[SCHEDULE 13G/A] Pan American Silver Corp. SEC Filing

Rhea-AI Filing Summary

Van Eck Associates Corporation reports beneficial ownership of 29,613,978 common shares of Pan American Silver Corp, equal to 8.18% of the class. The filer discloses sole voting power over 29,510,503 shares and sole dispositive power over 29,613,978 shares, and identifies itself as an investment adviser organized in Delaware. The statement says the securities were acquired and are held in the ordinary course of business and were not acquired to change or influence control of the issuer. The filing is an amendment (No. 17) reflecting an event dated 06/30/2025 and is signed on 08/14/2025.

Sole voting power means Van Eck can direct how those shares are voted; sole dispositive power means it can direct their sale or transfer. The report provides a clear snapshot of a sizable institutional position without indicating any intent to seek control.

Insights

Financial Analyst

TL;DR: Van Eck holds an 8.18% institutional stake in PAAS, a material disclosure but presented as non-control, routine for an investment adviser.

The filing reports 29,613,978 shares (8.18%) with sole voting power over 29,510,503 shares and sole dispositive power over 29,613,978 shares. A position above 5% is material because it can attract market attention, yet the certification states holdings are in the ordinary course and not for control purposes, which typically limits immediate governance implications. The filing lacks transaction-level detail such as acquisition dates or pace of accumulation, so assessing recent buying pressure or timing impact is not possible from this statement alone.

Corporate Governance Expert

TL;DR: Schedule 13G/A shows Van Eck's 8.18% stake, declared held in the ordinary course; no group members or control intent are disclosed.

The report identifies Van Eck as an investment adviser (Type: IA) and marks Item 6 and related group fields as not applicable, indicating no on-behalf-of disclosures or group affiliation. The clear assertion that the stake is not intended to influence control reduces immediate takeover or governance alarm. However, the filing does not enumerate any agreements, plans, or related-party arrangements, so governance watchers should note the absence of further detail rather than infer additional commitments or restrictions.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 17)

PAN AMERICAN SILVER CORP

(Name of Issuer)

Common Shares

(Title of Class of Securities)

697900108

(CUSIP Number)

06/30/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 697900108

1

Names of Reporting Persons

VAN ECK ASSOCIATES CORP

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 29,510,503.00
6	Shared Voting Power
7	Sole Dispositive Power 29,613,978.00
8	Shared Dispositive Power

9

Aggregate Amount Beneficially Owned by Each Reporting Person

29,613,978.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

8.18 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

Item 1.
(a)	Name of issuer: PAN AMERICAN SILVER CORP
(b)	Address of issuer's principal executive offices: 2100-733 SEYMOUR ST, VANCOUVER, British Columbia, Canada, V6B 0S6
Item 2.
(a)	Name of person filing: Van Eck Associates Corporation
(b)	Address or principal business office or, if none, residence: 666 Third Ave, 9th Floor, New York NY 10017
(c)	Citizenship: Delaware
(d)	Title of class of securities: Common Shares
(e)	CUSIP No.: 697900108
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 29,613,978
(b)	Percent of class: 8.18 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 29,510,503
	(ii) Shared power to vote or to direct the vote:
	(iii) Sole power to dispose or to direct the disposition of: 29,613,978
	(iv) Shared power to dispose or to direct the disposition of:
Item 5.	Ownership of 5 Percent or Less of a Class.
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

VAN ECK ASSOCIATES CORP

Signature:	Ashley Sousa
Name/Title:	Ashley Sousa, AVP, Van Eck Associates Corporation
Date:	08/14/2025