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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 900koz. of gold and 22.0Moz. of silver per year. They have approximately 26Moz. of gold and 1000Moz. of silver in the reserves and resources category of which 17Moz. of gold and 600Moz. of silver are in the measured and indicated category. They have a market capitalisation of ~$8987.22M which is a rise of roughly 17% over the last twelve months. As of 08/07/2024 they have ~$809M debt and ~$862M 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 05/16/2024
Last
Analysis
Data
Current Data
Item Value Value Updated
MCap (FD): $7,704.40M $8,987.22M 05/16/2024
Total Assets: $3,500.00M $3,500.00M 05/16/2024
Total Liabilities: $1,400.00M $1,400.00M 05/16/2024
Current Assets: $1,044.00M $1,044.00M 05/16/2024
Current Liabilities: $272.00M $272.00M 05/16/2024
Total Debt: $806.00M $809.00M 08/07/2024
Cash: $331.00M $862.00M 01/16/2025
Enterprise Value: $8,179.40M $8,934.22M 02/11/2253
Cash Flow: $719.86M $1,400.06M never
Cash Flow Multiple: 10.70 6.42 never
Net Debt to
Cash Flow Ratio:		 0.66 n/a never
Finance within 1 year: 05/16/2024
Misc 05/16/2024
Last
Analysis
Data
Current Data
Item Value Value Updated
Shares Outstanding: 364,440,000 364,440,000 05/16/2024
Shares (FD): 374,000,000 374,000,000 05/16/2024
Insider Ownership: n/a n/a never
Dividend (Annual): n/a 2.8% 01/16/2025
Company Type: Mostly Silver Mostly Silver never
Production ETA: n/a n/a 05/16/2024
Production (Gold Eq Oz.): (guess) 
1,197,580		 (guess) 
1,121,234		 01/16/2025
Production (Silver Eq Oz.): (guess) 
96,656,898		 (guess) 
111,497,854		 01/16/2025
Initial CapEx (Outstanding): n/a n/a 05/16/2024
Funding Option: n/a n/a 05/16/2024
Documentation: none PRODUCER 01/16/2025
Future MCap Modifier: 0.3
Producer: Elite Quality
 0.3
Producer: Elite Quality
 04/24/2023
Cash Flow Multiplier: 15 18 08/07/2024

Resource Data

GOLD 05/16/2024
Last Analysis Data
Current Data
Item Value Value Updated
O
U
N
C
E
S		 T
O
T
A
L
 Proven & Probable: 7.70M 7.70M 05/16/2024
Measured & Indicated: 17.00M 17.00M 05/16/2024
Inferred: 9.00M 9.00M 05/16/2024
Reserves & Resources: 26.00M 26.00M never
P
L
A
U
S
I
B
L
E		 Proven & Probable: 5.78M 5.78M 05/16/2024
Measured & Indicated: 11.36M 11.36M 05/16/2024
Inferred: 3.38M 3.38M 05/16/2024
Reserves & Resources: 14.73M 14.73M never
C
U
R
R
E
N
T		 Annual Production: (guess) 
925,000oz.		 (CG) 
900,000oz.		 01/16/2025
Cash Cost: $1,200 $1,250 08/07/2024
Extra Operating Cost: $550 $600 08/07/2024
Total: $1,750 $1,850 08/07/2024
Margin (Free Cash Flow): $625 (26%) $1,394 (43%)
G
R
A
D
E		 Underground (Avg): 3.00 g/t 3.00 g/t 05/16/2024
Open Pit (Avg): n/a 0.70 g/t 03/18/2024
Recovery Rate: (CG)  75.00% (CG)  75.00% 01/16/2025
F
U
T
U
R
E		 Proven & Probable: 15.00M 15.00M 05/16/2024
Annual Production: 900,000oz. 900,000oz. 05/16/2024
Cash Cost: $1,250 $1,350 08/07/2024
Extra Operating Cost: $600 $600 05/16/2024
SILVER 05/16/2024
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 05/16/2024
Measured & Indicated: 600.00M 600.00M 05/16/2024
Inferred: 400.00M 400.00M 05/16/2024
Reserves & Resources: 1,000.00M 1,000.00M never
P
L
A
U
S
I
B
L
E		 Proven & Probable: 432.00M 432.00M 05/16/2024
Measured & Indicated: 518.40M 518.40M 05/16/2024
Inferred: 180.00M 180.00M 05/16/2024
Reserves & Resources: 698.40M 698.40M never
C
U
R
R
E
N
T		 Annual Production: (guess) 
22,000,000oz.		 (guess) 
22,000,000oz.		 01/16/2025
Cash Cost: $13.00 $15.00 11/06/2024
Extra Operating Cost: $10.00 $11.00 08/07/2024
Total: $23.00 $26.00 11/06/2024
Margin (Free Cash Flow): $6.43 (21.85%) $6.62 (20.29%)
G
R
A
D
E		 Underground (Avg): 200.00 g/t 200.00 g/t 05/16/2024
Open Pit (Avg): n/a 100.00 g/t 03/18/2024
Recovery Rate: (CG)  90.00% (CG)  90.00% 01/16/2025
F
U
T
U
R
E		 Proven & Probable: 600.00M 600.00M 05/16/2024
Annual Production: 35,000,000oz. 35,000,000oz. 05/16/2024
Cash Cost: $15.00 $17.00 11/06/2024
Extra Operating Cost: $10.00 $11.00 08/07/2024

Property

Last Analysis Data  (05/16/2024)
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		 05/16/2024
Last Analysis Data
Current Data
Item Value Value Updated
Percentage Gold: 56.42% 61.47% n/a
Percentage Silver: 43.58% 38.53% n/a
Total (Gold Eq. Oz.): 13.65M 12.53M n/a
Total (Silver Eq. Oz.): 1,101.47M 1,245.70M n/a
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 11.13M 10.12M n/a
Silver Eq. Oz.: 898.10M 1,006.28M n/a
Maximum Profit (Gold): $3,611.11M $8,049.20M n/a
Maximum Profit (Silver): $2,777.76M $2,859.84M n/a
Total Maximum Profit: $6,388.87M $10,909.04M n/a
Max Profit / Current MCap: 0.829 1.214 n/a
Max Profit Per Share (Gold): $9.66 $21.52 n/a
Max Profit Per Share (Silver): $7.43 $7.65 n/a
Total Max Profit Per Share: $17.08 $29.17 n/a
Total Free Profit Per Share: $0.00 $5.14 n/a
FD MCap / Gold Eq.: $692.38 $888.13 n/a
FD MCap / Silver Eq.: $8.58 $8.93 n/a
FD MCap / Per Metal
as % Spot Price:		 29.15% 27.38% n/a
Measured &
Indicated		 05/16/2024
Last Analysis Data
Current Data
Item Value Value Updated
Percentage Gold: 69.58% 73.81% n/a
Percentage Silver: 30.42% 26.19% n/a
Total (Gold Eq. Oz.): 24.43M 23.03M n/a
Total (Silver Eq. Oz.): 1,972.07M 2,290.52M n/a
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 17.78M 16.57M n/a
Silver Eq. Oz.: 1,434.86M 1,647.56M n/a
Maximum Profit (Gold): $7,100.28M $15,826.60M n/a
Maximum Profit (Silver): $3,333.31M $3,431.81M n/a
Total Maximum Profit: $10,433.59M $19,258.41M n/a
Max Profit / Current MCap: 1.354 2.143 n/a
Max Profit Per Share (Gold): $18.98 $42.32 n/a
Max Profit Per Share (Silver): $8.91 $9.18 n/a
Total Max Profit Per Share: $27.90 $51.49 n/a
Total Free Profit Per Share: $7.30 $27.46 n/a
FD MCap / Gold Eq.: $433.37 $542.44 n/a
FD MCap / Silver Eq.: $5.37 $5.45 n/a
FD MCap / Per Metal
as % Spot Price:		 18.24% 16.72% n/a

Reserves &
Resources		 05/16/2024
Last Analysis Data
Current Data
Item Value Value Updated
Percentage Gold: 67.73% 72.11% n/a
Percentage Silver: 32.27% 27.89% n/a
Total (Gold Eq. Oz.): 38.39M 36.06M n/a
Total (Silver Eq. Oz.): 3,098.46M 3,585.49M n/a
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 23.38M 21.75M n/a
Silver Eq. Oz.: 1,887.26M 2,163.18M n/a
Maximum Profit (Gold): $9,210.67M $20,530.67M n/a
Maximum Profit (Silver): $4,490.71M $4,623.41M n/a
Total Maximum Profit: $13,701.38M $25,154.08M n/a
Max Profit / Current MCap: 1.778 2.799 n/a
Max Profit Per Share (Gold): $24.63 $54.89 n/a
Max Profit Per Share (Silver): $12.01 $12.36 n/a
Total Max Profit Per Share: $36.63 $67.26 n/a
Total Free Profit Per Share: $16.03 $43.23 n/a
FD MCap / Gold Eq.: $329.48 $413.15 n/a
FD MCap / Silver Eq.: $4.08 $4.15 n/a
FD MCap / Per Metal
as % Spot Price:		 13.87% 12.74% n/a

Future Valuation (Cash Flow & Totals)

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