PAAS Stock Hits New Highs As Silver Output Rises, Gold Stays On Track And Cash Piles Up

The miner produced 22.8 million ounces of silver last year, exceeding its own expectations.

• Pan American stock gained 6.2% to hit a fresh high on Tuesday, extending those gains in after-hours trading.
• The miner disclosed record silver output in Q4, with 2025 output exceeding the company’s expectations.
• With rising silver prices, PAAS emerged as one of the top stock market performers last year, rising by over 150% 

Pan American Silver Corp.’s stock notched fresh record highs with an over 6% jump on Tuesday and continued to climb in extended trading after the precious metals miner disclosed strong output, particularly for silver, for the fourth quarter.

The company produced a record 7.3 million ounces of silver last quarter, bringing 2025 output to 22.8 million ounces, exceeding the company’s forecast. It produced 197,800 ounces of gold, totaling 742,200 ounces for the year.

“Silver production in 2025 exceeded the top end of our guidance range,” CEO Michael Steinmann said in a statement, attributing it to the better-than-expected performance of the recently acquired Juanicipio mine. “Gold production was within our 2025 guidance range, capped off by strong output in the fourth quarter, as expected.”

Juanicipio Mine Boost

In September, the company completed its previously disclosed acquisition of MAG Silver, strengthening its silver portfolio. The transaction added a 44% joint venture interest in the high-grade Juanicipio silver mine in Zacatecas, Mexico, operated by Fresnillo Plc.

For 2026, silver production is expected to rise to between 25.0 million and 27.0 million ounces, while gold output is projected to come in between 700,000 and 750,000 ounces.

Capital expenditures are expected to total $515 million to $550 million, with the majority directed toward sustaining existing operations and the remaining capital allocated to growth projects aimed at strengthening the company’s long-term production profile. “With the expectation of strong cash flow generation, we plan to invest in growth and continue to return capital to shareholders,” Steinmann said.

Pan American’s Got Enough Cash On Hand

Cash and short-term investments stood at about $1.32 billion at year-end, up roughly $408 million from September. That figure excludes another $127 million tied to its 44% stake in Juanicipio. Pan American ended the year with no debt drawn on its credit facility, giving it total liquidity of about $2.07 billion as of the end of December.

On the cost front, the company anticipates all-in sustaining costs (AISC) for silver to be in the range of $15.75 to $18.25 per ounce. For gold, all-in sustaining costs are expected to range from $1,700 to $1,850 per ounce.

Stock Move, Retail View

Pan American shares are up about 13% so far this year, following a massive 156% rally in 2025, largely fueled by the sharp surge in silver prices. However, the retail sentiment for PAAS on Stocktwits remained in the ‘bearish’ zone.

The company will release its fourth-quarter and full-year 2025 financial results on Feb. 18.

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