Pan American Silver’s fourth-quarter silver production rose to 7.3 million ounces, marking a 20.9% year-over-year increase driven largely by higher output at the Juanicipio mine. The company set its 2026 silver guidance at 25–27 million ounces, up from 22.8 million ounces in 2025, reflecting ongoing capacity expansions and ramp-ups across key assets.

Silver segment all-in sustaining costs fell to $9.51 per ounce in the quarter, down from $19.88 a year earlier, as improved grades and operational efficiencies took effect. Gold segment costs rose to $1,699 per ounce, reflecting production shifts at Dolores and Minera Florida, as well as divestment impacts from La Arena.

Record free cash flow of $553 million in the fourth quarter boosted Pan American’s cash and short-term investments balance to $1.3 billion, up from prior levels. The company exited the period with working capital of $1.38 billion and maintained $750 million available under its credit facility, underpinning liquidity and capital flexibility.

Leveraging strong cash generation, Pan American Silver raised its quarterly dividend by 29% to $0.18 per share, enhancing shareholder yield. While silver production momentum supports the outlook, lower gold output guidance of 700–750 thousand ounces in 2026 and rising gold costs present challenges for overall earnings growth.