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Pan American Silver (PAAS) investor relations material
Pan American Silver Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary13 Nov, 2025
Executive summary
Achieved record attributable free cash flow of $251.7 million in Q3 2025, driven by higher silver and gold prices, strong cost performance, and successful integration of a 44% interest in Juanicipio.
Attributable revenue reached $884.4 million, with net earnings of $169.2 million ($0.45 per share) and adjusted earnings of $181 million ($0.48 per share).
Board approved a dividend increase to $0.14 per share for Q3 2025, reflecting strong cash flow and financial position.
Completed the acquisition of MAG Silver, adding a 44% interest in the Juanicipio Mine, which contributed to lower costs and improved margins.
Discovery of multiple high-grade silver zones at La Colorada offers integration opportunities with the Skarn project.
Financial highlights
Attributable cash flow from operations was $323.6 million in Q3 2025, a record for the company.
Attributable revenue was $884.4 million, with Q3 2025 revenue at $854.6 million and YTD revenue at $2,439.7 million.
Cash and short-term investments totaled $910.8 million at quarter-end, plus $85.8 million at Juanicipio; total available liquidity stood at $1.7 billion.
Realized silver price was $39.08/oz and gold $3,479/oz in Q3 2025.
Working capital stood at $1,006.4 million; total debt was $857 million, mainly from senior notes and loans.
Outlook and guidance
Raised attributable silver production guidance to 22–22.5 million ounces and lowered Silver Segment AISC to $14.50–$16 per ounce, reflecting Juanicipio's impact.
Gold production and cost guidance remain unchanged, with confidence in meeting Q4 targets despite earlier technical challenges.
Capital investments of $35.3 million in Q3 focused on La Colorada and Jacobina projects.
Back-end weighted gold production expected for the remainder of 2025.
What is the scope of the Skarn project partnership?
When will Jacobina optimization benefits materialize?
When will Huaron's production stability improve?
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Next Pan American Silver earnings date
Q4 202519 Feb, 2026
Next Pan American Silver earnings date
Q4 202519 Feb, 2026
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Frequently asked questions
Pan American Silver Corp, engages in the exploration, mine development, extraction, processing, refining, and reclamation of silver, gold, zinc, lead, and copper mines. The company operates four mines in Peru; three mines in Mexico; five mines in Argentina; and one mine each in Bolivia and Chile. It also holds interests in eight silver-gold projects located in Nevada, USA; Peru; and British Columbia, Canada through its subsidiary Coeur Mining Inc.; and 40 percent interest in a silver-copper-gold project located in Mexico. Silver Corp. is based in Vancouver, Canada.
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