Pan American Silver Reports Updated Reserve Base with Significant Growth
On September 16, Pan American Silver (PAAS) reported a reserve base containing approximately 511.1 million ounces of silver and 6.3 million ounces of gold as of June 30, 2026. The company highlighted that its operations replaced more than 100% of the extracted silver, aided by discoveries at existing mines like La Colorada, which added 3.5 million ounces to reserves after depletion. The reserve growth also includes an acquired 44% interest in Juanicipio, contributing nearly 58.3 million silver ounces or about 11.4% of the total reported reserves. However, while higher assumed metal prices helped expand reserves at Huaron, San Vicente, and Cerro Moro by lowering cutoff grades, this does not necessarily reflect improved mining economics. Escobal holds a significant portion (51.8%) of PAAS’s silver reserves but remains on care and maintenance due to suspended operating licenses pending Indigenous consultation processes. Investors are advised to consider recovery rates, development costs, and operational efficiency when evaluating the financial implications of these reserve additions.
Tickers: $PAAS
Topics: exploration gold reserves silver