Endeavour Silver Corp. ("Endeavour" or the "Company") (NYSE: EXK; TSX: EDR) is pleased to report first quarter 2022 production of 1,314,955 silver ounces (oz) and 8,695 gold oz, for silver equivalent 1 ("AgEq") production of 2.0 million oz. "The year is off to a strong start," stated Dan Dickson, Chief Executive Officer. "Operationally, Guanacevi continues to outperform production expectations and Bolañitos remains steady. Strategically, we made a significant move in January signing a definitive agreement to acquire the Pitarrilla Project, one of the world's largest undeveloped silver deposits. The addition of Pitarrilla, which is expected to close in the second quarter, significantly enhances our already attractive pipeline of growth projects, which also includes Terronera and Parral." Read More >>
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Release - Endeavour Silver Delivers Strong Production in Q1 2022
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Endeavour Silver Announces 2024 Annual General Meeting Voting Results
Endeavour Silver Corp. ("Endeavour" or the "Company") (NYSE: EXK; TSX: EDR) is pleased to announce that shareholders voted in favour of all items of business at the Company's 2024 Annual General Meeting ("AGM") held on May 28, 2024 in Vancouver. A total of 104,090,503 votes were cast or represented by proxy at the AGM, representing 43.31% of the outstanding common shares as of the record date. The following is a tabulation of the votes submitted by proxy:
DIRECTORS | NUMBER OF SHARES | PERCENTAGE OF VOTES CAST | ||
FOR | WITHHELD/ ABSTAIN | FOR | WITHHELD | |
Rex J. McLennan | 50,212,585 | 11,699,944 | 81.10% | 18.90% |
Margaret M. Beck | 61,370,134 | 542,396 | 99.12% | 0.88% |
Ricardo M. Campoy | 61,455,874 | 456,656 | 99.26% | 0.74% |
Daniel Dickson | 61,461,186 | 451,345 | 99.27% | 0.73% |
Amy Jacobsen | 61,364,651 | 547,879 | 99.12% | 0.88% |
Kenneth Pickering | 53,516,716 | 8,395,815 | 86.44% | 13.56% |
Mario D. Szotlender | 61,428,282 | 484,248 | 99.22% | 0.78% |
Angela Johnson | 61,333,538 | 578,992 | 99.06% | 0.94% |
All director nominees were re-elected, including the addition of Angela Johnson to the Board of Directors (see news release dated April 18, 2024 ) to fill vacancy left by the retirement of Christine West.
Shareholders voted 88.36% in favour of re-appointing KPMG LLP as auditor of the Company and authorized the Board to fix the auditor's remuneration for the ensuing year. In addition, shareholders also voted 96.79% in favour of approving certain amendments to the Stock Option Plan and all unallocated options grantable under the Stock Option Plan, as amended by Amendment No. 6, and 96.76% in favour of approving all unallocated awards grantable under the Share Unit Plan.
About Endeavour Silver – Endeavour Silver is a mid-tier precious metals company with a strong commitment to sustainable and responsible mining practices. With operations in Mexico and the development of the new cornerstone mine in Jalisco state, the Company aims to contribute positively to the mining industry and the communities in which it operates. In addition, Endeavour has a portfolio of exploration projects in Mexico, Chile and the United States to facilitate its goal to become a premier senior silver producer.
For Further Information, Please Contact:
Galina Meleger, Vice President, Investor Relations
Tel: 604-640-4804
Email: gmeleger@edrsilver.com
Website: www.edrsilver.com
Follow Endeavour Silver on Facebook , X , Instagram and LinkedIn
News Provided by GlobeNewswire via QuoteMedia
Endeavour Silver Highlights Progress on its Three-Year Sustainability Strategy in 2023 Sustainability Report
Endeavour Silver Corp. ("Endeavour" or the "Company") (TSX: EDR, NYSE: EXK) made further progress executing its 2022-2024 Sustainability Strategy as outlined in the Company's 2023 Sustainability Report released today.
Entitled "Transformation in Motion", the report provides insights into Endeavour's sustainability performance and approach over 2023, including second-year progress highlights against the strategy.
"Since launching our 2022-2024 Sustainability Strategy two years ago, we have completed many significant initiatives and achieved key targets," stated Dan Dickson, CEO of Endeavour. "In 2023, we transformed more commitments into meaningful impact across our sites and surrounding areas. With the ongoing construction of our flagship mine, Terronera, we're on the doorstep of a transformation that will bring us closer to becoming a premier silver producer—and our sustainability initiatives have helped set us up for this exciting future."
Endeavour's 2022-2024 Sustainability Strategy is centered around three pillars:
- People – Increasing positive social impacts for people in our workplace and in the communities where we operate.
- Planet – Elevating our environmental stewardship to reduce negative impacts, protect ecosystems and support environmental sustainability.
- Business – Operating a trusted, well-performing business by further strengthening the critical foundations that create long-term organizational sustainability.
The actions we took in 2023, and achievements made, include the following (all dollar amounts presented below are in U.S. dollars):
People
- Continued implementing safety procedures aligned to ISO 45001, the global standard for reducing occupational injuries and diseases, and recorded a 1.03 reportable injury rate.
- Provided an average of 31 training hours per employee and contractor.
- Made upgrades to our mining on-site facilities, including employee accommodations, food services and enjoyment areas, to create more comfortable experiences for our people.
- Nearly doubled our community investments, to $854,620 which supported initiatives such as road improvement projects, the building of a new community water well, and the delivery of skill-training workshops for local residents.
- Marked the seventh anniversary of our Scholarship Program, with 142 scholarships awarded in 2023 – and 855 since 2017 – to enhance access to education for local students.
- Awarded the ‘Socially Responsible Company' distinction by the Mexican Center for Philanthropy.
Planet
- Released our first climate report aligned to the Task Force on Climate-related Financial Disclosures (TCFD) framework, entitled " Our Climate Journey " , and undertook research to inform the development of a long-term Climate Action Plan.
- Calculated Scope 3 emissions for the first time, for our two producing mines.
- Recycled 89% of water used in our operations, beating our target and minimizing our use of fresh water.
- Diverted 78% of our overall waste from landfills.
- Continued working with an external consultant to align our current practices with the new Global Industry Standard on Tailings Management.
- Planted 58,580 trees through our reforestation program to restore land disturbed by mining activity
Business
- Surpassed 30% representation of women on the Board, achieving our 2024 target.
- Developed Anti-money Laundering and Anti-terrorist Financial Protocol to formalize and strengthen the controls governing our relationships with third parties.
- 100% of our employees completed business conduct and ethics training.
- Created a new human rights training course for Endeavour's security personal.
- 97% of our procurement was from local and national suppliers in Mexico.
- Launched Supplier Standards of Conduct to integrate enhanced ESG criteria into our supplier due diligence processes.
The 2023 Sustainability Report and related performance tables are available on Endeavour's website .
The report has been prepared in accordance with the Global Reporting Initiative (GRI) Standards and the Sustainability Accounting Standards Board (SASB) framework, as well as with reference to the United Nations Sustainable Development Goals (SDGs). A Spanish version of the report will be available online during Q3, 2024.
About Endeavour Silver – Endeavour is a mid-tier precious metals company with a strong commitment to sustainable and responsible mining practices. With operations in Mexico and the development of the new cornerstone mine in Jalisco state, the company aims to contribute positively to the mining industry and the communities in which it operates. In addition, Endeavour has a portfolio of exploration projects in Mexico, Chile and the United States to facilitate its goal to become a premier senior silver producer.
Contact Information
Galina Meleger, Vice President of Investor Relations
Tel: (877) 685 - 9775
Email: gmeleger@edrsilver.com
Website: www.edrsilver.com
Follow Endeavour Silver on Facebook , X , Instagram and LinkedIn
News Provided by GlobeNewswire via QuoteMedia
How to Invest in Silver (Updated 2024)
How to best invest in silver is a thought on many investors’ minds.
Silver has long been an attractive vehicle not only for storing wealth, but for generating it too. Silver bugs rave about the growth opportunities to be had in a price rally.
However, what goes up must come down, and the silver market is prone to deep dives. This has much to do with the silver’s dual role as both a precious and industrial metal.
As with gold investing, there are four major routes to incorporating silver into your investment portfolio: physical silver, silver ETFs, silver stocks and silver futures. Let’s take a brief look at each one.
How to invest in physical silver?
The most direct avenue to investing in physical silver is by purchasing bullion products such as silver bars, silver coins and silver rounds. Physical silver can be bought via mints and bullion exchanges for immediate delivery.
As a tangible asset, silver bullion has inherent and real value, although as with other commodities it is also vulnerable to market fluctuations. Like gold, silver has been used as legal tender for centuries.
Today, the most popular silver bullion coins include the American Silver Eagle, the official investment-grade silver bullion coin of the United States Mint; the Canadian Silver Maple Leaf, produced by the Royal Canadian Mint; and the Australian Silver Kangaroo, out of the Perth Mint.
For those investors interested in holding silver bars, a dedicated storage vault in a secure storage facility is a necessity. However, it's important to understand that there are associated costs with secure storage. Another expense associated with investing in physical silver is the premium charged on top of the silver spot price to cover minting costs.
Click here to learn more about the pros and cons of investing in physical silver.
How to invest in silver futures?
Silver futures are traded on a number of global exchanges, such as CME Group’s COMEX exchange, the Dubai Gold & Commodities Exchange (DGCX), and the Tokyo Commodity Exchange (TOCOM).
The silver futures market allows participants to enter into futures contracts for the delivery of the white metal in the future at an agreed-upon price. In such contracts, two positions can be taken: a long position to accept delivery of the metal or a short position to provide delivery of the metal.
However, the volatility inherent in the silver sector can be amplified in the futures marketplace. This makes it a realm for more experienced investors with a higher tolerance for risk.
Click here to learn more about investing in silver futures.
How to invest in silver stocks?
Investors can purchase shares in silver mining stocks on many of the world’s premiere stock exchanges. Buying a share essentially means buying a stake in the company, with financial returns or losses tied to its performance.
Canada’s Toronto Stock Exchange (TSX) and TSX Venture Exchange (TSXV) feature the most mining stocks of any of the world’s stock exchanges. The New York Stock Exchange (NYSE) and the Australian Stock Exchange (ASX) are also excellent platforms for mining investment.
Depending on risk tolerance and preferred investment strategy, investors can choose between a bevy of major silver mining companies with producing assets or junior silver miners. Many of the more mature silver mining stocks also pay dividends. Read our article on 5 Silver Stocks that Pay Dividends for a place to start.
It’s worth noting that investing in a junior stock can be risky. Since these companies can fail due to the risks associated with exploration and development, investors stand a greater chance of taking on a loss when getting exposure to silver this way.
Finally, another option for market participants is to purchase shares in silver streaming and royalty companies, such as Wheaton Precious Metals (TSX:WPM,NYSE:WPM). These companies are often viewed as a safer option when it comes to stocks.
Private investor Don Hansen has honed his due diligence process over more than 20 years of resource sector involvement. Speaking to the Investing News Network, he shared his strategies for evaluating gold and silver stocks, including his process for assessing risk/reward and how he analyzes market cap/gross margin.
Watch the interview above for Hansen's thoughts on how to conduct due diligence for gold and silver stocks.
Click here for a list of the 5 biggest silver-mining companies, here for the 5 best-performing Canadian silver stocks, and here for the 5 biggest ASX silver stocks.
How to invest in silver ETFs?
If investors don't want to take the risk of investing in individual stocks, they can also opt to invest in silver through an exchange-traded fund (ETF), which trades on an exchange like a regular stock.
There are several silver ETFs to choose from. For instance, some ETFs focus solely on resource companies in the space, some on physical silver bullion, and others on silver futures contracts. For those looking to gain exposure to a basket of silver mining stocks, the Global X Silver Miners ETF (ARCA:SIL) and IShares MSCI Global Silver Miners ETF (BATS:SLVP) are quality options.
The iShares Silver Trust (ARCA:SLV) is the world’s largest silver ETF by assets under management. It tracks the London Bullion Market Association silver price as its benchmark and holds silver bullion. The ProShares Ultra Silver ETF (ARCA:AGQ) uses derivatives such as futures contracts to invest in silver.
Click here for a list of the seven biggest silver ETFs.
Why invest in silver?
As a precious metal, silver can offer wealth protection in times of turmoil. When political and economic uncertainty are rife, legal tender generally takes a backseat to assets like gold and silver.
Recent concerns include the threat of a looming recession, social unrest, Russia's entrenched war in Ukraine and the destabilization in the Middle East centered around the Israel-Hamas war. Investors will be closely watching these trends and any other geopolitical events that bring higher levels of uncertainty.
Like gold, the silver price often increases when geopolitical issues are at play. Yet, silver has the potential to offer higher returns than gold — the gold/silver ratio, which has moved between 1:75 and 1:95 since June 2022, is a metric that compares the metals' prices at a given moment. Often, when gold moves up, silver will play catch up, and it stands to see a much bigger percentage gain when its price goes up.
With the highest electrical conductivity of all the metals, silver’s industrial side also offers opportunities for generating wealth. The major drivers of industrial demand for silver comes from sectors important to energy transition, specifically the production of photovoltaics and electric vehicles.
FAQs for investing in silver
Who is the biggest silver investor?
JPMorgan Chase (NYSE:JPM) is believed to hold the biggest position in physical silver through its custodianship of the iShares Silver Trust ETF (ARCA:SLV) and its significant COMEX silver bullion holdings. The financial services company's majority position in the silver market has placed it in the center of silver market manipulation investigations in recent years.
Does Warren Buffett invest in silver?
Yes — despite his strong feelings against gold, Warren Buffet has reportedly invested nearly US$1 billion in silver. While the Oracle of Omaha sees no intrinsic value in gold, silver's industrial and medical uses make it a good fit for his investment values.
What price did Warren Buffett pay for silver?
Buffett's Berkshire Hathaway (NYSE:BRK.A,NYSE:BRK.B) took advantage of ultra-low silver prices between 1997 and 2006, buying up 37 percent of global silver supply. Silver ranged from US$4 to US$10 per ounce during that period.
In fact, between July 1997 and January 1998 alone, the company bought about 129 million ounces of the metal, much of which was for under US$5. Adjusted for inflation, the company's purchases in that window cost about US$8.50 to US$11.50.
This is an updated version of an article first published by the Investing News Network in 2019.
Don’t forget to follow us @INN_Resource for real-time news updates!
Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.
7 Biggest Silver ETFs in 2024
Spurred by moves in the gold market as well as increasing demand from industrial sectors, silver saw strong price movements in the first half of 2024, breaching US$30 per ounce for the first time in more than a decade.
While silver has often been seen as a more approachable precious metal owing to its lower per ounce price, its performance has lagged gains seen in the gold price over the past few years. However, silver did join gold in its rally earlier this year, climbing above US$32 in May, and pulled above US$30 again in July.
Like gold, investors can gain exposure to silver in several ways that each offer their own pros and cons, along with differing costs and risks. For example, investors can purchase physical silver bars or coins, or invest in silver futures.
Another way for investors to diversify their portfolio with silver is to invest in exchange traded funds (ETFs). These products work similarly to mutual funds in that they pool investor resources into an asset. However, as their name suggested, ETFs are traded on exchanges like stocks, making them more accessible to investors.
While ETFs aren’t without risk, they can offer a more stable investment compared to individual stocks thanks to their diversification and the fact that they are often managed and rebalanced.
Silver ETFs come in several forms, such as ones that hold physical silver and ones that hold silver mining, royalty and exploration stocks. Investors looking to start trading silver ETFs should be aware of the options available to them.
In order to determine which silver ETF will best suit their precious metals needs, investors should examine the options available to them. Here's a brief look at seven of the top silver ETFs by total assets. The first four ETFs track the price of silver, while the last three provide exposure to silver-mining stocks.
Assets and prices for these silver ETFs were collected on September 10, 2024, using data from ETF Database, and performance data is accurate for the end of Q2 2024.
Silver price ETFs
1. iShares Silver Trust (ARCA:SLV)
Total assets: US$13.01 billion; unit price: US$25.66
As the iShares Silver Trust’s website warns, it is not your standard ETF. Why? Put simply, the iShares Silver Trust is not an investment company registered under the Investment Company Act of 1940, or a commodity pool under the Commodity Exchange Act. Further, its ETF shares aren’t subject to the regulatory requirements that apply to mutual funds.
Investors who are not put off by those conditions may find the iShares Silver Trust appealing. It uses the London Bullion Market Association silver price as its benchmark and holds silver bullion — 465.55 million ounces as of the date noted above, to be exact. The trust has a five year total return of 13.49 percent.
2. Aberdeen Standard Physical Silver Shares ETF (ARCA:SIVR)
Total assets: US$1.34 billion; unit price: US$27.06
The Aberdeen Standard Physical Silver Shares ETF is also not a typical ETF and is very similar to the iShares Silver Trust. The investment objective of the Aberdeen Standard Physical Silver Shares ETF is for its shares to reflect the performance of the silver price less the expenses of the trust's operations.
The fund is backed with 45.51 million ounces of silver held with JPMorgan Chase Bank in London in a secured vault. This ETF reportedly has a good record for correctly tracking the spot price of silver. Its five year average annual return comes in at 13.71 percent.
3. ProShares Ultra Silver ETF (ARCA:AGQ)
Total assets: US$570.83 million; unit price: US$33.80
Set up in December 2008 by ProShares, the ProShares Ultra Silver ETF was designed to offer daily investment results, that correspond with twice the daily performance of the Bloomberg Silver Subindex.
The fund uses derivatives such as futures contracts to invest in silver. ETF Database suggests it may be "a powerful tool for investors with a bullish short-term outlook for silver." While designed for short term investment, its total five year return stands at 8.74 percent.
4. ProShares UltraShort Silver ETF (ARCA:ZSL)
Total assets: US$76.2 million; unit price: US$11.64
Alongside the creation of the ProShares Ultra Silver ETF in late 2008, ProShares launched its UltraShort Silver ETF. This fund was designed to provide investors with a hedge against declines in the silver market.
Because the fund is built around providing results at a negative two times daily performance of the Bloomberg Silver Subindex, it is meant for traders who have a high capacity for risk and who are willing to monitor their positions on a daily basis.
This high-volatility fund provides exposure to the silver futures market and has a five year return of -40.56 percent.
Silver-mining ETFs
1. Global X Silver Miners ETF (ARCA:SIL)
Total assets: US$1.02 billion; unit price: US$30.44
The Global X Silver Miners ETF gives investors access to a basket of silver-mining stocks. The ETF benefits from the fact that those companies can enjoy quick gains when the price of the metal is rising. It also allows investors to avoid the risks associated with individual companies and lets them add geographical diversity to their portfolios.
This ETF has an expense ratio of 0.65 percent, and its top holdings include streaming company Wheaton Precious Metals (TSX:WPM,NYSE:WPM) at a weight of 25.94 percent, Pan American Silver (TSX:PAAS,NASDAQ:PAAS) at a weight of 14.06 percent and Korea Zinc Company (KRX:010130) at 5.49 percent.
The five year average annualized return for the fund is 4.3 percent.
2. Amplify Junior Silver ETF (ARCA:SILJ)
Total assets: US$875.89 million; unit price: US$10.96
The Amplify Prime Junior Silver ETF bills itself as the "first and only ETF to target small cap silver miners." The index provides a benchmark for investors to track public small-cap companies in the silver space.
The ETF has an expense ratio of 0.69 percent and its holdings span Canada, the US and the UK, with key silver companies such as Pan American Silver at a weight of 8.95 percent, Harmony Gold Mining (NYSE:HMY) at 7.92 percent and Coeur Mining (NYSE:CDE) at 7.16 percent.
Over the last five years the fund has provided investors with a return of 2.62 percent.
3. iShares MSCI Global Silver Miners ETF (BATS:SLVP)
Total assets: US$213.67 million; unit price: US$11.52
The iShares MSCI Global Silver Miners ETF tracks an index composed of global equities of companies primarily engaged in silver exploration or metals mining; however, it skews toward Canadian mining stocks. The ETF has the lowest expense ratio of the three ETFs focused on silver stocks at 0.39 percent.
Holdings for the iShares MSCI Global Silver Miners ETF include Pan American Silver at a weight of 21.69 percent, Hecla Mining (NYSE:HL) at 9.66 percent and Newmont (TSX:NGT,NYSE:NEM) at 7.51 percent.
The five year total return for the fund is 5.94 percent.
This is an updated version of an article originally published by the Investing News Network in 2014.
Don’t forget to follow us @INN_Resource for real-time news updates!
Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.
Pan American Silver Reports Mineral Reserves and Mineral Resources as at June 30, 2024
- Significant increase in estimated mineral resources for the La Colorada Skarn project
- Mineral reserve replacement and 1.2 million ounce increase in gold inferred mineral resources at Jacobina demonstrates exploration potential
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, 2024. Proven and probable mineral reserves are estimated to contain approximately 468.0 million ounces of silver and 6.9 million ounces of gold. Measured and indicated ("M&I") mineral resources (excluding proven and probable ("P&P") reserves) are estimated to total approximately 1,148.0 million ounces of silver and 15.5 million ounces of gold. Inferred mineral resources are estimated to total approximately 366.0 million ounces of silver and 9.4 million ounces of gold. The updated mineral reserves and mineral resources estimates are reported net of the sales of the MARA, Agua de la Falda and Morococha properties, as announced in the Company's news release dated July 31, 2023. The divestment of these non-core, non-producing assets is largely responsible for a decrease in mineral reserves and mineral resources compared to 2023.
"Our exploration efforts have successfully replaced mine production and expanded mineral reserves at Jacobina, La Colorada, Huaron and Minera Florida. In addition, infill and extensional drilling at the Jacobina mine has increased inferred mineral resources by over 1.2 million ounces of gold, highlighting the significant exploration potential of the deposit and the opportunity to replace mineral resources and mineral reserves in the future," said Christopher Emerson, Pan American's Vice President of Exploration and Geology. "At the La Colorada Skarn project, estimated indicated mineral resources have grown substantially to 309 million ounces of silver due to higher tonnage and higher grades, with the inferred mineral resource now estimated at 59 million ounces of silver. Zinc and lead contained within the skarn deposit have also increased since our last resource update."
In 2024, Pan American plans to complete over 360,000 metres of drilling across its portfolio of mines, focused on near-mine exploration for mineral reserve replacement.
Consolidated Proven and Probable Mineral Reserves, as at June 30, 2024 (1,2,3)
Segment | Category | Tonnes (millions) | Ag (g/t) | Contained Ag (Moz) | Au (g/t) | Contained Au (koz) |
Silver Segment (4) | Proven Reserves | 13.3 | 278 | 119.1 | 0.68 | 135.1 |
Probable Reserves | 32.5 | 293 | 306.2 | 0.49 | 444.6 | |
Proven and Probable Reserves | 45.8 | 289 | 425.2 | 0.52 | 579.7 | |
Gold Segment (5) | Proven Reserves | 80.3 | 13 | 17.6 | 1.14 | 2,952.9 |
Probable Reserves | 99.8 | 16 | 25.2 | 1.05 | 3,360.3 | |
Proven and Probable Reserves | 180.1 | 14 | 42.7 | 1.09 | 6,313.1 | |
Total Segments (6) | Proven Reserves | 93.7 | 75 | 136.6 | 1.11 | 3,088.0 |
Probable Reserves | 132.3 | 124 | 331.4 | 0.92 | 3,804.8 | |
Proven and Probable Reserves | 225.9 | 105 | 468.0 | 1.00 | 6,892.8 |
(1) See table below entitled "Metal price assumptions used to estimate mineral reserves and mineral resources as at June 30, 2024".
(2) Please refer to the complete mineral reserve and mineral resource tables 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 website for a more complete table, including zinc, lead and copper grades and contents.
(4) Silver Segment mineral reserves comprised of Escobal, La Colorada, Huaron, San Vicente, and Cerro Moro.
(5) Gold Segment mineral reserves comprised of Jacobina, Shahuindo, El Peñon, Timmins, Minera Florida, La Arena, and Dolores.
(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.
Consolidated Mineral Resources, as at June 30, 2024 (1,2,3,4)
Segment | Category | Tonnes (millions) | Ag (g/t) | Contained Ag (Moz) | Au (g/t) | Contained Au (koz) |
Silver Segment (5) | Measured Resources | 20.7 | 159 | 105.6 | 0.63 | 65.2 |
Indicated Resources | 425.4 | 73 | 1,002.7 | 0.47 | 276.9 | |
M&I Resources | 446.1 | 77 | 1,108.4 | 0.50 | 342.2 | |
Gold Segment (6) | Measured Resources | 271.8 | 21 | 17.8 | 0.62 | 5,431.2 |
Indicated Resources | 704.7 | 26 | 21.8 | 0.43 | 9,751.0 | |
M&I Resources | 976.5 | 24 | 39.6 | 0.48 | 15,182.2 | |
Total Segments (7) | Measured Resources | 292.4 | 82 | 123.5 | 0.62 | 5,496.4 |
Indicated Resources | 1,130.1 | 71 | 1,024.5 | 0.43 | 10,027.9 | |
M&I Resources | 1,422.6 | 72 | 1,148.0 | 0.48 | 15,524.3 |
(1) See table below entitled "Metal price assumptions used to estimate mineral reserves and mineral resources as at June 30, 2024".
(2) Mineral resources are reported exclusive of mineral reserves.
(3) Please refer to the complete mineral reserve and resource tables 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 website for a more complete table, including zinc, lead and copper grades and contents.
(5) Silver Segment mineral resources comprised of Navidad, La Colorada Skarn, Escobal, Huaron, La Colorada, Manantial Espejo, Cerro Moro, San Vicente, and Joaquin.
(6) Gold Segment mineral resources comprised of Jacobina, La Arena II, La Pepa, El Peñon, Minera Florida, La Bolsa, Lavra Velha, Pico Machay, Timmins, Shahuindo, Vogel, Gold River, Whitney, Marlhill, Dolores, and La Arena.
(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.
Consolidated Inferred Mineral Resources, as at June 30, 2024 (1,2,3,4)
Segment | Category | Tonnes (millions) | Ag (g/t) | Contained Ag (Moz) | Au (g/t) | Contained Au (koz) |
Silver Segment (5) | Inferred Resources | 130.0 | 78 | 327.8 | 0.61 | 304.3 |
Gold Segment (6) | Inferred Resources | 254.0 | 21 | 38.2 | 1.12 | 9,118.4 |
Total Segments (7) | Inferred Resources | 384.0 | 61 | 366.0 | 1.09 | 9,422.8 |
(1) See table below entitled "Metal price assumptions used to estimate mineral reserves and mineral resources as at June 30, 2024".
(2) Mineral resources are reported exclusive of mineral reserves.
(3) Please refer to the complete mineral reserve and mineral resource tables 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 website for a more complete table, including zinc, lead and copper grades and contents.
(5) Silver Segment inferred mineral resources comprised of Navidad, La Colorada, La Colorada Skarn, Huaron, San Vicente, Escobal, Cerro Moro, Manantial Espejo and Joaquin.
(6) Gold Segment inferred mineral resources comprised of Jacobina, Gold River, El Peñon, Arco Sul, Minera Florida, Whitney, Pico Machay, La Arena II, Timmins, La Pepa, Lavra Velha, La Bolsa, Vogel, Shahuindo, Dolores, and La Arena.
(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.
Mineral reserve and mineral resource highlights for the 12-months ended June 30, 2024:
- The successful divestment of non-core, non-producing properties - MARA, Morococha and Agua de la Falda - in 2023 reduced the consolidated P&P mineral reserves by 89.9 million ounces of silver and 5.2 million ounces of gold. After adjusting for a full year of production, the significant exploration success at many of our operations and other parameters, the consolidated mineral reserves at June 30, 2024, are estimated to total 468.0 million ounces of silver and 5.2 million ounces of gold.
- Consolidated M&I silver mineral resources increased from an estimated 959.0 million ounces to an estimated 1,148.0 million ounces. The increase in M&I silver mineral resources is mainly due to the increase in indicated resources at the La Colorada Skarn project more than offsetting the sales of MARA and Morococha. Consolidated M&I gold mineral resources decreased from an estimated 17.5 million ounces to an estimated 15.5 million ounces, largely due to the sales of the MARA and Agua de la Falda properties.
- At the La Colorada Skarn project, estimated indicated mineral resources significantly increased to 308.7 million ounces of contained silver with higher tonnage, higher silver and base metal grades, and improved geological confidence.
- At Jacobina, exploration more than replaced mine production with new mineral reserves, marking the eighth consecutive year of full replacement of production. New gold inferred mineral resources estimated at over 1.2 million ounces were also added, including 495 thousand ounces at Maricota, a new zone north of Morro do Cuscuz. See the Company's news releases dated June 17, 2024 and December 5, 2023, for further information on Maricota.
- At El Peñon, mineral resources and mineral reserves were added to the southeast of the current mining zones in major veins like Pampa Sur and Pampa Campamento, as well as in silver rich structures like Tostado Sur and others. Future exploration will continue to target converting the large inferred mineral resource to mineral reserves and to discovering new veins on the mine's extensive land position.
- At La Colorada, the eastward extensions of the veins, described in previous news releases, contributed to a net addition to silver P&P mineral reserves.
- At Minera Florida, 103.7 thousand ounces of P&P gold mineral reserves and 864 thousand ounces of P&P silver mineral reserves were added, more than replacing mine production.
- At Huaron, P&P silver mineral reserves increased by 1.7 million ounces, more than replacing mine production, with the Horizonte zone alone adding 2.7 million ounces of new P&P silver mineral reserves.
- At Timmins, exploration has been focused on the Whitney joint venture project, with more than 20,500 metres of drilling completed over the 2021 to 2023 period, contributing to an updated estimate for indicated gold mineral resources of 93.6 thousand ounces and inferred gold mineral resources of 574.0 thousand ounces (based on a 100% interest). Pan American is now focused on further exploratory and confirmation drilling of the project. See the December 5, 2023 news release for more information on the Whitney project.
A detailed summary of the silver and gold mineral reserves and mineral resources as at June 30, 2024 is provided in the tables at the end of this news release.
LA COLORADA SKARN MINERAL RESOURCE UPDATE
Approximately 73,000 metres of exploration and infill drilling have been completed since the last mineral resource update, including high-grade intercepts reported in previous news releases. The drilling has resulted in a significant increase in estimated mineral resources and higher silver and base metal grades. It also improved a large portion of mineral resources from the inferred category to indicated. The tables below illustrate the improvements and the highlights include:
- A 53% increase in indicated mineral resources to an estimated 265.4 million tonnes.
- Improvement in silver, zinc and lead grades by 10%, 2% and 4%, respectively, for the indicated mineral resource category.
- A 69% increase in contained silver to 308.7 million ounces in indicated mineral resources. Contained silver in inferred mineral resources is estimated at 58.6 million ounces.
- A 56% increase in contained zinc to 7.6 million tonnes and a 60% increase in contained lead to 3.6 million tonnes in indicated mineral resources.
- Addition of 125.5 million ounces of silver, 2.7 million tonnes of zinc and 1.4 million tonnes of lead to indicated mineral resources.
Exploration and resource infill drilling is ongoing with additional drill rigs completing condemnation and hydrogeological work. Engineering work continues with geotechnical studies required for sub level caving ("SLC") and reviewing the updated mineral resource and mining shapes to optimize mineral extraction.
Next steps include further infill drilling, additional analysis of alternative mining methods, optimizing throughputs, preparing capital and operating cost estimates, as well as advancing discussions with potential project partners.
La Colorada Skarn Estimated Mineral Resource as at June 30, 2024
Classification | Tonnes (millions) | Zn (%) | Pb (%) | Ag (g/t) |
Indicated | 265.4 | 2.85 | 1.37 | 36 |
Inferred | 61.7 | 2.55 | 0.95 | 30 |
Notes:
- The effective date of the mineral resources estimate is June 30, 2024.
- Estimation and reporting of mineral resources were carried out in accordance with Canadian Institute of Mining, Metallurgy and Petroleum ("CIM") guidelines.
- Mineral resources have been classified into indicated and inferred confidence categories.
- Mineral resources have reasonable prospects for eventual economic extraction demonstrating sufficient spatial continuity of mineralization constrained within a potentially mineable shape. Mineral resources that are not mineral reserves do not have demonstrated economic viability. No mineral reserves are reported at this time for the La Colorada Skarn project.
- Prices used to report mineral resources were: $22.00 per ounce of silver, $2,800 per tonne of zinc and $2,200 per tonne of lead.
- An estimated NSR (in US$/t) was calculated using metallurgical recoveries of 84.9% Ag, 84.3% Pb and 93.7% Zn with mineral concentrate qualities of 61% Pb in lead concentrate and 59% Zn in zinc concentrate, obtained from metallurgical testing. Estimates for transport, payability and refining/selling costs, based on experience and long-term views of the marketing, treatment and refining of these types of mineral concentrates, were included.
- Reasonable prospects for eventual economic extraction were assessed by determining the total in-situ tonnes and metal grades constrained inside volumes that are based on a SLC mining method considering operating and sustaining capital cost estimates of $45/t. To determine the constraining SLC shapes, an initial elevated cutoff value of $50/t NSR was applied. Then geotechnical, geometry and caving rules were applied to ensure practical mining shapes were achieved. The resulting constraining shapes were then considered to be practical mining outlines. The tonnes and grades are inclusive of the must-take low grade material within the volume. No other mining recovery, ring recovery, dilution or mineral losses have been applied.
- This mineral resource estimate was prepared under the supervision of, or was reviewed by, Christopher Emerson, FAusIMM, Vice President Exploration and Geology, who is a Qualified Person as that term is defined in NI 43-101.
- Grades are shown as contained metal before mill recoveries are applied. The Company has undertaken a verification process with respect to the data disclosed in this news release.
- A total of 376 diamond drill holes with a total length of 314,930 metres were used in the geological interpretation and resource estimate. Several old historic drill holes were included in the modeling. Drilling of the La Colorada Skarn deposit has been completed from both surface and underground drill platforms.
- All drill hole samples used in the mineral resource estimate have been previously reported in news releases dated October 23, 2018, February 21, 2019, May 8, 2019, August 1, 2019, October 30, 2019, February 13, 2020, August 4, 2020, May 12, 2021, November 10, 2021, February 24, 2022, May 9, 2022, November 1, 2022, May 2, 2023, December 5, 2023, and April 7, 2024.
MINERAL RESERVES AND MINERAL RESOURCES TABLES
Consolidated Pan American Mineral Reserves as at June 30, 2024 (1)
Property | Location | Classification | Tonnes (millions) | Ag (g/t) | Contained Ag (koz) | Au (g/t) | Contained Au (koz) |
Silver Segment | |||||||
Escobal | Guatemala | Proven | 2.5 | 486 | 39.5 | 0.42 | 34.2 |
Probable | 22.1 | 316 | 225.0 | 0.34 | 243.8 | ||
La Colorada | Mexico | Proven | 3.2 | 305 | 31.4 | 0.20 | 20.5 |
Probable | 5.8 | 296 | 55.2 | 0.19 | 35.3 | ||
Huaron | Peru | Proven | 6.2 | 173 | 34.4 | -- | -- |
Probable | 3.5 | 163 | 18.2 | -- | -- | ||
San Vicente (95%) (2) | Bolivia | Proven | 0.9 | 329 | 9.8 | -- | -- |
Probable | 0.5 | 250 | 4.3 | -- | -- | ||
Cerro Moro | Argentina | Proven | 0.4 | 272 | 3.9 | 5.58 | 80.4 |
Probable | 0.6 | 200 | 3.6 | 9.31 | 165.5 | ||
Total Silver Segment (3) | 45.8 | 289 | 425.2 | 0.52 | 579.7 | ||
Gold Segment | |||||||
Jacobina | Brazil | Proven | 24.0 | -- | -- | 1.84 | 1,420.0 |
Probable | 30.3 | -- | -- | 1.79 | 1,742.3 | ||
Shahuindo | Peru | Proven | 39.8 | 8 | 10.5 | 0.52 | 660.4 |
Probable | 44.7 | 5 | 7.2 | 0.28 | 398.6 | ||
El Peñon | Chile | Proven | 0.8 | 208 | 5.5 | 5.46 | 145.4 |
Probable | 4.0 | 131 | 16.7 | 3.99 | 507.4 | ||
Timmins | Canada | Proven | 5.4 | -- | -- | 2.79 | 481.4 |
Probable | 4.4 | -- | -- | 2.74 | 386.2 | ||
Minera Florida | Chile | Proven | 1.2 | 23 | 0.9 | 3.25 | 128.7 |
Probable | 1.8 | 22 | 1.3 | 3.18 | 188.0 | ||
La Arena (4) | Peru | Proven | 8.0 | -- | -- | 0.41 | 103.7 |
Probable | 14.7 | -- | -- | 0.29 | 137.8 | ||
Dolores | Mexico | Proven | 1.2 | 16 | 0.6 | 0.35 | 13.3 |
Probable | -- | -- | -- | -- | -- | ||
Total Gold Segment (3) | 180.1 | 14 | 42.7 | 1.09 | 6,313.1 | ||
Total Gold and Silver Segments (3) | Proven + Probable | 225.9 | 105 | 468.0 | 1.00 | 6,892.8 |
(1) See table below entitled "Metal price assumptions used to estimate mineral reserves and mineral resources as at June 30, 2024".
(2) This information represents the portion of mineral reserves attributable to Pan American based on its ownership interest in the operating entity as indicated.
(3) Totals may not add up due to rounding. Total average grades of each metal are with respect to those mines that produce the metal.
(4) Pan American has entered into an agreement to sell its interest in La Arena S.A., which owns the La Arena gold mine and the La Arena II copper-gold project; see the news release dated May 1, 2024 for further details.
Pan American Silver Measured and Indicated Mineral Resources as at June 30, 2024 (1,2)
Property | Location | Classification | Tonnes (millions) | Ag (g/t) | Contained Ag (koz) | Au (g/t) | Contained Au (koz) |
Silver Segment | |||||||
Navidad | Argentina | Measured | 15.4 | 137 | 67.8 | -- | -- |
Indicated | 139.8 | 126 | 564.5 | -- | -- | ||
La Colorada Skarn | Mexico | Indicated | 265.4 | 36 | 308.7 | -- | -- |
Escobal | Guatemala | Measured | 2.3 | 251 | 18.6 | 0.23 | 16.7 |
Indicated | 14.2 | 201 | 91.6 | 0.20 | 93.0 | ||
Huaron | Peru | Measured | 1.3 | 196 | 8.3 | -- | -- |
Indicated | 1.8 | 162 | 9.4 | -- | -- | ||
La Colorada | Mexico | Measured | 0.4 | 231 | 2.7 | 0.11 | 1.2 |
Indicated | 2.1 | 181 | 12.2 | 0.27 | 18.4 | ||
Manantial Espejo | Argentina | Measured | 0.3 | 164 | 1.7 | 2.40 | 24.7 |
Indicated | 1.0 | 149 | 4.9 | 2.79 | 91.5 | ||
Cerro Moro | Argentina | Measured | 0.1 | 226 | 0.9 | 5.48 | 21.4 |
Indicated | 0.5 | 347 | 5.5 | 4.50 | 70.7 | ||
San Vicente (95%) (3) | Bolivia | Measured | 0.7 | 180 | 4.1 | -- | -- |
Indicated | 0.3 | 203 | 1.8 | -- | -- | ||
Joaquin | Argentina | Measured | 0.1 | 360 | 1.5 | 0.28 | 1.2 |
Indicated | 0.4 | 351 | 4.2 | 0.28 | 3.4 | ||
Total Silver Segment (3) | 446.1 | 77 | 1,108.4 | 0.50 | 342.2 | ||
Gold Segment | |||||||
Jacobina | Brazil | Measured | 39.7 | -- | -- | 1.70 | 2,175.1 |
Indicated | 55.1 | -- | -- | 1.58 | 2,796.0 | ||
La Arena II (4) | Peru | Measured | 152.2 | -- | -- | 0.25 | 1,246.1 |
Indicated | 554.3 | -- | -- | 0.23 | 4,042.7 | ||
La Pepa (80.0%) (3) | Chile | Measured | 47.1 | -- | -- | 0.61 | 922.8 |
Indicated | 52.3 | -- | -- | 0.49 | 824.3 | ||
El Peñon | Chile | Measured | 1.6 | 166 | 8.3 | 5.25 | 262.2 |
Indicated | 3.8 | 112 | 13.8 | 3.44 | 423.1 | ||
Minera Florida | Chile | Measured | 1.9 | 17 | 1.1 | 3.26 | 202.6 |
Indicated | 4.1 | 19 | 2.5 | 3.54 | 467.6 | ||
La Bolsa | Mexico | Measured | 10.8 | 10 | 3.5 | 0.70 | 242.8 |
Indicated | 10.6 | 8 | 2.7 | 0.54 | 184.3 | ||
Lavra Velha | Brazil | Indicated | 4.5 | -- | -- | 1.96 | 282.1 |
Pico Machay | Peru | Measured | 4.7 | -- | -- | 0.91 | 137.5 |
Indicated | 5.9 | -- | -- | 0.67 | 127.1 | ||
Timmins | Canada | Measured | 1.1 | -- | -- | 2.48 | 85.5 |
Indicated | 1.3 | -- | -- | 2.76 | 114.2 | ||
Shahuindo | Peru | Measured | 8.8 | 7 | 2.0 | 0.38 | 108.5 |
Indicated | 6.8 | 6 | 1.2 | 0.34 | 74.2 | ||
Vogel | Canada | Indicated | 2.2 | -- | -- | 1.75 | 125.0 |
Gold River | Canada | Indicated | 0.7 | -- | -- | 5.29 | 117.4 |
Whitney (83.27%) (3) | Canada | Measured | -- | -- | -- | -- | -- |
Indicated | 0.6 | -- | -- | 3.77 | 77.9 | ||
Marlhill | Canada | Indicated | 0.4 | -- | -- | 4.52 | 57.4 |
Dolores | Mexico | Measured | 3.0 | 30 | 2.9 | 0.41 | 39.4 |
Indicated | 0.6 | 73 | 1.5 | 1.40 | 28.8 | ||
La Arena (5) | Peru | Measured | 0.9 | -- | -- | 0.29 | 8.7 |
Indicated | 1.4 | -- | -- | 0.19 | 8.9 | ||
Total Gold Segment (4) | 976.5 | 24 | 39.6 | 0.48 | 15,182.2 | ||
Total Gold and Silver Segments (4) | Measured + Indicated | 1,422.6 | 72 | 1,148.0 | 0.48 | 15,524.3 |
(1) See table below entitled "Metal price assumptions used to estimate mineral reserves and mineral resources as at June 30, 2024".
(2) Mineral resources are reported exclusive of mineral reserves.
(3) This information represents the portion of mineral resources attributable to Pan American based on its ownership interest in the operating entity as indicated.
(4) Totals may not add up due to rounding. Total average grades of each metal are with respect to those mines that produce the metal.
(5) Pan American has entered into an agreement to sell its interest in La Arena S.A., which owns the La Arena gold mine and the La Arena II copper-gold project; see the news release dated May 1, 2024 for further details.
Pan American Inferred Mineral Resources as at June 30, 2024 (1,2)
Property | Location | Classification | Tonnes (millions) | Ag (g/t) | Contained Ag (koz) | Au (g/t) | Contained Au (koz) |
Silver Segment | |||||||
Navidad | Argentina | Inferred | 45.9 | 81 | 119.4 | -- | -- |
La Colorada | Mexico | Inferred | 12.4 | 235 | 93.8 | 0.19 | 74.4 |
La Colorada Skarn | Mexico | Inferred | 61.7 | 30 | 58.6 | -- | -- |
Huaron | Peru | Inferred | 5.2 | 165 | 27.5 | -- | -- |
San Vicente (95%) (3) | Bolivia | Inferred | 1.6 | 213 | 11.0 | -- | -- |
Escobal | Guatemala | Inferred | 1.9 | 180 | 10.7 | 0.90 | 53.7 |
Cerro Moro | Argentina | Inferred | 0.7 | 168 | 3.6 | 6.98 | 149.8 |
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 |
Total Silver Segment (4) | 130.0 | 78 | 327.8 | 0.61 | 304.3 | ||
Gold Segment | |||||||
Jacobina | Brazil | Inferred | 57.1 | -- | -- | 1.77 | 3,249.5 |
Gold River | Canada | Inferred | 5.3 | -- | -- | 6.06 | 1,027.4 |
El Peñon | Chile | Inferred | 18.4 | 48 | 28.6 | 1.38 | 816.4 |
Arco Sul | Brazil | Inferred | 6.2 | -- | -- | 3.08 | 614.2 |
Minera Florida | Chile | Inferred | 5.4 | 15 | 2.7 | 3.03 | 531.2 |
Whitney (83.27 %) (3) | Canada | Inferred | 4.0 | -- | -- | 3.75 | 477.7 |
Pico Machay | Peru | Inferred | 23.9 | -- | -- | 0.58 | 445.7 |
La Arena II (5) | Peru | Inferred | 66.8 | -- | -- | 0.21 | 445.2 |
Timmins | Canada | Inferred | 3.5 | -- | -- | 3.37 | 382.5 |
La Pepa (80.0%) (3) | Chile | Inferred | 20.0 | -- | -- | 0.46 | 296.1 |
Lavra Velha | Brazil | Inferred | 4.7 | -- | -- | 1.56 | 238.0 |
La Bolsa | Mexico | Inferred | 13.7 | 8 | 3.3 | 0.51 | 224.6 |
Vogel | Canada | Inferred | 1.5 | -- | -- | 3.60 | 168.8 |
Shahuindo | Peru | Inferred | 17.3 | 4 | 2.1 | 0.21 | 115.8 |
Dolores | Mexico | Inferred | 0.9 | 56 | 1.6 | 1.65 | 45.8 |
La Arena (5) | Peru | Inferred | 5.3 | -- | -- | 0.23 | 39.6 |
Total Gold Segment (4) | 254.0 | 21 | 38.2 | 1.12 | 9,118.4 | ||
Total Gold and Silver Segments (4) | Inferred | 384.0 | 61 | 366.0 | 1.09 | 9,422.8 |
(1) See table below entitled "Metal price assumptions used to estimate mineral reserves and mineral resources as at June 30, 2024".
(2) Mineral resources are reported exclusive of mineral reserves.
(3) This information represents the portion of mineral resources attributable to Pan American based on its ownership interest in the operating entity as indicated.
(4) Totals may not add up due to rounding. Total average grades of each metal are with respect to those mines that produce the metal.
(5) Pan American has entered into an agreement to sell its interest in La Arena S.A., which owns the La Arena gold mine and the La Arena II copper-gold project; see the news release dated May 1, 2024 for further details.
Metal price assumptions used to estimate mineral reserves and mineral resources as at June 30, 2024
Mine | Category | Ag US$/oz | Au US$/oz | Cu US$/t | Pb US$/t | Zn US$/t |
Escobal | All categories | 20.00 | 1,300 | 2,204 | 2,424 | |
La Colorada | Reserves | 20.00 | 1,700 | 8,000 | 2,100 | 2,600 |
Resources | 22.00 | 1,850 | 9,000 | 2,200 | 2,800 | |
La Colorada Skarn | Resources | 22.00 | 2,200 | 2,800 | ||
Huaron | Reserves | 20.00 | 1,700 | 8,000 | 2,100 | 2,600 |
Resources | 22.00 | 1,850 | 9,000 | 2,200 | 2,800 | |
San Vicente | All categories | 20.00 | 1,700 | 8,000 | 2,100 | 2,600 |
Cerro Moro | Reserves | 21.00 | 1,850 | |||
Resources | 23.00 | 1,950 | ||||
Navidad | All categories | 12.52 | 1,100 | |||
Manantial Espejo | Resources | 22.00 | 1,700 | |||
Joaquin | Resources | 22.00 | 1,700 | |||
Jacobina | Reserves | 1,700 | ||||
Resources | 1,850 | |||||
Shahuindo | Reserves | 20.00 | 1,700 | |||
Resources | 22.00 | 1,850 | ||||
El Peñon | Reserves | 20.00 | 1,700 | |||
Resources | 22.00 | 1,850 | ||||
Timmins West | Reserves | 21.00 | 1,850 | |||
Resources | 23.00 | 1,950 | ||||
Bell Creek | Reserves | 21.00 | 1,850 | |||
Resources | 23.00 | 1,950 | ||||
Whitney | Resources | 1,950 | ||||
Minera Florida | Reserves | 21.00 | 1,850 | 2,100 | 2,600 | |
Resources | 23.00 | 1,950 | 2,200 | 2,800 | ||
La Arena | Reserves | 21.00 | 1,850 | |||
Resources | 23.00 | 1,950 | ||||
La Arena II | All categories | 1,500 | 8,816 | |||
Dolores | Reserves | 21.00 | 1,850 | |||
Resources | 23.00 | 1,950 | ||||
La Pepa | Resources | 1,650 | ||||
La Bolsa | All categories | 14.00 | 825 | |||
Lavra Velha | Resources | 1,650 | ||||
Pico Machay | All categories | 700 | ||||
Vogel | Inside pit | 1,150 | ||||
Below pit | 1,150 | |||||
Gold River | Resources | 1,200 | ||||
Marlhill | Resources | 1,125 | ||||
Arco Sul | Resources | 1,250 |
General Notes with Respect to Technical Information
All 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"). 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 resources 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 these 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.
Quantities and grades of contained metal are shown before metallurgical recoveries.
Technical information contained in this news release with respect to Pan American has been reviewed and approved by 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 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 silver and gold in the Americas, operating mines in Canada, Mexico, Peru, Brazil, Bolivia, Chile and Argentina. 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 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
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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; estimated mine life and any anticipated changes related thereto; the extent of, and success related to any future exploration or development programs; 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 2024, including that it will be focused on near-mine exploration; expectations regarding mineral reserve replacement; and expectations with respect to future work to be conducted at the La Colorada Skarn project.
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; and our ability to comply with environmental, health and safety laws. 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, BOB, 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; 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 (the "SEC") 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 NI 43-101 and 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 mineral property disclosure requirements of the SEC (the "U.S. Rules"), 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. 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 the Company 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 the Company 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 the Company 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/20240911294411/en/
For more information contact:
Siren Fisekci
VP, Investor Relations & Corporate Communications
Ph: 604-806-3191
Email: ir@panamericansilver.com
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Andean Boosts Cerro Bayo's Silver Equivalent Ounces by 80 Percent in New Resource Estimate
Andean Silver (ASX:ASL) published an updated resource estimate for its Chile-based Cerro Bayo silver-gold project on Tuesday (September 10), saying silver equivalent ounces have increased by 80 percent.
The resource now stands at 8.3 million tonnes at 342 grams per tonne silver equivalent, which equates to 91 million silver equivalent ounces. In addition to the 80 percent boost in silver equivalent ounces, that's a 64 percent increase in tonnes compared to the previous estimate, which was published in March of this year.
“The updated Resource establishes Cerro Bayo as an outstanding silver asset with genuine scale and high grades,” said CEO Tim Laneyrie, noting that Andean has nearly quadrupled the asset's resource since acquiring it.
The company said the average depth of the resource is less than 300 metres, also stating that significant mining infrastructure is already established at the site. Cerro Bayo is made up of the previously operating Cerro Bayo and Laguna Verde mine complexes, and both of these are included in Andean's new resource estimate.
Also included are underground resources at Lourdes, Marcela and Cerro Bayo that are within the immediate historic Cerro Bayo mine complex; Raul and Guanaco, the other more regional prospects, are encompassed as well.
Not included are drill results and high-grade silver and gold mineralisation intersected since Andean acquired the project. This data will be added in an updated resource estimate planned for release in early 2025.
“The mineralisation remains completely open and we have a pipeline of greenfields targets to drill. This all points to compelling potential for upgrades and further value creation for our shareholders,” Laneyrie said.
Located in Chile’s Aysen region, Cerro Bayo produced over 100 million silver equivalent ounces from 1995 to June 2017. It occupies the western margin of Deseado Massif, a globally recognised epithermal gold-silver province.
Andean's drilling at the project is ongoing.
Don’t forget to follow us @INN_Australia for real-time news updates!
Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.
First Majestic Announces Share Repurchase Program
First Majestic Silver Corp. (NYSE: AG) (TSX: AG) (FSE: FMV) (the "Company" or "First Majestic") announces that the Toronto Stock Exchange ("TSX") has accepted for filing First Majestic's Notice of Intention to Make a Normal Course Issuer Bid (the "Share Repurchase Program") to be transacted through the facilities of the TSX andor through Canadian alternative trading systems.
Pursuant to the NCIB, First Majestic may, during the 12-month period commencing September 12, 2024, and ending on or before September 11, 2025, purchase up to 10,000,000 of its common shares ("Shares"), being approximately 3.32% of the 301,616,350 issued and outstanding Shares as of September 4, 2024. All purchases under the Share Repurchase Program will be made at prevailing market prices.
First Majestic may purchase up to a daily maximum of 193,454 Shares (being 25% of the average daily trading volume of the Shares for the last six calendar months, which was 773,816 Shares), subject to the TSX rules permitting block purchases. Any purchases under the Share Repurchase Program will depend on future market conditions, and any Shares purchased by the Company will be cancelled. Purchases under the Share Repurchase Program will be made by First Majestic's broker based upon the parameters prescribed by the TSX and by applicable law. First Majestic has not repurchased any of its Shares by way of a normal course issuer bid in the previous 12 months.
First Majestic believes that, from time to time, the market price of its Shares may not fully reflect the underlying value of the Company's business and its future business prospects. The Company believes that at such times the purchase of Shares would be in the best interests of the Company. Such purchases are expected to benefit all shareholders by increasing their proportionate equity interest in the Company.
About First Majestic
First Majestic is a publicly traded mining company focused on silver and gold production in Mexico and the United States. The Company presently owns and operates the San Dimas Silver/Gold Mine, the Santa Elena Silver/Gold Mine, and the La Encantada Silver Mine as well as a portfolio of development and exploration assets, including the Jerritt Canyon Gold project located in northeastern Nevada, U.S.A.
First Majestic is proud to own and operate its own minting facility, First Mint, LLC, and to offer a portion of its silver production for sale to the public. Bars, ingots, coins and medallions are available for purchase online at www.firstmint.com, at some of the lowest premiums available.
For further information, visit our website at www.firstmajestic.com. You can contact us by e-mail at info@firstmajestic.com, or by telephone at 1.866.529.2807.
FIRST MAJESTIC SILVER CORP.
"signed"
Keith Neumeyer, President & CEO
Cautionary Note Regarding Forward Looking Statements
This news release contains "forward‐looking information" and "forward-looking statements" under applicable Canadian and United States securities laws (collectively, "forward‐looking statements"). Forward-looking statements in this news release include, but are not limited to, statements with respect to potential purchases of Shares under the Company's NCIB bid and the timing of such purchases. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Factors that could cause actual results to differ materially from those anticipated in these forward-looking statements are discussed in the section entitled "Description of the Business - Risk Factors" in the Company's most recent Annual Information Form for the year ended December 31, 2023 filed with the Canadian securities regulatory authorities under the Company's SEDAR+ profile at www.sedarplus.ca, and in the Company's Annual Report on Form 40-F for the year ended December 31, 2023 filed with the United States Securities and Exchange Commission on EDGAR at www.sec.gov/edgar.
Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements. Forward-looking statements contained herein are made as of the date of this news release and the Company disclaims, other than as required by law, any obligation to update any forward-looking statements whether as a result of new information, results, future events, circumstances, or if management's estimates or opinions should change, or otherwise.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/222734
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BRODSKY & SMITH SHAREHOLDER UPDATE: Notifying Investors of the Following Investigations: Iteris, Inc. , Forza X1, Inc. , Titan Pharmaceuticals, Inc. , Gatos Silver, Inc.
Brodsky & Smith reminds investors of the following investigations. If you own shares and wish to discuss the investigation, contact Jason Brodsky ( jbrodsky@brodskysmith.com ) or Marc Ackerman ( mackerman@brodskysmith.com ) at 855-576-4847. There is no cost or financial obligation to you.
Iteris, Inc. (Nasdaq - ITI)
Under the terms of the agreement, Iteris will be acquired by Almaviva S.p.A. ("Almaviva") for $7.20 per share in cash upon completion of the proposed transaction. The investigation concerns whether the Iteris Board breached its fiduciary duties to shareholders by failing to conduct a fair process, including whether Almaviva is paying fair value to shareholders of the Company.
Additional information can be found at https://www.brodskysmith.com/cases/iteris-inc-nasdaq-iti-2/ .
Forza X1, Inc. (Nasdaq - FRZA)
Under the terms of the Merger Agreement, Forza X1 will be acquired by Twin Vee PowerCats Co. ("Twin Vee") (Nasdaq -VEEE). Each holder of Forza Common Stock (other than Twin Vee) will receive 0.61166627 shares of Twin Vee Common Stock. On closing, holders of Twin Vee and Forza would beneficially own approximately 64% and 36%, respectively, of the outstanding shares of Twin Vee Common Stock. The investigation concerns whether the Forza X1 Board breached its fiduciary duties to shareholders by failing to conduct a fair process, including whether Twin Vee is paying fair value to shareholders of the Company.
Additional information can be found at https://www.brodskysmith.com/cases/forza-x1-inc-nasdaq-frza/ .
Titan Pharmaceuticals, Inc. (Nasdaq - TTNP)
Under the terms of the agreement, Titan will be acquired by KE Sdn. Bhd. ("KE"). On the closing of the transaction, Titan Pharmaceuticals stockholders will own only 13% of the combined company. The investigation concerns whether the Titan Pharmaceuticals Board breached its fiduciary duties to shareholders by failing to conduct a fair process, including whether KE is paying fair value to shareholders of the Company.
Additional information can be found at https://www.brodskysmith.com/cases/titan-pharmaceuticals-inc-nasdaq-ttnp/ .
Gatos Silver, Inc. (NYSE - GATO)
Under the terms of the agreement, Gatos Silver will be acquired by First Majestic Silver Corp. ("First Majestic") (NYSE -AG) (TSX - AG) (FSE -FMV). Gatos Silver shareholders will receive 2.550 common shares of First Majestic for each common share of Gatos Silver held. The consideration implies a total offer value of US$13.49 per common share of Gatos based on the closing price of First Majestic's common shares on the NYSE on September 4, 2024.
The investigation concerns whether the Gatos Silver Board breached its fiduciary duties to shareholders by failing to conduct a fair process, including whether First Majestic is paying fair value to shareholders of the Company.
Additional information can be found at https://www.brodskysmith.com/cases/gatos-silver-inc-nyse-gato/ .
Brodsky & Smith is a litigation law firm with extensive expertise representing shareholders throughout the nation in securities and class action lawsuits. The attorneys at Brodsky & Smith have been appointed by numerous courts throughout the country to serve as lead counsel in class actions and have successfully recovered millions of dollars for our clients and shareholders. Attorney advertising. Prior results do not guarantee a similar outcome.
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