Pan American Silver (PAAS) reported preliminary results showing it surpassed its 2025 silver production guidance while meeting its gold targets, helped by strong fourth-quarter output and solid performance from the Juanicipio mine.
The company said that the attributable silver production reached 22.8 million ounces for the year, including a record fourth quarter, while gold production totaled 742,200 ounces. The company also ended 2025 with a strengthened balance sheet, supported by higher metal prices and improved operating margins.
Juanicipio contributed more than expected following its acquisition, adding both higher silver volumes and a $44 million dividend, while other operations delivered a strong finish to the year as planned.
Thus, Pan American is planning to increase production in 2026, forecasting 25 million to 27 million ounces of silver and 700,000 to 750,000 ounces of gold, with margins expected to expand. Planned capital spending will focus on advancing growth projects, mine optimization and exploration, reflecting management's confidence in cash flow generation and long-term growth prospects.
Tuesday, PAAS closed at $58.62, up 6.2%, and is trading 0.54% higher at $58.94 on the NYSE.
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