Pan American Silver (PAAS) files Juanicipio NI 43-101 mineral resource and reserve report

Rhea-AI Filing Summary

Pan American Silver Corp. is providing a technical report on the Juanicipio mineral resource and mineral reserves in Mexico, prepared under Canadian National Instrument 43-101 standards. The report classifies mineralization using Canadian categories such as measured, indicated, and inferred mineral resources, which differ from U.S. Securities and Exchange Commission requirements. The company explains that mineral reserves and resources reported under NI 43-101 may not be directly comparable to disclosures by U.S. registrants. It also cautions U.S. investors not to assume measured or indicated resources will become mineral reserves and highlights the significant uncertainty surrounding inferred mineral resources, including their existence and economic or legal feasibility.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

__________________

FORM 6-K 

_____________________

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT of 1934

 December 3, 2025

_____________________

Pan American Silver Corp.

(Exact name of registrant as specified in its charter)

2100-733 Seymour Street
VANCOUVER BC CANADA V6B 0S6
(Address of principal executive offices)

 001-41683

(Commission File Number)

_____________________

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F  Form 40-F    X

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1). _____

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): _____

EXHIBIT LIST

Exhibit						Description
99.1						Juanicipio Mineral Resource and Mineral Reserves NI 43-101 Technical Report dated effective March 4, 2024
99.2						Consent of Robert Chesher, FAusIMM (CPMET)
99.3						Consent of Gilberto Dominguez, P.E.
99.4						Consent of Mo Molavi, P.Eng
99.5						Consent of Paul Salmenmaki, P.Eng
99.6						Consent of John Morton Shannon, P.Geo
99.7						Consent of Robert Craig Stewart, P.Geo

Cautionary Note to U.S. Investors Concerning Estimates of

Measured, Indicated and Inferred Resources

The Juanicipio Mineral Resource and Mineral Reserves NI 43-101 Technical Report, Zacatecas Region, Mexico, with an effective date of March 4, 2024, included as Exhibit 99.1 hereto (the “Technical Report”), has been prepared and disclosed in accordance with Canadian National Instrument 43-101 — Standards of Disclosure for Mineral Projects (“NI 43-101”) and the Canadian Institute of Mining, Metallurgy and Petroleum classification system. NI 43-101 is a rule developed by the Canadian Securities Administrators that establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects.

Canadian public disclosure standards, including NI 43-101, differ significantly from the requirements of the United States Securities and Exchange Commission (the “SEC”), and mineral reserve and mineral resource information included in the Technical Report may not be comparable to similar information disclosed by U.S. companies. In particular, and without limiting the generality of the foregoing, the Technical Report uses the terms “measured mineral resources,” “indicated mineral resources” and “inferred mineral resources” as defined under Canadian regulations. The requirements of NI 43-101 for the identification of “mineral reserves” are also not the same as those of the SEC, and reserves reported by the Registrant in compliance with NI 43-101 may not qualify as “reserves” under SEC standards. While the SEC has adopted amendments to its disclosure rules to modernize the mineral property disclosure requirements for issuers whose securities are registered with the SEC under the U.S. Securities Exchange Act of 1934, as amended, including amendments to certain definitions to be substantially similar to the corresponding standards under NI 43-101, there are still differences in these standards and definitions. U.S. investors are cautioned not to assume that any part of a “measured mineral resource” or “indicated mineral resource” will ever be converted into a “mineral reserve”. U.S. investors should also understand that “inferred mineral resources” have a great amount of uncertainty as to their existence and as to their economic and legal feasibility. It cannot be assumed that all or any part of “inferred mineral resources” exist, are economically or legally mineable or will ever be upgraded to a higher category. Under Canadian rules, estimated “inferred mineral resources” may not form the basis of feasibility or pre-feasibility studies except in rare cases. In addition, disclosure of “contained ounces” in a mineral resource is permitted disclosure under Canadian regulations. However, the SEC normally only permits issuers to report mineralization that does not constitute “reserves” by SEC standards as in place tonnage and grade, without reference to unit measures. Accordingly, information concerning mineral deposits set forth in the Technical Report may not be comparable with information made public by companies that report in accordance with U.S. standards.

Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

			Pan American Silver Corp.
			(Registrant)
Date: December 3, 2025			By:			/s/ Delaney Fisher
						Delaney Fisher
						SVP Associate General Counsel & Corporate Secretary

FAQ

What does Pan American Silver Corp. (PAAS) report in this Form 6-K?

Pan American Silver Corp. is submitting a Juanicipio Mineral Resource and Mineral Reserves NI 43-101 Technical Report for a project in the Zacatecas Region of Mexico, along with related expert consents.

What is the Juanicipio NI 43-101 Technical Report referenced by PAAS?

The Juanicipio NI 43-101 Technical Report is a scientific and technical report on mineral resources and mineral reserves for the Juanicipio project, prepared under Canadian National Instrument 43-101 standards, with an effective date of March 4, 2024.

How do Canadian NI 43-101 standards differ from U.S. SEC rules for mineral disclosure?

Canadian NI 43-101 standards use specific definitions for measured, indicated, and inferred mineral resources, and for mineral reserves, that differ from the U.S. SEC’s requirements, meaning reported figures may not be directly comparable between Canadian and U.S. issuers.

What caution does Pan American Silver give U.S. investors about inferred mineral resources?

Pan American Silver notes that inferred mineral resources involve a great amount of uncertainty regarding their existence and economic and legal feasibility, and it cannot be assumed that all or any part of inferred mineral resources exist, are mineable, or will be upgraded.

Why might PAAS mineral reserves under NI 43-101 not qualify as reserves under SEC standards?

The criteria for identifying mineral reserves under NI 43-101 are not the same as under SEC rules, so reserves reported in compliance with NI 43-101 may not meet the SEC’s definition of reserves.

What does Pan American Silver say about reporting contained ounces versus tonnage and grade?

Pan American Silver explains that Canadian regulations permit disclosure of contained ounces in a mineral resource, while the SEC normally permits disclosure of mineralization that does not constitute reserves only as in-place tonnage and grade without unit measures.