Pan American Silver Corp. (NYSE:PAAS) Q3 2024 Earnings Conference Call November 6, 2024 11:00 AM ET
Company Participants
Siren Fisekci – VP, IR
Michael Steinmann – President and CEO
Steve Busby – COO
Conference Call Participants
Ovais Habib – Scotiabank
Don DeMarco – National Bank Financial
Operator
Good morning, ladies and gentlemen, and welcome to the Pan American Silver Third Quarter 2024 Unaudited Results Conference Call and Webcast. At this time, all lines are in listen-only mode. Following the presentation, we will conduct a question-and-answer session. [Operator Instructions] This call is being recorded on Wednesday, November 6, 2024.
I would now like to turn the conference over to Siren Fisekci, VP, Investor Relations. Please go ahead.
Siren Fisekci
Thank you for joining us today for Pan American Silver’s Q3 2024 conference call. This call includes forward-looking statements and information and makes reference to non-GAAP measures. Please see the cautionary statements in our MD&A news release and presentation slides for our Q3 2024 unaudited results, all of which are available on our website.
I’ll now turn the call over to Michael Steinmann, Pan American’s President and CEO.
Michael Steinmann
Thanks, Siren, and thank you, everyone, for joining today’s call. Pan American delivered strong financial performance in Q3. Revenue was a record $716.1 million, which, due to timing of sales, excluded the sale of finished goods and concentrated inventories with a value of approximately $30 million. Cash flow from operations before working capital changes was a record $235.8 million. Free cash flow also reached a record of $151.5 million.
At the end of Q3, cash and short-term investments of $469.9 million had increased by $101.3 million compared to Q2 2024. Net debt decreased to $376.2 million. These record financial results further strengthened the balance sheet. At the end of Q3, we had $1.2 billion of available liquidity to invest in future
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