Pan American Silver Management

Management criteria checks 2/4

Pan American Silver's CEO is Michael Steinmann, appointed in Feb 2015, has a tenure of 9.75 years. total yearly compensation is $7.12M, comprised of 15.1% salary and 84.9% bonuses, including company stock and options. directly owns 0.04% of the company’s shares, worth €3.03M. The average tenure of the management team and the board of directors is 5.5 years and 3.7 years respectively.

Key information

Michael Steinmann

Chief executive officer

US$7.1m

Total compensation

CEO salary percentage	15.1%
CEO tenure	9.8yrs
CEO ownership	0.04%
Management average tenure	5.5yrs
Board average tenure	3.7yrs

Recent management updates

Recent updates

CEO Compensation Analysis

How has Michael Steinmann's remuneration changed compared to Pan American Silver's earnings?
Date	Total Compensation	Salary	Company Earnings
Sep 30 2024	n/a	n/a	-US$64m
Jun 30 2024	n/a	n/a	-US$140m
Mar 31 2024	n/a	n/a	-US$151m
Dec 31 2023	US$7m	US$1m	-US$104m
Sep 30 2023	n/a	n/a	-US$208m
Jun 30 2023	n/a	n/a	-US$260m
Mar 31 2023	n/a	n/a	-US$402m
Dec 31 2022	US$4m	US$950k	-US$342m
Sep 30 2022	n/a	n/a	-US$155m
Jun 30 2022	n/a	n/a	-US$63m
Mar 31 2022	n/a	n/a	US$182m
Dec 31 2021	US$4m	US$969k	US$97m
Sep 30 2021	n/a	n/a	US$252m
Jun 30 2021	n/a	n/a	US$298m
Mar 31 2021	n/a	n/a	US$247m
Dec 31 2020	US$4m	US$804k	US$178m
Sep 30 2020	n/a	n/a	US$61m
Jun 30 2020	n/a	n/a	US$33m
Mar 31 2020	n/a	n/a	US$31m
Dec 31 2019	US$4m	US$739k	US$111m
Sep 30 2019	n/a	n/a	-US$5m
Jun 30 2019	n/a	n/a	-US$52m
Mar 31 2019	n/a	n/a	-US$34m
Dec 31 2018	US$3m	US$659k	US$10m
Sep 30 2018	n/a	n/a	US$123m
Jun 30 2018	n/a	n/a	US$150m
Mar 31 2018	n/a	n/a	US$149m
Dec 31 2017	US$3m	US$716k	US$121m

Compensation vs Market: Michael's total compensation ($USD7.12M) is above average for companies of similar size in the German market ($USD3.38M).

Compensation vs Earnings: Michael's compensation has increased whilst the company is unprofitable.

CEO

Michael Steinmann (58 yo)

9.8yrs

Tenure

US$7,117,286

Compensation

Mr. Michael Steinmann, Ph D., P.Geo., has been the President of Pan American Silver Corp. since February 18, 2015 and its Chief Executive Officer since January 1, 2016. Mr. Steinmann served as Executive Vi...

Leadership Team

Name	Position	Tenure	Compensation	Ownership
Michael Steinmann	President	9.8yrs	US$7.12m	0.040% € 3.0m
Ignacio Couturier	Chief Financial Officer	2.7yrs	US$1.63m	0.0036% € 268.1k
Steven Busby	Chief Operating Officer	16.5yrs	US$3.08m	0.033% € 2.5m
Christopher Lemon	Chief Legal and Human Resources Officer & General Counsel	7.3yrs	US$2.41m	no data
Sean McAleer	Senior Vice President of Strategic Initiatives	5.8yrs	US$1.78m	0.014% € 1.0m
Martin Wafforn	Senior Vice President of Technical Services & Process Optimization	8.3yrs	no data	0.011% € 855.8k
Siren Fisekci	Vice President of Investor Relations & Corporate Communications	no data	no data	0.0021% € 155.6k
Cameron Paterson	Senior VP of Finance & IT	2.8yrs	no data	0.0046% € 346.7k
Brent G. Bergeron	Senior Vice President of Corporate Affairs & Sustainability	5.2yrs	no data	no data
Ibtissam Drier	Senior Vice President of Business Development	1.8yrs	no data	0.0032% € 243.2k
Scott Campbell	Senior Vice President of Operations & Projects	less than a year	no data	0.0011% € 81.6k
Delaney Fisher	Senior VP	no data	no data	0.0060% € 450.2k

5.5yrs

Average Tenure

61yo

Average Age

Experienced Management: PA2's management team is seasoned and experienced (5.5 years average tenure).

Board Members

Name	Position	Tenure	Compensation	Ownership
Michael Steinmann	President	8.8yrs	US$7.12m	0.040% € 3.0m
Charles Jeannes	Independent Director	5.8yrs	US$232.08k	0.0047% € 354.2k
Kathleen Sendall	Independent Director	3.9yrs	US$229.33k	0.00094% € 71.0k
John Begeman	Independent Director	1.5yrs	US$116.67k	0.00046% € 34.7k
Neil de Gelder	Independent Director	12.3yrs	US$242.46k	0.012% € 916.2k
Ross Beaty	Chairman Emeritus	3.5yrs	US$167.19k	no data
Chantal Gosselin	Independent Director	1.5yrs	US$166.83k	0.0021% € 157.9k
Jennifer Maki	Independent Director	3.5yrs	US$230.42k	0.00082% € 61.9k
Gillian Winckler	Independent Chairman	8.5yrs	US$295.00k	0.0060% € 451.7k
Kimberly Keating	Independent Director	1.5yrs	US$120.17k	no data

3.7yrs

Average Tenure

64yo

Average Age

Experienced Board: PA2's board of directors are considered experienced (3.7 years average tenure).

Pan American Silver Management

Management criteria checks 2/4

Key information

Recent management updates

Walter Segsworth and Alexander Davidson Not Stand for Re-Election of Pan American Silver Corp

Pan American Silver Corp., Annual General Meeting, May 08, 2024

High number of new directors

High number of new directors

Pan American Silver Corp. Announces Board Changes

Pan American Silver Corp., Annual General Meeting, May 11, 2022

Recent updates

Third quarter dividend of US$0.10 announced

Third quarter 2024 earnings released: EPS: US$0.16 (vs US$0.06 loss in 3Q 2023)

Pan American Silver Corp. Declares Cash Dividend for the Third Quarter Ended September 30, 2024, Payable on or about November 29, 2024

Unico Silver Limited (ASX:USL) acquired Joaquin and Cerro Puntudo projects from Pan American Silver Corp. (TSX:PAAS) for $12 million.

Pan American Silver Corp. to Report Q3, 2024 Results on Nov 05, 2024

Pan American Silver Reports Mineral Reserves and Mineral Resources as At June 30, 2024

Second quarter dividend of US$0.10 announced

Second quarter 2024 earnings released: US$0.06 loss per share (vs US$0.13 loss in 2Q 2023)

Pan American Silver Corp. Declares Cash Dividend for the Second Quarter of 2024, Payable on or About August 30, 2024

New minor risk - Share price stability

Pan American Silver Corp. to Report Q2, 2024 Results on Aug 07, 2024

Pan American Silver Corp. Provides Mid-Year Exploration Update

Upcoming dividend of US$0.10 per share

Pan American Silver Corp. Declares Cash Dividend for the First Quarter 2024, Payable on or About June 3, 2024

First quarter 2024 earnings released: US$0.085 loss per share (vs US$0.078 profit in 1Q 2023)

Walter Segsworth and Alexander Davidson Not Stand for Re-Election of Pan American Silver Corp

Jinteng (Singapore) Mining Pte. Ltd agreed to acquire La Arena S.A. from Pan American Silver Corp. (TSX:PAAS) for approximately $300 million.

Pan American Silver Corp. Reports Additional High-Grade Drill Results from the La Colorada Skarn project

Now 21% overvalued after recent price rise

Full year 2023 earnings released: US$0.32 loss per share (vs US$1.62 loss in FY 2022)

Pan American Silver Corp. Provides Consolidated Production Guidance for the First Quarter, Second Quarter, Third Quarter and Fourth Quarter of 2024 and Reaffirms Production Guidance for the Full Year 2024

Pan American Silver Corp., Annual General Meeting, May 08, 2024

Pan American Silver Corp. Provides Production Guidance for the Year of 2024

High number of new directors

Pan American Silver Corp. Announces Preliminary Economic Assessment of the La Colorada Skarn Project

Pan American Silver Corp. to Report Q1, 2024 Results on May 08, 2024

Pan American Silver Corp. to Report Q4, 2023 Results on Feb 21, 2024

Pan American Silver Corp. Provides Annual Exploration Update

Rio Tinto Mining and Exploration Chile completed the acquisition of 57.74% stake in Agua de la Falda, S.A. from Pan American Silver Corp. (TSX:PAAS).

Pan American Silver Corp. Declares Cash Dividend for the Third Quarter of 2023, Payable on or About December 1, 2023

Pan American Silver Corp. to Report Q3, 2023 Results on Nov 07, 2023

Pan American Silver Provides an Update on the Restart of Operations At the La Colorada Mine

Pan American Silver Temporarily Suspends Operations At the La Colorada Mine

Second quarter 2023 earnings released: US$0.13 loss per share (vs US$0.83 loss in 2Q 2022)

Rio Tinto Mining and Exploration Chile signed an agreement to acquire 57.75% stake in Agua de la Falda, S.A. from Pan American Silver Corp. (TSX:PAAS) for $45.55 million.

Alpayana S.A. entered into a binding agreement to acquire Compañía Minera Argentum S.A. from Pan American Silver Corp. (TSX:PAAS) for $25 million.

Pan American Silver Corp. to Report Q2, 2023 Results on Aug 09, 2023

High number of new directors

Pan American Silver Corp. Announces Board Changes

First quarter 2023 earnings released: EPS: US$0.078 (vs US$0.36 in 1Q 2022)

Pan American Silver Corp. Reports Additional High-Grade Drill Results from the La Colorada Skarn Project

Upcoming dividend of US$0.10 per share at 2.3% yield

Full year 2022 earnings released: US$1.62 loss per share (vs US$0.46 profit in FY 2021)

Triple Flag Precious Metals Corp. (TSX:TFPM) completed the acquisition of Maverix Metals Inc. (TSX:MMX) from Newmont Corporation (NYSE:NEM), Pan American Silver Corp. (TSX:PAAS), Kinross Gold Corporation (TSX:K) and others.

Pan American Silver Corp. to Report Fiscal Year 2022 Results on Feb 22, 2023

Third quarter 2022 earnings released: US$0.34 loss per share (vs US$0.096 profit in 3Q 2021)

Triple Flag Precious Metals Corp. (TSX:TFPM) entered into a definitive agreement to acquire Maverix Metals Inc. (TSX:MMX) from Newmont Corporation (NYSE:NEM), Pan American Silver Corp. (TSX:PAAS), Kinross Gold Corporation (TSX:K) and others for approximately $590 million.

Pan American Silver Corp. Provides Production Guidance for the Full Year 2022

Pan American Silver Corp. (TSX:PAAS) and Agnico Eagle Mines Limited (NYSE:AEM) made a definitive binding offer to acquire remaining stake in Yamana Gold Inc. (TSX:YRI) for $4.9 billion.

Gold Fields Target Yamana Catches Eyes of Agnico Eagle, Pan American

Pan American Silver Corp. Extends High-Grade Silver Zone at the La Colorada Skarn Project

Pan American Silver Corp. to Report Q3, 2022 Results on Nov 09, 2022

Pan American Silver Reports Large Increase to the Mineral Resource Estimate for Its La Colorada Skarn Deposit

Second quarter 2022 earnings released: US$0.83 loss per share (vs US$0.34 profit in 2Q 2021)

Pan American Silver Corp. Announces Production Guidance for 2022

Pan American Silver Corp Drills Highest Grade Intercept to Date on the La Colorada Skarn Project

Pan American Silver Corp. to Report Q2, 2022 Results on Aug 10, 2022

First quarter 2022 earnings released: EPS: US$0.36 (vs US$0.037 loss in 1Q 2021)

Pan American Silver Corp. Announces Production Guidance for 2022

Pan American Silver Corp. Declares Dividend, Payable on or About June 3, 2022

Pan American Silver Corp. Extends Mineralization at the La Colorada Skarn Project

Pan American Silver Corp. to Report Q1, 2022 Results on May 11, 2022

Investor sentiment improved over the past week

Full year 2021 earnings: EPS in line with expectations, revenues disappoint

Pan American Silver Corp. Provides Update on Exploration Drilling of the La Colorada Skarn

Pan American Silver Corp., Annual General Meeting, May 11, 2022

Third quarter 2021 earnings released: EPS US$0.096 (vs US$0.31 in 3Q 2020)

Second quarter 2021 earnings released: EPS US$0.34 (vs US$0.096 in 2Q 2020)

Maverix Metals Inc. (TSX:MMX) acquired Portfolio of Six Royalties from Pan American Silver Corp. (TSX:PAAS) for CAD 10.2 million.