RBC Capital Reiterates Buy Rating on Pan American Silver (PAAS), Sets $45 Target

Pan American Silver Corp. (NYSE:PAAS) is one of the best silver mining stocks to invest in right now. On November 19, RBC Capital reiterated a Buy rating for Pan American Silver Corp. (NYSE:PAAS) and set a $45 price target. The update follows the company’s strong Q3 2025 performance, which featured record free cash flow.

During the quarter, the company’s revenue of $854.6 million missed the expected $860.78 million. Likewise, the adjusted EPS came in at $0.48, missing the $0.51 analyst estimates. But the misses aside, the company’s free cash flow hit a record $251.7 million. According to management, this surge came on the back of the integration of high-margin production from the newly acquired Juanicipio mine and strong metal prices.

Regarding operations, the company produced 5.5 million ounces of silver and 183,500 ounces of gold during the quarter. Management noted that while silver output benefited from a one-month contribution from the Juanicipio acquisition, gold production was slightly softer due to technical issues at the Cerro Moro and El Peñon mines.

And confident in its cash generation, the Board increased the quarterly dividend by approximately 16% to $0.14 per share. Management also lifted its full-year 2025 silver production guidance to 22.0–22.5 million ounces, citing the immediate positive impact of the Juanicipio integration.

Pan American Silver Corp. (NYSE:PAAS) is a Canadian mining company that acquires, explores, develops, and operates silver and gold mines throughout the Americas. Its main products are silver bullion and gold bullion extracted from high-grade underground and open-pit mines.

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Disclosure: None. This article is originally published at Insider Monkey.