Pan American Silver (NYSE:PAAS) has released its preliminary production report for 2023 and has provided guidance for 2024. The numbers reveal a mix of promise and peril for investors eyeing the company’s financial performance.

In 2023, the company produced 20.4 million ounces of silver, a figure that slipped slightly below its projected range of 21 million to 23 million ounces. Similarly, the consolidated gold production of 882.9 thousand ounces was within the estimated range of 870 thousand to 970 thousand ounces. On the downside, consolidated zinc and lead production came in slightly below projected figures. The company reported zinc production of approximately 38.8 thousand tonnes, falling short of the 2023 guidance of 41 thousand to 45 thousand tonnes. Meanwhile, lead production stood at around 18.7 thousand tonnes, within the guidance range of 18 thousand to 21 thousand tonnes. Similarly, copper production hit the target precisely, with around 5 thousand tonnes matching the 2023 guidance.

Looking forward, Pan American Silver has set the tone for 2024. The company has shared its guidance for the year, anticipating total silver production to range between 21 million and 23 million ounces, and gold production to fall between 880 thousand and 1 million ounces. This forthcoming roadmap sets investor expectations and provides a measure for the company’s progress throughout the year.

The company is slated to release its Q4 results on February 21, 2024, after the close of the market, which will provide further insights into its financial health and outlook.