• Pan American Silver average operating margin for 2023 was -5.49%, a 456.49% decline from 2022.
• Pan American Silver average operating margin for 2022 was 1.54%, a 92.27% decline from 2021.
• Pan American Silver average operating margin for 2021 was 19.92%, a 76.44% decline from 2020.

Operating margin can be defined as operating margin measurement of what proportion of a company's revenue is left over after paying for variable costs of production such as wages, raw materials, etc.