Cerro Moro

Pan American Silver Corp.
Santa Cruz




2015 / 10 / 27




20% Ag up to a maximum of 1.2 Mozs of silver annually, until 7.0 Mozs are delivered; then

9% Ag for the life of the mine

Ongoing Payment:

30% of spot

The Cerro Moro silver-gold deposit is located within the Deseado Massif approximately 70 km southwest of the coastal port city of Puerto Deseado in the Santa Cruz province of Argentina. Cerro Moro contains a number of high-grade epithermal gold and silver deposits, some of which will be mined via open pit and some via underground mining methods. The plant has the capacity to process 1,000 tpd and consists of a crushing, grinding and flotation circuit.

The Proven and Probable Reserve estimate as of June 30, 2023 is 1.2 Mt with an average grade of 276 g/t silver for 11.3 Moz and 7.4 g/t gold for 301,900 ounces. The Reserve NSR cut-off values are $210.71/t (underground) and $124.72/t (open-pit) based on $1,600/oz gold and $19.00/oz silver.

On June 26, 2018, Yamana declared commercial production and in January 2019, Sandstorm began purchasing silver ounces from Cerro Moro. Following completion of the Yamana acquisition on March 31, 2023, production for the remainder of the year was 3.55 Moz of silver and 84.6 koz of gold. In 2023, Pan American invested $25.4 million in sustaining capital, primarily on near-mine exploration, underground mine development and mine equipment replacements and refurbishments.

Recent Activity

    April 2024

    Cerro Moro is forecast to produce between 3.2 to 3.5 Moz of silver and 93.0 to 115.0 koz of gold, reflecting mine sequencing into lower silver grade ores in 2024.

    March 2023

    Pan American completed the acquisition of Yamana Gold’s producing mines in South America, including the Cerro Moro mine.

Use the link below to browse a list of available technical reports for the projects within Sandstorm’s portfolio. For the most up-to-date information on each project, please refer to the project operator or developer.

Investor Presentation

Download the latest Investor Presentation to learn why Sandstorm is a gold investment that stands out from the rest.


Asset Handbook

With over 230 royalties acquired since 2009, we offer an exciting investment opportunity in a diverse portfolio of royalty assets. Discover all of Sandstorm’s royalties around the globe.


Annual Report

Our 2023 Annual Report includes our annual Financial Statements and Management Discussion & Analysis and a letter from Sandstorm’s President & CEO.


Sustainability Report

Learn more about Sandstorm’s approach to sustainability including our due diligence process, mining partnerships, and employee engagement.