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Pan American Silver has approved a $146-million first phase of what it is calling the Timmins Camp Project, a phased plan to grow gold production and extend mine life at its Timmins operations in Ontario by tying the existing Bell Creek and Timmins West mines together with a series of nearby satellite deposits.
The first phase, approved by the company's board, funds a 625-metre deepening of the Bell Creek mine shaft, an 814-metre drift to access the Vogel deposit, and a 1.3-kilometre exploration drift to access the Samson deposit. Pan American said the initial 2026 spending is already inside its current Timmins project capital guidance of $40 million to $43 million, with no change to corporate guidance.
"With significant installed processing capacity and infrastructure already in place, projects such as the Bell Creek shaft extension and the Vogel and Samson access drifts allow the development of new mineral resources and position Timmins for future production growth and extended mine life," said president and CEO Michael Steinmann. "The potential phased development and integration of the satellite deposits would transform Timmins into a long-life Canadian production platform."
Pan American currently operates two underground mines about 34 km apart in the camp — the Timmins West mine and the Bell Creek mine — both feeding the Bell Creek processing plant. The plant is designed for roughly 5,600 tonnes per day, with current throughput of about 4,400 tpd, leaving meaningful spare capacity that the Timmins Camp Project is designed to fill over time.
The Bell Creek shaft extension would deepen the existing shaft from 1,080 m to 1,705 m below surface, unlocking deeper mineralization identified by recent drilling. On-site work is expected to start in July 2026, with commissioning targeted for the first half of 2029. The company expects the deeper shaft to lower haulage and ventilation costs and reduce CO₂ emissions at depth, and to anchor a district-scale integrated mine plan over the coming years.
Below the existing 1,925-metre reserve floor, Pan American has drilled 16,814 m of a planned 48,000 m exploration program that began in 2023. The drilling has defined two mineralized shoots roughly 100 m apart, splitting the main body into eastern and western extents with strong continuity down to the 2,600 Level. Highlights from January 2025 to April 2026 include 18.6 m at 3.06 g/t gold together with 9.8 m at 5.00 g/t in BC1495-5934B-EX; 9.4 m at 3.69 g/t plus 5.9 m at 5.32 g/t in BC1495-5934D; 7.4 m at 2.88 g/t plus 3.5 m at 8.49 g/t in BC1495-5934C-LR; and 6.2 m at 3.50 g/t plus 4.0 m at 5.65 g/t in BC1495-5931C.
The Vogel deposit, about 1.5 km east-southeast of Bell Creek, was remodelled in 2025 as an underground-only target after previously being assessed as an open pit with an underground component beneath. Twenty-eight holes totalling 12,429 m drilled between October 2025 and March 2026 extended mineralization down-dip and into thicker, higher-grade zones than previously modelled. The 814 m access drift from the Bell Creek 610 Level began in April 2026, and underground drilling is expected in the second half of the year. Vogel's June 30, 2025 resource stands at 61,000 ounces indicated (0.5 Mt at 3.60 g/t Au) and 135,000 ounces inferred (1.2 Mt at 3.52 g/t Au), down to 400-450 m below surface. Drill highlights since December 2025 include 19.9 m at 8.11 g/t gold — including a 1.7 m intercept at 77.74 g/t — in V-26-117A, 10.5 m at 8.82 g/t in V-25-102, and 9.0 m at 8.73 g/t (including 2.2 m at 29.33 g/t) in V-26-119.
The Samson deposit, formerly known as 144 South, sits about 3.3 km southwest of the Timmins West mine shaft. A 1.3 km exploration drift on the 820 Level began in 2025 from the southwest end of existing Timmins West infrastructure. More than 60,000 m of drilling between 2013 and 2026 — much of it historical Lake Shore Gold work — has improved geological confidence and tested deep, down-plunge and lateral extensions, along with a gap between previously known upper and lower zones. As of June 30, 2025, Samson was reported under the Timmins West mine and is estimated to contain 118,000 inferred ounces (1.7 Mt at 2.20 g/t Au), centred at roughly 800 m below surface.
The largest of the satellite deposits, Gold River, sits about 3.6 km southeast of Timmins West and is estimated at 117,000 ounces indicated (0.7 Mt at 5.29 g/t Au) and 1.03 million ounces inferred (5.3 Mt at 6.06 g/t Au). Historical drilling — much of it by Tahoe Resources between 2017 and 2019 across 151 holes and 66,253 m — returned intercepts up to 107.62 g/t gold over 2.0 m (including 896 g/t over 0.2 m). Mineralized zones have been delineated over a 3.3 km strike length and remain open at depth. Pan American has been advancing metallurgical and engineering work for Gold River, recently completing a scoping-level assessment that contemplates adding flotation and pressure-oxidation circuits to the Bell Creek plant to treat the deposit's refractory mineralization.
The company also continues to advance the Whitney project, in which it holds an 84.26% interest about 4.5 km south of Bell Creek, and maintains district exposure through its strategic investment in Galleon Gold, owner of the West Cache project next door to Timmins West.
Pan American plans to drill about 118,000 m at Timmins in 2026, focused on near-mine exploration and resource conversion, and intends to publish an update to mineral reserves and resources for Timmins, Vogel and Gold River as of June 30, 2026, alongside its corporate-wide update in the third quarter.