Pan American Silver Corp. (PAAS): A Bull Case Theory 

We came across a bullish thesis on Pan American Silver Corp. on r/wallstreetbets by gbaked. In this article, we will summarize the bulls’ thesis on PAAS. Pan American Silver Corp.’s share was trading at $55.20 as of January 19th. PAAS’s trailing and forward P/E were 31.91 and 16.31, respectively according to Yahoo Finance.

Pan American Silver Corp. engages in the exploration, mine development, extraction, processing, refining, and reclamation of mines in Canada, Mexico, Peru, Bolivia, Argentina, Chile, and Brazil. Pan American Silver Corp. (PAAS) stands out as a compelling investment opportunity amid the current parabolic rise in silver. Unlike previous spikes, bullion banks are reportedly buying into strength rather than selling at the highs, suggesting a material revaluation in silver may be underway once these banks fully reposition on the long side.

This positions PAAS favorably, given its exposure to high-quality silver assets and operational flexibility. The company is fundamentally strong, generating robust cash flows, and holds three massive non-producing silver projects—Navidad in Argentina, Escobal in Guatemala, and La Colorada Skarn in Mexico.

While these projects have historically remained dormant due to capital intensity, regulatory hurdles, and community opposition, recent shifts in U.S. industrial and foreign policy could accelerate their development. Silver’s critical role in modern technology—ranging from high-performance batteries and solar panels to advanced defense systems—underscores the strategic importance of these assets, potentially prompting supportive intervention in Latin American jurisdictions.

Escobal, previously a major producing mine, remains ready for restart, while La Colorada Skarn benefits from proximity to existing world-class operations and strong regional infrastructure. Navidad sits under a more favorable Argentinian government, improving the feasibility of development.

With bullion banks signaling confidence in silver and Pan American Silver positioned with both cash flow-generating operations and high-potential mega-projects, PAAS offers a strong bullish case. If macro trends and policy developments align, the company could see significant upside from both near-term operations and the unlocking of dormant assets, making its current valuation particularly attractive for investors seeking leveraged exposure to silver’s anticipated revaluation.

Previously, we covered a bullish thesis on Harmony Gold Mining Company Limited (HMY) by Intelligent_Okra5374 in April 2025, which highlighted strong gold price tailwinds, record free cash flow generation, net cash positioning, and diversification into copper. HMY’s stock price has appreciated by approximately 68.20% since our coverage due to the thesis playing out. gbaked shares a similar view but emphasizes silver revaluation optionality through Pan American Silver.

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Disclosure: None.