Pan American Silver Slips To Loss In Q2

Pan American Silver Corp. (PAAS, PAAS.TO) reported a second quarter net loss of $173.6 million or $0.83 per basic share, compared to net income of $71.24 million or $0.34 per basic share in the prior year. The latest quarter result impacted by a pre-tax impairment charge of $99.1 million recorded for Dolores and $62.8 million in net realizable value (NRV) inventory adjustments, primarily at Dolores.

Adjusted loss for the latest quarter was $6.5 million or $0.03 per share.

The company reported Silver production of 4.5 million ounces and gold production of 128.3 thousand ounces.

Revenue for the quarter was $340.47 million, down from $382.13 million in the previous year. The latest quarter result included a negative $9.3 million adjustment on open concentrate shipments, largely related to the decline in metal prices towards the end of the second quarter 2022. Revenue in the latest quarter excluded inventory build-ups of 34.2 thousand ounces of silver and 8.5 thousand ounces of gold.

The company declared a cash dividend of $0.11 per share, payable on or about September 2, 2022, to holders of record of Pan American's common shares as of the close on August 22, 2022.

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