STOCK TITAN
  1. Home
  2. Sec-filings
  3. PAAS
  4. [6-K] PAN AMERICAN SILVER CORP Current Report (Foreign Issuer)

Pan American Silver reserves reach 511M oz

PAAS reports a sizable silver and gold reserve base with strong silver reserve replacement, while divestments reduce total reported gold resources.

Filing Impact
(Neutral)
Filing Sentiment
(Neutral)
Form Type
6-K

Rhea-AI Filing Summary

PAN AMERICAN SILVER CORP (PAAS) reports updated mineral reserves and mineral resources as of June 30, 2026, highlighting a large precious metals inventory across its silver and gold segments. Proven and probable reserves contain 511.1 million ounces of silver and 6.3 million ounces of gold, including the company’s 44% share of Juanicipio.

Measured and indicated resources, excluding reserves, total 1,126.7 million ounces of silver and 7.5 million ounces of gold, while inferred resources amount to 437.0 million ounces of silver and 7.2 million ounces of gold. Management states that silver reserves grew meaningfully, replacing over 100% of silver extracted, supported by exploration successes at La Colorada, Jacobina, Timmins, Huaron, San Vicente, Cerro Moro and Minera Florida.

As of August 31, 2026, Pan American had completed 351,000 metres of drilling toward a planned program of over 500,000 metres focused on near-mine reserve replacement. The company also notes that divestments of several gold projects reduced contained gold in measured and indicated resources from 9,894 thousand ounces to 7,499 thousand ounces, and in inferred resources from 8,560 thousand ounces to 7,220 thousand ounces.

Positive

  • Silver reserve base strengthened: Proven and probable reserves total 511.1 Moz silver, with management stating over 100% of extracted silver was replaced through exploration and mine development.
  • Extensive drilling underway: By August 31, 2026, Pan American completed 351,000 metres of a planned >500,000 metres of 2026 drilling, focused on near-mine reserve replacement across its portfolio.

Negative

  • Gold resources reduced by project divestments: Measured and indicated gold resources fell from 9,894 koz to 7,499 koz, and inferred gold resources from 8,560 koz to 7,220 koz, largely due to divesting La Pepa, Pico Machay, Lavra Velha and Arco Sul.

Filing Explained

The filing updates mineral estimates, but contained metal is before recovery and some resources may not be legally or economically mineable.

Pan American Silver filed this Form 6-K on September 16, 2026 to report mineral reserve and resource estimates as at June 30, 2026. The update changes the company's reported mineral-inventory baseline, while leaving the estimates short of establishing recovery or mineability.

The filing separates proven and probable reserves from measured and indicated resources and inferred resources; resources are reported exclusive of reserves. Contained-metal quantities are shown before metallurgical recoveries, and the filing cautions that mineral resources, particularly inferred resources, may not be legally or economically mineable.

Although the overall reporting date is June 30, 2026, the included Juanicipio estimates have an effective date of April 30, 2025. The estimates also depend on mine-specific metal-price assumptions and assumptions about grades, recoveries, capital, energy, labor, and required permits.

Proven & Probable Silver Reserves 511.1 million ounces Contained silver in proven and probable mineral reserves as of June 30, 2026
Proven & Probable Gold Reserves 6.3 million ounces Contained gold in proven and probable mineral reserves as of June 30, 2026
Measured & Indicated Silver Resources 1,126.7 million ounces Measured and indicated resources, excluding reserves, as of June 30, 2026
Measured & Indicated Gold Resources 7.5 million ounces Measured and indicated resources, excluding reserves, as of June 30, 2026
Inferred Silver Resources 437.0 million ounces Total inferred mineral resources as of June 30, 2026
Inferred Gold Resources 7.2 million ounces Total inferred mineral resources as of June 30, 2026
2026 Drilling Completed 351,000 metres Drilling completed by August 31, 2026 out of a planned >500,000 metres
Reduction in M&I Gold Resources from 9,894 koz to 7,499 koz Change in contained gold in measured and indicated resources due to project divestments
Proven and probable mineral reserves financial
"Proven and probable ("P&P") mineral reserves are estimated to contain"
Proven and probable mineral reserves are the amounts of a mine’s minerals that engineers estimate can be economically extracted with current technology and market conditions; “proven” denotes high-confidence quantities based on detailed testing, while “probable” denotes lower-confidence but still likely quantities. For investors, these categories act like a company’s usable inventory — they underpin production forecasts, revenue estimates and lending or valuation decisions, and signal how certain future cash flows from the resource are.
Measured and indicated mineral resources financial
"Measured and indicated ("M&I") mineral resources (excluding P&P mineral reserves)"
Measured and indicated mineral resources are estimates of how much ore and valuable material are present in a deposit, based on sampling, drilling and geological study. “Measured” denotes a high level of confidence in the quantity and quality, while “indicated” means there is reasonable but lower confidence; together they give investors a clearer picture of a project's size, potential revenue and risk—like using multiple spoonfuls to judge how much soup is in a pot before committing to cook it or buy it.
Inferred mineral resources financial
"Inferred mineral resources are estimated to total approximately 437.0 million"
An inferred mineral resource is an estimate of the quantity and grade of minerals in the ground based on limited sampling and geological information, where confidence is low and continuity is uncertain. For investors it signals potential value but also higher risk—like a rough sketch of a hidden treasure that requires much more exploration and testing before you can reliably judge its size or economic worth.
NI 43-101 regulatory
"reported in accordance with National Instrument 43-101 – Standards of Disclosure"
A Canadian regulatory standard that sets the rules for how mining and exploration companies must report mineral resources and reserves, requiring technical reports prepared or signed off by an independent, certified expert. It matters to investors because it creates a consistent, transparent “inspection report” for mining projects, making it easier to compare prospects, judge the reliability of claims, and assess geological and financial risk before investing.
JORC Code regulatory
"Juanicipio resource and reserve estimates were prepared as per the JORC Code"
The JORC Code is a professional standard for reporting mineral exploration results, mineral resources, and ore reserves so that geological and economic statements about a mining project are transparent and consistent. Think of it as an independent checklist and labeling system that requires qualified experts to document how estimates were made, making company claims verifiable and comparable. Investors use JORC-compliant reports to assess how reliable a mine’s reported size and potential value are before committing funds.
quality assurance and quality control (QA/QC) technical
"subjected to the industry standard quality assurance and quality control ("QA/QC") program"

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What total proven and probable reserves did PAAS report as of June 30, 2026?
Pan American reported proven and probable reserves containing 511.1 million ounces of silver and 6.3 million ounces of gold as of June 30, 2026, including its 44% attributable interest in the Juanicipio mine in Mexico.

How large are PAAS’s measured and indicated mineral resources excluding reserves?
Measured and indicated resources, excluding reserves, were estimated at 1,126.7 million ounces of silver and 7.5 million ounces of gold as of June 30, 2026, across the company’s silver and gold segments.

What inferred mineral resources did PAAS report in this 6-K?
Inferred mineral resources total 437.0 million ounces of silver and 7.2 million ounces of gold, based on 276.2 million tonnes at average grades of 49 g/t silver and 0.81 g/t gold as of June 30, 2026.

How did project divestments impact PAAS’s gold resource base?
Divestment of the La Pepa, Pico Machay, Lavra Velha and Arco Sul projects reduced contained gold in measured and indicated resources from 9,894 koz to 7,499 koz and in inferred resources from 8,560 koz to 7,220 koz.

How much drilling did Pan American Silver complete in 2026 so far?
As of August 31, 2026, Pan American completed 351,000 metres of drilling toward a planned total of over 500,000 metres for 2026, focused mainly on near-mine exploration and mineral reserve replacement.

Which key mines contributed to PAAS’s silver reserve growth?
Silver reserve growth came from several operations, with additions at La Colorada (3.5 Moz silver to P&P), Huaron (1.9 Moz), San Vicente (1.8 Moz), and Cerro Moro (1.6 Moz silver and 12 koz gold) net of depletion.

AI-generated analysis. How Rhea-AI works. Not financial advice.

Form 6-K: How Foreign Companies Report to the SEC →
See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google
Add on Google

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
September 16, 2026
Commission File Number:  001-41683
_____________________
 Pan American Silver Corp.
(Translation of registrant’s name into English)
 2100-733 Seymour Street
VANCOUVER BC CANADA V6B 0S6
(Address of principal executive offices)
 _____________________
 
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





EXHIBIT LIST
 
ExhibitDescription
99.1
News Release - Pan American Silver Reports Mineral Reserves and Mineral Resources as at June 30, 2026
 





Signature
 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: September 16, 2026By:/s/ "Delaney Fisher"
Delaney Fisher
SVP, Associate General Counsel and Corporate Secretary



paaslogoa.jpg
Vancouver Centre II
2100 - 733 Seymour Street
Vancouver, BC Canada, V6B 0S6
604-684-1175
www.panamericansilver.com

Pan American Silver Reports Mineral Reserves and
Mineral Resources as at June 30, 2026
Vancouver, B.C. - September 16, 2026 - Pan American Silver Corp. (NYSE: PAAS) (TSX: PAAS) ("Pan American" or the "Company") is pleased to report its estimated mineral reserves and mineral resources as at June 30, 2026. Proven and probable ("P&P") mineral reserves are estimated to contain approximately 511.1 million ounces of silver and 6.3 million ounces of gold. Measured and indicated ("M&I") mineral resources (excluding P&P mineral reserves) are estimated to total approximately 1,126.7 million ounces of silver and 7.5 million ounces of gold. Inferred mineral resources are estimated to total approximately 437.0 million ounces of silver and 7.2 million ounces of gold.
These figures include Pan American’s 44% attributable share of the Juanicipio mineral reserves and mineral resources following the Company’s acquisition of MAG Silver Corp., which was completed on September 4, 2025.
“Our substantial silver and gold mineral inventory reflects the strength of our diversified portfolio and the continued success of our exploration and mine development programs. We achieved meaningful mineral reserve growth across the operations, replacing over 100% of the silver extracted, while the inclusion of our 44% interest in Juanicipio further increased our silver mineral reserve base,” said Michael Steinmann, President and CEO. “Exploration success at La Colorada, Jacobina, and Timmins continues to demonstrate the quality of our asset base and our commitment to extending mine life, driving innovation, and creating long-term value for shareholders.”
As of August 31, 2026, Pan American completed 351,000 metres of drilling out of a planned total of over 500,000 metres for the calendar year 2026 across its portfolio of mines, focused on near-mine exploration for mineral reserve replacement.
Consolidated Proven and Probable Mineral Reserves, as at June 30, 2026(1,2,3,5,7)
Category
Tonnes
(millions)
Silver
(g/t)
Contained Ag (Moz)
Gold
(g/t)
Contained Au (koz)
Silver Segment(4,5)
Proven Reserves
13.2
288
122.6
0.36
154
Probable Reserves
44.0
252
356.8
0.55
783
Silver Segment Total
57.2
261
479.4
0.51
937
Gold Segment(6)
Proven Reserves
56.4
9
15.5
1.04
1,879
Probable Reserves
90.7
6
16.2
1.20
3,511
Gold Segment Total
147.2
7
31.7
1.14
5,390
Total P&P Reserves
204.4
78
511.1
0.96
6,327
(1) See table below titled "Metal price assumptions used to estimate mineral reserves and mineral resources as at June 30, 2026".
(2) Please refer to the complete mineral reserve and mineral resource tables at the end of this news release for more information.
(3) This summary table does not include base metal grades or contents. Please refer to the Reserves & Resources page on Pan American’s website for a more complete table, including zinc, lead and copper grades and contents.
(4) Silver Segment mineral reserves comprised of La Colorada, Juanicipio, Huaron, Cerro Moro, San Vicente, and Escobal.
(5) Juanicipio mineral reserves are included with an effective date of April 30, 2025.
(6) Gold Segment mineral reserves comprised of Jacobina, Timmins, El Peñon, Minera Florida, and Shahuindo.
(7) Totals may not add up due to rounding.
PAN AMERICAN SILVER CORP.
1



Consolidated Measured and Indicated Mineral Resources, as at June 30, 2026(1,2,3,4,6,8)
Category
Tonnes
(millions)
Ag
(g/t)
Contained Ag (Moz)
Au
(g/t)
Contained Au (koz)
Silver Segment(5,6)
Measured Resources
20.8
157
105.0
0.11
70
Indicated Resources
426.3
73
995.2
0.02
297
Silver Segment Total
447.1
77
1,100.2
0.03
367
Gold Segment(7)
Measured Resources
65.7
5
10.1
1.37
2,884
Indicated Resources
84.6
6
16.5
1.56
4,248
Gold Segment Total
150.2
6
26.6
1.48
7,132
Total M&I Resources
597.3
59
1,126.7
0.39
7,499
(1) See table below titled "Metal price assumptions used to estimate mineral reserves and mineral resources as at June 30, 2026".
(2) Mineral resources are reported exclusive of mineral reserves.
(3) Please refer to the complete mineral reserve and resource tables at the end of this news release for more information.
(4) This summary table does not include base metal grades or contents. Please refer to the Reserves & Resources page on
Pan American’s website for a more complete table, including zinc, lead and copper grades and contents.
(5) Silver Segment mineral resources comprised of La Colorada, Juanicipio, Huaron, Cerro Moro, San Vicente, Escobal, La Colorada Skarn, Navidad, and Manantial Espejo.
(6) Juanicipio mineral resources are included with an effective date of April 30, 2025.
(7) Gold Segment mineral resources comprised of Jacobina, Timmins, El Peñon, Minera Florida, Shahuindo, Vogel, Gold River, Marhill, Whitney, and La Bolsa.
(8) Totals may not add up due to rounding.
Consolidated Inferred Mineral Resources, as at June 30, 2026(1,2,3,4,6,8)
Category
Tonnes (Mt)
Ag
(g/t)
Contained Ag
(Moz)
Au
(g/t)
Contained Au (koz)
Silver Segment Inferred Resource (5,6)
150.9
85
410.1
0.09
447
Gold Segment Inferred Resources(7)
125.2
7
26.9
1.68
6,773
Total Inferred Resources
276.2
49
437.0
0.81
7,220
(1) See table below titled "Metal price assumptions used to estimate mineral reserves and mineral resources as at June 30, 2026".
(2) Mineral resources are reported exclusive of mineral reserves.
(3) Please refer to the complete mineral reserve and mineral resource tables at the end of this news release for more information.
(4) This summary table does not include base metal grades or contents. Please refer to the Reserves & Resources page on
Pan American’s website for a more complete table, including zinc, lead and copper grades and contents.
(5) Silver Segment inferred mineral resources comprised of La Colorada, Juanicipio, Huaron, Cerro Moro, San Vicente, Escobal, La Colorada Skarn, Navidad, and Manantial Espejo.
(6) Juanicipio mineral resources are included with an effective date of April 30, 2025.
(7) Gold Segment inferred mineral resources comprised of Jacobina, Timmins, El Peñon, Minera Florida, Shahuindo, Vogel, Gold River, Whitney, and La Bolsa.
(8) Totals may not add up due to rounding.
Mineral reserve and mineral resource highlights for the 12-months ended June 30, 2026:
•At La Colorada, 3.5 million ounces of contained silver were added to P&P mineral reserves, net of depletion from mining, through the discovery of four new veins and associated contact-related replacement mineralization in the Cristina and San Gerónimo systems, the eastward extension of the NC2 vein system, and the discovery of the La Chona Breccia.
•At Jacobina, 72% of mine production was replaced through successful exploration and infill drilling, specifically in the Morro do Vento and Maricota zones, after accounting for the removal
PAN AMERICAN SILVER CORP.
2



of larger pillars from mineral reserves following geotechnical recommendations in certain sectors of the mine.
•At Timmins, the Vogel project added over 192,000 ounces of gold to inferred mineral resources. An access drift is advancing on the 610 level of the Timmins mine towards the Vogel deposit for exploration and integration into the mine infrastructure. As described in the Company’s news release dated June 1, 2026, Pan American is advancing a phased development of new mineral resources at Timmins to support potential production growth and extension of mine life.
•Huaron added 1.9 million ounces of contained silver to P&P mineral reserves, net of depletion from production, due to exploration success and improved economics resulting from increased metal prices exceeding increases in operating costs.
•San Vicente added 1.8 million ounces of contained silver to P&P mineral reserves, net of depletion from production, due to drilling and development, re-evaluation of legacy areas for mechanized development, and mining at lower cutoff grades resulting from higher metal prices.
•Cerro Moro added 1.6 million ounces of contained silver and 12 thousand ounces of contained gold to P&P mineral reserves, net of depletion from production, due to infill drilling and bench mapping to convert the Naty Condor mineral resources to mineral reserves, and lower cutoff grades resulting from higher metal prices.
•Minera Florida added 27.5 thousand ounces of contained gold to P&P mineral reserves, net of depletion from production, due to successful infill drilling on the Maqui and Mila zones and improved economics with metal price increases exceeding increases in operating costs.
•Contained gold in M&I mineral resources changed from 9,894 thousand ounces to 7,499 thousand ounces, largely due to the divestment of the La Pepa, Pico Machay and Lavra Velha projects. The aforementioned divestments, combined with the divestment of the Arco Sul project, resulted in a change in contained gold in inferred mineral resources from 8,560 thousand ounces to 7,220 thousand ounces.
MINERAL RESERVES AND MINERAL RESOURCES TABLES
Consolidated Pan American Mineral Reserves as at June 30, 2026(1,4,6)
Property
Location
Category
Tonnes (Mt)
Ag
(g/t)
Contained Ag
(Moz)
Au
(g/t)
Contained Au
(Koz)
Silver Segment
La Colorada(2)
Mexico
Proven
3.6
325
37.3
0.23
26
Probable
7.0
252
56.9
0.24
55
Juanicipio (44%)(3,4)
Mexico
Proven
1.0
410
13.7
1.30
43
Probable
8.2
169
44.6
1.41
373
Huaron
Perú
Proven
4.5
138
19.8
Probable
5.5
129
22.8
Cerro Moro
Argentina
Proven
0.3
199
1.9
5.27
50
Probable
0.8
181
4.7
4.31
112
San Vicente (95%)(3)
Bolivia
Proven
1.3
243
10.4
Probable
0.4
249
2.8
Escobal
Guatemala
Proven
2.5
486
39.5
0.42
34
Probable
22.1
316
225.0
0.34
244
Total Silver Segment
57.2
261
479.4
0.51
937
PAN AMERICAN SILVER CORP.
3



Property
Location
Category
Tonnes (Mt)
Ag
(g/t)
Contained Ag
(Moz)
Au
(g/t)
Contained Au
(Koz)
Gold Segment
Jacobina
Brazil
Proven
14.1
1.71
778
Probable
41.0
1.74
2,295
Timmins
Canada
Proven
3.7
2.80
334
Probable
4.5
2.76
399
El Peñon
Chile
Proven
1.0
169
5.5
4.28
140
Probable
2.9
106
9.7
3.24
298
Minera Florida
Chile
Proven
0.6
21
0.4
2.94
55
Probable
2.5
21
1.7
3.00
243
Shahuindo(5)
Perú
Proven
37.0
8
9.5
0.48
572
Probable
39.9
4
4.9
0.22
277
Total Gold Segment
147.2
7
31.7
1.14
5,390
Total P&P Reserves
204.4
78
511.1
0.96
6,327
(1) See table below titled "Metal price assumptions used to estimate mineral reserves and mineral resources as at June 30, 2026".
(2) La Colorada P&P mineral reserves include 2.03 million tonnes ("Mt") at an average grade of 404 g/t Ag and 0.22 g/t Au containing 26.3 million ounces of silver and 14.1 thousand ounces of gold that are subject to a net profit share agreement with a third party.
(3) Represents the portion of mineral reserves attributable to Pan American based on its ownership interest in the operating entity as indicated.
(4) Juanicipio mineral reserves are reported with an effective date of April 30, 2025. Juanicipio resource and reserve estimates were prepared as per the JORC code and comply with CIM Definition Standards for Mineral Resources and Mineral Reserves as required under NI 43-101.
(5) Shahuindo P&P mineral reserves include 8.6 Mt of blending material at zero grade.
(6) Totals may not add up due to rounding.
Pan American Silver Measured and Indicated Mineral Resources as at June 30, 2026(1,2,5,6)
Property
Location
Category
Tonnes (Mt)
Ag
(g/t)
Contained Ag
(Moz)
Au
(g/t)
Contained Au
(Koz)
Silver Segment
La Colorada(3)
Mexico
Measured
0.3
276
2.9
0.13
1
Indicated
0.7
209
4.6
0.16
3
Juanicipio (44%)(4,5)
Mexico
Measured
0.4
566
6.4
1.48
17
Indicated
0.7
190
4.6
1.36
33
Huaron
Perú
Measured
1.4
92
4.1
Indicated
3.6
90
10.4
Cerro Moro
Argentina
Measured
0.1
174
0.4
4.77
11
Indicated
0.6
212
4.2
3.81
76
San Vicente (95%)(4)
Bolivia
Measured
0.6
161
3.1
Indicated
0.3
170
1.7
Escobal
Guatemala
Measured
2.3
251
18.6
0.23
17
Indicated
14.2
201
91.6
0.20
93
La Colorada Skarn
Mexico
Indicated
265.4
36
308.7
Navidad
Argentina
Measured
15.4
137
67.8
Indicated
139.8
126
564.5
PAN AMERICAN SILVER CORP.
4



Property
Location
Category
Tonnes (Mt)
Ag
(g/t)
Contained Ag
(Moz)
Au
(g/t)
Contained Au
(Koz)
Manantial Espejo
Argentina
Measured
0.3
164
1.7
2.40
25
Indicated
1.0
149
4.9
2.79
92
Total Silver Segment
447.1
77
1,100.2
0.03
367
Gold Segment
Jacobina
Brazil
Measured
41.2
1.65
2,189
Indicated
54.1
1.58
2,745
Timmins
Canada
Measured
2.2
2.29
161
Indicated
3.4
2.32
251
El Peñon
Chile
Measured
1.0
136
4.4
3.97
127
Indicated
3.7
94
11.2
2.91
348
Minera Florida
Chile
Measured
0.6
13
0.3
2.61
52
Indicated
3.1
14
1.4
2.54
254
Shahuindo
Perú
Measured
9.8
6
1.9
0.35
111
Indicated
6.3
6
1.2
0.37
74
Vogel
Canada
Indicated
0.7
3.35
74
Gold River
Canada
Indicated
0.7
5.29
117
Marhill
Canada
Indicated
0.4
4.52
57
Whitney (84.26%)(4)
Canada
Indicated
1.6
2.83
142
La Bolsa
Mexico
Measured
10.8
10
3.5
0.70
243
Indicated
10.6
8
2.7
0.54
184
Total Gold Segment
150.2
6
26.6
1.48
7,132
Total M&I Resources
597.3
59
1,126.7
0.39
7,499
(1) See table below titled "Metal price assumptions used to estimate mineral reserves and mineral resources as at June 30, 2026".
(2) Mineral resources are reported exclusive of mineral reserves.
(3) La Colorada M&I mineral resources include 0.06 Mt at an average grade of 248 g/t Ag, and 0.06 g/t Au containing 0.5 million ounces of silver and 0.1 thousand ounces of gold that are subject to a net profit share agreement with a third party.
(4) Represents the portion of mineral resources attributable to Pan American based on its ownership interest in the operating entity as indicated.
(5) Juanicipio mineral resources are reported with an effective date of April 30, 2025. Juanicipio resource and reserve estimates were prepared as per the JORC code and comply with CIM Definition Standards for Mineral Resources and Mineral Reserves as required under NI 43-101.
(6) Totals may not add up due to rounding.
Pan American Inferred Mineral Resources as at June 30, 2026(1,2,5,6)
Property
Location
Category
Tonnes (Mt)
Ag
(g/t)
Contained Ag
(Moz)
Au
(g/t)
Contained Au
(Koz)
Silver Segment
La Colorada(3)
Mexico
Inferred
24.0
187
144.3
0.20
152
Juanicipio (44%)(4,5)
Mexico
Inferred
4.8
167
25.7
0.60
92
Huaron
Perú
Inferred
9.2
116
34.4
Cerro Moro
Argentina
Inferred
0.8
139
3.5
4.95
124
San Vicente (95%)(4)
Bolivia
Inferred
2.1
172
11.7
Escobal
Guatemala
Inferred
1.9
180
10.7
0.90
54
La Colorada Skarn
Mexico
Inferred
61.7
30
58.6
PAN AMERICAN SILVER CORP.
5



Property
Location
Category
Tonnes (Mt)
Ag
(g/t)
Contained Ag
(Moz)
Au
(g/t)
Contained Au
(Koz)
Navidad
Argentina
Inferred
45.9
81
119.4
Manantial Espejo
Argentina
Inferred
0.5
106
1.8
1.49
25
Total Silver Segment
150.9
85
410.1
0.09
447
Gold Segment
Jacobina
Brazil
Inferred
56.2
1.65
2,988
Timmins
Canada
Inferred
7.0
2.66
596
El Peñon
Chile
Inferred
17.5
36
20.3
1.05
592
Minera Florida
Chile
Inferred
6.4
13
2.6
2.73
560
Shahuindo
Perú
Inferred
10.8
2
0.7
0.12
41
Vogel
Canada
Inferred
2.8
3.73
338
Gold River
Canada
Inferred
5.3
6.06
1,028
Whitney (84.26%)(4)
Canada
Inferred
5.6
2.24
406
La Bolsa
Mexico
Inferred
13.7
8
3.3
0.51
225
Total Gold Segment
125.2
7
26.9
1.68
6,773
Total Inferred Resources
276.2
49
437.0
0.81
7,220
(1) See table below titled "Metal price assumptions used to estimate mineral reserves and mineral resources as at June 30, 2025".
(2) Mineral resources are reported exclusive of mineral reserves.
(3) La Colorada Inferred mineral resources include 2.14 Mt at an average grade of 267 g/t Ag and 0.15 g/t Au containing 18.3 million ounces of silver and 10.3 thousand ounces of gold that are subject to a net profit share agreement with a third party.
(4) Represents the portion of mineral resources attributable to Pan American based on its ownership interest in the operating entity as indicated.
(5) Juanicipio mineral resources are reported with an effective date of April 30, 2025. Juanicipio resource and reserve estimates were prepared as per the JORC code and comply with CIM Definition Standards for Mineral Resources and Mineral Reserves as required under NI 43-101.
(6) Totals may not add up due to rounding.
Metal price assumptions used to estimate mineral reserves and mineral resources as at June 30, 2026
Mine
Category
Ag US$/Oz
Au US$/Oz
Cu US$/t
Pb US$/t
Zn US$/t
La Colorada
Reserves
26
2,250
--
2,000
2,800
Resources
29
2,450
--
2,100
3,000
Juanicipio
Reserves
26.50
2,100
--
2,072
2,645
Resources
30
2,300
--
2,006
2,755
Huaron
Reserves
26
--
9,000
2,000
2,800
Resources
29
--
10,000
2,100
3,000
Cerro Moro
Reserves
40
3,500
--
--
--
Resources
43
3,700
--
--
--
San Vicente
Reserves
26
--
9,000
2,000
2,800
Resources
29
--
10,000
2,100
3,000
Escobal
All Cat.
20
1,300
--
2,204
2,424
La Colorada Skarn
Resources
22
--
--
2,200
2,800
Navidad
Resources
12.52
--
--
1,100
Manantial Espejo
Reserves
19
1,500
--
--
--
Resources
22
1,700
--
--
--
PAN AMERICAN SILVER CORP.
6



Mine
Category
Ag US$/Oz
Au US$/Oz
Cu US$/t
Pb US$/t
Zn US$/t
Jacobina
Reserves
--
2,250
--
--
--
Resources
--
2,450
--
--
--
Timmins
Reserves
--
2,250
--
--
--
Resources
--
2,450
--
--
--
El Peñon
Reserves
30
2,600
--
--
--
Resources
33
2,800
--
--
--
Minera Florida
Reserves
30
2,600
--
--
2,800
Resources
33
2,800
--
--
3,000
Shahuindo
Reserves
26
2,250
--
--
--
Resources
29
2,450
--
--
--
Vogel
Resources
--
2,450
--
--
--
Gold River
Resources
--
1,200
--
--
--
Marhill
Resources
--
1,125
--
--
--
Whitney
Resources
--
2,400
--
--
--
La Bolsa
Resources
14
825
--
--
--
General Notes with Respect to Technical Information
With the exception of Juanicipio, all other mineral reserves and mineral resources have been estimated in accordance with the CIM Definition Standards on Mineral Resources and Mineral Reserves, adopted by the CIM Council, as amended (the "CIM Standards") and reported in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”).
Juanicipio resource and reserve estimates were prepared as per the JORC Code and comply with CIM Definition Standards for Mineral Resources and Mineral Reserves as required under NI 43-101. The Mineral Resources were initially classified in accordance with the guidelines of the JORC Code (2012). The confidence categories assigned under the JORC Code (2012) were reconciled to the confidence categories in the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Definition Standards for Mineral Resources and Mineral Reserves (the 2014 CIM Definition Standards). As the confidence categories are the same, no modifications to the confidence categories were required. The Juanicipio mineral reserves were estimated by Fresnillo. Paul Salmenmaki, P.Eng. (EGBC #40227), a Competent Person, reviewed and audited the mineral reserves. Juanicipio mineral resources were estimated by Fresnillo. Justin Glanvill (SACNASP), Principal Geologist of AMC Mining Consultants reviewed and audited the mineral resources.
In all cases mineral resources are reported exclusives of mineral reserves.
Pan American does not expect these mineral reserve and mineral resource estimates to be materially affected by metallurgical, environmental, permitting, legal, taxation, socio-economic, political, and marketing or other relevant issues.
The Company has undertaken a verification process with respect to the data disclosed in this news release. The mineral resources and mineral reserves databases comprising drilling and, in some cases, surface and underground sampling, have been compiled at each of the Pan American mine sites by the qualified staff. All the assay data used in the resource evaluation provided by each of the mines has been subjected to the industry standard quality assurance and quality control ("QA/QC") program including the submission of certified standards, blanks, and duplicate samples. The results are reviewed monthly by management. The results of the QA/QC samples submitted for the resource databases demonstrate acceptable accuracy and precision. The Qualified Persons are of the opinion that the sample preparation, analytical, and security procedures followed for the samples are sufficient and reliable for the purpose of these mineral resource and mineral reserve estimates. Pan American is not aware of any drilling, sampling, recovery or other factors that could materially affect the accuracy or reliability of the data reported herein.
Quantities and grades of contained metal are shown before metallurgical recoveries.
PAN AMERICAN SILVER CORP.
7



Technical information contained in this news release with respect to Pan American has been reviewed and approved by Christopher Emerson, FAusIMM., Senior Vice President of Exploration and Geology, and Christopher Wright P.Geo. Vice President of Mineral Resources and Mining Technical Services who are each Qualified Persons for the purposes of NI 43-101.
Pan American Silver Corp. is authorized by The Association of Professional Engineers and Geoscientists of the Province of British Columbia to engage in Reserved Practice under Permit to Practice number 1001470.
About Pan American
Pan American Silver is a leading producer of silver and gold in the Americas, with more than 30 years of operating experience across the region. We own and operate mines in Canada, Mexico, Peru, Brazil, Bolivia, Chile and Argentina, hold a 44% interest in the Juanicipio silver mine in Mexico, and own a 100% interest in the Escobal mine in Guatemala that is currently not operating. We also hold interests in several exploration and development projects. We have earned an industry-leading reputation for sustainability performance, operational excellence and prudent financial management. The Company is headquartered in Vancouver, B.C. and our shares trade on the New York Stock Exchange and the Toronto Stock Exchange under the symbol "PAAS".
Learn more at panamericansilver.com
Follow us on LinkedIn
For more information contact:
Siren Fisekci
VP, Investor Relations & Corporate Communications
Ph: 604-806-3191
Email: ir@panamericansilver.com
Cautionary Note Regarding Forward-Looking Statements and Information
Certain of the statements and information in this news release constitute “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and “forward-looking information” within the meaning of applicable Canadian provincial securities laws. All statements, other than statements of historical fact, are forward-looking statements or information. Forward-looking statements or information in this news release relate to, among other things: estimates of mineral reserves and mineral resources and the assumptions, parameters and methods underlying those estimates; anticipated mine lives and potential extensions thereof; the scope, timing and anticipated results of exploration, infill drilling, development and other work programs, including the Company’s planned 2026 drilling program and near-mine exploration activities; expectations regarding mineral reserve replacement and additions to or conversion of mineral resources; the potential for additional mineral resources, production growth and mine-life extension at Timmins; advancement of the access drift toward the Vogel deposit and the potential integration of Vogel with existing mine infrastructure; and expectations regarding the effect of metallurgical, environmental, permitting, legal, title, taxation, socio-economic, political, marketing and other relevant factors on the estimates and the Company's mineral projects.
These forward-looking statements and information reflect the Company’s current views with respect to future events and are necessarily based upon a number of assumptions that, while considered reasonable by the Company, are inherently subject to significant operational, business, economic and regulatory uncertainties and contingencies. These assumptions include: the accuracy of our mineral reserve and mineral resource estimates and the assumptions upon which they are based; ore grades and recoveries are as anticipated; prices for silver, gold, and base metals remaining as estimated; currency exchange rates remaining as estimated; capital, decommissioning and reclamation estimates; prices for energy inputs, labour, materials, supplies and services (including transportation); all necessary permits, licenses and regulatory approvals for our operations are received in a timely manner; and our ability to comply with environmental, health and safety laws. The foregoing list of assumptions is not exhaustive.
The Company cautions the reader that forward-looking statements and information involve known and unknown risks, uncertainties and other factors that may cause actual results and developments to differ materially from those expressed or implied by such forward-looking statements or information contained in this news release and the Company has made assumptions and estimates based on or related to many of these factors. Such factors
PAN AMERICAN SILVER CORP.
8



include, without limitation: fluctuations in silver, gold and base metal prices; fluctuations in prices for energy inputs, labour, materials, supplies and services (including transportation); fluctuations in currency markets (such as the PEN, MXN, ARS, BOB, CLP, BRL, GTQ and CAD versus the USD); operational risks and hazards inherent with the business of mining (including environmental accidents and hazards, industrial accidents, equipment breakdown, unusual or unexpected geological or structural formations, cave-ins, flooding and severe weather); employee relations; relationships with, and claims by, local communities and indigenous populations; our ability to obtain all necessary permits, licenses and regulatory approvals in a timely manner; changes in laws, regulations and government practices in the jurisdictions where we operate, including environmental, export and import laws and regulations; legal restrictions relating to mining; risks relating to expropriation; diminishing quantities or grades of mineral reserves as properties are mined; increased competition in the mining industry for equipment and qualified personnel; and those factors identified under the caption “Risks Related to Pan American’s Business” in the Company’s most recent form 40-F and Annual Information Form filed with the United States Securities and Exchange Commission (the “SEC”) and Canadian provincial securities regulatory authorities, respectively. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated, described or intended. Investors are cautioned against undue reliance on forward-looking statements or information. Forward-looking statements and information are designed to help readers understand management’s current views of our near and longer term prospects and may not be appropriate for other purposes. The Company does not intend, nor does it assume any obligation to update or revise forward-looking statements or information, whether as a result of new information, changes in assumptions, future events or otherwise, except to the extent required by applicable law.
Cautionary Note to US Investors Regarding References to Mineral Reserves and Mineral Resources
Unless otherwise indicated, all reserve and resource estimates included in this news release have been prepared in accordance with NI 43-101 and the CIM Standards. 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 standards, including NI 43-101, differ significantly from the mineral property disclosure requirements of the SEC (the “U.S. Rules”), and reserve and resource information included herein may not be comparable to similar information disclosed by U.S. companies. In particular, and without limiting the generality of the foregoing, this news release uses the terms “measured resources,” “indicated resources” and “inferred resources” as defined in accordance with NI 43-101 and the CIM Standards. Mineralization described using these terms has a greater amount of uncertainty as to its existence and feasibility than mineralization that has been characterized as reserves. Accordingly, U.S. investors are cautioned not to assume that any measured mineral resources, indicated mineral resources, or inferred mineral resources that the Company reports are or will be economically or legally mineable. Further, “inferred mineral resources” have a greater amount of uncertainty as to their existence and as to whether they can be mined legally or economically. Under Canadian securities laws, estimates of “inferred mineral resources” may not form the basis of feasibility or pre-feasibility studies, except in rare cases. While the above terms under the U.S. Rules are “substantially similar” to the standards under NI 43-101 and CIM Standards, there are differences in the definitions under the U.S. Rules and CIM Standards. Accordingly, there is no assurance any mineral reserves or mineral resources that the Company may report as “proven mineral reserves”, “probable mineral reserves”, “measured mineral resources”, “indicated mineral resources” and “inferred mineral resources” under NI 43-101 would be the same had the Company prepared the reserve or resource estimates under the standards adopted under the U.S. Rules.

Source: View Original Filing on SEC EDGAR

Filing Exhibits & Attachments

1 document

Press Releases

Keep reading

More on PAAS

Trending in the feed

Open the live feed