• Pan American Silver average debt/equity ratio for 2023 was 0.18, a 350% decline from 2022.
• Pan American Silver average debt/equity ratio for 2022 was 0.04, a 300% increase from 2021.
• Pan American Silver average debt/equity ratio for 2021 was 0.01, a 85.71% increase from 2020.

Debt/equity ratio can be defined as a measure of a company's financial leverage calculated by dividing its long-term debt by stockholders' equity.