Pan American Silver Reports Strong Mineral Reserves Growth, Boosted by Juanicipio Acquisition — Pan American Silver Corp.

Event summary

Pan American Silver reported 511.1 million ounces of silver and 6.3 million ounces of gold in proven and probable mineral reserves as of June 30, 2026.
Measured and indicated mineral resources totaled 1,126.7 million ounces of silver and 7.5 million ounces of gold, with inferred resources at 437.0 million ounces of silver and 7.2 million ounces of gold.
The company replaced over 100% of silver extracted, with significant contributions from La Colorada, Jacobina, and Timmins.
Pan American completed 351,000 meters of drilling out of a planned 500,000 meters for 2026, focused on near-mine exploration.

The big picture

Pan American Silver's strong mineral reserves and resources report underscores the strategic value of its diversified portfolio and successful exploration programs. The inclusion of Juanicipio's reserves post-acquisition highlights the company's ability to leverage acquisitions for long-term growth. In an industry where resource longevity and exploration success are critical, Pan American's report positions it favorably amid volatile metal prices and operational challenges.

What we're watching

Exploration Success: How continued exploration success at La Colorada, Jacobina, and Timmins will impact future mineral reserve growth.
Juanicipio Integration: Whether Pan American can sustain the momentum from its 44% stake in Juanicipio to further boost its silver reserves.
Market Dynamics: The pace at which metal prices and operating costs will influence the economics of Pan American's mining operations.