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Pan American Silver released a revised Preliminary Economic Assessment for its 100%-owned La Colorada Skarn Project in Mexico, outlining a major long-life expansion of the La Colorada operation. The plan combines new high-grade veins with high-grade skarn zones and a new 15,000 tpd plant, targeting an Expanded La Colorada Mine.
The La Colorada Skarn Project alone is expected to average 15.8 million ounces of silver annually over the initial five years after ramp-up, incremental to 3.3 million ounces from existing La Colorada reserves, and to operate for 37 years. Peak combined silver production is expected to average 19.1 million ounces annually over the five years after construction and ramp-up.
At Base Case metal prices of $45/oz silver and $2,800/t zinc, the project delivers an after-tax NPV (5%) of $2.6 billion, an after-tax IRR of 17%, and average incremental annual free cash flow of $653 million over the initial five-year period, with initial capital of $1.9 billion and a projected four-year payback. AISC is estimated at negative $22.67 per ounce over that period, driven by zinc and lead by-product credits.
Management emphasizes a shift to conventional long-hole open stoping, lower initial capital than the prior 2023 PEA, higher grades for silver, zinc and lead, and the ability to fund the project from internal cash flow. However, the assessment is preliminary and relies heavily on inferred mineral resources, which do not have demonstrated economic viability, and there is no certainty the project will be realized as outlined.
Pan American Silver Corp. has called its 2026 annual general and special meeting of shareholders for 10:00 a.m. (Vancouver time) on April 30, 2026 in Vancouver. Shareholders of record at the close of business on March 4, 2026 may vote.
Items include receiving 2025 financial statements, setting the Board at ten directors, electing ten nominees, reappointing Deloitte LLP as auditor and authorizing its fees, and an advisory “say on pay” vote on executive compensation. The company is using Canadian notice-and-access rules, posting proxy materials online and mailing only a notice and proxy or voting instruction form, though paper copies of the circular are available free on request.
Pan American Silver Corp. has discovered at least four new high‑grade veins and related replacement mineralization at its La Colorada mine in Zacatecas, Mexico, based on 17,774 metres of drilling in 38 holes completed between November 2025 and January 2026.
The new Filomena, Nicolasa, Bernardina and Josefina veins form a structural cluster about 500 metres long and 500 metres deep, with silver assays above 1,000 g/t in 40% of reported drill holes and notable gold and base‑metal grades. Pan American also delineated the La Chona breccia with intervals up to 65.63 metres grading 101 g/t silver, and extended the Mariana and NC2 vein systems about 200 metres east.
The company states these results indicate potential to add to mineral resources at La Colorada and will be incorporated into a mineral reserve and mineral resource update as at June 30, 2026, supporting a phased development plan that targets higher‑grade zones in the vein mine and skarn deposit.
Pan American Silver Corp. is renewing its normal course issuer bid, allowing it to repurchase up to 21,090,323 common shares, about 5% of its 421,806,464 issued and outstanding shares as of February 28, 2026. The bid will run from March 6, 2026 to March 5, 2027, with purchases on the TSX, NYSE and alternative trading systems at prevailing market prices and all repurchased shares cancelled.
The company will fund purchases from working capital and is not obligated to buy any specific amount, leaving timing and volume at management’s discretion. Under the current bid, it had approval to buy up to 18,107,917 shares and had repurchased 819,558 shares at a volume weighted average price of approximately C$52.43 per share as of February 28, 2026. Management states it is undertaking the new bid because it believes the share price may not fully reflect the underlying value and that using excess cash to repurchase shares can provide an attractive risk-adjusted return.
Pan American Silver delivered record results for Q4 2025 and full year 2025, driven by higher metal prices, strong margins and solid operational performance. Revenue reached $1.2 billion in Q4 and $3.6 billion for the year, with net earnings of $452 million in Q4 and $980 million for 2025.
Operating cash flow was very strong at $554 million in Q4 and $1,333 million for 2025, supporting Attributable free cash flow of $1,151 million for the year. As of December 31, 2025, cash and short-term investments were $1,319 million and total available liquidity was $2,069 million, against total debt of $852 million. The quarterly dividend was raised 29% to $0.18 per share, contributing to $221 million of capital returned in 2025. For 2026, the company guides to Attributable silver production of 25–27 million ounces and gold production of 700–750 thousand ounces, with targeted AISC ranges for both segments.
Pan American Silver Corp. filed its Annual Report on Form 40-F reporting 421,847,046 common shares outstanding as of December 31, 2025. The filing includes the Annual Information Form, MD&A, and Audited Consolidated Financial Statements for fiscal years ended December 31, 2025 and 2024.
Management and the CEO and CFO concluded that the Registrant's disclosure controls and procedures were effective as of December 31, 2025, and Deloitte LLP’s attestation of internal control over financial reporting is included. The filing lists Audit Committee composition, the Code of Ethical Conduct, auditor fees policies, and exhibits including certifications and technical consents.
Pan American Silver Corp. has filed information about its upcoming Annual General and Special Meeting of shareholders. The record date for notice and voting is March 4, 2026, meaning shareholders of record that day may vote. The meeting is scheduled for April 30, 2026 in Vancouver. Both registered and beneficial holders will receive proxy materials using notice-and-access, a method that provides meeting documents electronically rather than by full paper mailing.
Pan American Silver Corp. reported preliminary 2025 operating results showing it achieved and slightly exceeded its updated production goals while strengthening its balance sheet, and also issued detailed guidance for 2026. Attributable silver output reached 22.8 million ounces for 2025, above the updated guidance range, including a record 7.3 million ounces in Q4 2025. Attributable gold production was 742.2 thousand ounces, within guidance, with 197.8 thousand ounces in Q4 2025. The Juanicipio mine contributed 2.5 million ounces of silver since its September 2025 acquisition and a $44 million dividend.
The company estimates unaudited year-end 2025 cash and short-term investments of $1,319 million, up about $408 million from September 30, 2025, and total available liquidity of about $2,069 million, with its revolving credit facility undrawn. For 2026, Pan American forecasts attributable silver production of 25.0–27.0 million ounces and gold production of 700.0–750.0 thousand ounces, with segment all-in sustaining costs of $15.75–$18.25 per ounce for silver and $1,700–$1,850 per ounce for gold. Planned 2026 capital expenditures total $515–$550 million and exploration spending of about $132–$135 million, focused on growth projects and mine life extensions across its portfolio.
Pan American Silver Corp. is providing a technical report on the Juanicipio mineral resource and mineral reserves in Mexico, prepared under Canadian National Instrument 43-101 standards. The report classifies mineralization using Canadian categories such as measured, indicated, and inferred mineral resources, which differ from U.S. Securities and Exchange Commission requirements. The company explains that mineral reserves and resources reported under NI 43-101 may not be directly comparable to disclosures by U.S. registrants. It also cautions U.S. investors not to assume measured or indicated resources will become mineral reserves and highlights the significant uncertainty surrounding inferred mineral resources, including their existence and economic or legal feasibility.