Pan American Silver (PAAS) said Monday its board has approved a roughly $146 million investment for the first phase of its plan to develop new mineral resources to potentially expand its Timmins operation in Ontario, Canada.

The investment will be used for a 625-meter shaft extension at Bell Creek, an 814-meter drift to access the Vogel deposit, and a 1.3-kilometer exploration drift for the Samson deposit, the company said.

Pan American said it will not change its 2026 guidance as the initial spending has already been included in its planned project capital for Timmins.

The Bell Creek shaft extension project is expected to begin construction in July and targeted to be commissioned in H1 of 2029, the company said.

The company said it plans about 118,000 meters of drilling in 2026 and expects updated resource estimates in mid-2026 and a corporate-wide update in Q3.

Shares of Pan American were down more than 1% in premarket activity Monday.