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Mar 31
Pan American Silver Q1 2025 Earnings Report
Pan American Silver reported strong Q1 2025 performance with record mine operating earnings and robust free cash flow, supported by higher metal prices and lower costs.
Key Takeaways
Pan American Silver posted $773.2 million in revenue and $169.3 million in net income for Q1 2025. The company delivered $250.8 million in mine operating earnings, produced 5.0 million ounces of silver and 182.2 thousand ounces of gold, and generated $240.1 million in operating cash flow before working capital changes. Adjusted earnings reached $153.0 million, with free cash flow of $112.6 million.
Revenue reached $773.2 million, up from $601.4 million YoY
Generated $112.6 million in free cash flow and $240.1 million in operating cash flow before working capital
Silver and gold production totaled 5.0 million oz and 182.2 thousand oz, respectively
Declared $0.10/share dividend and repurchased 909,012 shares for $20 million
Pan American Silver
Pan American Silver
Pan American Silver Revenue by Geographic Location
Revenue by Geographic Location
Mexico Revenue
CapyFin.comArgentina Revenue
CapyFin.comPeru Revenue
CapyFin.comBolivia Revenue
CapyFin.comBrazil Revenue
CapyFin.comChile Revenue
CapyFin.comCanada Revenue
CapyFin.com Forward Guidance
Pan American reaffirmed its 2025 production, cost, and capital expenditure guidance with silver output expected at 20–21 million ounces and gold at 735–800 thousand ounces, supported by project development and strong operational execution.
Positive Outlook
- Reaffirmed full-year silver production guidance of 20–21 million ounces
- Reaffirmed full-year gold production guidance of 735–800 thousand ounces
- Silver segment AISC expected to range $16.25–$18.25 per ounce
- Gold segment AISC expected to range $1,525–$1,625 per ounce
- Strong liquidity with $923 million in cash and $750 million undrawn credit
Challenges Ahead
- La Colorada Skarn remains in development phase with no production timeline
- Escobal project remains inactive pending consultation process
- Project capital spending continues across multiple sites, reducing available cash
- Gold production down YoY (182.2k oz vs. 222.9k oz in Q1 2024)
- Inflation and FX risks remain in cost structure across operating geographies
Revenue & Expenses
Visualization of income flow from segment revenue to net income