Pan American Silver (PAAS) Q3 2025 Earnings

No. Pan American Silver reported Q3 2025 earnings of $0.48 a share on Nov 12, 2025, missing the $0.50 consensus estimate by 4.1%. Revenue was $854.6M against a $846.8M estimate.

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.