Pan American Silver Reports Mineral Reserves and Mineral Resources as at June 30, 2023
Pan American Silver Reports Mineral Reserves and Mineral Resources as at June 30, 2023
Vancouver, B.C. - August 24, 2023 - Pan American Silver Corp. (NYSE: PAAS) (TSX: PAAS) ("Pan
American" or the "Company") reports its estimated mineral reserves and mineral resources as at June
30, 2023, inclusive of the assets acquired through the Yamana Gold Inc. ("Yamana") transaction.
Please see the Company's news release dated March 31, 2023, announcing the completion of the
Yamana transaction for further information. Proven and probable mineral reserves are estimated to
contain approximately 576.6 million ounces of silver and 12.9 million ounces of gold. Measured and
indicated ("M&I") mineral resources (excluding proven and probable reserves) are estimated to total
approximately 959.1 million ounces of silver and 17.5 million ounces of gold. Inferred mineral
resources total 479.4 million ounces of silver and 9.2 million ounces of gold.
"The addition of the assets from the Yamana transaction has resulted in a significant increase in Pan
American's reserve and resource base," said Christopher Emerson, Pan American’s Vice President of
Exploration and Geology. "Our exploration and geology teams are currently designing the drill
programs across the combined portfolio with an emphasis on near site exploration and further
resource conversion. Pan American plans to complete over 480,000 metres of drilling in 2023."
Consolidated Proven and Probable Mineral Reserves, as at June 30, 2023(1,2,3)
Segment Category Tonnes (Mt) Ag (g/t) Contained Ag
(Moz) Au (g/t) Contained Au
(Moz)
Silver Segment(4)
Proven Reserves 18.1 260 150.7 0.69 0.18
Probable Reserves 34.3 281 310.1 0.53 0.46
Proven and
Probable
Reserves
52.3 274 460.8 0.57 0.64
Gold Segment(5)
Proven Reserves 450.6 5 57.5 0.49 7.17
Probable Reserves 379.0 5 58.3 0.42 5.13
Proven and
Probable
Reserves
829.6 5 115.8 0.46 12.30
Total Segments(6,7)
Proven Reserves 468.7 16 208.2 0.50 7.35
Probable Reserves 413.2 31 368.5 0.43 5.60
Proven and
Probable
Reserves
881.9 23 576.6 0.47 12.94
(1) See table below entitled "Metal price assumptions used to estimate mineral reserves and mineral resources as at June 30,
2023".
(2) Please refer to the mineral reserve and resource tables by operation at the end of this news release for more information.
(3) This summary table does not include base metal grades or contents. Please refer to the Reserves & Resources page on
Pan American’s web site for a more complete table, including Zinc, Lead and Copper grades and contents.
(4) Silver Segment comprised of Huaron, Morococha, La Colorada, San Vicente, Escobal and Cerro Moro.
(5) Gold Segment comprised of La Arena, Shahuindo, Dolores, Timmins, Minera Florida, El Peñon, Jacobina, MARA and
Jeronimo.
Suite 1500 - 625 Howe St.
Vancouver, BC Canada, V6C 2T6
604-684-1175
www.panamericansilver.com
PAN AMERICAN SILVER CORP.
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(6) Totals may not add up due to rounding. Total average grades of each metal are with respect to those mines that produce
the metal.
(7) As announced on July 31, 2023, and subsequent to the effective date of the mineral reserve and mineral resource update
as at June 30, 2023, Pan American had entered into binding agreements to divest Morococha, MARA and Jeronimo. The
corresponding mineral reserves and mineral resources will be removed on completion of those transactions.
Consolidated Mineral Resources, as at June 30, 2023(1,2,3,4)
Segment Category Tonnes (Mt) Ag (g/t) Contained Ag
(Moz) Au (g/t) Contained Au
(Moz)
Silver Segment(5)
Measured
Resources 21.8 157 110.2 0.62 0.07
Indicated
Resources 257.2 96 796.4 0.49 0.30
M&I Resources 279.1 101 906.6 0.51 0.37
Gold Segment(6)
Measured
Resources 380.2 9 16.4 0.56 6.82
Indicated
Resources 823.4 8 36.2 0.39 10.27
M&I Resources 1,203.6 8 52.6 0.44 17.09
Total Segments(7,8)
Measured
Resources 402.0 52 126.6 0.56 6.89
Indicated
Resources 1,080.6 64 832.5 0.39 10.56
M&I Resources 1,482.7 62 959.1 0.44 17.46
(1) See table below entitled "Metal price assumptions used to estimate mineral reserves and mineral resources as at June 30,
2023".
(2) Mineral resources are reported exclusive of mineral reserves.
(3) Please refer to the mineral reserve and resource tables by operation at the end of this news release for more information.
(4) This summary table does not include base metal grades or contents. Please refer to the Reserves & Resources page on
Pan American’s web site for a more complete table, including Zinc, Lead and Copper grades and contents.
(5) Silver Segment comprised of Huaron, Morococha, La Colorada, San Vicente, Escobal and Cerro Moro.
(6) Gold Segment comprised of La Arena, Shahuindo, Dolores, Timmins, Minera Florida, El Peñon, Jacobina, MARA and
Jeronimo.
(7) Totals may not add up due to rounding. Total average grades of each metal are with respect to those mines that produce
the metal.
(8) As announced on July 31, 2023, and subsequent to the effective date of the mineral reserve and mineral resource update
as at June 30, 2023, Pan American had entered into binding agreements to divest Morococha, MARA and Jeronimo. The
corresponding mineral reserves and mineral resources will be removed on completion of those transactions.
Consolidated Inferred Mineral Resources, as at June 30, 2023(1,2,3,4)
Segment Category Tonnes (Mt) Ag (g/t) Contained Ag
(Moz) Au (g/t) Contained Au
(Moz)
Silver Segment(5) Inferred
Resources 224.3 58 417.7 0.63 0.36
Gold Segment(6) Inferred
Resources 649.6 4 61.6 0.42 8.88
Total Segments(7,8) Inferred
Resources 873.9 22 479.4 0.43 9.24
PAN AMERICAN SILVER CORP.
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(1) See table below entitled "Metal price assumptions used to estimate mineral reserves and mineral resources as at June 30,
2023".
(2) Mineral resources are reported exclusive of mineral reserves.
(3) Please refer to the mineral reserve and resource tables by operation at the end of this news release for more information.
(4) This summary table does not include base metal grades or contents. Please refer to the Reserves & Resources page on
Pan American’s web site for a more complete table, including Zinc, Lead and Copper grades and contents.
(5) Silver Segment comprised of Huaron, Morococha, La Colorada, San Vicente, Escobal and Cerro Moro.
(6) Gold Segment comprised of La Arena, Shahuindo, Dolores, Timmins, Minera Florida, El Peñon, Jacobina, MARA and
Jeronimo.
(7) Totals may not add up due to rounding. Total average grades of each metal are with respect to those mines that produce
the metal.
(8) As announced on July 31, 2023, and subsequent to the effective date of the mineral reserve and mineral resource update
as at June 30, 2023, Pan American had entered into binding agreements to divest Morococha, MARA and Jeronimo. The
corresponding mineral reserves and mineral resources will be removed on completion of those transactions.
Mineral resource estimate for the La Colorada Skarn, as at September 13, 2022, and previously
reported:
Classification Cut-off Value
(US$/tonne) Tonnes (Mt) Zinc % Lead % Silver (g/t)
Indicated 45 95.9 2.77 1.28 31
Inferred 45 147.8 2.29 1.04 28
(1) See table below entitled "Metal price assumptions used to estimate mineral reserves and mineral resources as at June 30,
2023".
(2) See news release dated September 14, 2022 for further information.
Pan American plans to provide an update for the La Colorada Skarn mineral resource estimate and a
Preliminary Economic Assessment of the Skarn project, as part of an updated Technical Report for the
La Colorada Property to be released late 2023.
Consolidated reserve and resource highlights for the 12 months ended June 30, 2023:
• Silver mineral reserves increased from 515 million ounces to 577 million ounces, net of mining
depletion. Gold mineral reserves increased from 3.6 million ounces to 12.9 million ounces.
• M&I mineral resources exclusive of proven and probable mineral reserves increased from 839
million ounces to 959 million ounces for silver and from 8.1 million ounces to 17.5 million
ounces for gold.
• The marked increase in year-over-year mineral reserves and M&I mineral resources reflects
the inclusion of the mineral resource and mineral reserves for the assets acquired through the
Yamana transaction.
• Inferred silver mineral resource decreased from 508 million ounces to 479 million ounces,
which reflects the removal of the inferred mineral resource for the Shahuindo sulphides
following metallurgical test work that indicated that the resource would not have a reasonable
prospect for eventual economic extraction, as described in the technical report for Shahuindo
dated November 30, 2022.
• Inferred gold mineral resource increased from 5.7 million ounces to 9.2 million ounces, largely
through the inclusion of the inferred mineral resources of the assets acquired through the
Yamana transaction.
A detailed summary of the silver and gold mineral reserves and mineral resources as at June 30, 2023
is provided in the following tables.
PAN AMERICAN SILVER CORP.
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Consolidated Pan American Mineral Reserves as at June 30, 2023(1,2)
Silver Segment
Huaron Peru Proven 6.0 174 33.4 -- --
Probable 3.3 166 17.5 -- --
Morococha
(92.3%)(3,4) Peru Proven 3.3 156 16.6 -- --
Probable 3.3 158 16.6 -- --
La Colorada Mexico Proven 5.0 296 47.2 0.21 33.8
Probable 4.2 292 39.1 0.19 25.3
San Vicente
(95%)(3) Bolivia Proven 0.7 341 8.2 -- --
Probable 0.7 278 6.4 -- --
Escobal Guatemala Proven 2.5 486 39.5 0.42 34.2
Probable 22.1 316 225.0 0.34 243.8
Cerro Moro Argentina Proven 0.5 330 5.7 6.33 109.7
Probable 0.7 237 5.6 8.18 192.2
Total Silver Segment(5) 52.3 274 460.8 0.57 639.1
Gold Segment
La Arena Peru Proven 15.1 -- -- 0.38 183.4
Probable 17.5 -- -- 0.28 159.7
Property Location Classification Tonnes (Mt) Ag (g/t) Contained
Ag (Moz) Au (g/t) Contained
Au (koz)
PAN AMERICAN SILVER CORP.
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Shahuindo Peru Proven 58.8 8 15.1 0.51 967.8
Probable 33.6 6 6.8 0.40 436.8
Dolores Mexico Proven 6.3 17 3.4 0.53 108.6
Probable 1.3 24 1.0 0.53 22.1
Timmins Canada Proven 5.0 -- -- 2.93 473.5
Probable 4.7 -- -- 2.80 419.4
Minera
Florida Chile Proven 0.9 26 0.7 3.25 89.6
Probable 2.0 20 1.3 3.28 210.6
El Peñon Chile Proven 0.9 213 6.2 5.35 155.6
Probable 5.2 148 24.6 4.21 699.5
Jacobina Brazil Proven 27.0 -- -- 2.00 1,737.8
Probable 21.3 -- -- 2.06 1,404.8
MARA
(56.25%)(4) Argentina Proven 330.3 3 32.1 0.25 2,654.8
Probable 291.2 3 24.6 0.16 1,497.7
Jeronimo
(57.0%)(4) Chile Proven 6.4 -- -- 3.91 798.3
Probable 2.3 -- -- 3.79 284.1
Total Gold Segment(5) 829.6 5 115.8 0.46 12,304.2
Total Gold and Silver
Segments(5)
Proven +
Probable 881.9 23 576.6 0.47 12,943.3
Property Location Classification Tonnes (Mt) Ag (g/t) Contained
Ag (Moz) Au (g/t) Contained
Au (koz)
(1) See table below entitled "Metal price assumptions used to estimate mineral reserves and mineral resources as at June 30,
2023".
(2) This summary table does not include base metal grades or contents. Please refer to the Reserves & Resources page on
Pan American’s web site for a more complete table, including Zinc, Lead and Copper grades and contents.
(3) This information represents the portion of mineral reserves attributable to Pan American based on its ownership interest
in the operating entity as indicated.
(4) As announced on July 31, 2023, and subsequent to the effective date of the mineral reserve and mineral resource update
as at June 30, 2023, Pan American had entered into binding agreements to divest Morococha, MARA and Jeronimo. The
corresponding mineral reserves and mineral resources will be removed on completion of those transactions.
(5) Totals may not add up due to rounding. Total average grades of each metal are with respect to those mines that produce
the metal.
PAN AMERICAN SILVER CORP.
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Pan American Silver Measured and Indicated Mineral Resources as at June 30, 2023(1,2,3)
Silver Segment
Huaron Peru
Measured 1.4 180 8.2 -- --
Indicated 1.8 173 10.2 -- --
Morococha
(92.3%)(4,5) Peru
Measured 0.6 130 2.7 -- --
Indicated 0.7 124 3.0 -- --
La Colorada Mexico
Measured 0.7 153 3.6 0.13 3.0
Indicated 2.5 182 14.6 0.19 15.0
San Vicente
(95%)(4) Bolivia
Measured 0.8 200 5.1 -- --
Indicated 0.3 213 1.9 -- --
Manantial
Espejo Argentina
Measured 0.3 164 1.7 2.40 24.7
Indicated 1.0 149 4.9 2.79 91.5
Joaquin Argentina
Measured 0.1 360 1.5 0.28 1.2
Indicated 0.4 351 4.2 0.28 3.4
Escobal Guatemala
Measured 2.3 251 18.6 0.23 16.7
Indicated 14.2 201 91.6 0.20 93.0
La Colorada
Skarn Mexico Indicated 95.9 31 94.4 -- --
Navidad Argentina
Measured 15.4 137 67.8 -- --
Indicated 139.8 126 564.5 -- --
Cerro Moro Argentina
Measured 0.1 287 1.1 7.09 26.5
Indicated 0.6 349 7.1 4.57 93.0
Total Silver Segment(6) 279.1 101 906.6 0.51 368.0
Gold Segment
La Arena Peru
Measured 1.2 -- -- 0.25 9.5
Indicated 2.1 -- -- 0.16 11.1
Property Location Classification Tonnes (Mt) Ag (g/t) Contained
Ag (Moz)
Au (g/t) Contained
Au (koz)
PAN AMERICAN SILVER CORP.
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Shahuindo Peru
Measured 5.4 6 1.1 0.31 53.6
Indicated 7.1 5 1.2 0.33 75.8
Dolores Mexico
Measured 5.5 23 4.0 0.33 57.7
Indicated 0.7 70 1.5 1.35 28.7
Timmins Canada
Measured 2.6 -- -- 2.77 233.0
Indicated 2.3 -- -- 2.48 185.4
La Bolsa Mexico
Measured 10.8 10 3.5 0.70 242.8
Indicated 10.6 8 2.7 0.54 184.3
Pico Machay Peru
Measured 4.7 -- -- 0.91 137.5
Indicated 5.9 -- -- 0.67 127.1
La Arena II Peru
Measured 154.1 -- -- 0.25 1,255.4
Indicated 554.6 -- -- 0.23 4,044.9
Whitney
(82.8%)(4) Canada
Measured 0.8 -- -- 7.02 180.7
Indicated 1.9 -- -- 6.77 406.3
Gold River Canada Indicated 0.7 -- -- 5.29 117.4
Marlhill Canada Indicated 0.4 -- -- 4.52 57.4
Vogel Canada Indicated 2.2 -- -- 1.75 125.0
Minera
Florida Chile
Measured 1.7 18 1.0 3.21 172.6
Indicated 4.5 18 2.6 3.32 481.3
El Peñon Chile
Measured 1.1 146 5.2 4.10 145.2
Indicated 6.7 99 21.3 3.04 650.2
Jacobina Brazil
Measured 49.1 -- -- 1.61 2,541.3
Indicated 45.3 -- -- 1.48 2,162.4
MARA Agua
Rica
(56.25%)(5)
Argentina
Measured 30.2 2 1.5 0.13 126.0
Indicated 116.0 2 6.9 0.11 410.4
Property Location Classification Tonnes (Mt) Ag (g/t) Contained
Ag (Moz)
Au (g/t) Contained
Au (koz)
PAN AMERICAN SILVER CORP.
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MARA
Alumbrera
(56.25%)(5)
Argentina
Measured 65.3 -- -- 0.31 650.8
Indicated 5.2 -- -- 0.29 48.1
Jeronimo
(57.0%)(5) Chile
Measured 0.8 -- -- 3.77 93.6
Indicated 0.4 -- -- 3.69 45.7
La Pepa
(80.0%) Chile
Measured 47.1 -- -- 0.61 922.8
Indicated 52.3 -- -- 0.49 824.3
Lavra Velha Brazil Indicated 4.5 -- -- 1.96 282.1
Total Gold Segment(6) 1,203.6 8 52.6 0.44 17,090.1
Total Gold and Silver
Segments(6)
Measured +
Indicated 1,482.7 62 959.1 0.44 17,458.1
Property Location Classification Tonnes (Mt) Ag (g/t) Contained
Ag (Moz)
Au (g/t) Contained
Au (koz)
(1) See table below entitled "Metal price assumptions used to estimate mineral reserves and mineral resources as at June 30,
2023".
(2) Mineral resources are reported exclusive of mineral reserves.
(3) This summary table does not include base metal grades or contents. Please refer to the Reserves & Resources page on
Pan American’s web site for a more complete table, including Zinc, Lead and Copper grades and contents.
(4) This information represents the portion of mineral resources attributable to Pan American based on its ownership interest
in the operating entity as indicated.
(5) As announced on July 31, 2023, and subsequent to the effective date of the mineral reserve and mineral resource update
as at June 30, 2023, Pan American had entered into binding agreements to divest Morococha, MARA and Jeronimo. The
corresponding mineral reserves and mineral resources will be removed on completion of those transactions.
(6) Totals may not add up due to rounding. Total average grades of each metal are with respect to those mines that produce
the metal.
Pan American Inferred Mineral Resources as at June 30, 2023(1,2,3)
Silver Segment
Huaron Peru Inferred 5.9 164 31.2 -- --
Morococha
(92.3%)(4,5) Peru Inferred 5.2 143 24.0 -- --
La Colorada Mexico Inferred 14.7 174 82.2 0.20 93.0
San Vicente
(95%)(4) Bolivia Inferred 1.5 188 9.2 -- --
Manantial
Espejo Argentina Inferred 0.5 106 1.8 1.49 25.2
Joaquin Argentina Inferred 0.2 280 1.4 0.25 1.2
Escobal Guatemala Inferred 1.9 180 10.7 0.90 53.7
Property Location Classification Tonnes (Mt) Ag (g/t) Contained
Ag (Moz) Au (g/t) Contained
Au (koz)
PAN AMERICAN SILVER CORP.
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