Pan American Silver - Edison Group

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.

While Pan American’s share price performance has started to improve recently, we see further upside in the stock, if commodity prices remain at elevated levels and the company continues to deliver on its guidance. Pan American will report its Q3 results on 6 November.

Latest Insights

View More

Metals & Mining |
Flash note

12.11.24

Pan American Silver — Q324: When (almost) everything goes to plan

Metals & Mining |
Flash note

18.09.24

Pan American Silver — Strong reserves replacement rates for key assets

Metals & Mining |
Update

14.08.24

Pan American Silver — Q224 results: Steady progress

Metals & Mining |
Flash note

27.06.24

Pan American Silver — Investor day takeaways

Macro Pyrite mineral_pan american

Sector

Metals & Mining

Equity Analyst

Energy and Resources Analyst

Analyst

Key Management

Guido Mastropietro

Director, finance
Siren Fisekci

VP, investor relations and corporate communic

Balance Sheet

Forecast net debt (US$m)

186.1

Forecast gearing ratio (%)

4

Share Price Performance

Price Performance
%	1M	3M	12M
Actual	(8.2)	4.7	57.2
Relative	(9.0)	(1.0)	20.8
52 week high/low	US$25.9/US$12.2

Financials

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.

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	115.3	N/A
2024E	2791.1	924.2	333.0	22.48	99.7	108.8
2025E	2396.2	803.6	331.3	49.52	45.3	44.7

Research

Macro Pyrite mineral_pan american

Flash note

Metals & Mining

20.12.23

Pan American Silver — Skarn PEA confirms its early potential

Macro Pyrite mineral_pan american

Update

Metals & Mining

14.11.23

Pan American Silver — Q323: La Colorada continues to underperform

Macro Pyrite mineral_pan american

Metals & Mining

Update

Pan American Silver — Adjusting valuation on Skarn

Macro Pyrite mineral_pan american

Macro Pyrite mineral_pan american

Flash note

Metals & Mining

12.10.23

Pan American Silver — La Colorada to restart after suspension

Flash note

Metals & Mining

06.10.23

Pan American Silver — La Colorada mine suspension

Macro Pyrite mineral_pan american

Update

Metals & Mining

30.08.23

Pan American Silver — Yamana assets boost mineral resources

Macro Pyrite mineral_pan american

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

Macro Pyrite mineral_pan american

Flash note

Metals & Mining

27.03.23

Pan American Silver — Yamana transaction fully approved

Update

Metals & Mining

01.03.23

Pan American Silver — FY22 results beat consensus expectations

Macro Pyrite mineral_pan american

Flash note

Metals & Mining

02.02.23

Pan American Silver — Shareholders approve Yamana transaction

Flash note

Metals & Mining

20.01.23

Pan American Silver — Proxy advisors support Yamana vote

Update

Metals & Mining

17.11.22

Pan American Silver — Yamana bid overshadows Q322 results

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

thematic

TMT

10.08.22

ESG, moving beyond the box tick

thematic

Metals & Mining

27.04.22

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

thematic

Metals & Mining

21.03.22

Decarbonisation – A potential opportunity for aluminium producers

thematic

Metals & Mining

13.12.21

The PGM markets – Outlook and price forecasts

thematic

Metals & Mining

16.05.19

Alliance Mineral Assets secures strategic investment from Galaxy and Jiangxi

thematic

Metals & Mining

24.04.19

Piedmont Lithium increases its mineral resource estimate by 21%

thematic

Metals & Mining

22.01.19

Gold stars and black holes

thematic

Metals & Mining

06.02.15

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

thematic

Energy & Resources

04.03.14

ASX Spotlight Conference – London, 6 March 2014

thematic

Metals & Mining

26.02.14

Making a case for uranium: Life after Fukushima

thematic

Metals & Mining

28.01.14

Indaba special, 2014

thematic

Energy & Resources

01.03.13

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

thematic

Energy & Resources

28.02.13

Asia-Pacific resources quarterly: February 2013 edition

thematic

Metals & Mining

01.02.13

Indaba special, 2013

thematic

Metals & Mining

02.10.12

Edison mining quarterly: October 2012

thematic

Metals & Mining

14.09.12

Mining catalyst: China’s new stimulus

thematic

Energy & Resources

20.08.12

Asia-Pacific resources quarterly: August edition

thematic

Energy & Resources

10.05.12

Asia-Pacific resources quarterly

thematic

Metals & Mining

25.04.12

Edison mining quarterly: April 2012

thematic

Metals & Mining

16.12.11

Macro Outlook – Price weakness on the cards

thematic

Metals & Mining

07.10.11

Indium and gallium overview

thematic

Metals & Mining

13.06.11

Switzerland: Global Resources Investing Conference