Pan American Silver (US) (PAAS-Q)

Has had a good run in 2025. Impressed with management team. Excellent capital allocation skills. Strong assets with history of capital discipline. Would recommend buying on share price weakness. 

Has had a good run in 2025. Impressed with management team. Excellent capital allocation skills. Strong assets with history of capital discipline. Would recommend buying on share price weakness. 

He is a large shareholder but has sold some of his shares on the Yamana deal. He wants to understand how well they integrate Yamana. If they succeed with it, they will do very well. With respect to Escobal mine, they have done a good job with some of the Guatemala political risk, but still have possible lengthy issues to resolve. 

PAAS recently completed its acquisition of Yamana Gold and aside from an increase in the price of silver, PAAS can benefit from long-term synergies associated with this acquisition. 
Its increased scale of operations in Latin America should help to increase its production levels. 
Alongside the acquisition, a general increase in production levels at its existing mines can be a positive catalyst for the company. 
We would be comfortable with this name, and we feel that investors may need to be patient as it attempts to find upwards momentum again.