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Category: Emerging Major
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Pan American Silver Corp.
www: www.panamericansilver.com     email: info@panamericansilver.com

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Symbol Data

Symbol Currency
TSE:PAAS CAD
NASDAQ:PAAS USD

Description

Pan American Silver Corp. are a silver focused emerging 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 25.0Moz. of silver per year. They have approximately 1150Moz. of silver in the reserves and resources category of which 900Moz. are in the measured and indicated category. They have a market capitalisation of ~$2075.92M which is a fall of roughly 10% over the last three months. As of 01/05/2019 they have no debt and ~$250M cash. They have 153M shares outstanding and trade on the NASDAQ Stock Exchange and the Toronto Stock Exchange.

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General Details

Financial 01/05/2019
Last
Analysis
Data
Current Data
Change
Item Value Value Updated Value
Mkt. Cap (FD): $2,305.38M $2,075.92M 01/05/2019 $-229.46M
Total Assets: $2,000.00M $2,000.00M 01/05/2019 $0.00M
Total Liabilities: $432.00M $432.00M 01/05/2019 $0.00M
Current Assets: $600.00M $600.00M 01/05/2019 $0.00M
Current Liabilities: $153.00M $153.00M 01/05/2019 $0.00M
Total Debt: $0.00M $0.00M 01/05/2019 $0.00M
Cash: $250.00M $250.00M 01/05/2019 $0.00M
Enterprise Value: $2,055.38M $1,825.92M 11/11/2027 $-229.46M
Cash Flow: $99.23M $86.98M never $-12.25M
Cash Flow Multiple: 23.23 23.87 never 0.63
Net Debt to
Cash Flow Ratio:		 n/a n/a never 0.00
Finance within 1 year: 01/05/2019 n/a
Tax Rate: (guess)  30.00% (default)  30.00% 01/05/2019 0.00%
Misc 01/05/2019
Last
Analysis
Data
Current Data
Change
Item Value Value Updated Value
Shares Outstanding: 153,000,000 153,000,000 01/05/2019 0
Shares (FD): 154,000,000 154,000,000 01/05/2019 0
Insider Ownership: n/a n/a never n/a
Company Type: Mostly Silver Mostly Silver never n/a
Production ETA: n/a n/a 01/05/2019 n/a
Production (Gold Eq Oz.): (guess) 
305,054		 (guess) 
293,414		 01/05/2019 -11,639
Production (Silver Eq Oz.): (guess) 
25,000,000		 (guess) 
25,000,000		 01/05/2019 0
Initial CapEx (Outstanding): n/a n/a 01/05/2019 n/a
Funding Option: n/a n/a 01/05/2019 n/a
Documentation: none PRODUCER 01/05/2019 n/a
Value Adjustment: 15% 15% never 0%

Resource Data

GOLD 01/05/2019
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
O
U
N
C
E
S		 T
O
T
A
L
 Proven & Probable: n/a n/a 01/05/2019 0.00M
Measured & Indicated: n/a n/a 01/05/2019 0.00M
Inferred: n/a n/a 01/05/2019 0.00M
Reserves & Resources: n/a n/a never 0.00M
P
L
A
U
S
I
B
L
E		 Proven & Probable: n/a n/a 01/05/2019 0.00M
Measured & Indicated: n/a n/a 01/05/2019 0.00M
Inferred: n/a n/a 01/05/2019 0.00M
Reserves & Resources: n/a n/a never 0.00M
C
U
R
R
E
N
T		 Annual Production: n/a n/a 0oz.
Cash Cost: n/a n/a 01/05/2019 $0.00
Extra Operating Cost: n/a n/a 01/05/2019 $0.00
Average Grade: n/a n/a 01/05/2019 n/a
Recovery Rate: n/a n/a 01/05/2019 0.00%
F
U
T
U
R
E		 Proven & Probable: n/a n/a 01/05/2019 0.00M
Annual Production: n/a n/a 01/05/2019 n/a
Cash Cost: n/a n/a 01/05/2019 n/a
Extra Operating Cost: n/a n/a 01/05/2019 n/a
SILVER 01/05/2019
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
O
U
N
C
E
S		 T
O
T
A
L
 Proven & Probable: 280.00M 280.00M 01/05/2019 0.00M
Measured & Indicated: 900.00M 900.00M 01/05/2019 0.00M
Inferred: 250.00M 250.00M 01/05/2019 0.00M
Reserves & Resources: 1,150.00M 1,150.00M never 0.00M
P
L
A
U
S
I
B
L
E		 Proven & Probable: 252.00M 252.00M 01/05/2019 0.00M
Measured & Indicated: 698.40M 698.40M 01/05/2019 0.00M
Inferred: 112.50M 112.50M 01/05/2019 0.00M
Reserves & Resources: 810.90M 810.90M never 0.00M
C
U
R
R
E
N
T		 Annual Production: (guess) 
25,000,000oz.		 (guess) 
25,000,000oz.		 01/05/2019 0oz.
Cash Cost: $4 $4 01/05/2019 $0.00
Extra Operating Cost: $6 $6 01/05/2019 $0.00
Average Grade: 90.00 g/t 90.00 g/t 01/05/2019 n/a
Recovery Rate: (CG)  90.00% (CG)  90.00% 01/05/2019 0.00%
F
U
T
U
R
E		 Proven & Probable: 900.00M 900.00M 01/05/2019 0.00M
Annual Production: 30,000,000oz. 30,000,000oz. 01/05/2019 0oz.
Cash Cost: $7 $7 01/05/2019 $0
Extra Operating Cost: $7 $7 01/05/2019 $0

Property

Last Analysis Data  (01/05/2019)
Stage Location Name Owned Type Au Ag Cu
Production Argentina Manantial Espejo 100% n/a
Production Bolivia San Vicente 95% n/a
Production Mexico Alamo Dorado 100% n/a
Production Mexico Dolores 100% n/a
Production Mexico La Colorada 100% n/a
Production Unish, Peru Huaron 100% n/a
Production Morococha, Junin, Peru Morococha 92% n/a
Production Trujillo, Peru Quiruvilca 100% n/a
Development Mexico La Bolsa 100% n/a
Exploration Argentina Calcatreu 100% n/a
Exploration Argentina Navidad 100% n/a
Exploration Durango, Mexico La Preciosa 45% n/a
Exploration Peru Pico Machay 100% n/a
Exploration USA Hog Heaven 100% n/a
Exploration USA Waterloo 100% n/a
Current Data
Stage Location Name Owned Size (Ha) Type Au Ag Cu Notes
Production Argentina Manantial Espejo 100% n/a n/a n/a
Production Bolivia San Vicente 95% n/a n/a n/a
Production Canada Bell Creek Complex 100% n/a Underground show
2 million oz underground mine 4.5 gpt
Production Ontario, Canada Timmins West 100% n/a Underground show
2.7 million oz underground mine (5 gpt)
Production Mexico Alamo Dorado 100% n/a n/a n/a
Production Mexico Dolores 100% n/a n/a n/a
Production Mexico La Colorada 100% n/a n/a n/a
Production Unish, Peru Huaron 100% n/a n/a n/a
Production Huamachuco, Peru La Arena 100% 27,000 Open Pit 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.
Production Morococha, Junin, Peru Morococha 92% n/a n/a n/a
Production Trujillo, Peru Quiruvilca 100% n/a n/a n/a
Development San Rafael Las Flores, Guatemala Escobal 100% 200,000 Underground show
Huge 20 million oz per year silver mine. Low cash costs from gold, lead, and zinc offsets.
Development Mexico La Bolsa 100% n/a n/a n/a
Development Peru Shahuindo 100% n/a Open Pit show
Expected production of 90,000 gold equivalent oz (including silver) in 2014. Double production in 2016.
Exploration Argentina Calcatreu 100% n/a n/a n/a
Exploration Argentina Navidad 100% n/a n/a n/a
Exploration Timmins, Ontario, Canada 144 100% n/a n/a n/a
Exploration Ontario, Canada Croxall 100% 1,000 n/a n/a
Exploration Val D'or, Canada East Sullivan 100% n/a n/a show
Early exploration
Exploration Ontario, Canada Fenn-Gib 100% n/a Open Pit show
2 million oz open pit project (1 gpt)
Exploration Timmins, Ontario, Canada Gold River Trend 255% n/a n/a n/a
Exploration Ontario, Canada Golden Lake 100% 250 Open Pit show
Near Juby Main deposit.
Exploration Ontario, Canada Gowganda 100% 200 Open Pit show
O'Brien past producing mine (40 million oz produced). 3 million oz deposit at 50 gpt.
Exploration Ontario, Canada Juby 100% 2,000 Open Pit show
4 million oz open pit at 1 gpt.
Exploration Ontario, Canada Juby Main 100% 275 Open Pit show
Main deposit is 1.5 million oz (1 gpt).
Exploration Latchford, Ontario, Canada Latchford 100% n/a n/a n/a
Exploration Canada Marlhill 100% n/a n/a n/a
Exploration Kenora, Ontario, Canada Uranium Project 100% n/a n/a n/a
Exploration Canada Vogel 100% n/a n/a n/a
Exploration Ontario, Canada Webequie 100% n/a n/a n/a
Exploration Timmins Ontario, Canada Whitney 60% 800 Open Pit show
Whitney JV with Goldcorp. PEA due.

1 million oz deposit.
Exploration Latchford, Ontario, Canada Wilson Lake 100% n/a n/a n/a
Exploration Durango, Mexico La Preciosa 45% n/a n/a n/a
Exploration Peru, Peru La Arena 100% (guess) n/a Open Pit show
3.5 million oz open pit

200,000 oz per year.
Exploration Peru Pico Machay 100% n/a n/a n/a
Exploration USA Hog Heaven 100% n/a n/a n/a
Exploration USA Waterloo 100% n/a n/a n/a
Total Land Package Size (ha): 231,525  

Profitability (by resource)

Proven &
Probable		 01/05/2019
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
Percentage Gold: n/a n/a n/a 0.00%
Percentage Silver: 100.00% 100.00% n/a 0.00%
Total (Gold Eq. Oz.): n/a n/a n/a -0.13M
Total (Silver Eq. Oz.): 280.00M 280.00M n/a 0.00M
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: n/a n/a n/a -0.12M
Silver Eq. Oz.: 252.00M 252.00M n/a 0.00M
Maximum Profit (Gold): n/a n/a n/a $0.00M
Maximum Profit (Silver): $1,150.22M $1,008.21M n/a $-142.00M
Total Maximum Profit: $1,150.22M $1,008.21M n/a $-142.00M
Max Profit / Current MCap: 0.499 0.486 n/a -0.013
Max Profit Per Share (Gold): n/a n/a n/a $0.00
Max Profit Per Share (Silver): $7.47 $6.55 n/a $-0.92
Total Max Profit Per Share: $7.47 $6.55 n/a $-0.92
Total Free Profit Per Share: $0.00 $0.00 n/a $0.00
FD Mkt. Cap / Gold Eq.: $749.73 $701.89 n/a $-47.84
FD Mkt. Cap / Silver Eq.: $9.15 $8.24 n/a $-0.91
FD Mkt. Cap / Per Metal
as % Spot Price:		 58.38% 55.03% n/a -3.35%
Measured &
Indicated		 01/05/2019
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
Percentage Gold: n/a n/a n/a 0.00%
Percentage Silver: 100.00% 100.00% n/a 0.00%
Total (Gold Eq. Oz.): n/a n/a n/a -0.42M
Total (Silver Eq. Oz.): 900.00M 900.00M n/a 0.00M
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: n/a n/a n/a -0.33M
Silver Eq. Oz.: 698.40M 698.40M n/a 0.00M
Maximum Profit (Gold): n/a n/a n/a $0.00M
Maximum Profit (Silver): $3,187.74M $2,794.19M n/a $-393.55M
Total Maximum Profit: $3,187.74M $2,794.19M n/a $-393.55M
Max Profit / Current MCap: 1.383 1.346 n/a -0.037
Max Profit Per Share (Gold): n/a n/a n/a $0.00
Max Profit Per Share (Silver): $20.70 $18.14 n/a $-2.56
Total Max Profit Per Share: $20.70 $18.14 n/a $-2.56
Total Free Profit Per Share: $5.73 $4.66 n/a $-1.07
FD Mkt. Cap / Gold Eq.: $270.52 $253.26 n/a $-17.26
FD Mkt. Cap / Silver Eq.: $3.30 $2.97 n/a $-0.33
FD Mkt. Cap / Per Metal
as % Spot Price:		 21.07% 19.86% n/a -1.21%

Reserves &
Resources		 01/05/2019
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
Percentage Gold: n/a n/a n/a 0.00%
Percentage Silver: 100.00% 100.00% n/a 0.00%
Total (Gold Eq. Oz.): n/a n/a n/a -0.54M
Total (Silver Eq. Oz.): 1,150.00M 1,150.00M n/a 0.00M
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: n/a n/a n/a -0.38M
Silver Eq. Oz.: 810.90M 810.90M n/a 0.00M
Maximum Profit (Gold): n/a n/a n/a $0.00M
Maximum Profit (Silver): $3,701.23M $3,244.29M n/a $-456.94M
Total Maximum Profit: $3,701.23M $3,244.29M n/a $-456.94M
Max Profit / Current MCap: 1.605 1.563 n/a -0.043
Max Profit Per Share (Gold): n/a n/a n/a $0.00
Max Profit Per Share (Silver): $24.03 $21.07 n/a $-2.97
Total Max Profit Per Share: $24.03 $21.07 n/a $-2.97
Total Free Profit Per Share: $9.06 $7.59 n/a $-1.48
FD Mkt. Cap / Gold Eq.: $232.99 $218.12 n/a $-14.87
FD Mkt. Cap / Silver Eq.: $2.84 $2.56 n/a $-0.28
FD Mkt. Cap / Per Metal
as % Spot Price:		 18.14% 17.10% n/a -1.04%

Future Valuation (Cash Flow & Totals)

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