Q3 2025 Pan American Silver Corp Earnings Call Transcript

Nov 13, 2025 / 04:00PM GMT

Release Date Price: ARS19340 (+1.74%)

Transcript

Key Points

Positve

Pan American Silver Corp (PAAS) achieved a record attributable free cash flow of $251.7 million in Q3 2025.
The acquisition of MAG Silver and the 44% interest in the Juanicipio mine has already positively impacted costs and margins.
Attributable revenue in Q3 2025 was a record $884.4 million.
The company has a strong financial position with $1.7 billion of total available liquidity.
The Board approved an increase in the dividend to $0.14 per common share due to strong cash flow generation.

Negative

Silver production was impacted by lower silver grades at Huaron due to increased development and reduced stope ore mining rates.
Technical issues at Cerro Moro and El Penon reduced silver production in Q3.
Gold segment cash costs were high at $1,325 per ounce, with all-in sustaining costs at $1,697 per ounce.
The company did not repurchase any shares in Q3 due to the blackout associated with the MAG acquisition.
There are ongoing technical challenges at several operations, including Timmins and Minera Florida, which may affect future production.

Operator

Thank you for standing by. This is the conference operator. Welcome to the Pan American Silver third-quarter 2025 results conference call. (Operator Instructions) The conference is being recorded. (Operator Instructions)

I would now like to turn the conference over to Siren Fisekci, Vice President, Investor Relations. Please go ahead, Ms. Fisekci.

Siren Fisekci

Pan American Silver Corp - Vice President - Investor Relations

Thank you for joining us today for Pan American Silver's conference call and webcast to discuss our third quarter 2025 results. This call includes forward-looking statements and information and references non-GAAP measures. Please see the cautionary statements in our MD&A, news release and presentation slides for the Q3 2025 results, all of which are available on our website.

I'll now turn the call over to Michael Steinmann, Pan American's President and CEO.

Michael Steinmann

Pan American Silver Corp - President, Chief Executive Officer, Director

Good morning, everyone. I

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