Pan American Silver Achieves 2025 Production Guidance and Provides Guidance for 2026

Core Viewpoint - Pan American Silver Corp. reported strong preliminary production results for Q4 2025 and FY 2025, exceeding silver production guidance and providing optimistic forecasts for 2026 production and capital expenditures [2][4][19]. Production Results - Attributable silver production reached 22.8 million ounces for FY 2025, with a record 7.3 million ounces produced in Q4 2025, surpassing the updated guidance [2][4]. - Attributable gold production for FY 2025 was 742.2 thousand ounces, with 197.8 thousand ounces produced in Q4 2025, aligning with the annual guidance [4][6]. Financial Position - The estimated cash and short-term investments totaled $1,319 million at December 31, 2025, reflecting an increase of approximately $408 million from September 30, 2025 [4]. - Total available liquidity was estimated at $2,069 million at year-end 2025, with the revolving credit facility remaining undrawn [4]. 2026 Production Forecast - Attributable silver production is expected to be between 25.0 million to 27.0 million ounces, while attributable gold production is forecasted to be between 700.0 thousand to 750.0 thousand ounces [3][9]. - Silver Segment all-in sustaining costs (AISC) are projected to be between $15.75 and $18.25 per ounce, and Gold Segment AISC is expected to be between $1,700 and $1,850 per ounce [5][11]. Capital Expenditures - The company plans to invest between $515 million to $550 million in capital expenditures for 2026, with $320 million to $340 million allocated for sustaining capital and $195 million to $210 million for project capital [5][14]. - Key areas for project capital investment include optimization projects at Jacobina and development initiatives at La Colorada [14][16]. Exploration and Development - Approximately $132 million to $135 million is planned for exploration in 2026, with a focus on drilling 600,000 meters across various projects [15][16]. - The company aims to advance internal growth projects, including a phased development approach for La Colorada Skarn and optimization studies at Jacobina [3][14].