Pan American Silver Corp.
PAAS · NYSE · producer · market cap $22.2B as of 24 Aug 2026
What Pan American Silver Corp.'s own filings say about its costs, margins and results, every figure cited.
Pan American Silver Corp. share price
- Latest AISC$17.80/ozRank 2 of 8release
- Margin at today's spot
- Silver produced, attributable6.47Msource
- Next report11 Novprior report
Today's spot price minus the latest reported mining cost. Reporting periods vary. This is an illustrative spread, not reported profit. Methodology
Company-reported data · Fixed cohorts · No estimated costs
How to read these figures
- Primary sources: every figure is the company's own, cited to the release or filing it came from.
- Fixed cohorts: the companies in each median are set for the calendar year, so a median never moves because membership moved.
- No modelled costs: no cost or margin here is estimated by us; where a company states no figure, the page says so.
About Pan American Silver Corp.
Pan American Silver Corp. engages in silver and gold mining, with a portfolio of assets located in Chile, Peru, Brazil, Mexico, Canada, Argentina, Bolivia and Guatemala. The company is a British Columbia corporation domiciled in Canada, with its office in Vancouver, and it is listed on the Toronto Stock Exchange and the New York Stock Exchange under the symbol PAAS. It derives its revenue from the sale of silver, gold, lead, copper and zinc. On September 4, 2025, the company acquired MAG Silver Corp. (MAG), whose primary asset was a 44% interest in the Juanicipio mine in Zacatecas, Mexico, operated by Fresnillo plc, which holds the remaining 56% interest. MAG's portfolio also included 100% ownership of the Larder exploration project. Total consideration for the MAG Acquisition was $2,042 million. It has contracts to sell the zinc, lead, copper and silver concentrates produced by the Minera Florida, Huaron, San Vicente and La Colorada mines. The company is committed to deliver to Royal Gold Inc., for 30% of the spot silver price, 20% of the silver produced by Cerro Moro until 7.0 million ounces have been delivered, and 9% of remaining life of mine silver production thereafter; as at December 31, 2025, it had delivered 7.0 million ounces. On September 22, 2025, it completed the disposition of its 80% ownership in the La Pepa project for net proceeds of $40 million.
Costs and margins
- Price, quarter average
- $73.50/toz
- AISC
- $17.80/oz
- Margin
- $55.70/oz
- Margin, % of price
- 75.8%
Latest AISC $17.80 per troy ounce. Silver miners: median AISC $31.29 per troy ounce, Q2 2026, 8 reporters. 2 lowest of 8 silver miners reporting Q2 2026.
| Category | Silver price (quarterly average) | All-in sustaining cost (AISC) |
|---|---|---|
| Q3 2025 | $39.60 | $15.43 |
| Q4 2025 | $54.10 | $9.51 |
| Q1 2026 | $84.00 | $6.63 |
| Q2 2026 | $73.50 | $17.80 |
| Category | Silver price (quarterly average) | All-in sustaining cost (AISC) |
|---|---|---|
| Q3 2023 | $23.60 | $18.19 |
| $23.20 | $26.55 | |
| Q1 2024 | $23.40 | $16.63 |
| $28.80 | $18.12 | |
| Q3 2024 | $29.50 | $20.90 |
| $31.40 | $19.88 | |
| Q1 2025 | $31.90 | $13.94 |
| $33.70 | $19.69 | |
| Q3 2025 | $39.60 | $15.43 |
| $54.10 | $9.51 | |
| $84.00 | $6.63 | |
| Q2 2026 | $73.50 | $17.80 |
| Category | Silver price (quarterly average) | All-in sustaining cost (AISC) |
|---|---|---|
| Q3 2021 | $24.30 | $16.30 |
| $23.40 | $13.57 | |
| $24.00 | $13.41 | |
| Q2 2022 | $22.70 | $17.30 |
| $19.20 | $17.97 | |
| $21.30 | $19.47 | |
| Q1 2023 | $22.50 | $14.13 |
| $24.20 | $15.70 | |
| $23.60 | $18.19 | |
| Q4 2023 | $23.20 | $26.55 |
| $23.40 | $16.63 | |
| $28.80 | $18.12 | |
| Q3 2024 | $29.50 | $20.90 |
| $31.40 | $19.88 | |
| $31.90 | $13.94 | |
| Q2 2025 | $33.70 | $19.69 |
| $39.60 | $15.43 | |
| $54.10 | $9.51 | |
| $84.00 | $6.63 | |
| Q2 2026 | $73.50 | $17.80 |
| Category | Silver price (quarterly average) | All-in sustaining cost (AISC) |
|---|---|---|
| Q3 2019 | $17.10 | -$0.11 |
| $17.30 | $1.04 | |
| $16.90 | $3.49 | |
| $16.30 | -$3.14 | |
| Q3 2020 | $24.50 | -$8.42 |
| $24.40 | -$7.28 | |
| $26.30 | $16.99 | |
| $26.70 | $16.36 | |
| Q3 2021 | $24.30 | $16.30 |
| $23.40 | $13.57 | |
| $24.00 | $13.41 | |
| $22.70 | $17.30 | |
| Q3 2022 | $19.20 | $17.97 |
| $21.30 | $19.47 | |
| $22.50 | $14.13 | |
| $24.20 | $15.70 | |
| Q3 2023 | $23.60 | $18.19 |
| $23.20 | $26.55 | |
| $23.40 | $16.63 | |
| $28.80 | $18.12 | |
| Q3 2024 | $29.50 | $20.90 |
| $31.40 | $19.88 | |
| $31.90 | $13.94 | |
| $33.70 | $19.69 | |
| $39.60 | $15.43 | |
| $54.10 | $9.51 | |
| $84.00 | $6.63 | |
| Q2 2026 | $73.50 | $17.80 |
All-in sustaining cost (AISC) and the average silver price by quarter, newest first, US$ per ounce; every row cites the company's own release.
| Quarter | Price avg | AISC | Margin | Margin % | Source |
|---|---|---|---|---|---|
| Q2 2026 | $73.50 | $17.80 | $55.70 | 75.8% | release |
| Q1 2026 | $84.00 | $6.63 | $77.37 | 92.1% | release |
| Q4 2025 | $54.10 | $9.51 | $44.59 | 82.4% | release |
| Q3 2025 | $39.60 | $15.43 | $24.17 | 61.0% | release |
| Q2 2025 | $33.70 | $19.69 | $14.01 | 41.6% | release |
| Q1 2025 | $31.90 | $13.94 | $17.96 | 56.3% | release |
| Q4 2024 | $31.40 | $19.88 | $11.52 | 36.7% | release |
| Q3 2024 | $29.50 | $20.90 | $8.60 | 29.2% | release |
| Q2 2024 | $28.80 | $18.12 | $10.68 | 37.1% | release |
| Q1 2024 | $23.40 | $16.63 | $6.77 | 28.9% | release |
| Q4 2023 | $23.20 | $26.55 | -$3.35 | -14.4% | release |
| Q3 2023 | $23.60 | $18.19 | $5.41 | 22.9% | release |
| Q2 2023 | $24.20 | $15.70 | $8.50 | 35.1% | release |
| Q1 2023 | $22.50 | $14.13 | $8.37 | 37.2% | release |
| Q4 2022 | $21.30 | $19.47 | $1.83 | 8.6% | release |
| Q3 2022 | $19.20 | $17.97 | $1.23 | 6.4% | release |
| Q2 2022 | $22.70 | $17.30 | $5.40 | 23.8% | release |
| Q1 2022 | $24.00 | $13.41 | $10.59 | 44.1% | release |
| Q4 2021 | $23.40 | $13.57 | $9.83 | 42.0% | release |
| Q3 2021 | $24.30 | $16.30 | $8.00 | 32.9% | release |
| Q2 2021 | $26.70 | $16.36 | $10.34 | 38.7% | release |
| Q1 2021 | $26.30 | $16.99 | $9.31 | 35.4% | release |
| Q4 2020 | $24.40 | -$7.28 | $31.68 | 129.8% | release |
| Q3 2020 | $24.50 | -$8.42 | $32.92 | 134.4% | release |
| Q2 2020 | $16.30 | -$3.14 | $19.44 | 119.3% | release |
| Q1 2020 | $16.90 | $3.49 | $13.41 | 79.4% | release |
| Q4 2019 | $17.30 | $1.04 | $16.26 | 94.0% | release |
| Q3 2019 | $17.10 | -$0.11 | $17.21 | 100.6% | release |
Its panel on the Miner Margins page carries the cohort it sits in and the basis notes.
Production and guidance
Q2 2026, as reported
- Silver produced, attributable
- 6,470,000 oz
- Prior-quarter silver production
- 6,440,000 oz
- Year-ago silver production
- 5,094,000 oz
More ways to compare Pan American Silver Corp.
- Reported AISC
- Rank 2 of 8View comparable rankings
- Proven and probable gold reserves
- Rank 12 of 13View comparable rankings
Pan American Silver's mines and operations
| Ownership | Interest | Jurisdiction | Status | Source | |
|---|---|---|---|---|---|
| Jacobina mine | 100 % | Not available | Brazil | Not available | 40-F (filed 18 Feb 2026); fiscal year 2025 |
| Bell Creek and Timmins West mines (together "Timmins mine") | 100 % | Not available | Canada | Not available | 40-F (filed 18 Feb 2026); fiscal year 2025 |
| Larder project | 100 % | Not available | Not available | Not available | 40-F (filed 18 Feb 2026); fiscal year 2025 |
| El Peñon mine | 100 % | Not available | Chile | Not available | 40-F (filed 18 Feb 2026); fiscal year 2025 |
| Minera Florida mine | 100 % | Not available | Not available | Not available | 40-F (filed 18 Feb 2026); fiscal year 2025 |
| La Colorada mine | 100 % | Not available | Mexico | Not available | 40-F (filed 18 Feb 2026); fiscal year 2025 |
| Dolores mine | 100 % | Not available | Mexico | Not available | 40-F (filed 18 Feb 2026); fiscal year 2025 |
| Juanicipio mine | 44 % | Not available | Zacatecas, Mexico | Not available | 40-F (filed 18 Feb 2026); fiscal year 2025 |
| Huaron mine | 100 % | Not available | Peru | Not available | 40-F (filed 18 Feb 2026); fiscal year 2025 |
| Shahuindo mine | 100 % | Not available | Peru | Not available | 40-F (filed 18 Feb 2026); fiscal year 2025 |
| San Vicente mine | 95 % | Not available | Bolivia | Not available | 40-F (filed 18 Feb 2026); fiscal year 2025 |
| Escobal mine | 100 % | Not available | Guatemala | Not available | 40-F (filed 18 Feb 2026); fiscal year 2025 |
| Cerro Moro mine | 100 % | Not available | Argentina | Not available | 40-F (filed 18 Feb 2026); fiscal year 2025 |
| Navidad project | 100 % | Not available | Argentina | Not available | 40-F (filed 18 Feb 2026); fiscal year 2025 |
| Minefinders | Not available | Not available | Not available | Not available | 40-F (filed 18 Feb 2026); fiscal year 2025 |
| Jeronimo Project | Not available | net smelter royalty interests | Not available | Not available | 40-F (filed 18 Feb 2026); fiscal year 2025 |
| MARA Project | Not available | net smelter royalty interests | Not available | Not available | 40-F (filed 18 Feb 2026); fiscal year 2025 |
| La Arena II Project | Not available | net smelter royalty interests | Not available | Not available | 40-F (filed 18 Feb 2026); fiscal year 2025 |
| Manantial Espejo | Not available | Not available | Argentina | Care and maintenance | 40-F (filed 18 Feb 2026); fiscal year 2025 |
Financials, as filed
Key financials
- Revenue
- $3.6B
- Net income
- $980.0M
- Operating cash flow
- $1.3B
- Capital expenditure
- $314.0M
- Cash and equivalents
- $1.2B
- Debt
- $714.0M
- EPS (diluted)
- $2.56
Rounded from the figures as filed; the exact figures, concepts and filings are below.
Figures as filed, with concept, provenance and filing
| Measure | Period | Value | Provenance | Filing |
|---|---|---|---|---|
| Revenue ifrs-full:Revenue | FY 2025 | $3,619,000,000 | SEC XBRL, as filed | 40-F · 18 Feb 2026 |
| Net income ifrs-full:ProfitLoss | FY 2025 | $980,000,000 | SEC XBRL, as filed | 40-F · 18 Feb 2026 |
| EPS (basic) ifrs-full:BasicEarningsLossPerShare | FY 2025 | $2.56 | SEC XBRL, as filed | 40-F · 18 Feb 2026 |
| EPS (diluted) ifrs-full:DilutedEarningsLossPerShare | FY 2025 | $2.56 | SEC XBRL, as filed | 40-F · 18 Feb 2026 |
| Operating cash flow ifrs-full:CashFlowsFromUsedInOperatingActivities | FY 2025 | $1,333,000,000 | SEC XBRL, as filed | 40-F · 18 Feb 2026 |
| Capital expenditure ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities | FY 2025 | $314,000,000 | SEC XBRL, as filed | 40-F · 18 Feb 2026 |
| Cash and equivalents ifrs-full:CashAndCashEquivalents | FY 2025 | $1,215,000,000 | SEC XBRL, as filed | 40-F · 18 Feb 2026 |
| Debt ifrs-full:Borrowings | FY 2025 | $714,000,000 | SEC XBRL, as filed | 40-F · 18 Feb 2026 |
| Shares outstanding dei:EntityCommonStockSharesOutstanding | FY 2025 | 421,847,046 | SEC XBRL, as filed | 40-F · 18 Feb 2026 |
| Dividends paid ifrs-full:DividendsPaidClassifiedAsFinancingActivities | FY 2025 | $175,000,000 | SEC XBRL, as filed | 40-F · 18 Feb 2026 |
Annual figures only: this company files no quarterly XBRL with the SEC.
Seven-year statement history
Each fiscal year as the company first filed it with the SEC, in the currency it filed, never converted.
| Statement line | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Revenue | not available | $2,818,900,000, restated in a later filing | $2,316,100,000 | $1,494,718,000, restated in a later filing | $1,632,750,000 | $1,338,812,000 | $1,350,759,000 |
| Operating income | not available | not available | not available | not available | not available | not available | not available |
| Net income | not available | $112,700,000, restated in a later filing | -$104,900,000 | -$340,063,000, restated in a later filing | $98,562,000 | $176,455,000 | $111,244,000 |
| Operating cash flow | not available | $724,100,000, restated in a later filing | $450,200,000 | $31,909,000, restated in a later filing | $392,108,000 | $462,315,000 | $282,028,000 |
| Capital expenditure | not available | $323,300,000, restated in a later filing | $379,000,000 | $274,688,000, restated in a later filing | $243,478,000 | $178,556,000 | $205,807,000 |
| Cash and equivalents | not available | $862,800,000, restated in a later filing | $399,600,000, restated in a later filing | $107,005,000, restated in a later filing | $283,550,000, restated in a later filing | $167,113,000 | $120,564,000 |
| Debt | not available | $709,000,000 | $704,000,000 | not available | not available | not available | not available |
| Dividend per share | not available | not available | not available | not available | not available | not available | not available |
| Source | not available | 40-F · 19 Feb 202540-F · 18 Feb 2026 | 40-F · 26 Mar 202440-F · 18 Feb 2026 | 40-F · 22 Feb 2023 | 40-F · 24 Feb 2022 | 40-F · 18 Feb 2021 | 40-F · 12 Mar 2020 |
- A dash means the SEC filings carry no figure for that year. It is never zero.
- * The figure as first filed; restated in a later filing.
Reserves and resources
Year-end 2025, million ounces, gold basis, as the company states it. Reserves and resources are separate classes and are never added together.
| Proven and probable | Proven | Probable | Measured and indicated | Inferred | Source |
|---|---|---|---|---|---|
| 6.3 Moz | not stated | not stated | 7.9 Moz exclusive of reserves | 8.6 Moz | source |
Filings
| Date | Source |
|---|---|
| 13 Aug 2026 | 6-K(13 Aug 2026) |
| 9 Jul 2026 | 6-K(9 Jul 2026) |
| 1 Jun 2026 | 6-K(1 Jun 2026) |
| 28 May 2026 | 6-K(28 May 2026) |
| 13 May 2026 | 6-K(13 May 2026) |
| 7 May 2026 | 6-K(7 May 2026) |
How to read this page
Costs are the company's own consolidated all-in sustaining cost (gold, silver) or C1 cash cost (copper), as stated, on the basis the company states; the reference price is the quarter's average from World Bank Commodity Price Data (CC BY 4.0); the margin is that price less the stated cost, a production-cost spread and not company net profit; financials are as filed in the filing currency, never converted; report dates are confirmed from the company's notice or estimated from its own past pattern and say which. The full methodology is on the Miner Margins page.