-30	2021-03-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-03-31	2015-08-14	2015-05-12	2014-05-09	2011-06-30	2011-03-23	2010-09-30	2010-06-30	2010-03-22	2009-06-30	2009-03-31	2008-12-31	2008-03-31	2006-12-31	2005-03-31	2004-09-30	2004-03-31	2004-03-16	2003-08-12

operating activities
net earnings for the period	-20,400,000	20,300,000	169,300,000	107.8			-30,800,000				16,500,000	-250,463,000	76,831,000	14,664	-51,022,000			45,848,000	96,647,000	-77,235,000	13,987,000	19,220,000	33,812,000	12,486,000	-19,785,000	6,760,000
income tax expense	35,100,000	200,000	44,600,000	-118.2	-19,800,000	58,700,000	34,400,000	46,100,000			8,700,000	-4,572,000	11,440,000	28,471	20,789,000	-8,381,000	37,977,000
depreciation and amortization	-1,900,000	3,000,000	119,400,000	-188.7	1,800,000	4,000,000	124,400,000	484,200,000	-10,200,000	76,900,000	73,100,000	-10,199,000	84,526,000	-76,141	14,644,000	-6,553,000	75,093,000	-7,020,000	-16,824,000	78,149,000	5,568,000	5,058,000	49,334,000	-3,830,000	40,518,000	36,860,000		86,483,000	636,000	-60,721,000	83,169,000	7,041,000	14,815,000	46,349,000	9,864,000	17,520,000	3,218,000	1,025,000	2,145,000
income from investment in juanicipio
losses from sale of subsidiaries
net realizable value inventory	-1,700,000	1,500,000	-4,100,000					-31,800,000	-5,100,000
accretion on reclamation obligations	100,000	-100,000	6,600,000
reclamation paid
investment loss	-7,000,000	-6,500,000	1,600,000	5.9	3,600,000	-13,800,000	10,800,000	5,500,000	-100,000				-2,826,000
interest paid	-400,000	-300,000	-9,100,000	-9.3	0	-500,000	-9,000,000	-45,100,000	-2,800,000	-9,600,000	-4,000,000	-19,000	-1,370,000	-1,523	-6,000	-30,000	-1,215,000	1,308,000	575,000	-3,724,000		-147,000		-1,063,000	-1,038,000	-1,220,000										48,000				-271,000	-337,000
interest received	2,100,000	-300,000	6,900,000	3.5	-400,000	300,000	3,400,000	17,200,000	-700,000	4,400,000	1,400,000	704,000	18,000	27	4,000	-105,000	117,000	-77,000	25,000	87,000	-21,000	75,000	584,000	18,000	193,000	298,000
income taxes paid	4,000,000	26,800,000	-95,100,000	-65	4,900,000	9,800,000	-41,100,000	-149,400,000	14,700,000	-19,800,000	-30,700,000	15,827,000	-58,273,000	-22,810	-3,024,000	40,314,000	-61,333,000	3,566,000	23,404,000	-36,499,000		1,765,000		3,532,000	-11,205,000	-19,050,000
other operating activities	13,800,000			6.1	-1,300,000	-10,000,000	18,700,000	-5,100,000	-10,000,000	21,500,000	-200,000	49,340,000	11,570,000	22,379	-7,334,000	-6,641,000	-9,941,000	9,436,000	-99,082,000	53,299,000		-22,158,000
net change in non-cash working capital items	-9,800,000	70,800,000	-65,300,000	-5.8	31,000,000	31,500,000	-72,100,000	68,900,000	-11,300,000	300,000	8,000,000	-4,453,000	-15,058,000	-9,663	60,022,000	10,383,000	-47,398,000
investing activities
payments for mineral properties, plant and equipment	-30,800,000	7,800,000	-68,100,000	-85.4	800,000	11,000,000	-86,900,000	-379,000,000	4,300,000	-74,500,000	-38,500,000	-10,347,000	-61,453,000	-70,147	980,000	-15,199,000	-47,971,000	-8,494,000	25,412,000	-55,750,000	-428,000	14,828,000	-40,878,000	2,888,000	-32,446,000	-36,811,000
cash acquired in mag silver corp. acquisition
cash from mag silver corp. acquisition
proceeds from dispositions of mineral property, plant and equipment	35,700,000
proceeds from disposal of investments								144,800,000		-57,800,000	105,300,000
cash from convertible loan receivable
net proceeds from derivatives	900,000	3,100,000	200,000	-5.3	-900,000	500,000	-100,000	13,800,000	-3,400,000	5,500,000	1,500,000	1,084,000	1,978,000	2,300	-795,000
financing activities
proceeds from common shares issued	0	-100,000	900,000	0.5	300,000							38,000	323,000	284
(distributions to) contributions from non-controlling interests			-1,100,000
dividends paid	-7,200,000	0	-36,200,000	-36.3	0	200,000	-36,500,000	-130,400,000	-100,000	-15,300,000	-21,100,000	-6,000	-25,255,000	-21,032	-6,310,000	-2,000	-14,718,000	-5,000	-3,000	-10,500,000		-3,000		11,372,000	-18,955,000	-18,940,000	5,326,000	-8,026,000
shares repurchased under normal course issuer bid		8,900,000	-20,000,000			18,700,000	-21,500,000
repayment of debt	0	0	-1,700,000		-100,000	100,000	-1,700,000	-703,500,000	-219,400,000	223,300,000	-313,700,000	-261,000	-850,000
payment of equipment leases	400,000	-1,400,000	-11,800,000	-12.2	600,000	300,000	-13,100,000	-44,000,000	-3,600,000	-5,100,000	-3,700,000	-52,000	-3,419,000	-3,416	-292,000	129,000	-2,982,000	97,000	1,087,000	-4,064,000		206,000
effects of exchange rate changes on cash and cash equivalents	-1,700,000	1,100,000	300,000	-2.4	1,100,000	-300,000	-400,000	-3,700,000	700,000	-800,000	-1,200,000	-683,000	-159,000	-675	-1,416,000	1,041,000	-1,030,000	-995,000	1,957,000	-1,675,000		-467,000	37,000	-409,000	331,000	-525,000
increase in cash and cash equivalents	-391,500,000	143,500,000	37,300,000	423.8	65,700,000	134,600,000	-98,500,000	292,600,000	4,900,000	-338,600,000	304,300,000				76,756,000	57,244,000	-33,616,000
cash and cash equivalents at the beginning of the period	180,800,000	37,300,000	862,800,000	439	36,100,000	-98,500,000	399,600,000		-43,800,000	304,300,000	107,000,000	-11,674,000	283,550,000	257,509	23,628,000	-33,616,000	167,113,000	40,290,000	27,263,000	120,564,000	2,492,000	1,673,000	138,510,000
cash and cash equivalents at the end of the period	-210,700,000	180,800,000	900,100,000	862.8	101,800,000	36,100,000	301,100,000		-20,000,000	-43,800,000	411,300,000	-77,047,000	271,876,000	283,550	100,384,000	23,628,000	133,497,000	-37,788,000	40,290,000	147,827,000	25,851,000	2,492,000	90,548,000	72,746,000	109,921,000	178,097,000
contributions from (distributions to) non-controlling interests
revenue				815.1										422,170
cost of sales
production costs				-416.2										-263,442
royalties				-25.3										-6,548
mine operating earnings				184.9										76,039
general and administrative				-6.3										-8,255
exploration and project development				-0.9										-4,076
mine care and maintenance				-6.9										-9,266
foreign exchange gains				18.9
impairment charges								78,600,000
derivative gains				-19
gains on sale of mineral properties, plant and equipment				2.5										-551
gains from sale of subsidiaries				137.4
transaction and integration costs
change in mine reclamation obligations				-53.9
other expense				-2.1
earnings from operations				254.6										52,702
investment income				-5.9							-6,900,000			-6,083
interest and finance expense				-22.7										-3,484
earnings before income taxes				226										43,135
net earnings				107.8
net earnings attributable to:
equity holders of the company				107.6										14,036
non-controlling interests				0.2										628														1,827,000	568,000	-414,000	1,097,000
other comprehensive earnings, net of taxes
items that will not be reclassified to net earnings
unrealized gain on long-term investment				-0.3
remeasurement of retirement benefit plan				-0.2
income tax expense related to long-term investments
total other comprehensive loss				-0.5
total comprehensive earnings				107.3
total comprehensive earnings attributable to:
earnings per share attributable to common shareholders
basic earnings per share				0.3										0.07
diluted earnings per share				0.3										0.07
weighted-average shares outstanding (in 000’s) basic				363,016										210,348
weighted-average shares outstanding (in 000’s) diluted				363,113										210,450
net realizable value inventory recovery				-12.3
accretion on closure and decommissioning provision				7.5	100,000	0	7,900,000	34,200,000	300,000	4,000,000	5,900,000	0	3,710,000	1,864	-1,000	0	1,869,000	-3,000	2,000	2,066,000	-135,000	158,000	2,042,000	0	810,000	819,000
interest expense				12.3				51,400,000				119,000	895,000	822	231,000	-261,000	1,043,000	-553,000	-1,281,000	3,545,000	-417,000	288,000	2,047,000	-91,000	1,339,000
cash disposed in sale of subsidiaries				-16.2				-194,100,000
cash proceeds from sale of subsidiaries				306.6				549,100,000
proceeds from disposition of mineral properties, plant and equipment				2.1				3,800,000		5,300,000	100,000	-7,634,000	7,699,000
distributions to non-controlling interests							100,000	11,100,000	2,900,000	4,600,000	-200,000			-43	67,000	-9,000	-313,000					-392,000
net (repayments) proceeds from debt				-1.7
cash acquired from the yamana gold inc. acquisition
proceeds from dispositions and mineral property, plant and equipment					-400,000	300,000	500,000
(purchase of) proceeds from disposal of investments
contributions from non-controlling interests
proceeds from debt								315,000,000	-20,000,000	-230,000,000	265,000,000
cash held for sale									9,400,000
cash held for sale at the beginning of the period
net loss for the period									24,700,000								-7,562,000																				-4,223,000		-2,023,000
net realizable value inventory expense						12,300,000	14,400,000
loss from associates							100,000
net loss								-104,900,000
loss								400,000			400,000
cash acquired from yamana gold inc.								259,500,000			259,500,000
cash and cash equivalents at the beginning of the year								107,000,000
cash and cash equivalents at the end of the year								399,600,000
income tax
net realizable value inventory (recovery) expense											-20,900,000
weighted-average shares during period
shares outstanding end of period
financial
adjusted earnings
basic adjusted earnings per share
net cash (used in) generated from operating activities																							-12,911,000
net cash (used in) generated from operating activities before changes in working capital
sustaining capital expenditures
non-sustaining capital expenditures
cash dividend per share
production
silver
gold
zinc
lead
copper
cash costs
silver segment
gold segment
aisc
average realized prices
pan american silver corp.
gains and income from associates													-45,033,000
unrealized foreign exchange losses												1,216,000	2,328,000	1,643	-323,000
proceeds from short-term investments												-389,000	704,000
decrease in cash and cash equivalents													-11,674,000
foreign exchange losses														-5,646
gains on derivatives														1,638
income from equity investees														289
other income														2,530
income tax (expense) recovery														-28,471
net earnings and comprehensive earnings														14,664
net earnings and comprehensive earnings attributable to:
unrealized investment loss														6,083	35,894,000
proceeds from sale of mineral properties, plant and equipment														1,067	15,909,000	13,256,000	770,000	-10,091,000	9,961,000	205,000	-923,000	-8,065,000	47,000
proceeds from short-term investments and other securities														455	-115,000
repayment of credit facility																		30,000,000	-125,000,000	-15,000,000
repayment of loans														-850
net increase in cash and cash equivalents														26,041				-78,078,000	13,027,000	27,263,000	23,359,000	819,000
exercise of warrants
proceeds from credit facility																							335,000,000
losses on securities held																	39,033,000
unrealized losses on foreign exchange																	2,167,000	1,096,000	-1,911,000	3,527,000		6,819,000	2,495,000		2,073,000	1,704,000			648,000	-3,800,000	1,478,000
operating activities - sum																	29,850,000																							-3,324,000	-2,223,000
net proceeds from (purchase of) short-term investments and other securities																	255,000	-81,367,000
net proceeds from commodity, diesel fuel swaps, and foreign currency contracts																	2,484,000	365,000	-919,000	-541,000	-834,000	989,000	436,000
investing activities - sum																	-44,462,000																					-46,354,000	-3,557,000	-87,719,000	-6,502,000
proceeds from issue of equity shares																	39,000	-1,023,000	-1,521,000	2,931,000	-245,000	1,222,000
financing activities - sum																	-17,974,000																					23,845,000	57,264,000	13,348,000
cash flow from operating activities
current income tax expense																		15,876,000	-10,276,000	19,323,000	13,124,000	5,217,000	14,295,000		4,379,000	9,208,000
deferred income tax expense																				33,397,000					2,322,000
loss on sale of mineral properties, plant and equipment																		-2,027,000				4,116,000
changes in non-cash operating working capital																		-22,287,000	-6,880,000	38,151,000	19,640,000	-35,034,000		-1,926,000	4,522,000	3,000		23,947,000	11,805,000	37,872,000	-35,690,000	23,869,000	-24,373,000	-6,947,000	-25,947,000	-2,889,000
operating cash flows before interest and income taxes																		47,396,000	-75,305,000	154,187,000	44,944,000	-3,263,000	23,481,000	6,144,000	23,996,000	56,097,000
net cash generated from operating activities																		52,193,000	-51,301,000	114,051,000	47,525,000	-1,570,000		8,631,000	11,946,000	36,125,000
cash flow from investing activities
tahoe resources inc.
acquisition of mineral interests
net cash from investing activities																				-58,480,000	-4,032,000	21,823,000	-233,768,000		-33,546,000	-84,700,000
cash flow from financing activities
proceeds from loans
net cash (used in) generated from financing activities																		-45,315,000	-45,437,000	-26,633,000	-20,657,000	-18,967,000
deferred income tax
net cash generated from investing activities
gain on sale of mineral properties, plant and equipment																				-35,000
net (purchase of) proceeds from short-term investments																				-2,394,000
deferred income tax recovery																										-515,000
tahoe acquisition
net (purchase of) proceeds from sale of short-term investments																												-80,162,000			-80,136,000
repayment of short-term loans
payment of lease obligations
project development write-down
bargain purchase gain
earnings for the year
adjustments for:
income tax (recovery) expense
items not involving cash:
depreciation and depletion
loss on disposition of plant and equipment
share-based payments
unrealized foreign exchange loss
impairment
accretion
cash from operating activitiesbefore changes in working capital
changes in working capital
cash from operating activities
capital expenditures
free cash flows
net cash from operating activities
additions to mineral interests, plant and equipment
proceeds from issuance of common shares on exercise of share options
repayments of loan facility
borrowing on revolving debt
dividends paid to shareholders
loan origination fees and other
payments on finance leases
net cash from financing activities																								3,318,000	-15,003,000	-22,740,000
effect of exchange rates on cash and cash equivalents
(decrease) in cash and cash equivalents
cash and cash equivalents, beginning of year
cash and cash equivalents, end of year
net proceeds from (purchase of) short-term investments																							54,106,000
net cash generated from financing activities																							198,680,000
net decrease in cash and cash equivalents																									-36,272,000	-71,840,000
deferred income tax (recovery) expense
net purchase of short-term investments
purchase of shares in associate
proceeds from (repayment of) short-term loans
current income taxes
unrealized loss on foreign exchange
share-based compensation expense																								-6,000	784,000	1,165,000
gain on commodity and diesel fuel swap contracts
loss on derivatives																										99,000
gain on sale of assets																																	-16,000	-998,000	-1,100,000	-7,483,000
net realizable value adjustment for inventory																								13,579,000	-12,060,000
proceeds (purchase) of short term investments
proceeds from settlement of commodity contracts
proceeds from sale of assets																												1,337,000	775,000	-47,000	208,000	19,000	38,000	12,199,000	9,450,000	2,000,000	500,000
net refundable tax and other asset expenditures																										-314,000
proceeds from
payments on construction and equipment leases
unrealized gains on diesel fuel swap contracts																									-544,000
unrealized loss on derivatives																									-229,000
gain on sale of mineral property, plant and equipment																									-133,000	-6,000
payments for short term investments																									-1,240,000	-47,679,000
proceeds from sale of mineral property, plant and equipment																									140,000	104,000
payment of short term loan																										-4,708,000
proceeds from short term loan																									5,293,000	2,040,000
payment of construction and equipment leases																									-1,341,000	-1,132,000
cash at the beginning of the period																									146,193,000	249,937,000
impairment charge
unrealized gains on commodity contracts
shares repurchased and cancelled
net earnings for the year
stock-based compensation expense
unrealized losses on commodity contracts
gain on derivatives
payments for mineral property, plant and equipment
(purchase) maturity of short term investments
acquisition of minefinders, net of cash acquired
payments of construction and equipment leases
net (distributions to)/contributions from non-controlling interests
effects of exchange rate changes on cash
net increase in cash
cash at the end of the period
supplemental cash flow information
significant non-cash items
fair value of shares issued as part of minefinders acquisition
replacement options issued as part of minefinders acquisition
post acquisition expenditures associated with the replacement options
advances received for construction and equipment leases																											119,000	5,360,000
stock compensation issued to employees and directors																												4,768,000			1,963,000
net earnings before taxes
depreciation, depletion and amortization
doubtful account provision
unrealized loss on commodity contracts																																					1,912,000		1,657,000
operating cash flows before movements in working capital and income taxes paid
changes in assets and liabilities:
trade and other receivables
inventories
prepaid expenditures
accounts payable and accrued liabilities
provisions
cash generated from operations
payments for property, plant and equipment
net (purchases) of short term investments
proceeds from sale of property, plant and equipment
net refundable tax paid and other asset expenditures																											-3,027,000	-3,922,000
net repayments from advances on metal shipments
net contributions from non-controlling interests
effects of exchange rate changes on the balance of cash held in foreign currencies
equity issued to acquire non-controlling interest of aquiline resources inc.
warrants issued to acquire non-controlling interest of aquiline resources inc. and classified as a liability
see accompanying notes to the unaudited condensed interim consolidated financial statements.
net income for the year																												112,573,000			61,998,000					58,206,000
reclamation expenditures																												-1,045,000	-169,000	907,000	-992,000			-167,000	-38,000	-1,172,000	-275,000	-97,000	-362,000
items not affecting cash:
write-down of mining assets																																		15,117,000
accretion of asset retirement obligation																												2,929,000			2,998,000
net losses on sale of assets																												-651,000			220,000
future income taxes																												17,227,000	-3,393,000	-1,398,000	2,113,000	2,118,000	-2,070,000	3,210,000	4,981,000	-3,343,000
unrealized gains on foreign exchange																												-9,976,000
other operating adjustments and charges																												4,754,000
gain on disposal of securities in acquisition of subsidiary																															-6,353,000
net change in unrealized losses on commodity and foreign currency contracts																												160,000			-3,597,000
stock-based compensation																												4,028,000	73,000	-1,545,000	2,382,000	-491,000	843,000	2,223,000	475,000	2,943,000	297,000	-166,000	440,000
cash generated by operating activities																												242,256,000	19,644,000	-70,877,000	115,968,000				19,465,000
mining property, plant and equipment expenditures																												-83,370,000			-52,751,000			-243,800,000		-96,999,000
acquisition of net assets of subsidiary,																															942,000
cash from investing activities																												-166,117,000			-146,342,000					-160,737,000	-14,221,000
proceeds from issuance of common shares																												11,887,000	2,852,000	-103,821,000	103,909,000	-103,819,000	103,864,000	50,843,000	50,689,000	153,611,000
share issue costs																															-5,592,000	5,514,000	-5,553,000			-7,669,000			-84,000
dividends paid by subsidiaries to non-controlling interests																												-992,000						-2,626,000
net (repayments) proceeds from advances on metal shipments and loans																												-5,630,000
cash generated by financing activities																												2,599,000			104,059,000		101,716,000	50,711,000		145,894,000	919,000
cash, beginning of period																												100,474,000	7,376,000	92,945,000	26,789,000		26,789,000		51,915,000
increase in cash during the period																												78,738,000	19,956,000	-66,309,000	73,685,000	5,594,000	2,442,000		8,184,000
effect of exchange rate changes on cash																												709,000
cash, end of period																												179,921,000	27,332,000	26,636,000	100,474,000		29,231,000		60,099,000
taxes paid																												36,651,000	6,287,000	-14,264,000	21,655,000	-4,185,000	8,221,000	27,577,000	8,839,000	7,946,000	92,000
common shares issued to acquire mineral interest																												47,517,000
net income for the period																													10,559,000						30,157,000			2,002,000
accretion of asset retirement and obligation																													89,000
doubtful accounts provision																														-1,082,000	4,375,000
unrealized gain on derivative equity securities held
other asset proceeds
net (payments) contributions from non-controlling interests
net proceeds (repayments) from advances on metal shipments and loans																													882,000
cash generated by (used in) financing activities																													380,000						49,961,000
equity issued to acquire mineral interests
net gains on sale of assets
mining property, plant and equipment expenditures (net
of accruals)
other asset expenditures
cash used in investing activities																																71,240,000	-93,899,000	-168,822,000
present value charge on long term receivable																															2,770,000
other assets expenditures																															-14,605,000
dividends paid by subsidiaries to non controlling-interests
non-controlling interests contributions received / receipts of debt																															5,742,000
debenture and equity issued to acquire mineral interest																															514,870,000
net income																																3,598,000	6,610,000	24,602,000
asset retirement and reclamation accretion																																61,000	693,000	2,687,000		2,457,000		1,000
net loss on sale of assets
unrealized losses on commodity and foreign currency contracts
proceeds from (purchase of) sale of short-term investments
purchase of other assets																																-1,705,000	-1,655,000		-4,888,000
dividends paid by subsidiaries to non controlling interests																																			-1,385,000
contributions from non controlling interest																																850,000	388,000		318,000
(repayments of) proceeds from advances on metal shipments and third party loans
cash (used in) generated by financing activities
cash beginning of period
cash end of period
supplemental disclosures
non-controlling interest																																	31,000	765,000	1,020,000	3,777,000	81,000
unrealized foreign exchange gain																																	-220,000	-2,769,000
unrealized gain on commodity and foreign currency contracts																																	-1,688,000		-619,000
cash (used in) generated by operating activities																																	-5,375,000
mineral property, plant and equipment expenditures																																	-18,652,000		-43,513,000		-8,988,000		-3,234,000	-14,507,000	-8,638,000
proceeds from (purchase of) short-term investments																																	-73,630,000
proceeds from advances on metal shipments and third party loans																																	3,017,000
items not affecting cash;
unrealized gain on commodity and currency contracts																																		8,913,000
cash generated by operations																																		92,985,000		65,899,000
acquisition of net assets of subsidiary, net of cash																																				-168,000
proceeds from/(purchase of) short-term investments																																		62,779,000		-65,570,000
contributions received/receipts (payments) of debt																																		2,494,000
(decrease) increase in cash during the year																																		-25,126,000
cash, beginning of year																																		51,915,000		29,291,000
cash, end of year																																		26,789,000		80,347,000
see accompanying notes to consolidated financial statements
asset retirement and reclamation																																			672,000		527,000
maturity (purchase) of short-term investments																																			-22,291,000
cash (used in) generated by investing activities																																			-61,242,000
proceeds from advance on metal shipments and third party loans																																			339,000
loss (gain) on sale of assets
unrealized loss on commodity and foreign currency contracts
mineral property, plant and equipment expenditures (net
purchase of additional 40 percent interest in san vicente
convertible debentures interest payments
(repayment) proceeds from advance on metal shipments
(decrease) increase in cash and cash equivalents during the period
cash and cash equivalents, beginning of period																																					28,345,000	-13,526,000	14,191,000		10,185,000
cash and cash equivalents, end of period																																					17,901,000	-36,117,000	67,505,000		11,138,000
debt settlement expenses
interest accretion on the convertible debentures																																				8,000
unrealized loss on commodity and currency contracts																																				-4,125,000
convertible debentures payments																																				-48,000		11,191,000
increase in cash during the year																																				51,056,000
items not involving cash
accretion on convertible debentures
debt settlement expense
future income tax
changes in operating working capital items
shares issued for cash																																					919,000	-131,000	60,062,000	5,410,000	2,698,000
interest payment on convertible debentures
repayment of bank loans and capital lease
investment and non-producing property expenditures																																					-1,015,000	-116,000	-345,000
acquisition of net assets of subsidiary
maturity of short-term investments
other																																					-50,000			58,000	120,000
increase in cash and cash equivalents during the period																																					-10,444,000		53,314,000		953,000
supplementary disclosures
shares issued for compensation
share purchase warrants issued
shares issued for conversion of convertible debentures
cash payments
gain on sale of marketable securities																																							-22,000
changes in non-cash operating working capital items																																					1,321,000		-3,316,000
cash generated by (used in) operations																																					2,858,000
(purchase)/maturity of short-term investments																																					-4,668,000
minority interest
interest accretion on convertible debentures																																							269,000
compensation expense
operating cost provisions																																						-504,000	517,000
changes in non-cash working capital items																																						-4,696,000
shares issue costs
convertible debentures
convertible debentures issue costs
capital lease repayment
proceeds from bank loans																																									8,000,000
repayment of bank loans																																							-407,000		-813,000
acquisition of cash of subsidiary																																									2,393,000
proceeds from sale of marketable securities																																						-8,427,000	22,000
during the period																																						-22,591,000
supplemental disclosure of non-cash financing and investing activities
shares issued for acquisition of subsidiary
gain on sale of concessions
mineral property, plant and equipment exenditures
proceeds from sale of concessions
sales proceeds																																								33,142,000	21,727,000
hedging activities																																								-144,000	308,000
other income and expenses																																								393,000	239,000
products and services purchased																																								-33,925,000	-21,656,000
exploration																																								-927,000	-1,090,000
general and administration																																								-1,592,000	-1,414,000
proceeds of bank loans and capital lease
repayments of bank loans and capital leases
proceeds from convertible debentures
sales (purchases) of short-term investments
increase in cash and cash equivalents for the year
cash and cash equivalents at beginning of year
cash and cash equivalents at end of year
reclamation																																							302,000
cash used by operations																																							-393,000
convertible debentures interest payment																																							-2,307,000
repayment of line of credit																																									-125,000
supplemental disclosure of non-cash transactions
convertible debentures - note 6
debt issue costs
capital lease
investment and other property expenditures																																									-377,000
increase (decrease) in cash and cash equivalents for the period
shares issued for acquisition of mineral property
shares issued for royalty purchase
shares issued for compensation expense
shares, warrants and stock options issued for acquisition of subsidiary																																									64,228,000
capital lease payments																																									-75,000

Pan American Silver Corp(NYSE:PAAS)

Pan American Silver Corp
(NYSE:PAAS)