Pan American Silver Corp.
US ˙ NYSE ˙ CA6979001089

SecurityPAAS / Pan American Silver Corp.
InstitutionShell Asset Management Co
Latest Disclosed Ownership8,329 shares
Latest Disclosed Value $ 323
Shell Asset Management Co reports 76.71% decrease in ownership of PAAS / Pan American Silver Corp.

On November 7, 2025 - Shell Asset Management Co filed a 13F-HR form disclosing ownership of 8,329 shares of Pan American Silver Corp. (US:PAAS) valued at $322,582 USD as of September 30, 2025. The entity filed a previous 13F-HR on July 23, 2025 disclosing 35,756 shares of Pan American Silver Corp.. This represents a change in shares of -76.71% during the quarter. The current value of the position is $396,044 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)
2025-11-07 2025-09-30 13F PAN AMERN SILVER COM 697900108 8,329 -27,427 -76.71 0 -100.00 0.0324
2025-07-23 2025-06-30 13F PAN AMERN SILVER COM 697900108 35,756 518 1.47 1 0.0350
2025-05-14 2025-03-31 13F PAN AMERN SILVER COM 697900108 35,238 29,871 556.57 1 0.0432
2025-02-14 2024-12-31 13F PAN AMERN SILVER COM 697900108 5,367 -1,000 -15.71 0 0.0048
2024-11-07 2024-09-30 13F PAN AMERN SILVER COM 697900108 6,367 0 0.00 0 0.0059
2024-07-25 2024-03-31 13F PAN AMERN SILVER COM 697900108 6,367 -7,100 -52.72 0 0.0058
2024-02-14 2023-12-31 13F PAN AMERN SILVER COM 697900108 13,467 -11,333 -45.70 0 0.0102
2023-11-08 2023-09-30 13F PAN AMERN SILVER COM 697900108 24,800 -500 -1.98 0 0.0149
2023-07-28 2023-06-30 13F PAN AMERN SILVER COM 697900108 25,300 9,100 56.17 0 0.0146
2023-05-15 2023-03-31 13F PAN AMERN SILVER COM 697900108 16,200 0 0.00 0 0.0122
2023-02-07 2022-12-31 13F PAN AMERN SILVER COM 697900108 16,200 -2,800 -14.74 0 -100.00 0.0116
2022-11-14 2022-09-30 13F PAN AMERN SILVER COM 697900108 19,000 -4,100 -17.75 304 -32.89 0.0118
2022-08-09 2022-06-30 13F PAN AMERN SILVER COM 697900108 23,100 3,400 17.26 453 -15.80 0.0134
2022-05-04 2022-03-31 13F PAN AMERN SILVER COM 697900108 19,700 -3,400 -14.72 538 -6.76 0.0127
2022-02-09 2021-12-31 13F PAN AMERN SILVER COM 697900108 23,100 21,500 1,343.75 577 1,459.46 0.0118
2021-11-04 2021-09-30 13F PAN AMERN SILVER COM 697900108 1,600 -1,199 -42.84 37 -53.75 0.0008
2021-08-12 2021-06-30 13F PAN AMERN SILVER COM 697900108 2,799 2,065 281.34 80 263.64 0.0016
2021-05-10 2021-03-31 13F PAN AMERN SILVER COM 697900108 734 0 0.00 22 -12.00 0.0004
2021-02-16 2020-12-31 13F PAN AMERN SILVER COM 697900108 734 -7,788 -91.39 25 -90.84 0.0005
2020-11-13 2020-09-30 13F PAN AMERN SILVER COM 697900108 8,522 600 7.57 273 13.75 0.0063
2020-08-10 2020-06-30 13F PAN AMERN SILVER COM 697900108 7,922 -1,900 -19.34 240 71.43 0.0060
2020-05-11 2020-03-31 13F PAN AMERN SILVER COM 697900108 9,822 -100 -1.01 140 -40.43 0.0039
2020-02-13 2019-12-31 13F PAN AMERICAN SILVER COM 697900108 9,922 -5,800 -36.89 235 -4.47 0.0051
2019-11-12 2019-09-30 13F PAN AMERICAN SILVER COM 697900108 15,722 -500 -3.08 246 17.14 0.0056
2019-08-12 2019-06-30 13F PAN AMERICAN SILVER COM 697900108 16,222 -437 -2.62 210 -4.55 0.0046
2019-05-09 2019-03-31 13F PAN AMERICAN SILVER COM 697900108 16,659 4,400 35.89 220 22.91 0.0049
2019-02-13 2018-12-31 13F PAN AMERICAN SILVER COM 697900108 12,259 -3,400 -21.71 179 -22.51 0.0045
2018-11-13 2018-09-30 13F PAN AMERICAN SILVER COM 697900108 15,659 200 1.29 231 -16.61 0.0046
2018-08-10 2018-06-30 13F PAN AMERICAN SILVER COM 697900108 15,459 600 4.04 277 15.90 0.0057
2018-05-14 2018-03-31 13F PAN AMERICAN SILVER COM 697900108 14,859 -500 -3.26 239 -0.42 0.0048
2018-02-09 2017-12-31 13F PAN AMERICAN SILVER COM 697900108 15,359 0 0.00 240 -26.38 0.0048
2017-10-20 2017-09-30 13F/A-1 PAN AMERICAN SILVER COM 697900108 15,359 400 2.67 326 0.00 0.0072
2017-10-18 2017-09-30 13F PAN AMERICAN SILVER COM 697900108 37,145 22,186 457
2017-07-26 2017-06-30 13F PAN AMERICAN SILVER COM 697900108 14,959 0 0.00 326 -6.32 0.0081
2017-04-26 2017-03-31 13F PAN AMERICAN SILVER COM 697900108 14,959 -1,000 -6.27 348 7.74 0.0089
2017-01-10 2016-12-31 13F PAN AMERICAN SILVER COM 697900108 15,959 1,800 12.71 323 -1.22 0.0087
2016-10-28 2016-09-30 13F PAN AMERICAN SILVER COM 697900108 14,159 -700 -4.71 327 3.48 0.0078
2016-07-25 2016-06-30 13F PAN AMERICAN SILVER COM 697900108 14,859 -3,400 -18.62 316 22.48 0.0073
2016-05-11 2016-03-31 13F PAN AMERICAN SILVER COM 697900108 18,259 2,400 15.13 258 80.42 0.0062
2016-02-05 2015-12-31 13F PAN AMERICAN SILVER COM 697900108 15,859 -21,286 -57.31 143 -68.71 0.0034
2015-10-13 2015-09-30 13F PAN AMERICAN SILVER COM 697900108 37,145 11,586 45.33 457 66.18 0.0072
2015-07-30 2015-06-30 13F PAN AMERICAN SILVER COM 697900108 25,559 -4,100 -13.82 275 -16.67 0.0055
2015-05-07 2015-03-31 13F PAN AMERICAN SILVER COM 697900108 29,659 29,659 0.00 330 0.0057
2015-02-04 2014-12-31 13F PAN AMERICAN SILVER COM 697900108 0 -37,145 -100.00 0 -100.00
2014-10-24 2014-09-30 13F PAN AMERICAN SILVER COM 697900108 37,145 0 0.00 457 -24.84 0.0071
2014-08-08 2014-06-30 13F PAN AMERICAN SILVER COM 697900108 37,145 1,118 3.10 608 18.75 0.0094
2014-05-07 2014-03-31 13F PAN AMERICAN SILVER COM 697900108 36,027 3,884 12.08 512 28.32 0.0085
2014-02-03 2013-12-31 13F/A-1 PAN AMERICAN SILVER COM 697900108 32,143 -10,374 -24.40 399 -13.82 0.0068
2014-01-27 2013-12-31 13F PAN AMERICAN SILVER COM 697900108 32,143 399
2013-10-28 2013-09-30 13F PAN AMERICAN SILVER COM 697900108 42,517 -187 -0.44 463 -11.47 0.0085
2013-08-01 2013-06-30 13F PAN AMERICAN SILVER COM 697900108 42,704 42,704 523 0.0100
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.