VANCOUVER, British Columbia--(BUSINESS WIRE)--Pan American Silver Corp. (NYSE: PAAS) (TSX: PAAS) ("Pan American" or the "Company") is pleased to report its estimated mineral reserves and mineral resources as at June 30, 2025. Proven and probable ("P&P") mineral reserves are estimated to contain approximately 452.3 million ounces of silver and 6.3 million ounces of gold. Measured and indicated ("M&I") mineral resources (excluding P&P mineral reserves) are estimated to total approxima. ...

VANCOUVER, British Columbia--(BUSINESS WIRE)--Pan American Silver Corp. (NYSE: PAAS) (TSX: PAAS) ("Pan American" or the "Company") announces new drill results for its La Colorada mine in Zacatecas, Mexico, including multiple high-grade veins that indicate the potential for expansion of silver mineral resources, extension of mine life and improved economics. These drill results build on the success of Pan American's exploration program targeting the eastern zone of the La Colorada mine. "Our exp. ...

Key Takeaways PAAS completed its acquisition of MAG Silver, boosting its silver reserves and production base.The deal gives PAAS 44% of the Juanicipio mine, expected to yield up to 16.7M ounces in 2025.MAG shareholders received $500M in cash and 60.2M PAAS shares, now owning 14.3% of the company.Pan American Silver Corp. (PAAS) announced that it completed its previously stated acquisition of MAG Silver Corp. (MAG) . This move boosts Pan American’s position as one of the leading silver producers globally and ...

VANCOUVER, British Columbia, Sept. 04, 2025 (GLOBE NEWSWIRE) -- Pan American Silver Corp. (NYSE: PAAS) (TSX: PAAS) ("Pan American" or the "Company") and MAG Silver Corp. (NYSE American: MAG) (TSX: MAG) ("MAG") are pleased to announce that Pan American has completed its previously announced acquisition of all of the issued and outstanding common shares of MAG ("MAG Shares") pursuant to a plan of arrangement (the "Transaction"). The Transaction adds a 44% joint venture interest in the large-scale, high-grade ...

金价再创新高，带动美股黄金股盘前集体上涨，其中，哈莫尼黄金涨超7%，科尔黛伦矿业涨4.5%， | 代码 | 名称 | 最新价 | 涨跌幅 | 盘前涨跌幅 √ | | --- | --- | --- | --- | --- | | HIMY | 哈莫尼黄金 | 13.280 | 5.31% | 7.30% | | BGL | Blue Gold | 10.810 | -0.83% | 5.64% | | CDE | 科尔黛伦矿业 | 13.150 | 4.70% | 4.49% | | GAU | Galiano Gold | 2.170 | 2.36% | 3.69% | | NGD | New Gold | 5.900 | 3.87% | 3.39% | | EQX | Equinox Gold | 8.760 | 5.93% | 3.20% | | KGC | 令品前事令 | 20.900 | 3.36% | 3.01% | | PAAS | 泛美白银 | 33.920 | 3.01% | 2.92% | New Gold、DRDGOLD、金罗斯黄金涨超3%。 消息上，在现货市场上，现货黄金今日盘中涨破3 ...

Core Insights - Pan American Silver Corp. (PAAS) has received final regulatory approval for its acquisition of MAG Silver Corp. (MAG), with the transaction expected to close around September 4, 2025, enhancing PAAS's position in the silver market [1][9] - The acquisition includes a 44% stake in the Juanicipio project, recognized as the largest, highest-grade, and lowest-cost primary silver mine globally [2][9] - Juanicipio is projected to produce 14.7-16.7 million ounces of silver in 2025, increasing PAAS's total output to 26.5-28.3 million ounces, significantly surpassing competitors [3][9] Production and Cost Efficiency - The Juanicipio project is anticipated to lower PAAS's all-in sustaining costs (AISC) for silver, with current AISC reported at $19.69 per ounce and a guidance of $16.25-$18.25 for 2025 [4] - The project is expected to add 58 million ounces to PAAS's proven and probable silver reserves, which were 468 million ounces as of June 30, 2024 [5] Financial Performance - PAAS shares have increased by 63.8% year-to-date, outperforming the industry growth of 56.7% and the Basic Materials sector's rise of 17.7% [8] - The consensus estimate for PAAS's earnings in 2025 is $1.98 per share, reflecting a year-over-year increase of 150.6%, with a further increase projected for 2026 [13]

期货研究报告|有色与贵金属专题报告 2025-08-26 主要银矿开采商产量跟踪报告及金银比价复盘 研究院 新能源&有色组 研究员 陈思捷 师橙 021-60828513 从业资格号：F3046665 投资咨询号：Z0014806 封帆 王育武 021-60827969 wangyuwu@htfc.com 从业资格号：F03114162 投资咨询号：Z0022466 投资咨询业务资格： 证监许可【2011】1289 号 近期市场背景及主要白银矿企业情况汇总 当前几大主要白银生产商整体呈"原生矿增量收紧、白银增量依赖伴生"的特点。Fresnillo 25H1 权益银产量 24.9 百万盎司，同比-8% 以上，受 San Julián DOB 接近关停、 Silverstream 退出与主矿区递减及安全事故扰动，但仍维持全年 49–56 百万盎司指引； KGHM 上半年 657 吨，同比-3%，矿石处理量与外购/进料缩减，Sierra Gorda 年中扩 建是后续潜在增量；Newmont 上半年 1,400 万盎司，同比-18%，前期罢工低基数效应 消失且 Peñasquito 采矿序列对白银生产产生了负面影响， ...

Core Insights - Pan American Silver (PAAS) and Hecla Mining (HL) are prominent players in the mining sector, focusing on silver and other metals like gold, lead, and zinc [1][3]. Silver and Gold Market Overview - Silver prices have increased by 35% this year, currently at $38.80 per ounce, the highest since 2011, driven by expectations of U.S. Federal Reserve policy easing [2] - Gold prices have risen by 28.5% year-to-date, supported by safe-haven demand and geopolitical tensions [2] - Strong industrial demand for silver is anticipated, particularly from the solar energy sector and electronic applications [2] - The Silver Institute forecasts a continued deficit in the silver market through 2025, which is expected to support higher prices [2] - The outlook for gold remains robust due to geopolitical tensions and central bank purchases [2] Pan American Silver (PAAS) Highlights - Pan American Silver operates 12 mines across the Americas and is a leading producer of silver and gold [4] - As of June 30, 2024, PAAS's proven and probable mineral reserves include 468 million ounces of silver and 6.9 million ounces of gold, with an expected increase of 58 million ounces from the acquisition of MAG Silver Corp. for $2.1 billion [5][6] - The company reported an 18% year-over-year revenue increase to $812 million in Q2, with adjusted earnings per share rising 291% to 43 cents [7] - Record cash flow from operations reached $293.4 million, with total liquidity of $1.859 billion and a 20% dividend increase to 12 cents per share [8] - The all-in sustaining costs (AISC) for silver were $19.69 per ounce in Q2, with expectations for 2025 AISC to improve to $16.25 - $18.25 per ounce [9] - PAAS produced 5.1 million ounces of silver and 178.7 thousand ounces of gold in Q2, on track to meet 2025 guidance of 20-21 million ounces of silver and 735,000-800,000 ounces of gold [10] Hecla Mining (HL) Highlights - Hecla Mining produces over 45% of the silver in the U.S. and operates mines in Alaska, Idaho, Quebec, and Yukon [14] - Proven and probable silver reserves were 240 million ounces as of the end of 2024, with gold reserves at 2.2 million ounces [15] - The company reported record revenues of $304 million in Q2, a 24% increase year-over-year, with earnings up 300% to eight cents per share [15] - Hecla produced 4.52 million ounces of silver and 45,895 ounces of gold in Q2, projecting silver production of 15.5-17 million ounces for 2025 [16] - AISC per ounce of silver was $5.19 in Q2, with expectations for 2025 AISC at $11.00-$13.00 [17] Comparative Analysis - In the past three months, PAAS stock gained 35.2%, while HL stock surged 54.7% [22] - PAAS trades at a forward price-to-sales (P/S) multiple of 3.38X, below the industry average of 4.28X, while HL trades at 4.48X [23] - Earnings estimates for PAAS indicate a 150.6% growth for 2025, while HL's estimates show a 145.5% improvement [19][20] Investment Outlook - Both companies are well-positioned to benefit from rising silver and gold prices, with PAAS's acquisition of MAG Silver enhancing its growth outlook despite uncertainties surrounding the Escobal mine [25] - Hecla Mining's strong fundamentals and low-cost operations make it a compelling investment choice, currently rated as a Zacks Rank 2 (Buy), while PAAS holds a Zacks Rank 3 (Hold) [26]

Core Viewpoint - Pan American Silver Corp. has received all necessary regulatory approvals for the acquisition of MAG Silver Corp., with the transaction expected to be completed around September 4, 2025 [1][2][7]. Company Overview - Pan American Silver Corp. is a leading producer of silver and gold in the Americas, operating mines in multiple countries including Canada, Mexico, Peru, Brazil, Bolivia, Chile, and Argentina. The company has a strong reputation for sustainability and financial management [3]. - MAG Silver Corp. is a growth-oriented Canadian mining and exploration company focused on high-grade precious metals projects, including a significant joint venture in the Juanicipio Mine in Mexico [4]. Transaction Details - The acquisition involves a total consideration of $500 million in cash and additional shares of Pan American for MAG shareholders, with an election deadline for shareholders set for August 27, 2025 [2][6]. - Shareholders can choose to receive either $20.54 in cash for each MAG Share or a combination of cash and Pan American shares [6].

Core Insights - Pan American Silver Corp. (PAAS) is close to finalizing its $2.1 billion acquisition of MAG Silver Corp. (MAG), with all major approvals received except for Mexico's Federal Economic Competition Commission (COFECE) [1][8] - The acquisition focuses on MAG's 44% stake in the Juanicipio project, recognized as the world's largest-scale, highest-grade, and lowest-cost primary silver mine [2][8] - Juanicipio is projected to produce 14.7-16.7 million ounces of silver in 2025, contributing approximately 6.5-7.3 million ounces to PAAS's total output [3][8] Production and Cost Impact - The Juanicipio project is expected to significantly reduce PAAS's all-in sustaining costs (AISC) for silver, with current AISC reported at $19.69 per ounce and a guidance of $16.25-$18.25 for 2025 [4][8] - The acquisition will add 58 million ounces to PAAS's proven and probable silver reserves, which were 468 million ounces as of June 30, 2024, and is expected to generate $98 million in free cash flow this year, growing by 23% over the next three years [5] Market Activity and Performance - Recent consolidation in the silver mining sector includes First Majestic Silver's acquisition of Gatos Silver and Coeur Mining's acquisition of Silvercrest, enhancing their respective portfolios [6] - Year-to-date, PAAS shares have increased by 58.5%, outperforming the industry growth of 48.6% and the Basic Materials sector's rise of 14.3% [7] Valuation and Earnings Estimates - PAAS is currently trading at a forward 12-month price-to-earnings multiple of 14.35X, below the industry average of 16.95X [10] - The consensus estimate for PAAS's 2025 earnings is $1.98 per share, reflecting a year-over-year increase of 150.6%, with a further increase to $2.38 expected in 2026 [11]