Looking at the 5 year correlation between PAAS and SLV there is a 100%+ divergence (In SLV's favor). Yes, Pan American management has made some mistakes, but I have to believe they are smart enough to "buy low" and ratchet up a share buyback program! Look at the silver prices the last time PAAS was around the $10 level:
September 2003 $ 6.30
November 2008 $10.80
October 2013 $22.40
There is enough cash to bring that float down a little from above the 150 million share level. Issue a little debt or temporarily suspend the dividend to do it if you must. Unless there is a bombshell about to hit this stock that insiders know about then why wouldn't we buy back shares at decade lows?