Pan American Silver Corp
PAASPan American Silver Corp., together with its subsidiaries, engages in the exploration, mine development, extraction, processing, refining, and reclamation of silver, gold, zinc, lead, and copper mines in Canada, Mexico, Peru, Argentina, and Bolivia. It holds interests in the La Colorada, Dolores, Huaron, Morococha, Shahuindo, La Arena, Timmins West, Bell Creek, Manantial Espejo, San Vicente, Joaquin, Cap-Oeste Sur Este, and Navidad mines. The company was formerly known as Pan American Minerals Corp. and changed its name to Pan American Silver Corp. in April 1995. Pan American Silver Corp. was incorporated in 1979 and is headquartered in Vancouver, Canada.
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Key Information
Legal Entity
Pan American Silver Corp
Sector
Precious Metal
Founded
June 12, 1995
Employees
9,000
Reporting Currency
USD
Contact Phone
16046841175
Website
www.panamericansilver.comHeadquarters Address
625 Howe Street , Vancouver , BC V6C 2T6 , CA
Identifiers
Commodity Portfolio
Organization
Chart
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Videos
A Gold Stock Doug Casey Owns, Now 36% Below What He Paid
Reopening the McCabe mine through its ventilation raise cuts planned drilling costs about 95% — 60 holes for $200,000 instead of $9.6 million from surface. Arizona Eagle Mining's historic estimate is about 887,000 ounces at 11.7 g/t (grams per tonne), and lower modern cut-off grades should expand it. CEO Kevin Reid says C$5.5 million in cash covers the US$3.7 million underground re-entry budget, with drilling guided for May or June. Phase 1 surface drilling hit two economic intersections in seven wildcat holes, including a zinc-rich VMS (volcanogenic massive sulfide) copper discovery. The panel flags narrow veins, illiquidity and tax-loss season as near-term risks, while insiders hold roughly half the company.
Elemental Royalty Corp – US$290 Million Acquisition of 5 Streams & Royalties, Generation Divestment
Key Highlights
brief- Bell cites the ~$2 billion sale of MAG Silver to Pan American Silver by its former chief George Pasparakis, who now sits on Silverco's team, as an example of the quality of that management group.
Elemental Royalty buys five gold and silver streams and royalties for US$290 million, adding scale, producing assets, and North American and West African exposure. The Kouroussa stream sits over the mine's mill, so future ore from any new licenses Mansa consolidates automatically pays Elemental. Spinning the Generation exploration business into Carlin East trims staff from about 45 to 20 and cuts G&A (overhead costs) by over 25%. Gold-equivalent ounce (GEO — production stated in gold terms) revenue is guided from about 20,000 ounces this year toward 50,000 by 2031. Portfolio quality is compounding: the average value of Elemental's top eight assets climbed from roughly $35 million to about $170 million in 15 months.
Beaver Creek 2026 - Best Stocks
Key Highlights
brief- Appears only as the likely seller of a project: Durrett says Luca Mining paid $350 million for a project acquired from, as he puts it, Pan American Silver.
Gold at $4,100 anchors his buy-the-dip plan: add again below $4,000, and again below $3,700. His Beaver Creek list holds 37 stocks, all rated as tenbaggers (ten-times-plus targets), with seven winners out of ten as the goal. He grades risk-reward by letter and number; near-term producers screen best, while late-stage projects carry more risk. Discovery Silver and Osisko Gold Group lead his Canadian gold picks, and Silver X's 250 million ounce resource lifted the grade. Low insider ownership makes Andean Silver, Talisker and Avino the likeliest takeover targets on his list.
Precore Gold: Drilling for a Major Find in Peru's Most Prolific Gold-Copper Belt
Key Highlights
brief- Dumas says the Xiwendo project in Peru, discovered by Precore Gold's late technical advisor during his career, was bought out by Pan American Silver.
Precore Gold's re-rating hinges on one 6,000-meter drill program at its Arikepay gold-copper project in southern Peru. Untested since 2017, historical drilling hit 420 meters at 0.91 grams gold per tonne, with 80 meters above 3 grams. A gold envelope 400 meters wide and three kilometers long stays untested, with historic collars spaced 500 meters to a kilometer apart. Crown land and a four-stage permit process keep permitting straightforward, with no Indigenous negotiations required. A $6 million private placement lifted shares outstanding to 63 million; management refused to upsize it to protect dilution.
Todd Williams of Unico Silver Ltd. talks to Peter Krauth | Metals Investor Forum Sept. 2026
Key Highlights
brief- Todd Williams says Unico Silver built its Santa Cruz portfolio partly from assets acquired from Pan American Silver during a period of consolidation.
- He notes Pan American Silver once trucked high-grade ore from the Joaquin area to one of its operations 175 kilometers away, a production history he cites as proof the metallurgy is understood.
Unico Silver has assembled a 330-million-ounce silver-equivalent (combined silver and gold) resource across the Joaquin and Cerro Leon projects in Santa Cruz, Argentina. A maiden feasibility study (a mine's detailed technical-economic blueprint) is due in January, with Argentina's RIGI tax regime and mining approvals targeted next year. The guest argues $2 per resource ounce is an explorer valuation, with a hoped re-rate toward $10 to $15 per reserve ounce. Management plans one central processing plant at Joaquin, trucking higher-grade ore roughly 50 kilometers from Cerro Leon over flat, highway-connected desert. Santa Cruz has historically granted full mining approvals in four to eight months, so permitting is a near-term catalyst rather than a decade-long risk.
Todd Williams of Unico Silver Ltd. presents at Metals Investor Forum in Vancouver | Sep 2026
Key Highlights
brief- Williams says Pan American Silver once extracted 300,000 tonnes of silver ore from the Huacan project and trucked it 175 km to its Manantial plant, a mining history he argues derisks Unico's plans.
Unico Silver expects its maiden feasibility (the study defining mine economics) in January, targeting the pit-constrained free-milling oxide covering two-thirds of its resource. Two years of acquisitions lifted resources from 90 to 330 million silver-equivalent ounces, giving Unico 47% of Santa Cruz district's silver. A $50 million cash balance, near-30% insider ownership and recent GDXJ (junior miners ETF) inclusion fund a 30,000-metre drill season starting now. Argentina's RIGI (a federal tax-equalization regime for large projects) should cut Unico's tax burden and improve project returns once included. Management expects a re-rate from about $2 per resource ounce toward $10-15 per reserve ounce once the maiden reserve lands.
Enrico Gay of Algo Grande Copper Corp. presents at Metals Investor Forum in Vancouver | Sep 2026
Key Highlights
brief- The guest points to Pan American Silver's Alamodorado mine as adjacent to Algo Grande's license and notes it has historically produced about 70 million ounces of silver.
- He lists Pan American Silver among the 'AAA players' already operating in the Sonora copper belt, alongside Agnico Eagle and Equinox Gold.
Algo Grande Copper is an early-stage ~$35M-market-cap copper explorer with one Sonora, Mexico skarn discovery and two rigs turning. Phase 1 drilling grew a two-horizon skarn into a five-horizon system averaging 57 meters above 1.8% copper equivalent across four holes. Phase 2 (8,000 meters) is mid-flight; the first released hole cut 30 meters at 1.5% copper equivalent within the top 200 meters. $50 million has been raised through straight-share private placements with zero warrants, preserving a deliberately clean capital structure. An internal (non-43-101) model estimates 14 million tons at 1.4% copper equivalent; the underlying porphyry remains untested blue sky.
Mineros Maps Path Toward 500,000 Ounces | Daniel Henao
Key Highlights
brief- Mineros bought its Chilean project from Pan American Silver in late 2025; the asset carries a 2.5-million-ounce starting resource, and a preliminary economic assessment is expected early next year.
CEO Daniel Henao targets roughly 500,000 ounces by 2030 — more than double Mineros' raised 2026 guidance of 220,000 to 240,000 ounces. A $25 million expansion lifts Nicaragua throughput from 1,800 to 2,500 tonnes per day, adding an estimated 30,000 to 40,000 ounces with better recoveries. Nicaragua blends own mines with partner ore bought at about 45% of spot; an idle 1,000-tonne-per-day mill and permits to 4,000 enable a second expansion. Porvenir's pre-feasibility study shows a roughly 38% after-tax IRR — expected project return — on $200 million at $3,150 gold, with key permits already secured. Growth rests on Colombia's Nechí expansion, 23-million-ounce La Colosa gated by social licence, and Chile's La Pepa, with a preliminary economic assessment due early 2027.
Lab Report | Sep 24 Daily Market Overview & Deep Dive on Meridian, Nine Mile, and Algo Grande
Key Highlights
brief- The host notes in passing that MAG Silver — founded by Algo Grande advisor Peter McGaugh — was taken over by Pan American Silver.
Meridian Mining's Cabo feasibility study delivers a 108% IRR and roughly nine-month payback, pointing to a potentially very high-margin gold-copper mine. Nine Mile Metals reports 5.09% copper equivalent over 14.15 metres in the Bathurst mining camp, with grades strengthening at depth. Algo Grande confirmed 68 metres of copper-silver-gold mineralization across two Sonora skarn zones, suggesting a multi-horizon system with vertical continuity. The host uses the Lassonde Curve (a junior mining valuation lifecycle model) to argue Nine Mile and Algo Grande are priced like pure concepts. The host expects quantitative easing to drive gold, silver, and copper sharply higher while miners remain valued at far lower metals prices.
Why SILVER Miners Are Set To Outperform - Major Returns Ahead: Rick Rule
Key Highlights
brief- The speaker notes that Pan American Silver ends up inside the SIL silver ETF even though its revenues are roughly 55% gold.
- He uses PAAS as an example of the scarcity of high-quality pure silver names that the ETFs are forced to include.
Silver mining stocks offer a better risk-to-reward than the metal itself at today's prices; silver is no longer a contrarian play. The 1970s saw silver up roughly 50-fold and the gold-and-silver index up 49-fold; Rule frames current miners as comparably cheap if dollar debasement persists. The Fed's expected 25bp hike still pulls money into the USD short-term, but Rule expects the dollar to lose ~75% of purchasing power over the decade. Rick remains bullish on uranium: term-contract pricing and tight supply mean Cameco and peers can finance new mines even at $90 spot.
"We're Only in the 3rd or 4th Inning": Kai Hoffmann on Mining Stock Upside
Key Highlights
brief- The guest cites Pan American among the bigger names whose shares have already done well early in the gold stock bull market.
Junior mining stocks lag gold near $4,400 an ounce: the HUI (an index of gold miners) divided by bullion sits near half its 2011 level. The guest argues roughly 100% upside remains in gold stocks, with generalist investors only now starting to catch up to strong producer balance sheets. Major producers still value reserves near $2,000 an ounce on balance sheets, the guest's own explanation for why big acquisitions have not arrived. Red flags when judging juniors: administrative overhead exceeding exploration spending, and companies long promising drill results without delivering any. The guest calls critical minerals 'not an investable market', questions how many lithium projects the market needs, and sticks to gold, silver, and copper.
Sierra Madre Gold & Silver – Q2 Operations, Financial, Exploration Update At La Guitarra & Del Toro
Key Highlights
brief- The CEO points out that Del Toro sits next to Pan American Silver's La Colorada mine, describing the area as an 'incredible copper-silver skarn' relevant to Del Toro's exploration upside.
Daily throughput at La Guitarra climbed 34% to 672 tpd, with a new ball mill set to push capacity to roughly 1,400-1,500 tpd. Q2 AISC (All-In Sustaining Cost — what it really costs to produce an ounce) jumped to $5,473 from $3,254 on FX, development, and lower-grade ore. Sierra Madre plans a year of mapping at Del Toro's three past-producing mines and 3,000 tpd mill before any restart decision. Phase 1 drilling at La Guitarra begins early Q4 with 13 long holes; Del Toro drilling is slated for mid-2027 — roughly 60,000m combined. Repayment of the First Majestic Silver term loan leaves Sierra Madre with $22.2M cash and $25M working capital and no funded debt.
Silver Miners Will Crush Gold Miners | Adrian Day
Key Highlights
brief- Adrian Day cites Pan American Silver as an example of a 'silver producer' that actually produces more gold than silver, supporting his view that the gold-versus-silver producer distinction is increasingly blurred.
Day reads gold holding up against rising yields as a sign of underlying strength, and expects a stressed US bond market to eventually drag the Fed back in. Day calls Barrick's Fourmile-for-Nevada-Gold-Mines swap with Newmont an "awful deal," estimating Barrick effectively paid roughly $6-7B to clear its IPO path. Day expects Franco-Nevada to keep its $2B cash powder dry until a high-quality royalty deal surfaces, with Metalla Royalty floated as a possible fit. Over the next 1-2 years, Day prefers purer silver producers over gold producers, citing deeper pullbacks and stronger implied upside. Day flags many "silver" producers for actually mining more gold than silver, including Pan American Silver and First Majestic's Ermitaño deposit.
This Copper Giant Holds 1.2 Billion Silver Ounces | Jordan Pandoff
Key Highlights
brief- Jordan cites Pan American Silver as one of the companies previously built by the Lumina Group / Ross Beaty team.
- Jordan argues that Lumina's projected 28M oz/yr of silver at full build would exceed Pan American Silver's annual silver output.
Nova Sül would rank Lumina as the world's third-largest silver producer at full output — backed by 15Mt copper and 1.2Boz silver in inventory. Lumina could fund the $6.4B Nova Sül build with EU debt and a silver stream — IPO was 4x oversubscribed at $300M. Poland's capped 2012 mineral extraction tax gives Nova Sül asymmetric leverage — at spot copper and silver, the post-tax NPV triples versus the PEA. Twin identical $3B shaft complexes let Lumina scale by reusing one design across the continuous Kupferschiefer copper-silver seam. Sulmierzyce (Silmir Zisha) is a potential spinout with 6Mt copper and 300Moz silver — ongoing drilling is expected to grow that resource materially.
SILVER Stocks Set to Go Berserk - 'These Companies Are Printing Cash': John Feneck
Key Highlights
detailed- Speaker calls PAAS 'the large cap silver play' and told followers after earnings to add at $46.50, predicting $42.50-$43.00 would hold as the low.
- Trading around $53.00 as of the August 2026 recording; speaker expects it to test the all-time high within a few months.
- Speaker frames the silver sector's 'bad earnings' as relative — at $70 silver with ~$30 AISC, the majors are 'printing cash,' and pullbacks are buying opportunities.
Silver producers with AISC around $30 are minting cash at $70 silver, says Feneck — he sees $100/oz by next year. Treasury buybacks announced August 19 plus weak US jobs data triggered a sharp precious-metals rally through August. Feneck highlights Pan American Silver, Excellon Resources, Denarius Metals, Goldgroup, iMetal, Spartan Metals, and ANKOR Resources as top names. He expects a 15–20% S&P correction by Q1 2027 and recommends keeping 8–10% cash on hand for drawdowns. Investors should remember mining stocks typically fall with the broader market, even when individual company fundamentals are strong.
Aya Gold & Silver ($AYA) on Strong Q2 Revenue Growth, 400,000-Tonne Silver Ore Stockpile
Aya's Zgounder mine is running as a cash machine: Q2 revenue up 151% YoY, operating cash flow up 522%, with payback on $140M capex inside five months. Boumadiene is targeting 37M ounces of silver a year at an AISC (all-in sustaining cost) under $15, lifting Aya to roughly 43M ounces by mid-2029. Q3 and Q4 historically deliver about 60% of annual silver production at the Moroccan operations because winter weather slows Q1 and Q2. A 400,000-ton ore stockpile gives the mill roughly two quarters of feed if mining halts, materially de-risking any short-term pit disruption. At a roughly $4B market cap, even conservative silver prices imply material upside as Boumadiene approaches commissioning.
Mining Can Make You Rich or Wipe You Out | Ross Beaty
Key Highlights
brief- Ross founded Pan American after selling his first company Equinox Resources to Hecla, and says his goal at the time was to build the biggest silver mining company on the planet.
- Ross argues Peru has been Pan American's best jurisdiction in Latin America for the past 30 years despite a violent history, and Bolivia has been its safest and most hassle-free jurisdiction.
Beaty likens exploration investing to a casino — high risk, low return, though rare 10-bagger discoveries can emerge on the Lassonde curve. Equinox Gold targets ~1.9 million ounces of annual production via Nevada's new Railroad mine and existing assets, with no further deals required. Beaty personally bought $10 million of Equinox shares after retiring, citing the team's growth runway and a strong balance sheet. Lumina Metals' Polish copper-silver deposit ranks among the world's largest, with $6 billion capex financing plausibly available in today's market. Beaty kills project interest in the first hour over non-geological issues: no water, no power, hostile communities, or missing roads.
Lab Report | Aug 13 Daily Market Overview & Deep Dive on AMEX, Pan American, Arizona, WRLG
Key Highlights
detailed- Top point: the speaker highlights Pan American Silver's Q2 results, in which CEO Michael Steinmann reports $344 million in attributable free cash flow, the metric he says he watches more closely than earnings at any large producer.
- Silver output was 6.5 million ounces, at the upper end of quarterly guidance on strong performance at two assets, and gold output was 166,000 ounces, which he annualizes to about 700,000 ounces of gold for 2026 on top of close to 30 million ounces of silver.
- He points to the cost-to-price gap: gold produced at roughly $1,984 per ounce all-in and sold above $4,000, and silver produced at about $1,780 per ounce all-in and sold north of $65, which he says is where the free cash flow comes from.
- He added the stock to his radar screen when it was 25% to 30% cheaper than at the Aug 13, 2026 session, because he views Pan American as a very efficient silver producer, and says the company reminds him of Agnico Eagle on the silver side in the first quarter of 2024.
- His thesis is valuation: on his Lassonde curve Pan American still plots closer to a development-stage company than to an operator, so he thinks the gap between that and its actual position is the opportunity.
Laboucan argues algorithmic trading keys off the day's headline narrative, not longer-term reality, which creates an opening for investors who look past daily swings. Turning a discovery into a mine takes 20 to 30 years, so gold, silver and copper supply cannot respond quickly to rising prices. Free cash flow - the cash that actually reaches the bank - is Laboucan's preferred measure, ahead of accounting earnings, at producers large and small. Mapping each name on the Lassonde Curve, he finds all four priced earlier than their actual development stage, a gap he frames as the opportunity. His gold case leans on debt stress: the yen carry trade - cheap Japanese borrowing funding US debt - keeps needing intervention that never lasts.
Power Metallic Mines ($PNPN | $PNPNF): Maiden MRE & Exploration Updates
Key Highlights
brief- Terry Lynch recommends Pan American Silver as a senior silver producer he would buy now.
- Groups it with First Majestic as cheap senior silver names for buyers who want precious-metals exposure without juniors.
Power Metallic's maiden MRE for Lion and Nisk slipped to end of August; management argues it implies $1B+ NPV against a ~$200M market cap. Lion's roughly 5% Cu grade is an order of magnitude above the average operating copper mine, framing the project's unusual economics. Management plans to skip PFS and move Lion straight from maiden MRE to feasibility, with a PEA follow-up targeted by mid-November 2026. Muon-based geophysics is being deployed across the 5.5 km gap between Lion and Nisk to vector deeper drilling more cost-effectively.
Live Q&A with Rick Rule and Steve Barton
Key Highlights
detailed- The speaker, a holder, argues PAAS effectively owns its Argentina and Guatemala deposits for free, together representing at least a billion ounces of high-grade silver, and that restarting either would double current production.
- He is nearly certain both deposits will eventually return to production because governments will need mining revenue, even though local political opposition currently makes it too painful to overcome.
- He praises recent management decisions — the Tahoe and Yamana acquisitions and reinvestment of cash into previously-neglected assets rather than milking them for dividends — as inuring to PAAS shareholder benefit.
- He concedes Fresnillo and Buenaventura are cheaper, but prefers the total package at PAAS — corporate culture, asset quality, and management he knows personally — over a lower multiple in a single-country jurisdiction.
- He frames PAAS as a long-duration call on political normalization in Argentina and Guatemala, with the outcome (production restart) effectively certain in his view even if timing is uncertain.
Rising price is not the same as rising value; resource cycles typically run years, so time preference matters as much as entry timing. Focused copper producers like Southern Copper deliver more leverage than diversified majors such as BHP or Rio Tinto treat copper as a side business. Resource category confidence (measured and indicated versus inferred) and on-site infrastructure matter as much as headline ounces when comparing deposits. Royalty and streaming businesses reward patient capital over years; the next big deals will likely syndicate into bite-sized opportunities for tertiary players. Asymmetric exploration bets work only when the loss is affordable, with Rule framing NG Energy as a possible ten-bagger against a 30 to 50% loss.
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