Pan American Silver
Pan American Silver is a Canadian-domiciled precious metals miner operating seven silver and gold mines across the Americas, selling mined silver, gold, and base metals to global commodity markets and serving institutional and retail equity investors via NYSE and TSX listings.
- Company typePublic
- Founded1979
- HeadquartersVancouver, Canada
- Headcount5,001–10,000
- GTM typeB2B
- OfferingHardware or Manufacturing
What Pan American Silver does
Pan American Silver Corp. is a Canadian-domiciled, publicly traded precious metals mining company (NYSE and TSX: PAAS) headquartered in Vancouver that produces silver, gold, zinc, lead, and copper from a portfolio of seven operating mines and development projects across eight countries in the Americas (Canada, Mexico, Peru, Brazil, Bolivia, Chile, Argentina, Guatemala). The company is organized into two reporting segments — Silver and Gold — with flagship assets including the 44%-owned Juanicipio mine and La Colorada operations in Mexico, Cerro Moro in Argentina, Huaron in Peru, San Vicente in Bolivia, and Jacobina, El Peñon, Timmins, Shahuindo, Minera Florida, and Dolores in the gold segment. The underlying technology is conventional underground and open-pit mining combined with flotation, leaching, and refining methods, with no disclosed AI/ML or software-driven differentiation.
Pan American Silver generates revenue through the sale of mined commodities into global exchanges and to industrial buyers at prevailing market prices, making it a price-taker on silver, gold, and base metals. In 2025 the company produced approximately 22.8 million ounces of silver and 742,200 ounces of gold, generating record revenue of $3.6 billion (up 28.4% year-over-year) and net earnings of $980 million. Q1 2026 revenue of $1.2 billion (+49% YoY) and net earnings of $456 million (+160% YoY) underscore accelerating operating leverage, supported by a record $1.8 billion cash position and $488 million of free cash flow in the quarter. The company has grown materially through M&A, including the 2023 acquisition of Yamana Gold (~$2 billion with Agnico Eagle) and the September 2025 acquisition of MAG Silver Corp. (~$2.1 billion), which added the high-grade Juanicipio silver mine and lowered consolidated all-in sustaining costs.
The business model is commodity-cycle sensitive but increasingly differentiated by a long-life reserve base of approximately 550+ million ounces of silver, by-product cost credits (notably zinc and lead at La Colorada Skarn), and a major growth pipeline led by the $1.9 billion La Colorada Skarn development (targeting 19.1 million ounces of annual peak silver production) and the $146 million first phase of the Timmins Camp Project. Customers are anonymous commodity market participants, while equity investors are diversified across institutional and retail holders. Sustainability credentials — including inclusion in the Dow Jones Sustainability Index North America and the S&P Global Sustainability Yearbook 2026 — provide secondary support for institutional capital access but are not material to revenue.
Pan American Silver firmographics
Firmographics- Name
- Pan American Silver
- Legal name
- Pan American Silver Corp.
- Website
- https://panamericansilver.com
- Company type
- Public
- Founded year
- 1979
- Operating status
- Operating
- Headcount range
- 5,001–10,000 employees
- Short description
- Pan American Silver is a Canadian-domiciled precious metals miner operating seven silver and gold mines across the Americas, selling mined silver, gold, and base metals to global commodity markets and serving institutional and retail equity investors via NYSE and TSX listings.
- Ownership category
- akta.pro rank
Pan American Silver industry classification
Industry- Product category
- Precious Metals Mining
- NAICS
- Gold Ore and Silver Ore Mining (21222), Gold Ore and Silver Ore Mining (212220), Other Metal Ore Mining (212290)
- SIC
- Gold And Silver Ores (1040), Primary Smelting & Refining Of Nonferrous Metals (3330), Metal Mining (1000)
- akta.pro primary industry
- Silver Mining (IMAKAEAB)
- akta.pro secondary industries
- Gold Mining (IMAKAEAA), Precious Metals Ore Processing & Beneficiation (IMAKAEAD)
Keywords
Where Pan American Silver is headquartered
LocationHeadquarters
- HQ city
- Vancouver
- HQ country
- Canada
- HQ region
- North America
Offices3 records
Markets served
Pan American Silver business model
Business model- GTM type
- B2B
- Offering type
- Hardware or Manufacturing
- Cost components
- Operations, Supply Chain, Personnel, Infrastructure, Technology or R&D, Marketing or Sales
Revenue model
- Silver Production and Sales: Pan American Silver generates revenue primarily through the mining and sale of silver. The company produced approximately 22.8 million ounces of silver in 2025 and projects 25-27 million ounces for 2026. Silver is sold at market prices through commodity channels.
- Gold Production and Sales: The company produces and sells gold as a co-product. Gold production was approximately 742,200 ounces in 2025. Revenue from gold complements silver revenue and provides diversification within precious metals.
- Base Metals Production (Zinc, Lead, Copper): Pan American Silver produces zinc, lead, and copper as by-products from its mining operations. These base metals contribute to revenue through by-product credits that help lower overall costs.
Go-to-market motion1 record
Distribution channels2 records
Marketing channels4 records
Pan American Silver product offering
Product offeringCore offering
Pan American Silver is a diversified precious metals mining company that produces silver and gold as primary products, with zinc, lead, and copper as by-products, from underground and open-pit mines located across the Americas (Canada, Mexico, Peru, Bolivia, Argentina, Brazil, Chile, Guatemala). The company operates through two business segments: a Silver Segment (including Juanicipio, La Colorada, Cerro Moro, Huaron, San Vicente) and a Gold Segment (including Jacobina, El Peñon, Timmins, Shahuindo, Minera Florida, Dolores). Its flagship growth catalyst is the La Colorada Skarn development project in Mexico, a $1.9 billion investment targeting 19.1 million ounces of peak annual silver production.
Product overview
Pan American Silver Corp. is a diversified precious metals mining company organized into two primary segments: Silver Segment and Gold Segment. The Silver Segment includes operating mines (Juanicipio, La Colorada, Cerro Moro, Huaron, San Vicente) and development projects (La Colorada Skarn, Navidad), with Escobal currently suspended. The Gold Segment includes producing mines (Jacobina, El Peñon, Timmins, Shahuindo, Minera Florida, Dolores) acquired primarily through the Yamana Gold acquisition. The company produces silver, gold, zinc, lead, and copper through operations across the Americas (Canada, Mexico, Peru, Bolivia, Argentina, Brazil, Chile). The flagship growth project is the La Colorada Skarn in Mexico, a $1.9 billion development targeting 19.1 million ounces of peak silver production. The company also completed the acquisition of MAG Silver Corp. in September 2025, adding the 44% interest in the Juanicipio mine.
Differentiator
Problem solved
Functional benefit
Products and services
- Juanicipio
Quantifiable outcome
- Record Q1 2026 revenue of $1.2 billion, up 49% year-over-year
- +7 more outcomes
Companies that use Pan American Silver
Customer profileNamed customers1 record
Segments2 records
Ideal customer profiles2 records
Pan American Silver technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature3 records
Pan American Silver partnerships and signals
Strategic signalPartnerships
Six partnerships are on record, tiered minor and core.
- Cerrado GoldminorCerrado Gold and its subsidiary Minera Don Nicolas entered into a binding agreement with Pan American Silver to acquire the Falcon Properties in Santa Cruz Province, Argentina, adjacent to their Calandrias operations. Acquisition costs $0.2 million in cash plus a 2% net smelter returns royalty.
- Gold Candle Ltd.minorGold Candle Ltd. entered into a binding asset purchase agreement to acquire the Larder Property from Pan American Silver in exchange for 15,000,000 common shares. The acquisition adds 388,000 ounces of indicated gold mineral resources and 933,000 ounces of inferred gold mineral resources, making Pan American approximately 6% owner of Gold Candle on a pro forma basis.
- Mineros S.A.minorMineros S.A. completed acquisition of the remaining 80% interest in the La Pepa Project from Pan American Silver for $40.4 million, enhancing their presence in the region.
- MAG Silver Corp.corePan American Silver completed its acquisition of MAG Silver Corp. on September 4, 2025. The acquisition added a 44% joint venture interest in the large-scale, high-grade Juanicipio silver mine in Zacatecas, Mexico, 100% ownership of the Larder exploration project, and an option to earn 100% interest in the Deer Trail exploration project.
- Zijin MiningminorZijin Mining completed acquisition of the La Arena copper-gold project from Pan American Silver for $245 million in cash, with Pan American retaining a 1.5% life-of-mine gold royalty and $50 million contingent payment tied to Phase II commercial production.
- Agnico Eagle LimitedcorePan American Silver and Agnico Eagle delivered a binding joint offer to acquire Yamana Gold, valued at approximately $1 billion including cash, Pan American shares, and Agnico Eagle shares. The transaction added four mines and a development project in Latin America, significantly expanding Pan American Silver's operations.
Scale indicators8 records
Recent moves8 records
Expansion highlights4 records
Pan American Silver competitors and assessment
Company assessmentDirect peers
- Endeavour Silver: Endeavour Silver is a mid-tier silver and gold producer with mines in Mexico, offering similar jurisdictional concentration and silver-gold product mix to Pan American's silver segment operations.
- Coeur Mining: Coeur Mining is a silver and gold producer with operations across North America (Palmarejo, Kensington, Wharf), directly comparable to Pan American's diversified precious metals portfolio and similar size and production scale.
- Silvercorp Metals: Silvercorp Metals is a silver-focused producer with operations in China and Mexico, comparable to Pan American's silver-gold mining model and exposure to multiple jurisdictions.
- Hecla Mining Company: Hecla Mining is the largest U.S.-based primary silver producer with operations in the Americas (including Greens Creek and Lucky Friday), offering a closely comparable silver-focused business model with similar byproduct gold exposure.
- First Majestic Silver: First Majestic Silver is a pure-play silver and gold producer with mines primarily in Mexico, making it the most direct publicly-traded comparable to Pan American's silver-segment operations and Latin American footprint.
Broad incumbents
- Agnico Eagle Mines: Agnico Eagle is a senior gold producer with operations across Canada, Mexico, and Finland and was Pan American's partner in the Yamana Gold acquisition. It offers overlapping exposure to Pan American's gold-segment assets and similar Americas footprint but is gold-focused rather than silver-focused.
- Newmont Corporation: Newmont is the world's largest gold mining company with diversified global operations producing silver as a byproduct. It competes for institutional investor capital seeking precious metals exposure but operates at materially larger scale than Pan American.
- Barrick Gold Corporation: Barrick Gold is one of the world's largest gold miners with significant silver byproduct production across the Americas. Comparable as a broad precious metals incumbent serving similar institutional investor base but not silver-pure-play.
Others
- Mag Silver Corp: MAG Silver is now a subsidiary of Pan American following the 2025 acquisition, holding the 44% JV interest in Juanicipio. It previously competed as a silver-focused developer and remains relevant as a now-consolidated asset within Pan American's portfolio.
Emerging players
- Wheaton Precious Metals: Wheaton Precious Metals is the largest precious metals streaming company with significant silver streaming interests, offering investors leveraged silver exposure comparable to Pan American but via a streaming/royalty business model rather than direct mining.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks5 records
Key highlights7 records
Customer concentration
Pan American Silver social profiles
Digital presencePan American Silver financial estimates
Financial estimateRevenue estimate
Valuation estimate
Pan American Silver leadership team
Management profileNumber of profiles
Profiles5 records
Pan American Silver subsidiaries and ownership
Company hierarchySubsidiaries8 records
Pan American Silver funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Pan American Silver M&A and investment
M&A and investmentM&A6 records
Investments2 records
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Pan American Silver
What does Pan American Silver do?
Pan American Silver is a diversified precious metals mining company that produces silver and gold as primary products, with zinc, lead, and copper as by-products, from underground and open-pit mines located across the Americas (Canada, Mexico, Peru, Bolivia, Argentina, Brazil, Chile, Guatemala). The company operates through two business segments: a Silver Segment (including Juanicipio, La Colorada, Cerro Moro, Huaron, San Vicente) and a Gold Segment (including Jacobina, El Peñon, Timmins, Shahuindo, Minera Florida, Dolores). Its flagship growth catalyst is the La Colorada Skarn development project in Mexico, a $1.9 billion investment targeting 19.1 million ounces of peak annual silver production.
Is Pan American Silver a public or private company?
Pan American Silver is a public company. It is classified as public and is currently operating.
When was Pan American Silver founded?
Pan American Silver was founded in 1979. It employs 5,001 to 10,000 people.
Where is Pan American Silver based?
Pan American Silver is headquartered in Vancouver, Canada, in the North America region.
How does Pan American Silver make money?
Three revenue lines are on record. Silver Production and Sales are the primary driver. The others are gold Production and Sales and base Metals Production (Zinc, Lead, Copper).
Who are Pan American Silver's main competitors?
Direct peers on record are Endeavour Silver, Coeur Mining, Silvercorp Metals, Hecla Mining Company and First Majestic Silver. Broad incumbents are Agnico Eagle Mines, Newmont Corporation and Barrick Gold Corporation. Mag Silver Corp is listed as an others. Wheaton Precious Metals is listed as an emerging player.
Does Pan American Silver have an API?
No public API is recorded for Pan American Silver.
What industry is Pan American Silver in?
Pan American Silver's product category is Precious Metals Mining. Its primary akta.pro industry code is IMAKAEAB, Silver Mining, with a secondary code of IMAKAEAA, Gold Mining. Its NAICS code is 21222 and its SIC code is 1040.