Gold · Silver · Senior · Producer · Mexico · Chile · Brazil
Last updated 21 June 2026
Data compiled from public filings — information only, not investment advice. AI‑assisted; see methodology.
Portfolio Aggregate · 1 project
Portfolio mode — asset rows are for context only; tab totals use the company aggregation.
Pan American Silver Consolidated Portfolio
Portfolio
Project information
As at 30 June 2025
Description
As at 30 June 2025
Pan American Silver Corp. consolidated portfolio. As of June 30, 2025, attributable proven and probable silver mineral reserves were approximately 452.3 Moz Ag and ~5.9 Moz Au across 13 operating mines + Escobal C&M + development/reclamation properties. Reserves figures exclude any attributed mineral resources or reserves from the Juanicipio mine (44% acquired via MAG Acquisition in September 2025), Pico Machay and La Pepa projects. 2025 consolidated attributable production: 22.8 Moz Ag and 742.2 koz Au across 12 producing mines. 2026 guidance: 25.0-27.0 Moz Ag, 700-750 koz Au; Silver Segment AISC $15.75-$18.25/oz; Gold Segment AISC $1,700-$1,850/oz.
Portfolio Aggregate
Multiple effective dates · exclusive
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Reserves & resources — detail
As at 30 June 2025
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Operating · 11 projects
La Colorada
Asset
Project information
As at 30 June 2025
Description
As at 30 June 2025
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.
Mining metrics
Multiple effective dates · exclusive
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Reserves & resources — detail
As at 30 June 2025
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Royalties & streams
All royalty and stream interests in the database that refer to this asset by name.
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Juanicipio
Asset · Ownership 44%
Project information
As at 30 June 2024
Description
As at 30 June 2024
High-grade silver-gold-lead-zinc underground mine in Zacatecas, Mexico, ~70 km by road from Fresnillo. Joint-venture interest held through Minera Juanicipio with Pan American holding 44% (acquired via September 2025 MAG Acquisition) and Fresnillo plc (operator) holding 56%. Longhole open stoping with waste rockfill, ~4,000 tpd. On-site 4,000 tpd processing plant (commissioned March 2023) produces silver-rich lead concentrate, zinc concentrate, and gold-silver pyrite concentrate. Mineral reserves reported under JORC; estimates audited by AMC.
Mining metrics
Multiple effective dates · inclusive
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Reserves & resources — detail
As at 30 June 2024
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El Peñon
Asset
Project information
As at 30 June 2025
Description
As at 30 June 2025
Low- to intermediate-sulphidation epithermal gold-silver underground mine in the Atacama Desert, ~165 km southeast of Antofagasta, Chile. Acquired via the 2023 Yamana Acquisition (operated by wholly-owned subsidiary Minera Meridian). Property comprises 569 individual mining claims totalling 121,453 ha. Bench-and-fill narrow longhole stoping; cyanide leaching, counter-current decantation, zinc precipitation, filtered tailings; 4,200-4,800 tpd plant capacity. 2025: 115.2 koz Au and 3.9 Moz Ag produced; metallurgical recoveries 95.3% Au, 89.0% Ag.
Mining metrics
Multiple effective dates · exclusive
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Reserves & resources — detail
As at 30 June 2025
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Royalties & streams
All royalty and stream interests in the database that refer to this asset by name.
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Cerro Moro
Asset
Project information
As at 31 December 2025
Description
As at 31 December 2025
Underground silver-gold mine in Santa Cruz Province, Argentina, acquired via the 2023 Yamana Acquisition. Operates within Pan American's Silver Segment. A 20% silver stream (inherited from Yamana) is owed to Royal Gold (formerly Sandstorm) capped at 1.2 Moz Ag/yr at 30% of spot. 2025: 2.5 Moz Ag and 83.1 koz Au attributable production. Considered a non-material property under NI 43-101/NI 51-102.
Mining metrics
As at 31 December 2025
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Royalties & streams
All royalty and stream interests in the database that refer to this asset by name.
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Dolores
Asset
Project information
As at 31 December 2025
Description
As at 31 December 2025
Open-pit heap-leach gold-silver mine in Chihuahua State, Mexico, owned by Compañía Minera Dolores. Open-pit mining concluded in Q3 2024; stacking on heap continued thereafter. Recovery from the heap leach pad continued through 2025: 971.2 koz Ag and 37.6 koz Au produced. Reclamation underway. Considered a non-material property under NI 43-101/NI 51-102.
Mining metrics
As at 31 December 2025
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Royalties & streams
All royalty and stream interests in the database that refer to this asset by name.
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Huaron
Asset
Project information
As at 31 December 2025
Description
As at 31 December 2025
Underground polymetallic silver mine in Pasco Region, central Peru. Pan American Silver Huaron S.A. operates the mine, which produces silver-rich lead and zinc concentrates with copper credits. 2025: 3.3 Moz Ag attributable. Capex of $33M in 2025; 2026 project capital to advance deeper-extension stope development. Considered a non-material property under NI 43-101/NI 51-102.
Mining metrics
As at 31 December 2025
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Minera Florida
Asset
Project information
As at 31 December 2025
Description
As at 31 December 2025
Underground gold-silver-zinc-lead mine in central Chile, owned by wholly-owned subsidiary Minera Florida Ltda. (acquired via the 2023 Yamana Acquisition). 2025: 68.6 koz Au, 421.6 koz Ag, 7.0 kt Zn, 2.27 kt Pb produced. Considered a non-material property under NI 43-101/NI 51-102.
Mining metrics
As at 31 December 2025
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Shahuindo
Asset
Project information
As at 31 December 2025
Description
As at 31 December 2025
Open-pit heap-leach gold mine in Cajamarca Region, northern Peru, operated by wholly-owned Shahuindo S.A.C. Reports under Pan American's Gold Segment. 2025: 132.2 koz Au and 236.6 koz Ag produced; 12.3 Mt processed. Considered a non-material property under NI 43-101/NI 51-102.
Mining metrics
As at 31 December 2025
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San Vicente
Asset · Ownership 95%
Project information
As at 31 December 2025
Description
As at 31 December 2025
Underground silver-zinc-copper-lead mine in Potosí Department, Bolivia, operated under a joint-venture structure in which Pan American Silver Bolivia holds a 95% interest (5% non-controlling). 2025: 2.9 Moz Ag attributable production. Considered a non-material property under NI 43-101/NI 51-102.
Mining metrics
As at 31 December 2025
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Jacobina
District
Project information
As at 30 June 2025
Description
As at 30 June 2025
Underground gold mining complex in Bahia State, northeast Brazil, ~155 km strike-length tenure package. Acquired by Pan American via the 2023 Yamana Acquisition. Operates five underground mines (João Belo, Canavieiras, Serra do Córrego, Morro do Cuscuz, Morro do Vento) at ~8,500 tpd using sublevel longhole stoping. Conventional 3-stage crushing, wet grinding, gravity concentration, CIP cyanide leaching. 2021 expansion permit allows up to 10,000 tpd; tailings filtration plant and filtered tailings stack in permitting. 2025 production was 190.5 koz Au at 95.2% recovery.
Mining metrics
Multiple effective dates · exclusive
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Reserves & resources — detail
As at 30 June 2025
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Timmins (Timmins West and Bell Creek)
District
Project information
As at 31 December 2025
Description
As at 31 December 2025
Combined underground gold operations in the Timmins district of Ontario, Canada, comprising the Timmins West Mine and Bell Creek Mine within Pan American's Gold Segment. 2025 attributable production: 103.6 koz Au and 13.7 koz Ag. 2026 plans include Phase 6 tailings expansion and initial underground development for the Bell Creek shaft extension, plus preliminary engineering studies at satellite deposits. Considered a non-material property under NI 43-101/NI 51-102.
Mining metrics
As at 31 December 2025
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Development · 2 projects
La Colorada Skarn Project
Asset · Pre-feasibility
Project information
As at 30 June 2025
Description
As at 30 June 2025
Large polymetallic (Ag-Pb-Zn) skarn deposit discovered at depth beneath the La Colorada vein mine in Zacatecas, Mexico. PEA completed; 2026 project capital allocated to exploration, in-fill drilling, engineering and mobilisation for initial early-works infrastructure. Mineral resources (Indicated 265.4 Mt @ 36 g/t Ag, 2.85% Zn, 1.37% Pb; Inferred 61.7 Mt @ 30 g/t Ag, 2.55% Zn, 0.95% Pb) are co-located with the existing La Colorada vein mine and reported on the La Colorada property row; see La Colorada for category-level rows.
Mining metrics
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Navidad
Asset · Pre-feasibility
Project information
As at 31 December 2025
Description
As at 31 December 2025
Large undeveloped silver project in Chubut Province, Argentina. Held by Pan American but currently constrained by provincial mining-law restrictions. Annual care-and-maintenance spend at Navidad in 2026 forms part of the $26-28M total across Escobal, Manantial Espejo and Navidad.
Mining metrics
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Suspended · 1 project
Escobal
Asset · Suspended
Project information
As at 30 June 2025
Description
As at 30 June 2025
Underground silver-gold-lead-zinc mine in Guatemala, ~40 km east-southeast of Guatemala City. 100% owned through PASG (acquired with Tahoe in 2019). Intermediate-sulfidation, fault-related vein deposit covering 29.2 km². Operations suspended since July 2017 pending completion of ILO 169 consultation process; export credential not renewed. 2025: $21M care-and-maintenance spend; estimated reclamation cost $14M (Dec 31, 2025). Pre-suspension processed via 4,500 tpd lead-zinc differential flotation plant. Reserve estimates not updated since the Tahoe Acquisition.
Mining metrics
Multiple effective dates · exclusive
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Reserves & resources — detail
As at 30 June 2025
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Reclamation · 2 projects
Alamo Dorado
Asset · Reclamation
Project information
As at 31 December 2025
Description
As at 31 December 2025
Former open-pit silver-gold mine in Sonora State, Mexico, currently in the reclamation phase. Mining activity has ceased. Reclamation payments in 2026 expected at Dolores, Jacobina, Alamo Dorado and other properties.
Mining metrics
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Manantial Espejo
Asset · Reclamation
Project information
As at 31 December 2025
Description
As at 31 December 2025
Mine in Santa Cruz Province, Argentina, in the reclamation phase. Mining activity has ceased. Pan American expects to incur care-and-maintenance and reclamation spend at Manantial Espejo in 2026 (part of an estimated $26-28M C&M total across Escobal, Manantial Espejo and Navidad).
Mining metrics
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Assumptions
- The projects listed here reflect the information captured in this workspace and are not necessarily a complete picture of the company's portfolio. For authoritative figures, refer to the company's official filings.
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How to read this tab
- The tables below list unit codes most often used in the Precious Metals sector for this company. MetalPilot stores contained metal or product in the codes below; grade and tonnage use separate fields. In side-by-side comparison views (stock page Portfolio tab, watchlist By sector), heterogeneous source units are converted to each commodity's preferred display unit (for example Moz Au, kt Cu, MMbbl oil) before summing; the same canonical codes appear in project data.
What the Portfolio tab shows
- The Portfolio tab presents a project-level view of the company's reported assets, built from publicly disclosed information (technical reports, annual filings, MD&A, investor presentations, MRMR / R&R statements, NI 43-101 / NI 51-101 / SEC S-K 1300 / SEC S-K 1200 / JORC / SAMREC / PERC / PRMS / COGEH filings, and similar primary sources).
- Figures are grouped by project type (mining, oil & gas, royalty, stream, processing facility, development, portfolio aggregate) and are shown alongside the headline reserve base, headline production, headline grade / quality, cost benchmarks, estimated lifetime, commercial terms (for royalties / streams), operational capacity (for processing) and a single-figure rating where the underlying data supports one.
- Each data table on the Portfolio tab is followed by ONE Assumptions footnote describing the modelling choices for that table; KPI stat-card assumptions appear in the bottom block instead. All legal and section disclaimers are merged into a single disclaimer list at the bottom of the Portfolio tab.
Concepts in your sector — Precious metals
- Resources vs Reserves. Resources are geological estimates that could one day be mined; Reserves are the subset with a feasibility study and plausible positive economics. Measured → Indicated → Inferred describe increasing geological uncertainty; Proven → Probable are reserve labels from Measured/Indicated. Inferred resources are not convertible to reserves under most codes.
- Grade (g/t) is the headline number on gold/silver pages. High-grade is often above 5 g/t; >10 g/t is bonanza territory; below 1 g/t is bulk low-grade. Open-pit cut-offs are typically lower than underground.
- AISC (All-In Sustaining Cost) is direct cash costs + sustaining capex + royalties + corporate overhead + reclamation, per ounce produced. C1 strips sustaining capex and corporate overhead. Both are non-GAAP and defined differently across issuers.
- By-product credits. Polymetallic deposits credit by-product value against the main metal cost; negative AISC after credits does not mean the main metal is sold below cash cost.
Portfolio tab — table guide
- Portfolio KPIs — company-level headline numbers aggregated from the featured projects (project counts, attributable annual production by commodity, attributable resource base by commodity, last filing date, operator share). USD value lines multiply attributable volumes by the resolved snapshot price.
- Portfolio snapshot — one-screen summary of the portfolio: counts by type and status, country mix, reporting standards used, operator share, primary commodity, attributable annual production summary and attributable resource base summary.
- Mining — one row per mining project, with columns for project name, location, status, primary commodities, production (with rating), reserves & resources (with rating), grade (with rating), costs and estimated lifetime. Multi-commodity projects emit one summary row per commodity.
- Royalty — one row per royalty interest held by the company. Columns cover the underlying project, operator, commodity, commercial terms (rate, type, cap, area-of-interest), attributable production, attributable reserves and estimated lifetime.
- Stream — one row per metal stream held by the company. Each row shows the underlying project, the streamed commodity, the headline stream percentage, the ongoing per-ounce / per-tonne payment, and attributable production / reserves.
- Processing facilities — one row per midstream / processing facility (pipeline, fractionator, LNG train, storage cavern, refinery, smelter, mill, heap-leach pad, CPP, etc.). Columns include nameplate capacity, contracted capacity, feedstock commodities and operational footprint.
- Development — projects in development status or in a pre-production lifecycle phase. The production column is re-labelled 'Targeted production (rating)' to highlight that the figures are plans, not actuals.
- Portfolio Aggregate — a single company-level row used when the company itself publishes a portfolio rollup (e.g. company-wide 2P barrels across all properties).
- Reserves & resources — detail — a leaf-category pivot showing every reserve and resource category disclosed across the projects.
- NPV (grouped) — all NPV rows captured from the filings, grouped by commodity, resource category, development status and pricing case. Each NPV figure is shown with its discount rate, basis (before-tax / after-tax), currency and value scale.
Ownership / Working interest
- Ownership percentage means the company's working-interest share of the asset: its slice of the project before royalties and before government take. It is shown on a 0–100 scale.
- Mines, oil and gas fields, and processing facilities — this is how much of the asset belongs to the company under that working-interest idea. One hundred percent is fully owned; a lower number usually means partners share the rest.
- Royalties and streaming agreements — the percentage is often not the story; what matters economically is usually the royalty or stream rate, shown elsewhere alongside these figures.
- Oil and gas — read this as gross working interest only. Do not treat it as net production or net wells after royalties; when filings distinguish gross from net, that shows up in how the resource numbers themselves are labelled.
- Below 100% — the short summary for each project names other owners and their stakes when the source says who they are.
- NRI vs WI (O&G). Working interest (WI) is the obligation to pay a share of costs; net revenue interest (NRI) is the share of revenue after royalties and overriding-royalty interests. A 100% WI well rarely produces 100% NRI; typical onshore U.S. NRI is 75–87.5% of WI depending on the lease royalty.
- Operator vs non-operator. The operator runs day-to-day operations; non-operating partners pay their WI share of costs but do not run the asset. Some Portfolio rows show operator share where disclosed.
- Consolidation method — how the issuer accounts for the asset. Separate from how much the company owns (ownership %) and who operates it, this accounting treatment decides whether an asset's figures sit inside the company's reported group totals or are stripped out to a single net line. It applies to operating assets (mines, oil & gas fields, processing facilities) and is left blank for royalties, streams, and company-level portfolio rollups.
- Consolidated — the company controls the asset and includes 100% of its figures in the group total; the portion it does not own is carried as a non-controlling interest (NCI). Control is not the same as a majority, so a company can consolidate an asset it holds less than half of. Where ownership is below 100%, the Portfolio shows the NCI percentage (100 minus the company's stake).
- Proportionate — a jointly-operated asset the company includes at its own share, line by line; the share is inside the group total.
- Equity method — an associate or joint venture shown on a single net line, with its revenue excluded from the group total. This is the usual reason a company's reported total is smaller than the sum of its individual assets; the Portfolio flags the share of a commodity total that is equity-accounted.
- Cost / other — a passive or fair-value holding, excluded from the group total.
Unit codes, conversion cheat sheets, cost benchmarks (AISC, C1–C3), reporting standards (NI 43-101, JORC, SEC S-K 1300) and resource/reserve category definitions live in the full terminology & units reference.
Each table lists the numeric band for scores 1–5 (production and resource base; grade where applicable for mining commodities) using the same thresholds as project rating stat cards. Only commodities that appear on featured projects for this document are listed.
Gold
Silver
Copper
Zinc
Lead
Copper uses kt Cu bands; lb-scale copper resources are converted to kt. Lithium grade uses hard-rock % Li₂O bands unless brine-style extraction or brine units appear on featured projects.
Assumptions
- Presented values are denominated in currency of the country where the company is headquartered. Values like market capitalization might differ from the values visible in other parts of the page, where the currency is always USD.
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