Pan American Silver announced its preliminary production results for the Q4 and for FY25. The Company also provides its guidance for 2026 production, costs, capital investments and expenditures. 2025 highlights include: attributable silver production of 22.8M ounces exceeded the updated annual guidance range, with a record 7.3M ounces produced in Q4; attributable gold production of 742,200 ounces was within the annual guidance range, with 197,800 ounces produced in Q4; the Juanicipio mine exceeded expectations, contributing 2.5M ounces of silver since the mine was acquired in September 2025 and a $44 million dividend received in December 2025. Cash and short-term investments are estimated to total $1.319B at December 31 on an unaudited basis, representing an increase of approximately $408M from September 30, 2025. This amount excludes an additional $127M of cash attributable to the Company's 44% investment in Juanicipio. The Company's revolving credit facility remained undrawn at year end, resulting in total available liquidity estimated at $2.069B at December 31. 2026 Forecast Operating Highlights: attributable silver production is expected to be between 25.0M-27.0M; attributable gold production is expected to be between 700.0 thousand to 750.0 thousand ounces; Silver Segment all-in sustaining costs, or AISC, are expected to be between $15.75 and $18.25 per ounce. Gold Segment AISC are expected to be between $1,700 and $1,850 per ounce; Capital expenditures are expected to total $515M-$550M, comprised of $320M-$340M of sustaining capital and $195M-$210M of project capital.
Wall Street analysts forecast PAAS stock price to fall over the next 12 months. According to Wall Street analysts, the average 1-year price target for PAAS is 49.70 USD with a low forecast of 43.19 USD and a high forecast of 55.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
6 Analyst Rating
Wall Street analysts forecast PAAS stock price to fall over the next 12 months. According to Wall Street analysts, the average 1-year price target for PAAS is 49.70 USD with a low forecast of 43.19 USD and a high forecast of 55.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
4 Buy
2 Hold
0 Sell
Moderate Buy
Current: 64.820
Low
43.19
Averages
49.70
High
55.00
Current: 64.820
Low
43.19
Averages
49.70
High
55.00
Scotiabank
Outperform
maintain
$47 -> $64
2026-01-26
New
Reason
Scotiabank
Price Target
$47 -> $64
AI Analysis
2026-01-26
New
maintain
Outperform
Reason
Scotiabank raised the firm's price target on Pan American Silver to $64 from $47 and keeps an Outperform rating on the shares. The firm is updating its price targets for Gold & Precious Minerals stocks under its coverage, the analyst tells investors. The firm has increased both gold and silver forecasts, supported by economic and geopolitical uncertainty as well as strong central bank buying.
BofA
Buy
maintain
$68 -> $73
2026-01-23
New
Reason
BofA
Price Target
$68 -> $73
2026-01-23
New
maintain
Buy
Reason
BofA raised the firm's price target on Pan American Silver to $73 from $68 and keeps a Buy rating on the shares after the company reported Q4 preliminary production and 2026 guidance. Given the increasingly bullish demand outlook for silver, the firm increases its target price to net asset value valuation multiple and notes that it sees several potential upcoming catalysts.
Unlock Full Analyst Thesis， Get the complete breakdown of rating reason for PAAS
Unlock Now
Jefferies
Hold
downgrade
$58 -> $54
2026-01-21
Reason
Jefferies
Price Target
$58 -> $54
2026-01-21
downgrade
Hold
Reason
Jefferies lowered the firm's price target on Pan American Silver to $54 from $58 and keeps a Hold rating on the shares. The firm cites the company's Q4 production results coming mixed, with gold volumes having missed and silver volumes beating consensus estimates, the analyst tells investors in a research note. 2026 guidance also calls for lower than expected production volumes across all metals and higher costs, capex, and cash taxes, the firm added.
BofA
Lawson Winder
Buy
maintain
$61 -> $68
2026-01-19
Reason
BofA
Lawson Winder
Price Target
$61 -> $68
2026-01-19
maintain
Buy
Reason
BofA analyst Lawson Winder raised the firm's price target on Pan American Silver to $68 from $61 and keeps a Buy rating on the shares. The firm raise increased targets across the North American precious metals group. Many of the macro drivers that pushed gold prices higher "have intensified," the analyst tells investors in a research note. BofA expects company capital returns in Q4 to be strong.
About PAAS
Pan American Silver Corp. is a producer of silver and gold in the Americas, operating mines in Canada, Mexico, Peru, Brazil, Bolivia, Chile and Argentina. It owns a 100% interest in the Escobal mine in Guatemala, and it holds interests in exploration and development projects. Its segments include Silver, Gold and Other. Silver segment includes operations of La Colorada, Huaron, San Vicente, Cerro Moro, La Colorada Skarn, Navidad and Escobal. Gold segment includes operations in Dolores, Shahuindo, Timmins, Jacobina, El Penon and Minera Florida. La Colorada mine produces silver-rich lead and zinc concentrates from a flotation plant treating sulfide ore. Huaron mine produces silver-rich zinc, lead and copper concentrates using floatation technology. It owns 44% joint venture interest in the Juanicipio silver mine in Zacatecas, Mexico, operated by Fresnillo plc, along with 100% ownership of the Larder exploration project and a 100% earn-in interest in the Deer Trail exploration project.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
