Pan American Silver Corp. has reported proven and probable mineral reserves containing approximately 511.1 million ounces of silver and 6.3 million ounces of gold as at June 30, 2026.

The updated inventory compares with 452.3 million ounces of silver reported in reserves as at June 30, 2025. The reserve expansion includes Pan American's 44% attributable share of the Juanicipio silver mine in Zacatecas, Mexico, following the acquisition of MAG Silver Corp. that was completed on September 4, 2025.

Measured and indicated mineral resources, excluding reserves, total approximately 1,126.7 million ounces of silver and 7.5 million ounces of gold. That compares with 9.9 million ounces of gold in measured and indicated resources previously reported as at June 30, 2025. The reduction in gold resources was largely driven by the divestment of the La Pepa, Pico Machay, and Lavra Velha projects. Inferred mineral resources are estimated at 437.0 million ounces of silver and 7.2 million ounces of gold.

To support reserve replacement, Pan American has completed 351,000 metres of drilling out of a planned total of over 500,000 metres for the 2026 calendar year across its portfolio of mines.

“Our substantial silver and gold mineral inventory reflects the strength of our diversified portfolio and the continued success of our exploration and mine development programs. We achieved meaningful mineral reserve growth across the operations, replacing over 100% of the silver extracted, while the inclusion of our 44% interest in Juanicipio further increased our silver mineral reserve base,” said Michael Steinmann, President and CEO. “Exploration success at La Colorada, Jacobina, and Timmins continues to demonstrate the quality of our asset base and our commitment to extending mine life, driving innovation, and creating long-term value for shareholders.”

Read the full announcement: Pan American Silver Reports Mineral Reserves and Mineral Resources as at June 30, 2026