Pan American Silver sees 'marked' increase in reserves and resources after Yamana deal

Fri Aug 25 2023

Pan American Silver (NYSE: PAAS) (TSX: PAAS) yesterday reported a "marked" increase in its mineral reserves and resources as at June 30, 2023, mainly due to the inclusion of assets acquired through the Yamana transaction.

The company said its silver mineral reserves increased from 515 million ounces to 577 million ounces, net of mining depletion, adding that gold mineral reserves increased from 3.6 million ounces to 12.9 million ounces.

Measured and indicated 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 measured and indicated mineral resources reflects the inclusion of the mineral resource and mineral reserves for the assets acquired through the Yamana transaction,” the company said in a press release.

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.

The company’s 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.

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.

Source: https://www.kitco.com