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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 915koz. of gold and 21.0Moz. 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 ~$9282.68M which is a rise of roughly 20% over the last five months. As of 08/07/2024 they have ~$809M debt and ~$368M 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
Change
Item Value Value Updated Value
MCap (FD): $7,704.40M $9,282.68M 05/16/2024 $1,578.28M
Total Assets: $3,500.00M $3,500.00M 05/16/2024 $0.00M
Total Liabilities: $1,400.00M $1,400.00M 05/16/2024 $0.00M
Current Assets: $1,044.00M $1,044.00M 05/16/2024 $0.00M
Current Liabilities: $272.00M $272.00M 05/16/2024 $0.00M
Total Debt: $806.00M $809.00M 08/07/2024 $3.00M
Cash: $331.00M $368.00M 08/07/2024 $37.00M
Enterprise Value: $8,179.40M $9,723.68M 02/17/2278 $1,544.28M
Cash Flow: $719.86M $1,000.00M never $280.14M
Cash Flow Multiple: 10.70 9.28 never -1.42
Net Debt to
Cash Flow Ratio:		 0.66 0.44 never -0.22
Finance within 1 year: 05/16/2024 n/a
Misc 05/16/2024
Last
Analysis
Data
Current Data
Change
Item Value Value Updated Value
Shares Outstanding: 364,440,000 364,440,000 05/16/2024 0
Shares (FD): 374,000,000 374,000,000 05/16/2024 0
Insider Ownership: n/a n/a never n/a
Dividend (Annual): n/a 2.8% 08/07/2024 2.8%
Company Type: Mostly Silver Mostly Silver never n/a
Production ETA: n/a n/a 05/16/2024 n/a
Production (Gold Eq Oz.): (guess) 
1,197,580		 (guess) 
1,177,414		 08/07/2024 -20,167
Production (Silver Eq Oz.): (guess) 
96,656,898		 (guess) 
94,224,114		 08/07/2024 -2,432,784
Initial CapEx (Outstanding): n/a n/a 05/16/2024 n/a
Funding Option: n/a n/a 05/16/2024 n/a
Documentation: none PRODUCER 08/07/2024 n/a
Future MCap Modifier: 0.3
Producer: Elite Quality
 0.3
Producer: Elite Quality
 04/24/2023 0
Cash Flow Multiplier: 15 18 08/07/2024 3.00

Resource Data

GOLD 05/16/2024
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
O
U
N
C
E
S		 T
O
T
A
L
 Proven & Probable: 7.70M 7.70M 05/16/2024 0.00M
Measured & Indicated: 17.00M 17.00M 05/16/2024 0.00M
Inferred: 9.00M 9.00M 05/16/2024 0.00M
Reserves & Resources: 26.00M 26.00M never 0.00M
P
L
A
U
S
I
B
L
E		 Proven & Probable: 5.78M 5.78M 05/16/2024 0.00M
Measured & Indicated: 11.36M 11.36M 05/16/2024 0.00M
Inferred: 3.38M 3.38M 05/16/2024 0.00M
Reserves & Resources: 14.73M 14.73M never 0.00M
C
U
R
R
E
N
T		 Annual Production: (guess) 
925,000oz.		 (CG) 
915,000oz.		 08/07/2024 -10,000oz.
Cash Cost: $1,200 $1,250 08/07/2024 $50.00
Extra Operating Cost: $550 $600 08/07/2024 $50.00
Total: $1,750 $1,850 08/07/2024 $100.00
Margin (Free Cash Flow): $625 (26%) $883 (32%) $257.60
G
R
A
D
E		 Underground (Avg): 3.00 g/t 3.00 g/t 05/16/2024 n/a
Open Pit (Avg): n/a 0.70 g/t 03/18/2024 0.70 g/t
Recovery Rate: (CG)  75.00% (CG)  75.00% 08/07/2024 0.00%
F
U
T
U
R
E		 Proven & Probable: 15.00M 15.00M 05/16/2024 0.00M
Annual Production: 900,000oz. 900,000oz. 05/16/2024 0oz.
Cash Cost: $1,250 $1,350 08/07/2024 $100
Extra Operating Cost: $600 $600 05/16/2024 $0
SILVER 05/16/2024
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
O
U
N
C
E
S		 T
O
T
A
L
 Proven & Probable: 480.00M 480.00M 05/16/2024 0.00M
Measured & Indicated: 600.00M 600.00M 05/16/2024 0.00M
Inferred: 400.00M 400.00M 05/16/2024 0.00M
Reserves & Resources: 1,000.00M 1,000.00M never 0.00M
P
L
A
U
S
I
B
L
E		 Proven & Probable: 432.00M 432.00M 05/16/2024 0.00M
Measured & Indicated: 518.40M 518.40M 05/16/2024 0.00M
Inferred: 180.00M 180.00M 05/16/2024 0.00M
Reserves & Resources: 698.40M 698.40M never 0.00M
C
U
R
R
E
N
T		 Annual Production: (guess) 
22,000,000oz.		 (guess) 
21,000,000oz.		 08/07/2024 -1,000,000oz.
Cash Cost: $13.00 $14.00 08/07/2024 $1.00
Extra Operating Cost: $10.00 $11.00 08/07/2024 $1.00
Total: $23.00 $25.00 08/07/2024 $2.00
Margin (Free Cash Flow): $6.43 (21.85%) $9.15 (26.79%) $2.72
G
R
A
D
E		 Underground (Avg): 200.00 g/t 200.00 g/t 05/16/2024 n/a
Open Pit (Avg): n/a 100.00 g/t 03/18/2024 100.00 g/t
Recovery Rate: (CG)  90.00% (CG)  90.00% 08/07/2024 0.00%
F
U
T
U
R
E		 Proven & Probable: 600.00M 600.00M 05/16/2024 0.00M
Annual Production: 35,000,000oz. 35,000,000oz. 05/16/2024 0oz.
Cash Cost: $15.00 $16.00 08/07/2024 $1.00
Extra Operating Cost: $10.00 $11.00 08/07/2024 $1.00

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
Change
Item Value Value Updated Value
Percentage Gold: 56.42% 56.21% n/a -0.21%
Percentage Silver: 43.58% 43.79% n/a 0.21%
Total (Gold Eq. Oz.): 13.65M 13.70M n/a 0.05M
Total (Silver Eq. Oz.): 1,101.47M 1,096.20M n/a -5.27M
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 11.13M 11.17M n/a 0.05M
Silver Eq. Oz.: 898.10M 894.15M n/a -3.95M
Maximum Profit (Gold): $3,611.11M $5,098.75M n/a $1,487.64M
Maximum Profit (Silver): $2,777.76M $3,952.80M n/a $1,175.04M
Total Maximum Profit: $6,388.87M $9,051.55M n/a $2,662.68M
Max Profit / Current MCap: 0.829 0.975 n/a 0.146
Max Profit Per Share (Gold): $9.66 $13.63 n/a $3.98
Max Profit Per Share (Silver): $7.43 $10.57 n/a $3.14
Total Max Profit Per Share: $17.08 $24.20 n/a $7.12
Total Free Profit Per Share: $0.00 $0.00 n/a $0.00
FD MCap / Gold Eq.: $692.38 $830.80 n/a $138.42
FD MCap / Silver Eq.: $8.58 $10.38 n/a $1.80
FD MCap / Per Metal
as % Spot Price:		 29.15% 30.40% n/a 1.25%
Measured &
Indicated		 05/16/2024
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
Percentage Gold: 69.58% 69.39% n/a -0.19%
Percentage Silver: 30.42% 30.61% n/a 0.19%
Total (Gold Eq. Oz.): 24.43M 24.50M n/a 0.06M
Total (Silver Eq. Oz.): 1,972.07M 1,960.45M n/a -11.62M
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 17.78M 17.83M n/a 0.05M
Silver Eq. Oz.: 1,434.86M 1,427.10M n/a -7.76M
Maximum Profit (Gold): $7,100.28M $10,025.33M n/a $2,925.05M
Maximum Profit (Silver): $3,333.31M $4,743.36M n/a $1,410.05M
Total Maximum Profit: $10,433.59M $14,768.69M n/a $4,335.10M
Max Profit / Current MCap: 1.354 1.591 n/a 0.237
Max Profit Per Share (Gold): $18.98 $26.81 n/a $7.82
Max Profit Per Share (Silver): $8.91 $12.68 n/a $3.77
Total Max Profit Per Share: $27.90 $39.49 n/a $11.59
Total Free Profit Per Share: $7.30 $14.67 n/a $7.37
FD MCap / Gold Eq.: $433.37 $520.54 n/a $87.17
FD MCap / Silver Eq.: $5.37 $6.50 n/a $1.14
FD MCap / Per Metal
as % Spot Price:		 18.24% 19.05% n/a 0.80%

Reserves &
Resources		 05/16/2024
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
Percentage Gold: 67.73% 67.54% n/a -0.19%
Percentage Silver: 32.27% 32.46% n/a 0.19%
Total (Gold Eq. Oz.): 38.39M 38.50M n/a 0.11M
Total (Silver Eq. Oz.): 3,098.46M 3,080.69M n/a -17.78M
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 23.38M 23.46M n/a 0.07M
Silver Eq. Oz.: 1,887.26M 1,877.19M n/a -10.07M
Maximum Profit (Gold): $9,210.67M $13,005.12M n/a $3,794.45M
Maximum Profit (Silver): $4,490.71M $6,390.36M n/a $1,899.65M
Total Maximum Profit: $13,701.38M $19,395.48M n/a $5,694.10M
Max Profit / Current MCap: 1.778 2.089 n/a 0.311
Max Profit Per Share (Gold): $24.63 $34.77 n/a $10.15
Max Profit Per Share (Silver): $12.01 $17.09 n/a $5.08
Total Max Profit Per Share: $36.63 $51.86 n/a $15.22
Total Free Profit Per Share: $16.03 $27.04 n/a $11.00
FD MCap / Gold Eq.: $329.48 $395.73 n/a $66.25
FD MCap / Silver Eq.: $4.08 $4.94 n/a $0.86
FD MCap / Per Metal
as % Spot Price:		 13.87% 14.48% n/a 0.61%

Future Valuation (Cash Flow & Totals)

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