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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 880koz. of gold and 23.0Moz. of silver per year. They have approximately 26Moz. of gold and 1400Moz. of silver in the reserves and resources category of which 17Moz. of gold and 950Moz. of silver are in the measured and indicated category. They have a market capitalisation of ~$7160.23M which is a rise of roughly 21% over the last eleven months. As of 05/23/2023 they have ~$783M debt and ~$513M 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 05/23/2023
Last
Analysis
Data
Current Data
Change
Item Value Value Updated Value
MCap (FD): $5,916.68M $7,160.23M 05/23/2023 $1,243.55M
Total Assets: $3,500.00M $3,500.00M 05/23/2023 $0.00M
Total Liabilities: $1,400.00M $1,400.00M 05/23/2023 $0.00M
Current Assets: $1,044.00M $1,044.00M 05/23/2023 $0.00M
Current Liabilities: $272.00M $272.00M 05/23/2023 $0.00M
Total Debt: $783.00M $783.00M 05/23/2023 $0.00M
Cash: $513.00M $513.00M 05/23/2023 $0.00M
Enterprise Value: $6,186.68M $7,430.23M 06/15/2205 $1,243.55M
Cash Flow: $491.87M $719.41M never $227.54M
Cash Flow Multiple: 12.03 9.95 never -2.08
Net Debt to
Cash Flow Ratio:		 0.55 0.38 never -0.17
Finance within 1 year: 05/23/2023 n/a
Misc 05/23/2023
Last
Analysis
Data
Current Data
Change
Item Value Value Updated Value
Shares Outstanding: 364,000,000 364,000,000 05/23/2023 0
Shares (FD): 374,000,000 374,000,000 05/23/2023 0
Insider Ownership: n/a n/a never n/a
Dividend (Annual): n/a 2.8% 03/31/2024 2.8%
Company Type: Mostly Silver Mostly Silver never n/a
Production ETA: n/a n/a 05/23/2023 n/a
Production (Gold Eq Oz.): (guess) 
1,191,111		 (guess) 
1,155,915		 02/22/2024 -35,196
Production (Silver Eq Oz.): (guess) 
100,357,362		 (guess) 
96,355,819		 02/22/2024 -4,001,544
Initial CapEx (Outstanding): n/a n/a 05/23/2023 n/a
Funding Option: n/a n/a 05/23/2023 n/a
Documentation: none PRODUCER 03/31/2024 n/a
Future MCap Modifier: 0.3
Producer: Elite Quality
 0.3
Producer: Elite Quality
 04/24/2023 0
Cash Flow Multiplier: 15 15 03/31/2024 0.00

Resource Data

GOLD 05/23/2023
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
O
U
N
C
E
S		 T
O
T
A
L
 Proven & Probable: 3.60M 13.00M 08/24/2023 9.40M
Measured & Indicated: 8.00M 17.00M 08/24/2023 9.00M
Inferred: 3.00M 9.00M 08/24/2023 6.00M
Reserves & Resources: 11.00M 26.00M never 15.00M
P
L
A
U
S
I
B
L
E		 Proven & Probable: 2.70M 9.75M 08/24/2023 7.05M
Measured & Indicated: 5.34M 12.15M 08/24/2023 6.81M
Inferred: 1.13M 3.38M 08/24/2023 2.25M
Reserves & Resources: 6.47M 15.53M never 9.06M
C
U
R
R
E
N
T		 Annual Production: (guess) 
930,000oz.		 (CG) 
880,000oz.		 02/22/2024 -50,000oz.
Cash Cost: $1,000 $1,150 02/22/2024 $150.00
Extra Operating Cost: $550 $600 01/17/2024 $50.00
G
R
A
D
E		 Underground (Avg): 0.60 g/t 3.00 g/t 03/18/2024 2.40 g/t
Open Pit (Avg): n/a 0.70 g/t 03/18/2024 0.70 g/t
Recovery Rate: (CG)  75.00% (CG)  75.00% 03/31/2024 0.00%
F
U
T
U
R
E		 Proven & Probable: 9.00M 15.00M 08/24/2023 6.00M
Annual Production: 900,000oz. 950,000oz. 08/24/2023 50,000oz.
Cash Cost: $1,200 $1,200 05/23/2023 $0
Extra Operating Cost: $550 $550 05/23/2023 $0
SILVER 05/23/2023
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
O
U
N
C
E
S		 T
O
T
A
L
 Proven & Probable: 500.00M 550.00M 08/24/2023 50.00M
Measured & Indicated: 900.00M 950.00M 08/24/2023 50.00M
Inferred: 350.00M 450.00M 08/24/2023 100.00M
Reserves & Resources: 1,250.00M 1,400.00M never 150.00M
P
L
A
U
S
I
B
L
E		 Proven & Probable: 450.00M 495.00M 08/24/2023 45.00M
Measured & Indicated: 738.00M 783.00M 08/24/2023 45.00M
Inferred: 157.50M 202.50M 08/24/2023 45.00M
Reserves & Resources: 895.50M 985.50M never 90.00M
C
U
R
R
E
N
T		 Annual Production: (guess) 
22,000,000oz.		 (guess) 
23,000,000oz.		 02/22/2024 1,000,000oz.
Cash Cost: $11.00 $13.00 02/22/2024 $2.00
Extra Operating Cost: $8.00 $9.00 01/17/2024 $1.00
G
R
A
D
E		 Underground (Avg): 180.00 g/t 200.00 g/t 03/18/2024 20.00 g/t
Open Pit (Avg): n/a 100.00 g/t 03/18/2024 100.00 g/t
Recovery Rate: (CG)  90.00% (CG)  90.00% 03/31/2024 0.00%
F
U
T
U
R
E		 Proven & Probable: 750.00M 750.00M 05/23/2023 0.00M
Annual Production: 25,000,000oz. 25,000,000oz. 05/23/2023 0oz.
Cash Cost: $15.00 $15.00 05/23/2023 $0.00
Extra Operating Cost: $10.00 $10.00 05/23/2023 $0.00

Property

Last Analysis Data  (05/23/2023)
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		 05/23/2023
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
Percentage Gold: 37.76% 66.33% n/a 28.57%
Percentage Silver: 62.24% 33.67% n/a -28.57%
Total (Gold Eq. Oz.): 9.53M 19.60M n/a 10.06M
Total (Silver Eq. Oz.): 803.32M 1,633.67M n/a 830.35M
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 8.04M 15.69M n/a 7.65M
Silver Eq. Oz.: 677.49M 1,307.75M n/a 630.26M
Maximum Profit (Gold): $1,145.07M $6,263.40M n/a $5,118.33M
Maximum Profit (Silver): $1,993.50M $3,316.50M n/a $1,323.00M
Total Maximum Profit: $3,138.57M $9,579.90M n/a $6,441.33M
Max Profit / Current MCap: 0.530 1.338 n/a 0.807
Max Profit Per Share (Gold): $3.06 $16.75 n/a $13.69
Max Profit Per Share (Silver): $5.33 $8.87 n/a $3.54
Total Max Profit Per Share: $8.39 $25.61 n/a $17.22
Total Free Profit Per Share: $0.00 $6.47 n/a $6.47
FD MCap / Gold Eq.: $735.82 $456.41 n/a $-279.41
FD MCap / Silver Eq.: $8.73 $5.48 n/a $-3.26
FD MCap / Per Metal
as % Spot Price:		 37.27% 19.08% n/a -18.20%
Measured &
Indicated		 05/23/2023
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
Percentage Gold: 42.82% 59.87% n/a 17.05%
Percentage Silver: 57.18% 40.13% n/a -17.05%
Total (Gold Eq. Oz.): 18.68M 28.40M n/a 9.71M
Total (Silver Eq. Oz.): 1,574.04M 2,367.10M n/a 793.06M
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 14.10M 21.54M n/a 7.44M
Silver Eq. Oz.: 1,187.92M 1,795.81M n/a 607.89M
Maximum Profit (Gold): $2,264.69M $7,805.16M n/a $5,540.47M
Maximum Profit (Silver): $3,269.34M $5,246.10M n/a $1,976.76M
Total Maximum Profit: $5,534.03M $13,051.26M n/a $7,517.23M
Max Profit / Current MCap: 0.935 1.823 n/a 0.887
Max Profit Per Share (Gold): $6.06 $20.87 n/a $14.81
Max Profit Per Share (Silver): $8.74 $14.03 n/a $5.29
Total Max Profit Per Share: $14.80 $34.90 n/a $20.10
Total Free Profit Per Share: $0.00 $15.75 n/a $15.75
FD MCap / Gold Eq.: $419.65 $332.37 n/a $-87.28
FD MCap / Silver Eq.: $4.98 $3.99 n/a $-0.99
FD MCap / Per Metal
as % Spot Price:		 21.26% 13.89% n/a -7.37%

Reserves &
Resources		 05/23/2023
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
Percentage Gold: 42.58% 60.75% n/a 18.17%
Percentage Silver: 57.42% 39.25% n/a -18.17%
Total (Gold Eq. Oz.): 25.84M 42.79M n/a 16.96M
Total (Silver Eq. Oz.): 2,176.81M 3,567.33M n/a 1,390.52M
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 17.09M 27.35M n/a 10.25M
Silver Eq. Oz.: 1,440.21M 2,279.65M n/a 839.44M
Maximum Profit (Gold): $2,741.81M $9,973.26M n/a $7,231.45M
Maximum Profit (Silver): $3,967.07M $6,602.85M n/a $2,635.79M
Total Maximum Profit: $6,708.87M $16,576.11M n/a $9,867.24M
Max Profit / Current MCap: 1.134 2.315 n/a 1.181
Max Profit Per Share (Gold): $7.33 $26.67 n/a $19.34
Max Profit Per Share (Silver): $10.61 $17.65 n/a $7.05
Total Max Profit Per Share: $17.94 $44.32 n/a $26.38
Total Free Profit Per Share: $2.12 $25.18 n/a $23.06
FD MCap / Gold Eq.: $346.14 $261.83 n/a $-84.31
FD MCap / Silver Eq.: $4.11 $3.14 n/a $-0.97
FD MCap / Per Metal
as % Spot Price:		 17.53% 10.94% n/a -6.59%

Future Valuation (Cash Flow & Totals)

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