Pan American Silver delivered an 8% year-over-year increase in attributable silver production for 2025, reaching 22.8 million ounces compared with 21.1 million ounces in the prior year. The company set a new quarterly record in Q4 with 7.3 million ounces of silver produced, driven primarily by strong ramp-up at the Juanicipio joint venture in Mexico. Silver output from Juanicipio exceeded initial forecasts by 15%, positioning the asset among the highest-margin operations in Pan American’s portfolio.

The miner successfully met its full-year and fourth-quarter production guidance ranges for both silver and gold, reinforcing management’s reputation for delivery reliability. All five core silver operations—La Colorada, Dolores, Manantial Espejo, Alamo Dorado and Juanicipio—finished the year within or above their individual targets. Total gold production remained stable at 473,000 ounces, in line with the original framework, supporting consolidated cash flow expectations for 2026.

With a market capitalization of approximately $21.2 billion and average daily trading volume of 4.5 million shares, Pan American Silver retains a prominent position in the silver-mining sector. The company will publish its audited full-year financial results on February 18, 2026, offering further insights into cost management, capital expenditure plans and free-cash-flow generation. Management reiterated plans to allocate excess cash to high-return brownfield expansions and to maintain a progressive dividend policy, targeting a payout ratio of 30–40% of net earnings.