Q4 2025 Pan American Silver Corp Earnings Call Transcript
Key Points
- Pan American Silver Corp (PAAS) delivered record financial results in Q4 and for the full year 2025, with net earnings reaching $452 million in Q4 and $980 million for the full year.
- The company declared a dividend of $0.18 per common share, marking the third consecutive dividend increase.
- Attributable silver production exceeded guidance with 22.8 million ounces produced in 2025, and gold production was within guidance at 742,200 ounces.
- The acquisition of the Juannicipio mine has performed better than expected, contributing significantly to the company's low-cost production.
- Pan American Silver Corp (PAAS) has a strong cash position, with cash and short-term investments totaling $1.3 billion at year-end 2025.
- Silver segment all-in sustaining costs increased to $15.75 to $18.25 per ounce for 2026, reflecting higher metal price assumptions.
- Gold segment all-in sustaining costs are expected to rise to $1,700 to $1,850 per ounce in 2026.
- The Escobar project in Guatemala remains suspended with no timeline for completion of the consultation process or restart of operations.
- Royalties and worker participation expenditures have increased due to higher metal prices, impacting costs.
- The company faces challenges with liquidity in its senior notes maturing in 2027, which are not trading with much liquidity in the market.
Thank you for standing by. This is the conference operator. Welcome to the Pan American Silver Fourth quarter and full year and 2025 results conference call.
As a reminder, all participants are in a listen-only mode. The conference is being recorded.
After the presentation there will be an opportunity to ask questions. To join the question queue, you may press and then 1 on your telephone keypads. Should you need assistance during the conference call, you may reach an operator by pressing and 0.
This time I'd like to turn the conference call over to Sire Baseki, Vice President Vor Relations. Please go ahead, ma'am.
Thank you for joining us today for Pan American Silver's conference call and webcast to discuss our fourth quarter and full year 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 period
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