Pan American Silver delivered a standout performance in 2025, producing 22.8 million ounces of silver, an 8% year-over-year increase that exceeded its updated guidance range of 21.5 to 22.5 million ounces. The company set a new quarterly record in Q4 with attributable silver output of 7.3 million ounces, driven primarily by ramp-up at the Juanicipio mine following its acquisition in mid-2024. Management reaffirmed its 2026 production target of 23.0 to 24.0 million ounces of silver and maintained full-year mining and processing cost guidance of $12.50 to $13.00 per ounce of silver produced.

The Juanicipio joint venture contributed 4.1 million ounces of silver in the fourth quarter alone, representing a 65% increase over the prior quarter and underscoring the success of integration efforts. Production from existing operations also improved, with the Dolores and La Colorada mines posting combined silver output of 3.2 million ounces in Q4, up 5% sequentially. Underground development at the Shahuindo gold-silver project accelerated, with development meters increasing by 20% year-over-year, positioning the mine for higher plant throughput in H2 2026.

Pan American Silver closed 2025 with a cash position of $435 million and undrawn credit facilities totaling $600 million, providing ample liquidity for capital expenditures and exploration. The company plans to invest $250 million in sustaining projects and $90 million in brownfield exploration this year, targeting resource expansion at La Colorada Skarn and Escobal. With net debt of $1.15 billion, the debt/EBITDA ratio stood at 1.8× at year-end, well within the covenant threshold of 2.5×. Management will publish audited full-year results on February 18, 2026, offering further detail on margin trends and free cash flow generation.