Pan American Silver Corp. (NYSE: PAAS) saw its shares surge by 5.59% in after-hours trading on November 5, 2024, following the release of its exceptional third-quarter 2024 financial results and operational update. The silver mining company reported record free cash flow generation and beat analysts' expectations on both earnings and revenue.

For Q3 2024, Pan American Silver posted adjusted earnings of $0.32 per share, outpacing the $0.21 consensus estimate by a significant 52.38%. The company's revenue reached $716.1 million, surpassing analysts' projections of $699.01 million by 2.44%. These robust financial figures were driven by strong production numbers across key metals, including 5.47 million ounces of silver, 225,000 ounces of gold, 11,200 tonnes of zinc, 5,200 tonnes of lead, and 1,300 tonnes of copper.

A standout achievement for the quarter was the record free cash flow of $151.5 million, reflecting improved operating margins due to higher production volumes and favorable silver and gold prices compared to Q2 2024. The company's cash flow from operations before non-cash working capital changes hit $235.8 million, underscoring its strong cash generation capabilities. Additionally, Pan American Silver maintained a robust financial position with $469.9 million in cash and short-term investments, $780.0 million in working capital, and $750.0 million available under its undrawn credit facility.