Pan American Silver Reports Mineral Reserves and Mineral Resources as at June 30, 2025
Pan American Silver Reports Mineral Reserves and Mineral Resources as at June 30, 2025
Vancouver, B.C. - September 11, 2025 - Pan American Silver Corp. (NYSE: PAAS) (TSX: PAAS) ("Pan
American" or the "Company") is pleased to report its estimated mineral reserves and mineral
resources as at June 30, 2025. Proven and probable ("P&P") mineral reserves are estimated to contain
approximately 452.3 million ounces of silver and 6.3 million ounces of gold. Measured and indicated
("M&I") mineral resources (excluding P&P mineral reserves) are estimated to total approximately
1,130.6 million ounces of silver and 9.9 million ounces of gold. Inferred mineral resources are
estimated to total approximately 405.6 million ounces of silver and 8.6 million ounces of gold.
"Our exploration program at La Colorada has enabled us to more than replace production at that mine
as well as add 52.7 million ounces of silver in the inferred mineral resource category, mostly in the
newly discovered high-grade silver zones reported in the news release dated September 8, 2025," said
Christopher Emerson, Pan American’s Senior Vice President of Exploration and Geology. "Exploration
success across our portfolio continues to extend the life of many of our operations."
This news release does not report on, nor include, the estimated mineral reserves and mineral
resources resulting from Pan American's acquisition of MAG Silver Corp. ("MAG"). Pan American
completed the acquisition of MAG on September 4, 2025, which added a 44% joint venture interest in
the large-scale, high-grade Juanicipio silver mine in Zacatecas, Mexico, operated by Fresnillo plc, along
with MAG's interests in the Deer Trail and Larder exploration projects (collectively, the "MAG
Properties"). For information regarding the MAG Properties, please see MAG's Annual Information
Form dated March 24, 2025, available under MAG's profile at www.sedarplus.ca.
Consolidated Proven and Probable Mineral Reserves, as at June 30, 2025 (1,2,3,4)
Segment Category Tonnes
(millions)
Ag
(g/t)
Contained Ag
(Moz)
Au
(g/t)
Contained Au
(koz)
Silver Segment(5) Proven Reserves 12.3 271 106.9 0.38 150
Probable Reserves 32.6 291 305.3 0.33 342
Proven and
Probable
Reserves
44.9 286 412.3 0.34 491
Gold Segment(6) Proven Reserves 62.7 8 16.3 1.15 2,328
Probable Reserves 90.8 8 23.8 1.21 3,519
Proven and
Probable
Reserves
153.5 8 40.1 1.18 5,847
Total Segments(7) Proven Reserves 75.0 51 123.2 1.03 2,478
Probable Reserves 123.4 83 329.1 0.97 3,861
Proven and
Probable
Reserves
198.4 71 452.3 0.99 6,339
(1) See table below entitled "Metal price assumptions used to estimate mineral reserves and mineral resources as at June 30,
2025".
(2) Please refer to the complete mineral reserve and mineral resource tables 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 website for a more complete table, including zinc ("Zn"), lead ("Pb") and copper ("Cu") grades and contents.
(4) This table does not include mineral reserves resulting from Pan American's acquisition of MAG, including from Pan
American's share of Juanicipio's mineral reserves.
(5) Silver Segment mineral reserves comprised of Escobal, La Colorada, Huaron, San Vicente, and Cerro Moro.
(6) Gold Segment mineral reserves comprised of Jacobina, Shahuindo, El Peñon, Timmins, and Minera Florida.
Vancouver Centre II
2100 - 733 Seymour Street
Vancouver, BC Canada, V6B 0S6
604-684-1175
www.panamericansilver.com
PAN AMERICAN SILVER CORP.
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(7) Totals may not add up due to rounding. Grades are calculated on total tonnes.
Consolidated Measured and Indicated Mineral Resources, as at June 30, 2025 (1,2,3,4,5)
Segment Category Tonnes
(millions)
Ag
(g/t)
Contained Ag
(Moz)
Au
(g/t)
Contained Au
(koz)
Silver Segment(6) Measured
Resources 21.0 154 103.8 0.12 82
Indicated
Resources 426.8 73 999.4 0.03 348
M&I Resources 447.8 77 1,103.3 0.03 431
Gold Segment(7) Measured
Resources 115.0 3 10.2 1.06 3,923
Indicated
Resources 146.4 4 17.2 1.18 5,541
M&I Resources 261.3 3 27.3 1.13 9,464
Total Segments(8) Measured
Resources 136.0 26 114.0 0.92 4,005
Indicated
Resources 573.1 55 1,016.6 0.32 5,889
M&I Resources 709.1 50 1,130.6 0.43 9,894
(1) See table below entitled "Metal price assumptions used to estimate mineral reserves and mineral resources as at June 30,
2025".
(2) Mineral resources are reported exclusive of mineral reserves.
(3) Please refer to the complete mineral reserve and resource tables 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 website for a more complete table, including Zn, Pb and Cu grades and contents.
(5) This table does not include mineral resources resulting from Pan American's acquisition of MAG, including from Pan
American's share of Juanicipio's mineral resources and from the Larder Project.
(6) Silver Segment mineral resources comprised of Navidad, La Colorada Skarn, Escobal, Huaron, La Colorada, Manantial
Espejo, Cerro Moro, and San Vicente.
(7) Gold Segment mineral resources comprised of Jacobina, La Pepa, El Peñon, Minera Florida, La Bolsa, Lavra Velha, Pico
Machay, Timmins, Shahuindo, Vogel, Gold River, Whitney, and Marlhill.
(8) Totals may not add up due to rounding. Grades are calculated on total tonnes.
Consolidated Inferred Mineral Resources, as at June 30, 2025 (1,2,3,4,5)
Segment Category Tonnes
(millions)
Ag
(g/t)
Contained Ag
(Moz)
Au
(g/t)
Contained Au
(koz)
Silver Segment(6) Inferred
Resources 133.8 87 375.2 0.08 356
Gold Segment(7) Inferred
Resources 176.9 5 30.4 1.44 8,204
Total Segments(8) Inferred
Resources 310.7 41 405.6 0.86 8,560
(1) See table below entitled "Metal price assumptions used to estimate mineral reserves and mineral resources as at June 30,
2025".
(2) Mineral resources are reported exclusive of mineral reserves.
(3) Please refer to the complete mineral reserve and mineral resource tables 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 website for a more complete table, including Zn, Pb and Cu grades and contents.
(5) This table does not include mineral resources resulting from Pan American's acquisition of MAG, including from Pan
American's share of Juanicipio's mineral resources and from the Larder Project.
PAN AMERICAN SILVER CORP.
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(6) Silver Segment inferred mineral resources comprised of Navidad, La Colorada, La Colorada Skarn, Huaron, San Vicente,
Escobal, Cerro Moro, and Manantial Espejo.
(7) Gold Segment inferred mineral resources comprised of Jacobina, Gold River, El Peñon, Arco Sul, Minera Florida, Whitney,
Pico Machay, Timmins, La Pepa, Lavra Velha, La Bolsa, Vogel, and Shahuindo.
(8) Totals may not add up due to rounding. Grades are calculated on total tonnes.
(9) This information represents the portion of mineral reserves attributable to Pan American based on its ownership interest
in the operating entity, as indicated in this news release.
Mineral reserve and mineral resource highlights for the 12-months ended June 30, 2025:
• At La Colorada, the eastward extension of the veins and addition of contact-type
mineralization in the Manto Sur zone described in a news release dated September 8, 2025,
contributed to an estimated 52.7 million ounce increase in silver inferred mineral resources.
• At Timmins, exploration focused on the Timmins West mine (Timmins mine, 144 Gap and
Samson zones) and drilling at depth at the Bell Creek mine added an estimated 105.4
thousand ounces of gold M&I mineral resources and 163.8 thousand ounces of gold inferred
mineral resources.
• At Jacobina, the majority of mine production was replaced through successful exploration and
infill drilling, with the initial reporting of new mineral reserves for the Maricota zone.
• At El Peñon, essentially 100% of the silver production and 78% of the gold production was
replaced. Exploration success was realized in the Pampa Campamento Norte and Chiquilla
Chica zones.
• Consolidated M&I silver mineral resources have not changed significantly from an estimated
1,148.0 million ounces as at June 30, 2024 to an estimated 1,130.6 million ounces as at June
30, 2025, excluding M&I resources acquired through the acquisition of MAG.
• Consolidated M&I gold mineral resources decreased from an estimated 15.5 million ounces to
an estimated 9.9 million ounces, largely driven by the sale of the La Arena mine and the
Joaquin property.
• The divestment of the La Arena mine led to a reduction of 241.5 thousand ounces of gold
mineral reserves, 17.6 thousand ounces of gold M&I mineral resources, and 39.6 thousand
ounces of gold inferred mineral resources. The associated divestment of the La Arena II
project resulted in a reduction of 5.3 million ounces of gold M&I mineral resources and 445.2
thousand ounces of gold inferred mineral resources.
MINERAL RESERVES AND MINERAL RESOURCES TABLES
Consolidated Pan American Mineral Reserves as at June 30, 2025(1,2)
Silver Segment
Escobal Guatemala Proven 2.5 486 39.5 0.42 34
Probable 22.1 316 225.0 0.34 244
La
Colorada(3)
Mexico Proven 3.4 300 33.2 0.21 23
Probable 6.1 295 57.5 0.21 40
Huaron Peru Proven 5.3 145 24.6 -- --
Probable 3.6 138 16.1 -- --
San Vicente
(95%)(4)
Bolivia Proven 0.8 312 7.6 -- --
Probable 0.5 247 3.8 -- --
Property Location Classification Tonnes
(millions)
Ag
(g/t)
Contained Ag
(Moz)
Au
(g/t)
Contained Au
(koz)
PAN AMERICAN SILVER CORP.
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Cerro Moro Argentina Proven 0.3 223 2.1 9.94 92
Probable 0.3 282 2.9 5.59 58
Total Silver Segment(5) 44.9 286 412.3 0.34 492
Gold Segment
Jacobina Brazil Proven 19.2 -- -- 1.74 1,069
Probable 35.9 -- -- 1.78 2,058
Shahuindo Peru Proven 36.8 8 9.5 0.50 595
Probable 44.2 5 6.8 0.27 383
Timmins Canada Proven 5.0 -- -- 2.79 451
Probable 4.6 -- -- 2.68 395
El Peñon Chile Proven 1.1 187 6.5 4.37 152
Probable 4.0 120 15.6 3.65 474
Minera
Florida
Chile Proven 0.6 11 0.2 3.14 61
Probable 2.0 21 1.4 3.21 210
Total Gold Segment(5) 153.5 8 40.1 1.18 5,847
Total Gold and Silver
Segments(5)
Proven +
Probable 198.4 71 452.3 0.99 6,339
Property Location Classification Tonnes
(millions)
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,
2025".
(2) This table does not include mineral reserves resulting from Pan American's acquisition of MAG, including from Pan
American's share of Juanicipio's mineral reserves.
(3) La Colorada Proven and Probable reserves include 1.6 million tonnes at an average grade of 440 g/t Ag and 0.26 g/t Au
containing 23.2 Moz of silver and 13.7 koz of gold that are subject to a net profit share agreement with a third party.
(4) This information represents the portion of mineral reserves attributable to Pan American based on its ownership interest
in the operating entity as indicated.
(5) Totals may not add up due to rounding. Grades are calculated on total tonnes.
Pan American Silver Measured and Indicated Mineral Resources as at June 30, 2025 (1,2,3)
Silver Segment
Navidad Argentina Measured 15.4 137 67.8 -- --
Indicated 139.8 126 564.5 -- --
La Colorada
Skarn
Mexico Indicated 265.4 36 308.7 -- --
Escobal Guatemala Measured 2.3 251 18.6 0.23 17
Indicated 14.2 201 91.6 0.20 93
Huaron Peru Measured 1.6 120 6.1 -- --
Indicated 2.8 112 10.1 -- --
La
Colorada(4)
Mexico Measured 0.4 229 3.0 0.12 2
Indicated 2.6 144 11.8 0.35 29
Manantial
Espejo
Argentina Measured 0.3 164 1.7 2.40 25
Indicated 1.0 149 4.9 2.79 92
Cerro Moro Argentina Measured 0.3 277 2.2 4.87 39
Indicated 0.8 254 6.1 5.58 135
Property Location Classification Tonnes
(millions)
Ag
(g/t)
Contained Ag
(Moz)
Au
(g/t)
Contained Au
(koz)
PAN AMERICAN SILVER CORP.
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San Vicente
(95%)(5)
Bolivia Measured 0.7 183 4.3 -- --
Indicated 0.3 174 1.7 -- --
Total Silver Segment(6) 447.8 77 1,103.3 0.03 431
Gold Segment
Jacobina Brazil Measured 39.4 -- -- 1.71 2,171
Indicated 53.7 -- -- 1.65 2,851
La Pepa
(80.0%)(5)(7)
Chile Measured 47.1 -- -- 0.61 923
Indicated 52.3 -- -- 0.49 824
El Peñon Chile Measured 1.0 138 4.5 3.79 124
Indicated 3.8 91 11.0 2.69 327
Minera
Florida
Chile Measured 0.7 16 0.4 3.12 72
Indicated 3.3 19 2.0 3.17 334
La Bolsa Mexico Measured 10.8 10 3.5 0.70 243
Indicated 10.6 8 2.7 0.54 184
Lavra Velha Brazil Indicated 4.5 -- -- 1.96 282
Pico Machay Peru Measured 4.7 -- -- 0.91 138
Indicated 5.9 -- -- 0.67 127
Timmins Canada Measured 2.0 -- -- 2.41 153
Indicated 2.1 -- -- 2.28 153
Shahuindo Peru Measured 9.3 6 1.7 0.34 101
Indicated 7.0 6 1.4 0.36 81
Vogel Canada Indicated 0.5 -- -- 3.60 61
Gold River Canada Indicated 0.7 -- -- 5.29 117
Whitney
(83.27%)(5)
Canada Indicated 1.6 -- -- 2.83 142
Marlhill Canada Indicated 0.4 -- -- 4.52 57
Total Gold Segment(6) 261.3 3 27.3 1.13 9,464
Total Gold and Silver
Segments(6)
Measured +
Indicated 709.1 50 1,130.6 0.43 9,894
Property Location Classification Tonnes
(millions)
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,
2025".
(2) Mineral resources are reported exclusive of mineral reserves.
(3) This table does not include mineral resources resulting from Pan American's acquisition of MAG, including from Pan
American's share of Juanicipio's mineral resources and from the Larder Project.
(4) La Colorada Measured and Indicated resources include 0.1 million tonnes at an average grade of 95 g/t Ag, and 0.17 g/t
Au containing 0.2 Moz of silver and 0.4 koz of gold that are subject to a net profit share agreement with a third party.
(5) This information represents the portion of mineral resources attributable to Pan American based on its ownership interest
in the operating entity as indicated.
(6) Totals may not add up due to rounding. Grades are calculated on total tonnes.
(7) Pan American has entered into an agreement to sell its interest in La Pepa; see the news release issued by Mineros S.A.
dated August 11, 2025 for further details.
PAN AMERICAN SILVER CORP.
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Pan American Inferred Mineral Resources as at June 30, 2025 (1,2,3)
Silver Segment
Navidad Argentina Inferred 45.9 81 119.4 -- --
La
Colorada(4) Mexico Inferred 15.3 297 146.5 0.27 132
La Colorada
Skarn Mexico Inferred 61.7 30 58.6 -- --
Huaron Peru Inferred 6.3 130 26.1 -- --
San Vicente
(95%)(5) Bolivia Inferred 1.6 171 8.7 -- --
Escobal Guatemala Inferred 1.9 180 10.7 0.90 54
Cerro Moro Argentina Inferred 0.7 164 3.5 6.85 146
Manantial
Espejo Argentina Inferred 0.5 106 1.8 1.49 25
Total Silver Segment(6) 133.8 87 375.2 0.08 356
Gold Segment
Jacobina Brazil Inferred 52.7 -- -- 1.78 3,026
Gold River Canada Inferred 5.3 -- -- 6.06 1,027
El Peñon Chile Inferred 18.4 39 23.1 1.15 676
Arco Sul Brazil Inferred 6.2 -- -- 3.08 614
Minera
Florida Chile Inferred 5.7 16 2.9 2.85 520
Whitney
(83.27 %)(5) Canada Inferred 5.6 -- -- 2.24 406
Pico Machay Peru Inferred 23.9 -- -- 0.58 446
Timmins Canada Inferred 5.7 -- -- 2.98 546
La Pepa
(80.0%)(5)(7) Chile Inferred 20.0 -- -- 0.46 296
Lavra Velha Brazil Inferred 4.7 -- -- 1.56 238
La Bolsa Mexico Inferred 13.7 8 3.3 0.51 225
Vogel Canada Inferred 1.2 -- -- 3.52 135
Shahuindo Peru Inferred 13.7 2 0.9 0.11 47
Total Gold Segment(6) 176.9 5 30.4 1.44 8,204
Total Gold and Silver
Segments(6) Inferred 310.7 41 405.6 0.86 8,560
Property Location Classification Tonnes
(millions)
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,
2025".
(2) Mineral resources are reported exclusive of mineral reserves.
(3) This table does not include mineral resources resulting from Pan American's acquisition of MAG, including from Pan
American's share of Juanicipio's mineral resources and from the Larder Project.
(4) La Colorada Inferred resources include 1.2 million tonnes at an average grade of 560 g/t Ag and 0.25 g/t Au containing
21.3 Moz of silver and 9.5 koz of gold that are subject to a net profit share agreement with a third party.
(5) This information represents the portion of mineral resources attributable to Pan American based on its ownership interest
in the operating entity as indicated.
(6) Totals may not add up due to rounding. Grades are calculated on total tonnes.
(7) Pan American has entered into an agreement to sell its interest in La Pepa; see the news release issued by Mineros S.A.
dated August 11, 2025 for further details.
PAN AMERICAN SILVER CORP.
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Metal price assumptions used to estimate mineral reserves and mineral resources
as at June 30, 2025
Huaron Reserves 22.00 8,000 2,100 2,600
Resources 24.00 9,000 2,200 2,800
La Colorada Reserves 22.00 1,900 2,100 2,600
Resources 24.00 2,050 2,200 2,800
La Colorada
Skarn Resources 22.00 2,200 2,800
San Vicente Reserves 22.00 8,000 2,100 2,600
Resources 24.00 9,000 2,200 2,800
Shahuindo Reserves 22.00 1,900
Resources 24.00 2,050
Timmins Reserves 2,250
Resources 2,400
Whitney Resources 2,400
Gold River Resources 1,200
Marlhill Resources 1,125
Vogel Resources 2,250
Jacobina Reserves 1,900
Resources 2,050
Cerro Moro Reserves 28.00 2,500
Resources 30.00 2,650
El Peñon Resources 25.00 2,250
Resources 27.00 2,400
Minera Florida Reserves 25.00 2,250 2,100 2,600
Resources 27.00 2,400 2,200 2,800
La Bolsa Resources 14.00 825
Manantial
Espejo
Resources 22.00 1,700
Navidad Resources 12.52 1,100
Pico Machay Resources 700
Escobal All categories 20.00 1,300 2,204 2,424
Arco Sul Resources 1,250
La Pepa Resources 1,650
Lavra Velha Resources 1,650
Mine Category Ag US$/oz Au US$/oz Cu US$/t Pb US$/t Zn US$/t
General Notes with Respect to Technical Information
All mineral reserves and mineral resources have been estimated in accordance with the CIM Definition Standards
on Mineral Resources and Mineral Reserves, adopted by the CIM Council, as amended (the "CIM Standards") and
reported in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI
43-101"). Mineral resources are reported exclusives of mineral reserves.
Pan American does not expect these mineral reserve and mineral resource estimates to be materially affected by
metallurgical, environmental, permitting, legal, taxation, socio-economic, political, and marketing or other
relevant issues.
PAN AMERICAN SILVER CORP.
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The Company has undertaken a verification process with respect to the data disclosed in this news release. The
mineral resources and mineral reserves databases comprising drilling and, in some cases, surface and
underground sampling, have been compiled at each of the Pan American mine sites by the qualified staff. All the
assay data used in the resource evaluation provided by each of the mines has been subjected to the industry
standard quality assurance and quality control ("QA/QC") program including the submission of certified
standards, blanks, and duplicate samples. The results are reviewed monthly by management. The results of the
QA/QC samples submitted for the resource databases demonstrate acceptable accuracy and precision. The
Qualified Person is of the opinion that the sample preparation, analytical, and security procedures followed for
the samples are sufficient and reliable for the purpose of these mineral resource and mineral reserve estimates.
Pan American is not aware of any drilling, sampling, recovery or other factors that could materially affect the
accuracy or reliability of the data reported herein.
Quantities and grades of contained metal are shown before metallurgical recoveries.
For further information on the Company's pre-MAG transaction material mineral properties, including detailed
information concerning associated QA/QC and data verification matters, the key assumptions, parameters and
methods used by the Company to estimate mineral reserves and mineral resources, and for a detailed
description of known legal, political, environmental, and other risks that could materially affect the Company's
business and the potential development of the Company's mineral reserves and mineral resources, see the
Company's Annual Information Form dated February 19, 2025, available on the Company’s profile at
www.sedarplus.ca.
Technical information contained in this news release with respect to Pan American has been reviewed and
approved by Christopher Emerson, FAusIMM., Senior Vice President of Exploration and Geology, Christopher
Wright P.Geo. Vice President Mineral Resource Management and Martin Wafforn, P.Eng., Senior Vice President
Technical Services and Process Optimization, who are all Qualified Persons for the purposes of NI 43-101.
Pan American Silver Corp. is authorized by The Association of Professional Engineers and Geoscientists of the
Province of British Columbia to engage in Reserved Practice under Permit to Practice number 1001470.
About Pan American
Pan American Silver is a leading producer of silver and gold in the Americas, operating mines in Canada, Mexico,
Peru, Brazil, Bolivia, Chile and Argentina. We also own a 44% joint venture interest in the Juanicipio mine in
Mexico, a 100% interest in the Escobal mine in Guatemala that is currently not operating, and we hold interests
in exploration and development projects. We have been operating in the Americas for over three decades,
earning an industry-leading reputation for sustainability performance, operational excellence and prudent
financial management. We are headquartered in Vancouver, B.C. and our shares trade on the New York Stock
Exchange and the Toronto Stock Exchange under the symbol "PAAS".
Learn more at panamericansilver.com
Follow us on LinkedIn
For more information contact:
Siren Fisekci
VP, Investor Relations & Corporate Communications
Ph: 604-806-3191
Email: [email protected]
Cautionary Note Regarding Forward-Looking Statements and Information
Certain of the statements and information in this news release constitute "forward-looking statements" within
the meaning of the United States Private Securities Litigation Reform Act of 1995 and "forward-looking
information" within the meaning of applicable Canadian provincial securities laws. All statements, other than
statements of historical fact, are forward-looking statements or information. Forward-looking statements or
information in this news release relate to, among other things: estimated mineral reserve and mineral resource
information; estimated mine life and any anticipated changes related thereto; the extent of, and success related
PAN AMERICAN SILVER CORP.
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