olivLaw · US equity research
Pan American Silver Corp. PAAS
Gold and Silver Ores · SIC 1040 · Vertical: Gold and Silver Ores (SIC 1040)
Pan American Silver Corp. is a Canadian mining company listed in New York and Toronto, whose 2025 annual report describes activity in gold and silver extraction. The filing with the SEC shows the company had common shares outstanding at year-end 2025, and the audited financial statements in the exhibits provide the starting point for assessing its position.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Pan American Silver Corp. (PAAS) stock was 41.49 USD (+8.36% on the day), with market capitalisation 17.5 bn USD, P/E 16.2 on diluted EPS of 2.56 USD over the last 12 months, dividend yield 1.00%, beta 1.16, 52-week range 33.77–68.70 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 45.5
- neutral
- Bollinger (20, 2)
- 37.51 – 47.20
- in the lower half of the band · %B 0.41 · band width 22.9%
- SMA 50 / 200
- 46.42 / 51.58
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -1.89 / -1.82
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −8.5% | −1.1% | −7.4 pp | — |
| 3 months | −14.0% | −0.5% | −13.5 pp | — |
| 6 months | −26.7% | +4.4% | −31.1 pp | — |
| Year to date | −19.9% | +12.3% | −32.2 pp | — |
| 1 year | +25.0% | +13.5% | +11.4 pp | −14.3% |
| 3 years | +170.5% | +76.4% | +94.1 pp | +143.6% |
| 5 years | +59.6% | +63.7% | −4.0 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 0 percentile of its own 8-quarter history (min 19.7, median 41.8, max 208.6; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 784.5 m | 1.4 bn | 1.3 bn | 1.6 bn | 1.5 bn | 2.3 bn | 2.8 bn | 3.6 bn |
| Revenue YoY | −4.0% | +72.2% | −0.9% | +22.0% | −8.5% | +55.0% | +21.7% | +28.4% |
| Net income | 12.0 m | 111.2 m | 176.5 m | 98.6 m | -340.1 m | -104.9 m | 113.0 m | 980.0 m |
| Net income YoY | −90.2% | +823.9% | +58.6% | −44.1% | −445.1% | unavailable | unavailable | +767.3% |
| Diluted EPS | 0.07 | 0.55 | 0.85 | 0.46 | -1.62 | -0.32 | 0.31 | 2.56 |
| Diluted EPS YoY | −91.1% | +685.7% | +54.5% | −45.9% | −452.2% | unavailable | unavailable | +725.8% |
| net % | 1.5% | 8.2% | 13.2% | 6.0% | -22.8% | -4.5% | 4.0% | 27.1% |
| Free cash flow | 10.6 m | 76.2 m | 283.8 m | 148.6 m | -242.9 m | 71.2 m | 401.0 m | 1.0 bn |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 1.2 bn USD
- Financial debt
- 714.0 m USD
- Net debt
- -501.0 m USD
- Equity
- 7.0 bn USD
- Total assets
- 9.7 bn USD
- Debt / equity
- 0.10x
- Current ratio
- 2.69x
- ROE
- 16.7%
- ROA
- 11.6%
- FCF margin
- 28.2%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 1.3 bn | 1.6 bn | 1.5 bn | 2.3 bn | 2.8 bn | 3.6 bn | SEC (XBRL)· 18 Feb 2026verified |
| Cost of revenue | 978.6 m | 1.3 bn | 1.4 bn | 2.0 bn | 2.3 bn | 2.2 bn | SEC (XBRL)· 18 Feb 2026verified |
| Gross profit | 360.2 m | 367.9 m | 48.4 m | 296.8 m | 549.0 m | 1.4 bn | SEC (XBRL)· 18 Feb 2026verified |
| Operating income | 210.0 m | 320.9 m | -262.3 m | 38.1 m | 531.0 m | 1.2 bn | SEC (XBRL)· 18 Feb 2026verified |
| Depreciation & amortisation | 254.5 m | 303.0 m | 316.0 m | 484.2 m | 571.0 m | 497.0 m | SEC (XBRL)· 18 Feb 2026verified |
| EBITDA | 464.4 m ≈ | 623.9 m ≈ | 53.7 m ≈ | 522.3 m ≈ | 1.1 bn ≈ | 1.7 bn ≈ | SEC (XBRL)· 18 Feb 2026derived |
| Interest expense | 2.6 m | 5.1 m | 2.4 m | 5.8 m | 6.0 m | 3.0 m | SEC (XBRL)· 18 Feb 2026verified |
| Pre-tax income | 252.0 m | 245.0 m | -301.0 m | -58.8 m | 432.0 m | 1.2 bn | SEC (XBRL)· 18 Feb 2026verified |
| Income tax | 75.6 m | 146.4 m | 39.1 m | 46.1 m | 319.0 m | 258.0 m | SEC (XBRL)· 18 Feb 2026verified |
| Net income | 176.5 m | 98.6 m | -340.1 m | -104.9 m | 113.0 m | 980.0 m | SEC (XBRL)· 18 Feb 2026verified |
| Diluted EPS | 0.85 | 0.46 | -1.62 | -0.32 | 0.31 | 2.56 | SEC (XBRL)· 18 Feb 2026verified |
| Weighted average diluted shares | 210.3 m | 210.4 m | 210.5 m | 326.5 m | 363.4 m | 381.6 m | SEC (XBRL)· 18 Feb 2026verified |
| Dividend per share | 0.22 | 0.34 | 0.45 | 0.36 | 0.40 | 0.41 | SEC (XBRL)· 18 Feb 2026derived |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 167.1 m | 283.6 m | 107.0 m | 400.0 m | 863.0 m | 1.2 bn | SEC (XBRL)· 18 Feb 2026verified |
| Receivables | 127.8 m | 128.2 m | 136.6 m | 138.0 m | 165.0 m | 232.0 m | SEC (XBRL)· 18 Feb 2026verified |
| Inventories | 406.2 m | 500.5 m | 471.6 m | 711.6 m | 606.0 m | 588.0 m | SEC (XBRL)· 18 Feb 2026verified |
| Current assets | 856.9 m | 1.0 bn | 804.4 m | 1.4 bn | 1.7 bn | 2.2 bn | SEC (XBRL)· 18 Feb 2026verified |
| Property, plant & equipment, net | 2.4 bn | 2.3 bn | 2.2 bn | 5.7 bn | 5.3 bn | 5.3 bn | SEC (XBRL)· 18 Feb 2026verified |
| Goodwill | 4.2 m | 5.1 m | 5.9 m | — | — | — | SEC (XBRL)· 22 Feb 2023verified |
| Total assets | 3.4 bn | 3.5 bn | 3.2 bn | 7.2 bn | 7.2 bn | 9.7 bn | SEC (XBRL)· 18 Feb 2026verified |
| Accounts payable | 281.9 m | 306.1 m | 308.0 m | 498.0 m | 489.0 m | 549.0 m | SEC (XBRL)· 18 Feb 2026verified |
| Short-term debt | — | 3.4 m | 13.7 m | 6.7 m | 7.0 m | 5.0 m | SEC (XBRL)· 18 Feb 2026verified |
| Long-term debt | 0 | 11.9 m | 180.0 m | 697.0 m | 702.0 m | 709.0 m | SEC (XBRL)· 18 Feb 2026verified |
| Current liabilities | 361.8 m | 387.7 m | 380.8 m | 624.2 m | 687.0 m | 817.0 m | SEC (XBRL)· 18 Feb 2026verified |
| Total liabilities | 828.0 m | 882.6 m | 1.0 bn | 2.4 bn | 2.5 bn | 2.7 bn | SEC (XBRL)· 18 Feb 2026verified |
| Equity | 2.6 bn | 2.6 bn | 2.2 bn | 4.8 bn | 4.7 bn | 7.0 bn | SEC (XBRL)· 18 Feb 2026verified |
| Shares outstanding at year end | 210.3 m | 210.5 m | 210.7 m | 364.7 m | 363.0 m | 421.8 m | SEC (XBRL)· 18 Feb 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 462.3 m | 392.1 m | 31.8 m | 450.2 m | 724.0 m | 1.3 bn | SEC (XBRL)· 18 Feb 2026verified |
| Capex | 178.6 m | 243.5 m | 274.7 m | 379.0 m | 323.0 m | 314.0 m | SEC (XBRL)· 18 Feb 2026verified |
| Free cash flow | 283.8 m ≈ | 148.6 m ≈ | -242.9 m ≈ | 71.2 m ≈ | 401.0 m ≈ | 1.0 bn ≈ | SEC (XBRL)· 18 Feb 2026derived |
| Investing cash flow | -83.9 m | -186.7 m | -255.4 m | 397.9 m | -33.0 m | -706.0 m | SEC (XBRL)· 18 Feb 2026verified |
| Financing cash flow | -329.6 m | -85.9 m | 53.0 m | -551.8 m | -225.0 m | -278.0 m | SEC (XBRL)· 18 Feb 2026verified |
| Dividends paid | 46.2 m | 71.5 m | 94.7 m | 130.4 m | 145.0 m | 175.0 m | SEC (XBRL)· 18 Feb 2026verified |
| Share repurchases | — | — | — | 0 | 24.0 m | 46.0 m | SEC (XBRL)· 18 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
Risk
Valuation
olivLaw classification
Score: 69 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 17.5 bn USD
Key indicators
Coverage and freshness
Score by group
- Balance sheet81
- Growth100
- Quality67
- Returns51
- Valuation60
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 28.75 – 78.99 USD.
Methods computed but outside the aggregate range: Dividend discount (DDM) (a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate).
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)41.96 – 64.12 (Mid 50.55)WACC 9.1% · starting FCFF 1.0 bn USD · terminal value share of EV 74%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): 5.7%
- Peers: EV/EBITDA28.75 – 47.92 (Mid 43.82)7 companies used · median multiple 10.4x · quartiles 6.7x – 11.4xAG, CDE, EQX, IDR, ITRG, KGC, MUX
- Peers: P/E35.16 – 78.99 (Mid 43.45)21 companies used · median multiple 17.0x · quartiles 13.7x – 30.9xAEM, AG, AGI, ARIS, AU, B, CDE, CMCL, EQX, FNV, FSM, GFI, IAG, IDR, KGC, MUX, NAMM, NEM, SVM, TII, VOXR
- Dividend discount (DDM)outside the aggregate5.45 – 7.33 (Mid 6.25)a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 69/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 17.6% | 54 (vs peers) | 11% |
| Net margin · Quality | 27.1% | 56 (vs peers) | 7% |
| FCF conversion · Quality | 104.0% | 100 (on a fixed band) | 7% |
| Revenue CAGR 3Y · Growth | 34.3% | 100 (on a fixed band) | 9% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | -0.3x | 63 (vs peers) | 11% |
| Interest coverage · Balance sheet | 411.0x | 100 (on a fixed band) | 7% |
| Current ratio · Balance sheet | 2.7x | 100 (on a fixed band) | 5% |
| P/E (TTM) · Valuation | 16.2x | 52 (vs peers) | 11% |
| EV/EBITDA · Valuation | 9.8x | 57 (vs peers) | 11% |
| FCF yield · Valuation | 5.8% | 73 (on a fixed band) | 9% |
| Shareholder yield (distributions) · Returns | 1.3% | 18 (on a fixed band) | 7% |
| Payout ratio (FCF) · Returns | 17.2% | 100 (on a fixed band) | 5% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet81/100 · 3/3 factors with a value
- Growth· partial100/100 · 1/2 factors with a value
- Quality67/100 · 3/3 factors with a value
- Returns51/100 · 2/2 factors with a value
- Valuation60/100 · 3/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Pan American Silver Corp. (PAAS). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 3.6 bn USD in 2025; YoY growth 28.4%; net margin 27.1%; ROE 16.8%; net debt/EBITDA -0.3x.
The estimated value range is 35.16–64.12 USD per share (median of 3 methods, agreement: high); assumptions are illustrative. Against the central value of 43.82 USD, the price of 41.49 USD leaves a potential of 5.6% (value / price − 1) and a margin of safety of 5.3% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 69/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 104.0%
- Revenue CAGR 3Y: 34.3%
- Interest coverage: 411.0x
- Current ratio: 2.7x
- FCF yield: 5.8%
- Payout ratio (FCF): 17.2%
What contradicts it
- Shareholder yield (distributions): 1.3%
Not assessed (insufficient data or a ratio without meaning): EPS CAGR 3Y.
Versus the vertical median
Gold and Silver Ores (SIC 1040) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| NEMNewmont Corporation | 122.7 bn | 13.7 | 26.8% | 34.7% | +21.3% | +30% / +194% |
| AEMAgnico Eagle Mines Limited | 91.7 bn | 20.7 | 19.6% | 37.5% | +43.7% | +5% / +242% |
| BBarrick Mining Corp | 67.2 bn | 13.7 | 19.6% | 29.4% | +31.2% | −3% / +128% |
| FNVFRANCO NEVADA Corp | 46.7 bn | 42.0 | 16.3% | 61.0% | +63.7% | +15% / +116% |
| AUAngloGold Ashanti plc | 44.4 bn | 17.0 | 43.1% | 32.1% | +70.8% | +3% / +357% |
| GFIGold Fields Limited | 32.9 bn | 26.6 | 25.7% | 23.9% | +15.6% | −14% / +140% |
| KGCKinross Gold Corp | 25.7 bn | 11.0 | 31.0% | 33.9% | +36.9% | −24% / +264% |
| PAASPan American Silver Corp. | 17.5 bn | 16.2 | 16.8% | 27.1% | +28.4% | +25% / +170% |
| CDECoeur Mining, Inc. | 14.9 bn | 16.0 | 10.3% | 19.2% | +96.4% | −16% / +378% |
| AGIAlamos Gold Inc. | 12.6 bn | 14.3 | 22.1% | 49.0% | +34.3% | −20% / +103% |
| HMYHarmony Gold Mining Company Limited | 10.4 bn | — | — | — | +25.8% | −17% / +163% |
| IAGIAMGOLD Corporation | 10.3 bn | 15.3 | 19.5% | 25.7% | +74.7% | +12% / +588% |
| EQXEquinox Gold Corp. | 8.9 bn | 32.2 | 4.8% | 12.2% | +99.1% | −19% / +106% |
| AGFirst Majestic Silver Corp. | 7.6 bn | 45.3 | 8.0% | 13.1% | +124.3% | +1% / +158% |
| ARISAris Mining Corp | 3.2 bn | 38.3 | 7.0% | 8.4% | +81.7% | +12% / +396% |
| FSMFortuna Mining Corp. | 2.9 bn | 10.7 | 18.7% | 30.4% | +39.8% | −5% / +146% |
| NGNovagold Resources Inc. | 2.7 bn | — | -32.8% | — | unavailable | −40% / +45% |
| AAUCAllied Gold Corporation | 2.5 bn | — | -13.8% | -3.9% | +82.3% | −3% / unavailable |
| SVMSilvercorp Metals Inc. | 1.9 bn | 30.9 | 9.6% | 19.5% | +38.9% | +10% / +198% |
| HYMCHycroft Mining Holding Corporation | 1.6 bn | — | -72.3% | — | −100.0% | +49% / +716% |
| MUXMcEWEN INC. | 916.1 m | 12.8 | 13.5% | 32.5% | +13.2% | −20% / +94% |
| GROYGold Royalty Corp. | 648.9 m | — | -0.7% | -26.5% | +54.5% | −34% / +86% |
| OGGOsisko Development Corp. | 602.0 m | — | -27.0% | -476.4% | +678.0% | −33% / −17% |
| ITRGIntegra Resources Corp. | 398.7 m | — | -1.4% | -0.9% | +703.7% | −37% / +157% |
| CMCLCaledonia Mining Corp Plc | 397.9 m | 22.6 | 8.5% | 9.8% | +25.1% | −33% / +74% |
1- and 3-year price returns: for PAAS from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 24.60 Total return -40% · Per year -40% | 43.30 Total return 5% · Per year 5% | 64.95 Total return 58% · Per year 58% |
| 3 years | 29.18 Total return -27% · Per year -10% | 57.26 Total return 42% · Per year 12% | 93.52 Total return 130% · Per year 32% |
| 5 years | 34.62 Total return -12% · Per year -2% | 75.73 Total return 90% · Per year 14% | 134.68 Total return 234% · Per year 27% |
- Exit P/E± 14.32
- Net margin± 10.02
- Annual revenue growth± 7.47
- Annual dilution± 0.84
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 18 Feb 2026; since then the company filed 6-K (04 Nov 2026), 6-K (07 Oct 2026), 6-K (17 Sept 2026), 6-K (13 Aug 2026).
In brief
Pan American Silver Corp. is a Canadian mining company listed in New York and Toronto, whose 2025 annual report describes activity in gold and silver extraction. The filing with the SEC shows the company had common shares outstanding at year-end 2025, and the audited financial statements in the exhibits provide the starting point for assessing its position.
SWOT
Strengths
- The company has a governance structure with an independent audit committee and a designated financial expert, which strengthens oversight of reporting 1.
- Internal controls over financial reporting were reported as effective and audited by an internationally recognized firm 1.
- Documentation is complete, including audited financial statements, the annual information form and management's discussion for 2025 1.
Weaknesses
- Differences between Canadian and SEC standards on reserves limit comparability for U.S. investors 1.
- Applying Canadian-specific governance practices instead of NYSE provisions could reduce the level of shareholder protection 1.
- Key operating details sit in separate exhibits, making a complete assessment from the main form alone difficult 1.
Opportunities
- Dual listing on the NYSE and Toronto could facilitate access to capital from several markets if investor demand remains strong 1.
- Clarifying resources under SEC-aligned standards could improve U.S. investors' understanding of the asset base 1.
- A robust control and compensation recovery framework may support long-term investor confidence 1.
Threats
- Regulatory changes in Canada or the U.S. on mining reporting could create additional compliance costs 1.
- If governance standards shift, the company could be required to adjust its practices relative to NYSE requirements 1.
- Dependence on the volatility of precious metal prices remains an external factor the source does not quantify 1.
Risks
- Comparability of reservesmedium
Reserves reported under NI 43-101 are not directly comparable with SEC-based reports, which could make evaluation harder for U.S. investors 1.
- Shareholder protectionmedium
Governance practices permitted under Canadian law may offer fewer safeguards than NYSE rules applicable to U.S. issuers 1.
- Auditor dependencelow
Deloitte LLP is the only external auditor named, so any change or problem with this engagement could affect confidence in the financial statements 1.
- Internal controllow
Although controls were declared effective, any later weakness could affect the accuracy of financial reporting 1.
- Changing regulatory frameworkmedium
Changes to mining reporting or governance rules could impose additional costs and adjustments on the company 1.
Investment thesis
What would need to be true (bull case)
- If demand for precious metals remains sustainable, the company could benefit from its solid reporting base and internal controls reported as effective 1.
- Listing on two major exchanges provides access to a broad investor base, which could support share liquidity 1.
- Complete and audited documentation reduces uncertainty about the quality of financial information available to the public 1.
What would break the thesis
- Differences in resource reporting standards could limit comparisons and reduce interest from some U.S. investors 1.
- Governance practices less strict than NYSE rules could be seen by shareholders as an added risk 1.
- The lack of operating detail in the main form could make a full assessment of performance difficult without consulting the exhibits 1.
What to watch
- Changes in mineral reserves and resources reported under NI 43-101next 10-K
- Changes in the audit committee structure and declared financial expertise2027
- Results of internal controls and any restatements of financial statementsQ1 2027
- Any change in governance practices applied in place of NYSE rules2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 18 Feb 2026; since then the company filed 6-K (04 Nov 2026), 6-K (07 Oct 2026), 6-K (17 Sept 2026), 6-K (13 Aug 2026).
The business
According to the Form 40-F filed on February 18, 2026, the company has common shares traded on capital markets in Canada and the United States, and its documents are prepared under Canadian standards. The annual report includes the annual information form, management's discussion and analysis and audited financial statements for fiscal 2025 and 2024 1. The source does not describe mining operations, production or other activities in detail, as these are presented in the attached documents.
The governance structure includes an audit committee of three independent members, and the company applied controls over financial reporting, which management concluded were effective at December 31, 2025 1. The external auditor is Deloitte LLP, and a global code of ethical conduct applies to all directors, officers and employees 1.
Mineral reserves and resources are reported under NI 43-101 and CIM standards, which differ from SEC requirements, so the data is not directly comparable with that of U.S. companies 1. This matters for investors who compare the company's projects with those of U.S.-based peers.
Segments
Precious metals extraction
The source does not detail operating segments, but confirms that the core activity involves gold and silver resources, documented under NI 43-101 1. Details on production and costs are presented in Exhibit 1.2 (Management's Discussion and Analysis), which is not part of the supplied set.
Accounting and financial reporting
The audited consolidated financial statements for 2025 and 2024 are included as an exhibit, and the internal control audit was performed by Deloitte LLP 1. This component is the basis for any analysis of financial performance.
Market context
The company is listed on the NYSE and the Toronto Stock Exchange, placing it among foreign private issuers that partly apply Canadian governance practices 1. The number of shares outstanding at year-end 2025 gives a basis for comparing any later changes in share capital 1.
Differences between Canadian and SEC standards on mineral reserves may influence how U.S. investors interpret the company's data, which could affect comparability with other precious metals producers listed in the U.S. 1.
Trends
- Alignment with Canadian mining reporting standardsmixed
Reporting under NI 43-101 and CIM continues to define how the company presents resources, which can complicate international comparisons but follows the home market's regulatory framework 1.
- Effective internal controlstailwind
Management concluded that controls over financial reporting were effective at December 31, 2025, with no material changes in the period, which suggests operational stability in reporting 1.
- Governance requirements for foreign issuersheadwind
The company has opted for practices permitted under Canadian law in place of certain NYSE provisions, which could give investors less protection than with U.S. companies 1.
- Executive compensation recoverymixed
A clawback policy is included as an exhibit, and the report indicates no restatements of financial statements, reflecting a compensation control framework in place 1.
Competitive position
The supplied source does not explicitly name the company's competitors. The context of the gold and silver sector suggests other producers listed on international markets exist, but their names do not appear in the documents reviewed.
Comparisons with competitors would require data from other sources, since Form 40-F does not provide comparative production or cost indicators. Differences in reserve reporting relative to SEC standards remain a factor to consider.
- Canadian gold and silver producers
The source does not name competitors; this category covers Canadian mining companies active in gold and silver, without nominal identification in the document reviewed.
- NYSE-listed precious metals producers
The group includes U.S. companies reporting under SEC rules, with which comparability of reserves is limited by differences in standards.
- Canadian gold miners listed in Toronto
Companies listed on the Toronto Stock Exchange that apply NI 43-101, thus comparable in terms of reporting framework.
- Latin American silver miners
Regional operators that may compete for the same capital and workforce, without nominal identification in the available source.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- Pan American Silver (PAAS) Updates its Reserve Base. How Much Growth Reflects Better Mines?Yahoo Finance — News · 21 Sept 2026 · EN
The latest news item in our archive is from 21 Sept 2026; the newest SEC filing is from 04 Nov 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Current report (foreign issuer)04 Nov 2026
- Current report (foreign issuer)04 Nov 2026
- Current report (foreign issuer)07 Oct 2026
- Current report (foreign issuer)07 Oct 2026
- Current report (foreign issuer)17 Sept 2026
- Current report (foreign issuer)13 Aug 2026
- Current report (foreign issuer)09 Jul 2026
- Current report (foreign issuer)01 Jun 2026
- Current report (foreign issuer)28 May 2026
- Current report (foreign issuer)13 May 2026
Sources
- [1] Form 40-F, fiscal year ended 2025-12-31 · SEC / Pan American Silver Corp. · 18 Feb 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.