Pan American Silver — Investment in Galleon Gold

Pan American Silver (PAAS) announced that it had completed an equity investment in Galleon Gold for C$11.25m, representing a 14.7% interest in the company. Earlier, PAAS provided convertible debt to Galleon for C$8.0m. Together with warrants, the equity investment and debt represent a 29.7% share in Galleon’s capital on a fully diluted basis. PAAS views this acquisition as a long-term investment. Given the current small size of the investment for PAAS, we make no changes to our estimates and maintain our valuation at US$44/share ahead of the FY26 guidance in January and the Skarn PEA due in Q226.