Pan American Silver (TSX: PAAS) increased attributable Q3 2025 revenue by 24% to $884.4 million from $715.0 million, as higher realized metal prices and sharply lower silver segment costs offset softer gold production and higher gold costs.
Attributable silver production was essentially flat at 5.46 million ounces, yet the realized silver price climbed 32% to $39.08 per ounce from $29.52. Attributable gold output fell 18% to 183,500 ounces, but gold pricing also increased 41% to $3,479 per ounce from $2,475.
Net earnings rose to $169.2 million from $57.1 million, or $0.45 earnings per share versus $0.16. Results included a $21.7 million loss from the sale of subsidiaries and $16.3 million of income from the Juanicipio equity investment.
Adjusted earnings strengthened to $181.0 million from $114.7 million, with adjusted EPS rising to $0.48 from $0.32.
Operating cash flow increased to $308.7 million from $226.2 million, while attributable operating cash flow rose to $323.6 million from $225.5 million. With sustaining capex slightly lower at $71.9 million versus $74.7 million last year, attributable free cash flow grew to a record $251.7 million from $150.8 million. This pushed total cash and short-term investments to $910.8 million, plus $85.8 million in cash held at Juanicipio.
Silver segment AISC fell sharply to $15.43 per ounce from $20.90, driven largely by the exceptionally low-cost contributions of Juanicipio in Mexico, which delivered 580,000 ounces at an AISC of $-7.34 per ounce, and Cerro Moro in Argentina, which produced 559,000 ounce at $-5.36 per ounce. These gains helped offset higher cost operations such as La Colorada in Mexico with 1.51 million ounces at $22.93 per ounce, Huaron in Peru with 755,000 ounces at $33.06 per ounce, and San Vicente in Bolivia with 765,000 ounces at $16.80 per ounce.
Gold segment AISC increased to $1,697 per ounce from $1,516 as volumes fell across several assets and costs rose at operations such as Minera Florida and Timmins.
The MAG acquisition immediately lifted the silver portfolio. With just one month of contribution, Juanicipio helped Pan American raise 2025 attributable silver guidance to 22.0–22.5 million ounces and lower silver segment AISC guidance to $14.50–$16.00 per ounce. All other guidance elements remain unchanged.
Pan American last traded at $38.37 on the TSX.
Information for this briefing was found via the sources and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
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