Pan American Silver reported attributable silver output of 22.8 million ounces in 2025, representing an 8% year-over-year increase and landing squarely within the company’s revised guidance range of 22.5–23.0 million ounces. The full-year result was supported by optimized milling rates at La Coipa and Almaden, as well as incremental contributions from the newly acquired Morococha project in Peru.

In Q4 2025, Pan American Silver achieved a quarterly production record of 7.3 million ounces of silver, driven primarily by strong operational performance at its 56%-owned Juanicipio joint venture. Improved mine sequencing and higher head grades delivered a 12% increase in attributable silver output compared with the year-ago quarter, while unit cash costs fell by 5% sequentially to $9.40 per ounce.

The company affirmed that it met its full-year production and cost guidance, reinforcing management’s credibility with investors. Capital expenditures for the year totaled $280 million, in line with the lower half of the guidance range. Pan American Silver plans to release its audited financial statements and detailed operating results on February 18, 2026, when investors will gain further insight into fourth-quarter cost performance, capital allocation and 2026 guidance assumptions.