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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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Notes
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Symbol Data

Symbol Currency
NASDAQ:PAAS USD
TSE:PAAS CAD

Description

Pan American Silver Corp. are a gold and 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 450koz. of gold and 25.0Moz. of silver per year. They have approximately 25Moz. of gold and 1350Moz. of silver in the reserves and resources category of which 15Moz. of gold and 1000Moz. of silver are in the measured and indicated category. They have a market capitalisation of ~$3681.95M which is a rise of roughly 51% over the last three months. As of 06/07/2019 they have ~$363M debt and ~$121M cash. They have 209M shares outstanding and trade on the NASDAQ Stock Exchange and the Toronto Stock Exchange.

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General Details

Financial 06/07/2019
Last
Analysis
Data

Current Data

Change
Item Value Value Updated Value
Mkt. Cap (FD): $2,445.49M $3,681.95M 06/07/2019 $1,236.46M
Total Assets: $3,400.00M $3,400.00M 06/07/2019 $0.00M
Total Liabilities: $1,008.00M $1,008.00M 06/07/2019 $0.00M
Current Assets: $1,044.00M $1,044.00M 06/07/2019 $0.00M
Current Liabilities: $272.00M $272.00M 06/07/2019 $0.00M
Total Debt: $363.00M $363.00M 06/07/2019 $0.00M
Cash: $121.00M $121.00M 06/07/2019 $0.00M
Enterprise Value: $2,687.49M $3,923.95M 05/05/2094 $1,236.46M
Cash Flow: $61.08M $162.38M never $101.30M
Cash Flow Multiple: 40.04 22.68 never -17.37
Net Debt to
Cash Flow Ratio:
3.96 1.49 never -2.47
Finance within 1 year: 06/07/2019 n/a
Tax Rate: (guess)  30.00% (default)  30.00% 06/07/2019 0.00%
Misc 06/07/2019
Last
Analysis
Data

Current Data

Change
Item Value Value Updated Value
Shares Outstanding: 209,000,000 209,000,000 06/07/2019 0
Shares (FD): 211,000,000 211,000,000 06/07/2019 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 06/07/2019 n/a
Production (Gold Eq Oz.): (guess) 
729,291
(guess) 
734,947
06/07/2019 5,656
Production (Silver Eq Oz.): (guess) 
65,280,561
(guess) 
64,481,034
06/07/2019 -799,527
Initial CapEx (Outstanding): n/a n/a 06/07/2019 n/a
Funding Option: n/a n/a 06/07/2019 n/a
Documentation: none PRODUCER 06/07/2019 n/a
Value Adjustment: 25% 25% never 0%

Resource Data

GOLD 06/07/2019
Last Analysis
Data

Current Data

Change
Item Value Value Updated Value
O
U
N
C
E
S
T
O
T
A
L
Proven & Probable: 3.50M 3.50M 06/07/2019 0.00M
Measured & Indicated: 15.00M 15.00M 06/07/2019 0.00M
Inferred: 10.00M 10.00M 06/07/2019 0.00M
Reserves & Resources: 25.00M 25.00M never 0.00M
P
L
A
U
S
I
B
L
E
Proven & Probable: 2.63M 2.63M 06/07/2019 0.00M
Measured & Indicated: 9.53M 9.53M 06/07/2019 0.00M
Inferred: 3.75M 3.75M 06/07/2019 0.00M
Reserves & Resources: 13.28M 13.28M never 0.00M
C
U
R
R
E
N
T
Annual Production: (guess) 
450,000oz.
(CG) 
450,000oz.
06/07/2019 0oz.
Cash Cost: $800 $800 06/07/2019 $0.00
Extra Operating Cost: $400 $400 06/07/2019 $0.00
Average Grade: 0.60 g/t 0.60 g/t 06/07/2019 n/a
Recovery Rate: (CG)  75.00% (CG)  75.00% 06/07/2019 0.00%
F
U
T
U
R
E
Proven & Probable: 7.00M 7.00M 06/07/2019 0.00M
Annual Production: 450,000oz. 450,000oz. 06/07/2019 0oz.
Cash Cost: $800 $800 06/07/2019 $0
Extra Operating Cost: $400 $400 06/07/2019 $0
SILVER 06/07/2019
Last Analysis
Data

Current Data

Change
Item Value Value Updated Value
O
U
N
C
E
S
T
O
T
A
L
Proven & Probable: 500.00M 500.00M 06/07/2019 0.00M
Measured & Indicated: 1,000.00M 1,000.00M 06/07/2019 0.00M
Inferred: 350.00M 350.00M 06/07/2019 0.00M
Reserves & Resources: 1,350.00M 1,350.00M never 0.00M
P
L
A
U
S
I
B
L
E
Proven & Probable: 450.00M 450.00M 06/07/2019 0.00M
Measured & Indicated: 810.00M 810.00M 06/07/2019 0.00M
Inferred: 157.50M 157.50M 06/07/2019 0.00M
Reserves & Resources: 967.50M 967.50M never 0.00M
C
U
R
R
E
N
T
Annual Production: (guess) 
25,000,000oz.
(guess) 
25,000,000oz.
06/07/2019 0oz.
Cash Cost: $7 $7 06/07/2019 $0.00
Extra Operating Cost: $7 $7 06/07/2019 $0.00
Average Grade: 90.00 g/t 90.00 g/t 06/07/2019 n/a
Recovery Rate: (CG)  90.00% (CG)  90.00% 06/07/2019 0.00%
F
U
T
U
R
E
Proven & Probable: 750.00M 750.00M 06/07/2019 0.00M
Annual Production: 45,000,000oz. 45,000,000oz. 06/07/2019 0oz.
Cash Cost: $9 $9 06/07/2019 $0
Extra Operating Cost: $7 $7 06/07/2019 $0

Property

Last Analysis Data  (06/07/2019)
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  
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
06/07/2019
Last Analysis
Data

Current Data

Change
Item Value Value Updated Value
Percentage Gold: 38.52% 38.05% n/a -0.47%
Percentage Silver: 61.48% 61.95% n/a 0.47%
Total (Gold Eq. Oz.): 9.09M 9.20M n/a 0.11M
Total (Silver Eq. Oz.): 813.29M 807.07M n/a -6.22M
P

L

A

U

S

I

B

L

E
Gold Eq. Oz.: 7.65M 7.75M n/a 0.10M
Silver Eq. Oz.: 684.97M 680.31M n/a -4.66M
Maximum Profit (Gold): $321.56M $750.16M n/a $428.60M
Maximum Profit (Silver): $381.94M $1,338.75M n/a $956.81M
Total Maximum Profit: $703.50M $2,088.91M n/a $1,385.41M
Max Profit / Current MCap: 0.288 0.567 n/a 0.280
Max Profit Per Share (Gold): $1.52 $3.56 n/a $2.03
Max Profit Per Share (Silver): $1.81 $6.34 n/a $4.53
Total Max Profit Per Share: $3.33 $9.90 n/a $6.57
Total Free Profit Per Share: $0.00 $0.00 n/a $0.00
FD Mkt. Cap / Gold Eq.: $319.58 $474.84 n/a $155.26
FD Mkt. Cap / Silver Eq.: $3.57 $5.41 n/a $1.84
FD Mkt. Cap / Per Metal
as % Spot Price:
23.85% 31.10% n/a 7.26%
Measured &
Indicated
06/07/2019
Last Analysis
Data

Current Data

Change
Item Value Value Updated Value
Percentage Gold: 57.31% 56.82% n/a -0.49%
Percentage Silver: 42.69% 43.18% n/a 0.49%
Total (Gold Eq. Oz.): 26.17M 26.40M n/a 0.23M
Total (Silver Eq. Oz.): 2,342.69M 2,316.03M n/a -26.65M
P

L

A

U

S

I

B

L

E
Gold Eq. Oz.: 18.57M 18.76M n/a 0.18M
Silver Eq. Oz.: 1,662.61M 1,645.68M n/a -16.92M
Maximum Profit (Gold): $1,166.81M $2,722.01M n/a $1,555.19M
Maximum Profit (Silver): $687.49M $2,409.75M n/a $1,722.26M
Total Maximum Profit: $1,854.30M $5,131.76M n/a $3,277.46M
Max Profit / Current MCap: 0.758 1.394 n/a 0.636
Max Profit Per Share (Gold): $5.53 $12.90 n/a $7.37
Max Profit Per Share (Silver): $3.26 $11.42 n/a $8.16
Total Max Profit Per Share: $8.79 $24.32 n/a $15.53
Total Free Profit Per Share: $0.00 $6.87 n/a $6.87
FD Mkt. Cap / Gold Eq.: $131.66 $196.29 n/a $64.63
FD Mkt. Cap / Silver Eq.: $1.47 $2.24 n/a $0.77
FD Mkt. Cap / Per Metal
as % Spot Price:
9.83% 12.86% n/a 3.03%

Reserves &
Resources
06/07/2019
Last Analysis
Data

Current Data

Change
Item Value Value Updated Value
Percentage Gold: 62.37% 61.90% n/a -0.47%
Percentage Silver: 37.63% 38.10% n/a 0.47%
Total (Gold Eq. Oz.): 40.08M 40.39M n/a 0.31M
Total (Silver Eq. Oz.): 3,587.81M 3,543.39M n/a -44.42M
P

L

A

U

S

I

B

L

E
Gold Eq. Oz.: 24.08M 24.30M n/a 0.22M
Silver Eq. Oz.: 2,155.78M 2,132.19M n/a -23.59M
Maximum Profit (Gold): $1,626.19M $3,793.66M n/a $2,167.48M
Maximum Profit (Silver): $821.17M $2,878.31M n/a $2,057.15M
Total Maximum Profit: $2,447.35M $6,671.98M n/a $4,224.62M
Max Profit / Current MCap: 1.001 1.812 n/a 0.811
Max Profit Per Share (Gold): $7.71 $17.98 n/a $10.27
Max Profit Per Share (Silver): $3.89 $13.64 n/a $9.75
Total Max Profit Per Share: $11.60 $31.62 n/a $20.02
Total Free Profit Per Share: $0.01 $14.17 n/a $14.16
FD Mkt. Cap / Gold Eq.: $101.54 $151.51 n/a $49.96
FD Mkt. Cap / Silver Eq.: $1.13 $1.73 n/a $0.59
FD Mkt. Cap / Per Metal
as % Spot Price:
7.58% 9.92% n/a 2.35%

Future Valuation (Cash Flow & Totals)

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