Pan American Silver reports 3rd quarter 2022 results.

VANCOUVER, BC: Pan American Silver Corp. (NASDAQ: PAAS) (TSX: PAAS) ("Pan American" or the "Company") today reported unaudited results for the quarter ended September 30, 2022 ("Q3 2022").

"Our Q3 results reflect the industry-wide challenge of softening precious metal prices combined with inflationary cost pressures," said Michael Steinmann, President and Chief Executive Officer.

Added Mr. Steinmann: "On November 4, 2022, we announced a proposed acquisition of Yamana Gold by Pan American and Agnico Eagle. This accretive and transformational transaction would increase our silver production by approximately 50% and double our gold production through the addition of long-life, low-cost assets in Latin America, our core operating region. These assets generate strong cash flow, which would further strengthen our financial position and help establish an exciting future for growth and value creation for our stakeholders."

Consolidated Q3 2022 Highlights:

Silver production of 4.5 million ounces and gold production of 128.8 thousand ounces.

Revenue of $338.9 million, inclusive of a negative $4.8 million adjustment on open concentrate shipments, largely related to the decline in metal prices towards the end of Q3 2022.

Net loss of $71.2 million ($0.34 basic loss per share), impacted by: $15.1 million in net realizable value ("NRV") inventory adjustments, primarily at Dolores; $12.6 million in investment losses on our short-term investments; and mine closure severance provisions of $9.4 million recorded for Manantial Espejo.

Adjusted loss of $2.8 million ($0.01 basic adjusted loss per share) excludes the impact from the NRV inventory adjustments related to the Dolores heap inventory, investment losses and the Manantial Espejo severance provisions, among other adjustments.

Operations generated $54.4 million of cash flow, net of $20.4 million in tax payments.

Silver Segment Cash Costs and All-in Sustaining Costs ("AISC") per silver ounce were $14.62 and $17.97, respectively. Excluding NRV inventory adjustments, Silver Segment AISC was $18.46 per ounce.

Gold Segment Cash Costs and AISC per gold ounce were $1,184 and $1,614, respectively. Excluding NRV inventory adjustments, Gold Segment AISC was $1,482 per ounce.

As at September 30, 2022, Pan American's financial position remains strong with working capital of $422.1 million, inclusive of cash and short-term investment balances of $187.2 million; a long-term investment in Maverix Metals Inc. ("Maverix")...

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