(13-08-2025) Pan American Silver (TSX | NYSE: PAAS), Vancouver, the world’s leading silver producer, with operations and projects in Mexico, Peru, Bolivia, and Argentina, reported revenues of US$811.9 million, an 18% year-on-year increase, and record net earnings of US$189.6 million in Q2 2025, compared to a net loss of US$21.4 million in the same period last year.
This solid growth in revenues, earnings (adjusted and net), and record cash flows during Q2 2025 was strengthened by the US$500 million acquisition of MAG Silver (NYSE: MAG), Vancouver, a leading silver producer with its Juanicipio (34%) flagship mine in Mexico, operated by Fresnillo Plc (56%), where it expects to increase annual silver production by approximately 35%.
Pan American recorded aggregate silver production of 5.1 million ounces and 178,700 oz of gold, with AISC of US$19.69/oz Ag and US$1,611/oz Au.
It also posted record free cash flow of US$233 million, bringing the cash balance to a high of US$1.1 billion at the end of Q2 2025. Strong results also came from favorable silver and gold prices of US$32.91/oz and US$3,305/oz, respectively.
The company maintains its 2025 production guidance, projecting between 20 and 21 million ounces of silver and between 735,000 and 800,000 ounces of gold. In Peru, it operates the Shahuindo and Huarón mines in the north.