Pan American Silver exceeds 2025 production guidance, sets 2026 targets

Pan American Silver Corp. (NYSE: PAAS) reported preliminary 2025 production results that exceeded guidance and provided forecasts for 2026 operations.

The company produced 22.8 million ounces of attributable silver in 2025, surpassing its updated annual guidance range, with a record 7.3 million ounces produced in the fourth quarter. Gold production totaled 742.2 thousand ounces for the year, falling within the annual guidance range.

The Juanicipio mine, acquired in September 2025, contributed 2.5 million ounces of silver since acquisition and provided a $44 million dividend in December. Cash and short-term investments are estimated at $1.319 billion at December 31, 2025, representing an increase of approximately $408 million from September 30, 2025.

"Silver production in 2025 exceeded the top end of our guidance range," said Michael Steinmann, President and Chief Executive Officer. "The increase in our estimated year-end 2025 cash balance reflects strong silver and gold production and expanded operating margins from the increase in metal prices in Q4."

For 2026, Pan American forecasts attributable silver production between 25.0 million and 27.0 million ounces, with gold production expected between 700.0 thousand and 750.0 thousand ounces. Silver segment all-in sustaining costs are projected at $15.75 to $18.25 per ounce, while gold segment costs are estimated at $1,700 to $1,850 per ounce.

Capital expenditures for 2026 are expected to total $515 million to $550 million, comprising $320 million to $340 million of sustaining capital and $195 million to $210 million of project capital. The company plans to invest in growth projects including a new phased development approach for the La Colorada Skarn and vein mine.

Pan American will release its audited financial results for Q4 2025 and full year 2025 on February 18, 2026, after market close, according to the press release statement.

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