Pan American Silver 2025Q4 白银产量环比增加 33.3%至 226.43 吨，2026 年银产量指引为 2500- 2700 万盎司

Investment Rating - Industry rating: Recommended [5] Core Insights - In Q4 2025, silver production increased by 33.3% quarter-on-quarter to 7.28 million ounces (226.43 tons), and by 21.0% year-on-year. The total silver production for 2025 was 22.84 million ounces (710.40 tons), reflecting an 8.4% year-on-year increase [2][6] - Gold production in Q4 2025 was 19.78 thousand ounces (6.15 tons), a 7.8% increase quarter-on-quarter but a decrease of 11.7% year-on-year. The total gold production for 2025 was 74.22 thousand ounces (23.09 tons), down 16.8% year-on-year [2][3] - Zinc production in Q4 2025 was 16.8 thousand tons, up 33.3% quarter-on-quarter and 19.1% year-on-year, with total zinc production for 2025 at 55.9 thousand tons, an increase of 23.9% year-on-year [2][7] - Lead production in Q4 2025 was 8.2 thousand tons, a 32.3% increase quarter-on-quarter and a 34.4% increase year-on-year, with total lead production for 2025 at 27.0 thousand tons, up 29.8% year-on-year [2][7] - Copper production in Q4 2025 remained flat at 800 tons, but decreased by 20.0% year-on-year, with total copper production for 2025 at 3,000 tons, down 42.3% year-on-year [3][7] 2026 Guidance - The company expects silver production in 2026 to be between 25 million and 27 million ounces, and gold production to be between 700 thousand and 750 thousand ounces, with production concentrated in the second half of the year [4] - The all-in sustaining cost (AISC) for the silver segment is projected to be between $15.75 and $18.25 per ounce, while for the gold segment, it is expected to be between $1,700 and $1,850 per ounce [4] - Capital expenditures for 2026 are planned to be between $515 million and $550 million, with sustaining capital expenditures between $320 million and $340 million, and project capital expenditures between $195 million and $210 million [4][10] - The company plans to allocate approximately $132 million to $135 million for exploration activities, with a total drilling target of 600,000 meters [4]