Pan American Silver Earns $980M, Generates $1.2B Cash Flow and Discovers High-Grade Veins
Pan American Silver posted 2025 net earnings of $980 million and $1.2 billion in free cash flow while producing 22.8 million ounces of silver. Exploration at La Colorada discovered at least four new high-grade veins with silver assays above 1,000 g/t in 40% of drill holes.
1. Strong 2025 Financial Performance
Pan American Silver achieved net earnings of $980 million in 2025, with Q4 contributing $452 million. The company generated $1.2 billion in free cash flow and ended the year with approximately $1.3 billion in cash and short-term investments, driven by higher metal prices and operational efficiency, while recording an all-in sustaining cost of $13.88 per ounce of silver.
2. 2026 Outlook and Development Plans
For 2026, silver production is forecast at 25 to 27 million ounces, with gold output of 700,000 to 750,000 ounces. A phased development plan for the La Colorada Skarn project targets higher-grade zones to reduce initial capital intensity, with a preliminary economic assessment expected in Q2 2026. The Escobal mine remains suspended pending local government consultation.
3. La Colorada Exploration Breakthroughs
Drilling between November 2025 and January 2026 in the southeastern Candelaria zone intercepted four new veins (Filomena, Nicolasa, Bernardina, Josefina) over a combined 500-metre strike and vertical extent. Wide mineralized intercepts included assays above 1,000 g/t silver in 40% of holes across 17,774 metres in 38 holes, underpinning potential resource additions ahead of the June 30, 2026 update.