Pan American Silver Corp. (PAAS): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Pan American Silver Corp. (PAAS) surge como una potencia dinámica en la industria minera de metales preciosos, navegando estratégicamente los paisajes globales complejos con un modelo de negocio innovador que trasciende los enfoques mineros tradicionales. Al combinar a la perfección la destreza tecnológica, las prácticas sostenibles y una cartera geográfica diversificada, PAAS ha transformado la extracción de plata y oro de un mero proceso industrial en una empresa sofisticada y consciente del medio ambiente que ofrece un valor excepcional a los fabricantes industriales, comerciantes globales e inversores exigentes de todo. Este intrincado lienzo de modelo de negocio revela cómo PAAs ha diseñado meticulosamente su estrategia operativa para crear flujos de ingresos resistentes al tiempo que mantiene un compromiso con el desarrollo responsable de los recursos en múltiples continentes.

Pan American Silver Corp. (PaaS) - Modelo de negocios: asociaciones clave

Acuerdos de minería estratégica con gobiernos locales

País	Número de acuerdos activos	Valor de inversión
Perú	3	$ 127.5 millones
México	4	$ 98.3 millones
Argentina	2	$ 64.7 millones
Bolivia	1	$ 42.1 millones

Empresas conjuntas con proveedores de equipos de exploración y minería

Pan American Silver mantiene asociaciones estratégicas con proveedores de equipos clave:

• Caterpillar Inc. - Contrato de suministro de equipos mineros pesados
• Sandvik Group - Asociación de tecnología de perforación y excavación
• Atlas Copco - colaboración de equipos mineros subterráneos

Proveedor	Valor de contrato	Duración
Caterpillar Inc.	$ 85.6 millones	5 años
Grupo sandvik	$ 62.4 millones	4 años
Atlas Copco	$ 53.2 millones	3 años

Asociaciones tecnológicas para la eficiencia minera y la sostenibilidad

• IBM - Optimización de minería de inteligencia artificial
• Microsoft Azure - Infraestructura de computación en la nube
• Schneider Electric - Sistemas de gestión de energía

Socio tecnológico	Inversión	Área de enfoque
IBM	$ 22.3 millones	Optimización de minería de IA
Microsoft Azure	$ 18.7 millones	Infraestructura en la nube
Schneider Electric	$ 15.4 millones	Gestión de la energía

Colaboración con organizaciones de desarrollo ambiental y comunitario

• Fondo Mundial de Vida Silvestre (WWF)
• Corporación de Finanzas Internacionales
• Consejos comunitarios indígenas locales

Organización	Contribución anual	Enfoque del programa
WWF	$ 3.2 millones	Conservación ambiental
IFC	$ 5.6 millones	Desarrollo sostenible
Consejos comunitarios	$ 2.9 millones	Apoyo a la comunidad local

Pan American Silver Corp. (PAAS) - Modelo de negocios: actividades clave

Operaciones mineras de plata y oro

Pan American Silver opera minas en múltiples países, que incluyen:

País	Minas activas	Producción (2022)
México	5 minas	10.1 millones de onzas equivalentes de plata
Perú	3 minas	7.8 millones de onzas equivalentes de plata
Argentina	2 minas	4.2 millones de onzas equivalentes de plata
Canadá	1 mía	2.5 millones de onzas equivalentes de plata

Exploración mineral y desarrollo de recursos

Inversión en actividades de exploración:

• Gastos de exploración 2022: $ 83.6 millones
• Portafolio de exploración total: 22 proyectos de exploración activa
• Medidores de perforación completados en 2022: 136,500 metros

Extracción de mineral, procesamiento y refinación

Métrica de procesamiento	Rendimiento 2022
Mineral total procesado	29.1 millones de toneladas
Producción de plata	24.7 millones de onzas
Producción de oro	390,000 onzas

Prácticas mineras sostenibles

Inversiones de gestión ambiental:

• 2022 Gastos de cumplimiento ambiental: $ 42.3 millones
• Tasa de reciclaje de agua: 72%
• Objetivo de reducción de emisiones de carbono: 30% para 2030

Optimización de la cartera de recursos minerales

Métricas de cartera:

Categoría de recursos	Recursos medidos	Recursos indicados
Plata	632 millones de onzas	1.043 millones de onzas
Oro	3.8 millones de onzas	6.2 millones de onzas

Pan American Silver Corp. (PAAS) - Modelo de negocios: recursos clave

Extensas propiedades mineras y reservas minerales

Pan American Silver Corp. posee y opera 9 minas productoras en 4 países: México, Perú, Canadá y Argentina. Reservas minerales totales probadas y probables a partir de 2023:

Metal	Cantidad	Ubicación
Plata	503.4 millones de onzas	Múltiples países
Oro	3.7 millones de onzas	Múltiples países
Dirigir	1.100 millones de libras	Múltiples países
Zinc	2.600 millones de libras	Múltiples países

Infraestructura y equipo minero avanzado

Gastos de capital para la infraestructura minera en 2023: $ 272.8 millones

• Capacidad de procesamiento total: 47,500 toneladas por día
• Instalaciones de procesamiento modernas con sistemas tecnológicos avanzados
• Flota de más de 250 unidades de equipos mineros pesados

Fuerza laboral calificada con experiencia en minería técnica

Fuerza laboral total a partir de 2023: 6.300 empleados

Categoría de empleado	Número
Operaciones mineras directas	5,600
Especialistas técnicos	700

Fuerte capital financiero y capacidad de inversión

Métricas financieras para 2023:

• Activos totales: $ 4.2 mil millones
• Equivalentes en efectivo y efectivo: $ 503.4 millones
• Ingresos anuales: $ 2.1 mil millones
• Ingresos netos: $ 312.6 millones

Red de cadena de suministro global establecida

Presencia operativa global:

País	Número de operaciones mineras
México	4
Perú	2
Canadá	2
Argentina	1

Pan American Silver Corp. (PaaS) - Modelo de negocio: propuestas de valor

Producción de metales preciosos de alta calidad (plata y oro)

Pan American Silver Corp. produjo 25.7 millones de onzas de plata y 384,100 onzas de oro en 2022. El valor total de producción de metales fue de aproximadamente $ 1.14 mil millones.

Tipo metálico	Volumen de producción (2022)	Precio medio
Plata	25,7 millones de onzas	$ 21.81/oz
Oro	384,100 onzas	$ 1,800/oz

Compromiso con prácticas mineras sostenibles y responsables

Inversión ambiental: $ 48.3 millones asignados a iniciativas de sostenibilidad en 2022.

• Objetivos de reducción de emisiones de gases de efecto invernadero
• Programas de conservación del agua
• Inversiones de desarrollo comunitario

Cartera geográfica diversificada de operaciones mineras

País	Número de minas	Porcentaje de producción
México	4	42%
Perú	3	33%
Argentina	2	15%
Bolivia	1	10%

Suministro de recursos minerales consistentes y confiables

Reservas minerales probadas y probables a partir de 2022:

• Reservas de plata: 632.4 millones de onzas
• Reservas de oro: 5.3 millones de onzas
• Vida mina promedio: 12.5 años

Estándares de gobierno ambiental y social fuertes

Métricas de rendimiento de ESG para 2022:

Métrico	Valor
Inversión comunitaria	$ 12.6 millones
Compromiso de la comunidad indígena	8 programas de asociación activa
Tasa de incidentes de seguridad	0.89 por 200,000 horas trabajadas

Pan American Silver Corp. (PaaS) - Modelo de negocios: relaciones con los clientes

Contratos a largo plazo con compradores de metales industriales

Pan American Silver mantiene contratos estratégicos a largo plazo con compradores de metales industriales. A partir de 2023, el volumen de ventas de plata de la compañía alcanzó los 26.1 millones de onzas, con aproximadamente el 75% vendido a través de acuerdos a largo plazo.

Tipo de cliente	Duración del contrato	Volumen de ventas anual
Compradores de metales industriales	3-5 años	19,6 millones de onzas

Ventas directas a comerciantes y fabricantes de metales

La compañía realiza ventas directas a comerciantes y fabricantes de metales en múltiples mercados globales.

• Cuota de mercado de América del Norte: 42%
• Cuota de mercado europea: 28%
• Cuota de mercado asiático: 30%

Comunicación transparente con inversores y partes interesadas

Pan American Silver prioriza las relaciones con los inversores a través de informes financieros integrales.

Canal de comunicación de inversores	Frecuencia
Informes de ganancias trimestrales	4 veces anualmente
Reuniones anuales de accionistas	1 vez anualmente
Conferencias de inversores	6-8 veces anualmente

Compromiso con comunidades locales cerca de sitios mineros

La participación comunitaria es fundamental para la estrategia operativa de la compañía.

• Inversión comunitaria anual: $ 4.2 millones
• Tasa de empleo local: 68% de la fuerza laboral
• Proyectos de desarrollo comunitario: 12 iniciativas activas

Plataformas digitales para relaciones con los inversores y comunicaciones corporativas

Pan American Silver utiliza múltiples canales de comunicación digital.

Plataforma digital	Compromiso mensual
Sitio web corporativo	85,000 visitantes únicos
Portal de relaciones con los inversores	42,000 visitantes únicos
Canales de redes sociales	125,000 seguidores totales

Pan American Silver Corp. (PaaS) - Modelo de negocios: canales

Ventas directas a través de equipos de ventas corporativas

Pan American Silver Corp. mantiene un equipo de ventas corporativo dedicado a la orientación:

• Compradores de metales industriales
• Clientes de fabricación a gran escala
• Empresas internacionales de comercio de metales

Métricas de canales de ventas	2023 datos
Tamaño del equipo de ventas directas	17 representantes de ventas profesionales
Cobertura de ventas global	América del Norte, América Latina, Regiones de Asia-Pacífico
Volumen anual de ventas directas	12.6 millones de onzas de plata

Plataformas de comercio de metales en línea

Pan American Silver utiliza infraestructura de comercio digital para transacciones de plata y oro.

Métricas de plataforma en línea	2023 rendimiento
Volumen de transacción digital	$ 987.3 millones
Transacciones de plataforma en línea	264 oficios electrónicos

Conferencias de la industria e intercambios de metales

Pan American Silver participa activamente en eventos estratégicos de redes de la industria.

Participación de la conferencia	2023 detalles
Conferencias internacionales a las que asistió	8 conferencias principales de minería y metales
Interacciones de intercambio de metales	LBMA, Comex, Shanghai Gold Exchange

Sitio web corporativo y portal de relaciones con los inversores

Las plataformas digitales sirven como canales críticos de comunicación.

Métricas de canales digitales	2023 estadísticas
Sitio web Visitantes mensuales	124,500 visitantes únicos
Compromiso del portal de los inversores	42,300 interacciones de los inversores

Interacciones del mercado financiero

Pan American Silver se involucra a través de múltiples canales de mercado financiero.

Métricas de interacción del mercado	2023 datos
Intercambios de valores enumerados	NASDAQ, Bolsa de Toronto
Llamadas de ganancias trimestrales	4 presentaciones integrales de inversores
Reuniones de inversores institucionales	76 compromisos de inversores institucionales directos

Pan American Silver Corp. (PAAS) - Modelo de negocios: segmentos de clientes

Fabricantes de metales industriales

Pan American Silver sirve a fabricantes de metales industriales con volúmenes precisos de producción de plata y oro.

Métricas de segmento	2023 datos
Producción total de plata	24.3 millones de onzas
Producción total de oro	395,000 onzas
Precio promedio de venta de metal	Plata: $ 23.50/oz, oro: $ 1,940/oz

Comerciantes de metales preciosos globales

Pan American Silver suministra plataformas globales de comercio de metales preciosos con un inventario de metal consistente.

• Volumen anual de comercio de metales: 26.5 millones de onzas
• Distribución geográfica: América del Norte (45%), América Latina (35%), mercados internacionales (20%)

Empresas de inversión e inversores institucionales

Pan American Silver ofrece productos de metales preciosos de grado de inversión.

Categoría de inversionista	Volumen de inversión
Inversores institucionales	Cartera de metales de $ 1.2 mil millones
Fondos de cobertura	$ 450 millones de inversiones de metal

Compañías electrónica y de tecnología

Pan American Silver suministra plata para aplicaciones tecnológicas avanzadas.

• Electronics Silver Demand: 7.6 millones de onzas anualmente
• Sectores de tecnología clave: semiconductores, panel solar, componentes electrónicos

Joyería y fabricantes de productos de lujo

Pan American Silver admite segmentos de fabricación de metales de lujo.

Segmento de joyas	2023 métricas
Plata para fabricación de joyas	3.2 millones de onzas
Pureza de plata promedio	99.9% de plata refinada

Pan American Silver Corp. (PAAS) - Modelo de negocio: Estructura de costos

Exploración y gastos operativos mineros

Para el año fiscal 2022, Pan American Silver Corp. reportó gastos de exploración totales de $ 82.5 millones. Los costos operativos mineros fueron de $ 1.02 mil millones en el mismo año.

Categoría de gastos	Cantidad (USD)
Gastos de exploración	$ 82.5 millones
Costos operativos mineros	$ 1.02 mil millones

Adquisición y mantenimiento del equipo

Los gastos de capital para 2022 totalizaron $ 351.8 millones, que incluyeron compras y mantenimiento de equipos en múltiples sitios mineros.

• Costo de reemplazo del equipo minero: $ 127.6 millones
• Presupuesto de mantenimiento del equipo: $ 64.3 millones
• Inversión en infraestructura tecnológica: $ 39.2 millones

Compensación laboral y de la fuerza laboral

La compensación total de los empleados para 2022 fue de $ 385.4 millones, que cubrió aproximadamente 6,200 empleados a nivel mundial.

Categoría de compensación	Cantidad (USD)
Compensación total de la fuerza laboral	$ 385.4 millones
Compensación promedio de empleados	$62,161

Cumplimiento ambiental e inversiones de sostenibilidad

Pan American Silver invirtió $ 52.3 millones en iniciativas de cumplimiento ambiental y sostenibilidad en 2022.

• Proyectos de remediación ambiental: $ 23.7 millones
• Inversiones del programa de sostenibilidad: $ 18.5 millones
• Iniciativas de reducción de carbono: $ 10.1 millones

Investigación y desarrollo tecnológico

Los gastos de investigación y desarrollo para 2022 fueron de $ 44.6 millones, centrados en la eficiencia minera y la innovación tecnológica.

Área de enfoque de I + D	Inversión (USD)
Innovación de tecnología minera	$ 26.7 millones
Investigación de eficiencia operativa	$ 17.9 millones

Pan American Silver Corp. (PaaS) - Modelo de negocios: flujos de ingresos

Ventas de metal de plata

En 2022, Pan American Silver produjo 24.1 millones de onzas de plata. Los ingresos totales de plata para el año fueron de $ 464.9 millones.

Año	Producción de plata (Moz)	Ingresos de plata ($ M)
2022	24.1	464.9

Ventas de Gold Metal

Pan American Silver produjo 439,300 onzas de oro en 2022, generando ingresos de oro de $ 820.5 millones.

Año	Producción de oro (OZ)	Ingresos de oro ($ M)
2022	439,300	820.5

Ingresos de metal subproducto

• Producción de plomo: 57.4 millones de libras
• Producción de zinc: 91.5 millones de libras
• Producción de cobre: ​​37.4 millones de libras

Contratos de exploración y desarrollo de minerales

Los gastos de exploración en 2022 totalizaron $ 98.3 millones en múltiples proyectos mineros.

Inversiones e ingresos comerciales de la cartera de metales

Los ingresos por inversiones para 2022 fueron de $ 12.7 millones por comercio de metales e inversiones financieras.

Métrica financiera	Valor 2022 ($ M)
Ingresos totales	1,623.0
Lngresos netos	296.4

Pan American Silver Corp. (PAAS) - Canvas Business Model: Value Propositions

You're looking at the core reasons why Pan American Silver Corp. stands out in the market as of late 2025. The value proposition centers on high-quality metal exposure, portfolio breadth, and a clear commitment to shareholder returns, all amplified by recent strategic moves.

High-Margin Silver Exposure

Pan American Silver Corp. offers investors a premier position in silver, now bolstered by the addition of the high-grade Juanicipio mine. The company is actively managing its cost structure to ensure high margins on its primary metal. Following the acquisition, Pan American Silver revised its full-year 2025 guidance upward for silver production and downward for costs.

• Revised Attributable Silver Production Guidance (FY 2025): 22.0 to 22.5 million ounces.
• Revised Silver Segment All-in Sustaining Costs (AISC) Guidance (FY 2025): $14.50 to $16.00 per ounce.
• Silver Segment AISC for Q3 2025: $15.43 per silver ounce (excluding net realizable value inventory adjustments).

Diversified Metal Portfolio

While silver is the focus, the portfolio provides valuable by-product revenue from gold, zinc, lead, and copper, which helps cushion operational variability. The Juanicipio asset, in particular, is noted for its significant contribution from zinc and lead once fully integrated.

Metal	Q3 2025 Attributable Production	Maintained 2025 Guidance Reference (from Feb 2025 MD&A)
Gold	183.5 thousand ounces	Maintained Outlook (Gold Segment AISC: $1,697 per ounce in Q3 2025)
Zinc	Data not explicitly stated for Q3 2025	Maintained Outlook (2024 Guidance was 42 - 46 kt)
Lead	Data not explicitly stated for Q3 2025	Maintained Outlook (2024 Guidance was 19 - 22 kt)
Copper	Data not explicitly stated for Q3 2025	Maintained Outlook (2024 Guidance was 4 kt)

The company generated record Attributable free cash flow of $251.7 million in Q3 2025, showing the strength across the portfolio.

Financial Returns

Pan American Silver Corp. has demonstrated a clear commitment to returning capital to shareholders, recently increasing the dividend based on strong cash generation.

• Q3 2025 Dividend Declared: $0.14 per common share.
• Total Cash Dividends Paid in Q3 2025: $43.4 million.
• Year-to-date (YTD) 2025 Capital Returned (Dividends and Repurchases): $146.9 million.

Scale and Liquidity

The acquisition of MAG Silver Corp. on September 4, 2025, immediately increased the company's size, market presence, and asset quality, enhancing its ability to weather volatility and access capital.

• Acquisition Completion Date: September 4, 2025.
• Key Asset Added: 44% joint venture interest in the Juanicipio silver mine.
• Post-Acquisition Ownership: Former MAG shareholders own approximately 14.3% of Pan American Silver on a fully diluted basis.
• Total Available Liquidity as of September 30, 2025: $1,660.8 million.
• Cash and Short-Term Investments (as of September 30, 2025): $910.8 million (plus $85.8 million cash at Juanicipio for the 44% interest).

Pan American Silver Corp. (PAAS) - Canvas Business Model: Customer Relationships

You're looking at how Pan American Silver Corp. manages its relationships with the entities that buy its metal, which is a mix of immediate transactions and longer-term investor communication. Honestly, for a producer like Pan American Silver, the customer relationship is fundamentally about the sale of physical commodities, but the investor side is just as crucial for capital access.

Transactional: Direct sales contracts with metal refiners and smelters

Pan American Silver Corp. primarily deals with transactional relationships for its mined output. Refined silver and gold are sold in the spot market to a variety of bullion traders and banks. Management actively monitors the credit risk associated with these refining arrangements, concentrate sales, and commodity contracts with its counterparties. They are careful when allocating prospective sales and refining business to avoid putting too much credit risk on any single entity. For instance, as of September 30, 2025, the company had made $10.2 million in supplier advances, which represents a credit risk to them from suppliers, showing the two-sided nature of these commercial relationships. The realized prices for their metals in the third quarter of 2025 show the direct transactional value achieved:

Metal	Realized Price (Q3 2025)	Attributable Production (Q3 2025)
Silver	$39.08 per ounce	5.5 million ounces
Gold	$3,479 per ounce	183.5 thousand ounces

The 2025 full-year guidance for attributable silver production was increased to be between 22.0 and 22.5 million ounces following the MAG Silver acquisition, setting the stage for future sales volumes.

Dedicated Account Management: Long-term relationships with key industrial buyers

While the immediate sales are spot-market driven, the strategic context points toward industrial buyers. The acquisition of a 44% interest in the Juanicipio mine, which closed on September 4, 2025, is expected to significantly increase Pan American Silver Corp.'s exposure to high-margin silver ounces. This aligns the company with structural silver demand drivers, such as solar power and electric vehicles, which represent key industrial buyer segments. The Juanicipio asset is expected to increase annualized silver production by roughly 35% and meaningfully reduce All-In Sustaining Costs (AISC). The company's management carefully considers credit risk when allocating prospective sales and refining business to counterparties, which is a form of relationship management to ensure stable offtake.

Investor Relations: Proactive communication on operational performance and capital allocation

The relationship with shareholders is managed through highly structured and proactive communication, especially concerning financial health and how capital is being deployed. The Board of Directors exercises discretion over capital allocation, prioritizing shareholder returns. Here's a look at the capital returned and the financial position as of late 2025:

• Capital returned to shareholders (dividends and share repurchases) Year-to-Date 2025: $146.9 million.
• Q3 2025 dividend declared: $0.14 per common share.
• Cash dividends paid during Q3 2025: $43.4 million.
• Share repurchases YTD 2025: $31.1 million for 1,368,070 shares at an average price of $22.74 per share.
• Attributable free cash flow generated in Q3 2025: a record $251.7 million.
• Cash and short-term investments balance as of September 30, 2025: $910.8 million (plus an additional $85.8 million at Juanicipio for the 44% interest).
• Total available liquidity as of September 30, 2025: $1,660.8 million.
• Total debt as of September 30, 2025: $857.0 million.

The proactive communication included the Board approving another dividend increase with respect to Q3 2025, signaling confidence in ongoing cash flow generation. Management also confirmed that debt repayment is not urgent due to favorable bond terms, a key point for investors assessing financial flexibility.

Pan American Silver Corp. (PAAS) - Canvas Business Model: Channels

You're looking at how Pan American Silver Corp. gets its product-precious and base metals-out to the world and how it secures capital. It's a mix of physical commodity movement and stock market presence.

Direct Sales: Selling metal concentrates and doré to global refiners and smelters

Pan American Silver Corp. moves its mined output through established industry channels. The company has concentrate contracts to sell zinc, lead, copper, and silver concentrates from several mines, including La Colorada, Huaron, San Vicente, and Minera Florida. Metal prices stated are inclusive of final settlement adjustments on concentrate sales. The company completed the sale of its 80% interest in the La Pepa project in Q3 2025 for $40.0 million in net cash proceeds.

The volume of metal being channeled through these sales is reflected in the production figures for the nine months ended September 30, 2025 (YTD 2025):

Metal/Product	Attributable Production (Q3 2025)	Attributable Production (YTD 2025)
Silver (thousand ounces)	5,462	14,599
Gold (thousand ounces)	183.5	560.8
Zinc (thousand tonnes)	12.6	31.7
Lead (thousand tonnes)	6.2	16.3
Copper (thousand tonnes)	0.8	2.2

The realized prices for these metals in Q3 2025, which form the basis of the sales value, were:

• Silver: $39.08 per ounce.
• Gold: $3,479 per ounce.
• Zinc: $2,768 per tonne.
• Lead: $1,955 per tonne.
• Copper: $9,791 per tonne.

Commodity Markets: Utilizing global metal exchanges for price discovery and sales

Pan American Silver Corp. uses global exchange benchmarks for price discovery. The company's financial instruments, including receivables from provisional concentrate sales, are valued using quoted market prices based on the London Metal Exchange for copper, zinc, and lead, and the London Bullion Market Association P.M. fix for gold and silver. The company's current policy is not to hedge the price of precious metals.

The realized average prices for Q2 2025 were:

Metal	Realized Price (Q2 2025)
Silver ($/ounce)	$32.91
Gold ($/ounce)	$3,305

For the nine months ended September 30, 2025 (YTD 2025), the realized average prices were:

Metal	Realized Price (YTD 2025)
Silver ($/ounce)	$29.52
Gold ($/ounce)	$2,475

Investor Platforms: NYSE and TSX listings for equity investment and capital access

Pan American Silver Corp. shares trade on the New York Stock Exchange (NYSE) and the Toronto Stock Exchange (TSX) under the symbol PAAS. The company has used these platforms to return capital to shareholders through dividends and share repurchases. In Q3 2025, a cash dividend of $0.14 per common share was declared. Year to date 2025, the company paid cash dividends totaling $43.4 million in Q3 2025 alone, and $103.5 million in the first half of 2025.

As of early December 2025, the stock was trading on the TSX at $61.17 CAD. The company had 16.8 K employees as of December 5, 2025.

Key financial metrics related to capital access and shareholder returns as of late 2025 include:

• Record cash balance at the end of Q2 2025: $1.1 billion.
• Cash and short-term investments balance at the end of Q3 2025: $910.8 million.
• Total available liquidity as of Q3 2025: $1.7 billion.
• Total debt as at September 30, 2025: $857.0 million.
• Common shares repurchased YTD 2025: 1,368,070 shares for a total consideration of $31.1 million.

Analysts' price forecasts for PAAS as of late 2025 included a max estimate of 86.87 CAD and a min estimate of 58.84 CAD.

Pan American Silver Corp. (PAAS) - Canvas Business Model: Customer Segments

You're looking at the core buyers for the physical product Pan American Silver Corp. mines and processes. Honestly, for a major precious metals producer, the customer base is a mix of industrial consumers, the mid-stream processing sector, and the financial markets.

The bulk of the physical metal-silver and gold-is sold into the market, which directly serves the Industrial Users and the Metal Traders and Refiners. Industrial users, like those in electronics or solar panel manufacturing, buy refined metal, while traders and refiners often purchase concentrates or doré bars for final processing.

The scale of metal being moved is significant, as shown by the production figures leading up to late 2025. For instance, in the third quarter of 2025, Pan American Silver Corp. reported attributable silver production of 5.5 million ounces and attributable gold production of 183.5 thousand ounces. The realized prices for these sales in Q3 2025 were an average of $39.08 per ounce for silver and $3,479 per ounce for gold. This metal volume underpins the revenue stream, which hit a record $884.4 million in attributable revenue for Q3 2025.

Here's a quick look at the metal volumes that define the physical customer base across the first three quarters of 2025:

Metal	Q1 2025 Attributable Production	Q2 2025 Attributable Production	Q3 2025 Attributable Production
Silver (Ounces)	5.0 million	5.1 million	5.5 million
Gold (Ounces)	182.2 thousand	178.7 thousand	183.5 thousand

The segments break down like this:

• - Industrial Users: Manufacturers requiring silver (e.g., solar, electronics) and base metals.
• - Metal Traders and Refiners: Companies purchasing metal concentrates for final processing.
• - Institutional and Retail Investors: Seeking leveraged exposure to silver and gold prices.
• - Central Banks and Government Mints: Potential buyers of physical gold and silver bullion.

For the Institutional and Retail Investors, the customer relationship is through the equity markets, where the company's financial health and dividend policy are key attractions. Pan American Silver Corp. demonstrated strong financial footing in Q3 2025, generating record attributable free cash flow of $251.7 million. This performance allowed the Board to approve a dividend increase to $0.14 per common share for Q3 2025. The company maintained a strong liquidity position, reporting cash and short-term investments of $910.8 million as of September 30, 2025. The acquisition of MAG Silver Corp. on September 4, 2025, also signals a focus on strengthening the asset base for long-term investor value.

Regarding Central Banks and Government Mints, these entities typically purchase large volumes of physical bullion, often directly or through specialized dealers. While Pan American Silver Corp.'s direct sales to this segment aren't itemized in the public quarterly reports, the company's status as a major silver producer, especially following the integration of the high-grade Juanicipio mine (44% interest), positions it as a supplier to the global physical metal market where these buyers operate. The company's total available liquidity stood at $1,660.8 million at the end of Q3 2025, showing capacity to manage large transactions.

Pan American Silver Corp. (PAAS) - Canvas Business Model: Cost Structure

You're looking at the hard numbers driving Pan American Silver Corp.'s operational expenses as of late 2025. This structure is heavily influenced by metal prices and operational efficiency across its global assets.

Production Costs are the core expense, covering everything from digging the ore out of the ground to the final processing stage. These costs are tracked closely through the All-in Sustaining Cost (AISC) metric.

The All-in Sustaining Costs (AISC) for the Silver segment for the full year 2025 is guided to be between $14.50-$16.00 per ounce. For the nine months ended September 30, 2025, the actual Silver Segment AISC, excluding net realizable value (NRV) inventory adjustments, was $15.43 per silver ounce. The Gold Segment AISC for the same period, also excluding NRV adjustments, stood at $1,697 per gold ounce.

Here's a quick look at the segment cost components as of the nine months ended September 30, 2025:

Cost Metric (YTD Sept 30, 2025)	Silver Segment	Gold Segment
Cash Costs per Ounce (Excl. NRV)	$10.41 per ounce	$1,325 per ounce
All-in Sustaining Costs (AISC) per Ounce (Excl. NRV)	$15.43 per ounce	$1,697 per ounce

Capital Expenditures are split between keeping current mines running (sustaining capital) and building out future capacity (project capital). Pan American Silver Corp. maintains its 2025 outlook for both sustaining and project capital expenditures as provided in its February 19, 2025 MD&A. For the La Colorada Skarn project, which is a major focus, the Preliminary Economic Assessment (PEA) estimated the initial capital cost at $2.829 billion over a six-year construction period. The PEA also estimated the total life of mine sustaining capital for the project at $951 million. In Q1 2025, project capital directed to the La Colorada Skarn was $3.0 million, used for exploration, in-fill drilling, and advancing engineering work.

Labor and Energy are definitely significant variable costs, which you see reflected in the day-to-day operating expenses. These are certainly impacted by local inflation and exchange rates across Mexico, Peru, and Argentina operations. Beyond direct operating costs, the company faces substantial payments to governments and royalty holders, which are factored into the AISC calculation as royalties and taxes.

For a sense of the tax burden, Pan American Silver Corp. expected its total cash taxes for 2025 to be in the range of $240M - $260M, with approximately one third of that estimated to be paid in Q1 2025. Royalties are a direct cost based on production or revenue, forming part of the difference between the Cash Costs and the AISC figures reported above.

Pan American Silver Corp. (PAAS) - Canvas Business Model: Revenue Streams

You're looking at how Pan American Silver Corp. actually brings in the money, which, as you know, is all about what they dig up and sell. The core of the business is metal sales, plain and simple. The biggest chunk comes from silver, and for the full 2025 fiscal year, the company is guiding for attributable production in the range of 22.0-22.5 million ounces. That's a solid number, especially after incorporating the new asset base.

Gold is the next major contributor, making up a significant secondary stream. The 2025 guidance for attributable gold production remains set between 735-800 thousand ounces. To give you a sense of the recent performance driving this, in the third quarter of 2025, they shipped 183.5 thousand ounces of gold.

Here's a quick look at the key metal sales drivers based on the latest figures:

Revenue Driver Component	Q3 2025 Attributable Volume	Q3 2025 Realized Price (per ounce)	2025 Full Year Guidance (Attributable)
Silver Sales	5.5 million ounces	$39.08	22.0-22.5 million ounces
Gold Sales	183.5 thousand ounces	$3,479	735-800 thousand ounces

Don't forget the base metal by-product sales. This revenue comes from selling zinc, lead, and copper concentrates, which helps offset the overall cost of production. For instance, in Q3 2025, the realized price for zinc was reported, showing this revenue stream is active. The Juanicipio mine, which they acquired a stake in during 2025, is particularly notable here, as its silver production came in at 580 thousand ounces in Q3 alone, and it was reported as having negative All-in Sustaining Costs for that period.

When you look at the top line for the most recent reported period, the results were strong. You saw record Attributable Revenue in the third quarter of 2025 hitting $884.4 million. That quarter was a busy one for cash generation, too. You should note these operational highlights from Q3 2025:

• Attributable Revenue was a record $884.4 million.
• Attributable Silver Production reached 5.5 million ounces.
• Attributable Gold Production was 183.5 thousand ounces.
• Attributable Free Cash Flow hit a record $251.7 million.

Finance: draft 13-week cash view by Friday.