(All amounts expressed in US$ unless otherwise
indicated. Results are preliminary and could change based on final
audited financial results)
VANCOUVER, Jan. 19, 2015 /CNW/ - Pan American Silver
Corp. ("Pan American" or the "Company") (PAAS: NASDAQ; PAA:
TSX) produced 6.75 million ounces of silver at its seven operating
mines during the fourth quarter of 2014, posting a silver
production record of 26.11 million ounces for the full year. In
addition, the Company produced 43,900 ounces of gold during the
fourth quarter of 2014, boosting the Company's consolidated gold
production to an annual record of 161,500 ounces, an 8% increase
compared to 2013.
|
Fourth Quarter
2014 Preliminary Unaudited Operational
Highlights(1)
|
- Silver production was 6.75 million
ounces, slightly lower than the 6.80 million ounces produced in the
fourth quarter of 2013
- Gold production was 43,900 ounces, 5%
lower than in the fourth quarter of 2013
- Preliminary consolidated cash costs
were $11.92 per payable ounce of silver, net of by-product
credits
|
2014 Full-Year
Preliminary Unaudited Operational
Highlights(1)
|
- Record silver production of 26.11
million ounces, a small increase from 2013
- Record gold production of 161,500
ounces, an 8% increase from 2013
- Preliminary consolidated cash costs
were well below annual forecast at $11.46(2) per payable
ounce of silver, net of by-product credits
|
(1)
|
Cash costs per
payable ounce of silver produced, net of by-product credits, for
both the fourth quarter and full-year 2014 are considered
preliminary and could change based on final audited financial
results. Cash costs per payable ounce of silver produced is a
non-GAAP measure. Cash costs does not have a standardized meaning
prescribed by the International Financial Reporting Standards
("IFRS") as an indicator of performance. Investors are cautioned
that cash costs per ounce should not be construed as an alternative
to production costs, depreciation and amortization, and royalties
determined in accordance with IFRS as an indicator of performance.
The Company's method of calculating cash costs may differ from the
methods used by other entities and, accordingly, the Company's cash
costs may not be comparable to similarly titled measures used by
other entities. This measure is a non-GAAP measure and readers
should refer to the information under the heading "Non-GAAP Measure
– Cash Costs Per Payable Ounce of Silver Produced, Net of By
Product Credits" at the end of this news release for more
information and to the Alternative Performance (non-GAAP) Measures
section of the Company's most recently filed MD&A for the
period ending September 30, 2014, for a more detailed discussion of
this measure. A reconciliation of this measure to the audited
annual consolidated financial statements for the year ending
December 31, 2014, will be provided in the Company's upcoming
annual MD&A for the same period.
|
(2)
|
Previously reported
cash costs for the Company's Peruvian operations overstated copper
by-product credits. Both consolidated and Peruvian annual cash
costs for 2014 and 2013 have been adjusted to correct for this
overstatement. Please refer to Note 4 under the table below, which
sets out Pan American's preliminary 2014 precious metals production
and cash costs for more detailed information.
|
|
|
Commenting on the fourth quarter and full-year production
results, Geoff Burns, Pan American's
President and CEO said, "We finished 2014 strongly, and it is
certainly gratifying to achieve new annual production records for
both silver and gold, while keeping our costs well below the low
end of our guidance for the year." Burns continued, "Looking
forward into 2015, we are anticipating similar consolidated silver
production coupled with a modest rise in gold production, while our
cash costs should remain basically flat. This production profile
should position us to comfortably maintain our financial strength,
even if silver prices persist at their currently depressed
levels."
Pan American's preliminary 2014 precious metals production and
cash costs by mine were as follows:
Mine
|
Preliminary
2014
Silver Production
(Moz)(1)
|
Preliminary
2014
Gold Production
(koz)(1)
|
Preliminary
Cash
Costs(2)
|
La
Colorada
|
4.98
|
2.6
|
$8.14
|
Alamo
Dorado
|
3.47
|
17.6
|
$12.89
|
Dolores
|
3.98
|
66.8
|
$12.94
|
Huaron
|
3.63
|
1.2
|
$11.56(4)
|
Morococha
(92.3%)(3)
|
2.37
|
2.9
|
$13.22(4)
|
San Vicente
(95%)(3)
|
3.95
|
n/a
|
$13.16
|
Manantial
Espejo
|
3.72
|
70.5
|
$10.12
|
Total
|
26.11
|
161.5
|
$11.46(4)
|
|
|
(1)
|
Silver production is
rounded to the nearest 100,000 ounces and gold production is
rounded to the nearest 100 ounces.
|
(2)
|
Preliminary unaudited
cash costs per payable silver ounce, net of by-product credits.
Average by-product metal prices for 2014 were: Au $1,266/oz, Zn
$2,164/tonne, Pb $2,096/tonne, Cu $6,862/tonne. Cash costs is a
non-GAAP measure and readers should refer to the information under
the heading "Non-GAAP Measure – Cash Costs Per Payable Ounce of
Silver Produced, Net of By Product Credits" at the end of this news
release for more information.
|
(3)
|
Pan American's
ownership in the operation.
|
(4)
|
Previously reported
cash costs for the Company's Peruvian operations overstated copper
by-product credits. Both consolidated and Peruvian annual cash
costs for 2014 and 2013 have been adjusted to correct for this
overstatement. The effect of these corrections on 2014's
annual cash costs was as follows: a $0.50 per ounce increase to
consolidated cash costs (2013 - $0.15); a $2.87 per ounce increase
to Huaron cash costs (2013 - $0.85); and, a $1.72 per ounce
increase to Morococha cash costs (2013 - $0.58).
|
In 2014, Pan American achieved another annual silver production
record at 26.11 million ounces, a 1% increase in comparison to
2013. The increase was achieved as a result of record silver
production at La Colorada as throughput increased, and a 14% rise
in silver production from Dolores due to higher throughput and the
increased leach times provided by the larger leach pad 3. It is
also worth noting that San Vicente posted near-record annual silver
production due to higher throughput, despite a two-week work
stoppage during the third quarter of 2014.
Pan American also achieved record gold production of 161,500
ounces in 2014, an 8% increase from 2013. Consolidated gold
production rose as a result of a 16% increase in gold produced at
Manantial Espejo on account of higher throughput and grades, as
well as a 2% increase in gold produced at Dolores due to higher
throughput. In addition, Alamo Dorado produced 17,600 ounces of
gold, only 3% less than in 2013, even while processing lower grades
as the mine approaches the final stages of mining operations.
Pan American's 2014 consolidated base metals production rose
significantly. The Company's zinc production rose 3% from 2013
levels to 43,500 tonnes, boosted by higher throughput at La
Colorada and improved productivity achieved at both Huaron and
Morococha. Lead production totaled 15,000 tonnes, an 11% increase
from 2013 owing to higher production at La Colorada and Morococha.
Finally, copper production rose 64% to a record 9,000 tonnes due
mainly to a 66% increase in copper production at Huaron and a 34%
increase in copper production at Morococha. (Note: All base metals
production figures have been rounded to the nearest 100
tonnes).
Pan American's consolidated cash costs for the fourth quarter of
2014 were $11.92 per ounce of silver,
net of by-product credits, 21% higher than in the fourth quarter of
2013. The increase in costs resulted largely from a decrease in
by-product credits due to significantly lower by-product prices.
Pan American's consolidated cash costs for the full-year 2014 were
$11.46 per ounce of silver, net of
by-product credits, well below the Company's 2014 full year
forecast of $11.70 to $12.70 per
ounce.
2015 Operational Forecast
In 2015, Pan American expects to produce between 25.50 million
and 26.50 million ounces of silver as Alamo Dorado's production
decline is expected to be offset by production increases at the
Company's other operations.
The Company's 2015 gold production is expected to rise by 2% to
8%, to between 165,000 and 175,000 ounces, mainly as a result of
higher grades at Dolores.
Pan American's base metals production during 2015 is expected to
be between 41,000 and 43,000 tonnes of zinc, 14,500 to 15,000
tonnes of lead and 8,000 to 8,500 tonnes of copper.
Consolidated cash costs for the full year 2015 are expected to
remain at similar levels compared to 2014 at between $10.80 and $11.80 per ounce of silver, net of
by-product credits.
Consolidated all-in sustaining costs per silver ounce sold
("AISCSOS") for the full year 2015 are expected to decline to
between $15.50 and $16.50 per ounce
as compared to the Company's 2014 forecast of between $17.00 and $18.00, due primarily to lower
expected sustaining capital expenditures. The Company has adopted
AISCSOS as a measure of its consolidated operating performance and
its ability to generate cash from all operations collectively, and
Pan American believes it reflects a comprehensive measure of the
cost of operating the Company's consolidated business. However,
AISCSOS (and its sub-component sustaining capital) is a non-GAAP
measure and does not have a standardized meaning under IFRS as an
indicator of performance and readers should refer to the
Alternative Performance (Non-GAAP) Measures section of the
Company's most recently filed MD&A for the period ending
September 30, 2014, for more detailed
description of this measure and its calculation.
The following table presents Pan American's 2015 forecast
precious metals production and cash costs by mine:
Mine
|
2015 Silver
Production
(Moz)(1)
|
2015 Gold
Production
(koz)(1)
|
Cash
Costs(2)
|
La
Colorada
|
4.90 –
5.00
|
2.5 – 2.7
|
$8.50 -
$9.25
|
Alamo
Dorado
|
2.95 –
3.20
|
15.5 –
16.6
|
$14.00 -
$14.50
|
Dolores
|
4.00 –
4.15
|
75.0 –
80.0
|
$8.50 -
$10.00
|
Huaron
|
3.70 –
3.80
|
1.0 – 1.20
|
$13.00 -
$13.75
|
Morococha
(92.3%)(3)
|
2.30 –
2.40
|
2.0 – 2.5
|
$12.75 -
$14.25
|
San Vicente
(95%)(3)
|
4.00 –
4.15
|
n/a
|
$11.00 -
$12.00
|
Manantial
Espejo
|
3.65 –
3.80
|
69.0 –
72.0
|
$10.50 -
$11.75
|
Total
(4)
|
25.50 –
26.50
|
165.0 –
175.0
|
$10.80 -
$11.80
|
(1)
|
Silver production
rounded to the nearest 100,000 ounces and gold production rounded
to the nearest 100 ounces.
|
(2)
|
Cash costs per silver
ounce, net of by-product credits. By-product metal prices
assumptions used for 2015 cash costs calculation: Au $1,201/oz, Zn
$2,236/tonne, Pb $2,002/tonne, Cu $6,628/tonne. Cash costs is a
non-GAAP measure and readers should refer to the information under
the heading "Non-GAAP Measure – Cash Costs Per Payable Ounce of
Silver Produced, Net of By Product Credits" at the end of this news
release for more information.
|
(3)
|
Pan American's
ownership in the operation.
|
(4)
|
Totals may not add up
due to rounding.
|
2015 Capital Investments
In 2015, Pan American expects a substantial reduction in
sustaining capital investments as compared to 2014, due to reduced
pre-stripping at Manantial Espejo and fewer mining equipment
purchases for Huaron and Morococha as the multi-year mechanization
program at both Peruvian operations is largely complete. In total,
the Company plans to spend between $71.0 and
$84.0 million on sustaining capital at its seven operating
mines, down from the estimated $100
million spent on sustaining capital in 2014.
Pan American also expects to spend between $98.0 and $109.0 million on long term development
and expansion projects, the majority of which will be invested in
the La Colorada expansion project. The following table details the
forecast capital investments at the Company's operations and
projects in 2015:
Operation
|
2015 Forecast
Capital
Investments ($Millions)
|
La Colorada
|
11.0 – 12.0
|
Alamo Dorado
|
0.0
|
Dolores
|
30.0 – 35.0
|
Huaron
|
8.0 – 10.0
|
Morococha
|
6.0 – 8.0
|
San Vicente
|
4.0 – 5.0
|
Manantial
Espejo
|
12.0 – 14.0
|
Sustaining Capital
Total
|
71.0 –
84.0
|
Project Development
Total
|
98.0 – 109.0
|
2015 Total
Capital
|
$169.0 – $193.0
Million
|
Steve Busby, Chief Operating
Officer, commented on 2014's results and 2015's plans, "I would
like to express my personal gratitude to our dedicated and
extremely capable operating and project teams at Pan American, who
once again managed to achieve several new Company production
records during 2014, while simultaneously posting yet another
outstanding annual safety performance. This reaffirms my opinion
that safety and production go hand-in-hand in the mining business.
Following on the successes of 2014, I am delighted that we are
targeting yet another record-breaking year of silver and gold
production, despite the expected production decline from our highly
successful Alamo Dorado mine that is nearing the end of its mine
life. Furthermore, our project teams are motivated and
committed towards substantially advancing the Company's organic
expansion projects during 2015, which should allow us to continue
to grow Pan American's production and cash flows beyond 2015."
Technical information contained in this news release with
respect to Pan American has been reviewed by Michael Steinmann, P.Geo., Executive VP
Corporate Development & Geology, and Martin Wafforn, P.Eng., VP
Technical Services, who are the Company's Qualified Persons
for the purposes of NI 43-101.
Pan American will announce its unaudited 2014 fourth quarter and
2014 full-year consolidated results on Wednesday, February 18, 2015 after market close.
A conference call and live audio webcast to discuss the results
will be held on Thursday, February 19,
2015 at 1:00 pm EST
(10:00 am PST). To participate in the
conference, please dial toll number 1-604-638-5340.
A live audio webcast and Power Point presentation will be
available live at
http://services.choruscall.ca/links/pan150219.html. The call
and webcast will also be available for replay for two weeks after
the call by dialing 1-604-638-9010 and entering code # 6218
followed by the # sign.
About Pan American Silver
Pan American Silver's mission is to be the world's pre-eminent
silver producer with a reputation for excellence in discovery,
engineering, innovation and sustainable development. The Company
has seven operating mines in Mexico, Peru,
Argentina and Bolivia. Pan American also owns several
development projects in the USA,
Mexico, Peru and Argentina.
NON-GAAP MEASURE – CASH COSTS PER PAYABLE OUNCE OF SILVER
PRODUCED, NET OF BY-PRODUCT CREDITS
THIS NEWS RELEASE PRESENTS INFORMATION ABOUT OUR CASH COSTS
OF PRODUCTION OF A PAYABLE OUNCE OF SILVER FOR OUR OPERATING MINES.
CASH COSTS PER PAYABLE OUNCE PRODUCED, NET OF BY-PRODUCT CREDITS,
IS CALCULATED AS FOLLOWS:
- EXCEPT AS OTHERWISE NOTED, CASH COSTS PER PAYABLE OUNCE
PRODUCED IS CALCULATED BY DIVIDING TOTAL CASH COSTS NET OF
BY-PRODUCT CREDITS BY TOTAL PAYABLE SILVER OUNCES PRODUCED AT THE
RELEVANT MINE OR MINES.
- TOTAL CASH COSTS INCLUDE MINE OPERATING COSTS SUCH AS
MINING, PROCESSING, ADMINISTRATION, ROYALTIES AND OPERATING TAXES,
BUT EXCLUDE AMORTIZATION, RECLAMATION COSTS, FINANCING COSTS AND
CAPITAL DEVELOPMENT AND EXPLORATION. CERTAIN AMOUNTS OF STOCK-BASED
COMPENSATION ARE EXCLUDED AS WELL.
CASH COST PER PAYABLE OUNCE OF SILVER PRODUCED, NET OF
BY-PRODUCT CREDITS, IS INCLUDED IN THIS NEWS RELEASE BECAUSE
CERTAIN INVESTORS USE THIS INFORMATION TO ASSESS OUR PERFORMANCE
AND ALSO TO DETERMINE OUR ABILITY TO GENERATE CASH FLOW FOR USE IN
INVESTING AND OTHER ACTIVITIES.THE INCLUSION OF CASH COSTS PER
PAYABLE OUNCE PRODUCED, NET OF BY-PRODUCT CREDITS, MAY ENABLE
INVESTORS TO BETTER UNDERSTAND YEAR-OVER-YEAR CHANGES IN OUR
PRODUCTION COSTS, WHICH IN TURN AFFECT PROFITABILITY AND CASH FLOW.
CASH COSTS PER OUNCE, NET OF BY-PRODUCT CREDITS, DOES NOT HAVE A
STANDARDIZED MEANING OR A CONSISTENT BASIS OF CALCULATION
PRESCRIBED BY CANADIAN ACCOUNTING STANDARDS. INVESTORS ARE
CAUTIONED THAT CASH COSTS PER PAYABLE OUNCE PRODUCED, NET OF
BY-PRODUCT CREDITS, SHOULD NOT BE CONSIDERED IN ISOLATION OR
CONSTRUED AS A SUBSTITUTE TO COSTS DETERMINED IN ACCORDANCE WITH
CANADIAN ACCOUNTING STANDARDS AS PRESCRIBED UNDER IFRS AS AN
INDICATOR OF PERFORMANCE. OUR METHOD OF CALCULATING CASH COSTS PER
PAYABLE OUNCE PRODUCED MAY DIFFER FROM THE METHODS USED BY OTHER
ENTITIES AND, ACCORDINGLY, OUR CASH COSTS PER PAYABLE OUNCE
PRODUCED MAY NOT BE COMPARABLE TO SIMILARLY TITLED MEASURED USED BY
OTHER ENTITIES.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING
STATEMENTS
CERTAIN OF THE STATEMENTS AND INFORMATION IN THIS NEWS
RELEASE CONSTITUTE "FORWARD-LOOKING STATEMENTS" WITHIN THE MEANING
OF THE UNITED STATES PRIVATE
SECURITIES LITIGATION REFORM ACT OF 1995 AND "FORWARD-LOOKING
INFORMATION" WITHIN THE MEANING OF APPLICABLE CANADIAN PROVINCIAL
SECURITIES LAWS. ALL STATEMENTS, OTHER THAN STATEMENTS OF
HISTORICAL FACT, ARE FORWARD-LOOKING STATEMENTS OR INFORMATION.
FORWARD-LOOKING STATEMENTS OR INFORMATION IN THIS NEWS RELEASE
RELATE TO, AMONG OTHER THINGS: OUR FORECAST PRODUCTION OF SILVER,
GOLD AND OTHER METALS IN 2015; OUR ESTIMATED CASH COSTS PER OUNCE
OF SILVER IN 2014 AND FORECAST CASH COSTS PER OUNCE OF SILVER IN
2015; OUR ANTICIPATED CAPITAL INVESTMENTS FOR 2015; THE ABILITY OF
THE COMPANY TO SUCCESSFULLY COMPLETE ANY CAPITAL INVESTMENT
PROGRAMS AND PROJECTS AND THE IMPACTS OF ANY SUCH PROGRAMS AND
PROJECTS ON THE COMPANY; AND ANY ANTICIPATED LEVEL OF FINANCIAL AND
OPERATIONAL SUCCESS IN 2015.
THESE STATEMENTS REFLECT THE COMPANY'S CURRENT VIEWS WITH
RESPECT TO FUTURE EVENTS AND ARE NECESSARILY BASED UPON A NUMBER OF
ASSUMPTIONS THAT, WHILE CONSIDERED REASONABLE BY THE COMPANY, ARE
INHERENTLY SUBJECT TO SIGNIFICANT OPERATIONAL, BUSINESS, ECONOMIC
AND REGULATORY UNCERTAINTIES AND CONTINGENCIES. THESE
ASSUMPTIONS INCLUDE: TONNAGE OF ORE TO BE MINED AND PROCESSED; ORE
GRADES AND RECOVERIES; PRICES FOR SILVER, GOLD AND BASE METALS;
CAPITAL, DECOMMISSIONING AND RECLAMATION ESTIMATES; OUR MINERAL
RESERVE AND RESOURCE ESTIMATES AND THE ASSUMPTIONS UPON WHICH THEY
ARE BASED; PRICES FOR ENERGY INPUTS, LABOUR, MATERIALS, SUPPLIES
AND SERVICES (INCLUDING TRANSPORTATION); NO LABOUR-RELATED
DISRUPTIONS AT ANY OF OUR OPERATIONS: NO UNPLANNED DELAYS IN OR
INTERRUPTIONS IN SCHEDULED PRODUCTION; ALL NECESSARY PERMITS,
LICENCES AND REGULATORY APPROVALS FOR OUR OPERATIONS ARE RECEIVED
IN A TIMELY MANNER; AND OUR ABILITY TO COMPLY WITH ENVIRONMENTAL,
HEALTH AND SAFETY LAWS.THE FOREGOING LIST OF ASSUMPTIONS IS
NOT EXHAUSTIVE.
THE COMPANY CAUTIONS THE READER THAT FORWARD-LOOKING
STATEMENTS AND INFORMATION INVOLVE KNOWN AND UNKNOWN RISKS,
UNCERTAINTIES AND OTHER FACTORS THAT MAY CAUSE ACTUAL RESULTS AND
DEVELOPMENTS TO DIFFER MATERIALLY FROM THOSE EXPRESSED OR IMPLIED
BY SUCH FORWARD-LOOKING STATEMENTS OR INFORMATION CONTAINED IN THIS
NEWS RELEASE AND THE COMPANY HAS MADE ASSUMPTIONS AND ESTIMATES
BASED ON OR RELATED TO MANY OF THESE FACTORS. SUCH FACTORS INCLUDE,
WITHOUT LIMITATION: FLUCTUATIONS IN SILVER, GOLD AND BASE
METALS PRICES; FLUCTUATIONS IN PRICES FOR ENERGY INPUTS, LABOUR,
MATERIALS, SUPPLIES AND SERVICES (INCLUDING TRANSPORTATION);
FLUCTUATIONS IN CURRENCY MARKETS (SUCH AS THE CANADIAN DOLLAR,
PERUVIAN SOL, MEXICAN PESO AND BOLIVIAN BOLIVIANO VERSUS THE U.S.
DOLLAR); OPERATIONAL RISKS AND HAZARDS INHERENT WITH THE BUSINESS
OF MINING (INCLUDING ENVIRONMENTAL ACCIDENTS AND HAZARDS,
INDUSTRIAL ACCIDENTS, EQUIPMENT BREAKDOWN, UNUSUAL OR UNEXPECTED
GEOLOGICAL OR STRUCTURAL FORMATIONS, CAVE-INS, FLOODING AND SEVERE
WEATHER); RISKS RELATING TO THE CREDIT WORTHINESS OR FINANCIAL
CONDITION OF SUPPLIERS, REFINERS AND OTHER PARTIES WITH WHOM THE
COMPANY DOES BUSINESS; INADEQUATE INSURANCE, OR INABILITY TO OBTAIN
INSURANCE, TO COVER THESE RISKS AND HAZARDS; EMPLOYEE RELATIONS;
RELATIONSHIPS WITH, AND CLAIMS BY, LOCAL COMMUNITIES AND INDIGENOUS
POPULATIONS; OUR ABILITY TO OBTAIN ALL NECESSARY PERMITS, LICENSES
AND REGULATORY APPROVALS IN A TIMELY MANNER;CHANGES IN LAWS,
REGULATIONS AND GOVERNMENT PRACTICES IN THE JURISDICTIONS WHERE WE
OPERATE, INCLUDING ENVIRONMENTAL, EXPORT AND IMPORT LAWS AND
REGULATIONS; DIMINISHING QUANTITIES OR GRADES OF MINERAL RESERVES
AS PROPERTIES ARE MINED; INCREASED COMPETITION IN THE MINING
INDUSTRY FOR EQUIPMENT AND QUALIFIED PERSONNEL; AND THOSE FACTORS
IDENTIFIED UNDER THE CAPTION "RISKS RELATED TO PAN AMERICAN'S
BUSINESS" IN THE COMPANY'S MOST RECENT FORM 40-F AND ANNUAL
INFORMATION FORM FILED WITH THE UNITED
STATES SECURITIES AND EXCHANGE COMMISSION AND CANADIAN
PROVINCIAL SECURITIES REGULATORY AUTHORITIES. ALTHOUGH THE COMPANY
HAS ATTEMPTED TO IDENTIFY IMPORTANT FACTORS THAT COULD CAUSE ACTUAL
RESULTS TO DIFFER MATERIALLY, THERE MAY BE OTHER FACTORS THAT CAUSE
RESULTS NOT TO BE AS ANTICIPATED, ESTIMATED, DESCRIBED OR INTENDED.
INVESTORS ARE CAUTIONED AGAINST UNDUE RELIANCE ON FORWARD-LOOKING
STATEMENTS AND INFORMATION. FORWARD-LOOKING STATEMENTS AND
INFORMATION ARE DESIGNED TO HELP READERS UNDERSTAND MANAGEMENT'S
CURRENT VIEWS OF OUR NEAR AND LONGER TERM PROSPECTS AND MAY NOT BE
APPROPRIATE FOR OTHER PURPOSES. THE COMPANY DOES NOT INTEND, NOR
DOES IT ASSUME ANY OBLIGATION TO UPDATE OR REVISE FORWARD-LOOKING
STATEMENTS AND INFORMATION, WHETHER AS A RESULT OF NEW INFORMATION,
CHANGES IN ASSUMPTIONS, FUTURE EVENTS OR OTHERWISE, EXCEPT TO THE
EXTENT REQUIRED BY APPLICABLE LAW.
SOURCE Pan American Silver Corp.