It can happen quickly and the share price of one of the largest silver producers, PAN AMERICAN SILVER, can climb to its old highs of around USD 37, although this was four years ago. Or the silver price suddenly corrects unexpectedly and the share dips back below USD 13, where it was still bobbing in mid-February 2024. As announced, we decided to sell at the price target of USD 20.50, which was reached on May 9 (FX: 0.9076). The Group's financial position is good, partly thanks to the recent sale of the 100% stake in La Arena in Peru. As at March 31, 2024, the Group had working capital of USD 694 million, including cash and investments of USD 331 million, and total debt of USD 807 million. 1Q24 resulted in a net loss of USD 30.8 million. However, we are satisfied with the profit (including dividends over 15 months) of +22.1%. Should the share fall below the USD 15 mark - currently rather contrary to expectations - we would tend to consider a new entry.
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