Pan American Silver Corp.
US ˙ NYSE ˙ CA6979001089

SecurityPAAS / Pan American Silver Corp.
InstitutionSprott Focus Trust Inc.
Latest Disclosed Ownership200,000 shares
Latest Disclosed Value $ 5,680,000
Sprott Focus Trust Inc. reports 9.09% decrease in ownership of PAAS / Pan American Silver Corp.

On August 27, 2025 - Sprott Focus Trust Inc. filed a NPORT-P form disclosing ownership of 200,000 shares of Pan American Silver Corp. (US:PAAS) valued at $5,680,000 USD as of June 30, 2025. The entity filed a previous NPORT-P on May 27, 2025 disclosing 220,000 shares of Pan American Silver Corp.. This represents a change in shares of -9.09% during the quarter. The current value of the position is $9,516,000 USD.

Institutional Ownership: 13F and NPORT Filings

The Security and Class in the table below are shown exactly as filed by the investor. We do our best to track continuity of investments through acquisitions, and this will be reflected in the table as changes in names. In addition to descriptive data, performance of the investment is shown over time. To calculate quarterly performance, we first calculate cost basis of the shares purchased during the quarter, then use that to calculate gross profit. Quarterly return is Gross Profit / Starting Portfolio value.

Note that cost basis is calculated and stored in thousands, so small quarterly changes in shares frequently result in a cost basis of zero.

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Disclosed Equity Positions (from 13F/NPORT Filings)
File
Date		 Effective
Date		Form Security Class ID Avg Price
Paid (Est)		 Reported
Shares		 ΔShares ΔShares
(%)		 Reported
Value
(x1000)		 ΔValue
(%)		 Alloc
(%)		 ΔAlloc ΔAlloc (%) Cost Basis
(x1000)		 Unrealized
Gain/Loss
(x1000)
2025-08-27 2025-06-30 NP Pan American Silver EC CA6979001089 200,000 -20,000 -9.09 5,680 -0.04 2.2816
2025-05-27 2025-03-31 NP Pan American Silver EC CA6979001089 220,000 -20,000 -8.33 5,683 17.11 2.2861
2025-02-24 2024-12-31 NP Pan American Silver EC CA6979001089 240,000 0 0.00 4,853 -3.12 1.9335
2024-11-26 2024-09-30 NP Pan American Silver EC CA6979001089 240,000 0 0.00 5,009 4.97 1.8766
2024-08-21 2024-06-30 NP Pan American Silver EC CA6979001089 240,000 0 0.00 4,771 31.83 1.8711
2024-05-29 2024-03-31 NP Pan American Silver EC CA6979001089 240,000 0 0.00 3,619 -7.66 1.3482
2024-02-26 2023-12-31 NP Pan American Silver EC CA6979001089 240,000 40,000 20.00 3,919 35.32 1.4736
2023-11-21 2023-09-30 NP Pan American Silver EC CA6979001089 200,000 0 0.00 2,896 -0.69 1.1788
2023-08-25 2023-06-30 NP Pan American Silver EC CA6979001089 200,000 0 0.00 2,916 -19.89 1.1541
2023-05-30 2023-03-31 NP Pan American Silver EC CA6979001089 200,000 0 0.00 3,640 11.38 1.4147
2023-02-28 2022-12-31 NP Pan American Silver EC CA6979001089 200,000 0 0.00 3,268 2.90 1.2856
2022-11-28 2022-09-30 NP Pan American Silver EC CA6979001089 200,000 0 0.00 3,176 -19.27 1.4408
2022-08-17 2022-06-30 NP Pan American Silver EC CA6979001089 200,000 0 0.00 3,934 -27.95 1.6732
2022-05-25 2022-03-31 NP Pan American Silver EC CA6979001089 200,000 0 0.00 5,460 9.33 1.9108
2022-02-25 2021-12-31 NP Pan American Silver EC CA6979001089 200,000 -40,000 -16.67 4,994 -10.57 1.8581
2021-11-29 2021-09-30 NP Pan American Silver EC CA6979001089 240,000 40,000 20.00 5,585 -2.28 2.1267
2021-08-25 2021-06-30 NP Pan American Silver EC CA6979001089 200,000 0 0.00 5,714 -4.86 2.0739
2021-05-28 2021-03-31 NP Pan American Silver EC CA6979001089 200,000 80,000 66.67 6,006 45.04 2.2919
2021-02-22 2020-12-31 NP Pan American Silver EC CA6979001089 120,000 0 0.00 4,141 7.34 1.7047
2020-11-20 2020-09-30 NP Pan American Silver EC CA6979001089 120,000 -10,000 -7.69 3,858 -2.33 1.8466
2020-08-06 2020-06-30 NP Pan American Silver EC CA6979001089 130,000 -50,000 -27.78 3,951 53.16 1.9525
2020-05-29 2020-03-31 NP Pan American Silver EC CA6979001089 180,000 180,000 2,579 1.5523
Legend
Shares
The total number of shares held by the institution at the end of the reporting period (the effective date). This is provided in the filing.
Value
The total value of the shares as of the effective date. This is provided in the filing.
Avg. Share Price
The weighted average share price of the shares held by the institution. We use FIFO accounting to determine this price
Class
This is the security class as indicated by the filer. There are a variety of values for this field. Common values include "EC" = equity common, "EP" - equity preferred
Allocation (%)
The percent of the institution's portfolio that this position represents. This is provided in NPORT filings. For 13F filings, we calculate it.
Change in Allocation
The change in allocation from the prior reporting period. This is calculated as current allocation - prior allocation.
Change in Allocation (%)
The percent change in allocation from the prior reporting period. This is calculated as (current allocation - prior allocation) / prior allocation.
Cost Basis
The total cost of the shares held. This is calculated as reported shares * avg. share price
Unrealized Gain/Loss
This is the market value of the position as of the effective date minus the cost basis.