• Pan American Silver average return on tangible equity for 2023 was -6.57, a 67.18% decline from 2022.
• Pan American Silver average return on tangible equity for 2022 was -3.93, a 145.12% increase from 2021.
• Pan American Silver average return on tangible equity for 2021 was 8.71, a 180.97% decline from 2020.

Return on tangible equity can be defined as the amount of net income returned as a percentage of shareholders equity, after subtracting intangible assets, goodwill and preferred equity.