Companies /Basic Materials

Pan American Silver Corp

NYSE: PAAS Gold
$47.56
▼ $0.86 (−1.78%) today
Markets closed · 10:02pm ET

Q3 2025 Earnings

Reported Nov 12, 2025, 5:09pm ET · SEC source
$0.48
Miss −4.13%
EPS · est. $0.50
$854.6M
Beat +0.92%
Revenue · est. $846.8M
+25.1%
Beating market
PAAS vs S&P since report
1 quarter
Consecutive EPS misses

Market Reaction

% change · around the report
0+3%+6%Nov 12Nov 13report 5:09pm ETearnings−1.5%+6.2%
0+3%+6%Nov 12Nov 13earnings−1.5%+6.2%
PAAS +6.2%S&P 500 −1.5%
−3%0+3%+6%Nov 12Nov 13report 5:09pm ETearnings−2.0%+6.2%
−3%0+3%+6%Nov 12Nov 13earnings−2.0%+6.2%
PAAS +6.2%NASDAQ −2.0%
−4%0+4%Nov 11Nov 20report 5:09pm ETearnings−4.4%−1.7%
−4%0+4%Nov 11Nov 20earnings−4.4%−1.7%
PAAS −1.7%S&P 500 −4.4%
−4%0+4%Nov 11Nov 20report 5:09pm ETearnings−5.7%−1.7%
−4%0+4%Nov 11Nov 20earnings−5.7%−1.7%
PAAS −1.7%NASDAQ −5.7%
+1.77%
Day of report
−1.38%
Next session
−6.58%
One week
+26.15%
30 days

S&P 500 over the same 30 days: +1.02%.

Did PAAS Beat Earnings? Q3 2025 Results

Pan American Silver delivered a mixed third quarter for fiscal 2025, posting adjusted earnings of $0.48 per share, falling short of the $0.50 consensus estimate by 4.13%, while revenue of $854.60 million edged past expectations by 0.92% and climbed 19.3% year-over-year. The standout catalyst behind the quarter was the September 4 completion of the $2.04 billion MAG Silver acquisition, which brought Pan American a 44% stake in the high-grade Juanicipio mine in Mexico; even in its brief post-acquisition window, Juanicipio contributed at a negative AISC of $7.34 per silver ounce, helping drive Silver Segment AISC down sharply to $15.43 per ounce from $20.90 a year ago. Operating cash flow strengthened to $308.70 million versus $226.20 million in Q3 2024, and the company ended the period with $910.80 million in cash. Looking ahead, management raised 2025 silver production guidance to 22.0 to 22.5 million attributable ounces and lowered Silver Segment AISC guidance to $14.50 to $16.00 per ounce, signaling continued confidence in Juanicipio's accretive role.

Key Takeaways
  • Higher realized metal prices: silver at $39.08/oz vs $29.52/oz and gold at $3,479/oz vs $2,475/oz year-over-year
  • MAG Silver acquisition adding 44% Juanicipio interest with negative AISC contribution
  • Improved ventilation at La Colorada driving 13% higher silver production and lower AISC
  • Higher gold by-product credits at Cerro Moro reducing Silver Segment AISC

Forward Guidance & Outlook

Pan American increased 2025 attributable silver production guidance to 22.0–22.5 million ounces (from previous guidance) and lowered Silver Segment AISC guidance to $14.50–$16.00 per ounce, reflecting the contribution from Juanicipio and strong performance at La Colorada. Gold production, base metal production, Gold Segment AISC, and sustaining/project capital expenditure guidance remain unchanged. The company is evaluating a two-phase approach for the La Colorada Skarn development, with a preliminary economic assessment expected in Q2 2026. The Escobal mine restart has no timeline from Guatemalan authorities.

PAAS YoY Financials

Q3 2025 vs Q3 2024 · SEC filings Q3 2024 Q3 2025
$0$300.0M$600.0M$900.0M$716.1M$854.6MRevenue$151.9M$249.7MOperating Income$57.2M$169.2MNet Income
$0$300.0M$600.0M$900.0MRevenueOperating IncomeNet Income

PAAS Revenue by Segment

Jacobina$164.1M
Juanicipio$31.7M
El Peñon$134.4M
Cerro Moro$93.8M
Shahuindo$123.8M
La Colorada$69.3M
Timmins$80.6M
Minera Florida$70.8M

PAAS Revenue by Geography

Mexico$228.2M
Chile$205.2M
Peru$168.3M
Brazil$164.1M
Argentina$93.8M
Canada$80.6M
Bolivia$36.7M

Figures from SEC filings and company reports. Not investment advice.