PAN AMERICAN SILVER (PAAS) Company Report

Analyst Coverage

Research analysts who have asked questions during PAN AMERICAN SILVER earnings calls.

Cosmos Chiu

CIBC World Markets

5 questions for PAAS

Also covers: AGI, EGO, FNV +5 more

Ovais Habib

Scotiabank

4 questions for PAAS

Also covers: AGI, BTG, SSRM

Don DeMarco

National Bank Financial

3 questions for PAAS

Also covers: AAUCF, AGI, ARMN +7 more

Fahad Tariq

Jefferies Financial Group

2 questions for PAAS

Also covers: AEM, ERO, FNV +6 more

Lawson Winder

Bank of America

2 questions for PAAS

Also covers: AA, AEM, CCJ +21 more

Adrian Day

Adrian Day Asset Management

1 question for PAAS

Also covers: AU, FSM, OR

Latest news

Recent press releases and 8-K filings for PAAS.

Pan American Silver announces 2025 production results and 2026 guidance

PAAS

Earnings

Guidance Update

New Projects/Investments

Pan American Silver Corp. exceeded its updated annual guidance for attributable silver production in FY 2025, reaching 22.8 million ounces, while attributable gold production was 742.2 thousand ounces, within guidance.
The company reported a strong financial position at December 31, 2025, with estimated cash and short-term investments totaling $1,319 million and total available liquidity at $2,069 million.
For 2026, the company forecasts attributable silver production between 25.0 million to 27.0 million ounces and attributable gold production between 700.0 thousand to 750.0 thousand ounces.
All-in sustaining costs (AISC) for 2026 are projected to be between $15.75 and $18.25 per ounce for the Silver Segment and between $1,700 and $1,850 per ounce for the Gold Segment.
Total capital expenditures for 2026 are expected to range from $515 million to $550 million, including $320 million to $340 million in sustaining capital and $195 million to $210 million in project capital.

Jan 20, 2026, 11:05 PM

6-K

Pan American Silver Announces 2025 Production Results and 2026 Guidance

PAAS

Guidance Update

New Projects/Investments

Earnings

Pan American Silver exceeded its updated annual guidance for attributable silver production in 2025, reaching 22.8 million ounces, and met its gold production guidance with 742.2 thousand ounces.
The company reported a strong financial position at December 31, 2025, with estimated cash and short-term investments of $1,319 million and total available liquidity of $2,069 million.
For 2026, Pan American Silver forecasts attributable silver production between 25.0 million and 27.0 million ounces and gold production between 700.0 thousand and 750.0 thousand ounces.
Expected capital expenditures for 2026 are between $515 million and $550 million, with Silver Segment all-in sustaining costs (AISC) projected at $15.75 to $18.25 per ounce and Gold Segment AISC at $1,700 to $1,850 per ounce.

Jan 20, 2026, 10:05 PM

Press Release

Pan American Silver Acquires Stake in Galleon Gold Corp.

PAAS

M&A

New Projects/Investments

Pan American Silver Corp. (PAAS) has acquired 18,750,000 units of securities of Galleon Gold Corp. (GGO) for C$0.60 per unit, with each unit consisting of one common share and one-half of one common share purchase warrant.
Following this acquisition, Pan American Silver now owns approximately 14.7% of Galleon's outstanding common shares on a non-diluted basis and approximately 29.7% on a partially diluted basis, which includes an existing C$8,000,000 convertible debenture issued on August 13, 2025.
Pan American Silver has agreed not to convert its debenture or exercise warrants if it would result in owning more than 19.9% of outstanding common shares, pending approval from Galleon's disinterested shareholders.
The acquisition was made for investment purposes, indicating a long-term view of the investment.

Dec 5, 2025, 5:22 PM

6-K

Pan American Silver's Juanicipio Project Details Mineral Reserves and Economic Projections

PAAS

New Projects/Investments

Guidance Update

Pan American Silver Corp (PAAS) holds a 44% interest in the Juanicipio Property, with Fresnillo plc as the operator. The project achieved commercial production in mid-2023 and reached its nameplate processing capacity of 4,000 tonnes per day in Q3 2023.
As of May 31, 2023, the Juanicipio mine reports 15.36 million tonnes of combined Proven and Probable Mineral Reserves, with average grades of 1.58 g/t Au, 248 g/t Ag, 2.64% Pb, and 4.80% Zn.
The project has a projected 13-year operating life (starting June 1, 2023) with an estimated post-tax Net Present Value (NPV) of $1,224 million at a 5% discount rate. Total remaining project and sustaining capital costs are estimated at $453 million.
Life-of-mine average operating costs are projected at $85.85 per tonne of ore.

Dec 3, 2025, 6:30 PM

6-K

Pan American Silver Provides 2025 Year End Exploration Update

PAAS

New Projects/Investments

Pan American Silver released its 2025 Year End Exploration Update, detailing its ongoing strategy to replace and grow mineral resources across its operating mines.
The company drilled 333,830 metres between November 1, 2024, and October 30, 2025, which represents 70% of the total 540,000 metres planned for 2025.
Key exploration highlights include the potential to expand resources at Jacobina, the identification of new mineralized structures at El Peñón, and the addition of an estimated 52.7 million ounces of inferred silver mineral resources at La Colorada.

Dec 1, 2025, 10:22 PM

6-K

Pan American Silver Reports Record Q3 2025 Revenue and Free Cash Flow, Increases Dividend

PAAS

Earnings

M&A

Dividends

Pan American Silver achieved record attributable revenue of $884.4 million and record attributable free cash flow of $251.7 million in Q3 2025.
The company completed its acquisition of MagSilver on September 4, with the one-month contribution from its 44% interest in the Juanicipio mine already demonstrating a positive impact on lowering costs and improving margins.
Attributable silver production guidance was raised to 22-22.5 million ounces, and silver segment all-in sustaining costs were lowered to $14.50-$16 per ounce to incorporate Juanicipio's contribution.
The board approved an increase to the dividend to $0.14 per common share for Q3 2025, a discretionary decision driven by strong cash flow generation.
The company made progress on key projects, including adding 52.7 million ounces of silver to the inferred mineral resource at La Colorada and advancing optimization studies at Jacobina.

Nov 13, 2025, 4:00 PM

Transcript

Pan American Silver Reports Record Q3 2025 Financial Results and Updates Guidance

PAAS

Earnings

Guidance Update

M&A

Pan American Silver reported record attributable revenue of $884.4 million and record attributable free cash flow of $251.7 million for Q3 2025, with net earnings of $169.2 million or $0.45 basic earnings per share.
The company completed the acquisition of MAG Silver on September 4th, 2025, and the one-month contribution from its 44% interest in the Juanicipio Mine significantly impacted Q3 results, leading to lower costs and improved margins.
Attributable silver production guidance for 2025 was raised to 22 million ounces - 22.5 million ounces, and silver segment all-in sustaining costs were lowered to $14.50 - $16 per ounce, primarily due to Juanicipio's contribution.
The board approved an increase to the dividend to $0.14 per common share for Q3 2025, reflecting strong cash flow generation.
Exploration at La Colorada added 52.7 million ounces of silver to the inferred mineral resource, and a phased development approach for the La Colorada Skarn project is underway, with a PEA expected in Q2 2026.

Nov 13, 2025, 4:00 PM

Transcript

Pan American Silver Reports Record Q3 2025 Financial Results and Updates Guidance

PAAS

Earnings

Guidance Update

M&A

Pan American Silver reported record attributable revenue of $884.4 million, record attributable free cash flow of $251.7 million, and record attributable cash flow from operations of $323.6 million for Q3 2025.
Following the completion of the MagSilver acquisition on September 4, 2025, the company raised its attributable silver production guidance to 22-22.5 million ounces and lowered silver segment all-in sustaining costs to $14.50-$16 per ounce for 2025.
The board approved an increase to the dividend to $0.14 per common share for Q3 2025, citing strong cash flow generation as the reason for this departure from the dividend policy.

Nov 13, 2025, 4:00 PM

Transcript

Pan American Silver Corp. Reports Strong Q3 2025 Results and Completes MAG Silver Acquisition

PAAS

Earnings

M&A

Guidance Update

Pan American Silver Corp. reported record Attributable revenue of $884.4 million, net earnings of $169.2 million, and $0.45 basic earnings per share for Q3 2025.
The company completed the acquisition of MAG Silver Corp. on September 4, 2025, securing a 44% interest in the Juanicipio mine.
Attributable production for Q3 2025 included 5.5 million ounces of silver at a Silver Segment All-In Sustaining Cost (AISC) of $15.43 per ounce, and 183.5 thousand ounces of gold at a Gold Segment AISC of $1,697 per ounce.
Pan American updated its 2025 guidance, increasing Attributable silver production to between 22.0 and 22.5 million ounces and decreasing Silver Segment AISC to between $14.50 and $16.00 per ounce.
As of September 30, 2025, the company held $910.8 million in cash and short-term investments and declared a cash dividend of $0.14 per common share for Q3 2025.

Nov 12, 2025, 10:09 PM

6-K

Pan American Silver Reports Strong Q3 2025 Results, Raises Silver Production Guidance, and Increases Dividend

PAAS

Earnings

Guidance Update

Dividends

Pan American Silver reported record Attributable free cash flow of $251.7 million and record Attributable revenue of $884.4 million for Q3 2025, with net earnings of $169.2 million or $0.45 basic earnings per share.
The company declared an increased cash dividend of $0.14 per common share for Q3 2025, payable around December 5, 2025.
Following the acquisition of MAG Silver, Pan American Silver is increasing its 2025 silver production guidance to between 22.0 and 22.5 million ounces and decreasing Silver Segment All-In Sustaining Costs (AISC) to between $14.50 and $16.00 per ounce.
As of September 30, 2025, the company held cash and short-term investments of $910.8 million, with total available liquidity of $1,660.8 million and total debt of $857.0 million.