Pan American Silver 2025Q2 白银产量环比增加 1.8%至 158.44 吨，净利润环比增长 12.0%至 1.896 亿美元

Investment Rating - Industry Rating: Recommended [4] Core Insights - The report highlights a 1.8% quarter-on-quarter increase in silver production to 509.4 thousand ounces (158.44 tons) in Q2 2025, with a year-on-year increase of 11.5% [1][2] - Net profit for Q2 2025 reached $189.6 million, a 12.0% increase from the previous quarter, recovering from a loss of $21.4 million in the same period last year [6][12] - The average realized price for silver in Q2 2025 was $32.91 per ounce, reflecting a 5.3% quarter-on-quarter increase and a 17.0% year-on-year increase [1][12] Production and Financial Performance Silver - Q2 2025 silver production: 509.4 thousand ounces (158.44 tons), up 1.8% quarter-on-quarter and 11.5% year-on-year [1] - Total sustaining cost (AISC) for silver: $19.69 per ounce, up 41.2% quarter-on-quarter and 8.7% year-on-year [1] - Average realized price: $32.91 per ounce, up 5.3% quarter-on-quarter and 17.0% year-on-year [1] Gold - Q2 2025 gold production: 17.87 thousand ounces (5.56 tons), down 1.9% quarter-on-quarter and 18.9% year-on-year [2] - Total sustaining cost (AISC) for gold: $1,611 per ounce, up 8.5% quarter-on-quarter and 10.0% year-on-year [2] - Average realized price: $3,305 per ounce, up 15.2% quarter-on-quarter and 41.5% year-on-year [2] Zinc - Q2 2025 zinc production: 12.6 thousand tons, down 10.0% quarter-on-quarter but up 24.8% year-on-year [2] - Average realized price: $2,597 per ton, down 7.9% quarter-on-quarter and down 10.5% year-on-year [2] Lead - Q2 2025 lead production: 6.0 thousand tons, down 10.4% quarter-on-quarter but up 22.4% year-on-year [2] - Average realized price: $1,954 per ton, down 1.0% quarter-on-quarter and down 10.0% year-on-year [2] Copper - Q2 2025 copper production: 0.7 thousand tons, up 16.7% quarter-on-quarter but down 41.7% year-on-year [2] - Average realized price: $9,401 per ton, up from $10,515 per ton in the previous year [3] Financial Metrics - Q2 2025 revenue: $811.9 million, up 5.0% quarter-on-quarter and 18.3% year-on-year [6][12] - Q2 2025 net cash generated from operating activities: $293.4 million, up 67.8% quarter-on-quarter and 80.3% year-on-year [6] - Q2 2025 sustaining capital expenditures: $60.4 million [12] Strategic Developments - The company announced a cash dividend of $0.12 per share for Q2 2025, totaling $36.2 million paid to shareholders [7] - A strategic acquisition of MAG Silver Corp. is expected to enhance the company's position in high-quality silver mining [8][10]