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Pan American Silver Corp

www: www.panamericansilver.com   email: info@panamericansilver.com
Category: Major
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Symbol Currency
NYSE:PAAS USD
TSE:PAAS CAD

Description

Pan American Silver Corp are a gold and silver focused major with eleven producing mines in Argentina, Bolivia, Canada, Mexico and Peru, three mines in development in Guatemala, Mexico and Peru and exploration properties. Currently they produce roughly 725koz. of gold and 26.0Moz. of silver per year. They have approximately 26Moz. of gold and 1450Moz. of silver in the reserves and resources category of which 17Moz. of gold and 1100Moz. of silver are in the measured and indicated category. They have a market capitalisation of ~$19295.01M which is a fall of roughly 21% over the last one months. As of 05/08/2026 they have ~$850M debt and ~$1601M cash. They have 408M shares outstanding and trade on the New York Stock Exchange and the Toronto Stock Exchange.

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General Details

Financial 05/08/2026
Last
Analysis
Data
Current Data
Change
Item Value Value Updated Value
MCap (FD): $24,543.10M $19,295.01M 05/08/2026 $-5,248.09M
MCap (OS): $24,129.12M $18,969.55M 05/08/2026 $-5,159.57M
Total Assets: $3,500.00M $3,500.00M 05/08/2026 $0.00M
Total Liabilities: $1,400.00M $1,400.00M 05/08/2026 $0.00M
Current Assets: $1,644.00M $1,644.00M 05/08/2026 $0.00M
Current Liabilities: $272.00M $272.00M 05/08/2026 $0.00M
Total Debt: $850.00M $850.00M 05/08/2026 $0.00M
Cash: $1,601.00M $1,601.00M 05/08/2026 $0.00M
Debt (Net): $-751.00M $-751.00M $0.00M
Enterprise Value: $23,792.10M $18,544.01M $-5,248.09M
Cash Flow: $2,595.63M $1,843.97M never $-751.67M
Cash Flow Multiple: 9.46 10.46 never 1.01
Net Debt to
Cash Flow Ratio:		 n/a n/a never 0.00
Finance within 1 year: 05/08/2026 n/a
Misc 05/08/2026
Last
Analysis
Data
Current Data
Change
Item Value Value Updated Value
Shares Outstanding: 408,000,001 408,000,001 05/08/2026 0
Shares (FD): 415,000,000 415,000,000 05/08/2026 0
Insider Ownership: n/a n/a 05/08/2026 n/a
Dividend (Annual): 1.22% 1.55% 05/08/2026 0.33
Company Type: Mostly Silver Mostly Silver never n/a
Group: Producer Producer never n/a
Production ETA: n/a n/a 05/08/2026 n/a
Production (Gold Eq Oz.): (guess) 
1,168,595		 (guess) 
1,138,553		 05/08/2026 -30,042
Production (Silver Eq Oz.): (guess) 
68,493,706		 (guess) 
71,580,653		 05/08/2026 3,086,946
Development Phase: Producer (Multiple Mines) Producer (Multiple Mines) 05/08/2026 n/a
Optionality Play: none No
F
U
T
U
R
E		 % of Spot: 30
Producer: Elite Quality
 30
Producer: Elite Quality
 05/08/2026 0
Cash Flow Multiple: 25 25 05/08/2026 0.00

Resource Data

GOLD 05/08/2026
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
O
U
N
C
E
S		 T
O
T
A
L
 Proven & Probable: 6.70M 6.70M 05/08/2026 0.00M
Measured & Indicated: 17.00M 17.00M 05/08/2026 0.00M
Inferred: 9.00M 9.00M 05/08/2026 0.00M
Reserves & Resources: 26.00M 26.00M never 0.00M
P
L
A
U
S
I
B
L
E		 Proven & Probable: 5.03M 5.03M 05/08/2026 0.00M
Measured & Indicated: 11.21M 11.21M 05/08/2026 0.00M
Inferred: 3.38M 3.38M 05/08/2026 0.00M
Reserves & Resources: 14.58M 14.58M never 0.00M
C
U
R
R
E
N
T		 Annual Production: (CG) 
725,000oz.		 (CG) 
725,000oz.		 05/08/2026 0oz.
Cash Cost: $1,800 $1,800 05/08/2026 $0.00
Extra Operating Cost: $1,000 $1,000 05/08/2026 $0.00
Total: $2,800 $2,800 05/08/2026 $0.00
Margin (Free Cash Flow): $1,915 (41%) $1,379 (33%) $-535.79
MCap / Production (AuEq): $21,002.23 $16,946.96 $-4,055.26
EV / Production (AuEq): $20,359.58 $16,287.35 $-4,072.22
G
R
A
D
E		 Underground (Avg): 3.00 g/t 3.00 g/t 05/08/2026 n/a
Open Pit (Avg): n/a 0.70 g/t 05/08/2026 n/a
Recovery Rate: (CG)  75.00% (CG)  75.00% 05/08/2026 0.00%
F
U
T
U
R
E		 Proven & Probable: 15.00M 15.00M 05/08/2026 0.00M
Annual Production: 725,000oz. 725,000oz. 05/08/2026 0oz.
Cash Cost: $1,950 $1,950 05/08/2026 $0
Extra Operating Cost: $1,000 $1,000 05/08/2026 $0
SILVER 05/08/2026
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
O
U
N
C
E
S		 T
O
T
A
L
 Proven & Probable: 480.00M 480.00M 05/08/2026 0.00M
Measured & Indicated: 1,100.00M 1,100.00M 05/08/2026 0.00M
Inferred: 350.00M 350.00M 05/08/2026 0.00M
Reserves & Resources: 1,450.00M 1,450.00M never 0.00M
P
L
A
U
S
I
B
L
E		 Proven & Probable: 432.00M 432.00M 05/08/2026 0.00M
Measured & Indicated: 878.40M 878.40M 05/08/2026 0.00M
Inferred: 157.50M 157.50M 05/08/2026 0.00M
Reserves & Resources: 1,035.90M 1,035.90M never 0.00M
C
U
R
R
E
N
T		 Annual Production: (guess) 
26,000,000oz.		 (guess) 
26,000,000oz.		 05/08/2026 0oz.
Cash Cost: $17.00 $17.00 05/08/2026 $0.00
Extra Operating Cost: $17.00 $17.00 05/08/2026 $0.00
Total: $34.00 $34.00 05/08/2026 $0.00
Margin (Free Cash Flow): $46.44 (57.73%) $32.47 (48.85%) $-13.97
MCap / Production (AgEq): $358.33 $269.56 $-88.77
EV / Production (AgEq): $347.36 $259.06 $-88.30
G
R
A
D
E		 Underground (Avg): 200.00 g/t 200.00 g/t 05/08/2026 n/a
Open Pit (Avg): n/a 100.00 g/t 05/08/2026 n/a
Recovery Rate: (CG)  90.00% (CG)  90.00% 05/08/2026 0.00%
F
U
T
U
R
E		 Proven & Probable: 600.00M 600.00M 05/08/2026 0.00M
Annual Production: 26,000,000oz. 26,000,000oz. 05/08/2026 0oz.
Cash Cost: $19.00 $19.00 05/08/2026 $0.00
Extra Operating Cost: $19.00 $19.00 05/08/2026 $0.00

Property

Last Analysis Data  (05/08/2026)
Stage Name Owned
%		 NPV
$M		 IRR
%		 CapEx
$M		 Au Ag Cu Notes
Prod Manantial Espejo
100 n/a
Exp Calcatreu
100 n/a
Exp Navidad
100 n/a
Prod San Vicente
95 n/a
Prod Bell Creek Complex
100 show
2 million oz underground mine 4.5 gpt
Prod Timmins West
100 show
2.7 million oz underground mine (5 gpt)
Exp 144
100 n/a
Exp Croxall
100 show
Size: 1,000 ha
Exp East Sullivan
100 show
Early exploration
Exp Fenn-Gib
100 show
2 million oz open pit project (1 gpt)
Exp Gold River Trend
255 n/a
Exp Golden Lake
100 show
Near Juby Main deposit.

Size: 250 ha
Exp Gowganda
100 show
O'Brien past producing mine (40 million oz produced). 3 million oz deposit at 50 gpt.

Size: 200 ha
Exp Juby
100 show
4 million oz open pit at 1 gpt.

Size: 2,000 ha
Exp Juby Main
100 show
Main deposit is 1.5 million oz (1 gpt).

Size: 275 ha
Exp Larder Lake
100 show
1 million oz at 5 gpt

Mostly inferred.

Needs a PEA.

Size: 10,000 ha
Exp Latchford
100 n/a
Exp Marlhill
100 n/a
Exp Uranium Project
100 n/a
Exp Vogel
100 n/a
Exp Webequie
100 n/a
Exp Whitney
60 show
Whitney JV with Goldcorp. PEA due.

1 million oz deposit.

Size: 800 ha
Exp Wilson Lake
100 n/a
Dev Escobal
100 show
Huge 20 million oz per year silver mine. Low cash costs from gold, lead, and zinc offsets.

Size: 200,000 ha
Prod Alamo Dorado
100 n/a
Prod Dolores
100 n/a
Prod La Colorada
100 n/a
Dev La Bolsa
100 n/a
Exp Batopilas
100 n/a
Exp Cinco de Mayo
100 n/a
Exp Guigui
100 n/a
Exp Juanicipio
44 show
Large high grade JV with Fresnillo. 44% interest. $132 capex (their share). Zero cash costs projected. 4.5 million oz of production (their share).
Exp La Esperanza
0 n/a
Exp La Lorena
100 n/a
Exp La Preciosa
45 n/a
Exp Lagartos
100 n/a
Exp Mojina
0 n/a
Exp Nuevo Mundo
100 n/a
Prod Huaron
100 n/a
Prod La Arena
100 show
Currently mining oxide gold at 200,000 oz per year until 2017.

Then they will mine mostly copper, with only 40,000 oz gold annually. But it is a large property with gold oxide exploration potential.

Size: 27,000 ha
Prod Morococha
92 n/a
Prod Quiruvilca
100 n/a
Dev Shahuindo
100 show
Expected production of 90,000 gold equivalent oz (including silver) in 2014. Double production in 2016.
Exp La Arena
100 show
3.5 million oz open pit

200,000 oz per year.
Exp Pico Machay
100 n/a
Exp Deer Trail
100 show
Early exploration.

Size: 1,000 ha
Exp Hog Heaven
100 n/a
Exp Waterloo
100 n/a
Current Data
Stage Name Owned
%		 NPV
$M		 IRR
%		 CapEx
$M		 Au Ag Cu Notes
Prod Manantial Espejo
100 n/a
Exp Calcatreu
100 n/a
Exp Navidad
100 n/a
Prod San Vicente
95 n/a
Prod Bell Creek Complex
100 show
2 million oz underground mine 4.5 gpt
Prod Timmins West
100 show
2.7 million oz underground mine (5 gpt)
Exp 144
100 n/a
Exp Croxall
100 show
Size: 1,000 ha
Exp East Sullivan
100 show
Early exploration
Exp Fenn-Gib
100 show
2 million oz open pit project (1 gpt)
Exp Gold River Trend
255 n/a
Exp Golden Lake
100 show
Near Juby Main deposit.

Size: 250 ha
Exp Gowganda
100 show
O'Brien past producing mine (40 million oz produced). 3 million oz deposit at 50 gpt.

Size: 200 ha
Exp Juby
100 show
4 million oz open pit at 1 gpt.

Size: 2,000 ha
Exp Juby Main
100 show
Main deposit is 1.5 million oz (1 gpt).

Size: 275 ha
Exp Larder Lake
100 show
1 million oz at 5 gpt

Mostly inferred.

Needs a PEA.

Size: 10,000 ha
Exp Latchford
100 n/a
Exp Marlhill
100 n/a
Exp Uranium Project
100 n/a
Exp Vogel
100 n/a
Exp Webequie
100 n/a
Exp Whitney
60 show
Whitney JV with Goldcorp. PEA due.

1 million oz deposit.

Size: 800 ha
Exp Wilson Lake
100 n/a
Dev Escobal
100 show
Huge 20 million oz per year silver mine. Low cash costs from gold, lead, and zinc offsets.

Size: 200,000 ha
Prod Alamo Dorado
100 n/a
Prod Dolores
100 n/a
Prod La Colorada
100 n/a
Dev La Bolsa
100 n/a
Exp Batopilas
100 n/a
Exp Cinco de Mayo
100 n/a
Exp Guigui
100 n/a
Exp Juanicipio
44 show
Large high grade JV with Fresnillo. 44% interest. $132 capex (their share). Zero cash costs projected. 4.5 million oz of production (their share).
Exp La Esperanza
0 n/a
Exp La Lorena
100 n/a
Exp La Preciosa
45 n/a
Exp Lagartos
100 n/a
Exp Mojina
0 n/a
Exp Nuevo Mundo
100 n/a
Prod Huaron
100 n/a
Prod La Arena
100 show
Currently mining oxide gold at 200,000 oz per year until 2017.

Then they will mine mostly copper, with only 40,000 oz gold annually. But it is a large property with gold oxide exploration potential.

Size: 27,000 ha
Prod Morococha
92 n/a
Prod Quiruvilca
100 n/a
Dev Shahuindo
100 show
Expected production of 90,000 gold equivalent oz (including silver) in 2014. Double production in 2016.
Exp La Arena
100 show
3.5 million oz open pit

200,000 oz per year.
Exp Pico Machay
100 n/a
Exp Deer Trail
100 show
Early exploration.

Size: 1,000 ha
Exp Hog Heaven
100 n/a
Exp Waterloo
100 n/a

Profitability (by resource)

Proven &
Probable		 05/08/2026
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
Percentage Gold: 45.00% 46.74% n/a 1.74%
Percentage Silver: 55.00% 53.26% n/a -1.74%
Total (Gold Eq. Oz.): 14.89M 14.33M n/a -0.55M
Total (Silver Eq. Oz.): 872.70M 901.23M n/a 28.53M
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 12.40M 11.90M n/a -0.50M
Silver Eq. Oz.: 726.53M 747.92M n/a 21.40M
Maximum Profit (Gold): $9,621.62M $6,929.27M n/a $-2,692.34M
Maximum Profit (Silver): $20,062.08M $14,027.04M n/a $-6,035.04M
Total Maximum Profit: $29,683.70M $20,956.31M n/a $-8,727.38M
Max Profit / Current MCap: 1.209 1.086 n/a -0.123
Max Profit Per Share (Gold): $23.18 $16.70 n/a $-6.49
Max Profit Per Share (Silver): $48.34 $33.80 n/a $-14.54
Total Max Profit Per Share: $71.53 $50.50 n/a $-21.03
Total Free Profit Per Share: $12.39 $4.00 n/a $-8.38
FD MCap / Gold Eq.: $1,980.00 $1,621.93 n/a $-358.07
FD MCap / Silver Eq.: $33.78 $25.80 n/a $-7.98
FD MCap / Per Metal
as % Spot Price:		 42.00% 38.81% n/a -3.18%
EV / Gold Eq.: $1,919.41 $1,558.80 n/a $-360.61
EV / Silver Eq.: $32.75 $24.79 n/a $-7.95
EV / Per Metal
as % Spot Price:		 40.71% 37.30% n/a -3.41%
Measured &
Indicated		 05/08/2026
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
Percentage Gold: 47.53% 49.28% n/a 1.75%
Percentage Silver: 52.47% 50.72% n/a -1.75%
Total (Gold Eq. Oz.): 35.77M 34.50M n/a -1.27M
Total (Silver Eq. Oz.): 2,096.40M 2,168.79M n/a 72.38M
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 26.19M 25.18M n/a -1.01M
Silver Eq. Oz.: 1,535.15M 1,582.86M n/a 47.71M
Maximum Profit (Gold): $21,454.77M $15,451.25M n/a $-6,003.53M
Maximum Profit (Silver): $40,792.90M $28,521.65M n/a $-12,271.25M
Total Maximum Profit: $62,247.67M $43,972.89M n/a $-18,274.77M
Max Profit / Current MCap: 2.536 2.279 n/a -0.257
Max Profit Per Share (Gold): $51.70 $37.23 n/a $-14.47
Max Profit Per Share (Silver): $98.30 $68.73 n/a $-29.57
Total Max Profit Per Share: $149.99 $105.96 n/a $-44.04
Total Free Profit Per Share: $90.85 $59.46 n/a $-31.39
FD MCap / Gold Eq.: $937.06 $766.38 n/a $-170.67
FD MCap / Silver Eq.: $15.99 $12.19 n/a $-3.80
FD MCap / Per Metal
as % Spot Price:		 19.88% 18.34% n/a -1.54%
EV / Gold Eq.: $908.38 $736.55 n/a $-171.83
EV / Silver Eq.: $15.50 $11.72 n/a $-3.78
EV / Per Metal
as % Spot Price:		 19.27% 17.63% n/a -1.64%

Reserves &
Resources		 05/08/2026
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
Percentage Gold: 51.24% 52.99% n/a 1.75%
Percentage Silver: 48.76% 47.01% n/a -1.75%
Total (Gold Eq. Oz.): 50.74M 49.06M n/a -1.68M
Total (Silver Eq. Oz.): 2,973.91M 3,084.62M n/a 110.70M
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 32.25M 31.06M n/a -1.20M
Silver Eq. Oz.: 1,890.46M 1,952.54M n/a 62.08M
Maximum Profit (Gold): $27,917.06M $20,105.24M n/a $-7,811.82M
Maximum Profit (Silver): $48,107.20M $33,635.67M n/a $-14,471.52M
Total Maximum Profit: $76,024.25M $53,740.91M n/a $-22,283.34M
Max Profit / Current MCap: 3.098 2.785 n/a -0.312
Max Profit Per Share (Gold): $67.27 $48.45 n/a $-18.82
Max Profit Per Share (Silver): $115.92 $81.05 n/a $-34.87
Total Max Profit Per Share: $183.19 $129.50 n/a $-53.69
Total Free Profit Per Share: $124.05 $83.00 n/a $-41.05
FD MCap / Gold Eq.: $760.94 $621.28 n/a $-139.66
FD MCap / Silver Eq.: $12.98 $9.88 n/a $-3.10
FD MCap / Per Metal
as % Spot Price:		 16.14% 14.87% n/a -1.27%
EV / Gold Eq.: $737.65 $597.10 n/a $-140.55
EV / Silver Eq.: $12.59 $9.50 n/a $-3.09
EV / Per Metal
as % Spot Price:		 15.65% 14.29% n/a -1.36%

Future Valuation (Cash Flow & Totals)

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