| Account | Shares | Price | Value | % of acct | Cost/sh | Gain $ | Gain % | Target |
|---|---|---|---|---|---|---|---|---|
| 401K | 89 | $52.62 | $4,683 | 0.19% | $55.80 | $-283 | -5.7% | — |
In short: Named as a company that would benefit from $150–200 silver ("what would that do to a company like… Pan American Silver"). Reference, not a detailed pick.
17:30But I think that $150 to $200 silver is something that people could be looking for on the horizon. So, what would that do to a company like Lumina Metals or Pan American Silver or even someone drilling for silver, the little companies? And I still will allocate a little bit of my capital to people that are drilling for these metals.
In short: Cited as Ross Beaty's track record — he "founded and built Pan American Silver" — evidence Beaty can take the build path, not just permit-derisk-sell.
Pan American Silver is a major silver miner that Ross Beaty founded and built. Pandoff cites it (with Equinox Gold) purely as evidence of Beaty's track record — proof that Beaty can take the "build a real mining company" path, not only the "permit it, de-risk it, and sell it" path. It's a credibility reference for the Lumina story, not a stock call.
29:14Ross has a long history as you know with de-risking and selling deposits but he also has a history of building mining companies. He obviously is the founder and built
29:22Pan American Silver. He founded and built Equinox Gold. And so he has two playbooks and we never know which playbook we're going to fit into. It's
In short: Hold, $54 target (+10.2% from $49.00) — implied gold of $3,867 levered is close to spot, leaving less mispricing; 14.5× 2026E P/E.
In short: "Easily my favorite silver stock" — ranks it a 4. Did a very good job assimilating the Yamana assets, but the real draw is unpriced optionality: two deposits (Guatemala, Argentina) with 500M+ oz of high-grade silver each (either, if politics permit, would double output), plus ~500M oz in the skarns beneath La Colorada. "More than any other silver company… has upside baked into the cake."
Pan American is Rule's favorite silver stock (a 4). The hidden value is "optionality" — deposits the company owns that aren't reflected in the share price because they can't be mined yet. It has two separate silver deposits (in Guatemala and Argentina) holding over half a billion ounces each; if local politics ever allow either to be developed, the company's silver output would double. There's another ~half-billion ounces sitting under an existing Mexican mine. You're effectively getting all that potential for free at today's price, which is why he says it has "upside baked into the cake" that the market ignores.
27:30I have to say I court conventional political risk and I indeed own Fresnillo. — All right. — Pan American Silver, PAAS on the New York Stock Exchange. — Pan American is easily my favorite silver stock. I have it as a four. They've done a very good job operationally, assimilating the portion of the assets that they bought from Yamana.
In short: Evidence the best producers print money through the rout: Q1 silver-segment all-in cost of just $6.63/oz (helped by gold by-product credits) — wide margins even at $70 silver, with demand only set to climb (clean tech to consume >1.5B oz of silver through 2030).
Pan American is one of the biggest silver miners. Prins's point: even though silver's price crashed this spring, the best miners are still very profitable. In the first quarter, Pan American's all-in cost to produce an ounce of silver was just $6.63 — partly because it also sells gold as a by-product that offsets costs. With silver still well above that even after the drop (and far above it at $70), the company earns fat margins.
She uses it as proof that the selloff was about traders raising cash, not about the mining business getting worse — and that demand is heading up (clean technology alone is forecast to use over 1.5 billion ounces of silver by 2030). So the cheaper share price is an opportunity, not a warning.
In short: Cited via the Ross Beaty story — Rule was "a major participant" in the early-2000s financing that saved a near-bankrupt Pan American before silver took off; 12 of 14 Beaty stocks went 10-to-1+. A backing-the-jockey endorsement.
Pan American comes up through a "bet on the person" story. In the early 2000s its founder, Ross Beaty, nearly went bankrupt with the company, raised just enough to survive, and then silver took off. Rule helped fund that rescue financing, and notes that 12 of the 14 companies he's backed alongside Beaty rose tenfold or more. The takeaway is an endorsement of management quality — backing a proven operator — as much as the stock itself.
3:39I did a conversation with Ross Beaty earlier and he reflected on Pan American — early 2000s when the move in gold and silver was just starting. He almost went bankrupt with Pan American Silver, raised a little money to keep it going, and then silver took off. I was a major participant in that financing. Backing Ross Beaty has always been like owning a few slot machines in Las Vegas. I've been in 14 different stocks with Ross Beaty, and 12 of the 14 have gone 10-to-1 or better. A superb track record.
In short: His pick for listeners without a taste for cartel risk — ~1B oz of high-grade silver (Navidad/Argentina + halted Escobal/Guatemala) the market gives "no credit" for; either deposit coming online would double its silver production.
Pan American is a big silver-and-gold miner, and Rule's pick for people who want silver exposure without taking on extreme risk. His core point: it owns two large undeveloped deposits — Navidad in Argentina and the halted Escobal mine in Guatemala — holding roughly a billion ounces of high-grade silver between them that the stock market currently assigns almost no value to.
If either one ever starts producing, it would double the company's silver output. He stresses the word "if" — these are stalled today — but you're effectively getting that upside for free at the current price.
27:05In other words, admit to a felony so that they can drive on. This is a fairly complex circumstance, but it's also the third or fourth or fifth best undeveloped silver deposit in the world. My preference for most of your listeners who don't have a taste for uh speculation that could involve murder uh would be to look at something like Pan-American sil Pan-American medals, pardon me.
In short: The lens for the silver question — he's bullish silver (~200M oz/yr deficit, ~3 yrs to stockouts; price "has to double") but expresses it through the producers he owns (→ Skeena), not necessarily PAAS.
Pan American is a big silver miner, used here as the jumping-off point for the silver question. He's very bullish on silver — the world uses ~200 million ounces more each year than mines produce, and the leftover above-ground stockpile runs out in about three years, so the price "has to double."
But he plays that view through the specific producers he already owns (pointing to Skeena), rather than necessarily through Pan American — hence the neutral stance on PAAS itself.
50:46I mean, if you can own a business like this at this valuation, history would tell you that you'll do very well buying it at this valuation. Let's talk silver. Um, has been a heartbreaking metal as it often is. Um, we're We've got it through the lens of Pan American Silver. A question from Marcus.
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