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Pan American Silver Corp

www: www.panamericansilver.com   email: info@panamericansilver.com
Category: Major
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Symbol Data

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 750koz. of gold and 21.0Moz. 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 ~$11343.42M which is a rise of roughly 11% over the last two months. As of 05/10/2025 they have ~$804M debt and ~$923M cash. They have 364M shares outstanding and trade on the New York Stock Exchange and the Toronto Stock Exchange.

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General Details

Financial 05/10/2025
Last
Analysis
Data
Current Data
Item Value Value Updated
MCap (FD): $10,176.54M $11,343.42M 05/10/2025
Total Assets: $3,500.00M $3,500.00M 05/10/2025
Total Liabilities: $1,400.00M $1,400.00M 05/10/2025
Current Assets: $1,044.00M $1,044.00M 05/10/2025
Current Liabilities: $272.00M $272.00M 05/10/2025
Total Debt: $804.00M $804.00M 05/10/2025
Cash: $923.00M $923.00M 05/10/2025
Enterprise Value: $10,057.54M $11,224.42M 09/09/2325
Cash Flow: $1,153.04M $1,288.49M never
Cash Flow Multiple: 8.83 8.80 never
Net Debt to
Cash Flow Ratio:		 n/a n/a never
Finance within 1 year: 05/10/2025
Misc 05/10/2025
Last
Analysis
Data
Current Data
Item Value Value Updated
Shares Outstanding: 364,440,000 364,440,000 05/10/2025
Shares (FD): 374,000,000 374,000,000 05/10/2025
Insider Ownership: n/a n/a never
Dividend (Annual): n/a 2.8% 05/10/2025
Company Type: Mostly Silver Mostly Silver never
Production ETA: n/a n/a 05/10/2025
Production (Gold Eq Oz.): (guess) 
956,404		 (guess) 
989,496		 05/10/2025
Production (Silver Eq Oz.): (guess) 
97,306,644		 (guess) 
86,763,158		 05/10/2025
Initial CapEx (Outstanding): n/a n/a 05/10/2025
Funding Option: n/a n/a 05/10/2025
Documentation: none PRODUCER 05/10/2025
Future MCap Modifier: 0.3
Producer: Elite Quality
 0.3
Producer: Elite Quality
 04/24/2023
Cash Flow Multiplier: 18 18 08/07/2024

Resource Data

GOLD 05/10/2025
Last Analysis Data
Current Data
Item Value Value Updated
O
U
N
C
E
S		 T
O
T
A
L
 Proven & Probable: 6.70M 6.70M 05/10/2025
Measured & Indicated: 17.00M 17.00M 05/10/2025
Inferred: 9.00M 9.00M 05/10/2025
Reserves & Resources: 26.00M 26.00M never
P
L
A
U
S
I
B
L
E		 Proven & Probable: 5.03M 5.03M 05/10/2025
Measured & Indicated: 11.21M 11.21M 05/10/2025
Inferred: 3.38M 3.38M 05/10/2025
Reserves & Resources: 14.58M 14.58M never
C
U
R
R
E
N
T		 Annual Production: (guess) 
750,000oz.		 (CG) 
750,000oz.		 05/10/2025
Cash Cost: $1,300 $1,300 05/10/2025
Extra Operating Cost: $700 $700 05/10/2025
Total: $2,000 $2,000 05/10/2025
Margin (Free Cash Flow): $1,323 (40%) $1,349 (40%)
G
R
A
D
E		 Underground (Avg): 3.00 g/t 3.00 g/t 05/10/2025
Open Pit (Avg): n/a 0.70 g/t 03/18/2024
Recovery Rate: (CG)  75.00% (CG)  75.00% 05/10/2025
F
U
T
U
R
E		 Proven & Probable: 15.00M 15.00M 05/10/2025
Annual Production: 750,000oz. 750,000oz. 05/10/2025
Cash Cost: $1,400 $1,400 05/10/2025
Extra Operating Cost: $750 $750 05/10/2025
SILVER 05/10/2025
Last Analysis Data
Current Data
Item Value Value Updated
O
U
N
C
E
S		 T
O
T
A
L
 Proven & Probable: 480.00M 480.00M 05/10/2025
Measured & Indicated: 1,100.00M 1,100.00M 05/10/2025
Inferred: 350.00M 350.00M 05/10/2025
Reserves & Resources: 1,450.00M 1,450.00M never
P
L
A
U
S
I
B
L
E		 Proven & Probable: 432.00M 432.00M 05/10/2025
Measured & Indicated: 878.40M 878.40M 05/10/2025
Inferred: 157.50M 157.50M 05/10/2025
Reserves & Resources: 1,035.90M 1,035.90M never
C
U
R
R
E
N
T		 Annual Production: (guess) 
21,000,000oz.		 (guess) 
21,000,000oz.		 05/10/2025
Cash Cost: $15.00 $15.00 05/10/2025
Extra Operating Cost: $10.00 $10.00 05/10/2025
Total: $25.00 $25.00 05/10/2025
Margin (Free Cash Flow): $7.66 (23.45%) $13.19 (34.54%)
G
R
A
D
E		 Underground (Avg): 200.00 g/t 200.00 g/t 05/10/2025
Open Pit (Avg): n/a 100.00 g/t 03/18/2024
Recovery Rate: (CG)  90.00% (CG)  90.00% 05/10/2025
F
U
T
U
R
E		 Proven & Probable: 600.00M 600.00M 05/10/2025
Annual Production: 40,000,000oz. 40,000,000oz. 05/10/2025
Cash Cost: $17.00 $17.00 05/10/2025
Extra Operating Cost: $11.00 $11.00 05/10/2025

Property

Last Analysis Data  (05/10/2025)
Stage Name Owned 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% n/a
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.
Exp Gowganda 100% show
O'Brien past producing mine (40 million oz produced). 3 million oz deposit at 50 gpt.
Exp Juby 100% show
4 million oz open pit at 1 gpt.
Exp Juby Main 100% show
Main deposit is 1.5 million oz (1 gpt).
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.
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.
Prod Alamo Dorado 100% n/a
Prod Dolores 100% n/a
Prod La Colorada 100% n/a
Dev La Bolsa 100% n/a
Exp La Preciosa 45% 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.
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 Hog Heaven 100% n/a
Exp Waterloo 100% n/a
Total Land Package Size (ha): 231,525  
Current Data
Stage Name Owned 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% n/a
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.
Exp Gowganda 100% show
O'Brien past producing mine (40 million oz produced). 3 million oz deposit at 50 gpt.
Exp Juby 100% show
4 million oz open pit at 1 gpt.
Exp Juby Main 100% show
Main deposit is 1.5 million oz (1 gpt).
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.
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.
Prod Alamo Dorado 100% n/a
Prod Dolores 100% n/a
Prod La Colorada 100% n/a
Dev La Bolsa 100% n/a
Exp La Preciosa 45% 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.
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 Hog Heaven 100% n/a
Exp Waterloo 100% n/a
Total Land Package Size (ha): 231,525  

Profitability (by resource)

Proven &
Probable		 05/10/2025
Last Analysis Data
Current Data
Item Value Value Updated
Percentage Gold: 58.68% 55.03% n/a
Percentage Silver: 41.32% 44.97% n/a
Total (Gold Eq. Oz.): 11.42M 12.17M n/a
Total (Silver Eq. Oz.): 1,161.67M 1,067.48M n/a
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 9.27M 9.95M n/a
Silver Eq. Oz.: 943.25M 872.61M n/a
Maximum Profit (Gold): $6,647.57M $6,777.02M n/a
Maximum Profit (Silver): $3,309.12M $5,698.08M n/a
Total Maximum Profit: $9,956.69M $12,475.10M n/a
Max Profit / Current MCap: 0.978 1.100 n/a
Max Profit Per Share (Gold): $17.77 $18.12 n/a
Max Profit Per Share (Silver): $8.85 $15.24 n/a
Total Max Profit Per Share: $26.62 $33.36 n/a
Total Free Profit Per Share: $0.00 $3.03 n/a
FD MCap / Gold Eq.: $1,097.67 $1,139.84 n/a
FD MCap / Silver Eq.: $10.79 $13.00 n/a
FD MCap / Per Metal
as % Spot Price:		 33.03% 34.04% n/a
Measured &
Indicated		 05/10/2025
Last Analysis Data
Current Data
Item Value Value Updated
Percentage Gold: 61.13% 57.54% n/a
Percentage Silver: 38.87% 42.46% n/a
Total (Gold Eq. Oz.): 27.81M 29.55M n/a
Total (Silver Eq. Oz.): 2,829.62M 2,590.63M n/a
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 19.84M 21.22M n/a
Silver Eq. Oz.: 2,018.42M 1,860.90M n/a
Maximum Profit (Gold): $14,823.09M $15,111.74M n/a
Maximum Profit (Silver): $6,728.54M $11,586.10M n/a
Total Maximum Profit: $21,551.64M $26,697.83M n/a
Max Profit / Current MCap: 2.118 2.354 n/a
Max Profit Per Share (Gold): $39.63 $40.41 n/a
Max Profit Per Share (Silver): $17.99 $30.98 n/a
Total Max Profit Per Share: $57.62 $71.38 n/a
Total Free Profit Per Share: $30.41 $41.05 n/a
FD MCap / Gold Eq.: $512.97 $534.49 n/a
FD MCap / Silver Eq.: $5.04 $6.10 n/a
FD MCap / Per Metal
as % Spot Price:		 15.44% 15.96% n/a

Reserves &
Resources		 05/10/2025
Last Analysis Data
Current Data
Item Value Value Updated
Percentage Gold: 64.59% 61.12% n/a
Percentage Silver: 35.41% 38.88% n/a
Total (Gold Eq. Oz.): 40.25M 42.54M n/a
Total (Silver Eq. Oz.): 4,095.30M 3,729.79M n/a
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 24.76M 26.39M n/a
Silver Eq. Oz.: 2,519.30M 2,314.34M n/a
Maximum Profit (Gold): $19,287.88M $19,663.46M n/a
Maximum Profit (Silver): $7,934.99M $13,663.52M n/a
Total Maximum Profit: $27,222.88M $33,326.98M n/a
Max Profit / Current MCap: 2.675 2.938 n/a
Max Profit Per Share (Gold): $51.57 $52.58 n/a
Max Profit Per Share (Silver): $21.22 $36.53 n/a
Total Max Profit Per Share: $72.79 $89.11 n/a
Total Free Profit Per Share: $45.58 $58.78 n/a
FD MCap / Gold Eq.: $410.98 $429.77 n/a
FD MCap / Silver Eq.: $4.04 $4.90 n/a
FD MCap / Per Metal
as % Spot Price:		 12.37% 12.83% n/a

Future Valuation (Cash Flow & Totals)

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