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Resource Estimate

Pan American Silver Reports Mineral Reserves and Mineral Resources as at June 30, 2025

By The Northwire Desk — AI Analysis Sep 11, 2025 · 06:30 PAAS · 50.27 Pan American Silver Corp.
PAAS · Price

Executive Summary

  • Pan American Silver reports estimated mineral reserves of 452.3 Moz Ag and 6.3 Moz Au, and measured‑indicated resources of 1,130.6 Moz Ag and 9.9 Moz Au as of June 30 2025.
  • Highlights include a 52.7 Moz increase in inferred silver resources at La Colorada and the addition of 105.4 koz gold M&I resources plus 163.8 koz inferred gold at Timmins.
  • The release notes divestments that reduced gold reserves/resources (e.g., La Arena mine) and clarifies that figures exclude assets acquired through the September 2025 MAG acquisition.

Key Details

  • Proven & Probable Reserves – Total 452.3 Moz Ag, 6.3 Moz Au (198.4 Mt @ 71 g/t Ag, 0.99 g/t Au).
  • Measured & Indicated Resources – Total 1,130.6 Moz Ag, 9.9 Moz Au (709.1 Mt @ 50 g/t Ag, 0.43 g/t Au).
  • Inferred Resources – Total 405.6 Moz Ag, 8.6 Moz Au (310.7 Mt @ 41 g/t Ag, 0.86 g/t Au).

Segment‑level Highlights

Segment Proven Reserves Probable Reserves M&I Resources Inferred
Silver 412.3 Moz Ag, 491 koz Au – 1,130.6 Moz Ag, 9.9 Moz Au 405.6 Moz Ag, 8.6 Moz Au
Gold 40.1 Moz Au, 5,847 koz Au – 9.9 Moz Au, 9,894 koz Au 8.6 Moz Au, 8,560 koz Au
  • La Colorada (Mexico) – Added 52.7 Moz inferred Ag from high‑grade zones disclosed Sept 8 2025.
  • Timmins (Canada) – Drilling added 105.4 koz gold M&I resources and 163.8 koz inferred gold.
  • Jacobina (Brazil) – New reserves reported for the Maricota zone, replacing production.
  • El Peñón (Chile) – 100% of silver and 78% of gold production replaced by exploration success.

Divestments & Adjustments

  • Sale of La Arena mine reduced gold reserves by 241.5 koz Au, M&I resources by 17.6 koz Au, inferred resources by 39.6 koz Au.
  • La Arena II project divestment removed 5.3 Moz Au M&I resources and 445.2 koz Au inferred resources.

Exclusions

  • All reserve/resource figures exclude contributions from the MAG acquisition (Juan Cipio JV, Deer Trail, Larder).

Metal Price Assumptions (used for estimates)

  • Example: Ag $22/oz (Huaron reserves), Au $1,900/oz (La Colorada reserves); full table provided in release.

Notable Quotes

“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…” – Christopher Emerson, SVP Exploration & Geology.

All tables and figures are taken directly from Pan American Silver’s June 30 2025 reserve and resource estimate release.

Read the original news release →

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