Pan American Silver posts $3.62B 2025 revenue with 8% silver output rise
Pan American Silver delivered record 2025 revenues of $3.62 billion, up 28.4%, including $1.18 billion in Q4, driven by 22.8 million ounces of silver produced, an 8% increase year-over-year. The company’s September MAG Silver acquisition boosted its silver reserve base and 2026 guidance targets 25–27 million ounces.
1. Record 2025 Revenues and Production
Pan American Silver reported record revenues of $3.62 billion for 2025, up 28.4% from the prior year. Fourth-quarter revenues reached $1.18 billion, supported by a record 7.3 million ounces of silver output and total annual silver production of 22.8 million ounces, an 8% year-over-year gain.
2. Acquisition Boosts Silver Reserves
The early September acquisition of MAG Silver granted Pan American Silver a 44% stake in the high-grade Juanicipio project in Zacatecas. This transaction significantly expanded the company’s silver reserve base and reinforced its position among the world’s leading silver producers.
3. 2026 Production Guidance and Outlook
Pan American Silver forecasts 25–27 million ounces of silver production in 2026, implying a 14% increase at the mid-point, alongside gold output of 700–750 thousand ounces. Management expects these higher volumes to drive continued revenue growth and strengthen margins next year.