Ten mines.
Five metals.
One complex NAV.

Jacobina

History: The long-established Bahia mine joined Pan American through the Yamana Gold acquisition in 2023 and is now one of the group’s key gold assets.

Deposit: Jacobina is a large underground gold complex with several mineralized conglomerate horizons, seven mining zones and an exceptionally large reserve and resource base.

Production: Original 2026 guidance was 181–191 koz of gold. After Q2, PAAS expects roughly 10 koz below the original low end, or about 171 koz, following revised mine sequencing and geotechnical measures. Average plant throughput was about 8,400 t/d in 2025.

Costs: 2026 guidance is $1,550–1,650 AISC per gold ounce; additional development and haulage costs are headwinds, while optimization projects target better long-term efficiency.

Juanicipio

History: Pan American acquired its 44% interest through the MAG Silver acquisition in 2025; Fresnillo owns 56%, operates the mine and commissioned the plant in 2022.

Deposit: Juanicipio exploits a high-grade epithermal silver-gold-zinc-lead vein system on the Fresnillo Silver Trend, with substantial additional exploration potential.

Production: For 2026, PAAS expects attributable production of 6.0–6.5 Moz silver and 17.5–18.5 koz gold; plant throughput of roughly 3,750 t/d is reported on a 100% basis.

Costs: At $2.25–4.25 AISC per silver ounce in 2026 guidance, Juanicipio is among the lowest-cost assets in the portfolio, helped by gold and base-metal credits.

La Colorada Veins

History: La Colorada is a long-standing Pan American core operation; the existing vein mine continues while the much larger Skarn development is advanced separately.

Deposit: The underground mine produces mainly silver from high-grade veins and replacement bodies, yielding silver-rich lead and zinc concentrates; the Skarn is treated as a separate future project.

Production: 2026 guidance is 5.80–6.25 Moz silver and about 2.5 koz gold; the mine produced 6.02 Moz silver in 2025.

Costs: 2026 guidance of $33.25–35.75 AISC per silver ounce is well above 2025, reflecting higher royalties and sustaining capital, partly offset by lead and zinc credits.

El Peñón

History: El Peñón joined Pan American through the Yamana acquisition in 2023 and is an established Chilean underground operation.

Deposit: Mining targets high-grade epithermal gold-silver veins; both metals are economically important, while gold is reported as the primary product.

Production: Original 2026 guidance was 104–111 koz gold and 3.65–3.95 Moz silver. Following Q2, our first model year uses approximately 94 koz gold to reflect PAAS’s lower expected production; from 2027 we normalize back to 108 koz.

Costs: Guided AISC of only $275–500 per gold ounce reflects very large silver by-product credits, so the metric must not be combined with full silver revenue a second time.

Shahuindo

History: Shahuindo has been part of Pan American since the Tahoe acquisition in 2019 and is an established large-scale open-pit heap-leach operation.

Deposit: The mine treats a low-grade, bulk-tonnage gold deposit by open pit and heap leach; silver is a smaller by-product.

Production: PAAS guides to 125.5–135 koz gold and about 0.20 Moz silver in 2026.

Costs: AISC guidance is $1,825–1,950 per gold ounce; strip ratio, labour, maintenance, community costs and sustaining capital are important cost drivers.

Timmins

History: The Ontario Timmins complex, centred on Bell Creek and Timmins West, joined Pan American through the Tahoe Resources acquisition in 2019.

Deposit: The camp consists of underground orogenic gold deposits with additional resources at depth and several satellite projects around existing infrastructure.

Production: 2026 guidance is 105.5–115 koz gold.

Costs: At $2,575–2,675 AISC per gold ounce, Timmins is currently among PAAS’s highest-cost operations; depth, productivity, labour, power and sustaining capital weigh on costs.

Huaron

History: Huaron is a long-standing Pan American operation in central Peru, with underground mining and processing progressively mechanized over time.

Deposit: The polymetallic vein and replacement system produces silver-rich zinc, lead and copper concentrates, making base metals an important part of the economics.

Production: 2026 guidance is 3.25–3.50 Moz silver; Huaron also contributes materially to group zinc, lead and copper output.

Costs: AISC guidance is $27.75–29.75 per silver ounce; a greater share of development ore, lower grades and additional development work are expected to pressure 2026 costs.

Cerro Moro

History: Cerro Moro in Santa Cruz joined Pan American with Yamana Gold in 2023 and combines several open-pit and underground mining areas.

Deposit: The asset hosts high-grade epithermal gold-silver veins, with ore processed through conventional leaching and Merrill-Crowe.

Production: PAAS guides to 2.80–3.00 Moz silver and 80–86 koz gold in 2026.

Costs: Silver AISC guidance is negative $25.75 to negative $21.75 per ounce because of very large gold by-product credits; the negative metric does not mean the operation itself has no costs.

Minera Florida

History: Minera Florida is a mature Chilean underground operation that joined Pan American through the Yamana acquisition in 2023.

Deposit: The mine exploits an epithermal gold-silver system with zinc as an additional by-product and processes ore from multiple underground mining areas.

Production: 2026 guidance is 66–71 koz gold and about 0.25 Moz silver.

Costs: At $2,550–2,675 AISC per gold ounce, Minera Florida remains high-cost; lower grades, ground support, longer mining distances and processing requirements are key factors.

San Vicente

History: San Vicente is a long-standing Bolivian partnership; PAAS owns 95% of the operating company while state-owned COMIBOL participates economically through the contractual structure.

Deposit: The underground mine exploits polymetallic veins and produces silver together with zinc, lead and copper concentrates.

Production: Attributable 2026 guidance is 2.70–2.90 Moz silver, with PAAS reporting production at its 95% interest.

Costs: Guided AISC of $41–43 per silver ounce makes San Vicente the highest-cost silver asset in the guidance; higher royalties, maintenance and plant and tailings investments add pressure.

La Colorada Skarn

Beneath the existing La Colorada mine lies a much larger polymetallic skarn deposit. The revised PEA outlines a large underground operation at roughly 15,000 t/d with a potential mine life measured in decades.

The optionality: Skarn could transform La Colorada from a single silver mine into one of the group’s most important production complexes. It is also capital intensive and remains ahead of a final construction decision.

Escobal

Escobal is not an early-stage project but a built silver mine with existing 4,500-t/d infrastructure and an exceptional silver reserve. It produced commercially before operations were suspended in 2017. A potential restart depends in particular on completion of the ongoing ILO 169 consultation process.

The optionality: PAAS would not need to discover and build a mine from scratch. A successful restart could return a major silver producer to the portfolio, but timing remains dependent on social, legal and political factors.