- Pan American Silver Corp. (TSX:PAAS) reported 452.3 million ounces of silver and 6.3 million ounces of gold in proven and probable reserves as of June 30, 2025
- Significant resource gains were made at La Colorada and Timmins, while Jacobina and El Peñon successfully replaced most of their mine production through exploration
- A major drop in gold resources was driven by the sale of La Arena and Joaquin, with the La Arena II project contributing to further reductions in inferred and measured and indicated gold resources
- Pan American Silver stock (TSX:PAAS) last traded at C$50.27
Pan American Silver (TSX / NYSE:PAAS) released its updated estimates of mineral reserves and resources as of June 30, 2025, highlighting significant developments across its global portfolio of silver and gold assets.
Key highlights
- Proven and probable mineral reserves:
- Silver: 452.3 million ounces
- Gold: 6.3 million ounces
- Measured and indicated mineral resources(excluding P&P reserves):
- Silver: 1,130.6 million ounces
- Gold: 9.9 million ounces
- Inferred mineral resources:
- Silver: 405.6 million ounces
- Gold: 8.6 million ounces
Operational and exploration updates
- La Colorada: A major contributor to the increase in inferred silver resources, with an estimated 52.7 million ounce boost due to the eastward extension of veins and new contact-type mineralization in the Manto Sur zone.
- Timmins Operations: Exploration at Timmins West and Bell Creek mines added 105.4 thousand ounces of gold to measured and indicated resources and 163.8 thousand ounces to inferred resources.
- Jacobina Mine: Successful exploration and infill drilling led to the replacement of most mine production and the initial reporting of new mineral reserves in the Maricota zone.
- El Peñon Mine: Achieved near-complete replacement of silver production and 78% of gold production, with exploration success in the Pampa Campamento Norte and Chiquilla Chica zones.
Portfolio adjustments
- Silver measured and indicated resources: Remained relatively stable, decreasing slightly from 1,148.0 million ounces in 2024 to 1,130.6 million ounces in 2025, excluding resources acquired through the MAG Silver acquisition.
- Gold measured and indicated resources: Dropped from 15.5 million ounces to 9.9 million ounces, primarily due to the sale of the La Arena mine and the Joaquin property.
- La Arena divestment:
- Gold reserves: Reduced by 241.5 thousand ounces
- Gold measured and indicated resources: Reduced by 17.6 thousand ounces
- Gold Inferred Resources: Reduced by 39.6 thousand ounces
- La Arena II Project: Resulted in a further reduction of 5.3 million ounces of gold measured and indicated resources and 445.2 thousand ounces of gold inferred resources.
“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,” Christopher Emerson, Pan American’s senior vice president of exploration and geology said in a news release on these results. “Exploration success across our portfolio continues to extend the life of many of our operations.”
Pan American Silver has been producing and exploring for precious metals in the Americas for nearly three decades. It operates silver and gold mines in Canada, Mexico, Peru, Bolivia, Argentina, Chile, and Brazil, and maintains interests in numerous exploration and development projects.
Pan American Silver stock (TSX:PAAS) last traded at C$50.27 and has risen 79.23 per cent higher since the year began.
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