Pan American Silver - Yamana assets boost mineral resources
Pan American Silver (PAAS) reported a significant increase in mineral reserves and resources estimates, for gold in particular, on the back of the Yamana transaction. Inclusive of MARA, Morococha and Jeronimo, the company’s total proven and probable (P&P) reserves grew 12% y-o-y to 577Moz of contained silver (Ag) and 259% to 13Moz of contained gold (Au). PAAS plans an extensive drilling and exploration campaign for 2023 in order to further upgrade and extend the resource base. While our financial estimates remain unchanged, we have slightly revised our valuation down to US$22.0/share to reflect the reported reserves and resources data.Pan American Silver is engaged in the production and sale of silver, gold and other base metals including copper, lead and zinc as well as other related activities, including exploration, extraction, processing, refining and reclamation. Co.'s primary product (silver) is produced in Peru, Mexico, Argentina and Bolivia. Additionally, Co. has project development activities in Peru, Mexico and Argentina, and exploration activities throughout South America and Mexico.
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