Pan American Silver is one of the world's largest silver producers, operating a portfolio of underground and open-pit mines across Latin America and Canada. The company mines silver and gold as its primary products, along with zinc, lead, and copper as byproducts. Pan American organizes its operations into two segments: a Silver segment (La Colorada, Juanicipio, Cerro Moro, Huaron, San Vicente) and a Gold segment (Jacobina, El Peñon, Timmins, Shahuindo, Minera Florida, Dolores). The company sells metal in two forms: doré bars shipped to third-party refineries and then sold to bullion banks, and concentrates sold to traders and smelters. Pan American's business model captures the spread between metal prices and all-in costs — because the cost structure is largely fixed, the company carries significant operating leverage to silver and gold prices. Pan American does not hedge precious metals production, maintaining full price exposure. Byproduct metals reduce reported per-ounce silver costs through byproduct credits, and most operating costs are in local currencies, providing a partial natural FX hedge. Key growth levers include the La Colorada Skarn project (a large-scale silver-zinc-lead development asset, with a phased PEA expected in Q2 2026), optimization of the Jacobina gold mine in Brazil, and the potential restart of Escobal in Guatemala — a high-grade silver mine on care and maintenance since 2017, pending an Indigenous consultation process, that was previously capable of producing ~20–22M oz silver per year.