Pan American Silver Beats 2025 Output Targets and Lifts 2026 Guidance on Stronger Margins

An announcement from Pan American Silver ( (TSE:PAAS) ) is now available.

Pan American Silver reported preliminary 2025 production results showing attributable silver output of 22.8 million ounces, above its updated guidance range, and attributable gold production of 742,200 ounces, within guidance, supported by record fourth-quarter silver volumes. The recently acquired Juanicipio mine outperformed expectations by contributing 2.5 million ounces of silver and a $44 million dividend in 2025, while the company’s estimated year-end cash and short-term investments rose to $1.319 billion, excluding additional cash at Juanicipio, leaving total available liquidity at about $2.069 billion and underscoring a robust balance sheet. For 2026, Pan American guides to higher attributable silver production of 25.0–27.0 million ounces and gold output of 700,000–750,000 ounces, with silver segment all-in sustaining costs projected at $15.75–$18.25 per ounce and gold segment AISC at $1,700–$1,850 per ounce. Planned 2026 capital expenditures of $515 million–$550 million will be split between sustaining and project capital as the company advances internal growth initiatives, including a phased development plan for the La Colorada Skarn and vein mine and optimization work at Jacobina, positioning the miner for expanded operating margins and continued capital returns to shareholders.

The most recent analyst rating on (TSE:PAAS) stock is a Buy with a C$88.00 price target. To see the full list of analyst forecasts on Pan American Silver stock, see the TSE:PAAS Stock Forecast page.

Spark’s Take on TSE:PAAS Stock

According to Spark, TipRanks’ AI Analyst, TSE:PAAS is a Outperform.

Pan American Silver’s strong financial performance and positive earnings call are the most significant factors driving the high score. The company’s strategic acquisitions and exploration successes further bolster its growth prospects. While the stock’s valuation is on the higher side, the overall outlook remains positive.

To see Spark’s full report on TSE:PAAS stock, click here.

More about Pan American Silver

Pan American Silver Corp., listed on the NYSE and TSX under the symbol PAAS, is a precious metals mining company focused primarily on silver and gold production. The company operates a portfolio of mines across the Americas, with recent growth driven in part by the acquisition of MAG Silver Corp. and its interest in the Juanicipio mine, and it emphasizes maintaining a strong liquidity position to support capital investment and shareholder returns.

Average Trading Volume: 1,041,699

Technical Sentiment Signal: Buy

Current Market Cap: C$32.41B

See more data about PAAS stock on TipRanks’ Stock Analysis page.