# Pan American Announces Revised PEA for the La Colorada Skarn Project, Positions La Colorada as a Future Top-tier Silver Mine Canonical Atlas analysis: https://atlas-extractions.minestarters.com/news/pan-american-announces-revised-pea-for-the-la-colorada-skarn-project-positions-l--1700cd7a-a22f-4f45-a5e2-2b8437f3c926 Original source: https://money.tmx.com/en/quote/PAAS/news/6546744306525070/pan-american-announces-revised-pea-for-the-la-colorada-skarn-project-positions-l Publisher: tmx Original announcement: 2026-03-24T21:37:00.000Z Analysis by Minestarters Atlas Atlas analysis published: Unknown date Atlas analysis updated: Unknown date - Company: Pan American Silver Corp. - Ticker: PAAS - Exchange: TSX - Region: Mexico - Primary commodity: Silver - Secondary commodities: Zinc, Lead, Gold - Document categories: Resource update, Economic study, Metallurgy - Extracted: 2026-09-18 15:03:17 UTC Narrative sentiment: 0.80 · Bullish ## Minestarters Atlas summary Pan American Silver announced a Revised Preliminary Economic Assessment \(PEA\) for its La Colorada Skarn Project in Mexico, projecting strong economics and positioning it as a future top-tier silver mine. The PEA outlines an after-tax NPV \(5%\) of $2.6 billion and an IRR of 17% at base case prices, with a 4-year payback period. The project envisions a 37-year mine life, significantly increasing silver production and utilizing conventional long-hole open stoping and a new 15,000 tpd flotation plant, supported by high metallurgical recoveries for silver, zinc, and lead. Reasoning: Pan American Silver announced a highly positive Revised PEA for its La Colorada Skarn Project, projecting strong economics, increased silver production, and extended mine life. The study outlines a robust financial case with a 17% IRR and $2.6 billion NPV \(5% after-tax\) at base case prices, supported by high metallurgical recoveries and a substantial resource base. While the PEA's reliance on inferred resources introduces some geological uncertainty, the overall outlook is very strong for the company's future production profile. - Positive factor: Revised PEA shows strong economics with high NPV and IRR for the La Colorada Skarn Project. - Positive factor: Significant increase in silver production and extended mine life, positioning it as a top-tier silver mine. - Positive factor: Low AISC for silver, reflecting strong byproduct credits. - Positive factor: Fast payback period for initial capital. - Positive factor: Improved grades compared to prior PEA due to selective mining. - Positive factor: Conventional mining method \(long-hole open stoping\) reduces technical risk. - Positive factor: Metallurgical testwork demonstrates high recoveries for silver, zinc, and lead into high-quality concentrates. - Positive factor: Substantial resource base, including significant indicated and inferred resources for both skarn and vein deposits. - Negative factor: The PEA includes inferred mineral resources, which are considered geologically speculative and do not have demonstrated economic viability. - Negative factor: The PEA is preliminary in nature and there is no certainty it will be realized. - Negative factor: The resource estimate for the skarn deposit uses a sub-level caving \(SLC\) mining method for RPEEE, while the PEA uses long-hole open stoping, which could imply a disconnect in resource definition vs. mine plan. Facts used in scoring: 37 ## Classification and evidence **PEA Only** Polarity: neutral Definition: Only Class 4 / Initial Assessment economics available. Not bankable. Why it applies: The document presents a Preliminary Economic Assessment \(PEA\), which is an early-stage economic study. Evidence · text > results of a revised Preliminary Economic Assessment \("Revised PEA"\) **Inferred Heavy Feed** Polarity: negative Definition: Material Inferred share of LOM mill feed, or the share is undisclosed. Why it applies: The Revised PEA explicitly states it includes inferred mineral resources, which are geologically speculative. Evidence · text > it includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves **High IRR** Polarity: positive Definition: Post-tax real unlevered IRR in the strong tier or better. Why it applies: The after-tax IRR of 17% for the base case and 25% for the upside case are in the strong to exceptional tiers. Evidence · table > 17% Context: IRR \(After-tax\) **Fast Payback** Polarity: positive Definition: Payback in the strong tier or better, on the required basis. Why it applies: The payback period of 4 years for the base case and 3 years for the upside case are in the strong to exceptional tiers. Evidence · table > 4 Context: Pay-back period \(After-tax, undiscounted\) in years **Conservative Pricing** Polarity: positive Definition: Conservative on the worst of the spot, 3-year and consensus comparisons. Why it applies: The resource estimate uses significantly lower silver prices \($22/oz and $24/oz\) compared to the PEA base case price of $45/oz, indicating conservatism in the resource model. Evidence · text > The mineral resource estimate reported effective as at June 30, 2025 and mine plan were completed at metal prices of $22.00/oz of silver, $2,800/t of zinc and $2,200/t of lead for the skarn deposit, and for the La Colorada vein mine at $24.00/oz of silver, $2,800/t of zinc and $2,200/t of lead. **Long Reserve Life** Polarity: positive Definition: Reserve life index in the top tier of the single ladder. Why it applies: The La Colorada Skarn Project has a projected mine life of 37 years, which is in the top tier. Evidence · table > 37 Context: Production life - years **Fully Funded** Polarity: positive Definition: Funding coverage at or above 1.0x counting committed facilities only. Why it applies: Pan American expects to fully fund the project through cash flow from operating mines. Evidence · text > Pan American currently expects to fully fund the La Colorada Skarn Project through cash flow generated by Pan American's operating mines **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: The Revised PEA and resource estimates were prepared in accordance with NI 43-101 standards. Evidence · text > The Revised PEA for the La Colorada Skarn Project was prepared in accordance with NI 43-101 standards. **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: Qualified Persons Christopher Emerson, Christopher Wright, and Martin Wafforn are named as responsible for the technical information. Evidence · text > Technical information contained in this news release has been reviewed and approved by Christopher Emerson, FAusIMM, Senior Vice President Exploration and Geology, and Martin Wafforn, P.Eng., Senior Vice President Technical Services and Process Optimization, each of whom is a Qualified Person for the purposes of NI 43-101. **High Recovery** Polarity: positive Definition: Recovery at or above the exceptional band for the commodity and processing route. Why it applies: Overall silver recovery is estimated at 89.7%, zinc at 93.4%, and lead at 87.7%, which are strong to exceptional for flotation. Evidence · text > Overall silver recovery is estimated at approximately 89.7%... LOM average recoveries are estimated to be approximately 93.4% for zinc and 87.7% for lead. **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: The processing method involves a conventional selective flotation plant. Evidence · text > conventional selective flotation plant **Multi-Domain Tested** Polarity: positive Definition: Variability across ore domains \(oxide, transition, fresh\) has been addressed. Why it applies: The PEA considers both vein and skarn mineralization, indicating testing across different ore types. Evidence · text > commingling vein \(2,000 tpd\) and high-grade skarn mineralization \(13,000 tpd\) **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: A current resource fact retains the disclosed cut-off grade **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: The source explicitly discloses a revised resource estimate Evidence · text > updated mineral resource estimate **Single Domain Only** Polarity: negative Definition: Testing limited to one composite or domain — representativeness not established. Why it applies: only one composite was tested ## Extracted facts Stored fact records: 37. Some facts used in scoring do not have a stored record. ## Resource Estimates (34) ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/pan-american-announces-revised-pea-for-the-la-colorada-skarn-project-positions-l--1700cd7a-a22f-4f45-a5e2-2b8437f3c926#fact-resource-facts-1) La Colorada Skarn Project · zinc #### Identity - Project: La Colorada Skarn Project - Commodity: zinc - Region: mexico - Reported Region: Mexico - Ticker: PAAS #### Resource scope - Estimate type: resource - Effective date: 2025-06-30T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Christopher Emerson, Christopher Wright, Martin Wafforn - Resource group id: resource:d0ea0a8359bf947c1700 - Deposit or zone: Skarn - Mining method: other - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: indicated - Tonnes: 265400000 - Grade: 7.6 - Grade Unit: million tonnes - Contained Metal: 7.6 - Contained Unit: mt - Cutoff Grade: 50 - Cutoff Unit: USD/t NSR #### Prior Estimate - Resource Date: 2025-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-24T00:00:00.000Z Reasoning: This is a substantial indicated resource for zinc, providing a strong foundation for the project. The estimate is recent and compliant with NI 43-101, enhancing confidence. - Positive factor: Large indicated resource tonnage. - Positive factor: Good zinc grade for a skarn deposit. - Positive factor: QP signed off on the estimate. - Positive factor: NI 43-101 compliant. Evidence · table > 7.6 Context: 265.4 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/pan-american-announces-revised-pea-for-the-la-colorada-skarn-project-positions-l--1700cd7a-a22f-4f45-a5e2-2b8437f3c926#fact-resource-facts-2) La Colorada Skarn Project · lead #### Identity - Project: La Colorada Skarn Project - Commodity: lead - Region: mexico - Reported Region: Mexico - Ticker: PAAS #### Resource scope - Estimate type: resource - Effective date: 2025-06-30T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Christopher Emerson, Christopher Wright, Martin Wafforn - Resource group id: resource:d0ea0a8359bf947c1700 - Deposit or zone: Skarn - Mining method: other - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: indicated - Tonnes: 265400000 - Grade: 3.6 - Grade Unit: million tonnes - Contained Metal: 3.6 - Contained Unit: mt - Cutoff Grade: 50 - Cutoff Unit: USD/t NSR #### Prior Estimate - Resource Date: 2025-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-24T00:00:00.000Z Reasoning: The indicated resource for lead is significant, contributing to the polymetallic nature of the deposit. The estimate is recent and compliant with NI 43-101. - Positive factor: Large indicated resource tonnage. - Positive factor: QP signed off on the estimate. - Positive factor: NI 43-101 compliant. Evidence · table > 3.6 Context: 265.4 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/pan-american-announces-revised-pea-for-the-la-colorada-skarn-project-positions-l--1700cd7a-a22f-4f45-a5e2-2b8437f3c926#fact-resource-facts-3) La Colorada Skarn Project · silver #### Identity - Project: La Colorada Skarn Project - Commodity: silver - Region: mexico - Reported Region: Mexico - Ticker: PAAS #### Resource scope - Estimate type: resource - Effective date: 2025-06-30T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Christopher Emerson, Christopher Wright, Martin Wafforn - Resource group id: resource:d0ea0a8359bf947c1700 - Deposit or zone: Skarn - Mining method: other - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: indicated - Tonnes: 265400000 - Grade: 309 - Grade Unit: million ounces - Contained Metal: 309 - Contained Unit: moz - Cutoff Grade: 50 - Cutoff Unit: USD/t NSR #### Prior Estimate - Resource Date: 2025-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-24T00:00:00.000Z Reasoning: This is a very large indicated silver resource, forming a key part of the project's value proposition. The estimate is recent and compliant with NI 43-101, providing high confidence. - Positive factor: Large indicated resource tonnage. - Positive factor: Significant contained silver ounces. - Positive factor: QP signed off on the estimate. - Positive factor: NI 43-101 compliant. Evidence · table > 309 Context: 265.4 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/pan-american-announces-revised-pea-for-the-la-colorada-skarn-project-positions-l--1700cd7a-a22f-4f45-a5e2-2b8437f3c926#fact-resource-facts-4) La Colorada Skarn Project · zinc #### Identity - Project: La Colorada Skarn Project - Commodity: zinc - Region: mexico - Reported Region: Mexico - Ticker: PAAS #### Resource scope - Estimate type: resource - Effective date: 2025-06-30T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Christopher Emerson, Christopher Wright, Martin Wafforn - Resource group id: resource:f5f7c75a7e9f4d905928 - Deposit or zone: Skarn - Mining method: other - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: inferred - Tonnes: 61700000 - Grade: 1.6 - Grade Unit: million tonnes - Contained Metal: 1.6 - Contained Unit: mt - Cutoff Grade: 50 - Cutoff Unit: USD/t NSR #### Prior Estimate - Resource Date: 2025-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-24T00:00:00.000Z Reasoning: This inferred resource for zinc adds to the overall potential of the project, but its lower confidence category means it requires further drilling to upgrade. The estimate is recent and compliant with NI 43-101. - Positive factor: Significant inferred resource tonnage. - Positive factor: QP signed off on the estimate. - Positive factor: NI 43-101 compliant. - Negative factor: Inferred category has lower geological confidence. Evidence · table > 1.6 Context: 61.7 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/pan-american-announces-revised-pea-for-the-la-colorada-skarn-project-positions-l--1700cd7a-a22f-4f45-a5e2-2b8437f3c926#fact-resource-facts-5) La Colorada Skarn Project · lead #### Identity - Project: La Colorada Skarn Project - Commodity: lead - Region: mexico - Reported Region: Mexico - Ticker: PAAS #### Resource scope - Estimate type: resource - Effective date: 2025-06-30T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Christopher Emerson, Christopher Wright, Martin Wafforn - Resource group id: resource:f5f7c75a7e9f4d905928 - Deposit or zone: Skarn - Mining method: other - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: inferred - Tonnes: 61700000 - Grade: 0.6 - Grade Unit: million tonnes - Contained Metal: 0.6 - Contained Unit: mt - Cutoff Grade: 50 - Cutoff Unit: USD/t NSR #### Prior Estimate - Resource Date: 2025-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-24T00:00:00.000Z Reasoning: This inferred resource for lead contributes to the overall polymetallic potential, but its lower confidence category means it requires further drilling to upgrade. The estimate is recent and compliant with NI 43-101. - Positive factor: Significant inferred resource tonnage. - Positive factor: QP signed off on the estimate. - Positive factor: NI 43-101 compliant. - Negative factor: Inferred category has lower geological confidence. Evidence · table > 0.6 Context: 61.7 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/pan-american-announces-revised-pea-for-the-la-colorada-skarn-project-positions-l--1700cd7a-a22f-4f45-a5e2-2b8437f3c926#fact-resource-facts-6) La Colorada Skarn Project · silver #### Identity - Project: La Colorada Skarn Project - Commodity: silver - Region: mexico - Reported Region: Mexico - Ticker: PAAS #### Resource scope - Estimate type: resource - Effective date: 2025-06-30T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Christopher Emerson, Christopher Wright, Martin Wafforn - Resource group id: resource:f5f7c75a7e9f4d905928 - Deposit or zone: Skarn - Mining method: other - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: inferred - Tonnes: 61700000 - Grade: 59 - Grade Unit: million ounces - Contained Metal: 59 - Contained Unit: moz - Cutoff Grade: 50 - Cutoff Unit: USD/t NSR #### Prior Estimate - Resource Date: 2025-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-24T00:00:00.000Z Reasoning: This inferred silver resource adds to the overall potential of the project, but its lower confidence category means it requires further drilling to upgrade. The estimate is recent and compliant with NI 43-101. - Positive factor: Significant inferred contained silver ounces. - Positive factor: QP signed off on the estimate. - Positive factor: NI 43-101 compliant. - Negative factor: Inferred category has lower geological confidence. Evidence · table > 59 Context: 61.7 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### proven [Link to this fact](https://atlas-extractions.minestarters.com/news/pan-american-announces-revised-pea-for-the-la-colorada-skarn-project-positions-l--1700cd7a-a22f-4f45-a5e2-2b8437f3c926#fact-resource-facts-7) La Colorada Vein Mine · silver #### Identity - Project: La Colorada Vein Mine - Commodity: silver - Region: mexico - Reported Region: Mexico - Ticker: PAAS #### Resource scope - Estimate type: reserve - Effective date: 2025-06-30T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Christopher Emerson, Christopher Wright, Martin Wafforn - Resource group id: resource:0d6efc869e39d341171c - Deposit or zone: Vein - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: proven - Tonnes: 3400000 - Grade: 33.2 - Grade Unit: million ounces - Contained Metal: 33.2 - Contained Unit: moz #### Prior Estimate - Resource Date: 2025-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-24T00:00:00.000Z Reasoning: This is a high-confidence proven reserve for silver, indicating a well-defined and economically viable portion of the vein mine. The estimate is recent and compliant with NI 43-101. - Positive factor: High-grade proven reserve for silver. - Positive factor: Significant contained silver ounces. - Positive factor: QP signed off on the estimate. - Positive factor: NI 43-101 compliant. Evidence · table > 33.2 Context: 3.4 #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### proven [Link to this fact](https://atlas-extractions.minestarters.com/news/pan-american-announces-revised-pea-for-the-la-colorada-skarn-project-positions-l--1700cd7a-a22f-4f45-a5e2-2b8437f3c926#fact-resource-facts-8) La Colorada Vein Mine · gold #### Identity - Project: La Colorada Vein Mine - Commodity: gold - Region: mexico - Reported Region: Mexico - Ticker: PAAS #### Resource scope - Estimate type: reserve - Effective date: 2025-06-30T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Christopher Emerson, Christopher Wright, Martin Wafforn - Resource group id: resource:0d6efc869e39d341171c - Deposit or zone: Vein - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: proven - Tonnes: 3400000 - Grade: 23 - Grade Unit: thousand ounces - Contained Metal: 23 - Contained Unit: koz #### Prior Estimate - Resource Date: 2025-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-24T00:00:00.000Z Reasoning: This proven reserve for gold, while lower grade, adds to the overall value of the vein mine as a byproduct. The estimate is recent and compliant with NI 43-101. - Positive factor: Gold as a byproduct in proven reserves. - Positive factor: QP signed off on the estimate. - Positive factor: NI 43-101 compliant. Evidence · table > 23 Context: 3.4 #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### proven [Link to this fact](https://atlas-extractions.minestarters.com/news/pan-american-announces-revised-pea-for-the-la-colorada-skarn-project-positions-l--1700cd7a-a22f-4f45-a5e2-2b8437f3c926#fact-resource-facts-9) La Colorada Vein Mine · lead #### Identity - Project: La Colorada Vein Mine - Commodity: lead - Region: mexico - Reported Region: Mexico - Ticker: PAAS #### Resource scope - Estimate type: reserve - Effective date: 2025-06-30T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Christopher Emerson, Christopher Wright, Martin Wafforn - Resource group id: resource:0d6efc869e39d341171c - Deposit or zone: Vein - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: proven - Tonnes: 3400000 - Grade: 42 - Grade Unit: thousand tonnes - Contained Metal: 42 - Contained Unit: kt #### Prior Estimate - Resource Date: 2025-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-24T00:00:00.000Z Reasoning: This proven reserve for lead contributes to the polymetallic nature and overall value of the vein mine. The estimate is recent and compliant with NI 43-101. - Positive factor: Significant contained lead in proven reserves. - Positive factor: QP signed off on the estimate. - Positive factor: NI 43-101 compliant. Evidence · table > 42 Context: 3.4 #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### proven [Link to this fact](https://atlas-extractions.minestarters.com/news/pan-american-announces-revised-pea-for-the-la-colorada-skarn-project-positions-l--1700cd7a-a22f-4f45-a5e2-2b8437f3c926#fact-resource-facts-10) La Colorada Vein Mine · zinc #### Identity - Project: La Colorada Vein Mine - Commodity: zinc - Region: mexico - Reported Region: Mexico - Ticker: PAAS #### Resource scope - Estimate type: reserve - Effective date: 2025-06-30T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Christopher Emerson, Christopher Wright, Martin Wafforn - Resource group id: resource:0d6efc869e39d341171c - Deposit or zone: Vein - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: proven - Tonnes: 3400000 - Grade: 75 - Grade Unit: thousand tonnes - Contained Metal: 75 - Contained Unit: kt #### Prior Estimate - Resource Date: 2025-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-24T00:00:00.000Z Reasoning: This is a high-confidence proven reserve for zinc, indicating a well-defined and economically viable portion of the vein mine. The estimate is recent and compliant with NI 43-101. - Positive factor: High-grade proven reserve for zinc. - Positive factor: Significant contained zinc. - Positive factor: QP signed off on the estimate. - Positive factor: NI 43-101 compliant. Evidence · table > 75 Context: 3.4 #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/pan-american-announces-revised-pea-for-the-la-colorada-skarn-project-positions-l--1700cd7a-a22f-4f45-a5e2-2b8437f3c926#fact-resource-facts-11) La Colorada Vein Mine · silver #### Identity - Project: La Colorada Vein Mine - Commodity: silver - Region: mexico - Reported Region: Mexico - Ticker: PAAS #### Resource scope - Estimate type: reserve - Effective date: 2025-06-30T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Christopher Emerson, Christopher Wright, Martin Wafforn - Resource group id: resource:a78f491d56ba958f75e2 - Deposit or zone: Vein - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: probable - Tonnes: 6100000 - Grade: 57.5 - Grade Unit: million ounces - Contained Metal: 57.5 - Contained Unit: moz #### Prior Estimate - Resource Date: 2025-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-24T00:00:00.000Z Reasoning: This is a high-confidence probable reserve for silver, indicating a well-defined and economically viable portion of the vein mine. The estimate is recent and compliant with NI 43-101. - Positive factor: High-grade probable reserve for silver. - Positive factor: Significant contained silver ounces. - Positive factor: QP signed off on the estimate. - Positive factor: NI 43-101 compliant. Evidence · table > 57.5 Context: 6.1 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/pan-american-announces-revised-pea-for-the-la-colorada-skarn-project-positions-l--1700cd7a-a22f-4f45-a5e2-2b8437f3c926#fact-resource-facts-12) La Colorada Vein Mine · gold #### Identity - Project: La Colorada Vein Mine - Commodity: gold - Region: mexico - Reported Region: Mexico - Ticker: PAAS #### Resource scope - Estimate type: reserve - Effective date: 2025-06-30T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Christopher Emerson, Christopher Wright, Martin Wafforn - Resource group id: resource:a78f491d56ba958f75e2 - Deposit or zone: Vein - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: probable - Tonnes: 6100000 - Grade: 40 - Grade Unit: thousand ounces - Contained Metal: 40 - Contained Unit: koz #### Prior Estimate - Resource Date: 2025-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-24T00:00:00.000Z Reasoning: This probable reserve for gold, while lower grade, adds to the overall value of the vein mine as a byproduct. The estimate is recent and compliant with NI 43-101. - Positive factor: Gold as a byproduct in probable reserves. - Positive factor: QP signed off on the estimate. - Positive factor: NI 43-101 compliant. Evidence · table > 40 Context: 6.1 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/pan-american-announces-revised-pea-for-the-la-colorada-skarn-project-positions-l--1700cd7a-a22f-4f45-a5e2-2b8437f3c926#fact-resource-facts-13) La Colorada Vein Mine · lead #### Identity - Project: La Colorada Vein Mine - Commodity: lead - Region: mexico - Reported Region: Mexico - Ticker: PAAS #### Resource scope - Estimate type: reserve - Effective date: 2025-06-30T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Christopher Emerson, Christopher Wright, Martin Wafforn - Resource group id: resource:a78f491d56ba958f75e2 - Deposit or zone: Vein - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: probable - Tonnes: 6100000 - Grade: 73 - Grade Unit: thousand tonnes - Contained Metal: 73 - Contained Unit: kt #### Prior Estimate - Resource Date: 2025-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-24T00:00:00.000Z Reasoning: This probable reserve for lead contributes to the polymetallic nature and overall value of the vein mine. The estimate is recent and compliant with NI 43-101. - Positive factor: Significant contained lead in probable reserves. - Positive factor: QP signed off on the estimate. - Positive factor: NI 43-101 compliant. Evidence · table > 73 Context: 6.1 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/pan-american-announces-revised-pea-for-the-la-colorada-skarn-project-positions-l--1700cd7a-a22f-4f45-a5e2-2b8437f3c926#fact-resource-facts-14) La Colorada Vein Mine · zinc #### Identity - Project: La Colorada Vein Mine - Commodity: zinc - Region: mexico - Reported Region: Mexico - Ticker: PAAS #### Resource scope - Estimate type: reserve - Effective date: 2025-06-30T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Christopher Emerson, Christopher Wright, Martin Wafforn - Resource group id: resource:a78f491d56ba958f75e2 - Deposit or zone: Vein - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: probable - Tonnes: 6100000 - Grade: 134 - Grade Unit: thousand tonnes - Contained Metal: 134 - Contained Unit: kt #### Prior Estimate - Resource Date: 2025-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-24T00:00:00.000Z Reasoning: This is a high-confidence probable reserve for zinc, indicating a well-defined and economically viable portion of the vein mine. The estimate is recent and compliant with NI 43-101. - Positive factor: High-grade probable reserve for zinc. - Positive factor: Significant contained zinc. - Positive factor: QP signed off on the estimate. - Positive factor: NI 43-101 compliant. Evidence · table > 134 Context: 6.1 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/pan-american-announces-revised-pea-for-the-la-colorada-skarn-project-positions-l--1700cd7a-a22f-4f45-a5e2-2b8437f3c926#fact-resource-facts-15) La Colorada Vein Mine · silver #### Identity - Project: La Colorada Vein Mine - Commodity: silver - Region: mexico - Reported Region: Mexico - Ticker: PAAS #### Resource scope - Estimate type: reserve - Effective date: 2025-06-30T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Christopher Emerson, Christopher Wright, Martin Wafforn - Resource group id: resource:692e51e5e55c4e831af5 - Deposit or zone: Vein - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: probable - Tonnes: 9500000 - Grade: 90.7 - Grade Unit: million ounces - Contained Metal: 90.7 - Contained Unit: moz #### Prior Estimate - Resource Date: 2025-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-24T00:00:00.000Z Reasoning: This is a high-confidence proven & probable reserve for silver, indicating a well-defined and economically viable portion of the vein mine. The estimate is recent and compliant with NI 43-101. - Positive factor: High-grade proven & probable reserve for silver. - Positive factor: Significant contained silver ounces. - Positive factor: QP signed off on the estimate. - Positive factor: NI 43-101 compliant. Evidence · table > 90.7 Context: 9.5 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/pan-american-announces-revised-pea-for-the-la-colorada-skarn-project-positions-l--1700cd7a-a22f-4f45-a5e2-2b8437f3c926#fact-resource-facts-16) La Colorada Vein Mine · gold #### Identity - Project: La Colorada Vein Mine - Commodity: gold - Region: mexico - Reported Region: Mexico - Ticker: PAAS #### Resource scope - Estimate type: reserve - Effective date: 2025-06-30T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Christopher Emerson, Christopher Wright, Martin Wafforn - Resource group id: resource:692e51e5e55c4e831af5 - Deposit or zone: Vein - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: probable - Tonnes: 9500000 - Grade: 64 - Grade Unit: thousand ounces - Contained Metal: 64 - Contained Unit: koz #### Prior Estimate - Resource Date: 2025-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-24T00:00:00.000Z Reasoning: This proven & probable reserve for gold, while lower grade, adds to the overall value of the vein mine as a byproduct. The estimate is recent and compliant with NI 43-101. - Positive factor: Gold as a byproduct in proven & probable reserves. - Positive factor: QP signed off on the estimate. - Positive factor: NI 43-101 compliant. Evidence · table > 64 Context: 9.5 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/pan-american-announces-revised-pea-for-the-la-colorada-skarn-project-positions-l--1700cd7a-a22f-4f45-a5e2-2b8437f3c926#fact-resource-facts-17) La Colorada Vein Mine · lead #### Identity - Project: La Colorada Vein Mine - Commodity: lead - Region: mexico - Reported Region: Mexico - Ticker: PAAS #### Resource scope - Estimate type: reserve - Effective date: 2025-06-30T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Christopher Emerson, Christopher Wright, Martin Wafforn - Resource group id: resource:692e51e5e55c4e831af5 - Deposit or zone: Vein - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: probable - Tonnes: 9500000 - Grade: 115 - Grade Unit: thousand tonnes - Contained Metal: 115 - Contained Unit: kt #### Prior Estimate - Resource Date: 2025-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-24T00:00:00.000Z Reasoning: This proven & probable reserve for lead contributes to the polymetallic nature and overall value of the vein mine. The estimate is recent and compliant with NI 43-101. - Positive factor: Significant contained lead in proven & probable reserves. - Positive factor: QP signed off on the estimate. - Positive factor: NI 43-101 compliant. Evidence · table > 115 Context: 9.5 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/pan-american-announces-revised-pea-for-the-la-colorada-skarn-project-positions-l--1700cd7a-a22f-4f45-a5e2-2b8437f3c926#fact-resource-facts-18) La Colorada Vein Mine · zinc #### Identity - Project: La Colorada Vein Mine - Commodity: zinc - Region: mexico - Reported Region: Mexico - Ticker: PAAS #### Resource scope - Estimate type: reserve - Effective date: 2025-06-30T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Christopher Emerson, Christopher Wright, Martin Wafforn - Resource group id: resource:692e51e5e55c4e831af5 - Deposit or zone: Vein - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: probable - Tonnes: 9500000 - Grade: 208 - Grade Unit: thousand tonnes - Contained Metal: 208 - Contained Unit: kt #### Prior Estimate - Resource Date: 2025-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-24T00:00:00.000Z Reasoning: This is a high-confidence proven & probable reserve for zinc, indicating a well-defined and economically viable portion of the vein mine. The estimate is recent and compliant with NI 43-101. - Positive factor: High-grade proven & probable reserve for zinc. - Positive factor: Significant contained zinc. - Positive factor: QP signed off on the estimate. - Positive factor: NI 43-101 compliant. Evidence · table > 208 Context: 9.5 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### measured [Link to this fact](https://atlas-extractions.minestarters.com/news/pan-american-announces-revised-pea-for-the-la-colorada-skarn-project-positions-l--1700cd7a-a22f-4f45-a5e2-2b8437f3c926#fact-resource-facts-19) La Colorada Vein Mine · silver #### Identity - Project: La Colorada Vein Mine - Commodity: silver - Region: mexico - Reported Region: Mexico - Ticker: PAAS #### Resource scope - Estimate type: resource - Effective date: 2025-06-30T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Christopher Emerson, Christopher Wright, Martin Wafforn - Resource group id: resource:a9ff23e5337d0a5626e5 - Deposit or zone: Vein - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: measured - Tonnes: 400000 - Grade: 3 - Grade Unit: million ounces - Contained Metal: 3 - Contained Unit: moz #### Prior Estimate - Resource Date: 2025-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-24T00:00:00.000Z Reasoning: This is a high-confidence measured resource for silver, indicating a well-defined portion of the vein mine. The estimate is recent and compliant with NI 43-101. - Positive factor: High-grade measured resource for silver. - Positive factor: QP signed off on the estimate. - Positive factor: NI 43-101 compliant. Evidence · table > 3.0 Context: 0.4 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### measured [Link to this fact](https://atlas-extractions.minestarters.com/news/pan-american-announces-revised-pea-for-the-la-colorada-skarn-project-positions-l--1700cd7a-a22f-4f45-a5e2-2b8437f3c926#fact-resource-facts-20) La Colorada Vein Mine · gold #### Identity - Project: La Colorada Vein Mine - Commodity: gold - Region: mexico - Reported Region: Mexico - Ticker: PAAS #### Resource scope - Estimate type: resource - Effective date: 2025-06-30T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Christopher Emerson, Christopher Wright, Martin Wafforn - Resource group id: resource:a9ff23e5337d0a5626e5 - Deposit or zone: Vein - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: measured - Tonnes: 400000 - Grade: 2 - Grade Unit: thousand ounces - Contained Metal: 2 - Contained Unit: koz #### Prior Estimate - Resource Date: 2025-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-24T00:00:00.000Z Reasoning: This measured resource for gold, while lower grade, adds to the overall value of the vein mine as a byproduct. The estimate is recent and compliant with NI 43-101. - Positive factor: Gold as a byproduct in measured resources. - Positive factor: QP signed off on the estimate. - Positive factor: NI 43-101 compliant. Evidence · table > 2 Context: 0.4 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### measured [Link to this fact](https://atlas-extractions.minestarters.com/news/pan-american-announces-revised-pea-for-the-la-colorada-skarn-project-positions-l--1700cd7a-a22f-4f45-a5e2-2b8437f3c926#fact-resource-facts-21) La Colorada Vein Mine · lead #### Identity - Project: La Colorada Vein Mine - Commodity: lead - Region: mexico - Reported Region: Mexico - Ticker: PAAS #### Resource scope - Estimate type: resource - Effective date: 2025-06-30T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Christopher Emerson, Christopher Wright, Martin Wafforn - Resource group id: resource:a9ff23e5337d0a5626e5 - Deposit or zone: Vein - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: measured - Tonnes: 400000 - Grade: 4 - Grade Unit: thousand tonnes - Contained Metal: 4 - Contained Unit: kt #### Prior Estimate - Resource Date: 2025-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-24T00:00:00.000Z Reasoning: This measured resource for lead contributes to the polymetallic nature and overall value of the vein mine. The estimate is recent and compliant with NI 43-101. - Positive factor: Significant contained lead in measured resources. - Positive factor: QP signed off on the estimate. - Positive factor: NI 43-101 compliant. Evidence · table > 4 Context: 0.4 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### measured [Link to this fact](https://atlas-extractions.minestarters.com/news/pan-american-announces-revised-pea-for-the-la-colorada-skarn-project-positions-l--1700cd7a-a22f-4f45-a5e2-2b8437f3c926#fact-resource-facts-22) La Colorada Vein Mine · zinc #### Identity - Project: La Colorada Vein Mine - Commodity: zinc - Region: mexico - Reported Region: Mexico - Ticker: PAAS #### Resource scope - Estimate type: resource - Effective date: 2025-06-30T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Christopher Emerson, Christopher Wright, Martin Wafforn - Resource group id: resource:a9ff23e5337d0a5626e5 - Deposit or zone: Vein - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: measured - Tonnes: 400000 - Grade: 6 - Grade Unit: thousand tonnes - Contained Metal: 6 - Contained Unit: kt #### Prior Estimate - Resource Date: 2025-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-24T00:00:00.000Z Reasoning: This is a high-confidence measured resource for zinc, indicating a well-defined portion of the vein mine. The estimate is recent and compliant with NI 43-101. - Positive factor: High-grade measured resource for zinc. - Positive factor: QP signed off on the estimate. - Positive factor: NI 43-101 compliant. Evidence · table > 6 Context: 0.4 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/pan-american-announces-revised-pea-for-the-la-colorada-skarn-project-positions-l--1700cd7a-a22f-4f45-a5e2-2b8437f3c926#fact-resource-facts-23) La Colorada Vein Mine · silver #### Identity - Project: La Colorada Vein Mine - Commodity: silver - Region: mexico - Reported Region: Mexico - Ticker: PAAS #### Resource scope - Estimate type: resource - Effective date: 2025-06-30T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Christopher Emerson, Christopher Wright, Martin Wafforn - Resource group id: resource:7494e7fbfebce038ab58 - Deposit or zone: Vein - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: indicated - Tonnes: 2600000 - Grade: 11.8 - Grade Unit: million ounces - Contained Metal: 11.8 - Contained Unit: moz #### Prior Estimate - Resource Date: 2025-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-24T00:00:00.000Z Reasoning: This is a high-confidence indicated resource for silver, indicating a well-defined portion of the vein mine. The estimate is recent and compliant with NI 43-101. - Positive factor: High-grade indicated resource for silver. - Positive factor: Significant contained silver ounces. - Positive factor: QP signed off on the estimate. - Positive factor: NI 43-101 compliant. Evidence · table > 11.8 Context: 2.6 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/pan-american-announces-revised-pea-for-the-la-colorada-skarn-project-positions-l--1700cd7a-a22f-4f45-a5e2-2b8437f3c926#fact-resource-facts-24) La Colorada Vein Mine · gold #### Identity - Project: La Colorada Vein Mine - Commodity: gold - Region: mexico - Reported Region: Mexico - Ticker: PAAS #### Resource scope - Estimate type: resource - Effective date: 2025-06-30T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Christopher Emerson, Christopher Wright, Martin Wafforn - Resource group id: resource:7494e7fbfebce038ab58 - Deposit or zone: Vein - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: indicated - Tonnes: 2600000 - Grade: 29 - Grade Unit: thousand ounces - Contained Metal: 29 - Contained Unit: koz #### Prior Estimate - Resource Date: 2025-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-24T00:00:00.000Z Reasoning: This indicated resource for gold, while lower grade, adds to the overall value of the vein mine as a byproduct. The estimate is recent and compliant with NI 43-101. - Positive factor: Gold as a byproduct in indicated resources. - Positive factor: QP signed off on the estimate. - Positive factor: NI 43-101 compliant. Evidence · table > 29 Context: 2.6 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/pan-american-announces-revised-pea-for-the-la-colorada-skarn-project-positions-l--1700cd7a-a22f-4f45-a5e2-2b8437f3c926#fact-resource-facts-25) La Colorada Vein Mine · lead #### Identity - Project: La Colorada Vein Mine - Commodity: lead - Region: mexico - Reported Region: Mexico - Ticker: PAAS #### Resource scope - Estimate type: resource - Effective date: 2025-06-30T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Christopher Emerson, Christopher Wright, Martin Wafforn - Resource group id: resource:7494e7fbfebce038ab58 - Deposit or zone: Vein - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: indicated - Tonnes: 2600000 - Grade: 17 - Grade Unit: thousand tonnes - Contained Metal: 17 - Contained Unit: kt #### Prior Estimate - Resource Date: 2025-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-24T00:00:00.000Z Reasoning: This indicated resource for lead contributes to the polymetallic nature and overall value of the vein mine. The estimate is recent and compliant with NI 43-101. - Positive factor: Significant contained lead in indicated resources. - Positive factor: QP signed off on the estimate. - Positive factor: NI 43-101 compliant. Evidence · table > 17 Context: 2.6 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/pan-american-announces-revised-pea-for-the-la-colorada-skarn-project-positions-l--1700cd7a-a22f-4f45-a5e2-2b8437f3c926#fact-resource-facts-26) La Colorada Vein Mine · zinc #### Identity - Project: La Colorada Vein Mine - Commodity: zinc - Region: mexico - Reported Region: Mexico - Ticker: PAAS #### Resource scope - Estimate type: resource - Effective date: 2025-06-30T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Christopher Emerson, Christopher Wright, Martin Wafforn - Resource group id: resource:7494e7fbfebce038ab58 - Deposit or zone: Vein - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: indicated - Tonnes: 2600000 - Grade: 29 - Grade Unit: thousand tonnes - Contained Metal: 29 - Contained Unit: kt #### Prior Estimate - Resource Date: 2025-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-24T00:00:00.000Z Reasoning: This is a high-confidence indicated resource for zinc, indicating a well-defined portion of the vein mine. The estimate is recent and compliant with NI 43-101. - Positive factor: High-grade indicated resource for zinc. - Positive factor: Significant contained zinc. - Positive factor: QP signed off on the estimate. - Positive factor: NI 43-101 compliant. Evidence · table > 29 Context: 2.6 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/pan-american-announces-revised-pea-for-the-la-colorada-skarn-project-positions-l--1700cd7a-a22f-4f45-a5e2-2b8437f3c926#fact-resource-facts-27) La Colorada Vein Mine · silver #### Identity - Project: La Colorada Vein Mine - Commodity: silver - Region: mexico - Reported Region: Mexico - Ticker: PAAS #### Resource scope - Estimate type: resource - Effective date: 2025-06-30T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Christopher Emerson, Christopher Wright, Martin Wafforn - Resource group id: resource:6db43175b5453dae52d6 - Deposit or zone: Vein - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: indicated - Tonnes: 3000000 - Grade: 14.8 - Grade Unit: million ounces - Contained Metal: 14.8 - Contained Unit: moz #### Prior Estimate - Resource Date: 2025-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-24T00:00:00.000Z Reasoning: This is a high-confidence measured & indicated resource for silver, indicating a well-defined portion of the vein mine. The estimate is recent and compliant with NI 43-101. - Positive factor: High-grade measured & indicated resource for silver. - Positive factor: Significant contained silver ounces. - Positive factor: QP signed off on the estimate. - Positive factor: NI 43-101 compliant. Evidence · table > 14.8 Context: 3.0 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/pan-american-announces-revised-pea-for-the-la-colorada-skarn-project-positions-l--1700cd7a-a22f-4f45-a5e2-2b8437f3c926#fact-resource-facts-28) La Colorada Vein Mine · gold #### Identity - Project: La Colorada Vein Mine - Commodity: gold - Region: mexico - Reported Region: Mexico - Ticker: PAAS #### Resource scope - Estimate type: resource - Effective date: 2025-06-30T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Christopher Emerson, Christopher Wright, Martin Wafforn - Resource group id: resource:6db43175b5453dae52d6 - Deposit or zone: Vein - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: indicated - Tonnes: 3000000 - Grade: 30 - Grade Unit: thousand ounces - Contained Metal: 30 - Contained Unit: koz #### Prior Estimate - Resource Date: 2025-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-24T00:00:00.000Z Reasoning: This measured & indicated resource for gold, while lower grade, adds to the overall value of the vein mine as a byproduct. The estimate is recent and compliant with NI 43-101. - Positive factor: Gold as a byproduct in measured & indicated resources. - Positive factor: QP signed off on the estimate. - Positive factor: NI 43-101 compliant. Evidence · table > 30 Context: 3.0 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/pan-american-announces-revised-pea-for-the-la-colorada-skarn-project-positions-l--1700cd7a-a22f-4f45-a5e2-2b8437f3c926#fact-resource-facts-29) La Colorada Vein Mine · lead #### Identity - Project: La Colorada Vein Mine - Commodity: lead - Region: mexico - Reported Region: Mexico - Ticker: PAAS #### Resource scope - Estimate type: resource - Effective date: 2025-06-30T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Christopher Emerson, Christopher Wright, Martin Wafforn - Resource group id: resource:6db43175b5453dae52d6 - Deposit or zone: Vein - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: indicated - Tonnes: 3000000 - Grade: 21 - Grade Unit: thousand tonnes - Contained Metal: 21 - Contained Unit: kt #### Prior Estimate - Resource Date: 2025-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-24T00:00:00.000Z Reasoning: This measured & indicated resource for lead contributes to the polymetallic nature and overall value of the vein mine. The estimate is recent and compliant with NI 43-101. - Positive factor: Significant contained lead in measured & indicated resources. - Positive factor: QP signed off on the estimate. - Positive factor: NI 43-101 compliant. Evidence · table > 21 Context: 3.0 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/pan-american-announces-revised-pea-for-the-la-colorada-skarn-project-positions-l--1700cd7a-a22f-4f45-a5e2-2b8437f3c926#fact-resource-facts-30) La Colorada Vein Mine · zinc #### Identity - Project: La Colorada Vein Mine - Commodity: zinc - Region: mexico - Reported Region: Mexico - Ticker: PAAS #### Resource scope - Estimate type: resource - Effective date: 2025-06-30T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Christopher Emerson, Christopher Wright, Martin Wafforn - Resource group id: resource:6db43175b5453dae52d6 - Deposit or zone: Vein - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: indicated - Tonnes: 3000000 - Grade: 36 - Grade Unit: thousand tonnes - Contained Metal: 36 - Contained Unit: kt #### Prior Estimate - Resource Date: 2025-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-24T00:00:00.000Z Reasoning: This is a high-confidence measured & indicated resource for zinc, indicating a well-defined portion of the vein mine. The estimate is recent and compliant with NI 43-101. - Positive factor: High-grade measured & indicated resource for zinc. - Positive factor: Significant contained zinc. - Positive factor: QP signed off on the estimate. - Positive factor: NI 43-101 compliant. Evidence · table > 36 Context: 3.0 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/pan-american-announces-revised-pea-for-the-la-colorada-skarn-project-positions-l--1700cd7a-a22f-4f45-a5e2-2b8437f3c926#fact-resource-facts-31) La Colorada Vein Mine · silver #### Identity - Project: La Colorada Vein Mine - Commodity: silver - Region: mexico - Reported Region: Mexico - Ticker: PAAS #### Resource scope - Estimate type: resource - Effective date: 2025-06-30T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Christopher Emerson, Christopher Wright, Martin Wafforn - Resource group id: resource:6cfff492678a5f02d5c7 - Deposit or zone: Vein - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: inferred - Tonnes: 15300000 - Grade: 146.5 - Grade Unit: million ounces - Contained Metal: 146.5 - Contained Unit: moz #### Prior Estimate - Resource Date: 2025-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-24T00:00:00.000Z Reasoning: This inferred silver resource adds to the overall potential of the vein mine, but its lower confidence category means it requires further drilling to upgrade. The estimate is recent and compliant with NI 43-101. - Positive factor: Significant inferred contained silver ounces. - Positive factor: QP signed off on the estimate. - Positive factor: NI 43-101 compliant. - Negative factor: Inferred category has lower geological confidence. Evidence · table > 146.5 Context: 15.3 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/pan-american-announces-revised-pea-for-the-la-colorada-skarn-project-positions-l--1700cd7a-a22f-4f45-a5e2-2b8437f3c926#fact-resource-facts-32) La Colorada Vein Mine · gold #### Identity - Project: La Colorada Vein Mine - Commodity: gold - Region: mexico - Reported Region: Mexico - Ticker: PAAS #### Resource scope - Estimate type: resource - Effective date: 2025-06-30T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Christopher Emerson, Christopher Wright, Martin Wafforn - Resource group id: resource:6cfff492678a5f02d5c7 - Deposit or zone: Vein - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: inferred - Tonnes: 15300000 - Grade: 132 - Grade Unit: thousand ounces - Contained Metal: 132 - Contained Unit: koz #### Prior Estimate - Resource Date: 2025-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-24T00:00:00.000Z Reasoning: This inferred resource for gold adds to the overall potential of the vein mine as a byproduct, but its lower confidence category means it requires further drilling to upgrade. The estimate is recent and compliant with NI 43-101. - Positive factor: Gold as a byproduct in inferred resources. - Positive factor: QP signed off on the estimate. - Positive factor: NI 43-101 compliant. - Negative factor: Inferred category has lower geological confidence. Evidence · table > 132 Context: 15.3 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/pan-american-announces-revised-pea-for-the-la-colorada-skarn-project-positions-l--1700cd7a-a22f-4f45-a5e2-2b8437f3c926#fact-resource-facts-33) La Colorada Vein Mine · lead #### Identity - Project: La Colorada Vein Mine - Commodity: lead - Region: mexico - Reported Region: Mexico - Ticker: PAAS #### Resource scope - Estimate type: resource - Effective date: 2025-06-30T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Christopher Emerson, Christopher Wright, Martin Wafforn - Resource group id: resource:6cfff492678a5f02d5c7 - Deposit or zone: Vein - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: inferred - Tonnes: 15300000 - Grade: 295 - Grade Unit: thousand tonnes - Contained Metal: 295 - Contained Unit: kt #### Prior Estimate - Resource Date: 2025-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-24T00:00:00.000Z Reasoning: This inferred resource for lead contributes to the polymetallic nature and overall potential of the vein mine, but its lower confidence category means it requires further drilling to upgrade. The estimate is recent and compliant with NI 43-101. - Positive factor: Significant contained lead in inferred resources. - Positive factor: QP signed off on the estimate. - Positive factor: NI 43-101 compliant. - Negative factor: Inferred category has lower geological confidence. Evidence · table > 295 Context: 15.3 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/pan-american-announces-revised-pea-for-the-la-colorada-skarn-project-positions-l--1700cd7a-a22f-4f45-a5e2-2b8437f3c926#fact-resource-facts-34) La Colorada Vein Mine · zinc #### Identity - Project: La Colorada Vein Mine - Commodity: zinc - Region: mexico - Reported Region: Mexico - Ticker: PAAS #### Resource scope - Estimate type: resource - Effective date: 2025-06-30T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Christopher Emerson, Christopher Wright, Martin Wafforn - Resource group id: resource:6cfff492678a5f02d5c7 - Deposit or zone: Vein - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: inferred - Tonnes: 15300000 - Grade: 520 - Grade Unit: thousand tonnes - Contained Metal: 520 - Contained Unit: kt #### Prior Estimate - Resource Date: 2025-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-24T00:00:00.000Z Reasoning: This inferred resource for zinc adds to the overall potential of the vein mine, but its lower confidence category means it requires further drilling to upgrade. The estimate is recent and compliant with NI 43-101. - Positive factor: High-grade inferred resource for zinc. - Positive factor: Significant contained zinc. - Positive factor: QP signed off on the estimate. - Positive factor: NI 43-101 compliant. - Negative factor: Inferred category has lower geological confidence. Evidence · table > 520 Context: 15.3 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ## Metallurgical Results (3) ### flotation [Link to this fact](https://atlas-extractions.minestarters.com/news/pan-american-announces-revised-pea-for-the-la-colorada-skarn-project-positions-l--1700cd7a-a22f-4f45-a5e2-2b8437f3c926#fact-metallurgical-facts-0) La Colorada Skarn Project · silver #### Identity - Project: La Colorada Skarn Project - Commodity: silver - Region: mexico - Reported Region: Mexico - Ticker: PAAS #### Test Work - Program Status: detailed - Test Type: flotation - Processing Route: conventional selective flotation - Sample: skarn mineralization #### Recovery - Recovery: 89.7 % - Recovery Basis: actual\_test - Conc. Grade: 1800 - Conc. Grade Unit: g/t #### Reagents - Reagent Notes: low levels of impurities and deleterious elements #### Lab - Laboratory: SGS of Durango, Activation Laboratories Ltd, Bureau Veritas, ALS Global #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-24T00:00:00.000Z Reasoning: Metallurgical testing shows excellent silver recovery into high-quality concentrates, which is a strong positive for project economics and marketability. - Positive factor: High silver recovery for flotation. - Positive factor: High-grade silver in lead concentrate. - Positive factor: Low impurities in concentrates. Evidence · text > Overall silver recovery is estimated at approximately 89.7% with the majority, 77.8%, reporting to the lead concentrate and approximately 11.9% reporting to the zinc concentrate. #### Tags used in scoring **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: processing\_route matches the flotation signal ### flotation [Link to this fact](https://atlas-extractions.minestarters.com/news/pan-american-announces-revised-pea-for-the-la-colorada-skarn-project-positions-l--1700cd7a-a22f-4f45-a5e2-2b8437f3c926#fact-metallurgical-facts-35) La Colorada Skarn Project · zinc #### Identity - Project: La Colorada Skarn Project - Commodity: zinc - Region: mexico - Reported Region: Mexico - Ticker: PAAS #### Test Work - Program Status: detailed - Test Type: flotation - Processing Route: conventional selective flotation - Sample: skarn mineralization #### Recovery - Recovery: 93.4 % - Recovery Basis: actual\_test - Conc. Grade: 59 - Conc. Grade Unit: % #### Reagents - Reagent Notes: low levels of impurities and deleterious elements #### Lab - Laboratory: SGS of Durango, Activation Laboratories Ltd, Bureau Veritas, ALS Global #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-24T00:00:00.000Z Reasoning: Metallurgical testing shows excellent zinc recovery into high-quality concentrates, which is a strong positive for project economics and marketability. - Positive factor: Exceptional zinc recovery for flotation. - Positive factor: High-grade zinc in concentrate. - Positive factor: Low impurities in concentrates. Evidence · text > LOM average recoveries are estimated to be approximately 93.4% for zinc #### Tags used in scoring **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: processing\_route matches the flotation signal ### flotation [Link to this fact](https://atlas-extractions.minestarters.com/news/pan-american-announces-revised-pea-for-the-la-colorada-skarn-project-positions-l--1700cd7a-a22f-4f45-a5e2-2b8437f3c926#fact-metallurgical-facts-36) La Colorada Skarn Project · lead #### Identity - Project: La Colorada Skarn Project - Commodity: lead - Region: mexico - Reported Region: Mexico - Ticker: PAAS #### Test Work - Program Status: detailed - Test Type: flotation - Processing Route: conventional selective flotation - Sample: skarn mineralization #### Recovery - Recovery: 87.7 % - Recovery Basis: actual\_test - Conc. Grade: 61 - Conc. Grade Unit: % #### Reagents - Reagent Notes: low levels of impurities and deleterious elements #### Lab - Laboratory: SGS of Durango, Activation Laboratories Ltd, Bureau Veritas, ALS Global #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-24T00:00:00.000Z Reasoning: Metallurgical testing shows excellent lead recovery into high-quality concentrates, which is a strong positive for project economics and marketability. - Positive factor: High lead recovery for flotation. - Positive factor: High-grade lead in concentrate. - Positive factor: Low impurities in concentrates. Evidence · text > LOM average recoveries are estimated to be approximately 87.7% for lead. #### Tags used in scoring **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: processing\_route matches the flotation signal ## How Atlas produces this analysis Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.