Pan American Silver Corp. (NYSE: PAAS) (TSX: PAAS) ("Pan
American" or the "Company") reports its estimated mineral reserves
and mineral resources as at June 30, 2023, inclusive of the assets
acquired through the Yamana Gold Inc. ("Yamana") transaction.
Please see the Company's news release dated March 31, 2023,
announcing the completion of the Yamana transaction for further
information. Proven and probable mineral reserves are estimated to
contain approximately 576.6 million ounces of silver and 12.9
million ounces of gold. Measured and indicated ("M&I") mineral
resources (excluding proven and probable reserves) are estimated to
total approximately 959.1 million ounces of silver and 17.5 million
ounces of gold. Inferred mineral resources total 479.4 million
ounces of silver and 9.2 million ounces of gold.
"The addition of the assets from the Yamana transaction has
resulted in a significant increase in Pan American's reserve and
resource base," said Christopher Emerson, Pan American’s Vice
President of Exploration and Geology. "Our exploration and geology
teams are currently designing the drill programs across the
combined portfolio with an emphasis on near site exploration and
further resource conversion. Pan American plans to complete over
480,000 metres of drilling in 2023."
Consolidated Proven and Probable Mineral Reserves, as at June
30, 2023(1,2,3)
Segment
Category
Tonnes (Mt)
Ag (g/t)
Contained Ag (Moz)
Au (g/t)
Contained Au (Moz)
Silver Segment(4)
Proven Reserves
18.1
260
150.7
0.69
0.18
Probable Reserves
34.3
281
310.1
0.53
0.46
Proven and Probable Reserves
52.3
274
460.8
0.57
0.64
Gold Segment(5)
Proven Reserves
450.6
5
57.5
0.49
7.17
Probable Reserves
379.0
5
58.3
0.42
5.13
Proven and Probable Reserves
829.6
5
115.8
0.46
12.30
Total Segments(6,7)
Proven Reserves
468.7
16
208.2
0.50
7.35
Probable Reserves
413.2
31
368.5
0.43
5.60
Proven and Probable Reserves
881.9
23
576.6
0.47
12.94
(1) See table below entitled "Metal price assumptions used to
estimate mineral reserves and mineral resources as at June 30,
2023". (2) Please refer to the mineral reserve and resource tables
by operation at the end of this news release for more information.
(3) This summary table does not include base metal grades or
contents. Please refer to the Reserves & Resources page on Pan
American’s web site for a more complete table, including Zinc, Lead
and Copper grades and contents. (4) Silver Segment comprised of
Huaron, Morococha, La Colorada, San Vicente, Escobal and Cerro
Moro. (5) Gold Segment comprised of La Arena, Shahuindo, Dolores,
Timmins, Minera Florida, El Peñon, Jacobina, MARA and Jeronimo. (6)
Totals may not add up due to rounding. Total average grades of each
metal are with respect to those mines that produce the metal. (7)
As announced on July 31, 2023, and subsequent to the effective date
of the mineral reserve and mineral resource update as at June 30,
2023, Pan American had entered into binding agreements to divest
Morococha, MARA and Jeronimo. The corresponding mineral reserves
and mineral resources will be removed on completion of those
transactions.
Consolidated Mineral Resources, as at June 30,
2023(1,2,3,4)
Segment
Category
Tonnes (Mt)
Ag (g/t)
Contained Ag (Moz)
Au (g/t)
Contained Au (Moz)
Silver Segment(5)
Measured Resources
21.8
157
110.2
0.62
0.07
Indicated Resources
257.2
96
796.4
0.49
0.30
M&I Resources
279.1
101
906.6
0.51
0.37
Gold Segment(6)
Measured Resources
380.2
9
16.4
0.56
6.82
Indicated Resources
823.4
8
36.2
0.39
10.27
M&I Resources
1,203.6
8
52.6
0.44
17.09
Total Segments(7,8)
Measured Resources
402.0
52
126.6
0.56
6.89
Indicated Resources
1,080.6
64
832.5
0.39
10.56
M&I Resources
1,482.7
62
959.1
0.44
17.46
(1) See table below entitled "Metal price assumptions used to
estimate mineral reserves and mineral resources as at June 30,
2023". (2) Mineral resources are reported exclusive of mineral
reserves. (3) Please refer to the mineral reserve and resource
tables by operation at the end of this news release for more
information. (4) This summary table does not include base metal
grades or contents. Please refer to the Reserves & Resources
page on Pan American’s web site for a more complete table,
including Zinc, Lead and Copper grades and contents. (5) Silver
Segment comprised of Huaron, Morococha, La Colorada, San Vicente,
Escobal and Cerro Moro. (6) Gold Segment comprised of La Arena,
Shahuindo, Dolores, Timmins, Minera Florida, El Peñon, Jacobina,
MARA and Jeronimo. (7) Totals may not add up due to rounding. Total
average grades of each metal are with respect to those mines that
produce the metal. (8) As announced on July 31, 2023, and
subsequent to the effective date of the mineral reserve and mineral
resource update as at June 30, 2023, Pan American had entered into
binding agreements to divest Morococha, MARA and Jeronimo. The
corresponding mineral reserves and mineral resources will be
removed on completion of those transactions.
Consolidated Inferred Mineral Resources, as at June 30,
2023(1,2,3,4)
Segment
Category
Tonnes (Mt)
Ag (g/t)
Contained Ag (Moz)
Au (g/t)
Contained Au (Moz)
Silver Segment(5)
Inferred Resources
224.3
58
417.7
0.63
0.36
Gold Segment(6)
Inferred Resources
649.6
4
61.6
0.42
8.88
Total Segments(7,8)
Inferred Resources
873.9
22
479.4
0.43
9.24
(1) See table below entitled "Metal price assumptions used to
estimate mineral reserves and mineral resources as at June 30,
2023". (2) Mineral resources are reported exclusive of mineral
reserves. (3) Please refer to the mineral reserve and resource
tables by operation at the end of this news release for more
information. (4) This summary table does not include base metal
grades or contents. Please refer to the Reserves & Resources
page on Pan American’s web site for a more complete table,
including Zinc, Lead and Copper grades and contents. (5) Silver
Segment comprised of Huaron, Morococha, La Colorada, San Vicente,
Escobal and Cerro Moro. (6) Gold Segment comprised of La Arena,
Shahuindo, Dolores, Timmins, Minera Florida, El Peñon, Jacobina,
MARA and Jeronimo. (7) Totals may not add up due to rounding. Total
average grades of each metal are with respect to those mines that
produce the metal. (8) As announced on July 31, 2023, and
subsequent to the effective date of the mineral reserve and mineral
resource update as at June 30, 2023, Pan American had entered into
binding agreements to divest Morococha, MARA and Jeronimo. The
corresponding mineral reserves and mineral resources will be
removed on completion of those transactions.
Mineral resource estimate for the La Colorada Skarn, as at
September 13, 2022, and previously reported:
Classification
Cut-off Value
(US$/tonne)
Tonnes (Mt)
Zinc %
Lead %
Silver (g/t)
Indicated
45
95.9
2.77
1.28
31
Inferred
45
147.8
2.29
1.04
28
(1) See table below entitled "Metal price assumptions used to
estimate mineral reserves and mineral resources as at June 30,
2023". (2) See news release dated September 14, 2022 for further
information.
Pan American plans to provide an update for the La Colorada
Skarn mineral resource estimate and a Preliminary Economic
Assessment of the Skarn project, as part of an updated Technical
Report for the La Colorada Property to be released late 2023.
Consolidated reserve and resource highlights for the 12
months ended June 30, 2023:
- Silver mineral reserves increased from 515 million ounces to
577 million ounces, net of mining depletion. Gold mineral reserves
increased from 3.6 million ounces to 12.9 million ounces.
- M&I mineral resources exclusive of proven and probable
mineral reserves increased from 839 million ounces to 959 million
ounces for silver and from 8.1 million ounces to 17.5 million
ounces for gold.
- The marked increase in year-over-year mineral reserves and
M&I mineral resources reflects the inclusion of the mineral
resource and mineral reserves for the assets acquired through the
Yamana transaction.
- Inferred silver mineral resource decreased from 508 million
ounces to 479 million ounces, which reflects the removal of the
inferred mineral resource for the Shahuindo sulphides following
metallurgical test work that indicated that the resource would not
have a reasonable prospect for eventual economic extraction, as
described in the technical report for Shahuindo dated November 30,
2022.
- Inferred gold mineral resource increased from 5.7 million
ounces to 9.2 million ounces, largely through the inclusion of the
inferred mineral resources of the assets acquired through the
Yamana transaction.
A detailed summary of the silver and gold mineral reserves and
mineral resources as at June 30, 2023 is provided in the following
tables.
Consolidated Pan American Mineral Reserves as at June 30,
2023(1,2)
Property
Location
Classification
Tonnes (Mt)
Ag (g/t)
Contained Ag (Moz)
Au (g/t)
Contained Au (koz)
Silver Segment
Huaron
Peru
Proven
6.0
174
33.4
--
--
Probable
3.3
166
17.5
--
--
Morococha (92.3%)(3,4)
Peru
Proven
3.3
156
16.6
--
--
Probable
3.3
158
16.6
--
--
La Colorada
Mexico
Proven
5.0
296
47.2
0.21
33.8
Probable
4.2
292
39.1
0.19
25.3
San Vicente (95%)(3)
Bolivia
Proven
0.7
341
8.2
--
--
Probable
0.7
278
6.4
--
--
Escobal
Guatemala
Proven
2.5
486
39.5
0.42
34.2
Probable
22.1
316
225.0
0.34
243.8
Cerro Moro
Argentina
Proven
0.5
330
5.7
6.33
109.7
Probable
0.7
237
5.6
8.18
192.2
Total Silver Segment(5)
52.3
274
460.8
0.57
639.1
Gold Segment
La Arena
Peru
Proven
15.1
--
--
0.38
183.4
Probable
17.5
--
--
0.28
159.7
Shahuindo
Peru
Proven
58.8
8
15.1
0.51
967.8
Probable
33.6
6
6.8
0.40
436.8
Dolores
Mexico
Proven
6.3
17
3.4
0.53
108.6
Probable
1.3
24
1.0
0.53
22.1
Timmins
Canada
Proven
5.0
--
--
2.93
473.5
Probable
4.7
--
--
2.80
419.4
Minera Florida
Chile
Proven
0.9
26
0.7
3.25
89.6
Probable
2.0
20
1.3
3.28
210.6
El Peñon
Chile
Proven
0.9
213
6.2
5.35
155.6
Probable
5.2
148
24.6
4.21
699.5
Jacobina
Brazil
Proven
27.0
--
--
2.00
1,737.8
Probable
21.3
--
--
2.06
1,404.8
MARA (56.25%)(4)
Argentina
Proven
330.3
3
32.1
0.25
2,654.8
Probable
291.2
3
24.6
0.16
1,497.7
Jeronimo (57.0%)(4)
Chile
Proven
6.4
--
--
3.91
798.3
Probable
2.3
--
--
3.79
284.1
Total Gold Segment(5)
829.6
5
115.8
0.46
12,304.2
Total Gold and Silver
Segments(5)
Proven + Probable
881.9
23
576.6
0.47
12,943.3
(1) See table below entitled "Metal price assumptions used to
estimate mineral reserves and mineral resources as at June 30,
2023". (2) This summary table does not include base metal grades or
contents. Please refer to the Reserves & Resources page on Pan
American’s web site for a more complete table, including Zinc, Lead
and Copper grades and contents. (3) This information represents the
portion of mineral reserves attributable to Pan American based on
its ownership interest in the operating entity as indicated. (4) As
announced on July 31, 2023, and subsequent to the effective date of
the mineral reserve and mineral resource update as at June 30,
2023, Pan American had entered into binding agreements to divest
Morococha, MARA and Jeronimo. The corresponding mineral reserves
and mineral resources will be removed on completion of those
transactions. (5) Totals may not add up due to rounding. Total
average grades of each metal are with respect to those mines that
produce the metal.
Pan American Silver Measured and Indicated Mineral Resources
as at June 30, 2023(1,2,3)
Property
Location
Classification
Tonnes (Mt)
Ag (g/t)
Contained Ag (Moz)
Au (g/t)
Contained Au (koz)
Silver Segment
Huaron
Peru
Measured
1.4
180
8.2
--
--
Indicated
1.8
173
10.2
--
--
Morococha (92.3%)(4,5)
Peru
Measured
0.6
130
2.7
--
--
Indicated
0.7
124
3.0
--
--
La Colorada
Mexico
Measured
0.7
153
3.6
0.13
3.0
Indicated
2.5
182
14.6
0.19
15.0
San Vicente (95%)(4)
Bolivia
Measured
0.8
200
5.1
--
--
Indicated
0.3
213
1.9
--
--
Manantial Espejo
Argentina
Measured
0.3
164
1.7
2.40
24.7
Indicated
1.0
149
4.9
2.79
91.5
Joaquin
Argentina
Measured
0.1
360
1.5
0.28
1.2
Indicated
0.4
351
4.2
0.28
3.4
Escobal
Guatemala
Measured
2.3
251
18.6
0.23
16.7
Indicated
14.2
201
91.6
0.20
93.0
La Colorada Skarn
Mexico
Indicated
95.9
31
94.4
--
--
Navidad
Argentina
Measured
15.4
137
67.8
--
--
Indicated
139.8
126
564.5
--
--
Cerro Moro
Argentina
Measured
0.1
287
1.1
7.09
26.5
Indicated
0.6
349
7.1
4.57
93.0
Total Silver Segment(6)
279.1
101
906.6
0.51
368.0
Gold Segment
La Arena
Peru
Measured
1.2
--
--
0.25
9.5
Indicated
2.1
--
--
0.16
11.1
Shahuindo
Peru
Measured
5.4
6
1.1
0.31
53.6
Indicated
7.1
5
1.2
0.33
75.8
Dolores
Mexico
Measured
5.5
23
4.0
0.33
57.7
Indicated
0.7
70
1.5
1.35
28.7
Timmins
Canada
Measured
2.6
--
--
2.77
233.0
Indicated
2.3
--
--
2.48
185.4
La Bolsa
Mexico
Measured
10.8
10
3.5
0.70
242.8
Indicated
10.6
8
2.7
0.54
184.3
Pico Machay
Peru
Measured
4.7
--
--
0.91
137.5
Indicated
5.9
--
--
0.67
127.1
La Arena II
Peru
Measured
154.1
--
--
0.25
1,255.4
Indicated
554.6
--
--
0.23
4,044.9
Whitney (82.8%)(4)
Canada
Measured
0.8
--
--
7.02
180.7
Indicated
1.9
--
--
6.77
406.3
Gold River
Canada
Indicated
0.7
--
--
5.29
117.4
Marlhill
Canada
Indicated
0.4
--
--
4.52
57.4
Vogel
Canada
Indicated
2.2
--
--
1.75
125.0
Minera Florida
Chile
Measured
1.7
18
1.0
3.21
172.6
Indicated
4.5
18
2.6
3.32
481.3
El Peñon
Chile
Measured
1.1
146
5.2
4.10
145.2
Indicated
6.7
99
21.3
3.04
650.2
Jacobina
Brazil
Measured
49.1
--
--
1.61
2,541.3
Indicated
45.3
--
--
1.48
2,162.4
MARA Agua Rica (56.25%)(5)
Argentina
Measured
30.2
2
1.5
0.13
126.0
Indicated
116.0
2
6.9
0.11
410.4
MARA Alumbrera (56.25%)(5)
Argentina
Measured
65.3
--
--
0.31
650.8
Indicated
5.2
--
--
0.29
48.1
Jeronimo (57.0%)(5)
Chile
Measured
0.8
--
--
3.77
93.6
Indicated
0.4
--
--
3.69
45.7
La Pepa (80.0%)
Chile
Measured
47.1
--
--
0.61
922.8
Indicated
52.3
--
--
0.49
824.3
Lavra Velha
Brazil
Indicated
4.5
--
--
1.96
282.1
Total Gold Segment(6)
1,203.6
8
52.6
0.44
17,090.1
Total Gold and Silver
Segments(6)
Measured + Indicated
1,482.7
62
959.1
0.44
17,458.1
(1) See table below entitled "Metal price assumptions used to
estimate mineral reserves and mineral resources as at June 30,
2023". (2) Mineral resources are reported exclusive of mineral
reserves. (3) This summary table does not include base metal grades
or contents. Please refer to the Reserves & Resources page on
Pan American’s web site for a more complete table, including Zinc,
Lead and Copper grades and contents. (4) This information
represents the portion of mineral resources attributable to Pan
American based on its ownership interest in the operating entity as
indicated. (5) As announced on July 31, 2023, and subsequent to the
effective date of the mineral reserve and mineral resource update
as at June 30, 2023, Pan American had entered into binding
agreements to divest Morococha, MARA and Jeronimo. The
corresponding mineral reserves and mineral resources will be
removed on completion of those transactions. (6) Totals may not add
up due to rounding. Total average grades of each metal are with
respect to those mines that produce the metal.
Pan American Inferred Mineral Resources as at June 30,
2023(1,2,3)
Property
Location
Classification
Tonnes (Mt)
Ag (g/t)
Contained Ag (Moz)
Au (g/t)
Contained Au (koz)
Silver Segment
Huaron
Peru
Inferred
5.9
164
31.2
--
--
Morococha (92.3%)(4,5)
Peru
Inferred
5.2
143
24.0
--
--
La Colorada
Mexico
Inferred
14.7
174
82.2
0.20
93.0
San Vicente (95%)(4)
Bolivia
Inferred
1.5
188
9.2
--
--
Manantial Espejo
Argentina
Inferred
0.5
106
1.8
1.49
25.2
Joaquin
Argentina
Inferred
0.2
280
1.4
0.25
1.2
Escobal
Guatemala
Inferred
1.9
180
10.7
0.90
53.7
La Colorada Skarn
Mexico
Inferred
147.8
28
132.9
--
--
Navidad
Argentina
Inferred
45.9
81
119.4
--
--
Cerro Moro
Argentina
Inferred
0.7
220
4.9
8.66
191.6
Total Silver Segment(6)
224.3
58
417.7
0.63
364.8
Gold Segment
La Arena
Peru
Inferred
5.8
--
--
0.23
43.4
Shahuindo
Peru
Inferred
10.1
8
2.4
0.38
124.4
Dolores
Mexico
Inferred
1.3
40
1.7
1.18
50.3
Timmins
Canada
Inferred
3.8
--
--
3.11
383.5
La Bolsa
Mexico
Inferred
13.7
8
3.3
0.51
224.6
Pico Machay
Peru
Inferred
23.9
--
--
0.58
445.7
La Arena II
Peru
Inferred
68.2
--
--
0.21
454.6
Whitney (82.8 %)(4)
Canada
Inferred
0.8
--
--
5.34
141.4
Gold River
Canada
Inferred
5.3
--
--
6.06
1,027.4
Vogel
Canada
Inferred
1.5
--
--
3.60
168.8
Minera Florida
Chile
Inferred
4.9
15
2.4
2.93
461.1
El Peñon
Chile
Inferred
18.5
51
30.0
1.36
804.5
Jacobina
Brazil
Inferred
40.1
--
--
1.56
2,014.7
MARA Agua Rica (56.25%)(5)
Argentina
Inferred
417.9
2
21.8
0.09
1,209.2
MARA Alumbrera (56.25%)(5)
Argentina
Inferred
1.7
--
--
0.23
12.6
Jeronimo (57.0%)(5)
Chile
Inferred
1.1
--
--
4.49
161.4
La Pepa (80.0%)
Chile
Inferred
20.0
--
--
0.46
296.1
Lavra Velha
Brazil
Inferred
4.7
--
--
1.56
238.0
Arco Sul
Brazil
Inferred
6.2
--
--
3.08
614.2
Total Gold Segment(6)
649.6
4
61.6
0.42
8,875.9
Total Gold and Silver
Segments(6)
Inferred
873.9
22
479.4
0.43
9,240.7
(1) See table below entitled "Metal price assumptions used to
estimate mineral reserves and mineral resources as at June 30,
2023". (2) Mineral resources are reported exclusive of mineral
reserves. (3) This summary table does not include base metal grades
or contents. Please refer to the Reserves & Resources page on
Pan American’s web site for a more complete table, including Zinc,
Lead and Copper grades and contents. (4) This information
represents the portion of mineral resources attributable to Pan
American based on its ownership interest in the operating entity as
indicated. (5) As announced on July 31, 2023, and subsequent to the
effective date of the mineral reserve and mineral resource update
as at June 30, 2023, Pan American had entered into binding
agreements to divest Morococha, MARA and Jeronimo. The
corresponding mineral reserves and mineral resources will be
removed on completion of those transactions. (6) Totals may not add
up due to rounding. Total average grades of each metal are with
respect to those mines that produce the metal.
Metal price assumptions used to estimate mineral reserves and
mineral resources as at June 30, 2023
Mine
Category
Ag US$/oz
Au US$/oz
Cu US$/t
Pb US$/t
Zn US$/t
Huaron
All categories
19.00
1,300
7,000
2,000
2,600
Morococha
All categories
19.00
1,300
7,000
2,000
2,600
La Colorada
All categories
19.00
1,300
7,000
2,000
2,600
La Colorada Skarn
Resource
22.00
2,200
2,800
Dolores
Reserves
19.00
1,600
Resources
22.00
1,700
La Bolsa
All categories
14.00
825
Manantial Espejo
Resources
22.00
1,700
San Vicente
All categories
19.00
1,300
7,000
2,000
2,600
Navidad
All categories
12.52
1,100
Pico Machay
All categories
700
Joaquin
Resources
22.00
1,700
Escobal
All categories
20.00
1,300
2,204
2,424
Shahuindo
Reserves
19.00
1,500
Resources
22.00
1,700
La Arena
Reserves
19.00
1,500
Resources
22.00
1,700
La Arena II
All categories
1,500
8,816
Bell Creek
All categories
19.00
1,500
Timmins
All categories
19.00
1,500
Whitney
Resources
1,200
Gold River
Resources
1,200
Marlhill
Resources
1,125
Vogel
Inside pit
1,150
Below pit
1,150
Jacobina
Reserves
1,500
Resources
1,700
Cerro Moro
Reserves
19.00
1,600
Resources
22.00
1,700
El Peñon
Reserves
18.00
1,250
Resources
18.00
1,250
Minera
Florida
Reserves
19.00
1,500
2,600
Resources
22.00
1,700
2,800
Jeronimo
Reserves
900
Resources
900
MARA
Agua Rica
Reserves
18.00
1,250
6,613
Resources
24.00
1,600
8,818
MARA Alumbrera
Resources
1,300
6,239
Arco Sul
Resources
1,250
La Pepa
Resources
1,650
Lavra Velha
Resources
1,650
General Notes with Respect to Technical Information
All mineral reserves and mineral resources have been estimated
in accordance with the standards of the Canadian Institute of
Mining, Metallurgy and Petroleum and National Instrument 43-101.
Mineral resources are reported exclusives of mineral reserves.
Pan American does not expect these mineral reserve and mineral
resource estimates to be materially affected by metallurgical,
environmental, permitting, legal, taxation, socio-economic,
political, and marketing or other relevant issues.
The Company has undertaken a verification process with respect
to the data disclosed in this news release. The mineral resource
and mineral reserves databases comprising drilling and, in some
cases, surface and underground sampling, have been compiled at each
of the Pan American mine sites by the qualified staff. 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. The Qualified Person is of the opinion that
the sample preparation, analytical, and security procedures
followed for the samples are sufficient and reliable for the
purpose of this mineral resource and mineral reserve estimates. Pan
American is not aware of any drilling, sampling, recovery or other
factors that could materially affect the accuracy or reliability of
the data reported herein.
For additional information regarding Pan American's material
mineral properties prior to the completion of the acquisition of
Yamana, including detailed information concerning associated QA/QC
and data verification matters, the key assumptions, parameters and
methods (collectively, the "Assumptions and Methods") used by Pan
American to estimate mineral reserves and mineral resources, and
for a detailed description of known legal, political,
environmental, and other risks that could materially affect the Pan
American’s business and the potential development of the Pan
American’s mineral reserves and mineral resources, please refer to
Pan American’s Annual Information Form dated February 22, 2023,
filed at www.sedarplus.ca, or Pan American's most recent Form 40-F
filed with the United States Securities and Exchange Commission
(the "SEC").
For further information about the material mineral projects
acquired pursuant to the acquisition of Yamana, including detailed
information concerning associated Assumptions and Methods, and for
a detailed description of known legal, political, environmental,
and other risks that could materially affect the potential
development of the mineral reserves and mineral resources, please
refer to Yamana’s Annual Information Form dated March 29, 2023,
filed at www.sedarplus.ca, or Yamana’s most recent Form 40-F filed
with the SEC.
Quantities and grades of contained metal are shown before
metallurgical recoveries. There may be non-material changes to the
Assumptions and Methods between the date of the most recent Annual
Information Forms filed for each of Pan American and Yamana and
this date of this news release.
Technical information contained in this news release with
respect to Pan American has been reviewed and approved by Sébastien
Bernier P. Geo., Senior Director, Reserves and Resources,
Christopher Emerson, FAusIMM., Vice President of Exploration and
Geology, and Martin Wafforn, P.Eng., Senior Vice President
Technical Services and Process Optimization, who are each Qualified
Persons for the purposes of National Instrument 43-101 - Standards
of Disclosure for Mineral Projects ("NI 43-101").
Pan American Silver Corp. is authorized by The Association of
Professional Engineers and Geoscientists of the Province of British
Columbia to engage in Reserved Practice under Permit to Practice
number 1001470.
About Pan American
Pan American Silver is a leading producer of precious metals in
the Americas, operating silver and gold mines in Canada, Mexico,
Peru, Bolivia, Argentina, Chile and Brazil. We also own the Escobal
mine in Guatemala that is currently not operating, and we hold
interests in exploration and development projects. We have been
operating in the Americas for nearly three decades, earning an
industry-leading reputation for sustainability performance,
operational excellence and prudent financial management. We are
headquartered in Vancouver, B.C. and our shares trade on the New
York Stock Exchange and the Toronto Stock Exchange under the symbol
"PAAS". Learn more at panamericansilver.com.
Cautionary Note Regarding Forward-Looking Statements and
Information
Certain of the statements and information in this news release
constitute “forward-looking statements” within the meaning of the
United States Private Securities Litigation Reform Act of 1995 and
“forward-looking information” within the meaning of applicable
Canadian provincial securities laws. All statements, other than
statements of historical fact, are forward-looking statements or
information. Forward-looking statements or information in this news
release relate to, among other things: estimated mineral reserve
and mineral resource information; the expectation of the Company to
provide an update relating to the La Colorada Skarn mineral
resources, and the timing and results of any such update; estimated
mine life and any anticipated changes related thereto; the extent
of, and success related to any future exploration or development
programs, including with respect to the La Colorada Skarn;
expectations that metallurgical, environmental, permitting, legal,
title, taxation, socio-economic, political, marketing or other
issues will not materially affect estimates of mineral reserves and
mineral resources; expectations regarding planned drilling in 2023,
near site exploration and further resource conversion.
These forward-looking statements and information reflect the
Company’s current views with respect to future events and are
necessarily based upon a number of assumptions that, while
considered reasonable by the Company, are inherently subject to
significant operational, business, economic and regulatory
uncertainties and contingencies. These assumptions include: the
accuracy of our mineral reserve and mineral resource estimates and
the assumptions upon which they are based; ore grades and
recoveries are as anticipated; prices for silver, gold, and base
metals remaining as estimated; currency exchange rates remaining as
estimated; capital, decommissioning and reclamation estimates;
prices for energy inputs, labour, materials, supplies and services
(including transportation); all necessary permits, licenses and
regulatory approvals for our operations are received in a timely
manner; our ability to comply with environmental, health and safety
laws; and that the COVID-19 pandemic, or other pandemics, do not
materially impact underlying assumptions used in estimating mineral
reserves and mineral resources, such as prices, the costs and
availability of necessary labour, energy, supplies, materials and
services, and exchange rates, among other things. The foregoing
list of assumptions is not exhaustive.
The Company cautions the reader that forward-looking statements
and information involve known and unknown risks, uncertainties and
other factors that may cause actual results and developments to
differ materially from those expressed or implied by such
forward-looking statements or information contained in this news
release and the Company has made assumptions and estimates based on
or related to many of these factors. Such factors include, without
limitation: fluctuations in silver, gold and base metal prices;
fluctuations in prices for energy inputs, labour, materials,
supplies and services (including transportation); fluctuations in
currency markets (such as the PEN, MXN, ARS, BOL, CLP, BRL, GTQ and
CAD versus the USD); operational risks and hazards inherent with
the business of mining (including environmental accidents and
hazards, industrial accidents, equipment breakdown, unusual or
unexpected geological or structural formations, cave-ins, flooding
and severe weather); employee relations; relationships with, and
claims by, local communities and indigenous populations; our
ability to obtain all necessary permits, licenses and regulatory
approvals in a timely manner; changes in laws, regulations and
government practices in the jurisdictions where we operate,
including environmental, export and import laws and regulations;
legal restrictions relating to mining, including in Chubut,
Argentina, and in Guatemala; risks relating to expropriation;
diminishing quantities or grades of mineral reserves as properties
are mined; increased competition in the mining industry for
equipment and qualified personnel; and those factors identified
under the caption “Risks Related to Pan American’s Business” in the
Company’s most recent form 40-F and Annual Information Form filed
with the United States Securities and Exchange Commission and
Canadian provincial securities regulatory authorities,
respectively. Although the Company has attempted to identify
important factors that could cause actual results to differ
materially, there may be other factors that cause results not to be
as anticipated, estimated, described or intended. Investors are
cautioned against undue reliance on forward-looking statements or
information. Forward-looking statements and information are
designed to help readers understand management’s current views of
our near and longer term prospects and may not be appropriate for
other purposes. The Company does not intend, nor does it assume any
obligation to update or revise forward-looking statements or
information, whether as a result of new information, changes in
assumptions, future events or otherwise, except to the extent
required by applicable law.
Cautionary Note to US Investors Regarding References to
Mineral Reserves and Mineral Resources
Unless otherwise indicated, all reserve and resource estimates
included in this news release have been prepared in accordance with
Canadian NI 43-101 and the Canadian Institute of Mining, Metallurgy
and Petroleum (the "CIM") — CIM Definition Standards on Mineral
Resources and Mineral Reserves, adopted by the CIM Council, as
amended (the "CIM Standards"). NI 43-101 is a rule developed by the
Canadian Securities Administrators that establishes standards for
all public disclosure an issuer makes of scientific and technical
information concerning mineral projects. Canadian standards,
including NI 43-101, differ significantly from the requirements of
the SEC, and reserve and resource information included herein may
not be comparable to similar information disclosed by U.S.
companies. In particular, and without limiting the generality of
the foregoing, this news release uses the terms “measured
resources,” “indicated resources” and “inferred resources” as
defined in accordance with NI 43-101 and the CIM Standards.
Further to recent amendments, mineral property disclosure
requirements in the United States (the “U.S. Rules”) are governed
by subpart 1300 of Regulation S-K of the U.S. Securities Act of
1933, as amended (the “U.S. Securities Act”) which differ from the
CIM Standards. As a foreign private issuer that is eligible to file
reports with the SEC pursuant to the multi-jurisdictional
disclosure system (the “MJDS”), Pan American is not required to
provide disclosure on its mineral properties under the U.S. Rules
and will continue to provide disclosure under NI 43-101 and the CIM
Standards. If Pan American ceases to be a foreign private issuer or
loses its eligibility to file its annual report on Form 40-F
pursuant to the MJDS, then Pan American will be subject to the U.S.
Rules, which differ from the requirements of NI 43-101 and the CIM
Standards.
Pursuant to the new U.S. Rules, the SEC recognizes estimates of
“measured mineral resources”, “indicated mineral resources” and
“inferred mineral resources.” In addition, the definitions of
“proven mineral reserves” and “probable mineral reserves” under the
U.S. Rules are now “substantially similar” to the corresponding
standards under NI 43-101. Mineralization described using these
terms has a greater amount of uncertainty as to its existence and
feasibility than mineralization that has been characterized as
reserves. Accordingly, U.S. investors are cautioned not to assume
that any measured mineral resources, indicated mineral resources,
or inferred mineral resources that Pan American reports are or will
be economically or legally mineable. Further, “inferred mineral
resources” have a greater amount of uncertainty as to their
existence and as to whether they can be mined legally or
economically. Under Canadian securities laws, estimates of
“inferred mineral resources” may not form the basis of feasibility
or pre-feasibility studies, except in rare cases. While the above
terms under the U.S. Rules are “substantially similar” to the
standards under NI 43-101 and CIM Standards, there are differences
in the definitions under the U.S. Rules and CIM Standards.
Accordingly, there is no assurance any mineral reserves or mineral
resources that Pan American may report as “proven mineral
reserves”, “probable mineral reserves”, “measured mineral
resources”, “indicated mineral resources” and “inferred mineral
resources” under NI 43-101 would be the same had Pan American
prepared the reserve or resource estimates under the standards
adopted under the U.S. Rules.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230823515948/en/
For more information: Siren Fisekci VP, Investor Relations &
Corporate Communications Ph: 604-806-3191 Email:
ir@panamericansilver.com
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