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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 ~$13151.71M which is a rise of roughly 29% over the last four 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 $13,151.71M 05/10/2025
MCap (OS): $9,916.41M $12,815.53M 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
Debt (Net): $-119.00M $-119.00M
Enterprise Value: $10,057.54M $13,032.71M 12/28/2382
Cash Flow: $1,153.04M $1,579.96M never
Cash Flow Multiple: 8.83 8.32 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 1.14% 09/01/2025
Company Type: Mostly Silver Mostly Silver never
Group: Producer Producer never
Production ETA: n/a n/a 05/10/2025
Production (Gold Eq Oz.): (guess) 
956,404		 (guess) 
991,176		 05/10/2025
Production (Silver Eq Oz.): (guess) 
97,306,644		 (guess) 
86,304,944		 05/10/2025
Development Phase: none Producer (Multiple Mines) 07/12/2025
Optionality Play: none No
F
U
T
U
R
E		 % of Spot: 30
Producer: Elite Quality
 30
Producer: Elite Quality
 04/24/2023
Cash Flow Multiple: 18 20 07/12/2025

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%) $1,637 (45%)
MCap / Production (AuEq): $10,640.42 $13,268.79
EV / Production (AuEq): $10,515.99 $13,148.73
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% 07/12/2025
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 $13.00 07/12/2025
Extra Operating Cost: $10.00 $12.00 07/12/2025
Total: $25.00 $25.00 07/12/2025
Margin (Free Cash Flow): $7.66 (23.45%) $16.77 (40.15%)
MCap / Production (AgEq): $104.58 $152.39
EV / Production (AgEq): $103.36 $151.01
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% 07/12/2025
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 $16.00 07/12/2025
Extra Operating Cost: $11.00 $12.00 07/12/2025

Property

Last Analysis Data  (05/10/2025)
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 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 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.

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 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 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 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.

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 Hog Heaven
100 n/a
Exp Waterloo
100 n/a

Profitability (by resource)

Proven &
Probable		 05/10/2025
Last Analysis Data
Current Data
Item Value Value Updated
Percentage Gold: 58.68% 54.86% n/a
Percentage Silver: 41.32% 45.14% n/a
Total (Gold Eq. Oz.): 11.42M 12.21M n/a
Total (Silver Eq. Oz.): 1,161.67M 1,063.39M n/a
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 9.27M 9.99M n/a
Silver Eq. Oz.: 943.25M 869.54M n/a
Maximum Profit (Gold): $6,647.57M $8,226.18M n/a
Maximum Profit (Silver): $3,309.12M $7,244.64M n/a
Total Maximum Profit: $9,956.69M $15,470.82M n/a
Max Profit / Current MCap: 0.978 1.176 n/a
Max Profit Per Share (Gold): $17.77 $22.00 n/a
Max Profit Per Share (Silver): $8.85 $19.37 n/a
Total Max Profit Per Share: $26.62 $41.37 n/a
Total Free Profit Per Share: $0.00 $6.20 n/a
FD MCap / Gold Eq.: $1,097.67 $1,316.97 n/a
FD MCap / Silver Eq.: $10.79 $15.12 n/a
FD MCap / Per Metal
as % Spot Price:		 33.03% 36.21% n/a
EV / Gold Eq.: $1,084.84 $1,305.05 n/a
EV / Silver Eq.: $10.66 $14.99 n/a
EV / Per Metal
as % Spot Price:		 32.65% 35.88% n/a
Measured &
Indicated		 05/10/2025
Last Analysis Data
Current Data
Item Value Value Updated
Percentage Gold: 61.13% 57.37% n/a
Percentage Silver: 38.87% 42.63% n/a
Total (Gold Eq. Oz.): 27.81M 29.63M n/a
Total (Silver Eq. Oz.): 2,829.62M 2,580.25M n/a
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 19.84M 21.29M n/a
Silver Eq. Oz.: 2,018.42M 1,854.06M n/a
Maximum Profit (Gold): $14,823.09M $18,343.15M n/a
Maximum Profit (Silver): $6,728.54M $14,730.77M n/a
Total Maximum Profit: $21,551.64M $33,073.91M n/a
Max Profit / Current MCap: 2.118 2.515 n/a
Max Profit Per Share (Gold): $39.63 $49.05 n/a
Max Profit Per Share (Silver): $17.99 $39.39 n/a
Total Max Profit Per Share: $57.62 $88.43 n/a
Total Free Profit Per Share: $30.41 $53.27 n/a
FD MCap / Gold Eq.: $512.97 $617.65 n/a
FD MCap / Silver Eq.: $5.04 $7.09 n/a
FD MCap / Per Metal
as % Spot Price:		 15.44% 16.98% n/a
EV / Gold Eq.: $506.97 $612.06 n/a
EV / Silver Eq.: $4.98 $7.03 n/a
EV / Per Metal
as % Spot Price:		 15.26% 16.83% n/a

Reserves &
Resources		 05/10/2025
Last Analysis Data
Current Data
Item Value Value Updated
Percentage Gold: 64.59% 60.96% n/a
Percentage Silver: 35.41% 39.04% n/a
Total (Gold Eq. Oz.): 40.25M 42.65M n/a
Total (Silver Eq. Oz.): 4,095.30M 3,713.90M n/a
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 24.76M 26.48M n/a
Silver Eq. Oz.: 2,519.30M 2,305.43M n/a
Maximum Profit (Gold): $19,287.88M $23,868.19M n/a
Maximum Profit (Silver): $7,934.99M $17,372.04M n/a
Total Maximum Profit: $27,222.88M $41,240.23M n/a
Max Profit / Current MCap: 2.675 3.136 n/a
Max Profit Per Share (Gold): $51.57 $63.82 n/a
Max Profit Per Share (Silver): $21.22 $46.45 n/a
Total Max Profit Per Share: $72.79 $110.27 n/a
Total Free Profit Per Share: $45.58 $75.10 n/a
FD MCap / Gold Eq.: $410.98 $496.72 n/a
FD MCap / Silver Eq.: $4.04 $5.70 n/a
FD MCap / Per Metal
as % Spot Price:		 12.37% 13.66% n/a
EV / Gold Eq.: $406.17 $492.23 n/a
EV / Silver Eq.: $3.99 $5.65 n/a
EV / Per Metal
as % Spot Price:		 12.22% 13.53% n/a

Future Valuation (Cash Flow & Totals)

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