Pan American Silver Meets 2025 Production Guidance, Releases 2026 Outlook

Published: Jan 21, 2026 20:58

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Pan American Silver Corp. announced preliminary, unaudited production results for Q4 and full-year 2025, and provided production, cost and capex guidance for 2026.

In 2025, attributable silver production reached 22.8 Moz, exceeding the top end of the updated guidance range, supported by a record 7.3 Moz produced in Q4. Attributable gold production totaled 742 koz, within guidance. The Juanicipio mine outperformed expectations following its acquisition in September 2025, contributing 2.5 Moz of silver and a US$44 million dividend during the year.

Attributable base metal production in 2025 included 55.9 kt of zinc, 27.0 kt of lead, and 3.0 kt of copper.

For 2026, Pan American expects attributable silver production of 25–27 Moz and gold production of 700–750 koz, with output weighted toward the second half of the year. Silver segment AISC is guided at US$15.75–18.25/oz, while gold segment AISC is expected at US$1,700–1,850/oz.
Attributable zinc production in 2026 is forecast at 58.5–62.5 kt, with lead at 30.5–32.5 kt.

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