Pan American Silver Corp. (PAAS) Gold Forum Americas 2024 Conference (Transcript)

Pan American Silver Corp. ( NYSE: PAAS ) Gold Forum Americas 2024 Conference September 17, 2024 1:20 PM ET

Company Participants

Michael Steinmann - President & CEO

Conference Call Participants

Jackie Przybylowski - BMO Capital Markets

Jackie Przybylowski

All right. So you've done a few acquisitions over the last couple of years. Is the company considering further portfolio optimization and what assets would it look to sell and could it sell its portfolio of royalties?

Michael Steinmann

Yeah. Thanks. And thanks for having me here. Yeah. A lot of changes in Pan American over the last few years, very large transactions. The smaller one at the beginning was Tahoe Resources, right at the bottom of Tahoe's value and at the bottom of the metal price cycle.

And then, last year, we closed the Yamana transaction, which, as you know, kind of jumped in on the gold fields, transaction that that they tried and split it up together with Agnico, and took on all the Latin American assets of Yamana Gold.

So once we had it all together, the idea obviously behind getting better, higher quality assets through these transactions and selling-off and shutting-off the smaller assets that we don't need anymore. And we reacted very quickly to that and we sold assets in the last 14, 16 months for over $1 billion cash.

We retained for each transaction a royalties of FA, and nice little royalty portfolio again. Like, if you if you recall the last royalty portfolio we had, we actually used to start a royalty company, which was Maverick's at that time. Now sold to Triple Flag and now generated for us probably about, arguably at the beginning, a value of $15 million that we had in royalty and at the end made a $152 million for Pan American.

Now the