# Pan American Silver Reports Mineral Reserves and Mineral Resources as at June 30, 2026 Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/pan-american-silver-reports-mineral-reserves-and-mineral-resources-as-at-june-30--0dbd6fd1-840d-44d2-b69a-0185b965929e Original source: https://orestocks.com/company/PAAS.TO/press-releases/8338481280803322 Publisher: orestocks Original announcement: 2026-09-16T21:23:00.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-09-16T22:06:26.139Z Atlas analysis updated: 2026-09-16T22:06:26.139Z - Company: Pan American Silver - Ticker: PAAS.TO - Exchange: Unavailable - Region: Unavailable - Primary commodity: Silver - Secondary commodities: Gold, Zinc, Lead, Copper - Document categories: Resource update - Extracted: 2026-09-16 22:06:26 UTC Narrative sentiment: 0.70 · Bullish ## Minestarters Atlas summary Pan American Silver reported its updated mineral reserves and resources as of June 30, 2026, showing significant growth in silver reserves, exceeding 100% replacement of depletion. The inclusion of the 44% interest in Juanicipio substantially increased the silver reserve base. While exploration success at several mines added to reserves and resources, contained gold in M&I and Inferred resources decreased due to project divestments. Reasoning: Pan American Silver reported a strong update to its mineral reserves and resources, demonstrating significant growth in silver reserves and successful exploration across its portfolio. The inclusion of Juanicipio was a major positive, though gold resources saw a decline due to divestments. The reporting standards and QA/QC are robust. - Positive factor: Significant contained metal growth in reserves, replacing over 100% of silver extracted. - Positive factor: Inclusion of Juanicipio asset significantly boosts silver reserve base. - Positive factor: Successful exploration at multiple sites \(La Colorada, Jacobina, Timmins, Huaron, San Vicente, Cerro Moro, Minera Florida\) contributing to reserve and resource additions. - Positive factor: High reporting standards \(NI 43-101 and JORC\) with QP/CP sign-off and QA/QC disclosure. - Positive factor: Increased metal prices improved economics at some projects, allowing for lower cut-off grades and reserve additions. - Negative factor: Contained gold in M&I and Inferred resources decreased due to divestments, indicating a reduction in the gold resource base. - Negative factor: Base metal grades and contents are not included in the summary tables, requiring external reference for full picture. Low confidence — this extraction should be reviewed alongside the original source. Facts used in scoring: 114 ## Classification and evidence **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: The technical information has been reviewed and approved by Christopher Emerson, FAusIMM., and Christopher Wright P.Geo., who are Qualified Persons for NI 43-101, and Paul Salmenmaki, P.Eng. and Justin Glanvill \(SACNASP\) reviewed and audited Juanicipio estimates. Evidence · text > Technical information contained in this news release with respect to Pan American has been reviewed and approved by Christopher Emerson, FAusIMM., Senior Vice President of Exploration and Geology, and Christopher Wright P.Geo. Vice President of Mineral Resources and Mining Technical Services who are each Qualified Persons for the purposes of NI 43-101. **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: Juanicipio resource and reserve estimates were prepared as per the JORC Code and comply with CIM Definition Standards for Mineral Resources and Mineral Reserves as required under NI 43-101. Evidence · text > Juanicipio resource and reserve estimates were prepared as per the JORC Code and comply with CIM Definition Standards for Mineral Resources and Mineral Reserves as required under NI 43-101. **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: All mineral reserves and mineral resources, with the exception of Juanicipio, have been estimated in accordance with the CIM Definition Standards and reported in accordance with National Instrument 43-101. Evidence · text > With the exception of Juanicipio, all other mineral reserves and mineral resources have been estimated in accordance with the CIM Definition Standards on Mineral Resources and Mineral Reserves, adopted by the CIM Council, as amended \(the "CIM Standards"\) and reported in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects \(“NI 43-101”\). **QA/QC Disclosed** Polarity: positive Story-specific tag Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\). Why it applies: The company states that all assay data used in resource evaluation has been subjected to industry standard QA/QC programs including certified standards, blanks, and duplicate samples, with results reviewed monthly. Evidence · text > All the assay data used in the resource evaluation provided by each of the mines has been subjected to the industry standard quality assurance and quality control \("QA/QC"\) program including the submission of certified standards, blanks, and duplicate samples. The results are reviewed monthly by management. The results of the QA/QC samples submitted for the resource databases demonstrate acceptable accuracy and precision. **Tonnage Growth** Polarity: positive Definition: Significant tonnage increase \(≥15%\) vs prior estimate with grade maintained or improved. Why it applies: The company achieved meaningful mineral reserve growth across the operations, replacing over 100% of the silver extracted. Evidence · text > We achieved meaningful mineral reserve growth across the operations, replacing over 100% of the silver extracted, while the inclusion of our 44% interest in Juanicipio further increased our silver mineral reserve base,” said Michael Steinmann, President and CEO. **Contained Metal Growth** Polarity: positive Definition: True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes. Why it applies: The inclusion of the 44% interest in Juanicipio significantly increased the silver mineral reserve base. Evidence · text > the inclusion of our 44% interest in Juanicipio further increased our silver mineral reserve base **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: The document reports updated mineral reserves and resources as at June 30, 2026. Evidence · text > Pan American Silver Reports Mineral Reserves and Mineral Resources as at June 30, 2026 **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: The document reports a total of 437.0 million ounces of silver and 7.2 million ounces of gold in Inferred mineral resources. Evidence · text > Inferred mineral resources are estimated to total approximately 437.0 million ounces of silver and 7.2 million ounces of gold. **Contained Metal Decline** Polarity: negative Definition: Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain. Why it applies: Contained gold in M&I mineral resources changed from 9,894 thousand ounces to 7,499 thousand ounces, largely due to divestments. Evidence · text > Contained gold in M&I mineral resources changed from 9,894 thousand ounces to 7,499 thousand ounces, largely due to the divestment of the La Pepa, Pico Machay and Lavra Velha projects. **Deleterious Elements Present** Polarity: negative Story-specific tag Definition: Penalty elements \(arsenic, antimony, etc.\) or refractory concerns noted in the release. Why it applies: The summary tables explicitly state that they do not include base metal grades or contents, implying that base metals \(zinc, lead, copper\) are present but not detailed in this summary. Evidence · text > This summary table does not include base metal grades or contents. Please refer to the Reserves & Resources page on Pan American’s website for a more complete table, including zinc, lead and copper grades and contents. ## Extracted facts Stored fact records: 114. Some facts used in scoring do not have a stored record. ## Resource Estimates (114) ### proven [Link to this fact](https://atlas-staging.minestarters.com/news/pan-american-silver-reports-mineral-reserves-and-mineral-resources-as-at-june-30--0dbd6fd1-840d-44d2-b69a-0185b965929e#fact-resource-facts-0) La Colorada · silver #### Identity - Project: La Colorada - Commodity: silver - Region: mexico - Reported Region: Mexico - Ticker: PAAS.TO #### Resource scope - Estimate type: reserve - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Paul Salmenmaki, Justin Glanvill, Christopher Emerson, Christopher Wright - Resource group id: resource:29b1e3e3748851c97f76 #### Resource Data - Category: proven - Tonnes: 3600000 - Grade: 325 - Grade Unit: g/t - Contained Metal: 37.3 - Contained Unit: moz #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-16T00:00:00.000Z Reasoning: La Colorada shows a strong proven silver reserve with high grade and substantial contained metal, contributing positively to the overall reserve base. - Positive factor: High silver grade for a proven reserve. - Positive factor: Significant contained silver ounces. Evidence · table > 325 Context: 3.6 #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### proven [Link to this fact](https://atlas-staging.minestarters.com/news/pan-american-silver-reports-mineral-reserves-and-mineral-resources-as-at-june-30--0dbd6fd1-840d-44d2-b69a-0185b965929e#fact-resource-facts-1) La Colorada · gold #### Identity - Project: La Colorada - Commodity: gold - Region: mexico - Reported Region: Mexico - Ticker: PAAS.TO #### Resource scope - Estimate type: reserve - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Paul Salmenmaki, Justin Glanvill, Christopher Emerson, Christopher Wright - Resource group id: resource:29b1e3e3748851c97f76 #### Resource Data - Category: proven - Tonnes: 3600000 - Grade: 0.23 - Grade Unit: g/t - Contained Metal: 26 - Contained Unit: koz #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-16T00:00:00.000Z Reasoning: The gold grade at La Colorada's proven reserve is relatively low, suggesting it's a byproduct rather than a primary focus. - Negative factor: Low gold grade for a proven reserve. Evidence · table > 0.23 Context: 3.6 #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/pan-american-silver-reports-mineral-reserves-and-mineral-resources-as-at-june-30--0dbd6fd1-840d-44d2-b69a-0185b965929e#fact-resource-facts-2) La Colorada · silver #### Identity - Project: La Colorada - Commodity: silver - Region: mexico - Reported Region: Mexico - Ticker: PAAS.TO #### Resource scope - Estimate type: reserve - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Paul Salmenmaki, Justin Glanvill, Christopher Emerson, Christopher Wright - Resource group id: resource:e83c7f78b51022480269 #### Resource Data - Category: probable - Tonnes: 7000000 - Grade: 252 - Grade Unit: g/t - Contained Metal: 56.9 - Contained Unit: moz #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-16T00:00:00.000Z Reasoning: La Colorada's probable silver reserves show good grade and substantial contained metal, adding to the overall reserve base. - Positive factor: Strong silver grade and significant contained metal in probable reserves. Evidence · table > 252 Context: 7.0 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/pan-american-silver-reports-mineral-reserves-and-mineral-resources-as-at-june-30--0dbd6fd1-840d-44d2-b69a-0185b965929e#fact-resource-facts-3) La Colorada · gold #### Identity - Project: La Colorada - Commodity: gold - Region: mexico - Reported Region: Mexico - Ticker: PAAS.TO #### Resource scope - Estimate type: reserve - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Paul Salmenmaki, Justin Glanvill, Christopher Emerson, Christopher Wright - Resource group id: resource:e83c7f78b51022480269 #### Resource Data - Category: probable - Tonnes: 7000000 - Grade: 0.24 - Grade Unit: g/t - Contained Metal: 55 - Contained Unit: koz #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-16T00:00:00.000Z Reasoning: The gold grade at La Colorada's probable reserve is low, indicating it's a minor component. - Negative factor: Low gold grade for a probable reserve. Evidence · table > 0.24 Context: 7.0 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### proven [Link to this fact](https://atlas-staging.minestarters.com/news/pan-american-silver-reports-mineral-reserves-and-mineral-resources-as-at-june-30--0dbd6fd1-840d-44d2-b69a-0185b965929e#fact-resource-facts-4) Juanicipio · silver #### Identity - Project: Juanicipio - Commodity: silver - Region: mexico - Reported Region: Mexico - Ticker: PAAS.TO #### Resource scope - Estimate type: reserve - Reporting standards: jorc, ni\_43\_101 - QP Signed: Yes - Qualified person names: Paul Salmenmaki, Justin Glanvill, Christopher Emerson, Christopher Wright - Resource group id: resource:9e00f993b7fbd7da5dd1 - Ownership percent: 44 % #### Resource Data - Category: proven - Tonnes: 1000000 - Grade: 410 - Grade Unit: g/t - Contained Metal: 13.7 - Contained Unit: moz #### Prior Estimate - Resource Date: 2025-04-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-16T00:00:00.000Z Reasoning: Juanicipio's proven silver reserve is exceptionally high-grade and contributes significantly to the company's overall silver inventory, with JORC and NI 43-101 compliance. - Positive factor: Very high silver grade for a proven reserve. - Positive factor: Significant contained silver ounces. - Positive factor: Inclusion of Juanicipio is a major positive for the company's silver reserves. Evidence · table > 410 Context: 1.0 #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### proven [Link to this fact](https://atlas-staging.minestarters.com/news/pan-american-silver-reports-mineral-reserves-and-mineral-resources-as-at-june-30--0dbd6fd1-840d-44d2-b69a-0185b965929e#fact-resource-facts-5) Juanicipio · gold #### Identity - Project: Juanicipio - Commodity: gold - Region: mexico - Reported Region: Mexico - Ticker: PAAS.TO #### Resource scope - Estimate type: reserve - Reporting standards: jorc, ni\_43\_101 - QP Signed: Yes - Qualified person names: Paul Salmenmaki, Justin Glanvill, Christopher Emerson, Christopher Wright - Resource group id: resource:9e00f993b7fbd7da5dd1 - Ownership percent: 44 % #### Resource Data - Category: proven - Tonnes: 1000000 - Grade: 1.3 - Grade Unit: g/t - Contained Metal: 43 - Contained Unit: koz #### Prior Estimate - Resource Date: 2025-04-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-16T00:00:00.000Z Reasoning: Juanicipio's proven gold reserve shows a good grade, contributing to the overall gold inventory. - Positive factor: Good gold grade for a proven reserve. Evidence · table > 1.30 Context: 1.0 #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/pan-american-silver-reports-mineral-reserves-and-mineral-resources-as-at-june-30--0dbd6fd1-840d-44d2-b69a-0185b965929e#fact-resource-facts-6) Juanicipio · silver #### Identity - Project: Juanicipio - Commodity: silver - Region: mexico - Reported Region: Mexico - Ticker: PAAS.TO #### Resource scope - Estimate type: reserve - Reporting standards: jorc, ni\_43\_101 - QP Signed: Yes - Qualified person names: Paul Salmenmaki, Justin Glanvill, Christopher Emerson, Christopher Wright - Resource group id: resource:3c0ac8f20f9a9daaebd3 - Ownership percent: 44 % #### Resource Data - Category: probable - Tonnes: 8199999.999999999 - Grade: 169 - Grade Unit: g/t - Contained Metal: 44.6 - Contained Unit: moz #### Prior Estimate - Resource Date: 2025-04-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-16T00:00:00.000Z Reasoning: Juanicipio's probable silver reserve is high-grade and adds substantial contained metal, bolstering the company's silver inventory. - Positive factor: High silver grade and significant contained metal in probable reserves. - Positive factor: Inclusion of Juanicipio is a major positive for the company's silver reserves. Evidence · table > 169 Context: 8.2 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/pan-american-silver-reports-mineral-reserves-and-mineral-resources-as-at-june-30--0dbd6fd1-840d-44d2-b69a-0185b965929e#fact-resource-facts-7) Juanicipio · gold #### Identity - Project: Juanicipio - Commodity: gold - Region: mexico - Reported Region: Mexico - Ticker: PAAS.TO #### Resource scope - Estimate type: reserve - Reporting standards: jorc, ni\_43\_101 - QP Signed: Yes - Qualified person names: Paul Salmenmaki, Justin Glanvill, Christopher Emerson, Christopher Wright - Resource group id: resource:3c0ac8f20f9a9daaebd3 - Ownership percent: 44 % #### Resource Data - Category: probable - Tonnes: 8199999.999999999 - Grade: 1.41 - Grade Unit: g/t - Contained Metal: 373 - Contained Unit: koz #### Prior Estimate - Resource Date: 2025-04-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-16T00:00:00.000Z Reasoning: Juanicipio's probable gold reserve shows a good grade and substantial contained gold, contributing positively to the gold inventory. - Positive factor: Good gold grade and significant contained gold ounces in probable reserves. Evidence · table > 1.41 Context: 8.2 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### proven [Link to this fact](https://atlas-staging.minestarters.com/news/pan-american-silver-reports-mineral-reserves-and-mineral-resources-as-at-june-30--0dbd6fd1-840d-44d2-b69a-0185b965929e#fact-resource-facts-8) Huaron · silver #### Identity - Project: Huaron - Commodity: silver - Region: perú - Reported Region: Perú - Ticker: PAAS.TO #### Resource scope - Estimate type: reserve - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Paul Salmenmaki, Justin Glanvill, Christopher Emerson, Christopher Wright - Resource group id: resource:acb5398c94d6587da329 #### Resource Data - Category: proven - Tonnes: 4500000 - Grade: 138 - Grade Unit: g/t - Contained Metal: 19.8 - Contained Unit: moz #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-16T00:00:00.000Z Reasoning: Huaron's proven silver reserve is a solid contributor to the company's silver inventory, with good grade and contained metal. - Positive factor: Good silver grade and contained metal for a proven reserve. Evidence · table > 138 Context: 4.5 #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/pan-american-silver-reports-mineral-reserves-and-mineral-resources-as-at-june-30--0dbd6fd1-840d-44d2-b69a-0185b965929e#fact-resource-facts-9) Huaron · silver #### Identity - Project: Huaron - Commodity: silver - Region: perú - Reported Region: Perú - Ticker: PAAS.TO #### Resource scope - Estimate type: reserve - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Paul Salmenmaki, Justin Glanvill, Christopher Emerson, Christopher Wright - Resource group id: resource:cf0a0fddc04d9e3b0f92 #### Resource Data - Category: probable - Tonnes: 5500000 - Grade: 129 - Grade Unit: g/t - Contained Metal: 22.8 - Contained Unit: moz #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-16T00:00:00.000Z Reasoning: Huaron's probable silver reserve provides a good contribution to the company's silver inventory, with solid grade and contained metal. - Positive factor: Good silver grade and contained metal for a probable reserve. Evidence · table > 129 Context: 5.5 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### proven [Link to this fact](https://atlas-staging.minestarters.com/news/pan-american-silver-reports-mineral-reserves-and-mineral-resources-as-at-june-30--0dbd6fd1-840d-44d2-b69a-0185b965929e#fact-resource-facts-10) Cerro Moro · silver #### Identity - Project: Cerro Moro - Commodity: silver - Region: argentina - Reported Region: Argentina - Ticker: PAAS.TO #### Resource scope - Estimate type: reserve - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Paul Salmenmaki, Justin Glanvill, Christopher Emerson, Christopher Wright - Resource group id: resource:0fa1a7f4148dd7877e32 #### Resource Data - Category: proven - Tonnes: 300000 - Grade: 199 - Grade Unit: g/t - Contained Metal: 1.9 - Contained Unit: moz #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-16T00:00:00.000Z Reasoning: Cerro Moro's proven silver reserve has a high grade, contributing to the overall silver inventory, though the tonnage is smaller. - Positive factor: High silver grade for a proven reserve. Evidence · table > 199 Context: 0.3 #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### proven [Link to this fact](https://atlas-staging.minestarters.com/news/pan-american-silver-reports-mineral-reserves-and-mineral-resources-as-at-june-30--0dbd6fd1-840d-44d2-b69a-0185b965929e#fact-resource-facts-11) Cerro Moro · gold #### Identity - Project: Cerro Moro - Commodity: gold - Region: argentina - Reported Region: Argentina - Ticker: PAAS.TO #### Resource scope - Estimate type: reserve - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Paul Salmenmaki, Justin Glanvill, Christopher Emerson, Christopher Wright - Resource group id: resource:0fa1a7f4148dd7877e32 #### Resource Data - Category: proven - Tonnes: 300000 - Grade: 5.27 - Grade Unit: g/t - Contained Metal: 50 - Contained Unit: koz #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-16T00:00:00.000Z Reasoning: Cerro Moro's proven gold reserve has a high grade, making it a valuable contributor to the gold inventory despite smaller tonnage. - Positive factor: High gold grade for a proven reserve. Evidence · table > 5.27 Context: 0.3 #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/pan-american-silver-reports-mineral-reserves-and-mineral-resources-as-at-june-30--0dbd6fd1-840d-44d2-b69a-0185b965929e#fact-resource-facts-12) Cerro Moro · silver #### Identity - Project: Cerro Moro - Commodity: silver - Region: argentina - Reported Region: Argentina - Ticker: PAAS.TO #### Resource scope - Estimate type: reserve - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Paul Salmenmaki, Justin Glanvill, Christopher Emerson, Christopher Wright - Resource group id: resource:9ef2791c084f0c91143a #### Resource Data - Category: probable - Tonnes: 800000 - Grade: 181 - Grade Unit: g/t - Contained Metal: 4.7 - Contained Unit: moz #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-16T00:00:00.000Z Reasoning: Cerro Moro's probable silver reserve maintains a high grade, contributing to the silver inventory. - Positive factor: High silver grade for a probable reserve. Evidence · table > 181 Context: 0.8 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/pan-american-silver-reports-mineral-reserves-and-mineral-resources-as-at-june-30--0dbd6fd1-840d-44d2-b69a-0185b965929e#fact-resource-facts-13) Cerro Moro · gold #### Identity - Project: Cerro Moro - Commodity: gold - Region: argentina - Reported Region: Argentina - Ticker: PAAS.TO #### Resource scope - Estimate type: reserve - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Paul Salmenmaki, Justin Glanvill, Christopher Emerson, Christopher Wright - Resource group id: resource:9ef2791c084f0c91143a #### Resource Data - Category: probable - Tonnes: 800000 - Grade: 4.31 - Grade Unit: g/t - Contained Metal: 112 - Contained Unit: koz #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-16T00:00:00.000Z Reasoning: Cerro Moro's probable gold reserve shows a high grade and good contained metal, making it a strong contributor to the gold inventory. - Positive factor: High gold grade and good contained metal for a probable reserve. Evidence · table > 4.31 Context: 0.8 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### proven [Link to this fact](https://atlas-staging.minestarters.com/news/pan-american-silver-reports-mineral-reserves-and-mineral-resources-as-at-june-30--0dbd6fd1-840d-44d2-b69a-0185b965929e#fact-resource-facts-14) San Vicente · silver #### Identity - Project: San Vicente - Commodity: silver - Region: bolivia - Reported Region: Bolivia - Ticker: PAAS.TO #### Resource scope - Estimate type: reserve - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Paul Salmenmaki, Justin Glanvill, Christopher Emerson, Christopher Wright - Resource group id: resource:04899a026a8245b82365 - Ownership percent: 95 % #### Resource Data - Category: proven - Tonnes: 1300000 - Grade: 243 - Grade Unit: g/t - Contained Metal: 10.4 - Contained Unit: moz #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-16T00:00:00.000Z Reasoning: San Vicente's proven silver reserve is a strong contributor with high grade and good contained metal. - Positive factor: High silver grade and good contained metal for a proven reserve. Evidence · table > 243 Context: 1.3 #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/pan-american-silver-reports-mineral-reserves-and-mineral-resources-as-at-june-30--0dbd6fd1-840d-44d2-b69a-0185b965929e#fact-resource-facts-15) San Vicente · silver #### Identity - Project: San Vicente - Commodity: silver - Region: bolivia - Reported Region: Bolivia - Ticker: PAAS.TO #### Resource scope - Estimate type: reserve - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Paul Salmenmaki, Justin Glanvill, Christopher Emerson, Christopher Wright - Resource group id: resource:c4b16fb6648878bfa53a - Ownership percent: 95 % #### Resource Data - Category: probable - Tonnes: 400000 - Grade: 249 - Grade Unit: g/t - Contained Metal: 2.8 - Contained Unit: moz #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-16T00:00:00.000Z Reasoning: San Vicente's probable silver reserve maintains a high grade, contributing to the silver inventory despite smaller tonnage. - Positive factor: High silver grade for a probable reserve. Evidence · table > 249 Context: 0.4 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### proven [Link to this fact](https://atlas-staging.minestarters.com/news/pan-american-silver-reports-mineral-reserves-and-mineral-resources-as-at-june-30--0dbd6fd1-840d-44d2-b69a-0185b965929e#fact-resource-facts-16) Escobal · silver #### Identity - Project: Escobal - Commodity: silver - Region: guatemala - Reported Region: Guatemala - Ticker: PAAS.TO #### Resource scope - Estimate type: reserve - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Paul Salmenmaki, Justin Glanvill, Christopher Emerson, Christopher Wright - Resource group id: resource:a2e4e44a25880464b8b8 #### Resource Data - Category: proven - Tonnes: 2500000 - Grade: 486 - Grade Unit: g/t - Contained Metal: 39.5 - Contained Unit: moz #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-16T00:00:00.000Z Reasoning: Escobal's proven silver reserve is exceptionally high-grade and contributes significantly to the company's silver inventory. - Positive factor: Exceptionally high silver grade for a proven reserve. - Positive factor: Significant contained silver ounces. Evidence · table > 486 Context: 2.5 #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### proven [Link to this fact](https://atlas-staging.minestarters.com/news/pan-american-silver-reports-mineral-reserves-and-mineral-resources-as-at-june-30--0dbd6fd1-840d-44d2-b69a-0185b965929e#fact-resource-facts-17) Escobal · gold #### Identity - Project: Escobal - Commodity: gold - Region: guatemala - Reported Region: Guatemala - Ticker: PAAS.TO #### Resource scope - Estimate type: reserve - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Paul Salmenmaki, Justin Glanvill, Christopher Emerson, Christopher Wright - Resource group id: resource:a2e4e44a25880464b8b8 #### Resource Data - Category: proven - Tonnes: 2500000 - Grade: 0.42 - Grade Unit: g/t - Contained Metal: 34 - Contained Unit: koz #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-16T00:00:00.000Z Reasoning: The gold grade at Escobal's proven reserve is low, indicating it's a minor byproduct. - Negative factor: Low gold grade for a proven reserve. Evidence · table > 0.42 Context: 2.5 #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/pan-american-silver-reports-mineral-reserves-and-mineral-resources-as-at-june-30--0dbd6fd1-840d-44d2-b69a-0185b965929e#fact-resource-facts-18) Escobal · silver #### Identity - Project: Escobal - Commodity: silver - Region: guatemala - Reported Region: Guatemala - Ticker: PAAS.TO #### Resource scope - Estimate type: reserve - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Paul Salmenmaki, Justin Glanvill, Christopher Emerson, Christopher Wright - Resource group id: resource:16ea79c3dabfc8a6f2b1 #### Resource Data - Category: probable - Tonnes: 22100000 - Grade: 316 - Grade Unit: g/t - Contained Metal: 225 - Contained Unit: moz #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-16T00:00:00.000Z Reasoning: Escobal's probable silver reserve is exceptionally high-grade and represents a very substantial portion of the company's silver inventory. - Positive factor: Exceptionally high silver grade and very significant contained metal for a probable reserve. Evidence · table > 316 Context: 22.1 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/pan-american-silver-reports-mineral-reserves-and-mineral-resources-as-at-june-30--0dbd6fd1-840d-44d2-b69a-0185b965929e#fact-resource-facts-19) Escobal · gold #### Identity - Project: Escobal - Commodity: gold - Region: guatemala - Reported Region: Guatemala - Ticker: PAAS.TO #### Resource scope - Estimate type: reserve - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Paul Salmenmaki, Justin Glanvill, Christopher Emerson, Christopher Wright - Resource group id: resource:16ea79c3dabfc8a6f2b1 #### Resource Data - Category: probable - Tonnes: 22100000 - Grade: 0.34 - Grade Unit: g/t - Contained Metal: 244 - Contained Unit: koz #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-16T00:00:00.000Z Reasoning: The gold grade at Escobal's probable reserve is low, indicating it's a minor byproduct. - Negative factor: Low gold grade for a probable reserve. Evidence · table > 0.34 Context: 22.1 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### proven [Link to this fact](https://atlas-staging.minestarters.com/news/pan-american-silver-reports-mineral-reserves-and-mineral-resources-as-at-june-30--0dbd6fd1-840d-44d2-b69a-0185b965929e#fact-resource-facts-20) Jacobina · gold #### Identity - Project: Jacobina - Commodity: gold - Region: brazil - Reported Region: Brazil - Ticker: PAAS.TO #### Resource scope - Estimate type: reserve - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Paul Salmenmaki, Justin Glanvill, Christopher Emerson, Christopher Wright - Resource group id: resource:3d388be9bcde54d6cb71 #### Resource Data - Category: proven - Tonnes: 14100000 - Grade: 1.71 - Grade Unit: g/t - Contained Metal: 778 - Contained Unit: koz #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-16T00:00:00.000Z Reasoning: Jacobina's proven gold reserve is a strong asset with good grade and substantial contained gold. - Positive factor: Good gold grade and significant contained gold ounces for a proven reserve. Evidence · table > 1.71 Context: 14.1 #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/pan-american-silver-reports-mineral-reserves-and-mineral-resources-as-at-june-30--0dbd6fd1-840d-44d2-b69a-0185b965929e#fact-resource-facts-21) Jacobina · gold #### Identity - Project: Jacobina - Commodity: gold - Region: brazil - Reported Region: Brazil - Ticker: PAAS.TO #### Resource scope - Estimate type: reserve - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Paul Salmenmaki, Justin Glanvill, Christopher Emerson, Christopher Wright - Resource group id: resource:bf427817b8e2f935fa5f #### Resource Data - Category: probable - Tonnes: 41000000 - Grade: 1.74 - Grade Unit: g/t - Contained Metal: 2295 - Contained Unit: koz #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-16T00:00:00.000Z Reasoning: Jacobina's probable gold reserve is a very strong asset with good grade and substantial contained gold, making it a key contributor. - Positive factor: Good gold grade and very significant contained gold ounces for a probable reserve. Evidence · table > 1.74 Context: 41.0 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### proven [Link to this fact](https://atlas-staging.minestarters.com/news/pan-american-silver-reports-mineral-reserves-and-mineral-resources-as-at-june-30--0dbd6fd1-840d-44d2-b69a-0185b965929e#fact-resource-facts-22) Timmins · gold #### Identity - Project: Timmins - Commodity: gold - Region: canada - Reported Region: Canada - Ticker: PAAS.TO #### Resource scope - Estimate type: reserve - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Paul Salmenmaki, Justin Glanvill, Christopher Emerson, Christopher Wright - Resource group id: resource:404b73a31adba6ed2b38 #### Resource Data - Category: proven - Tonnes: 3700000 - Grade: 2.8 - Grade Unit: g/t - Contained Metal: 334 - Contained Unit: koz #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-16T00:00:00.000Z Reasoning: Timmins' proven gold reserve shows a high grade and good contained gold, making it a valuable asset. - Positive factor: High gold grade and good contained gold ounces for a proven reserve. Evidence · table > 2.80 Context: 3.7 #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/pan-american-silver-reports-mineral-reserves-and-mineral-resources-as-at-june-30--0dbd6fd1-840d-44d2-b69a-0185b965929e#fact-resource-facts-23) Timmins · gold #### Identity - Project: Timmins - Commodity: gold - Region: canada - Reported Region: Canada - Ticker: PAAS.TO #### Resource scope - Estimate type: reserve - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Paul Salmenmaki, Justin Glanvill, Christopher Emerson, Christopher Wright - Resource group id: resource:917d39d075af198bbae3 #### Resource Data - Category: probable - Tonnes: 4500000 - Grade: 2.76 - Grade Unit: g/t - Contained Metal: 399 - Contained Unit: koz #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-16T00:00:00.000Z Reasoning: Timmins' probable gold reserve maintains a high grade and good contained gold, contributing significantly to the gold inventory. - Positive factor: High gold grade and good contained gold ounces for a probable reserve. Evidence · table > 2.76 Context: 4.5 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### proven [Link to this fact](https://atlas-staging.minestarters.com/news/pan-american-silver-reports-mineral-reserves-and-mineral-resources-as-at-june-30--0dbd6fd1-840d-44d2-b69a-0185b965929e#fact-resource-facts-24) El Peñon · silver #### Identity - Project: El Peñon - Commodity: silver - Region: chile - Reported Region: Chile - Ticker: PAAS.TO #### Resource scope - Estimate type: reserve - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Paul Salmenmaki, Justin Glanvill, Christopher Emerson, Christopher Wright - Resource group id: resource:dbb3a43f88d9a05e31cd #### Resource Data - Category: proven - Tonnes: 1000000 - Grade: 169 - Grade Unit: g/t - Contained Metal: 5.5 - Contained Unit: moz #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-16T00:00:00.000Z Reasoning: El Peñon's proven silver reserve has a high grade, contributing to the silver inventory. - Positive factor: High silver grade for a proven reserve. Evidence · table > 169 Context: 1.0 #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### proven [Link to this fact](https://atlas-staging.minestarters.com/news/pan-american-silver-reports-mineral-reserves-and-mineral-resources-as-at-june-30--0dbd6fd1-840d-44d2-b69a-0185b965929e#fact-resource-facts-25) El Peñon · gold #### Identity - Project: El Peñon - Commodity: gold - Region: chile - Reported Region: Chile - Ticker: PAAS.TO #### Resource scope - Estimate type: reserve - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Paul Salmenmaki, Justin Glanvill, Christopher Emerson, Christopher Wright - Resource group id: resource:dbb3a43f88d9a05e31cd #### Resource Data - Category: proven - Tonnes: 1000000 - Grade: 4.28 - Grade Unit: g/t - Contained Metal: 140 - Contained Unit: koz #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-16T00:00:00.000Z Reasoning: El Peñon's proven gold reserve has a high grade and good contained metal, making it a valuable asset. - Positive factor: High gold grade and good contained metal for a proven reserve. Evidence · table > 4.28 Context: 1.0 #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/pan-american-silver-reports-mineral-reserves-and-mineral-resources-as-at-june-30--0dbd6fd1-840d-44d2-b69a-0185b965929e#fact-resource-facts-26) El Peñon · silver #### Identity - Project: El Peñon - Commodity: silver - Region: chile - Reported Region: Chile - Ticker: PAAS.TO #### Resource scope - Estimate type: reserve - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Paul Salmenmaki, Justin Glanvill, Christopher Emerson, Christopher Wright - Resource group id: resource:db4de894bb6a445d2e94 #### Resource Data - Category: probable - Tonnes: 2900000 - Grade: 106 - Grade Unit: g/t - Contained Metal: 9.7 - Contained Unit: moz #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-16T00:00:00.000Z Reasoning: El Peñon's probable silver reserve has a good grade, contributing to the silver inventory. - Positive factor: Good silver grade for a probable reserve. Evidence · table > 106 Context: 2.9 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/pan-american-silver-reports-mineral-reserves-and-mineral-resources-as-at-june-30--0dbd6fd1-840d-44d2-b69a-0185b965929e#fact-resource-facts-27) El Peñon · gold #### Identity - Project: El Peñon - Commodity: gold - Region: chile - Reported Region: Chile - Ticker: PAAS.TO #### Resource scope - Estimate type: reserve - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Paul Salmenmaki, Justin Glanvill, Christopher Emerson, Christopher Wright - Resource group id: resource:db4de894bb6a445d2e94 #### Resource Data - Category: probable - Tonnes: 2900000 - Grade: 3.24 - Grade Unit: g/t - Contained Metal: 298 - Contained Unit: koz #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-16T00:00:00.000Z Reasoning: El Peñon's probable gold reserve has a high grade and good contained metal, making it a strong contributor to the gold inventory. - Positive factor: High gold grade and good contained metal for a probable reserve. Evidence · table > 3.24 Context: 2.9 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### proven [Link to this fact](https://atlas-staging.minestarters.com/news/pan-american-silver-reports-mineral-reserves-and-mineral-resources-as-at-june-30--0dbd6fd1-840d-44d2-b69a-0185b965929e#fact-resource-facts-28) Minera Florida · silver #### Identity - Project: Minera Florida - Commodity: silver - Region: chile - Reported Region: Chile - Ticker: PAAS.TO #### Resource scope - Estimate type: reserve - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Paul Salmenmaki, Justin Glanvill, Christopher Emerson, Christopher Wright - Resource group id: resource:9d67c156af828aa6e7cc #### Resource Data - Category: proven - Tonnes: 600000 - Grade: 21 - Grade Unit: g/t - Contained Metal: 0.4 - Contained Unit: moz #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-16T00:00:00.000Z Reasoning: Minera Florida's proven silver reserve has a very low grade, indicating it's a minor byproduct. - Negative factor: Low silver grade for a proven reserve. Evidence · table > 21 Context: 0.6 #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### proven [Link to this fact](https://atlas-staging.minestarters.com/news/pan-american-silver-reports-mineral-reserves-and-mineral-resources-as-at-june-30--0dbd6fd1-840d-44d2-b69a-0185b965929e#fact-resource-facts-29) Minera Florida · gold #### Identity - Project: Minera Florida - Commodity: gold - Region: chile - Reported Region: Chile - Ticker: PAAS.TO #### Resource scope - Estimate type: reserve - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Paul Salmenmaki, Justin Glanvill, Christopher Emerson, Christopher Wright - Resource group id: resource:9d67c156af828aa6e7cc #### Resource Data - Category: proven - Tonnes: 600000 - Grade: 2.94 - Grade Unit: g/t - Contained Metal: 55 - Contained Unit: koz #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-16T00:00:00.000Z Reasoning: Minera Florida's proven gold reserve has a high grade, making it a valuable contributor to the gold inventory. - Positive factor: High gold grade for a proven reserve. Evidence · table > 2.94 Context: 0.6 #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/pan-american-silver-reports-mineral-reserves-and-mineral-resources-as-at-june-30--0dbd6fd1-840d-44d2-b69a-0185b965929e#fact-resource-facts-30) Minera Florida · silver #### Identity - Project: Minera Florida - Commodity: silver - Region: chile - Reported Region: Chile - Ticker: PAAS.TO #### Resource scope - Estimate type: reserve - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Paul Salmenmaki, Justin Glanvill, Christopher Emerson, Christopher Wright - Resource group id: resource:0d17e98099c621b68fb3 #### Resource Data - Category: probable - Tonnes: 2500000 - Grade: 21 - Grade Unit: g/t - Contained Metal: 1.7 - Contained Unit: moz #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-16T00:00:00.000Z Reasoning: Minera Florida's probable silver reserve has a very low grade, indicating it's a minor byproduct. - Negative factor: Low silver grade for a probable reserve. Evidence · table > 21 Context: 2.5 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/pan-american-silver-reports-mineral-reserves-and-mineral-resources-as-at-june-30--0dbd6fd1-840d-44d2-b69a-0185b965929e#fact-resource-facts-31) Minera Florida · gold #### Identity - Project: Minera Florida - Commodity: gold - Region: chile - Reported Region: Chile - Ticker: PAAS.TO #### Resource scope - Estimate type: reserve - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Paul Salmenmaki, Justin Glanvill, Christopher Emerson, Christopher Wright - Resource group id: resource:0d17e98099c621b68fb3 #### Resource Data - Category: probable - Tonnes: 2500000 - Grade: 3 - Grade Unit: g/t - Contained Metal: 243 - Contained Unit: koz #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-16T00:00:00.000Z Reasoning: Minera Florida's probable gold reserve has a high grade and good contained metal, making it a strong contributor to the gold inventory. - Positive factor: High gold grade and good contained metal for a probable reserve. Evidence · table > 3.00 Context: 2.5 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### proven [Link to this fact](https://atlas-staging.minestarters.com/news/pan-american-silver-reports-mineral-reserves-and-mineral-resources-as-at-june-30--0dbd6fd1-840d-44d2-b69a-0185b965929e#fact-resource-facts-32) Shahuindo · silver #### Identity - Project: Shahuindo - Commodity: silver - Region: perú - Reported Region: Perú - Ticker: PAAS.TO #### Resource scope - Estimate type: reserve - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Paul Salmenmaki, Justin Glanvill, Christopher Emerson, Christopher Wright - Resource group id: resource:d3f3506d5123232df535 #### Resource Data - Category: proven - Tonnes: 37000000 - Grade: 8 - Grade Unit: g/t - Contained Metal: 9.5 - Contained Unit: moz #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-16T00:00:00.000Z Reasoning: Shahuindo's proven silver reserve has a very low grade, indicating it's a minor byproduct. - Negative factor: Very low silver grade for a proven reserve. Evidence · table > 8 Context: 37.0 #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### proven [Link to this fact](https://atlas-staging.minestarters.com/news/pan-american-silver-reports-mineral-reserves-and-mineral-resources-as-at-june-30--0dbd6fd1-840d-44d2-b69a-0185b965929e#fact-resource-facts-33) Shahuindo · gold #### Identity - Project: Shahuindo - Commodity: gold - Region: perú - Reported Region: Perú - Ticker: PAAS.TO #### Resource scope - Estimate type: reserve - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Paul Salmenmaki, Justin Glanvill, Christopher Emerson, Christopher Wright - Resource group id: resource:d3f3506d5123232df535 #### Resource Data - Category: proven - Tonnes: 37000000 - Grade: 0.48 - Grade Unit: g/t - Contained Metal: 572 - Contained Unit: koz #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-16T00:00:00.000Z Reasoning: Shahuindo's proven gold reserve has a low grade but contributes a significant amount of contained gold. - Positive factor: Significant contained gold ounces for a proven reserve. - Negative factor: Low gold grade for a proven reserve. Evidence · table > 0.48 Context: 37.0 #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/pan-american-silver-reports-mineral-reserves-and-mineral-resources-as-at-june-30--0dbd6fd1-840d-44d2-b69a-0185b965929e#fact-resource-facts-34) Shahuindo · silver #### Identity - Project: Shahuindo - Commodity: silver - Region: perú - Reported Region: Perú - Ticker: PAAS.TO #### Resource scope - Estimate type: reserve - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Paul Salmenmaki, Justin Glanvill, Christopher Emerson, Christopher Wright - Resource group id: resource:cba1ad364d9ea70f70c5 #### Resource Data - Category: probable - Tonnes: 39900000 - Grade: 4 - Grade Unit: g/t - Contained Metal: 4.9 - Contained Unit: moz #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-16T00:00:00.000Z Reasoning: Shahuindo's probable silver reserve has a very low grade, indicating it's a minor byproduct. - Negative factor: Very low silver grade for a probable reserve. Evidence · table > 4 Context: 39.9 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/pan-american-silver-reports-mineral-reserves-and-mineral-resources-as-at-june-30--0dbd6fd1-840d-44d2-b69a-0185b965929e#fact-resource-facts-35) Shahuindo · gold #### Identity - Project: Shahuindo - Commodity: gold - Region: perú - Reported Region: Perú - Ticker: PAAS.TO #### Resource scope - Estimate type: reserve - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Paul Salmenmaki, Justin Glanvill, Christopher Emerson, Christopher Wright - Resource group id: resource:cba1ad364d9ea70f70c5 #### Resource Data - Category: probable - Tonnes: 39900000 - Grade: 0.22 - Grade Unit: g/t - Contained Metal: 277 - Contained Unit: koz #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-16T00:00:00.000Z Reasoning: Shahuindo's probable gold reserve has a very low grade, contributing a smaller amount of contained gold. - Negative factor: Very low gold grade for a probable reserve. Evidence · table > 0.22 Context: 39.9 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/pan-american-silver-reports-mineral-reserves-and-mineral-resources-as-at-june-30--0dbd6fd1-840d-44d2-b69a-0185b965929e#fact-resource-facts-36) La Colorada · silver #### Identity - Project: La Colorada - Commodity: silver - Region: mexico - Reported Region: Mexico - Ticker: PAAS.TO #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Paul Salmenmaki, Justin Glanvill, Christopher Emerson, Christopher Wright - Resource group id: resource:dbe10477fe4ceab66a9d #### Resource Data - Category: measured - Tonnes: 300000 - Grade: 276 - Grade Unit: g/t - Contained Metal: 2.9 - Contained Unit: moz #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-16T00:00:00.000Z Reasoning: La Colorada's measured silver resource shows a high grade, contributing to the overall resource base. - Positive factor: High silver grade for a measured resource. Evidence · table > 276 Context: 0.3 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/pan-american-silver-reports-mineral-reserves-and-mineral-resources-as-at-june-30--0dbd6fd1-840d-44d2-b69a-0185b965929e#fact-resource-facts-37) La Colorada · gold #### Identity - Project: La Colorada - Commodity: gold - Region: mexico - Reported Region: Mexico - Ticker: PAAS.TO #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Paul Salmenmaki, Justin Glanvill, Christopher Emerson, Christopher Wright - Resource group id: resource:dbe10477fe4ceab66a9d #### Resource Data - Category: measured - Tonnes: 300000 - Grade: 0.13 - Grade Unit: g/t - Contained Metal: 1 - Contained Unit: koz #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-16T00:00:00.000Z Reasoning: The gold grade at La Colorada's measured resource is very low, indicating it's a minor byproduct. - Negative factor: Very low gold grade for a measured resource. Evidence · table > 0.13 Context: 0.3 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/pan-american-silver-reports-mineral-reserves-and-mineral-resources-as-at-june-30--0dbd6fd1-840d-44d2-b69a-0185b965929e#fact-resource-facts-38) La Colorada · silver #### Identity - Project: La Colorada - Commodity: silver - Region: mexico - Reported Region: Mexico - Ticker: PAAS.TO #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Paul Salmenmaki, Justin Glanvill, Christopher Emerson, Christopher Wright - Resource group id: resource:b99c179fb19b4d32376b #### Resource Data - Category: indicated - Tonnes: 700000 - Grade: 209 - Grade Unit: g/t - Contained Metal: 4.6 - Contained Unit: moz #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-16T00:00:00.000Z Reasoning: La Colorada's indicated silver resource shows a high grade, contributing to the overall resource base. - Positive factor: High silver grade for an indicated resource. Evidence · table > 209 Context: 0.7 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/pan-american-silver-reports-mineral-reserves-and-mineral-resources-as-at-june-30--0dbd6fd1-840d-44d2-b69a-0185b965929e#fact-resource-facts-39) La Colorada · gold #### Identity - Project: La Colorada - Commodity: gold - Region: mexico - Reported Region: Mexico - Ticker: PAAS.TO #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Paul Salmenmaki, Justin Glanvill, Christopher Emerson, Christopher Wright - Resource group id: resource:b99c179fb19b4d32376b #### Resource Data - Category: indicated - Tonnes: 700000 - Grade: 0.16 - Grade Unit: g/t - Contained Metal: 3 - Contained Unit: koz #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-16T00:00:00.000Z Reasoning: The gold grade at La Colorada's indicated resource is very low, indicating it's a minor byproduct. - Negative factor: Very low gold grade for an indicated resource. Evidence · table > 0.16 Context: 0.7 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/pan-american-silver-reports-mineral-reserves-and-mineral-resources-as-at-june-30--0dbd6fd1-840d-44d2-b69a-0185b965929e#fact-resource-facts-40) Juanicipio · silver #### Identity - Project: Juanicipio - Commodity: silver - Region: mexico - Reported Region: Mexico - Ticker: PAAS.TO #### Resource scope - Estimate type: resource - Reporting standards: jorc, ni\_43\_101 - QP Signed: Yes - Qualified person names: Paul Salmenmaki, Justin Glanvill, Christopher Emerson, Christopher Wright - Resource group id: resource:107f9ad12f4decf8c8fd - Ownership percent: 44 % #### Resource Data - Category: measured - Tonnes: 400000 - Grade: 566 - Grade Unit: g/t - Contained Metal: 6.4 - Contained Unit: moz #### Prior Estimate - Resource Date: 2025-04-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-16T00:00:00.000Z Reasoning: Juanicipio's measured silver resource is exceptionally high-grade and contributes significantly to the company's overall silver inventory, with JORC and NI 43-101 compliance. - Positive factor: Exceptionally high silver grade for a measured resource. - Positive factor: Inclusion of Juanicipio is a major positive for the company's silver resources. Evidence · table > 566 Context: 0.4 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/pan-american-silver-reports-mineral-reserves-and-mineral-resources-as-at-june-30--0dbd6fd1-840d-44d2-b69a-0185b965929e#fact-resource-facts-41) Juanicipio · gold #### Identity - Project: Juanicipio - Commodity: gold - Region: mexico - Reported Region: Mexico - Ticker: PAAS.TO #### Resource scope - Estimate type: resource - Reporting standards: jorc, ni\_43\_101 - QP Signed: Yes - Qualified person names: Paul Salmenmaki, Justin Glanvill, Christopher Emerson, Christopher Wright - Resource group id: resource:107f9ad12f4decf8c8fd - Ownership percent: 44 % #### Resource Data - Category: measured - Tonnes: 400000 - Grade: 1.48 - Grade Unit: g/t - Contained Metal: 17 - Contained Unit: koz #### Prior Estimate - Resource Date: 2025-04-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-16T00:00:00.000Z Reasoning: Juanicipio's measured gold resource shows a good grade, contributing to the overall gold inventory. - Positive factor: Good gold grade for a measured resource. Evidence · table > 1.48 Context: 0.4 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/pan-american-silver-reports-mineral-reserves-and-mineral-resources-as-at-june-30--0dbd6fd1-840d-44d2-b69a-0185b965929e#fact-resource-facts-42) Juanicipio · silver #### Identity - Project: Juanicipio - Commodity: silver - Region: mexico - Reported Region: Mexico - Ticker: PAAS.TO #### Resource scope - Estimate type: resource - Reporting standards: jorc, ni\_43\_101 - QP Signed: Yes - Qualified person names: Paul Salmenmaki, Justin Glanvill, Christopher Emerson, Christopher Wright - Resource group id: resource:d309a0e8fd78ac450848 - Ownership percent: 44 % #### Resource Data - Category: indicated - Tonnes: 700000 - Grade: 190 - Grade Unit: g/t - Contained Metal: 4.6 - Contained Unit: moz #### Prior Estimate - Resource Date: 2025-04-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-16T00:00:00.000Z Reasoning: Juanicipio's indicated silver resource is high-grade and adds substantial contained metal, bolstering the company's silver inventory. - Positive factor: High silver grade for an indicated resource. - Positive factor: Inclusion of Juanicipio is a major positive for the company's silver resources. Evidence · table > 190 Context: 0.7 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/pan-american-silver-reports-mineral-reserves-and-mineral-resources-as-at-june-30--0dbd6fd1-840d-44d2-b69a-0185b965929e#fact-resource-facts-43) Juanicipio · gold #### Identity - Project: Juanicipio - Commodity: gold - Region: mexico - Reported Region: Mexico - Ticker: PAAS.TO #### Resource scope - Estimate type: resource - Reporting standards: jorc, ni\_43\_101 - QP Signed: Yes - Qualified person names: Paul Salmenmaki, Justin Glanvill, Christopher Emerson, Christopher Wright - Resource group id: resource:d309a0e8fd78ac450848 - Ownership percent: 44 % #### Resource Data - Category: indicated - Tonnes: 700000 - Grade: 1.36 - Grade Unit: g/t - Contained Metal: 33 - Contained Unit: koz #### Prior Estimate - Resource Date: 2025-04-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-16T00:00:00.000Z Reasoning: Juanicipio's indicated gold resource shows a good grade, contributing to the overall gold inventory. - Positive factor: Good gold grade for an indicated resource. Evidence · table > 1.36 Context: 0.7 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/pan-american-silver-reports-mineral-reserves-and-mineral-resources-as-at-june-30--0dbd6fd1-840d-44d2-b69a-0185b965929e#fact-resource-facts-44) Huaron · silver #### Identity - Project: Huaron - Commodity: silver - Region: perú - Reported Region: Perú - Ticker: PAAS.TO #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Paul Salmenmaki, Justin Glanvill, Christopher Emerson, Christopher Wright - Resource group id: resource:9918bdf4d54b6d0c15a5 #### Resource Data - Category: measured - Tonnes: 1400000 - Grade: 92 - Grade Unit: g/t - Contained Metal: 4.1 - Contained Unit: moz #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-16T00:00:00.000Z Reasoning: Huaron's measured silver resource is a solid contributor to the company's silver inventory. - Positive factor: Good silver grade for a measured resource. Evidence · table > 92 Context: 1.4 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/pan-american-silver-reports-mineral-reserves-and-mineral-resources-as-at-june-30--0dbd6fd1-840d-44d2-b69a-0185b965929e#fact-resource-facts-45) Huaron · silver #### Identity - Project: Huaron - Commodity: silver - Region: perú - Reported Region: Perú - Ticker: PAAS.TO #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Paul Salmenmaki, Justin Glanvill, Christopher Emerson, Christopher Wright - Resource group id: resource:6d3ab50d3af1823aa4b2 #### Resource Data - Category: indicated - Tonnes: 3600000 - Grade: 90 - Grade Unit: g/t - Contained Metal: 10.4 - Contained Unit: moz #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-16T00:00:00.000Z Reasoning: Huaron's indicated silver resource provides a good contribution to the company's silver inventory. - Positive factor: Good silver grade and contained metal for an indicated resource. Evidence · table > 90 Context: 3.6 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/pan-american-silver-reports-mineral-reserves-and-mineral-resources-as-at-june-30--0dbd6fd1-840d-44d2-b69a-0185b965929e#fact-resource-facts-46) Cerro Moro · silver #### Identity - Project: Cerro Moro - Commodity: silver - Region: argentina - Reported Region: Argentina - Ticker: PAAS.TO #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Paul Salmenmaki, Justin Glanvill, Christopher Emerson, Christopher Wright - Resource group id: resource:ee3d190cbfb14fa9b498 #### Resource Data - Category: measured - Tonnes: 100000 - Grade: 174 - Grade Unit: g/t - Contained Metal: 0.4 - Contained Unit: moz #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-16T00:00:00.000Z Reasoning: Cerro Moro's measured silver resource has a high grade, contributing to the overall silver inventory, though the tonnage is small. - Positive factor: High silver grade for a measured resource. Evidence · table > 174 Context: 0.1 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/pan-american-silver-reports-mineral-reserves-and-mineral-resources-as-at-june-30--0dbd6fd1-840d-44d2-b69a-0185b965929e#fact-resource-facts-47) Cerro Moro · gold #### Identity - Project: Cerro Moro - Commodity: gold - Region: argentina - Reported Region: Argentina - Ticker: PAAS.TO #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Paul Salmenmaki, Justin Glanvill, Christopher Emerson, Christopher Wright - Resource group id: resource:ee3d190cbfb14fa9b498 #### Resource Data - Category: measured - Tonnes: 100000 - Grade: 4.77 - Grade Unit: g/t - Contained Metal: 11 - Contained Unit: koz #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-16T00:00:00.000Z Reasoning: Cerro Moro's measured gold resource has a high grade, making it a valuable contributor to the gold inventory despite small tonnage. - Positive factor: High gold grade for a measured resource. Evidence · table > 4.77 Context: 0.1 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/pan-american-silver-reports-mineral-reserves-and-mineral-resources-as-at-june-30--0dbd6fd1-840d-44d2-b69a-0185b965929e#fact-resource-facts-48) Cerro Moro · silver #### Identity - Project: Cerro Moro - Commodity: silver - Region: argentina - Reported Region: Argentina - Ticker: PAAS.TO #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Paul Salmenmaki, Justin Glanvill, Christopher Emerson, Christopher Wright - Resource group id: resource:be4ea1b55d5f40715546 #### Resource Data - Category: indicated - Tonnes: 600000 - Grade: 212 - Grade Unit: g/t - Contained Metal: 4.2 - Contained Unit: moz #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-16T00:00:00.000Z Reasoning: Cerro Moro's indicated silver resource maintains a high grade, contributing to the silver inventory. - Positive factor: High silver grade for an indicated resource. Evidence · table > 212 Context: 0.6 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/pan-american-silver-reports-mineral-reserves-and-mineral-resources-as-at-june-30--0dbd6fd1-840d-44d2-b69a-0185b965929e#fact-resource-facts-49) Cerro Moro · gold #### Identity - Project: Cerro Moro - Commodity: gold - Region: argentina - Reported Region: Argentina - Ticker: PAAS.TO #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Paul Salmenmaki, Justin Glanvill, Christopher Emerson, Christopher Wright - Resource group id: resource:be4ea1b55d5f40715546 #### Resource Data - Category: indicated - Tonnes: 600000 - Grade: 3.81 - Grade Unit: g/t - Contained Metal: 76 - Contained Unit: koz #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-16T00:00:00.000Z Reasoning: Cerro Moro's indicated gold resource shows a high grade and good contained metal, making it a strong contributor to the gold inventory. - Positive factor: High gold grade and good contained metal for an indicated resource. Evidence · table > 3.81 Context: 0.6 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/pan-american-silver-reports-mineral-reserves-and-mineral-resources-as-at-june-30--0dbd6fd1-840d-44d2-b69a-0185b965929e#fact-resource-facts-50) San Vicente · silver #### Identity - Project: San Vicente - Commodity: silver - Region: bolivia - Reported Region: Bolivia - Ticker: PAAS.TO #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Paul Salmenmaki, Justin Glanvill, Christopher Emerson, Christopher Wright - Resource group id: resource:efe0365c9443e0cad80d - Ownership percent: 95 % #### Resource Data - Category: measured - Tonnes: 600000 - Grade: 161 - Grade Unit: g/t - Contained Metal: 3.1 - Contained Unit: moz #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-16T00:00:00.000Z Reasoning: San Vicente's measured silver resource is a strong contributor with high grade and good contained metal. - Positive factor: High silver grade for a measured resource. Evidence · table > 161 Context: 0.6 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/pan-american-silver-reports-mineral-reserves-and-mineral-resources-as-at-june-30--0dbd6fd1-840d-44d2-b69a-0185b965929e#fact-resource-facts-51) San Vicente · silver #### Identity - Project: San Vicente - Commodity: silver - Region: bolivia - Reported Region: Bolivia - Ticker: PAAS.TO #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Paul Salmenmaki, Justin Glanvill, Christopher Emerson, Christopher Wright - Resource group id: resource:33e512f1865c1248dc3a - Ownership percent: 95 % #### Resource Data - Category: indicated - Tonnes: 300000 - Grade: 170 - Grade Unit: g/t - Contained Metal: 1.7 - Contained Unit: moz #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-16T00:00:00.000Z Reasoning: San Vicente's indicated silver resource maintains a high grade, contributing to the silver inventory despite smaller tonnage. - Positive factor: High silver grade for an indicated resource. Evidence · table > 170 Context: 0.3 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/pan-american-silver-reports-mineral-reserves-and-mineral-resources-as-at-june-30--0dbd6fd1-840d-44d2-b69a-0185b965929e#fact-resource-facts-52) Escobal · silver #### Identity - Project: Escobal - Commodity: silver - Region: guatemala - Reported Region: Guatemala - Ticker: PAAS.TO #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Paul Salmenmaki, Justin Glanvill, Christopher Emerson, Christopher Wright - Resource group id: resource:20c5b21f313f93f39769 #### Resource Data - Category: measured - Tonnes: 2300000 - Grade: 251 - Grade Unit: g/t - Contained Metal: 18.6 - Contained Unit: moz #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-16T00:00:00.000Z Reasoning: Escobal's measured silver resource is high-grade and contributes significantly to the company's silver inventory. - Positive factor: High silver grade and significant contained metal for a measured resource. Evidence · table > 251 Context: 2.3 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/pan-american-silver-reports-mineral-reserves-and-mineral-resources-as-at-june-30--0dbd6fd1-840d-44d2-b69a-0185b965929e#fact-resource-facts-53) Escobal · gold #### Identity - Project: Escobal - Commodity: gold - Region: guatemala - Reported Region: Guatemala - Ticker: PAAS.TO #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Paul Salmenmaki, Justin Glanvill, Christopher Emerson, Christopher Wright - Resource group id: resource:20c5b21f313f93f39769 #### Resource Data - Category: measured - Tonnes: 2300000 - Grade: 0.23 - Grade Unit: g/t - Contained Metal: 17 - Contained Unit: koz #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-16T00:00:00.000Z Reasoning: The gold grade at Escobal's measured resource is very low, indicating it's a minor byproduct. - Negative factor: Very low gold grade for a measured resource. Evidence · table > 0.23 Context: 2.3 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/pan-american-silver-reports-mineral-reserves-and-mineral-resources-as-at-june-30--0dbd6fd1-840d-44d2-b69a-0185b965929e#fact-resource-facts-54) Escobal · silver #### Identity - Project: Escobal - Commodity: silver - Region: guatemala - Reported Region: Guatemala - Ticker: PAAS.TO #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Paul Salmenmaki, Justin Glanvill, Christopher Emerson, Christopher Wright - Resource group id: resource:5de8c5e6e7257de14dd4 #### Resource Data - Category: indicated - Tonnes: 14200000 - Grade: 201 - Grade Unit: g/t - Contained Metal: 91.6 - Contained Unit: moz #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-16T00:00:00.000Z Reasoning: Escobal's indicated silver resource is high-grade and represents a very substantial portion of the company's silver inventory. - Positive factor: High silver grade and very significant contained metal for an indicated resource. Evidence · table > 201 Context: 14.2 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/pan-american-silver-reports-mineral-reserves-and-mineral-resources-as-at-june-30--0dbd6fd1-840d-44d2-b69a-0185b965929e#fact-resource-facts-55) Escobal · gold #### Identity - Project: Escobal - Commodity: gold - Region: guatemala - Reported Region: Guatemala - Ticker: PAAS.TO #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Paul Salmenmaki, Justin Glanvill, Christopher Emerson, Christopher Wright - Resource group id: resource:5de8c5e6e7257de14dd4 #### Resource Data - Category: indicated - Tonnes: 14200000 - Grade: 0.2 - Grade Unit: g/t - Contained Metal: 93 - Contained Unit: koz #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-16T00:00:00.000Z Reasoning: The gold grade at Escobal's indicated resource is very low, indicating it's a minor byproduct. - Negative factor: Very low gold grade for an indicated resource. Evidence · table > 0.20 Context: 14.2 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/pan-american-silver-reports-mineral-reserves-and-mineral-resources-as-at-june-30--0dbd6fd1-840d-44d2-b69a-0185b965929e#fact-resource-facts-56) La Colorada Skarn · silver #### Identity - Project: La Colorada Skarn - Commodity: silver - Region: mexico - Reported Region: Mexico - Ticker: PAAS.TO #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Paul Salmenmaki, Justin Glanvill, Christopher Emerson, Christopher Wright - Resource group id: resource:37b2a3e402fbb59fd3d1 #### Resource Data - Category: indicated - Tonnes: 265400000 - Grade: 36 - Grade Unit: g/t - Contained Metal: 308.7 - Contained Unit: moz #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-16T00:00:00.000Z Reasoning: La Colorada Skarn's indicated silver resource has a low grade but contributes a very substantial amount of contained silver, making it a significant asset. - Positive factor: Very significant contained silver ounces for an indicated resource. - Negative factor: Low silver grade for an indicated resource. Evidence · table > 36 Context: 265.4 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/pan-american-silver-reports-mineral-reserves-and-mineral-resources-as-at-june-30--0dbd6fd1-840d-44d2-b69a-0185b965929e#fact-resource-facts-57) Navidad · silver #### Identity - Project: Navidad - Commodity: silver - Region: argentina - Reported Region: Argentina - Ticker: PAAS.TO #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Paul Salmenmaki, Justin Glanvill, Christopher Emerson, Christopher Wright - Resource group id: resource:d1a3cc79bcbe82df294c #### Resource Data - Category: measured - Tonnes: 15400000 - Grade: 137 - Grade Unit: g/t - Contained Metal: 67.8 - Contained Unit: moz #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-16T00:00:00.000Z Reasoning: Navidad's measured silver resource is high-grade and contributes significantly to the company's silver inventory. - Positive factor: High silver grade and significant contained metal for a measured resource. Evidence · table > 137 Context: 15.4 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/pan-american-silver-reports-mineral-reserves-and-mineral-resources-as-at-june-30--0dbd6fd1-840d-44d2-b69a-0185b965929e#fact-resource-facts-58) Navidad · silver #### Identity - Project: Navidad - Commodity: silver - Region: argentina - Reported Region: Argentina - Ticker: PAAS.TO #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Paul Salmenmaki, Justin Glanvill, Christopher Emerson, Christopher Wright - Resource group id: resource:106b5f540e69e73cc995 #### Resource Data - Category: indicated - Tonnes: 139800000 - Grade: 126 - Grade Unit: g/t - Contained Metal: 564.5 - Contained Unit: moz #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-16T00:00:00.000Z Reasoning: Navidad's indicated silver resource is high-grade and represents an exceptionally substantial portion of the company's silver inventory. - Positive factor: High silver grade and exceptionally significant contained metal for an indicated resource. Evidence · table > 126 Context: 139.8 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/pan-american-silver-reports-mineral-reserves-and-mineral-resources-as-at-june-30--0dbd6fd1-840d-44d2-b69a-0185b965929e#fact-resource-facts-59) Manantial Espejo · silver #### Identity - Project: Manantial Espejo - Commodity: silver - Region: argentina - Reported Region: Argentina - Ticker: PAAS.TO #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Paul Salmenmaki, Justin Glanvill, Christopher Emerson, Christopher Wright - Resource group id: resource:fc5a829cbf5e68099e3f #### Resource Data - Category: measured - Tonnes: 300000 - Grade: 164 - Grade Unit: g/t - Contained Metal: 1.7 - Contained Unit: moz #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-16T00:00:00.000Z Reasoning: Manantial Espejo's measured silver resource has a high grade, contributing to the overall silver inventory, though the tonnage is small. - Positive factor: High silver grade for a measured resource. Evidence · table > 164 Context: 0.3 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/pan-american-silver-reports-mineral-reserves-and-mineral-resources-as-at-june-30--0dbd6fd1-840d-44d2-b69a-0185b965929e#fact-resource-facts-60) Manantial Espejo · gold #### Identity - Project: Manantial Espejo - Commodity: gold - Region: argentina - Reported Region: Argentina - Ticker: PAAS.TO #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Paul Salmenmaki, Justin Glanvill, Christopher Emerson, Christopher Wright - Resource group id: resource:fc5a829cbf5e68099e3f #### Resource Data - Category: measured - Tonnes: 300000 - Grade: 2.4 - Grade Unit: g/t - Contained Metal: 25 - Contained Unit: koz #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-16T00:00:00.000Z Reasoning: Manantial Espejo's measured gold resource has a good grade, making it a valuable contributor to the gold inventory despite small tonnage. - Positive factor: Good gold grade for a measured resource. Evidence · table > 2.40 Context: 0.3 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/pan-american-silver-reports-mineral-reserves-and-mineral-resources-as-at-june-30--0dbd6fd1-840d-44d2-b69a-0185b965929e#fact-resource-facts-61) Manantial Espejo · silver #### Identity - Project: Manantial Espejo - Commodity: silver - Region: argentina - Reported Region: Argentina - Ticker: PAAS.TO #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Paul Salmenmaki, Justin Glanvill, Christopher Emerson, Christopher Wright - Resource group id: resource:30addc0b819bf71299aa #### Resource Data - Category: indicated - Tonnes: 1000000 - Grade: 149 - Grade Unit: g/t - Contained Metal: 4.9 - Contained Unit: moz #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-16T00:00:00.000Z Reasoning: Manantial Espejo's indicated silver resource maintains a high grade, contributing to the silver inventory. - Positive factor: High silver grade for an indicated resource. Evidence · table > 149 Context: 1.0 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/pan-american-silver-reports-mineral-reserves-and-mineral-resources-as-at-june-30--0dbd6fd1-840d-44d2-b69a-0185b965929e#fact-resource-facts-62) Manantial Espejo · gold #### Identity - Project: Manantial Espejo - Commodity: gold - Region: argentina - Reported Region: Argentina - Ticker: PAAS.TO #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Paul Salmenmaki, Justin Glanvill, Christopher Emerson, Christopher Wright - Resource group id: resource:30addc0b819bf71299aa #### Resource Data - Category: indicated - Tonnes: 1000000 - Grade: 2.79 - Grade Unit: g/t - Contained Metal: 92 - Contained Unit: koz #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-16T00:00:00.000Z Reasoning: Manantial Espejo's indicated gold resource shows a high grade and good contained metal, making it a strong contributor to the gold inventory. - Positive factor: High gold grade and good contained metal for an indicated resource. Evidence · table > 2.79 Context: 1.0 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/pan-american-silver-reports-mineral-reserves-and-mineral-resources-as-at-june-30--0dbd6fd1-840d-44d2-b69a-0185b965929e#fact-resource-facts-63) Jacobina · gold #### Identity - Project: Jacobina - Commodity: gold - Region: brazil - Reported Region: Brazil - Ticker: PAAS.TO #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Paul Salmenmaki, Justin Glanvill, Christopher Emerson, Christopher Wright - Resource group id: resource:45ef8fe4f16d79bb56e2 #### Resource Data - Category: measured - Tonnes: 41200000 - Grade: 1.65 - Grade Unit: g/t - Contained Metal: 2189 - Contained Unit: koz #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-16T00:00:00.000Z Reasoning: Jacobina's measured gold resource is a very strong asset with good grade and substantial contained gold. - Positive factor: Good gold grade and very significant contained gold ounces for a measured resource. Evidence · table > 1.65 Context: 41.2 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/pan-american-silver-reports-mineral-reserves-and-mineral-resources-as-at-june-30--0dbd6fd1-840d-44d2-b69a-0185b965929e#fact-resource-facts-64) Jacobina · gold #### Identity - Project: Jacobina - Commodity: gold - Region: brazil - Reported Region: Brazil - Ticker: PAAS.TO #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Paul Salmenmaki, Justin Glanvill, Christopher Emerson, Christopher Wright - Resource group id: resource:772c60767832bc27ef7d #### Resource Data - Category: indicated - Tonnes: 54100000 - Grade: 1.58 - Grade Unit: g/t - Contained Metal: 2745 - Contained Unit: koz #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-16T00:00:00.000Z Reasoning: Jacobina's indicated gold resource is a very strong asset with good grade and substantial contained gold, making it a key contributor. - Positive factor: Good gold grade and very significant contained gold ounces for an indicated resource. Evidence · table > 1.58 Context: 54.1 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/pan-american-silver-reports-mineral-reserves-and-mineral-resources-as-at-june-30--0dbd6fd1-840d-44d2-b69a-0185b965929e#fact-resource-facts-65) Timmins · gold #### Identity - Project: Timmins - Commodity: gold - Region: canada - Reported Region: Canada - Ticker: PAAS.TO #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Paul Salmenmaki, Justin Glanvill, Christopher Emerson, Christopher Wright - Resource group id: resource:ff090274906276997bb8 #### Resource Data - Category: measured - Tonnes: 2200000 - Grade: 2.29 - Grade Unit: g/t - Contained Metal: 161 - Contained Unit: koz #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-16T00:00:00.000Z Reasoning: Timmins' measured gold resource shows a high grade and good contained gold, making it a valuable asset. - Positive factor: High gold grade and good contained gold ounces for a measured resource. Evidence · table > 2.29 Context: 2.2 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/pan-american-silver-reports-mineral-reserves-and-mineral-resources-as-at-june-30--0dbd6fd1-840d-44d2-b69a-0185b965929e#fact-resource-facts-66) Timmins · gold #### Identity - Project: Timmins - Commodity: gold - Region: canada - Reported Region: Canada - Ticker: PAAS.TO #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Paul Salmenmaki, Justin Glanvill, Christopher Emerson, Christopher Wright - Resource group id: resource:11dc8f1f69ea7776f9ad #### Resource Data - Category: indicated - Tonnes: 3400000 - Grade: 2.32 - Grade Unit: g/t - Contained Metal: 251 - Contained Unit: koz #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-16T00:00:00.000Z Reasoning: Timmins' indicated gold resource maintains a high grade and good contained gold, contributing significantly to the gold inventory. - Positive factor: High gold grade and good contained gold ounces for an indicated resource. Evidence · table > 2.32 Context: 3.4 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/pan-american-silver-reports-mineral-reserves-and-mineral-resources-as-at-june-30--0dbd6fd1-840d-44d2-b69a-0185b965929e#fact-resource-facts-67) El Peñon · silver #### Identity - Project: El Peñon - Commodity: silver - Region: chile - Reported Region: Chile - Ticker: PAAS.TO #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Paul Salmenmaki, Justin Glanvill, Christopher Emerson, Christopher Wright - Resource group id: resource:0076317d1e7ae7f6ceb6 #### Resource Data - Category: measured - Tonnes: 1000000 - Grade: 136 - Grade Unit: g/t - Contained Metal: 4.4 - Contained Unit: moz #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-16T00:00:00.000Z Reasoning: El Peñon's measured silver resource has a high grade, contributing to the silver inventory. - Positive factor: High silver grade for a measured resource. Evidence · table > 136 Context: 1.0 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/pan-american-silver-reports-mineral-reserves-and-mineral-resources-as-at-june-30--0dbd6fd1-840d-44d2-b69a-0185b965929e#fact-resource-facts-68) El Peñon · gold #### Identity - Project: El Peñon - Commodity: gold - Region: chile - Reported Region: Chile - Ticker: PAAS.TO #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Paul Salmenmaki, Justin Glanvill, Christopher Emerson, Christopher Wright - Resource group id: resource:0076317d1e7ae7f6ceb6 #### Resource Data - Category: measured - Tonnes: 1000000 - Grade: 3.97 - Grade Unit: g/t - Contained Metal: 127 - Contained Unit: koz #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-16T00:00:00.000Z Reasoning: El Peñon's measured gold resource has a high grade and good contained metal, making it a valuable asset. - Positive factor: High gold grade and good contained metal for a measured resource. Evidence · table > 3.97 Context: 1.0 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/pan-american-silver-reports-mineral-reserves-and-mineral-resources-as-at-june-30--0dbd6fd1-840d-44d2-b69a-0185b965929e#fact-resource-facts-69) El Peñon · silver #### Identity - Project: El Peñon - Commodity: silver - Region: chile - Reported Region: Chile - Ticker: PAAS.TO #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Paul Salmenmaki, Justin Glanvill, Christopher Emerson, Christopher Wright - Resource group id: resource:d2fc88d05f66aa845ee7 #### Resource Data - Category: indicated - Tonnes: 3700000 - Grade: 94 - Grade Unit: g/t - Contained Metal: 11.2 - Contained Unit: moz #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-16T00:00:00.000Z Reasoning: El Peñon's indicated silver resource has a good grade and contained metal, contributing to the silver inventory. - Positive factor: Good silver grade and contained metal for an indicated resource. Evidence · table > 94 Context: 3.7 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/pan-american-silver-reports-mineral-reserves-and-mineral-resources-as-at-june-30--0dbd6fd1-840d-44d2-b69a-0185b965929e#fact-resource-facts-70) El Peñon · gold #### Identity - Project: El Peñon - Commodity: gold - Region: chile - Reported Region: Chile - Ticker: PAAS.TO #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Paul Salmenmaki, Justin Glanvill, Christopher Emerson, Christopher Wright - Resource group id: resource:d2fc88d05f66aa845ee7 #### Resource Data - Category: indicated - Tonnes: 3700000 - Grade: 2.91 - Grade Unit: g/t - Contained Metal: 348 - Contained Unit: koz #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-16T00:00:00.000Z Reasoning: El Peñon's indicated gold resource has a high grade and good contained metal, making it a strong contributor to the gold inventory. - Positive factor: High gold grade and good contained metal for an indicated resource. Evidence · table > 2.91 Context: 3.7 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/pan-american-silver-reports-mineral-reserves-and-mineral-resources-as-at-june-30--0dbd6fd1-840d-44d2-b69a-0185b965929e#fact-resource-facts-71) Minera Florida · silver #### Identity - Project: Minera Florida - Commodity: silver - Region: chile - Reported Region: Chile - Ticker: PAAS.TO #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Paul Salmenmaki, Justin Glanvill, Christopher Emerson, Christopher Wright - Resource group id: resource:1c4d3754153211ff9442 #### Resource Data - Category: measured - Tonnes: 600000 - Grade: 13 - Grade Unit: g/t - Contained Metal: 0.3 - Contained Unit: moz #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-16T00:00:00.000Z Reasoning: Minera Florida's measured silver resource has a very low grade, indicating it's a minor byproduct. - Negative factor: Very low silver grade for a measured resource. Evidence · table > 13 Context: 0.6 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/pan-american-silver-reports-mineral-reserves-and-mineral-resources-as-at-june-30--0dbd6fd1-840d-44d2-b69a-0185b965929e#fact-resource-facts-72) Minera Florida · gold #### Identity - Project: Minera Florida - Commodity: gold - Region: chile - Reported Region: Chile - Ticker: PAAS.TO #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Paul Salmenmaki, Justin Glanvill, Christopher Emerson, Christopher Wright - Resource group id: resource:1c4d3754153211ff9442 #### Resource Data - Category: measured - Tonnes: 600000 - Grade: 2.61 - Grade Unit: g/t - Contained Metal: 52 - Contained Unit: koz #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-16T00:00:00.000Z Reasoning: Minera Florida's measured gold resource has a high grade, making it a valuable contributor to the gold inventory. - Positive factor: High gold grade for a measured resource. Evidence · table > 2.61 Context: 0.6 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/pan-american-silver-reports-mineral-reserves-and-mineral-resources-as-at-june-30--0dbd6fd1-840d-44d2-b69a-0185b965929e#fact-resource-facts-73) Minera Florida · silver #### Identity - Project: Minera Florida - Commodity: silver - Region: chile - Reported Region: Chile - Ticker: PAAS.TO #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Paul Salmenmaki, Justin Glanvill, Christopher Emerson, Christopher Wright - Resource group id: resource:f1897c3368690e3956ae #### Resource Data - Category: indicated - Tonnes: 3100000 - Grade: 14 - Grade Unit: g/t - Contained Metal: 1.4 - Contained Unit: moz #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-16T00:00:00.000Z Reasoning: Minera Florida's indicated silver resource has a very low grade, indicating it's a minor byproduct. - Negative factor: Very low silver grade for an indicated resource. Evidence · table > 14 Context: 3.1 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/pan-american-silver-reports-mineral-reserves-and-mineral-resources-as-at-june-30--0dbd6fd1-840d-44d2-b69a-0185b965929e#fact-resource-facts-74) Minera Florida · gold #### Identity - Project: Minera Florida - Commodity: gold - Region: chile - Reported Region: Chile - Ticker: PAAS.TO #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Paul Salmenmaki, Justin Glanvill, Christopher Emerson, Christopher Wright - Resource group id: resource:f1897c3368690e3956ae #### Resource Data - Category: indicated - Tonnes: 3100000 - Grade: 2.54 - Grade Unit: g/t - Contained Metal: 254 - Contained Unit: koz #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-16T00:00:00.000Z Reasoning: Minera Florida's indicated gold resource has a high grade and good contained metal, making it a strong contributor to the gold inventory. - Positive factor: High gold grade and good contained metal for an indicated resource. Evidence · table > 2.54 Context: 3.1 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/pan-american-silver-reports-mineral-reserves-and-mineral-resources-as-at-june-30--0dbd6fd1-840d-44d2-b69a-0185b965929e#fact-resource-facts-75) Shahuindo · silver #### Identity - Project: Shahuindo - Commodity: silver - Region: perú - Reported Region: Perú - Ticker: PAAS.TO #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Paul Salmenmaki, Justin Glanvill, Christopher Emerson, Christopher Wright - Resource group id: resource:4b18c481dcdf38822036 #### Resource Data - Category: measured - Tonnes: 9800000 - Grade: 6 - Grade Unit: g/t - Contained Metal: 1.9 - Contained Unit: moz #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-16T00:00:00.000Z Reasoning: Shahuindo's measured silver resource has a very low grade, indicating it's a minor byproduct. - Negative factor: Very low silver grade for a measured resource. Evidence · table > 6 Context: 9.8 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/pan-american-silver-reports-mineral-reserves-and-mineral-resources-as-at-june-30--0dbd6fd1-840d-44d2-b69a-0185b965929e#fact-resource-facts-76) Shahuindo · gold #### Identity - Project: Shahuindo - Commodity: gold - Region: perú - Reported Region: Perú - Ticker: PAAS.TO #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Paul Salmenmaki, Justin Glanvill, Christopher Emerson, Christopher Wright - Resource group id: resource:4b18c481dcdf38822036 #### Resource Data - Category: measured - Tonnes: 9800000 - Grade: 0.35 - Grade Unit: g/t - Contained Metal: 111 - Contained Unit: koz #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-16T00:00:00.000Z Reasoning: Shahuindo's measured gold resource has a low grade but contributes a moderate amount of contained gold. - Negative factor: Low gold grade for a measured resource. Evidence · table > 0.35 Context: 9.8 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/pan-american-silver-reports-mineral-reserves-and-mineral-resources-as-at-june-30--0dbd6fd1-840d-44d2-b69a-0185b965929e#fact-resource-facts-77) Shahuindo · silver #### Identity - Project: Shahuindo - Commodity: silver - Region: perú - Reported Region: Perú - Ticker: PAAS.TO #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Paul Salmenmaki, Justin Glanvill, Christopher Emerson, Christopher Wright - Resource group id: resource:6000dedbced93970dff8 #### Resource Data - Category: indicated - Tonnes: 6300000 - Grade: 6 - Grade Unit: g/t - Contained Metal: 1.2 - Contained Unit: moz #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-16T00:00:00.000Z Reasoning: Shahuindo's indicated silver resource has a very low grade, indicating it's a minor byproduct. - Negative factor: Very low silver grade for an indicated resource. Evidence · table > 6 Context: 6.3 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/pan-american-silver-reports-mineral-reserves-and-mineral-resources-as-at-june-30--0dbd6fd1-840d-44d2-b69a-0185b965929e#fact-resource-facts-78) Shahuindo · gold #### Identity - Project: Shahuindo - Commodity: gold - Region: perú - Reported Region: Perú - Ticker: PAAS.TO #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Paul Salmenmaki, Justin Glanvill, Christopher Emerson, Christopher Wright - Resource group id: resource:6000dedbced93970dff8 #### Resource Data - Category: indicated - Tonnes: 6300000 - Grade: 0.37 - Grade Unit: g/t - Contained Metal: 74 - Contained Unit: koz #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-16T00:00:00.000Z Reasoning: Shahuindo's indicated gold resource has a low grade but contributes a moderate amount of contained gold. - Negative factor: Low gold grade for an indicated resource. Evidence · table > 0.37 Context: 6.3 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/pan-american-silver-reports-mineral-reserves-and-mineral-resources-as-at-june-30--0dbd6fd1-840d-44d2-b69a-0185b965929e#fact-resource-facts-79) Vogel · gold #### Identity - Project: Vogel - Commodity: gold - Region: canada - Reported Region: Canada - Ticker: PAAS.TO #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Paul Salmenmaki, Justin Glanvill, Christopher Emerson, Christopher Wright - Resource group id: resource:41278896d337ee914ce8 #### Resource Data - Category: indicated - Tonnes: 700000 - Grade: 3.35 - Grade Unit: g/t - Contained Metal: 74 - Contained Unit: koz #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-16T00:00:00.000Z Reasoning: Vogel's indicated gold resource shows a high grade and is a new addition, highlighting exploration success at Timmins. - Positive factor: High gold grade for an indicated resource. - Positive factor: New addition to resources, indicating exploration success. Evidence · table > 3.35 Context: 0.7 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/pan-american-silver-reports-mineral-reserves-and-mineral-resources-as-at-june-30--0dbd6fd1-840d-44d2-b69a-0185b965929e#fact-resource-facts-80) Gold River · gold #### Identity - Project: Gold River - Commodity: gold - Region: canada - Reported Region: Canada - Ticker: PAAS.TO #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Paul Salmenmaki, Justin Glanvill, Christopher Emerson, Christopher Wright - Resource group id: resource:20ebd0d548b06ce8c88c #### Resource Data - Category: indicated - Tonnes: 700000 - Grade: 5.29 - Grade Unit: g/t - Contained Metal: 117 - Contained Unit: koz #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-16T00:00:00.000Z Reasoning: Gold River's indicated gold resource is exceptionally high-grade and contributes valuable contained gold. - Positive factor: Exceptionally high gold grade and good contained metal for an indicated resource. Evidence · table > 5.29 Context: 0.7 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/pan-american-silver-reports-mineral-reserves-and-mineral-resources-as-at-june-30--0dbd6fd1-840d-44d2-b69a-0185b965929e#fact-resource-facts-81) Marhill · gold #### Identity - Project: Marhill - Commodity: gold - Region: canada - Reported Region: Canada - Ticker: PAAS.TO #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Paul Salmenmaki, Justin Glanvill, Christopher Emerson, Christopher Wright - Resource group id: resource:d7c52db9e1f1c3d42eac #### Resource Data - Category: indicated - Tonnes: 400000 - Grade: 4.52 - Grade Unit: g/t - Contained Metal: 57 - Contained Unit: koz #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-16T00:00:00.000Z Reasoning: Marhill's indicated gold resource shows a high grade, contributing to the gold inventory. - Positive factor: High gold grade for an indicated resource. Evidence · table > 4.52 Context: 0.4 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/pan-american-silver-reports-mineral-reserves-and-mineral-resources-as-at-june-30--0dbd6fd1-840d-44d2-b69a-0185b965929e#fact-resource-facts-82) Whitney · gold #### Identity - Project: Whitney - Commodity: gold - Region: canada - Reported Region: Canada - Ticker: PAAS.TO #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Paul Salmenmaki, Justin Glanvill, Christopher Emerson, Christopher Wright - Resource group id: resource:ca6814f3937777cc9299 - Ownership percent: 84.26 % #### Resource Data - Category: indicated - Tonnes: 1600000 - Grade: 2.83 - Grade Unit: g/t - Contained Metal: 142 - Contained Unit: koz #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-16T00:00:00.000Z Reasoning: Whitney's indicated gold resource has a high grade and good contained metal, making it a valuable asset. - Positive factor: High gold grade and good contained metal for an indicated resource. Evidence · table > 2.83 Context: 1.6 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/pan-american-silver-reports-mineral-reserves-and-mineral-resources-as-at-june-30--0dbd6fd1-840d-44d2-b69a-0185b965929e#fact-resource-facts-83) La Bolsa · silver #### Identity - Project: La Bolsa - Commodity: silver - Region: mexico - Reported Region: Mexico - Ticker: PAAS.TO #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Paul Salmenmaki, Justin Glanvill, Christopher Emerson, Christopher Wright - Resource group id: resource:659c2417dc9d402b916c #### Resource Data - Category: measured - Tonnes: 10800000 - Grade: 10 - Grade Unit: g/t - Contained Metal: 3.5 - Contained Unit: moz #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-16T00:00:00.000Z Reasoning: La Bolsa's measured silver resource has a very low grade, indicating it's a minor byproduct. - Negative factor: Very low silver grade for a measured resource. Evidence · table > 10 Context: 10.8 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/pan-american-silver-reports-mineral-reserves-and-mineral-resources-as-at-june-30--0dbd6fd1-840d-44d2-b69a-0185b965929e#fact-resource-facts-84) La Bolsa · gold #### Identity - Project: La Bolsa - Commodity: gold - Region: mexico - Reported Region: Mexico - Ticker: PAAS.TO #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Paul Salmenmaki, Justin Glanvill, Christopher Emerson, Christopher Wright - Resource group id: resource:659c2417dc9d402b916c #### Resource Data - Category: measured - Tonnes: 10800000 - Grade: 0.7 - Grade Unit: g/t - Contained Metal: 243 - Contained Unit: koz #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-16T00:00:00.000Z Reasoning: La Bolsa's measured gold resource has a low grade but contributes a good amount of contained gold. - Positive factor: Good contained gold ounces for a measured resource. - Negative factor: Low gold grade for a measured resource. Evidence · table > 0.70 Context: 10.8 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/pan-american-silver-reports-mineral-reserves-and-mineral-resources-as-at-june-30--0dbd6fd1-840d-44d2-b69a-0185b965929e#fact-resource-facts-85) La Bolsa · silver #### Identity - Project: La Bolsa - Commodity: silver - Region: mexico - Reported Region: Mexico - Ticker: PAAS.TO #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Paul Salmenmaki, Justin Glanvill, Christopher Emerson, Christopher Wright - Resource group id: resource:01c24598915daabb3d07 #### Resource Data - Category: indicated - Tonnes: 10600000 - Grade: 8 - Grade Unit: g/t - Contained Metal: 2.7 - Contained Unit: moz #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-16T00:00:00.000Z Reasoning: La Bolsa's indicated silver resource has a very low grade, indicating it's a minor byproduct. - Negative factor: Very low silver grade for an indicated resource. Evidence · table > 8 Context: 10.6 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/pan-american-silver-reports-mineral-reserves-and-mineral-resources-as-at-june-30--0dbd6fd1-840d-44d2-b69a-0185b965929e#fact-resource-facts-86) La Bolsa · gold #### Identity - Project: La Bolsa - Commodity: gold - Region: mexico - Reported Region: Mexico - Ticker: PAAS.TO #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Paul Salmenmaki, Justin Glanvill, Christopher Emerson, Christopher Wright - Resource group id: resource:01c24598915daabb3d07 #### Resource Data - Category: indicated - Tonnes: 10600000 - Grade: 0.54 - Grade Unit: g/t - Contained Metal: 184 - Contained Unit: koz #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-16T00:00:00.000Z Reasoning: La Bolsa's indicated gold resource has a low grade but contributes a good amount of contained gold. - Positive factor: Good contained gold ounces for an indicated resource. - Negative factor: Low gold grade for an indicated resource. Evidence · table > 0.54 Context: 10.6 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/pan-american-silver-reports-mineral-reserves-and-mineral-resources-as-at-june-30--0dbd6fd1-840d-44d2-b69a-0185b965929e#fact-resource-facts-87) La Colorada · silver #### Identity - Project: La Colorada - Commodity: silver - Region: mexico - Reported Region: Mexico - Ticker: PAAS.TO #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Paul Salmenmaki, Justin Glanvill, Christopher Emerson, Christopher Wright - Resource group id: resource:71dd2cbcd8dc88cd11b7 #### Resource Data - Category: inferred - Tonnes: 24000000 - Grade: 187 - Grade Unit: g/t - Contained Metal: 144.3 - Contained Unit: moz #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-16T00:00:00.000Z Reasoning: La Colorada's inferred silver resource shows a high grade and substantial contained metal, indicating good potential. - Positive factor: High silver grade and significant contained metal for an inferred resource. Evidence · table > 187 Context: 24.0 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/pan-american-silver-reports-mineral-reserves-and-mineral-resources-as-at-june-30--0dbd6fd1-840d-44d2-b69a-0185b965929e#fact-resource-facts-88) La Colorada · gold #### Identity - Project: La Colorada - Commodity: gold - Region: mexico - Reported Region: Mexico - Ticker: PAAS.TO #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Paul Salmenmaki, Justin Glanvill, Christopher Emerson, Christopher Wright - Resource group id: resource:71dd2cbcd8dc88cd11b7 #### Resource Data - Category: inferred - Tonnes: 24000000 - Grade: 0.2 - Grade Unit: g/t - Contained Metal: 152 - Contained Unit: koz #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-16T00:00:00.000Z Reasoning: The gold grade at La Colorada's inferred resource is very low, indicating it's a minor byproduct. - Negative factor: Very low gold grade for an inferred resource. Evidence · table > 0.20 Context: 24.0 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/pan-american-silver-reports-mineral-reserves-and-mineral-resources-as-at-june-30--0dbd6fd1-840d-44d2-b69a-0185b965929e#fact-resource-facts-89) Juanicipio · silver #### Identity - Project: Juanicipio - Commodity: silver - Region: mexico - Reported Region: Mexico - Ticker: PAAS.TO #### Resource scope - Estimate type: resource - Reporting standards: jorc, ni\_43\_101 - QP Signed: Yes - Qualified person names: Paul Salmenmaki, Justin Glanvill, Christopher Emerson, Christopher Wright - Resource group id: resource:7ce272edde54fa0add41 - Ownership percent: 44 % #### Resource Data - Category: inferred - Tonnes: 4800000 - Grade: 167 - Grade Unit: g/t - Contained Metal: 25.7 - Contained Unit: moz #### Prior Estimate - Resource Date: 2025-04-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-16T00:00:00.000Z Reasoning: Juanicipio's inferred silver resource is high-grade and adds substantial contained metal, bolstering the company's silver inventory. - Positive factor: High silver grade and significant contained metal for an inferred resource. - Positive factor: Inclusion of Juanicipio is a major positive for the company's silver resources. Evidence · table > 167 Context: 4.8 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/pan-american-silver-reports-mineral-reserves-and-mineral-resources-as-at-june-30--0dbd6fd1-840d-44d2-b69a-0185b965929e#fact-resource-facts-90) Juanicipio · gold #### Identity - Project: Juanicipio - Commodity: gold - Region: mexico - Reported Region: Mexico - Ticker: PAAS.TO #### Resource scope - Estimate type: resource - Reporting standards: jorc, ni\_43\_101 - QP Signed: Yes - Qualified person names: Paul Salmenmaki, Justin Glanvill, Christopher Emerson, Christopher Wright - Resource group id: resource:7ce272edde54fa0add41 - Ownership percent: 44 % #### Resource Data - Category: inferred - Tonnes: 4800000 - Grade: 0.6 - Grade Unit: g/t - Contained Metal: 92 - Contained Unit: koz #### Prior Estimate - Resource Date: 2025-04-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-16T00:00:00.000Z Reasoning: Juanicipio's inferred gold resource has a low grade but contributes a good amount of contained gold. - Positive factor: Good contained gold ounces for an inferred resource. - Negative factor: Low gold grade for an inferred resource. Evidence · table > 0.60 Context: 4.8 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/pan-american-silver-reports-mineral-reserves-and-mineral-resources-as-at-june-30--0dbd6fd1-840d-44d2-b69a-0185b965929e#fact-resource-facts-91) Huaron · silver #### Identity - Project: Huaron - Commodity: silver - Region: perú - Reported Region: Perú - Ticker: PAAS.TO #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Paul Salmenmaki, Justin Glanvill, Christopher Emerson, Christopher Wright - Resource group id: resource:98f5537712dc04333503 #### Resource Data - Category: inferred - Tonnes: 9200000 - Grade: 116 - Grade Unit: g/t - Contained Metal: 34.4 - Contained Unit: moz #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-16T00:00:00.000Z Reasoning: Huaron's inferred silver resource provides a good contribution to the company's silver inventory with solid grade and contained metal. - Positive factor: Good silver grade and significant contained metal for an inferred resource. Evidence · table > 116 Context: 9.2 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/pan-american-silver-reports-mineral-reserves-and-mineral-resources-as-at-june-30--0dbd6fd1-840d-44d2-b69a-0185b965929e#fact-resource-facts-92) Cerro Moro · silver #### Identity - Project: Cerro Moro - Commodity: silver - Region: argentina - Reported Region: Argentina - Ticker: PAAS.TO #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Paul Salmenmaki, Justin Glanvill, Christopher Emerson, Christopher Wright - Resource group id: resource:3eb49412d357f86057eb #### Resource Data - Category: inferred - Tonnes: 800000 - Grade: 139 - Grade Unit: g/t - Contained Metal: 3.5 - Contained Unit: moz #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-16T00:00:00.000Z Reasoning: Cerro Moro's inferred silver resource has a high grade, contributing to the overall silver inventory, though the tonnage is smaller. - Positive factor: High silver grade for an inferred resource. Evidence · table > 139 Context: 0.8 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/pan-american-silver-reports-mineral-reserves-and-mineral-resources-as-at-june-30--0dbd6fd1-840d-44d2-b69a-0185b965929e#fact-resource-facts-93) Cerro Moro · gold #### Identity - Project: Cerro Moro - Commodity: gold - Region: argentina - Reported Region: Argentina - Ticker: PAAS.TO #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Paul Salmenmaki, Justin Glanvill, Christopher Emerson, Christopher Wright - Resource group id: resource:3eb49412d357f86057eb #### Resource Data - Category: inferred - Tonnes: 800000 - Grade: 4.95 - Grade Unit: g/t - Contained Metal: 124 - Contained Unit: koz #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-16T00:00:00.000Z Reasoning: Cerro Moro's inferred gold resource has a high grade and good contained metal, making it a valuable contributor to the gold inventory. - Positive factor: High gold grade and good contained metal for an inferred resource. Evidence · table > 4.95 Context: 0.8 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/pan-american-silver-reports-mineral-reserves-and-mineral-resources-as-at-june-30--0dbd6fd1-840d-44d2-b69a-0185b965929e#fact-resource-facts-94) San Vicente · silver #### Identity - Project: San Vicente - Commodity: silver - Region: bolivia - Reported Region: Bolivia - Ticker: PAAS.TO #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Paul Salmenmaki, Justin Glanvill, Christopher Emerson, Christopher Wright - Resource group id: resource:fc4f91ad6c8ac954a385 - Ownership percent: 95 % #### Resource Data - Category: inferred - Tonnes: 2100000 - Grade: 172 - Grade Unit: g/t - Contained Metal: 11.7 - Contained Unit: moz #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-16T00:00:00.000Z Reasoning: San Vicente's inferred silver resource is a strong contributor with high grade and good contained metal. - Positive factor: High silver grade and good contained metal for an inferred resource. Evidence · table > 172 Context: 2.1 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/pan-american-silver-reports-mineral-reserves-and-mineral-resources-as-at-june-30--0dbd6fd1-840d-44d2-b69a-0185b965929e#fact-resource-facts-95) Escobal · silver #### Identity - Project: Escobal - Commodity: silver - Region: guatemala - Reported Region: Guatemala - Ticker: PAAS.TO #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Paul Salmenmaki, Justin Glanvill, Christopher Emerson, Christopher Wright - Resource group id: resource:aa215b954ba33b81cef6 #### Resource Data - Category: inferred - Tonnes: 1900000 - Grade: 180 - Grade Unit: g/t - Contained Metal: 10.7 - Contained Unit: moz #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-16T00:00:00.000Z Reasoning: Escobal's inferred silver resource is high-grade and contributes significantly to the company's silver inventory. - Positive factor: High silver grade and good contained metal for an inferred resource. Evidence · table > 180 Context: 1.9 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/pan-american-silver-reports-mineral-reserves-and-mineral-resources-as-at-june-30--0dbd6fd1-840d-44d2-b69a-0185b965929e#fact-resource-facts-96) Escobal · gold #### Identity - Project: Escobal - Commodity: gold - Region: guatemala - Reported Region: Guatemala - Ticker: PAAS.TO #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Paul Salmenmaki, Justin Glanvill, Christopher Emerson, Christopher Wright - Resource group id: resource:aa215b954ba33b81cef6 #### Resource Data - Category: inferred - Tonnes: 1900000 - Grade: 0.9 - Grade Unit: g/t - Contained Metal: 54 - Contained Unit: koz #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-16T00:00:00.000Z Reasoning: The gold grade at Escobal's inferred resource is low, indicating it's a minor byproduct. - Negative factor: Low gold grade for an inferred resource. Evidence · table > 0.90 Context: 1.9 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/pan-american-silver-reports-mineral-reserves-and-mineral-resources-as-at-june-30--0dbd6fd1-840d-44d2-b69a-0185b965929e#fact-resource-facts-97) La Colorada Skarn · silver #### Identity - Project: La Colorada Skarn - Commodity: silver - Region: mexico - Reported Region: Mexico - Ticker: PAAS.TO #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Paul Salmenmaki, Justin Glanvill, Christopher Emerson, Christopher Wright - Resource group id: resource:871e2a5dccc8c82d1622 #### Resource Data - Category: inferred - Tonnes: 61700000 - Grade: 30 - Grade Unit: g/t - Contained Metal: 58.6 - Contained Unit: moz #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-16T00:00:00.000Z Reasoning: La Colorada Skarn's inferred silver resource has a low grade but contributes a substantial amount of contained silver, indicating good potential. - Positive factor: Significant contained silver ounces for an inferred resource. - Negative factor: Low silver grade for an inferred resource. Evidence · table > 30 Context: 61.7 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/pan-american-silver-reports-mineral-reserves-and-mineral-resources-as-at-june-30--0dbd6fd1-840d-44d2-b69a-0185b965929e#fact-resource-facts-98) Navidad · silver #### Identity - Project: Navidad - Commodity: silver - Region: argentina - Reported Region: Argentina - Ticker: PAAS.TO #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Paul Salmenmaki, Justin Glanvill, Christopher Emerson, Christopher Wright - Resource group id: resource:2d204d3d90311a9bc40d #### Resource Data - Category: inferred - Tonnes: 45900000 - Grade: 81 - Grade Unit: g/t - Contained Metal: 119.4 - Contained Unit: moz #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-16T00:00:00.000Z Reasoning: Navidad's inferred silver resource is high-grade and represents a very substantial portion of the company's silver inventory, indicating strong potential. - Positive factor: High silver grade and very significant contained metal for an inferred resource. Evidence · table > 81 Context: 45.9 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/pan-american-silver-reports-mineral-reserves-and-mineral-resources-as-at-june-30--0dbd6fd1-840d-44d2-b69a-0185b965929e#fact-resource-facts-99) Manantial Espejo · silver #### Identity - Project: Manantial Espejo - Commodity: silver - Region: argentina - Reported Region: Argentina - Ticker: PAAS.TO #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Paul Salmenmaki, Justin Glanvill, Christopher Emerson, Christopher Wright - Resource group id: resource:31801a3f26706e6db4f5 #### Resource Data - Category: inferred - Tonnes: 500000 - Grade: 106 - Grade Unit: g/t - Contained Metal: 1.8 - Contained Unit: moz #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-16T00:00:00.000Z Reasoning: Manantial Espejo's inferred silver resource has a good grade, contributing to the overall silver inventory, though the tonnage is small. - Positive factor: Good silver grade for an inferred resource. Evidence · table > 106 Context: 0.5 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/pan-american-silver-reports-mineral-reserves-and-mineral-resources-as-at-june-30--0dbd6fd1-840d-44d2-b69a-0185b965929e#fact-resource-facts-100) Manantial Espejo · gold #### Identity - Project: Manantial Espejo - Commodity: gold - Region: argentina - Reported Region: Argentina - Ticker: PAAS.TO #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Paul Salmenmaki, Justin Glanvill, Christopher Emerson, Christopher Wright - Resource group id: resource:31801a3f26706e6db4f5 #### Resource Data - Category: inferred - Tonnes: 500000 - Grade: 1.49 - Grade Unit: g/t - Contained Metal: 25 - Contained Unit: koz #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-16T00:00:00.000Z Reasoning: Manantial Espejo's inferred gold resource has a good grade, making it a valuable contributor to the gold inventory despite small tonnage. - Positive factor: Good gold grade for an inferred resource. Evidence · table > 1.49 Context: 0.5 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/pan-american-silver-reports-mineral-reserves-and-mineral-resources-as-at-june-30--0dbd6fd1-840d-44d2-b69a-0185b965929e#fact-resource-facts-101) Jacobina · gold #### Identity - Project: Jacobina - Commodity: gold - Region: brazil - Reported Region: Brazil - Ticker: PAAS.TO #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Paul Salmenmaki, Justin Glanvill, Christopher Emerson, Christopher Wright - Resource group id: resource:aa541722532fd3464cbc #### Resource Data - Category: inferred - Tonnes: 56200000 - Grade: 1.65 - Grade Unit: g/t - Contained Metal: 2988 - Contained Unit: koz #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-16T00:00:00.000Z Reasoning: Jacobina's inferred gold resource is a very strong asset with good grade and substantial contained gold, indicating strong potential. - Positive factor: Good gold grade and very significant contained gold ounces for an inferred resource. Evidence · table > 1.65 Context: 56.2 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/pan-american-silver-reports-mineral-reserves-and-mineral-resources-as-at-june-30--0dbd6fd1-840d-44d2-b69a-0185b965929e#fact-resource-facts-102) Timmins · gold #### Identity - Project: Timmins - Commodity: gold - Region: canada - Reported Region: Canada - Ticker: PAAS.TO #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Paul Salmenmaki, Justin Glanvill, Christopher Emerson, Christopher Wright - Resource group id: resource:a2894831e3a977d310eb #### Resource Data - Category: inferred - Tonnes: 7000000 - Grade: 2.66 - Grade Unit: g/t - Contained Metal: 596 - Contained Unit: koz #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-16T00:00:00.000Z Reasoning: Timmins' inferred gold resource shows a high grade and good contained gold, indicating strong potential. - Positive factor: High gold grade and good contained gold ounces for an inferred resource. Evidence · table > 2.66 Context: 7.0 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/pan-american-silver-reports-mineral-reserves-and-mineral-resources-as-at-june-30--0dbd6fd1-840d-44d2-b69a-0185b965929e#fact-resource-facts-103) El Peñon · silver #### Identity - Project: El Peñon - Commodity: silver - Region: chile - Reported Region: Chile - Ticker: PAAS.TO #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Paul Salmenmaki, Justin Glanvill, Christopher Emerson, Christopher Wright - Resource group id: resource:0168bf1791dbf5da8756 #### Resource Data - Category: inferred - Tonnes: 17500000 - Grade: 36 - Grade Unit: g/t - Contained Metal: 20.3 - Contained Unit: moz #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-16T00:00:00.000Z Reasoning: El Peñon's inferred silver resource has a low grade but contributes a substantial amount of contained silver, indicating good potential. - Positive factor: Significant contained silver ounces for an inferred resource. - Negative factor: Low silver grade for an inferred resource. Evidence · table > 36 Context: 17.5 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/pan-american-silver-reports-mineral-reserves-and-mineral-resources-as-at-june-30--0dbd6fd1-840d-44d2-b69a-0185b965929e#fact-resource-facts-104) El Peñon · gold #### Identity - Project: El Peñon - Commodity: gold - Region: chile - Reported Region: Chile - Ticker: PAAS.TO #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Paul Salmenmaki, Justin Glanvill, Christopher Emerson, Christopher Wright - Resource group id: resource:0168bf1791dbf5da8756 #### Resource Data - Category: inferred - Tonnes: 17500000 - Grade: 1.05 - Grade Unit: g/t - Contained Metal: 592 - Contained Unit: koz #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-16T00:00:00.000Z Reasoning: El Peñon's inferred gold resource has a good grade and significant contained metal, making it a strong contributor to the gold inventory. - Positive factor: Good gold grade and significant contained metal for an inferred resource. Evidence · table > 1.05 Context: 17.5 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/pan-american-silver-reports-mineral-reserves-and-mineral-resources-as-at-june-30--0dbd6fd1-840d-44d2-b69a-0185b965929e#fact-resource-facts-105) Minera Florida · silver #### Identity - Project: Minera Florida - Commodity: silver - Region: chile - Reported Region: Chile - Ticker: PAAS.TO #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Paul Salmenmaki, Justin Glanvill, Christopher Emerson, Christopher Wright - Resource group id: resource:c5fe21ff8bfae693fea3 #### Resource Data - Category: inferred - Tonnes: 6400000 - Grade: 13 - Grade Unit: g/t - Contained Metal: 2.6 - Contained Unit: moz #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-16T00:00:00.000Z Reasoning: Minera Florida's inferred silver resource has a very low grade, indicating it's a minor byproduct. - Negative factor: Very low silver grade for an inferred resource. Evidence · table > 13 Context: 6.4 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/pan-american-silver-reports-mineral-reserves-and-mineral-resources-as-at-june-30--0dbd6fd1-840d-44d2-b69a-0185b965929e#fact-resource-facts-106) Minera Florida · gold #### Identity - Project: Minera Florida - Commodity: gold - Region: chile - Reported Region: Chile - Ticker: PAAS.TO #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Paul Salmenmaki, Justin Glanvill, Christopher Emerson, Christopher Wright - Resource group id: resource:c5fe21ff8bfae693fea3 #### Resource Data - Category: inferred - Tonnes: 6400000 - Grade: 2.73 - Grade Unit: g/t - Contained Metal: 560 - Contained Unit: koz #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-16T00:00:00.000Z Reasoning: Minera Florida's inferred gold resource has a high grade and good contained metal, making it a strong contributor to the gold inventory. - Positive factor: High gold grade and good contained metal for an inferred resource. Evidence · table > 2.73 Context: 6.4 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/pan-american-silver-reports-mineral-reserves-and-mineral-resources-as-at-june-30--0dbd6fd1-840d-44d2-b69a-0185b965929e#fact-resource-facts-107) Shahuindo · silver #### Identity - Project: Shahuindo - Commodity: silver - Region: perú - Reported Region: Perú - Ticker: PAAS.TO #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Paul Salmenmaki, Justin Glanvill, Christopher Emerson, Christopher Wright - Resource group id: resource:603e6ea2748ce64a4154 #### Resource Data - Category: inferred - Tonnes: 10800000 - Grade: 2 - Grade Unit: g/t - Contained Metal: 0.7 - Contained Unit: moz #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-16T00:00:00.000Z Reasoning: Shahuindo's inferred silver resource has a very low grade, indicating it's a minor byproduct. - Negative factor: Very low silver grade for an inferred resource. Evidence · table > 2 Context: 10.8 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/pan-american-silver-reports-mineral-reserves-and-mineral-resources-as-at-june-30--0dbd6fd1-840d-44d2-b69a-0185b965929e#fact-resource-facts-108) Shahuindo · gold #### Identity - Project: Shahuindo - Commodity: gold - Region: perú - Reported Region: Perú - Ticker: PAAS.TO #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Paul Salmenmaki, Justin Glanvill, Christopher Emerson, Christopher Wright - Resource group id: resource:603e6ea2748ce64a4154 #### Resource Data - Category: inferred - Tonnes: 10800000 - Grade: 0.12 - Grade Unit: g/t - Contained Metal: 41 - Contained Unit: koz #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-16T00:00:00.000Z Reasoning: Shahuindo's inferred gold resource has a very low grade, indicating it's a minor byproduct. - Negative factor: Very low gold grade for an inferred resource. Evidence · table > 0.12 Context: 10.8 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/pan-american-silver-reports-mineral-reserves-and-mineral-resources-as-at-june-30--0dbd6fd1-840d-44d2-b69a-0185b965929e#fact-resource-facts-109) Vogel · gold #### Identity - Project: Vogel - Commodity: gold - Region: canada - Reported Region: Canada - Ticker: PAAS.TO #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Paul Salmenmaki, Justin Glanvill, Christopher Emerson, Christopher Wright - Resource group id: resource:f74a678a38cf2d075b9a #### Resource Data - Category: inferred - Tonnes: 2800000 - Grade: 3.73 - Grade Unit: g/t - Contained Metal: 338 - Contained Unit: koz #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-16T00:00:00.000Z Reasoning: Vogel's inferred gold resource shows a high grade and good contained metal, representing a new and promising addition to the resource base. - Positive factor: High gold grade and good contained metal for an inferred resource. - Positive factor: New addition to resources, indicating exploration success. Evidence · table > 3.73 Context: 2.8 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/pan-american-silver-reports-mineral-reserves-and-mineral-resources-as-at-june-30--0dbd6fd1-840d-44d2-b69a-0185b965929e#fact-resource-facts-110) Gold River · gold #### Identity - Project: Gold River - Commodity: gold - Region: canada - Reported Region: Canada - Ticker: PAAS.TO #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Paul Salmenmaki, Justin Glanvill, Christopher Emerson, Christopher Wright - Resource group id: resource:548afb875a9c2ef0f2f4 #### Resource Data - Category: inferred - Tonnes: 5300000 - Grade: 6.06 - Grade Unit: g/t - Contained Metal: 1028 - Contained Unit: koz #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-16T00:00:00.000Z Reasoning: Gold River's inferred gold resource is exceptionally high-grade and contributes a very substantial amount of contained gold, indicating strong potential. - Positive factor: Exceptionally high gold grade and very significant contained metal for an inferred resource. Evidence · table > 6.06 Context: 5.3 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/pan-american-silver-reports-mineral-reserves-and-mineral-resources-as-at-june-30--0dbd6fd1-840d-44d2-b69a-0185b965929e#fact-resource-facts-111) Whitney · gold #### Identity - Project: Whitney - Commodity: gold - Region: canada - Reported Region: Canada - Ticker: PAAS.TO #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Paul Salmenmaki, Justin Glanvill, Christopher Emerson, Christopher Wright - Resource group id: resource:232793348e1e8ed7888f - Ownership percent: 84.26 % #### Resource Data - Category: inferred - Tonnes: 5600000 - Grade: 2.24 - Grade Unit: g/t - Contained Metal: 406 - Contained Unit: koz #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-16T00:00:00.000Z Reasoning: Whitney's inferred gold resource has a high grade and good contained metal, making it a valuable asset with strong potential. - Positive factor: High gold grade and good contained metal for an inferred resource. Evidence · table > 2.24 Context: 5.6 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/pan-american-silver-reports-mineral-reserves-and-mineral-resources-as-at-june-30--0dbd6fd1-840d-44d2-b69a-0185b965929e#fact-resource-facts-112) La Bolsa · silver #### Identity - Project: La Bolsa - Commodity: silver - Region: mexico - Reported Region: Mexico - Ticker: PAAS.TO #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Paul Salmenmaki, Justin Glanvill, Christopher Emerson, Christopher Wright - Resource group id: resource:46712446562cfd4c9c8d #### Resource Data - Category: inferred - Tonnes: 13700000 - Grade: 8 - Grade Unit: g/t - Contained Metal: 3.3 - Contained Unit: moz #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-16T00:00:00.000Z Reasoning: La Bolsa's inferred silver resource has a very low grade, indicating it's a minor byproduct. - Negative factor: Very low silver grade for an inferred resource. Evidence · table > 8 Context: 13.7 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/pan-american-silver-reports-mineral-reserves-and-mineral-resources-as-at-june-30--0dbd6fd1-840d-44d2-b69a-0185b965929e#fact-resource-facts-113) La Bolsa · gold #### Identity - Project: La Bolsa - Commodity: gold - Region: mexico - Reported Region: Mexico - Ticker: PAAS.TO #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Paul Salmenmaki, Justin Glanvill, Christopher Emerson, Christopher Wright - Resource group id: resource:46712446562cfd4c9c8d #### Resource Data - Category: inferred - Tonnes: 13700000 - Grade: 0.51 - Grade Unit: g/t - Contained Metal: 225 - Contained Unit: koz #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-16T00:00:00.000Z Reasoning: La Bolsa's inferred gold resource has a low grade but contributes a good amount of contained gold. - Positive factor: Good contained gold ounces for an inferred resource. - Negative factor: Low gold grade for an inferred resource. Evidence · table > 0.51 Context: 13.7 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ## How Atlas produces this analysis Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.