Pan American Silver Corp.
PAAS · NYSE
Company research
Pan American Silver Corp. (NYSE: PAAS) is one of the world's leading primary silver producers, headquartered in Vancouver, Canada, and engaged in the full mining value chain — from exploration and mine development to extraction, processing, refining, and environmental reclamation. Founded in 1979 and rebranded from Pan American Minerals Corp. in April 1995, the company operates a diversified portfolio of silver and gold mines across Canada, Mexico, Peru, Bolivia, Argentina, Chile, and Brazil, with additional interests in Guatemala. Under the leadership of CEO Michael Steinmann, Pan American Silver significantly expanded its scale through the $4.8 billion acquisition of Yamana's Latin American assets in 2023, cementing its position as a top-tier precious metals producer accounting for approximately 9% of global primary silver mine supply. With a market capitalization of approximately $18.7 billion USD, the company generates revenue primarily through refined silver and gold — which represent roughly 80.5% of total sales — and maintains strong profitability metrics, including a gross margin of approximately 52.7% and a return on equity of 20.8%.
Research reports
Article distills a bullish thesis built around the revamped La Colorada Skarn plan, emphasizing lower project risk, self‑financing of roughly US$1.9bn capex, and materially higher long‑term silver output as a cornerstone of PAAS’s leveraged exposure to silver prices. It argues that improved margin sensitivity via by‑product credits and a very large, low‑cost combined operation justify viewing PAAS as a top‑tier silver producer with attractive upside if silver strength persists.
Simply Wall St · February 13, 2026The Bull Case For Pan American Silver (TSX:PAAS) Could Change How Investors See Precious Metals ExposureThis piece frames PAAS as a way to express a long‑term allocation to gold and silver, highlighting reported 2025 production of about 22.84 million ounces of silver and 742 thousand ounces of gold alongside 2026 guidance that modestly increases silver while holding gold broadly steady. The author stresses that near‑term sentiment support comes from record free cash flow and stronger metal prices, but flags valuation, execution on guidance, and any reversal in the pricing backdrop as key risks to the bull case.
Edison Investment Research · January 27, 2026Pan American Silver: Strong Q4 Finish and 2026 OutlookCommissioned Edison note reviewing PAAS’s very strong Q4 2025 operating performance, with 7.3Moz silver and 198koz gold in the quarter, full‑year silver output of 22.8Moz beating guidance, and year‑end cash plus short‑term investments rising to about US$1.3bn. It discusses 2026 guidance of 25–27Moz silver and 700–750koz gold, higher AISC driven partly by deliberate extra project and sustaining capex, and an upgraded DCF valuation from US$44 to US$51 per share, concluding that commodity tailwinds and upcoming La Colorada Skarn PEA provide further upside despite a premium to NAV.
Simply Wall St · December 17, 2025Has Pan American Silver's 120% Rally in 2025 Already Priced In Future Growth?Simply Wall St runs a two‑stage discounted cash‑flow model, estimating intrinsic value around US$105 per share and concluding that PAAS remains roughly 36% undervalued despite a share price gain of about 120% year‑to‑date. The article contrasts that DCF result with elevated but broadly justified valuation multiples and notes that robust recent free cash flow and production growth underpin the positive narrative, while cautioning that sustained performance and commodity prices are needed for the upside to be realized.