Adjusted for the divestment of MARA, Morococha and Jeronimo, Pan American has reported flat P&P reserves in the silver segment of 45.8Mt at a grade of 289 g/t Ag versus 274 g/t Ag at June 2023, effectively replacing the mined tonnage during the year. In the gold segment, adjusted P&P reserves fell from c 200mt (at 1.1 g/t Au) to 180Mt (1.1 g/t Au), with the biggest drop recorded at La Arena, which is being divested, and Dolores, which was expected to cease mining in Q324. On the same basis, M&I resources in the silver segment increased from 278Mt to 446Mt, albeit at a reduced Ag grade, thanks to the upgrade at La Colorada Skarn, which saw a 53% rise in indicated resource to 265Mt at an increased grade of 36 g/t Ag, with the inferred resource falling 40% as a result. In the gold segment, M&I resources were only slightly lower at 977Mt at 0.48 g/t Au. Overall, six of 11 producing operations, including flagship Jacobina and La Colorada, have seen their mineral reserves either fully or almost fully replaced in tonnage terms in the year to June 2024.