Pan American Silver

Overview
Price performance
Financials
Research
Thematics

Pan American Silver is one of the largest global primary silver producers and a sizeable gold miner with operations in North, Central and South America since 1994. It owns 11 producing operations, the currently suspended top tier Escobal silver mine and a number of large-scale advanced exploration/development projects.

Despite a recent healthy rebound in the share price, we believe there could be further upside if commodity prices remain at elevated levels and PAAS continues to deliver on its cost and production guidance throughout 2024.

Latest Insights

Metals & Mining |
Flash note

27.06.24

Pan American Silver — Investor day takeaways

Metals & Mining |
Update

14.05.24

Pan American Silver — A taste of things to come

Metals & Mining |
Flash note

02.05.24

Pan American Silver — La Arena divestment

Metals & Mining |
Update

27.02.24

Pan American Silver — FY23 results: Follow the cash flow

Visit Website

Sector

Metals & Mining

Equity Analyst

Andrey Litvin

Energy and Resources Analyst

Harry Kilby

Analyst

Key Management

Guido Mastropietro

Director, finance
Siren Fisekci

VP, investor relations and corporate communic

Balance Sheet

Forecast net debt (US$m)

44.8

Forecast gearing ratio (%)

Share Price Performance

Price Performance
%	1M	3M	12M
Actual	(4.4)	44.5	37.3
Relative	(7.4)	37.3	8.5
52 week high/low	US$22.6/US$12.2

Financials

The key takeaways from Pan American’s (PAAS’s) investor day on 18 June are as follows. The recent government changes in Guatemala caused a delay in the ILO 169 consultation process at Escobal. PAAS awaits reappointment of the vice minister of sustainable development, expected in July, to restart the process and re-establish the timeline. At La Colorada, PAAS is working towards resolving the well-publicised ventilation issues and is on track to commission new ventilation fans in July. The ongoing optimisation programme at Jacobina is considering a change in mining method to paste backfill that will potentially enable PAAS to develop deeper parts of the project’s resources and reduce costs. At Skarn, PAAS has been in early discussions with various potential development partners. However, the current focus remains on advancing the project to the PFS, or updated PEA, stage which will determine the mining method and the project’s economics.

Y/E Dec	Revenue (US$m)	EBITDA (US$m)	PBT (US$m)	EPS (fd) (c)	P/E (x)	P/CF (x)
2022A	1494.7	272.0	(73.0)	(54.06)	N/A	N/A
2023A	2316.1	680.6	108.4	19.45	100.8	N/A
2024E	2743.8	958.6	374.7	57.80	33.9	35.7
2025E	2400.4	827.9	358.0	54.06	36.3	36.2

Research

Flash note

Metals & Mining

06.10.23

Pan American Silver — La Colorada mine suspension

Update

Metals & Mining

30.08.23

Pan American Silver — Yamana assets boost mineral resources

Metals & Mining

Flash note

12.10.23

Pan American Silver — La Colorada to restart after suspension

Update

Metals & Mining

15.08.23

Pan American Silver — Refining estimates post Q2 results

Flash note

Metals & Mining

01.08.23

Pan American Silver — Positive non-core assets divestment

Update

Metals & Mining

24.05.23

Pan American Silver — Bigger scale, stronger profitability

Flash note

Metals & Mining

27.03.23

Pan American Silver — Yamana transaction fully approved

Update

Metals & Mining

01.03.23

Flash note

Metals & Mining

16.09.22

Pan American Silver — Significant resources upgrade at Skarn

Update

Metals & Mining

18.08.22

Pan American Silver — Mixed Q2 results, Escobal progress

Flash note

Metals & Mining

25.07.22

Pan American Silver — Positive drill results at La Colorada Skarn

Update

Metals & Mining

18.05.22

Pan American Silver — Q122 results – good cost control

Initiation

Metals & Mining

07.04.22

Pan American Silver — Lean, mean silver machine

thematic

Consumer

05.10.22

IPO apocalypse

Equities

Equities by Sector

Sectors

Investment Strategy

Latest

Equity strategy and market outlook – April 2024

Equity strategy and market outlook – March 2024

Equity strategy and market outlook – February 2024

Thematics

Latest

Emerging markets – Worthy of consideration

Dynam Capital at the 2024 Vietnam ESG Conference

MediaWatch – Glimpses of positivity

Audiovisual

Latest

Regional REIT – executive interview

CoinShares International in 60 seconds

Fund manager interview with Laurence Hulse of Dowgate

About Edison

About Edison

Careers

Pan American Silver (NYSE: PAAS)

Latest Insights

Pan American Silver — Investor day takeaways

Pan American Silver — A taste of things to come

Pan American Silver — La Arena divestment

Pan American Silver — FY23 results: Follow the cash flow

Sector

Equity Analyst

Key Management

Balance Sheet

Share Price Performance

Financials

Research

Pan American Silver — La Colorada mine suspension

Pan American Silver — Yamana assets boost mineral resources

Pan American Silver — La Colorada to restart after suspension

Pan American Silver — Refining estimates post Q2 results

Pan American Silver — Positive non-core assets divestment

Pan American Silver — Bigger scale, stronger profitability

Pan American Silver — Yamana transaction fully approved

Pan American Silver — FY22 results beat consensus expectations

Pan American Silver — Shareholders approve Yamana transaction

Pan American Silver — Proxy advisors support Yamana vote

Pan American Silver — Yamana bid overshadows Q322 results

Pan American Silver — Significant resources upgrade at Skarn

Pan American Silver — Mixed Q2 results, Escobal progress

Pan American Silver — Positive drill results at La Colorada Skarn

Pan American Silver — Q122 results – good cost control

Pan American Silver — Lean, mean silver machine

IPO apocalypse

ESG, moving beyond the box tick

Five (more) things every investor should know about lithium and Lepidico

Decarbonisation – A potential opportunity for aluminium producers

The PGM markets – Outlook and price forecasts

Alliance Mineral Assets secures strategic investment from Galaxy and Jiangxi

Piedmont Lithium increases its mineral resource estimate by 21%

Gold stars and black holes

Mining sector report: Gold: The value of gold and other metals

ASX Spotlight Conference – London, 6 March 2014

Making a case for uranium: Life after Fukushima

Indaba special, 2014

ASX Small to Mid Caps Conference – London, 7 March 2013

Asia-Pacific resources quarterly: February 2013 edition

Indaba special, 2013

Edison mining quarterly: October 2012

Mining catalyst: China’s new stimulus

Asia-Pacific resources quarterly: August edition

Asia-Pacific resources quarterly

Edison mining quarterly: April 2012

Macro Outlook – Price weakness on the cards

Indium and gallium overview

Switzerland: Global Resources Investing Conference