Day: May 7, 2025

Pan American Silver Corp. (NYSE: PAAS) (TSX: PAAS) held its annual general and special meeting on May 7, 2025, in Vancouver, with 68.52% of shares represented. Shareholders approved all proposals, including setting the board size at nine directors (99.51% for), electing all nominated directors (80.65%-99.75% for), appointing Deloitte LLP as auditors (89.98% for), and endorsing the executive compensation approach (95.38% for). The stock price for PAAS is currently $25.695 USD.

Equinox Gold Corp. reported Q1 2025 results, producing a record 145,290 ounces of gold, with sales of 147,920 ounces at $2,858/oz. Cash costs were $1,769/oz, and AISC was $2,065/oz. The company recorded a net loss of $75.5 million ($0.17/share) and adjusted EBITDA of $137.9 million. Operations at Los Filos were suspended indefinitely due to an expired community agreement. Equinox Gold is advancing a merger with Calibre Mining, expected to close in Q2 2025, creating a diversified gold producer. The stock price for EQX is currently $6.07 USD.

First Majestic Silver Corp. reported record Q1 2025 financial results, with revenue of $243.9 million (+130% Y/Y), driven by 7.7 million AgEq ounces produced, including a record 3.7 million silver ounces (+88% Y/Y). Cash flow from operations hit $110 million, with a record cash balance of $462.6 million. Mine operating earnings were $63.8 million, and net earnings were $6.2 million ($0.01 EPS). Cash costs fell 9% to $13.68/AgEq oz, and AISC dropped 11% to $19.24/AgEq oz. A $0.0045/share dividend was declared, payable May 30, 2025. The stock price for AG is currently $7.43 USD.

Fortuna Mining Corp. reported a record $111.3 million in free cash flow for Q1 2025, up 30% from Q4 2024, with a 38% margin. Attributable net income was $61.7 million ($0.20/share). Gold equivalent production reached 103,459 ounces, with lower cash costs ($929/GEO) and AISC ($1,640/GEO). The company divested the San Jose Mine and plans to sell Yaramoko, redirecting capital to high-value opportunities.

Torex Gold reported Q1 2025 results, with its Morelos Complex in Mexico achieving 59,630 oz AuEq payable production, aligning with expectations despite a four-week plant shutdown. The Media Luna Project reached commercial production, with first concentrate shipments in April. Revenue was $170 million, driven by a record $2,793/oz gold price. All-in sustaining costs were $1,405/oz AuEq, with a 50% margin. The company drew $130 million on its credit facility due to high tax/royalty payments and Media Luna capital expenditures but expects positive free cash flow by mid-2025 as production ramps up.

Pan American Silver Corp. reported strong Q1 2025 results, with 5.0 million ounces of silver and 182.2 thousand ounces of gold produced. Revenue reached $773.2 million, with record mine operating earnings of $250.8 million and free cash flow of $112.6 million. Net earnings were $169.3 million ($0.47/share), and adjusted earnings were $153.0 million ($0.42/share). Silver Segment AISC was $13.94/oz, and Gold Segment AISC was $1,485/oz. Cash and investments rose to $923.0 million, with working capital at $1,161.8 million. A $0.10/share dividend was declared, payable June 2, 2025. The company reaffirmed its 2025 guidance. The stock price for PAAS is currently $25.695 USD.

Sierra Madre Gold and Silver Ltd. reported positive Q1 2025 financial results, with revenues of $4.8 million from selling 165,093 silver equivalent (AgEq) ounces (75,137 silver, 1,022 gold ounces). Gross profit was $1.2 million, with $535,000 cash from operations. All-in-sustaining costs were $28.98/AgEq ounce. The Guitarra mine milled 39,167 tonnes, and the higher-grade Coloso mine began operations. Current assets reached $4.3 million.

Coeur Mining’s Q1 2025 results highlight strong performance from its Mexican operations, Las Chispas and Palmarejo. Las Chispas, acquired mid-quarter, produced 714,239 ounces of silver and 7,175 ounces of gold, contributing $58 million in revenue. Palmarejo produced 1.7 million ounces of silver and 23,032 ounces of gold, generating $95.8 million. Both mines bolstered Coeur’s $360 million revenue and $18 million free cash flow.

GoGold Resources Inc. reported $17.6 million in revenue for Q1 2025 from Parral, selling 555,511 silver equivalent ounces. The company generated $5.1 million in operating cash flow, increasing its cash balance by $2 million to $78.3 million. A recent financing boosted the cash position to ~$135 million, strengthening GoGold’s ability to advance its Los Ricos South project.