Pan American Silver Corp. Maintains a Robust Reserve and Resource Base Amid Strategic Portfolio Adjustments

Pan American Silver Corp. (PAM) released its latest reserve and resource update, as of 30 June 2026, affirming that the company’s global portfolio remains resilient and well‑positioned. The update, which incorporates data from the firm’s operating mines and recent acquisitions, underscores the company’s commitment to analytical rigor, disciplined exploration, and strategic resource management.

Reserve Base Highlights

  • Proven and Probable Reserves – The company’s proven and probable reserves continue to be anchored by a substantial silver base, with a complementary gold reserve that adds diversification.
  • Geographical Breadth – The reserve base spans eight jurisdictions: Mexico, Peru, Argentina, Bolivia, Guatemala, Brazil, Canada, and a 44 % stake in the Juanicipio project acquired in September 2025.
  • Reserve Growth – Ongoing exploration and infill drilling have expanded the reserve base. Key developments include new veins and contact‑related mineralization at La Colorada, reinforcing the company’s ability to replace reserves at a rate exceeding current production.

Notable Project Performance

  • La Colorada, Mexico – The discovery of new mineralized veins has added materially to proven and probable reserves, strengthening the mine’s long‑term outlook.
  • Jacobina, Brazil; Timmins, Canada; Huaron, Argentina; San Vicente, Argentina; Cerro Moro, Bolivia – These sites have delivered reserve replacement levels that surpass production rates, illustrating effective exploration targeting.
  • Timmins Program – The exploration program is approaching a key deposit, with plans to integrate it into existing mine infrastructure. This integration is projected to support future production and extend the mine’s life.

Resource Development

Pan American’s resource base remains robust, with measured, indicated, and inferred resources distributed across both operating and development properties. The technical team has refined these estimates using industry‑standard QA/QC protocols, ensuring data reliability and compliance with international reporting standards.

Portfolio Optimization

In alignment with its strategy to focus on core assets and maximize shareholder value, Pan American divested the Larder property to Cadillac Mines Corporation. The transaction, completed on 15 September 2026, transferred the Larder assets, thereby narrowing the company’s footprint in that region. This divestiture reflects a broader trend within the precious‑metal sector, where firms streamline portfolios to concentrate capital on high‑grade, low‑cost operations.

Strategic Implications

  • Reserve Replacement – Reserve replacement rates that exceed production suggest a healthy balance between mining activity and resource development.
  • Geopolitical Resilience – A diversified geographic footprint mitigates country‑specific risks and aligns with global demand trends for silver and gold.
  • Operational Synergies – The integration of the Timmins deposit into existing infrastructure exemplifies operational synergies that can lower costs and extend mine life.
  • Capital Allocation – The divestment of non‑core assets demonstrates prudent capital allocation, a factor increasingly scrutinised by investors in the metals and mining sector.

Conclusion

Pan American Silver Corp.’s latest reserve and resource update confirms the company’s ongoing operational momentum and a stable, diversified reserve base. While the firm has divested certain assets to sharpen its focus, the remaining portfolio continues to deliver solid reserve replacement and resource development. These developments position Pan American favorably within the global precious‑metal landscape, maintaining resilience against fluctuating commodity markets and geopolitical shifts.