Pan American Silver Slips To Loss In Q3

(RTTNews) - Pan American Silver Corp. (PAAS, PAAS.TO) reported a third quarter net loss of $71.2 million or $0.34 loss per basic share, compared to net income of $20.2 million or $0.10 per basic share in the previous year. The latest quarter results impacted by $15.1 million in net realizable value inventory adjustments, primarily at Dolores; $12.6 million in investment losses on short-term investments; and mine closure severance provisions of $9.4 million recorded for Manantial Espejo.

Adjusted loss was $2.8 million or $0.01 loss basic per share compared to adjusted net income of $37.8 million or $0.18 per basic share in the prior year.

Revenue for the quarter declined to $338.9 million from $460.3 million in the prior year. The latest quarter result included a negative $4.8 million adjustment on open concentrate shipments, largely related to the decline in metal prices towards the end of third quarter 2022.

The company reported Silver production of 4.5 million ounces and gold production of 128.8 thousand ounces in the third quarter.

The company revised its estimate for full-year 2022 silver production to be between 18.0 and 18.5 million ounces from the 19.0 to 20.5 million ounces provided in the 2022 Original Operating Outlook.

The company reaffirmed the 2022 Original Operating Outlook for gold production.

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