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To date, the Navidad Project comprises eight individual mineral deposits in three separate mineralized trends (Navidad, Esperanza" /><meta name="robots" content="max-image-preview:large" /><link rel="canonical" href="https://panamericansilver.com/operations/silver-segment/navidad/" /><meta name="generator" content="All in One SEO (AIOSEO) 4.7.3.1" /><meta property="og:locale" content="en_US" /><meta property="og:site_name" content="Pan American Silver - The World's Premier Silver Mining Company" /><meta property="og:type" content="article" /><meta property="og:title" content="Navidad - Pan American Silver" /><meta property="og:description" content="Navidad Chubut, Argentina Navidad Chubut, Argentina Navidad Chubut, Argentina Pan American Silver owns 100% of the Navidad project, one of the world’s largest undeveloped silver deposits. The Navidad properties are located in north central Chubut Province in Argentina. To date, the Navidad Project comprises eight individual mineral deposits in three separate mineralized trends (Navidad, Esperanza" /><meta property="og:url" content="https://panamericansilver.com/operations/silver-segment/navidad/" /><meta property="article:published_time" content="2022-01-05T05:27:03+00:00" /><meta property="article:modified_time" content="2024-09-16T21:50:28+00:00" /><meta name="twitter:card" content="summary" /><meta name="twitter:title" content="Navidad - Pan American Silver" /><meta name="twitter:description" content="Navidad Chubut, Argentina Navidad Chubut, Argentina Navidad Chubut, Argentina Pan American Silver owns 100% of the Navidad project, one of the world’s largest undeveloped silver deposits. The Navidad properties are located in north central Chubut Province in Argentina. 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parent-pageid-64 wp-embed-responsive cookies-not-set"><header id="site-header" class="d-print-none" role="banner" aria-label="Site Header"><div class="gradient-overlay"></div><div class="container header-container"><div class="row align-content-center justify-content-between header-row"><div class="col-auto header-logo"> <a href="/"><img src="https://panamericansilver.com/wp-content/uploads/2022/03/pas-logo-reverse.svg" class="pas-header-logo" width="257" height="52" alt="Pan American Silver Logo" /></a></div><div class="col-auto header-navigation"><div class="row align-content-center header-navigation-row"><div class="col-auto desktop-navigation"><ul class="desktop-navigation-top-level"><li class="desktop-navigation-item "> <a class="menu-link menu-link-top-level" href="https://panamericansilver.com/about/" aria-haspopup="true" aria-expanded="false">About</a><div class="desktop-navigation-sub-row" style="display: none;"><div class="desktop-navigation-sub-content"><div 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href="https://panamericansilver.com/about/our-purpose-and-values/">Our Purpose & Values</a></p><div class="menu-featured-page-description"><p>We produce the metals people need as the world moves towards decarbonization and electrification.</p></div><p class="menu-featured-page-link"> <a href="https://panamericansilver.com/about/our-purpose-and-values/" class="with-block teal">Learn More <span class="sr-only">about Our Purpose & Values</span> <svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 28.33 17.08" class="pas-arrow-right-short teal"><g id="Layer_2" data-name="Layer 2"><g id="Layer_1-2" data-name="Layer 1"><path stroke="#000000" fill="transparent" stroke-width="2" class="cls-1" d="M0,8.54H26.86m-8.4,7.81,8.4-7.81L18.46.73"/></g></g></svg></a></p></div></div></div></li><li class="desktop-navigation-item current-page-parent"> <a class="menu-link menu-link-top-level" href="https://panamericansilver.com/operations/" aria-haspopup="true" aria-expanded="false">Operations</a><div class="desktop-navigation-sub-row" style="display: none;"><div class="desktop-navigation-sub-content"><div class="desktop-navigation-sub-col desktop-navigation-sub-col-left"><div class="desktop-navigation-main-section-content"><p class="desktop-navigation-main-section-title">Operations</p><div class="desktop-navigation-main-section-description"><p>Pan American Silver has a diversified portfolio of mining and exploration assets located throughout the Americas.</p></div></div></div><div class="desktop-navigation-sub-col desktop-navigation-sub-col-nav"><ul class="desktop-navigation-sub-level"><li class="desktop-navigation-sub-item " > <a class="menu-link menu-link-sub-level" href="https://panamericansilver.com/operations/" >Overview</a></li><li class="desktop-navigation-sub-item " > <a class="menu-link menu-link-sub-level" href="https://panamericansilver.com/operations/our-products/" >Our Products</a></li><li class="desktop-navigation-sub-item has-submenu current-page-parent " data-target-id="submenu-110"> <a class="menu-link menu-link-sub-level" href="https://panamericansilver.com/operations/silver-segment/" aria-haspopup="true" aria-expanded="false">Silver Segment</a></li><li class="desktop-navigation-sub-item has-submenu " data-target-id="submenu-116"> <a class="menu-link menu-link-sub-level" href="https://panamericansilver.com/operations/gold-segment/" aria-haspopup="true" aria-expanded="false">Gold Segment</a></li><li class="desktop-navigation-sub-item " > <a class="menu-link menu-link-sub-level" href="https://panamericansilver.com/operations/reserves-and-resources/" >Reserves & Resources</a></li><li class="desktop-navigation-sub-item " > <a class="menu-link menu-link-sub-level" href="https://panamericansilver.com/operations/exploration-and-investment-interests/" >Other Portfolio Assets</a></li></ul><ul class="desktop-navigation-sub-sub-level" data-id="submenu-110"><li class="desktop-navigation-sub-sub-item "> <a class="menu-link menu-link-sub-sub-level" href="https://panamericansilver.com/operations/silver-segment/la-colorada/">La Colorada</a></li><li class="desktop-navigation-sub-sub-item "> <a class="menu-link menu-link-sub-sub-level" href="https://panamericansilver.com/operations/silver-segment/cerro-moro/">Cerro Moro</a></li><li class="desktop-navigation-sub-sub-item "> <a class="menu-link menu-link-sub-sub-level" href="https://panamericansilver.com/operations/silver-segment/huaron/">Huaron</a></li><li class="desktop-navigation-sub-sub-item "> <a class="menu-link menu-link-sub-sub-level" href="https://panamericansilver.com/operations/silver-segment/san-vicente/">San Vicente</a></li><li class="desktop-navigation-sub-sub-item "> <a class="menu-link menu-link-sub-sub-level" href="https://panamericansilver.com/operations/silver-segment/escobal/">Escobal</a></li><li class="desktop-navigation-sub-sub-item "> <a class="menu-link menu-link-sub-sub-level" href="https://panamericansilver.com/operations/silver-segment/la-colorada-skarn/">La Colorada Skarn</a></li><li class="desktop-navigation-sub-sub-item current-page-item"> <a class="menu-link menu-link-sub-sub-level" href="https://panamericansilver.com/operations/silver-segment/navidad/">Navidad</a></li></ul><ul class="desktop-navigation-sub-sub-level" data-id="submenu-116"><li class="desktop-navigation-sub-sub-item "> <a class="menu-link menu-link-sub-sub-level" href="https://panamericansilver.com/operations/gold-segment/jacobina/">Jacobina</a></li><li class="desktop-navigation-sub-sub-item "> <a class="menu-link menu-link-sub-sub-level" href="https://panamericansilver.com/operations/gold-segment/el-penon/">El Peñon</a></li><li class="desktop-navigation-sub-sub-item "> <a class="menu-link menu-link-sub-sub-level" href="https://panamericansilver.com/operations/gold-segment/timmins/">Timmins</a></li><li class="desktop-navigation-sub-sub-item "> <a class="menu-link menu-link-sub-sub-level" href="https://panamericansilver.com/operations/gold-segment/shahuindo/">Shahuindo</a></li><li class="desktop-navigation-sub-sub-item "> <a class="menu-link menu-link-sub-sub-level" href="https://panamericansilver.com/operations/gold-segment/la-arena/">La Arena</a></li><li class="desktop-navigation-sub-sub-item "> <a class="menu-link menu-link-sub-sub-level" href="https://panamericansilver.com/operations/gold-segment/minera-florida/">Minera Florida</a></li><li class="desktop-navigation-sub-sub-item "> <a class="menu-link menu-link-sub-sub-level" href="https://panamericansilver.com/operations/gold-segment/dolores/">Dolores</a></li><li class="desktop-navigation-sub-sub-item "> <a class="menu-link menu-link-sub-sub-level" href="https://panamericansilver.com/operations/gold-segment/la-arena-ii/">La Arena II</a></li></ul></div><div class="desktop-navigation-sub-col desktop-navigation-sub-col-right"> <noscript><img src="https://panamericansilver.com/wp-content/uploads/2022/03/Our-Products-400x200.jpg" class="menu-featured-page-image" alt="Pan American Silver Employee Inspecting Product" /></noscript><img src='data:image/svg+xml,%3Csvg%20xmlns=%22http://www.w3.org/2000/svg%22%20viewBox=%220%200%20210%20140%22%3E%3C/svg%3E' data-src="https://panamericansilver.com/wp-content/uploads/2022/03/Our-Products-400x200.jpg" class="lazyload menu-featured-page-image" alt="Pan American Silver Employee Inspecting Product" /><p class="menu-featured-page-title"><a href="https://panamericansilver.com/operations/our-products/">Our Products</a></p><div class="menu-featured-page-description"><p>Pan American Silver produces silver, gold, zinc, lead, and copper through mines across the Americas.</p></div><p class="menu-featured-page-link"> <a href="https://panamericansilver.com/operations/our-products/" class="with-block teal">Learn More <span class="sr-only">about Our Products</span> <svg 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manner.</p></div></div></div><div class="desktop-navigation-sub-col desktop-navigation-sub-col-nav"><ul class="desktop-navigation-sub-level"><li class="desktop-navigation-sub-item " > <a class="menu-link menu-link-sub-level" href="https://panamericansilver.com/sustainability/" >Overview</a></li><li class="desktop-navigation-sub-item has-submenu " data-target-id="submenu-127"> <a class="menu-link menu-link-sub-level" href="https://panamericansilver.com/sustainability/our-approach-and-performance/" aria-haspopup="true" aria-expanded="false">Our Approach & Performance</a></li><li class="desktop-navigation-sub-item " > <a class="menu-link menu-link-sub-level" href="https://panamericansilver.com/sustainability/sustainability-reporting/" >Sustainability Reporting</a></li><li class="desktop-navigation-sub-item has-submenu " data-target-id="submenu-129"> <a class="menu-link menu-link-sub-level" href="https://panamericansilver.com/sustainability/environment/" aria-haspopup="true" aria-expanded="false">Environment</a></li><li class="desktop-navigation-sub-item has-submenu " data-target-id="submenu-130"> <a class="menu-link menu-link-sub-level" href="https://panamericansilver.com/sustainability/social/" aria-haspopup="true" aria-expanded="false">Social</a></li><li class="desktop-navigation-sub-item has-submenu " data-target-id="submenu-131"> <a class="menu-link menu-link-sub-level" href="https://panamericansilver.com/sustainability/governance/" aria-haspopup="true" aria-expanded="false">Governance</a></li></ul><ul class="desktop-navigation-sub-sub-level" data-id="submenu-127"><li class="desktop-navigation-sub-sub-item "> <a class="menu-link menu-link-sub-sub-level" href="https://panamericansilver.com/sustainability/our-approach-and-performance/management-approach-to-esg/">Management Approach to ESG</a></li><li class="desktop-navigation-sub-sub-item "> <a class="menu-link menu-link-sub-sub-level" href="https://panamericansilver.com/sustainability/our-approach-and-performance/human-rights/">Human Rights</a></li><li class="desktop-navigation-sub-sub-item "> <a class="menu-link menu-link-sub-sub-level" href="https://panamericansilver.com/sustainability/our-approach-and-performance/policies-and-commitments/">Policies & Commitments</a></li><li class="desktop-navigation-sub-sub-item "> <a class="menu-link menu-link-sub-sub-level" href="https://panamericansilver.com/sustainability/our-approach-and-performance/goals-performance/">Goals & Performance</a></li><li class="desktop-navigation-sub-sub-item "> <a class="menu-link menu-link-sub-sub-level" href="https://panamericansilver.com/sustainability/our-approach-and-performance/un-sustainable-development-goals/">UN Sustainable Development Goals</a></li></ul><ul class="desktop-navigation-sub-sub-level" data-id="submenu-129"><li class="desktop-navigation-sub-sub-item "> <a class="menu-link menu-link-sub-sub-level" href="https://panamericansilver.com/sustainability/environment/water/">Water Stewardship</a></li><li class="desktop-navigation-sub-sub-item "> <a class="menu-link menu-link-sub-sub-level" href="https://panamericansilver.com/sustainability/environment/biodiversity/">Biodiversity and Land Use</a></li><li class="desktop-navigation-sub-sub-item "> <a class="menu-link menu-link-sub-sub-level" href="https://panamericansilver.com/sustainability/environment/climate-change-energy/">Energy and GHG Emissions</a></li><li class="desktop-navigation-sub-sub-item "> <a class="menu-link menu-link-sub-sub-level" href="https://panamericansilver.com/sustainability/environment/tailings-waste-management/">Tailings Facilities & Waste Management</a></li><li class="desktop-navigation-sub-sub-item "> <a class="menu-link menu-link-sub-sub-level" href="https://panamericansilver.com/sustainability/environment/mine-closure/">Mine Closure & Rehabilitation</a></li></ul><ul class="desktop-navigation-sub-sub-level" data-id="submenu-130"><li class="desktop-navigation-sub-sub-item "> <a class="menu-link menu-link-sub-sub-level" href="https://panamericansilver.com/sustainability/social/health-safety/">Health & Safety</a></li><li class="desktop-navigation-sub-sub-item "> <a class="menu-link menu-link-sub-sub-level" href="https://panamericansilver.com/sustainability/social/communities-indigenous-people/">Relationships with Communities & Indigenous Peoples</a></li><li class="desktop-navigation-sub-sub-item "> <a class="menu-link menu-link-sub-sub-level" href="https://panamericansilver.com/sustainability/social/economic-impact/">Socio-Economic Contributions</a></li><li class="desktop-navigation-sub-sub-item "> <a class="menu-link menu-link-sub-sub-level" href="https://panamericansilver.com/sustainability/social/security-management/">Security Practices</a></li><li class="desktop-navigation-sub-sub-item "> <a class="menu-link menu-link-sub-sub-level" href="https://panamericansilver.com/sustainability/social/human-capital-development/">Human Capital Development</a></li><li class="desktop-navigation-sub-sub-item "> <a class="menu-link menu-link-sub-sub-level" href="https://panamericansilver.com/sustainability/social/inclusion-and-diversity/">Inclusion & Diversity</a></li></ul><ul class="desktop-navigation-sub-sub-level" data-id="submenu-131"><li class="desktop-navigation-sub-sub-item "> <a class="menu-link menu-link-sub-sub-level" href="https://panamericansilver.com/sustainability/governance/business-ethics/">Business Ethics</a></li></ul></div><div class="desktop-navigation-sub-col desktop-navigation-sub-col-right"> <noscript><img src="https://panamericansilver.com/wp-content/uploads/2022/04/Sustainability-Reporting-400x200.jpg" class="menu-featured-page-image" alt="Hands Tending to Garden" /></noscript><img src='data:image/svg+xml,%3Csvg%20xmlns=%22http://www.w3.org/2000/svg%22%20viewBox=%220%200%20210%20140%22%3E%3C/svg%3E' data-src="https://panamericansilver.com/wp-content/uploads/2022/04/Sustainability-Reporting-400x200.jpg" class="lazyload menu-featured-page-image" alt="Hands Tending to Garden" /><p class="menu-featured-page-title"><a href="https://panamericansilver.com/sustainability/sustainability-reporting/">Sustainability Reporting</a></p><div class="menu-featured-page-description"><p>Browse through Pan American Silver’s current and past sustainability reporting.</p></div><p class="menu-featured-page-link"> <a href="https://panamericansilver.com/sustainability/sustainability-reporting/" class="with-block teal">Learn More <span class="sr-only">about Sustainability Reporting</span> <svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 28.33 17.08" class="pas-arrow-right-short teal"><g id="Layer_2" data-name="Layer 2"><g id="Layer_1-2" data-name="Layer 1"><path stroke="#000000" fill="transparent" stroke-width="2" class="cls-1" d="M0,8.54H26.86m-8.4,7.81,8.4-7.81L18.46.73"/></g></g></svg></a></p></div></div></div></li><li class="desktop-navigation-item "> <a class="menu-link menu-link-top-level" href="https://panamericansilver.com/invest/" aria-haspopup="true" aria-expanded="false">Invest</a><div class="desktop-navigation-sub-row" style="display: none;"><div class="desktop-navigation-sub-content"><div class="desktop-navigation-sub-col desktop-navigation-sub-col-left"><div class="desktop-navigation-main-section-content"><p class="desktop-navigation-main-section-title">Invest</p><div class="desktop-navigation-main-section-description"><p>Pan American Silver provides enhanced exposure to silver through large silver reserves and catalysts to grow silver production.</p></div></div></div><div class="desktop-navigation-sub-col desktop-navigation-sub-col-nav"><ul class="desktop-navigation-sub-level"><li class="desktop-navigation-sub-item " > <a class="menu-link menu-link-sub-level" href="https://panamericansilver.com/invest/" >Overview</a></li><li class="desktop-navigation-sub-item " > <a class="menu-link menu-link-sub-level" href="https://panamericansilver.com/invest/financial-reports-and-filings/" >Financial Reports & Filings</a></li><li class="desktop-navigation-sub-item " > <a class="menu-link menu-link-sub-level" href="https://panamericansilver.com/invest/events-and-presentations/" >Events & Presentations</a></li><li class="desktop-navigation-sub-item has-submenu " data-target-id="submenu-135"> <a class="menu-link menu-link-sub-level" href="https://panamericansilver.com/invest/shareholder-information/" aria-haspopup="true" aria-expanded="false">Shareholder Information</a></li><li class="desktop-navigation-sub-item " > <a class="menu-link menu-link-sub-level" href="https://panamericansilver.com/invest/analyst-coverage/" >Analyst Coverage</a></li><li class="desktop-navigation-sub-item " > <a class="menu-link menu-link-sub-level" href="https://panamericansilver.com/invest/interactive-analyst-center/" >Interactive Analyst Center</a></li></ul><ul class="desktop-navigation-sub-sub-level" data-id="submenu-135"><li class="desktop-navigation-sub-sub-item "> <a class="menu-link menu-link-sub-sub-level" href="https://panamericansilver.com/invest/shareholder-information/dividends/">Dividends</a></li><li class="desktop-navigation-sub-sub-item "> <a class="menu-link menu-link-sub-sub-level" href="https://panamericansilver.com/invest/shareholder-information/paasf/">PAASF</a></li><li class="desktop-navigation-sub-sub-item "> <a class="menu-link menu-link-sub-sub-level" href="https://panamericansilver.com/invest/shareholder-information/audits/">Audits</a></li></ul></div><div class="desktop-navigation-sub-col desktop-navigation-sub-col-right"> <noscript><img src="https://panamericansilver.com/wp-content/uploads/2022/04/Financial-Reports-and-Filings-400x200.jpg" class="menu-featured-page-image" alt="Pan American Silver Employee Working in Mine" /></noscript><img src='data:image/svg+xml,%3Csvg%20xmlns=%22http://www.w3.org/2000/svg%22%20viewBox=%220%200%20210%20140%22%3E%3C/svg%3E' data-src="https://panamericansilver.com/wp-content/uploads/2022/04/Financial-Reports-and-Filings-400x200.jpg" class="lazyload menu-featured-page-image" alt="Pan American Silver Employee Working in Mine" /><p class="menu-featured-page-title"><a href="https://panamericansilver.com/invest/financial-reports-and-filings/">Financial Reports & Filings</a></p><div class="menu-featured-page-description"><p>Browse through Pan American Silver’s current and past financial report and filings.</p></div><p class="menu-featured-page-link"> <a href="https://panamericansilver.com/invest/financial-reports-and-filings/" class="with-block teal">Learn More <span class="sr-only">about Financial Reports & Filings</span> <svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 28.33 17.08" class="pas-arrow-right-short teal"><g id="Layer_2" 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If you have any questions, contact our Investor Relations team.</p></div></div></div><div class="desktop-navigation-sub-col desktop-navigation-sub-col-nav"><ul class="desktop-navigation-sub-level"><li class="desktop-navigation-sub-item " > <a class="menu-link menu-link-sub-level" href="https://panamericansilver.com/news/" >News Releases</a></li><li class="desktop-navigation-sub-item " > <a class="menu-link menu-link-sub-level" href="https://panamericansilver.com/email-alerts/" >Subscribe to Email Alerts</a></li></ul></div><div class="desktop-navigation-sub-col desktop-navigation-sub-col-right"> <noscript><img src="https://panamericansilver.com/wp-content/uploads/2022/03/Navidad-400x200.jpg" class="menu-featured-page-image" alt="Landscape of Navidad Operation" /></noscript><img src='data:image/svg+xml,%3Csvg%20xmlns=%22http://www.w3.org/2000/svg%22%20viewBox=%220%200%20210%20140%22%3E%3C/svg%3E' data-src="https://panamericansilver.com/wp-content/uploads/2022/03/Navidad-400x200.jpg" class="lazyload menu-featured-page-image" alt="Landscape of Navidad Operation" /><p class="menu-featured-page-title"><a href="https://panamericansilver.com/operations/silver-segment/navidad/">Navidad</a></p><div class="menu-featured-page-description"></div><p class="menu-featured-page-link"> <a href="https://panamericansilver.com/operations/silver-segment/navidad/" class="with-block teal">Learn More <span class="sr-only">about Navidad</span> <svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 28.33 17.08" class="pas-arrow-right-short teal"><g id="Layer_2" data-name="Layer 2"><g id="Layer_1-2" data-name="Layer 1"><path stroke="#000000" fill="transparent" stroke-width="2" class="cls-1" d="M0,8.54H26.86m-8.4,7.81,8.4-7.81L18.46.73"/></g></g></svg></a></p></div></div></div></li><li class="desktop-navigation-item "> <a class="menu-link menu-link-top-level" href="https://panamericansilver.com/careers/" aria-haspopup="true" aria-expanded="false">Careers</a><div class="desktop-navigation-sub-row" style="display: none;"><div class="desktop-navigation-sub-content"><div class="desktop-navigation-sub-col desktop-navigation-sub-col-left"><div class="desktop-navigation-main-section-content"><p class="desktop-navigation-main-section-title">Careers</p><div class="desktop-navigation-main-section-description"><p>Our people provide the intelligence, the ideas and the energy that drive our operating and financial performance and inspire our continued progress in sustainable development.</p></div></div></div><div class="desktop-navigation-sub-col desktop-navigation-sub-col-nav"><ul class="desktop-navigation-sub-level"><li class="desktop-navigation-sub-item " > <a class="menu-link menu-link-sub-level" href="https://panamericansilver.com/careers/" >Overview</a></li><li class="desktop-navigation-sub-item " > <a class="menu-link menu-link-sub-level" href="https://panamericansilver.com/careers/join-our-team/" >Join Our Team</a></li><li class="desktop-navigation-sub-item " > <a class="menu-link menu-link-sub-level" href="https://panamericansilver.com/careers/faqs/" >FAQs</a></li></ul></div><div class="desktop-navigation-sub-col desktop-navigation-sub-col-right"> <noscript><img src="https://panamericansilver.com/wp-content/uploads/2022/03/Join-Our-Team-400x200.jpg" class="menu-featured-page-image" alt="Join Our Team" /></noscript><img src='data:image/svg+xml,%3Csvg%20xmlns=%22http://www.w3.org/2000/svg%22%20viewBox=%220%200%20210%20140%22%3E%3C/svg%3E' data-src="https://panamericansilver.com/wp-content/uploads/2022/03/Join-Our-Team-400x200.jpg" class="lazyload menu-featured-page-image" alt="Join Our Team" /><p class="menu-featured-page-title"><a href="https://panamericansilver.com/careers/join-our-team/">Join Our Team</a></p><div class="menu-featured-page-description"><p>We offer our people long-term, quality employment with competitive compensation and opportunities for professional development.</p></div><p 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class="radial-gradient"></div><div class="container banner-container"><div class="row banner-content left"><div class="col-10 col-md-7 col-lg-8 banner-text"><h1 id="image-banner-block_4974d7833d91bbd6bce486c27d33f0be-title" class="image-banner-heading"> Navidad</h1></div><div class="col-10 col-md-6 col-lg-7 banner-text"><h2 class="image-banner-location">Chubut, Argentina</h2></div></div></div><div class="linear-gradient"></div></div><div class="lazyload image-banner medium left" data-bg="https://panamericansilver.com/wp-content/uploads/2022/03/Navidad-1600x750.jpg" style="background-image:url(data:image/svg+xml,%3Csvg%20xmlns=%22http://www.w3.org/2000/svg%22%20viewBox=%220%200%20500%20300%22%3E%3C/svg%3E)"><div class="radial-gradient"></div><div class="container banner-container"><div class="row banner-content left"><div class="col-10 col-md-7 col-lg-8 banner-text"><h1 id="image-banner-block_4974d7833d91bbd6bce486c27d33f0be-title" class="image-banner-heading"> Navidad</h1></div><div class="col-10 col-md-6 col-lg-7 banner-text"><h2 class="image-banner-location">Chubut, Argentina</h2></div></div></div><div class="linear-gradient"></div></div><div class="lazyload image-banner large left" data-bg="https://panamericansilver.com/wp-content/uploads/2022/03/Navidad.jpg" style="background-image:url(data:image/svg+xml,%3Csvg%20xmlns=%22http://www.w3.org/2000/svg%22%20viewBox=%220%200%20500%20300%22%3E%3C/svg%3E)"><div class="radial-gradient"></div><div class="container banner-container"><div class="row banner-content left"><div class="col-10 col-md-7 col-lg-8 banner-text"><h1 id="image-banner-block_4974d7833d91bbd6bce486c27d33f0be-title" class="image-banner-heading"> Navidad</h1></div><div class="col-10 col-md-6 col-lg-7 banner-text"><h2 class="image-banner-location">Chubut, Argentina</h2></div></div></div><div class="linear-gradient"></div></div></header><div id="mine-information-and-statistics-block_d5ef1209763d2ecb9ffbb0ed1d250f69" class="mine-information-and-statistics-wrapper overlay-wrapper block-wrapper-margin "><div class="mine-information-and-statistics non-producing"><div class="mine-information"><p><strong><span style="color: #0069aa;"><em><span class="medium-text">Pan American Silver owns 100% of the Navidad project, one of the world’s largest undeveloped silver deposits. The Navidad properties are located in north central Chubut Province in Argentina.</span></em></span></strong></p><p>To date, the Navidad Project comprises eight individual mineral deposits in three separate mineralized trends (Navidad, Esperanza and Argenta trends). The six deposits of the Navidad Trend occur along strike over a distance of about 5.8 kilometres and are essentially continuous. Mineral Resource estimates have been completed for eight of these deposits.</p><p>The Province of Chubut passed a law in 2003 (“Law 5001”) that prohibits open pit mining and the use of cyanide in mineral processing in the entire province, effectively preventing the development of Navidad. To date, this law remains in place.</p><p>Our activities at Navidad at this time are guided by an investment plan that focuses primarily on satisfying the legal requirements necessary to maintain our property interests under the current mining law. We plan to continue with such maintenance requirements and remain committed to Navidad and to contributing to the positive economic and social development of Chubut, should a favourable legislative framework be adopted.</p></div><div class="mine-statistics"><p class="mine-project-type"> On Care and Maintenance</p><hr class="medium silver margin-small" /><div class="statistics"><div class="statistic"><div class="statistic-number"><div class="count"> 100</div><div class="after"> %</div></div><div class="statistic-description"> owned</div><hr class="medium silver margin-small" /></div></div></div></div></div><div id="site-breadcrumbs-block_cf797e19c1ea3a44ffa3524ec4d7fe96" class="site-breadcrumbs-wrapper "><div class="site-breadcrumbs"><div class="fbc fbc-page"><div class="fbc-wrap"><ol class="fbc-items" itemscope itemtype="https://schema.org/BreadcrumbList"><li itemprop="itemListElement" itemscope itemtype="https://schema.org/ListItem"> <span itemprop="name"> <a itemprop="item" href="https://panamericansilver.com"> Home </a> </span><meta itemprop="position" content="1" /></li><li><span class="fbc-separator">■</span></li><li itemprop="itemListElement" itemscope itemtype="https://schema.org/ListItem"><a itemprop="item" page-parent="42" href="https://panamericansilver.com/operations/" title="Operations"><span itemprop="name">Operations</span></a><meta itemprop="position" content="2" /></li><li><span class="fbc-separator">■</span></li><li itemprop="itemListElement" itemscope itemtype="https://schema.org/ListItem"><a itemprop="item" page-parent="64" href="https://panamericansilver.com/operations/silver-segment/" title="Silver Segment"><span itemprop="name">Silver Segment</span></a><meta itemprop="position" content="3" /></li><li><span class="fbc-separator">■</span></li><li class="active post-page" itemprop="itemListElement" itemscope itemtype="https://schema.org/ListItem"><span itemprop="name" title="Navidad">Navidad</span><meta itemprop="position" content="4" /></li></ol><div class="clearfix"></div></div></div></div></div><section id="technical-and-reserve-information-block_5ee2edeef0918526737b8ee4ad54a373" class="technical-and-reserve-information-wrapper full-width-container block-wrapper-margin " role="region" aria-labelledby="technical-and-reserve-information-block_5ee2edeef0918526737b8ee4ad54a373-title"><div class="container"><div class="row"><div class="col-12"><div class="technical-and-reserve-information"><h2 id="technical-and-reserve-information-block_5ee2edeef0918526737b8ee4ad54a373-title" class="technical-and-reserve-information-heading">Technical & Reserve Information</h2><div class="row justify-content-center"><div class="col-12 col-xl-5 technical-and-reserve-information-technical-report"><div class="technical-report show-for-desktop"> <noscript><img decoding="async" src="https://panamericansilver.com/wp-content/uploads/2022/04/Technical-Report-Cover-600x770.jpg" width="600" height="770" class="technical-report-thumbnail" alt="Technical Report Cover" loading="lazy" /></noscript><img decoding="async" src='data:image/svg+xml,%3Csvg%20xmlns=%22http://www.w3.org/2000/svg%22%20viewBox=%220%200%20600%20770%22%3E%3C/svg%3E' data-src="https://panamericansilver.com/wp-content/uploads/2022/04/Technical-Report-Cover-600x770.jpg" width="600" height="770" class="lazyload technical-report-thumbnail" alt="Technical Report Cover" loading="lazy" /><h3 class="technical-report-title"><a href="https://panamericansilver.com/wp-content/uploads/2022/04/Navidad-Technical-Report.pdf">Download Latest Technical Report <svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 10.91 28.93" class="pas-arrow-down-medium gold"><g id="Layer_2" data-name="Layer 2"><g id="Layer_1-2" data-name="Layer 1"><path stroke="#000000" fill="transparent" class="cls-1" d="M5.46,0V27.46M.73,22.38l4.73,5.08,4.72-5.08"/></g></g></svg></a></h3></div></div><div class="col-12 col-xl-7 technical-and-reserve-information-summary-reserves-and-resources-table"><figure class="table-responsive-md"><table class="table summary-reserves-and-resources-table"><thead><tr class="table-heading"><th colspan="2"> <span class="sr-only">Name and quantity</span></th><th colspan="3"> Grade</th><th colspan="3"> Contained Metal</th></tr><tr class="table-units"><th> <span class="sr-only">Name</span></th><th> Tonnes<br /><span>(Mt)</span></th><th>Ag<br /><span>(g/t)</span></th><th>Cu<br /><span>(%)</span></th><th>Pb<br /><span>(%)</span></th><th>Ag<br /><span>(Moz)</span></th><th>Cu<br /><span>(kt)</span></th><th>Pb<br /><span>(kt)</span></th></tr></thead><tbody><tr class="m-and-i-resources"><td class="first-column"> M&I Resources</td><td class="border-right">155.2</td><td class="grade">127</td><td class="grade">0.05</td><td class="grade">0.85</td><td class="contained-metal">632.4</td><td class="contained-metal">71</td><td class="contained-metal">1,326</td></tr><tr class="inferred-resources"><td class="first-column"> Inferred Resources</td><td class="border-right">45.9</td><td class="grade">81</td><td class="grade">0.02</td><td class="grade">0.57</td><td class="contained-metal">119.4</td><td class="contained-metal">9</td><td class="contained-metal">262</td></tr></tbody></table></figure><div class="summary-reserves-and-resources-table-footnote"><p>As of June 30, 2024. Please see the Company’s <a href="https://panamericansilver.com/operations/reserves-and-resources/">reserves and resources</a> page for more detailed information.</p></div><div class="technical-report show-for-mobile"> <noscript><img decoding="async" src="https://panamericansilver.com/wp-content/uploads/2022/04/Technical-Report-Cover-600x770.jpg" class="technical-report-thumbnail" alt="Technical Report Cover" loading="lazy" /></noscript><img decoding="async" src='data:image/svg+xml,%3Csvg%20xmlns=%22http://www.w3.org/2000/svg%22%20viewBox=%220%200%20210%20140%22%3E%3C/svg%3E' data-src="https://panamericansilver.com/wp-content/uploads/2022/04/Technical-Report-Cover-600x770.jpg" class="lazyload technical-report-thumbnail" alt="Technical Report Cover" loading="lazy" /><h3 class="technical-report-title"><a href="https://panamericansilver.com/wp-content/uploads/2022/04/Navidad-Technical-Report.pdf">Download Latest Technical Report <svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 10.91 28.93" class="pas-arrow-down-medium gold"><g id="Layer_2" data-name="Layer 2"><g id="Layer_1-2" data-name="Layer 1"><path stroke="#000000" fill="transparent" class="cls-1" d="M5.46,0V27.46M.73,22.38l4.73,5.08,4.72-5.08"/></g></g></svg></a></h3></div></div></div></div></div></div></div></section><section id="related-documents-and-resources-block_8679ab348b622baca95b4d539512a9b7" class="related-documents-and-resources-wrapper full-width-container block-wrapper-margin " role="region" aria-labelledby="related-documents-and-resources-block_8679ab348b622baca95b4d539512a9b7-title"><div class="container"><div class="row"><div class="col-12"><div class="related-documents-and-resources"><h2 id="related-documents-and-resources-block_8679ab348b622baca95b4d539512a9b7-title" class="related-documents-and-resources-heading"> Related Documents & Resources</h2><div class="row justify-content-center"><div class="col-12 col-lg-4 related-document-and-resource"><div class="related-document"> <noscript><img decoding="async" src="https://panamericansilver.com/wp-content/uploads/2024/05/2023-SR-Thumbnail-600x770.png" width="600" height="770" class="related-document-thumbnail" alt="" loading="lazy" /></noscript><img decoding="async" src='data:image/svg+xml,%3Csvg%20xmlns=%22http://www.w3.org/2000/svg%22%20viewBox=%220%200%20600%20770%22%3E%3C/svg%3E' data-src="https://panamericansilver.com/wp-content/uploads/2024/05/2023-SR-Thumbnail-600x770.png" width="600" height="770" class="lazyload related-document-thumbnail" alt="" loading="lazy" /><h3 class="related-document-title"><a href="https://panamericansilver.com/wp-content/uploads/2024/05/PAS-Sustainability-Report-2023.pdf">2023 Sustainability Report <svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 10.91 28.93" class="pas-arrow-down-medium gold"><g id="Layer_2" data-name="Layer 2"><g id="Layer_1-2" data-name="Layer 1"><path stroke="#000000" fill="transparent" class="cls-1" d="M5.46,0V27.46M.73,22.38l4.73,5.08,4.72-5.08"/></g></g></svg></a></h3></div></div><div class="col-12 col-lg-4 related-document-and-resource"><div class="related-document"> <noscript><img decoding="async" src="https://panamericansilver.com/wp-content/uploads/2022/04/Reserves-and-Resources-Report-Cover-600x770.jpg" width="600" height="770" class="related-document-thumbnail" alt="Technical Report" loading="lazy" /></noscript><img decoding="async" src='data:image/svg+xml,%3Csvg%20xmlns=%22http://www.w3.org/2000/svg%22%20viewBox=%220%200%20600%20770%22%3E%3C/svg%3E' data-src="https://panamericansilver.com/wp-content/uploads/2022/04/Reserves-and-Resources-Report-Cover-600x770.jpg" width="600" height="770" class="lazyload related-document-thumbnail" alt="Technical Report" loading="lazy" /><h3 class="related-document-title"><a href="https://panamericansilver.com/wp-content/uploads/2024/08/Pan-American-Silver-resources-and-reserves-June-30-2024.pdf">Reserves and Resources <svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 10.91 28.93" class="pas-arrow-down-medium gold"><g id="Layer_2" data-name="Layer 2"><g id="Layer_1-2" data-name="Layer 1"><path stroke="#000000" fill="transparent" class="cls-1" d="M5.46,0V27.46M.73,22.38l4.73,5.08,4.72-5.08"/></g></g></svg></a></h3></div></div><div class="col-12 col-lg-4 related-document-and-resource"><div class="related-document"> <noscript><img decoding="async" src="https://panamericansilver.com/wp-content/uploads/2022/04/Q3-Report-Cover-600x770.jpg" width="600" height="770" class="related-document-thumbnail" alt="Q3 Report Cover" loading="lazy" /></noscript><img decoding="async" src='data:image/svg+xml,%3Csvg%20xmlns=%22http://www.w3.org/2000/svg%22%20viewBox=%220%200%20600%20770%22%3E%3C/svg%3E' data-src="https://panamericansilver.com/wp-content/uploads/2022/04/Q3-Report-Cover-600x770.jpg" width="600" height="770" class="lazyload related-document-thumbnail" alt="Q3 Report Cover" loading="lazy" /><h3 class="related-document-title"><a href="https://panamericansilver.com/wp-content/uploads/2024/11/PAAS-09-30-2024-Website-Report.pdf">2024 Q3 Financial Report <svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 10.91 28.93" class="pas-arrow-down-medium gold"><g id="Layer_2" data-name="Layer 2"><g id="Layer_1-2" data-name="Layer 1"><path stroke="#000000" fill="transparent" class="cls-1" d="M5.46,0V27.46M.73,22.38l4.73,5.08,4.72-5.08"/></g></g></svg></a></h3></div></div></div></div></div></div></div></section><p class="footnote">* Data is on a consolidated basis for the period ended December 31, 2023. All financial data is stated in U.S. dollars unless otherwise noted. Estimated mineral reserves as of June 30, 2024. For complete mineral reserve and resource information, refer to <a href="https://panamericansilver.com/operations/reserves-and-resources/" title="Reserves & Resources">Mineral Reserves and Resources</a>. Cash Costs and AISC per ounce are a non-GAAP measures; please refer to the <a href="https://panamericansilver.com/non-gaap-measures/" title="Non-GAAP Measures">Non-GAAP Measures</a> notice.</p></div></div></div></main><footer id="news-release-email-alerts-footer" class="d-print-none" aria-labelledby="email-alerts-title"><div class="container news-release-email-alerts-container"><div class="row align-items-center justify-content-center news-release-email-alerts-row"><div class="col-auto news-release-email-alerts-heading"><h3 id="email-alerts-title" class="email-alerts-heading">Sign Up for News Release Email Alerts</h3></div><div class="col-auto news-release-email-alerts-cta"> <a href="https://panamericansilver.com/email-alerts/" class="pas-button solid">Subscribe for alerts</a></div></div></div></footer><footer id="site-footer" class="d-print-none" role="contentinfo"><div class="container"><div class="row footer-logo"><div class="col-12"> <a href="/"><noscript><img src="https://panamericansilver.com/wp-content/uploads/2022/02/pas-logo-standard.svg" class="pas-footer-logo" width="257" height="52" alt="Pan American Silver Logo" /></noscript><img src='data:image/svg+xml,%3Csvg%20xmlns=%22http://www.w3.org/2000/svg%22%20viewBox=%220%200%20257%2052%22%3E%3C/svg%3E' data-src="https://panamericansilver.com/wp-content/uploads/2022/02/pas-logo-standard.svg" class="lazyload pas-footer-logo" width="257" height="52" alt="Pan American Silver Logo" /></a><hr class="footer-separator" /></div></div><div class="row footer-information"><div class="col-auto footer-navigation"><h4 class="footer-heading">Quick Links</h4><nav class="site-footer-navigation" aria-label="Site Footer Navigation"><ul id="menu-footer-navigation-english" class="site-footer-menu"><li id="menu-item-279" class="menu-item menu-item-type-post_type menu-item-object-page menu-item-279"><a href="https://panamericansilver.com/glossary/">Glossary</a></li><li id="menu-item-280" class="menu-item menu-item-type-post_type menu-item-object-page menu-item-280"><a href="https://panamericansilver.com/site-map/">Site Map</a></li><li id="menu-item-281" class="menu-item menu-item-type-post_type menu-item-object-page menu-item-281"><a href="https://panamericansilver.com/accessibility/">Accessibility</a></li><li id="menu-item-282" class="menu-item menu-item-type-post_type menu-item-object-page menu-item-282"><a href="https://panamericansilver.com/legal-notice/">Legal Notice</a></li><li id="menu-item-283" class="menu-item menu-item-type-post_type menu-item-object-page menu-item-283"><a href="https://panamericansilver.com/privacy-policy/">Privacy Policy</a></li><li id="menu-item-284" class="menu-item menu-item-type-post_type menu-item-object-page menu-item-284"><a href="https://panamericansilver.com/non-gaap-measures/">Non-GAAP Measures</a></li></ul></nav></div><div class="col-12 col-lg-auto footer-contact"><h4 class="footer-heading">Contact</h4><div class="row footer-contact-information"><div class="col-12 col-lg-auto"><div class="footer-address"> Pan American Silver Corp.<br /> Vancouver Centre II<br /> 2100-733 Seymour Street,<br /> Vancouver, BC V6B 0S6<br /></div></div><div class="col-12 col-lg-auto footer-contact-details"><ul class="list-unstyled"><li>E: <a href="javascript:;" data-enc-email="vasb[at]cnanzrevpnafvyire.pbz" class="mail-link" data-wpel-link="ignore"><span id="wpmt-549431-829136"></span><script type="text/javascript">document.getElementById("wpmt-549431-829136").innerHTML = eval(decodeURIComponent("%27%69%6e%66%6f%40%70%61%6e%61%6d%65%72%69%63%61%6e%73%69%6c%76%65%72%2e%63%6f%6d%27"))</script><noscript>*protected email*</noscript></a></li><li>T: <a href="tel:(604) 684-1175">(604) 684-1175</a></li><li>F: <a href="fax:(604) 684-0147">(604) 684-0147</a></li></ul></div></div></div></div><div class="row justify-content-end footer-copyright"><div class="col-auto"><p class="copyright"> <a href="https://ca.linkedin.com/company/pan-american-silver-corp." class="linkedin" target="_blank" rel="noopener noreferrer"> <i class="fa fa-linkedin-square fa-2x" aria-hidden="true"></i> <span class="sr-only">LinkedIn</span> </a> <br />© 2023 Pan American Silver Corp. 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