Pan American Silver Reports Y/Y Increase in '25 Silver Production

Pan American Silver Corp. PAAS produced 22.8 million ounces of silver in 2025, up 8% from 2024. The consolidated silver production came within PAAS's expected 22-25 million ounces for the year. Pan American Silver’s fourth-quarter silver output was a record 7.3 million ounces, driven by the addition of the Juanicipio mine.

The Juanicipio mine has produced 2.5 million ounces of silver since its acquisition.

The company produced 742.2 thousand ounces of gold in 2025, which came within its expectations. Gold production in 2025 decreased 17% year over year. The fourth-quarter gold production was 197.8 thousand ounces.

PAAS also reported a year-over-year increase in zinc and lead production in 2025, where zinc production rose 24.2% to 55.9 thousand tons and lead increased 28.6% to 27 thousand tons. 

Pan American Silver’s 2025 copper production was 3 thousand tons, down 40% year over year.

PAAS’ Cash Position

As of Dec. 31, 2025, the company had cash and short-term investments of $1.32 billion. This marked a rise from $408 million held on Sept. 30, 2025. This amount excludes an additional $127 million of cash attributable to PAAS’ 44% investment in Juanicipio.

At the end of 2025, Pan American Silver had a total available liquidity of $2.07 billion.

Pan American Silver’s 2026 Outlook

For 2026, the company expects silver production between 25 million and 27 million ounces. Gold Production is guided between 700 thousand and 750 thousand ounces. 

PAAS aims to invest $515-$550 million in capital expenditure in 2026.

PAAS’ Peer Performance in Q4

Endeavour Silver Corp. EXK produced 3.8 million AgEq in the fourth quarter of 2025. This reflected an 143% upsurge from the year-ago quarter, driven by the addition of the Kolpa operation in May 2025. Consolidated silver production soared 146% year over year to 2.03 million ounces. EXK’s total gold production in the quarter grew 52% year over year to 13,785 ounces.

First Majestic Silver Corp. AG announced that its total production reached 7.8 million silver-equivalent (AgEq) ounces in the fourth quarter of 2025. The figure includes a record 4.2 million silver ounces and 41,417 gold ounces. It also includes 14.2 million pounds of zinc, 8.1 million pounds of lead and 235,886 pounds of copper. The AgEq ounces produced marked a solid 37% year-over-year increase, attributed to a 77% surge in silver production.

Pan American Silver Stock’s Price Performance

PAAS shares have skyrocketed 171.8% over the past year compared with the industry's 215.4% upsurge.

PAAS’s Zacks Rank & Another Key Pick

The company currently flaunts a Zacks Rank #1 (Strong Buy). 

Another top-ranked stock from the basic materials space is Agnico Eagle Mines AEM. AEM also presently sports a Zacks Rank #1. You can see the complete list of today’s Zacks #1 Rank stocks here.

The consensus estimate for Agnico Eagle Mines’ 2025 earnings is pegged at $7.77 per share. The estimate indicates year-over-year growth of 83.6%. It has an average trailing four-quarter earnings surprise of 11.6%. Agnico Eagle Mines’ shares have surged 107.6% in a year.

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This article originally published on Zacks Investment Research (zacks.com).

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