Northwire Canada EditionThursday, September 17, 2026
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GOLD 4387.50 +1.3% SILVER 63.42 −0.7% COPPER 6.44 −0.0% OIL 102.43 −3.2% PALLADIUM 1285.50 −1.3% NIO 0.155 +3.3% REX 0.235 +0.0% PAAS 66.47 −1.4% WGF 0.190 +18.8% NAM 0.205 −2.4% EMO 0.360 +0.0% ATX 2.29 −1.7% WDO 33.24 −1.8% ETL 1.00 −1.0% LIF 25.64 +0.6% ZAC 0.055 −8.3% PML 1.57 +0.6% HHH 5.33 +1.8% AAZ 0.040 +14.3% GLO 0.710 +44.9% AUEN 0.240 −5.9% GOLD 4387.50 +1.3% SILVER 63.42 −0.7% COPPER 6.44 −0.0% OIL 102.43 −3.2% PALLADIUM 1285.50 −1.3% NIO 0.155 +3.3% REX 0.235 +0.0% PAAS 66.47 −1.4% WGF 0.190 +18.8% NAM 0.205 −2.4% EMO 0.360 +0.0% ATX 2.29 −1.7% WDO 33.24 −1.8% ETL 1.00 −1.0% LIF 25.64 +0.6% ZAC 0.055 −8.3% PML 1.57 +0.6% HHH 5.33 +1.8% AAZ 0.040 +14.3% GLO 0.710 +44.9% AUEN 0.240 −5.9%
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Pan American Silver Reports Mineral Reserves and Mineral Resources as at June 30, 2026

Pan American’s reserve replacement confirms a runway, but gold misses and cost creep cap upside.

By The Northwire Desk — AI Analysis Sep 16, 2026 · 17:23 PAAS · 66.47 Pan American Silver Corp.
Executive Summary

Pan American Silver Corp. released its consolidated mineral reserves and resources as of June 30, 2026. The company reported consolidated Proven and Probable (P&P) reserves containing 511.1 million ounces of silver and 6.3 million ounces of gold across 204.4 million tonnes. Consolidated Measured and Indicated (M&I) resources total 1,126.7 million ounces of silver and 7.5 million ounces of gold, while Inferred resources add 437.0 million ounces of silver and 7.2 million ounces of gold.

The company achieved meaningful mineral reserve growth, replacing over 100% of the silver extracted over the trailing 12 months. Significant reserve additions occurred at La Colorada (+3.5 moz Ag), Huaron (+1.9 moz Ag), San Vicente (+1.8 moz Ag), and Cerro Moro (+1.6 moz Ag). Jacobina replaced 72% of mine production through exploration and infill drilling, and the Timmins Vogel project added >192,000 oz Au to Inferred resources.

The estimates include Pan American’s 44% attributable share of the Juanicipio mine (effective April 30, 2025), prepared per JORC Code and audited for NI 43-101 compliance. Metal price assumptions used in the estimates range from $12.52/oz to $43/oz for silver, and $825/oz to $3,700/oz for gold.

Material Impact

Pan American Silver Corp. (PAAS) released a standard reserve and resource update that confirms operational continuity and validates exploration success, particularly at the La Colorada and Juanicipio projects. The update did not alter production guidance, cost targets, or capital allocation plans.

Following the announcement, the company’s stock declined from approximately $73.10 on Aug 12 to roughly $66.47 on Sept 16. This market reaction suggests that the reserve growth had already been priced in, with investors instead focusing on the gold production miss and AISC creep highlighted in the Q2 earnings report.

PAAS · Price
Company Overview

Pan American Silver Corp. (PAAS) operates 10 producing silver and gold mines across the Americas. Its geographic revenue split is distributed among Mexico (24%), Chile (22%), Brazil (15%), Peru (13%), Argentina (11%), Canada (9%), and Bolivia (5%).

Key producing assets include La Colorada, Juanicipio, Cerro Moro, Huaron, San Vicente, Jacobina, El Peñon, Timmins, Shahuindo, Minera Florida, and Dolores. The company is also advancing development projects, including the La Colorada Skarn, which features a 588-foot decline, and the Timmins Camp, which involves a Bell Creek shaft extension.

Two assets remain suspended or contingent. Escobal in Guatemala is currently undergoing an ILO 169 consultation, while the Navidad project in Argentina is contingent on a change in provincial mining law.

Read the original news release →

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Other Mar 24, 2026 · 17:37

Pan American Silver pivots to high-grade phased development at La Colorada Skarn, targeting $2.6 billion NPV as Juanicipio acquisition fuels record cash flows.

Technical Study