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PAAS

Pan American Silver Corp.

PAAS

Pan American Silver Corp. • NASDAQ
$45.67 ▲ 7.23% (+3.08)
Market Cap $16.74 B
52w High $45.97
52w Low $19.80
Dividend Yield 0.46%
P/E 26.4
Volume 7.34M
Outstanding Shares 366.61M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $854.6M ▲ $63.3M ▲ $168.6M ▼ 19.729% ▼ $0.44 ▼ $383.8M ▲
Q2-2025 $811.9M ▲ $29.4M ▲ $189.2M ▲ 23.303% ▲ $0.52 ▲ $368.7M ▲
Q1-2025 $773.2M ▼ $22.6M ▲ $168.7M ▲ 21.818% ▲ $0.46 ▲ $345M ▼
Q4-2024 $815.1M ▲ $-69.7M ▼ $107.6M ▲ 13.201% ▲ $0.29 ▲ $427M ▲
Q3-2024 $716.1M $23.8M $57.156M 7.982% $0.16 $272.5M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $910.8M ▼ $9.147B ▲ $2.524B ▲ $6.617B ▲
Q2-2025 $1.109B ▲ $7.36B ▲ $2.387B ▲ $4.959B ▲
Q1-2025 $923M ▲ $7.206B ▲ $2.375B ▼ $4.816B ▲
Q4-2024 $887.3M ▲ $7.203B ▲ $2.486B ▼ $4.704B ▲
Q3-2024 $469.9M $7.152B $2.507B $4.632B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $169.2M ▼ $308.7M ▲ $-462M ▼ $-57.1M ▲ $-210.7M ▼ $217.6M ▼
Q2-2025 $189.6M ▲ $293.4M ▲ $-52.7M ▲ $-61.3M ▲ $180.8M ▲ $233.1M ▲
Q1-2025 $169.3M ▲ $174.8M ▼ $-67.9M ▼ $-69.9M ▼ $37.3M ▼ $106.7M ▼
Q4-2024 $107.8M ▲ $274.1M ▲ $201.8M ▲ $-49.7M ▼ $423.8M ▲ $188.7M ▲
Q3-2024 $57.1M $226.2M $-75.2M $-49.6M $101.8M $151.1M

Five-Year Company Overview

Income Statement

Income Statement Pan American Silver has grown into a much larger producer over the past few years, with revenue climbing meaningfully, especially after recent acquisitions. Profitability has been quite volatile: the company moved from healthy profits to losses during the middle of the period, then back to only modest profits more recently. Operating performance and cash earnings have improved noticeably in the latest year, suggesting better scale and cost control, but net income remains relatively thin compared with the size of the business. Overall, the income statement shows a company that has expanded aggressively and is still normalizing its earnings after a disruptive acquisition and investment phase, with results highly sensitive to metal prices and operating execution.

Balance Sheet

Balance Sheet The balance sheet has roughly doubled in size, reflecting the integration of acquired mines and projects. Equity has expanded significantly, showing that growth has been funded largely through permanent capital rather than just borrowing. Debt has risen but remains moderate compared with the company’s equity base, and cash reserves have improved to a more comfortable level, giving added financial flexibility. In simple terms, Pan American now has a larger, stronger platform, but also a more complex asset base to manage and optimize.

Cash Flow

Cash Flow Pan American has consistently generated positive cash from its operations, though the strength of that cash flow has swung with metal prices and costs. Free cash flow dipped into weaker territory when investment was high and profits were under pressure, but has rebounded as new assets contributed and operations became more efficient. Capital spending has been sizable and persistent, reflecting a deliberate strategy to invest in new mines and expansions rather than simply harvesting current production. The recent pattern suggests the company is now better able to fund its investment program from internal cash, which supports financial resilience but still depends on maintaining operational performance and supportive commodity prices.

Competitive Edge

Competitive Edge Pan American holds a broad portfolio of mines across the Americas, which reduces dependence on any single country or asset and helps spread political and operational risk. Recent acquisitions have moved it up the industry ranks, adding scale in both silver and gold and giving it exposure to several large, long-life mines. The company has worked to push costs down at key operations, which is critical in a cyclical, commodity-driven business. At the same time, it faces the usual sector challenges: exposure to volatile silver and gold prices, complex permitting and community dynamics in multiple jurisdictions, and the ongoing task of integrating and optimizing newly acquired assets. Its reputation for community engagement and sustainability provides an edge in securing and maintaining a social license to operate, which can be a meaningful differentiator in this industry.

Innovation and R&D

Innovation and R&D Pan American does not rely on classic laboratory-style R&D, but it invests heavily in exploration, mine optimization, and sustainability-focused technology. The company is applying data analytics, automation concepts, and improved tailings and water-management techniques to enhance safety, efficiency, and environmental performance. Large drilling programs and advanced geological work underpin projects like La Colorada Skarn and support a pipeline of potential resource growth. It also devotes meaningful resources to community development and social programs, which, while not technology in the narrow sense, function as strategic investments in long-term operating stability. Key uncertainties remain around the timing and outcome of major projects and potential mine restarts, where technical success must align with regulatory and community approvals.

Summary

Pan American Silver has transformed itself from a mid-sized producer into a much larger, more diversified precious metals company, with clear gains in scale, asset depth, and geographic spread. Financially, revenue growth has been strong, and operating metrics have improved recently, but bottom-line profitability has been uneven, reflecting integration costs, heavy investment, and commodity price swings. The balance sheet is broader and still reasonably conservative, with higher cash levels and manageable debt providing room to navigate volatility and pursue growth opportunities. Cash flows now better support the company’s ambitious capital program, though they remain exposed to market cycles. Competitively, Pan American’s diversified asset base, cost focus, and community-centered approach offer meaningful strengths, while project execution, political risk, and price sensitivity remain central risks to watch. Overall, the company appears to be in the middle of consolidating a large growth step, with future performance hinging on how effectively it continues to integrate acquisitions, advance key projects, and sustain operational discipline in a volatile commodity environment.

NEWS

November 19, 2025 · 7:00 AM UTC

Xali Gold Completes Due Diligence Visit, Confirms Data Integrity and Exploration Upside at Pico Machay Gold Project in Peru

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November 12, 2025 · 5:01 PM UTC

Pan American Silver Reports Unaudited Third Quarter 2025 Results

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October 28, 2025 · 4:10 PM UTC

Xali Gold Outlines Plans for Pico Machay Gold Project in Peru

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October 24, 2025 · 9:00 AM UTC

Southern Silver Provides Corporate Update

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October 24, 2025 · 7:00 AM UTC

Xali Gold to Acquire Pico Machay Gold Project in Peru

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