Financial Performance - Pan American Silver achieved record revenue of $811.9 million in Q2 2025, driven by strong operational execution and favorable metal prices [3][5] - Net earnings reached $189.6 million, or $0.52 per share, while adjusted earnings were $155.4 million, or $0.43 per share [3][11] - The company generated record operating cash flow of $293.4 million and free cash flow of $233 million, increasing cash balance to an all-time high of $1.1 billion [3][12] Shareholder Returns - The company increased its dividend by 20% from $0.10 to $0.12 per common share, returning approximately $103.5 million to shareholders through dividends and share repurchases in the first half of 2025 [3][14] - Nearly 500,000 shares were repurchased at an average price of $24.22 per share, totaling $11.1 million [3][14] Acquisition Plans - The acquisition of MagSilver is on track, with shareholders approving the deal, pending Mexican antitrust clearance and a cash consideration of $500 million [3][5][19] - The acquisition is expected to enhance silver output and reduce costs, contributing positively to the company's production and free cash flow generation [5][12] Production and Costs - Silver production was 5.1 million ounces, in line with guidance, with all-in sustaining costs for the silver segment at $19.69 per ounce [8][15] - Gold production was 178,700 ounces, slightly below guidance, with all-in sustaining costs for the gold segment at $16.11 per ounce [8][16] - The company maintains its overall production and cost guidance for 2025, with expectations for higher output in the second half of the year [5][19] Capital Expenditure and Projects - Capital expenditure for Q2 2025 was $73.7 million, focusing on sustaining and project capital at La Colorada, the Skarn project, Timmins, and Jacobina [8][13] - Ongoing discussions for partnerships related to the La Colorada Skarn project are progressing, with updates expected before mid-September [8][9] Regulatory and Community Engagement - The ILO 169 consultation process in Guatemala is ongoing, with no completion date set, but working sessions between the government and Schenker Parliament are continuing [8][18] - The company is actively involved in addressing geotechnical issues and grade reconciliation challenges at various operations, particularly at Timmins [9][40]