This document provides an overview of Pan American Silver Corp.'s Q1 2017 unaudited results presentation. It lists the participants in the presentation and provides cautionary notes about the use of non-GAAP measures, reporting currency, and forward-looking statements. The document also notes that technical information was reviewed by the company's qualified persons as required by National Instrument 43-101.
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CONTENTS
1. Introduction and Key Concepts of Sustainability
2. Principles and Practices of Sustainability
3. Measures and Reporting in Sustainability
4. Sustainability Implementation & Best Practices
To download the complete presentation, visit: https://www.oeconsulting.com.sg/training-presentations
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Memorandum Of Association Constitution of Company.pptseri bangash
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A Memorandum of Association (MOA) is a legal document that outlines the fundamental principles and objectives upon which a company operates. It serves as the company's charter or constitution and defines the scope of its activities. Here's a detailed note on the MOA:
Contents of Memorandum of Association:
Name Clause: This clause states the name of the company, which should end with words like "Limited" or "Ltd." for a public limited company and "Private Limited" or "Pvt. Ltd." for a private limited company.
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Registered Office Clause: It specifies the location where the company's registered office is situated. This office is where all official communications and notices are sent.
Objective Clause: This clause delineates the main objectives for which the company is formed. It's important to define these objectives clearly, as the company cannot undertake activities beyond those mentioned in this clause.
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Liability Clause: It outlines the extent of liability of the company's members. In the case of companies limited by shares, the liability of members is limited to the amount unpaid on their shares. For companies limited by guarantee, members' liability is limited to the amount they undertake to contribute if the company is wound up.
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Capital Clause: This clause specifies the authorized capital of the company, i.e., the maximum amount of share capital the company is authorized to issue. It also mentions the division of this capital into shares and their respective nominal value.
Association Clause: It simply states that the subscribers wish to form a company and agree to become members of it, in accordance with the terms of the MOA.
Importance of Memorandum of Association:
Legal Requirement: The MOA is a legal requirement for the formation of a company. It must be filed with the Registrar of Companies during the incorporation process.
Constitutional Document: It serves as the company's constitutional document, defining its scope, powers, and limitations.
Protection of Members: It protects the interests of the company's members by clearly defining the objectives and limiting their liability.
External Communication: It provides clarity to external parties, such as investors, creditors, and regulatory authorities, regarding the company's objectives and powers.
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Binding Authority: The company and its members are bound by the provisions of the MOA. Any action taken beyond its scope may be considered ultra vires (beyond the powers) of the company and therefore void.
Amendment of MOA:
While the MOA lays down the company's fundamental principles, it is not entirely immutable. It can be amended, but only under specific circumstances and in compliance with legal procedures. Amendments typically require shareholder
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5. Q1 2017 Unaudited Financial Results
Consolidated Financial Highlights Q1 2017 Q1 2016
Revenue ($ millions) 198.7 158.3
Net earnings ($ millions) 20.0 1.9
Net earnings per share 0.13 0.01
AISCSOS ($/ounce) (1) 12.63 13.12
Operating cash flow before changes in non-cash
operating working capital ($ millions)(2)
40.8 28.4
Operating cash flow before changes in non-cash
operating working capital per share(2)
0.27 0.19
5
(1) AISCSOS is a non-GAAP measure. Readers should refer to the “Alternative Performance (non-GAAP) Measures” section of Pan American’s Management’s Discussion &
Analysis for the period ended March 31, 2017 for a more detailed discussion of this and other non-GAAP measures and their calculation.
(2) Operating cash flow before changes in non-cash operating working capital is a non-GAAP measure calculated as net cash generated from operating activities less changes
in non-cash operating working capital, per share amounts are calculated using the basic weighted average shares outstanding for the period.
May 12, 2017
7. Financial Strength
USD Millions
Cash and cash equivalents and short-term investments 205.4
Working capital (1) 423.0
Total debt (2) 43.8
Total available liquidity (3) 469.2
At March 31, 2017
7 May 12, 2017
(1) Working capital is a non-GAAP measure calculated as current assets less current liabilities. The Company and certain investors
use this information to evaluate whether the Company is able to meet its current obligations using its current assets.
(2) Total debt is a non-GAAP measure, and is inclusive of $7.6 million in capital leases.
(3) Total available liquidity is a non-GAAP measure, and includes cash and cash equivalents, short-term investments, and the
undrawn portion of the Company’s secured line of credit.
8. Q1 2017 Operating Results
Consolidated Q1 2017 Q1 2016
Silver production (million ounces) 6.2 6.4
Gold production (thousand ounces) 37.7 41.2
Zinc production (thousand tonnes) 12.8 12.8
Lead production (thousand tonnes) 5.3 4.8
Copper production (thousand tonnes) 3.2 3.9
Cash Costs(1) ($/ounce) 6.18 8.03
8 May 12, 2017
(1) Cash Costs per payable ounce of silver, net of by-product credits. Average by-product metal prices for Q1 2017 were: Au $1,219/oz, Zn
$2,780/tonne, Pb $2,278/tonne, and Cu $5,831/tonne. Average by-product metal prices for Q1 2016 were: Au $1,183/oz, Zn $1,679/tonne, Pb
$1,744/tonne, and Cu $4,672/tonne. Cash Costs is a non-GAAP measure and readers should refer to the “Alternative Performance (non-GAAP)
Measures" section of Pan American’s Management’s Discussion & Analysis for the period ended March 31, 2017 for a more detailed discussion of this and other non-
GAAP measures and their calculation.
9. Q1 2017 Capital Expenditures
9 May 12, 2017
Mine US$M
La Colorada 2.2
Dolores 8.4
Huaron 2.6
Morococha 2.3
San Vicente 1.6
Manantial Espejo 1.1
Total Sustaining Capital 18.2
La Colorada Expansion Project 1.8
Dolores Expansion Project 13.1
Total Non-Sustaining Capital 14.9
Total Capital Expenditures 33.1
10. Q1 2017 Operating Results by Mine
10
Mine Ag Production
(Moz)
Au Production
(koz)
$ Cash Costs (1)
La Colorada 1.63 0.87 3.01
Dolores 0.96 24.39 (1.67)
Alamo Dorado 0.35 1.33 21.29
Huaron 0.90 0.25 0.77
Morococha (2) 0.64 0.60 (3.18)
San Vicente (2) 0.93 0.12 12.47
Manantial Espejo 0.79 10.13 20.38
TOTAL (3) 6.20 37.70 6.18
(1) Cash costs per ounce of silver, net of by-product credits. Cash cost is a non-GAAP measure. Cash costs does not have a
standardized meaning prescribed by IFRS as an indicator of performance. The Company’s method of calculating cash costs
may differ from the methods used by other entities and, accordingly, the Company’s cash costs may not be comparable to
similarly titled measures used by other entities. Readers should refer to the “Alternative Performance (Non-GAAP) Measures”
section of the Company’s Management’s Discussion & Analysis for the period ended March 31, 2017, for a more detailed
description of this measure and its calculation.
(2) Represents the Company’s partial ownership interest.
(3) Totals may not add up due to rounding.
May 12, 2017
11. Adding high-grade deposits to realize further
value at Manantial Espejo
11 May 12, 2017
• Pan American acquired 100% of Coeur
Mining’s Joaquin project (1)
• Pan American to acquire 100% of
Patagonia Gold’s Cap-Oeste Sur Este
project (2)
• Synergies with Pan American’s Manantial
Espejo operation
• Processing capacity available at Manantial
Espejo plant
• Projects are within trucking distance
• Potential for further exploration success
Joaquin is located about 145
km and COSE 180 km from
our Manantial Espejo
(1) For more information see press release dated Jan. 17, 2017
(2) Transaction expected to close May 31, 2017; for more information see press release dated April 25, 2017
13. Three-year outlook
Consolidated 2017 Guidance 2018 Outlook 2019 Outlook
Silver production (million ounces) 24.5 – 26.0 26.0 - 28.0 26.5 – 29.5
Gold production (thousand ounces) 155 - 165 170 - 185 175 - 200
Zinc production (thousand tonnes) 56.5 - 58.5 59.0 - 63.0 55.0 - 65.0
Lead production (thousand tonnes) 19.0 - 20.0 23.0 - 26.0 23.0 - 27.0
Copper production (thousand tonnes) 8.75 - 9.25 6.00 - 8.00 4.00 - 4.20
Cash Costs(1)($/ounce) 6.45 - 7.45 5.60 - 7.10 5.20 – 6.80
Sustaining capital ($ millions) 82 - 88 75 - 85 75 - 90
Project Capital ($ millions) (2) 58 - 62 - -
AISCSOS(1) ($/ounce) 11.50 - 12.90 10.00 - 12.20 9.30 - 11.60
13 May 12, 2017
(1) Cash Costs and AISCSOS are non-GAAP measures. Please refer to the “Alternative Performance (non-GAAP) Measures" section of Pan
American’s Management’s Discussion and Analysis for the period ended March 31, 2017 for more information.
(2) Project Capital relates to the current mine expansions at La Colorada and Dolores; 2017 is expected to be the final year of spending on
project capital related to these expansions.
14. Q&A
14
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