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

Production Performance - Pan American Silver Corp. produced 22.8 million ounces of silver in 2025, an 8% increase from 2024, with a record fourth-quarter output of 7.3 million ounces driven by the Juanicipio mine [1][8] - The company produced 742.2 thousand ounces of gold in 2025, a 17% decrease year over year, with fourth-quarter gold production at 197.8 thousand ounces [2] - Zinc production rose 24.2% to 55.9 thousand tons, and lead production increased 28.6% to 27 thousand tons in 2025, while copper production fell 40% to 3 thousand tons [2] Financial Position - As of December 31, 2025, the company had cash and short-term investments of $1.32 billion, up from $408 million on September 30, 2025, excluding an additional $127 million from its 44% investment in Juanicipio [3] - Total available liquidity at the end of 2025 was $2.07 billion, strengthening the company's balance sheet [3][8] Future Outlook - For 2026, the company expects silver production between 25 million and 27 million ounces and gold production between 700 thousand and 750 thousand ounces [4] - Planned capital expenditure for 2026 is estimated to be between $515 million and $550 million [4] Peer Comparison - Endeavour Silver Corp. produced 3.8 million AgEq in Q4 2025, a 143% increase year over year, with consolidated silver production up 146% to 2.03 million ounces [5] - First Majestic Silver Corp. reported total production of 7.8 million AgEq ounces in Q4 2025, including a record 4.2 million silver ounces, marking a 37% year-over-year increase [6] Stock Performance - PAAS shares increased by 171.8% over the past year, compared to the industry's 215.4% rise [7]