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Sep 30
Pan American Silver Q3 2025 Earnings Report
Pan American Silver reported strong financial results for Q3 2025, including record free cash flow and a significant increase in net income.
Key Takeaways
Pan American Silver delivered record quarterly attributable revenue and free cash flow in Q3 2025. Net income rose to $169.2 million, supported by strong silver and gold sales and a positive contribution from the newly acquired Juanicipio mine.
Record attributable revenue of $884.4 million in Q3 2025
Net income rose to $169.2 million, or $0.45 per share
Free cash flow reached a record $251.7 million
Increased dividend to $0.14 per share for the quarter
Pan American Silver
Pan American Silver
Forward Guidance
The company raised its 2025 silver production guidance and lowered its Silver Segment AISC outlook due to contributions from the Juanicipio mine, while maintaining other operational forecasts.
Positive Outlook
- Raised 2025 silver production guidance to 22.0–22.5 million ounces
- Lowered Silver Segment AISC to $14.50–$16.00 per ounce
- Strong free cash flow generation expected to continue
- Juanicipio mine expected to remain a strong contributor
- Steady capital return program maintained through dividends and share repurchases
Challenges Ahead
- Gold production remains back-end weighted
- Escobal mine remains non-operational with no restart timeline
- No share repurchases occurred in Q3 due to acquisition blackout
- Dependence on metal prices for revenue sustainability
- Uncertainty around completion of ILO 169 consultation in Guatemala