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Bigger Scale, Stronger Profitability

Pan American Silver Corp. (PAAS) completed the Yamana Gold Inc. transaction at the end of March, continuing its track record of timely and value-accretive acquisitions that add scale and improve profitability. With the full annualised contribution from the Yamana assets, Edison Group estimates PAAS will produce c 25Moz of silver and 1.1Moz of gold in FY24. The anticipated launch of Escobal (FY25e) could further increase silver production to above 40Moz, bringing PAAS closer to the industry leader, Fresnillo. In this note Edison reinstate their estimates and updates their valuation to reflect the Yamana acquisition. Their sum-of-the-parts valuation is now US$22.5/share.



CA6979001089PanAmericanSilverUpdate240523_new
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