Pan American Silver delivered attributable silver production of 22.8 million ounces in 2025, representing an 8% year-over-year increase. The company achieved a quarterly record in Q4, producing 7.3 million ounces, driven by both existing operations and contributions from its newly acquired assets. This performance exceeded the midpoint of its guidance range and placed output at the upper end of its long-term portfolio plan.

The integration of the Juanicipio mine, acquired in mid-2025, was seamless and immediately accretive to production. Juanicipio contributed over 3.5 million ounces of silver in its first full year under Pan American Silver’s management, offsetting depletion at older operations. Operational costs at the site were in line with forecasts, supporting a consolidated all-in sustaining cost estimate within the company’s targeted $24–$26 per ounce range.

By meeting both its fourth quarter and full-year production targets, Pan American Silver reinforced its commitment to operational discipline. The company will publish audited financial and operating results on February 18, 2026, offering detailed metrics on revenue, cash flow and unit costs. Management has reaffirmed its 2026 production guidance of 24.0–25.5 million ounces, reflecting modest growth over the prior year’s output.

With a market capitalization above $21 billion, Pan American Silver remains one of the largest pure-play silver producers globally. Its diversified asset base across North and South America, combined with successful project execution, underpins investor confidence. Analysts note that stable cost performance and pipeline expansions, including exploration programs in Peru and Mexico, position the company to capitalize on sustained silver demand.