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. 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.
BlackRock, Inc. filed a Schedule 13G reporting beneficial ownership of 22,039,278 shares of Pan American Silver Corp. (PAAS) common stock, representing 5.2% of the class as of 09/30/2025.
BlackRock reports sole voting power over 20,903,208 shares and sole dispositive power over 22,039,278 shares, with no shared voting or dispositive power. The filing is made on a passive basis, certified as acquired and held in the ordinary course and not for the purpose of changing or influencing control.