PAN AMERICAN SILVER CORP

Pan American announced a revised preliminary economic assessment (PEA) for the La Colorada Skarn Project, describing La Colorada as a future top-tier silver mine. Only the headline is in the text, so no production, cost or return figures are given. This continues the Skarn story from the 2020 resource increase and 2022 drilling, and the headline wording is the company's own characterisation.

resource reserve update

Pan American filed two amending agreements, dated May 30 and June 6, 2025, to its May 11, 2025 arrangement agreement with MAG Silver Corp. Only the exhibit titles are in the text, so what was changed, the price and the structure are not given. This shows a deal with MAG Silver was agreed in May 2025 and its terms were amended twice within a month. The filing does not say whether the deal has closed.

business combination

Pan American announced the sale of La Arena for US$245 million cash upfront and a US$50 million contingent payment. Only the headline is in the text, so the buyer, closing conditions and contingency terms are not given. La Arena is not listed among the assets in the earlier context, so it was presumably acquired with Yamana (inference).

asset acquisition disposition

Pan American and Agnico Eagle confirmed the Gold Fields transaction with Yamana was terminated and announced activation of their arrangement agreement with Yamana. Only the headline is in the text, so terms are not given. This resolves the competing-bid question from the day before in favour of the Pan American/Agnico deal.

business combination

Pan American filed a cover page for a Yamana news release saying Yamana entered an arrangement agreement with Pan American and Agnico Eagle on their binding offer and recommends against the Gold Fields transaction. Only the headline is in the text, so price, terms and structure are not given. This opens a bid for Yamana involving Pan American as a party.

business combination

Pan American announced it raised the mineral resource estimate for the La Colorada skarn deposit to 100.4 million tonnes and gave a drilling update. Only the headline and cover page are in the text supplied, so grades, ounces and drilling results are not available. This continues the La Colorada growth theme in the earlier reserve and expansion filings.

drilling progress report

The headline says New Pacific Metals Corp. is doing a C$25 million bought-deal financing and Pan American is doing a concurrent block trade of C$47 million. Only the headline is in the text supplied, so what Pan American sold, to whom, and whether it is selling shares of New Pacific are not stated. Inference only: the block trade is a sale of Pan American's shareholding in New Pacific.

capital raising announcement

Pan American announced a temporary suspension of its operations in Peru following a government-declared state of emergency. Only the headline and cover page are in the text supplied, so the duration, affected mines and financial impact are not given. Peru is where its Huaron and Morococha mines are located, per earlier context.

regulatory community update

The Maverix deal announced in April closed. Maverix acquired the 13 royalties, streams and payment agreements from Pan American, which received 42,850,000 Maverix shares and 20,000,000 five-year warrants (half at C$0.70, half at C$1.00). Pan American holds about 54% of Maverix (79,837,856 shares outstanding) on a non-diluted basis. Pan American keeps exposure to the portfolio only through this stake, including the La Colorada gold stream it granted.

business combination

Pan American and MacMillan Minerals signed an arrangement with Maverix Metals to create a new royalty and streaming company. MacMillan would buy Maverix and a package of thirteen royalties and streams from Pan American, including a gold stream on La Colorada (100% of gold at a fixed US$650/oz), and a stream on La Bolsa. Pan American would hold 54% (63% fully diluted) of the combined company, which would be renamed Maverix Metals with former Pan American CEO Geoff Burns as chairman. Independent valuer RPA put the portfolio at C$52-57 million. The release names Michael Steinmann as Pan American's President and CEO, and Geoff Burns had retired on December 31, 2015. The deal needed approvals and was not yet complete.

business combination

Pan American reported year-end 2013 proven and probable silver reserves of 323.5 million ounces, up 2% from about 317 million a year earlier, and gold reserves of about 2.5 million ounces. Exploration added 40.1 Moz against 33.7 Moz mined, and the company used lower metal prices (silver $22/oz versus $25). La Colorada rose to 81.4 Moz; Dolores tonnes fell from 87.8 Mt to 68.6 Mt with higher grades, leaving silver reserves at 72.6 Moz (down 3.5 Moz) and gold at 1.75 Moz (up 135,000 oz); Manantial Espejo replaced only 42% of what was mined. Huaron, Morococha and San Vicente each replaced their 2013 production. For 2014 it plans $14.0M for about 108 km of drilling at its seven mines and $6.5M for greenfield exploration, down from $16.3M and $14.7M in 2013. This delivers the reserve update promised in the January release.

resource reserve update

Pan American said La Colorada's proven and probable silver reserves rose 26% to 81.4 million ounces at December 31, 2013 (about 16.7 million ounces of new reserves added net of 2013 production, per this release). It also filed a preliminary technical report on SEDAR for the mine expansion announced December 18, 2013, which targets annual silver output rising from 4.6 million ounces (2013) to 7.7 million ounces in 2018. The company notes the expansion decision is not based on a feasibility study and the report includes speculative inferred resources, so results are uncertain. This builds on the La Colorada Amolillo/NC2 drilling flagged in earlier filings and the 64.8 Moz reserve at end 2012.

resource reserve update

Pan American reported year-end 2012 proven and probable silver reserves of 316.9 million ounces, up 35% from 235.3 million at end 2011, and gold reserves of about 2.4 million ounces. Exploration added 31.2 Moz against 26.0 Moz mined, La Colorada rose 47% to 64.8 Moz, and the Dolores mine and La Bolsa project added 80.6 Moz after the Minefinders deal, while 4.2 Moz left with Quiruvilca. Morococha (down 8% to 37.1 Moz) and Manantial Espejo (down 27% to 21.2 Moz) fell, and the first Dolores estimate (76 Moz silver, 1.6 Moz gold) is below Minefinders' 2010 estimate. The company plans $16.3M for about 124,000 m of drilling at its seven mines and $14.7M for greenfield exploration in 2013. This delivers the December 2012 update that earlier filings said was due in February 2013.

resource reserve update

Pan American raised its quarterly dividend 150%, from $0.05 to $0.125 per share ($0.50 a year if maintained), and declared the first dividend of 2013, payable about March 18, 2013 to holders of record March 4, 2013. The CEO calls it the fourth increase since the first dividend in February 2010 and says the company expects solid net cash flow in 2013 and enough cash to fund growth at La Colorada and Dolores, projects, exploration and continued buybacks (company statements). It follows the 50% raise in February 2012 and the 33% raise in August 2012.

dividend declaration

Pan American sold 100% of Quiruvilca, its Peruvian mine, to Quiruvilca Ltd., a subsidiary of Southern Peaks Mining L.P., effective June 1, 2012, for $2 million (subject to adjustments) with the buyer assuming all liabilities. Pan American can also elect either a 2% net smelter royalty (when silver is above $15/oz, zinc above $1,200/t and copper above $6,061/t) or payments based on the gap between $23/oz silver and market price on 50% of future payable silver, capped at $3 million per 12 months until Quiruvilca generates $25 million EBITDA. It expects a net gain of about $11.3 million. The company calls Quiruvilca a higher-cost producer that no longer fit its portfolio, and now cites seven operating mines. This ends the Quiruvilca asset that earlier filings had flagged for care and maintenance.

asset acquisition disposition

Pan American reported that on June 19, 2012 Chubut's governor presented pending legislation for a new mining and petroleum framework covering labor, environmental compliance, community consultation, higher provincial royalties, possible participation by the provincial company Petrominera, and areas where open-pit mining would be allowed, including where Navidad is located. The company has not yet seen the detailed text, cannot say whether it will be presented, enacted or amended, and will assess the impact on Navidad once it does. This continues the Chubut regulatory risk flagged for Navidad; no impact is yet quantified.

regulatory community update

Pan American completed its acquisition of all Minefinders shares on March 30, 2012, resolving the pending deal announced in January. Minefinders holders received, per share, C$1.84 plus 0.55 Pan American shares (full proration election), 0.6235 shares plus C$0.0001 (share election), or C$2.0306 plus 0.5423 shares (cash election). Pan American now describes eight operating mines in Mexico, Peru, Argentina and Bolivia, and says the deal increases near-term silver and gold production and cash flow and reduces average cash costs (company's statements). Minefinders shares are to be delisted from the TSX and NYSE Amex. Existing shareholders are diluted by the shares issued; the filing does not give the final share count.

business combination

Both companies' shareholders approved the Minefinders deal on March 26, 2012: 79.78% of Pan American shares represented at its meeting voted to allow issuing up to 53,666,003 shares, and 99.79% of Minefinders shares represented voted in favour. Minefinders was to seek final Ontario court approval on March 28, with the deal expected to take effect on or about March 30, 2012. This resolves the shareholder-vote step of the pending deal; court approval and closing were still to come.

business combination

Pan American raised its quarterly dividend by 50%, from $0.025 to $0.0375 per share, and declared the first quarterly dividend of 2012 at that rate, payable on or about March 19, 2012 to holders of record on March 5, 2012. This is the first increase since the dividend was set at $0.025 in 2010.

dividend declaration

Pan American reported year-end 2011 proven and probable silver reserves of 235.3 million ounces, up 2% from 230.7 million. It added 29.3 million ounces against 24.7 million mined, with La Colorada up 15% to 44.1 million ounces (NC2 vein still open at depth and to the east). Measured and indicated resources were 708.8 million ounces and inferred 271.7 million; the Navidad resource update is deferred to its feasibility study later in 2012. It plans $15.5 million for about 116,000 m of drilling at the seven operating mines and $7.8 million for greenfield exploration in 2012; the filing says cost pressures (notably in Argentina) and weaker concentrate sales terms affected results at some operations. These figures exclude Minefinders.

resource reserve update

Pan American agreed to buy Minefinders (owner of the Dolores gold and silver mine in Mexico) by plan of arrangement, in a deal valued at about C$1.5 billion. Minefinders holders can elect 0.55 Pan American shares plus C$1.84 cash, 0.6235 shares, or C$15.60 cash per share, subject to pro-ration of pools of about C$176 million cash and about 53 million Pan American shares. Minefinders holders would own about 33% of Pan American on a fully diluted basis, so existing shareholders are diluted to that extent. The deal needs court, Minefinders holder and Pan American shareholder approval (meetings expected March 2012) plus regulatory approvals, and carries a C$42 million reciprocal termination payment. The company says it expects to keep its existing dividend and fund growth without equity dilution; the filing also cites about US$570 million pro forma cash and US$150 million undrawn credit facilities. This is a new, large pending transaction.

business combination

Pan American and Orko Silver released the preliminary economic assessment for La Preciosa that the company had targeted for late 2010 (it arrived in August 2011). It envisions 6.8 million ounces of silver a year for 12 years at a cash cost of $11.84 per ounce net of by-products, with about $270 million of pre-production capital. At $25 silver and $1,250 gold, after-tax net present value is $315 million and the IRR is 24.3%. The study is preliminary and includes inferred resources, and the filing says there is no certainty it will be realized. Pan American can earn a 55% interest by bringing the project into production. The feasibility study, earlier expected by end 2010, is now due by April 2012 per Orko's CEO, with a construction decision targeted for the first half of 2012.

resource reserve update

Pan American reported year-end 2010 proven and probable silver reserves of 230.7 million ounces. It added 27.0 million ounces through drilling against 28.3 million mined, replacing 96% of what it mined. The 2009 figure is restated here as 232.0 million (earlier reported as about 234 million). The 2010 total reflects the removal of 1.9 million ounces of pyrite stockpiles from reserves to resources, after management wrote off that asset because it believes Doe Run's La Oroya smelter, the only buyer, is unlikely to resume operations soon; this resolves the earlier La Oroya receivable question. La Colorada reserves grew 26% to 38.3 million ounces, with 12.1 million ounces from the NC2 vein extension, which remains open at depth and to the east. Measured and indicated resources rose to 714.8 million ounces and inferred to 245.2 million ounces, excluding pending updates for Navidad and La Preciosa. The 2011 plan is $10.9 million for about 108,000 m of drilling at the seven operating mines and $12.2 million for greenfield exploration, a lower greenfield budget than the $15.4 million planned for 2010.

resource reserve update

For Q2 2010 Pan American reported record silver production of 6.9 million ounces (up 18%) and net income of $18.3 million ($0.17 per share), up 79%. It declared its second semi-annual dividend of $0.025 per share and has no debt, with $237.7 million in cash and short-term investments and an undrawn $70 million credit facility. It also signed a long-term coexistence agreement with Minera Chinalco Peru: Morococha's core facilities will be relocated over 5 years, with $40 million in payments to Pan American's subsidiary Argentum, of which $2 million had been received. Preliminary economic assessments for Navidad and La Preciosa are expected before the end of 2010, and Huaron's poor ground conditions are being addressed.

dividend declaration

Pan American's board approved a semi-annual cash dividend and declared its first one, $0.025 per share, payable on or about March 12, 2010 to holders of record on February 26, 2010. Future dates and amounts will be set by the board.

dividend declaration

Pan American reported year-end 2009 proven and probable silver reserves of about 234 million ounces, up roughly 5% from 223.7 million; it added 36.8 million ounces against 26.6 million mined. La Colorada reserves grew 67% to 30.4 million ounces, following the NC2 discovery in the January drilling release. Measured and indicated silver resources rose to 711 million ounces from 82 million, which the company ties to the fourth-quarter Aquiline acquisition and its Navidad project in Argentina. It plans a record $15.4 million greenfield exploration budget for 2010, reversing the 2008 cutback.

resource reserve update

Pan American completed its compulsory acquisition of all Aquiline Resources shares it did not already own, so it now holds 100% of Aquiline. Former Aquiline holders receive Pan American shares and warrants held in trust by Computershare once they deposit their certificates. Aquiline shares were delisted from the TSX on January 13, 2010, and it is applying to stop being a reporting issuer. The release does not state the deal terms or Aquiline's assets; the Navidad project in Argentina comes from later filings.

business combination

Pan American reported 2009 drilling at its La Colorada mine in Mexico found an extension of the NC2 vein at least 200 metres below current mining, averaging over 600 g/t silver over 4.5 m true width. The best hole gave more than 2,000 g/t over 6.65 m, and the NC3 vein and several high-grade mantos were also found. The company says this will substantially increase the mine's sulphide resources; the release gives no new reserve figure.

drilling result

Pan American and Orko Silver reported that first-phase metallurgical tests on the La Preciosa joint venture project in Durango, Mexico gave average silver recoveries of 91% with simple cyanide leaching, with cyanide use cut to 1.6 kg/t and leach times reducible to 48 hours. Pan American's CEO said it still expects a full feasibility study by the end of 2010; additional flotation studies are still underway.

well test result

Pan American reported year-end 2008 proven and probable silver reserves of 223.7 million ounces, down 1.8% from 227.8 million a year earlier. It added 26.9 million ounces from drilling against 22.2 million mined, but 8.8 million ounces were downgraded to resources due to lower base metal price assumptions and higher cut-off grades. In Q4 2008 it scaled back greenfield exploration as part of cost reduction initiatives, reversing the expanded greenfield plans from the prior year's update, and Quiruvilca reserves fell partly because the company intends to prepare that mine for care and maintenance.

resource reserve update

Pan American announced high-grade drill results from a newly discovered Morro Solar vein at its Morococha mine in Peru, with intercepts such as 5.10 metres at 949 g/t silver. The company says the vein could be brought into Morococha's reserves and near-term mine plan via the new Sierra Nevada ramp, but says substantial further drilling is needed to define it. This continues the Morococha reserve growth noted in the earlier reserve update.

drilling result

Pan American Silver reported that its proven and probable silver reserves rose to 227.8 million ounces at the start of 2008, from 213.3 million a year earlier. It mined 20.8 million ounces in 2007 and added 35.3 million through discovery or acquisition. It plans a 90,000+ metre drilling program in 2008, including newly acquired greenfield projects in Peru and Mexico.

resource reserve update