La Colorada

Underground polymetallic silver mine in Zacatecas State, Mexico, ~100 km south of Durango. Property comprises 56 mining claims totalling ~8,840 hectares. Acquired by Pan American in 1998. Vein-style mineralisation hosted in volcanic and sedimentary rocks; a large skarn deposit (La Colorada skarn project) has been discovered at depth and is advancing through exploration, in-fill drilling, engineering and initial early-works mobilisation. Underground mining uses long-hole open stoping; on-site sulphide and oxide circuits process ore to silver-lead-zinc concentrates and doré. 2025 production was 6.0 Moz Ag plus by-products.