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Dividend Policy

Pan American’s dividend policy supplements a base dividend of $0.10 per common share with a variable dividend, paid on a quarterly basis, that is linked to the net cash on the balance sheet for the previous quarter, as illustrated in the following table:

Net Cash (1)Base Dividend Per QuarterVariable Dividend Per QuarterTotal Dividend Per Quarter
Less than $100 million$0.10 per share$0.00 per share$0.10 per share
$100 million to less than $200 million$0.10 per share$0.01 per share$0.11 per share
$200 million to less than $300 million$0.10 per share$0.02 per share$0.12 per share
$300 million to less than $400 million$0.10 per share$0.06 per share$0.16 per share
$400 million or greater$0.10 per share$0.08 per share$0.18 per share

(1) Net cash is calculated as cash and cash equivalents plus short-term investments, other than equity securities, less total debt. Net cash and total debt are non-GAAP measures and do not have standardized meaning prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other companies; please refer to the “Alternative Performance (non-GAAP) Measures” section of our management’s discussion and analysis for the twelve months ended December 31, 2021, for a discussion of various non-GAAP measures.

dividend Schedule

Date DeclaredRecord DatePayable DateAmount (USD Per Share)
Q1May 8, 2024May 21, 2024June 3, 20240.10
Q4February 21, 2024March 4, 2024March 15, 20240.10
Q3November 7, 2023November 20, 2023December 1, 20230.10
Q2August 9, 2023August 21, 2023September 1, 20230.10
Q1March 24, 2023April 14, 2023May 12, 20230.10
Q4February 22, 2023March 6, 2023March 17, 20230.10
Q3November 9, 2022November 21, 2022December 2, 20220.10
Q2August 10, 2022August 22, 2022September 2, 20220.11
Q1May 11, 2022May 24, 2022June 3, 20220.12
Q4February 23, 2022March 7, 2022March 21, 20220.12
Q3November 9, 2021November 22, 2021December 3, 20210.10
Q2August 10, 2021August 23, 2021September 3, 20210.10
Q1May 12, 2021May 25, 2021June 7, 20210.07
Q4February 17, 2021March 1, 2021March 11, 20210.07
Q3November 4, 2020November 16, 2020November 27, 20200.07
Q2August 5, 2020August 17, 2020August 27, 20200.05
Q1May 6, 2020May 19, 2020May 29, 20200.05
Q4February 19, 2020March 2, 2020March 12, 20200.05
Q3November 6, 2019November 18, 2019November 29, 20190.035
Q2August 7, 2019August 19, 2019August 30, 20190.035
Q1May 8, 2019May 21, 2019June 3, 20190.035
Q4February 20, 2019March 4, 2019March 15, 20190.035
Q3November 6, 2018November 19, 2018November 30, 20180.035
Q2August 8, 2018August 20, 2018August 31, 20180.035
Q1May 9, 2018May 22, 2018June 4, 20180.035
Q4February 20, 2018March 5, 2018  March 16, 2018  0.035 
Q3November 8, 2017November 20, 2017 December 1, 20170.025 
Q2August 9, 2017August 21, 2017September 1, 20170.025 
Q1May 9, 2017May 23, 2017 June 5, 2017 0.025 
Q4February 14, 2017 February 27, 2017 March 10, 2017 0.025 
Q3November 14, 2016 November 25, 2016December 6, 2016 0.0125 
Q2August 11, 2016August 23, 2016 September 6, 2016 0.0125 
Q1May 11, 2016 May 24, 2016 June 6, 20160.0125 
Q4February 18, 2016February 29, 2016March 11, 20160.0125 
Q3November 12, 2015November 23, 2015December 4, 2015 0.05 
Q2August 13, 2015August 25, 2015September 8, 2015  0.05 
Q1May 11, 2015May 22, 2015June 2, 2015 0.05 
Q4February 19, 2015March 2, 2015March 13, 2015 0.125 
Q3November 13, 2014November 25, 2014December 8, 2014 0.125 
Q2August 13, 2014August 25, 2014September 5, 2014 0.125 
Q1May 8, 2014May 21, 2014June 3, 20140.125 
Q4February 19, 2014March 3, 2014March 17, 20140.125 
Q3November 13, 2013November 25, 2013December 9, 20130.125 
Q2August 14, 2013August 26, 2013September 9, 20130.125 
Q1May 13, 2013May 24, 2013June 5, 20130.125 
Q4February 20, 2013March 4, 2013March 18, 20130.125 
Q3November 7, 2012 November 19, 2012December 3, 2012  0.05 
Q2August 14, 2012August 27, 2012September 10, 2012 0.05 
Q1May 15, 2012May 25, 2012May 28, 2012 0.0375 
Q4February 23, 2012March 5, 2012March 19, 2012 0.0375 
Q3November 9, 2011November 21, 2011December 5, 2011 0.025 
Q2August 10, 2011August 22, 2011September 6, 2011 0.025 
Q1May 19, 2011May 31, 2011June 15, 2011 0.025 
Q4February 15, 2011February 28, 2011March 14, 2011 0.025 
Q3November 8, 2010November 19, 2010December 1, 20100.025 
Q2August 11, 2010August 23, 2010September 7, 2010 0.025 
Q4February 15, 2010February 26, 2010March 12, 2010  0.025