• Pan American Silver average price/book ratio for 2023 was 1.1, a 32.1% increase from 2022.
• Pan American Silver average price/book ratio for 2022 was 1.62, a 19.4% decline from 2021.
• Pan American Silver average price/book ratio for 2021 was 2.01, a 8.64% decline from 2020.

Price/book ratio can be defined as