PAAS
Pan American Silver is principally engaged in operating, developing and exploring silver and gold producing properties and assets. In 2025, Pan American reported revenue of $3.6B, operating cash flow of $1.3B, cash and short-term investments of $1.3B, and total available liquidity of $2.1B. The key review question is whether Pan American Silver can translate this operating and financial setup into durable cash generation while managing multi-jurisdiction operating, project, ESG and balance-sheet risks.
The earnings outlook is constructive so long as precious-metals prices remain supportive and mine execution stays stable. Pan American has meaningful operating leverage to silver and gold, and stronger contribution from Juanicipio plus optimization at assets like Jacobina should help margin resilience. The main limitation is that mining earnings remain inherently volatile, so even a well-run portfolio can see large swings if grades, throughput, costs, or jurisdiction conditions deteriorate.
Pan American is a diversified precious-metals producer whose value comes from balancing silver and gold exposure across a broad mine portfolio while keeping optionality on future development projects. The thesis is that portfolio diversity, solid liquidity, and mine-level operating flexibility let the company convert strong metal prices into meaningful cash flow without relying on a single asset or jurisdiction. That matters because mining equity returns depend not just on metal prices, but on whether management can allocate capital rationally across operating mines, organic projects, and shareholder returns.
The biggest catalyst is the September 4, 2025 completion of the MAG Silver acquisition, which added a 44% interest in the high-grade Juanicipio mine and immediately strengthened Pan American's silver reserve base, cash-flow profile, and growth optionality. That transaction matters because it improves the company's position as one of the leading silver producers while also adding a high-quality asset that can influence margins and output disproportionately relative to its brief ownership period in 2025. If Juanicipio continues to outperform, investors may increasingly value Pan American as a higher-quality silver-growth platform rather than just a diversified miner.
Current Price
$66.24
Expected Value
$101.28
Implied Move
+52.9%
Current vs low/median/mean/high target prices
Top: Street estimate level by period (low to high with mean). Bottom: source-provided estimate change metric (%).
Sources: yfinance_parsed_snapshots, valuation.street_targets
At roughly $56, the stock is pricing in a meaningful continuation of the recovery, but it is not assuming a flawless metals cycle or a structurally rerated royalty-type profile. The market is underwriting further benefit from Juanicipio, healthier silver and gold pricing, and better portfolio mix, which explains why the shares still sit materially below the loader’s local mean target. The local operating evidence supports a constructive growth view because revenue, EBITDA, and cash flow have all inflected sharply from the weak 2022 to 2024 base, and the company has added a higher-quality silver asset through MAG. My judgment is that growth expectations are fair to slightly cautious, because investors are still treating Pan American as a cyclical miner rather than as a fully re-rated premium platform. That leaves room for upside if stronger production mix and higher-quality silver exposure keep delivering, but it also means the stock still needs the metals backdrop to cooperate. For a PM, the growth case is attractive, though it remains inseparable from the cycle rather than purely franchise driven.
Driver contributions from revenue to net income
The current quote assumes Pan American can hold onto much better margins than it posted during the weak years, but it does not capitalize the company as though today’s profitability were fully permanent. That is reasonable because gross margin, operating margin, and net margin have all recovered sharply, yet they still sit below the stronger precious-metals names and remain sensitive to realized metal prices, grades, and operating execution. The local data validate the rebound through matching cash-flow strength, so this is not just an accounting recovery, but the earnings base is still clearly cyclical. My judgment is that profitability expectations are fair: investors are paying for a better business and a better portfolio, but not fully ignoring the possibility that margins normalize down again in a weaker tape. The upside case comes from holding much of the recent progress, not from assuming another huge step-up in margin structure. For capital allocation, that means the stock can work if current economics prove durable for longer than the market is willing to assume.
Pan American's business is exposed to the inherent risks of operating, developing and exploring precious-metals mines across Canada, Mexico, Peru, Brazil, Bolivia, Chile, Argentina and Guatemala. The AIF identifies operational hazards including environmental and health hazards, industrial and equipment accidents, unexpected geological formations, ground falls, cave-ins, flooding, labour disruptions, tailings and heap-leach integrity, mechanical performance issues, seismic events, underground heat and air-quality issues, and weather interruptions. Production and cost outcomes depend on reserve and resource estimates, grade, dilution, metallurgical recovery, equipment availability, labour productivity, access to mine areas, infrastructure, supplies, water and power. Site-specific execution risk is material at La Colorada, where the AIF describes historical ventilation failures and the technical report describes underground mining, dewatering, tailings, water treatment, surface-rights and skarn-development requirements. The MAG acquisition added a 44% non-operating interest in Juanicipio, creating dependence on Fresnillo as operator for many operating, technical, financial, safety and community matters. Escobal remains suspended and on care and maintenance pending Guatemala's ILO 169 consultation process. Any failure to manage these operating variables could reduce production, increase unit costs, delay development, require asset write-downs or interrupt mining activities.
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Pan American's financial results are highly sensitive to silver, gold, zinc, lead and copper prices, production volumes, costs, capital spending, taxes, royalties, foreign exchange and liquidity conditions. The AIF states that most revenue comes from metal sales, that metal prices are volatile and outside the company's control, and that lower metal prices could affect mine economics, exploration, development and impairment testing, including for capital-intensive projects such as La Colorada skarn. The 2025 annual report showed record revenue and operating cash flow, but it also disclosed total debt, sustaining and project capital spending, income tax expense, dividends and share repurchases that compete for cash. Q1 2026 sources reported strong cash flow, $1.6 billion of cash and short-term investments excluding Juanicipio cash, $750 million available under the revolving credit facility, and total debt of $845 million, while also increasing 2026 project capital guidance to advance La Colorada skarn. The AIF identifies liquidity risk from volatile metals markets, debt service, refinancing conditions, capital-market access, interest rates, credit ratings, foreign currency movements, inflation, supply-chain costs, tax disputes and the availability of capital. If prices weaken or costs, taxes, capital spending or operating delays rise, Pan American could have less flexibility to fund growth, maintain dividends, service debt or absorb mine-level setbacks.
Pan American's business model is to own interests in silver and gold mining operations and related development and exploration assets, generate revenue from the sale of refined metals and concentrates, and reinvest in operating assets, exploration, acquisitions and project development. Producing mines and significant development properties are treated as operating segments, and the company organizes reportable and operating segments by significant revenue streams and geographic regions. The company evaluates segment performance using attributable mine operating earnings, and it internally includes its 44% share of Juanicipio revenues, expenses and capital expenditures when assessing that mine.
Pan American Silver Corp. is a British Columbia corporation headquartered in Vancouver, Canada, with common shares listed on the TSX and NYSE under the symbol PAAS. The company is principally engaged in operating, developing and exploring silver and gold producing properties and assets. Its principal products are silver and gold, and it also produces and sells zinc, lead and copper.
Pan American's cost structure reflects mine production costs, royalties, depreciation and amortization, general and administrative expenses, exploration and project development, mine care and maintenance, interest and finance expense, income taxes, sustaining capital and project capital. In Q1 2026, cost of sales included $381 million of production costs, $113 million of depreciation and amortization, and $52 million of royalties. The company evaluates mine operating earnings as segmental revenue less production costs, royalties and depreciation and amortization. It also uses silver segment AISC and gold segment AISC, calculated net of by-product metals, to assess the full cost of operating the business, including exploration and sustaining capital.
Barriers to entry in Pan American's industry include scarce mineral tenure, geological discovery risk, technical studies, permitting, mine construction, processing expertise, access to power, water, roads and ports, community and Indigenous relationships, and the capital needed to develop and sustain mines. The AIF says few explored properties ultimately become producing mines, commercial viability depends on deposit size, grade, metallurgy, infrastructure, labour, metal prices, foreign exchange, taxation, royalties, import and export rules, and environmental regulation, and there is limited supply of desirable mineral properties in areas where Pan American would consider operating. The La Colorada technical report shows the technical depth behind one mine: diamond drilling, QA/QC, resource modelling, metallurgical testing, underground mining, flotation processing, tailings management, and permitting. Substitutes exist for some end uses of silver: the USGS identifies digital imaging, reduced-silver film, xerography, stainless steel, tantalum, titanium, aluminum, rhodium, and other materials as substitutes in selected photographic, medical, flatware, mirror, electrical, electronics, and battery uses. For miners, another substitute is customer sourcing from other silver, gold, base-metal, recycled-silver, and by-product producers.
Pan American's competitive advantages are based on scale, operating experience, a multi-country mine base, silver and gold focus, material development projects, and established sales and refining channels. The annual report describes Pan American as a leading producer of silver and gold in the Americas, operating mines in Canada, Mexico, Peru, Brazil, Bolivia, Chile, and Argentina, with a 44% joint venture interest in Juanicipio and a 100% interest in the suspended Escobal mine. The AIF identifies La Colorada, Juanicipio, Jacobina, El Penon, and Escobal as material properties for 2025, and the investor slides show Q1 2026 attributable production from multiple mines, including La Colorada, Juanicipio, Cerro Moro, Huaron, San Vicente, Jacobina, El Penon, Timmins, Shahuindo, Minera Florida, and Dolores. The company also reports a large workforce: about 9,348 employees and 7,716 contractors at the end of 2025. Its technical capabilities include exploration, mine development, extraction, processing, refining, reclamation, reserve and resource estimation, and project studies. Its channels include sales to international bullion banks and traders, concentrate traders, smelters, and long-term refining arrangements at seven refineries worldwide.
Capital structure composition and liquidity ratios
Pan American ended March 31, 2026 with total assets of $10,132M, up from $9,742M at December 31, 2025. Current assets rose to $2,545M from $2,196M, mainly reflecting cash and cash equivalents of $1,495M, investments of $119M, and inventories of $650M. Mine property, plant and equipment was $5,301M, and the equity-accounted Juanicipio carrying amount increased to $2,009M after recognizing $88M of income from the 44% interest. Current liabilities were $896M, including $565M of accounts payable and accrued liabilities, $223M of income tax payable, and $51M of current lease obligations. Total liabilities were $2,777M, while total equity was $7,355M, including $7,354M attributable to Pan American shareholders. The MD&A presents total debt, including leases, of $845M and net cash of $679M at quarter end, compared with total debt of $852M and net cash of $391M at December 31, 2025.
The quarter-end balance sheet and cash flow statement show a stronger liquidity position after a high-cash-generation quarter. Cash and short-term investments were $1,614M, and the $750M revolving credit facility remained undrawn, leaving total available liquidity of $2.4B. Working capital increased to $1,649M from $1,379M at year-end 2025. Operating cash flow was $505M after a $29M working capital use, while attributable operating cash flow was $582M and attributable free cash flow was $488M after sustaining capital. Cash increased by $280M during the quarter despite $105M of mine property, plant and equipment spending, $76M of dividends, $25M of share repurchases, and $15M of lease payments. Management states that liquid assets and available credit are sufficient for 2026 working capital, planned capital spending, and liabilities.
| Peer Set | EPS Growth | Company Name | Revenue Growth |
|---|---|---|---|
| AEM | 200.2% | Agnico Eagle Mines Limited | 60.3% |
| B | 150.0% | Barrick Mining Corporation | 64.5% |
| CDE | 246.6% | Coeur Mining, Inc. | 120.9% |
| KGC | 237.9% |
| All numbers in thousands (USD) | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 |
|---|---|---|---|---|---|
•Total Revenue | 3,619,000 | 3,619,000 | 2,819,000 | 2,316,100 | 1,494,700 |
| All numbers in thousands (USD) | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 |
|---|---|---|---|---|
•Total Assets | 9,742,000 | 7,203,000 | 7,213,100 | 3,248,500 |
•Current Assets |
| All numbers in thousands (USD) | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 |
|---|---|---|---|---|---|
•Operating Cash Flow | 1,333,000 | 1,333,000 | 724,000 | 450,200 | 31,800 |
| Value | Shares | Holder Type | Shareholder | Date Reported | Percentage Out |
|---|---|---|---|---|---|
| 2,050,790,103 | 39,582,900 | institutional | Van Eck Associates Corporation | Dec 2025 | 9.39% |
| 904,902,033 | 17,465,779 | institutional | Vanguard Group Inc | Dec 2025 | 4.14% |
| 856,246,743 | 16,526,669 | mutual_fund | VanEck ETF Trust-VanEck Gold Miners ETF |
Pan American Silver reports environmental factors across climate, energy, water, tailings, waste, biodiversity, mine closure and environmental incidents. The 2025 Sustainability Report says the company operates ten producing mines and two development projects across the Americas and uses sustainability performance indicators covering environmental incidents, energy use and GHG emissions, water management, biodiversity conservation, mine closure and waste management. Pan American reports that it is on track to reduce global Scope 1 and Scope 2 GHG emissions by at least 30% by 2030 from its 2019 baseline emissions and has an aspirational objective of net-zero carbon dioxide equivalent emissions by 2050. In 2025, projects reduced energy use by 79,988 GJ and Scope 1 and 2 GHG emissions by 51,343 tCO2e compared with the 2025 base case, and six mines had secured International Renewable Energy Certificates. Water stewardship initiatives reduced water withdrawn by 54,711 m3 compared with the 2025 base case. Tailings and waste management are material mining controls: the sustainability report says the company had zero major incidents at tailings storage facilities in 2025 and reduced non-rock waste by 471 tonnes compared with the base case. It also reports zero significant environmental incidents, 62 hectares of land rehabilitated across operating mines, and almost 48 hectares remediated and revegetated at sites undergoing closure.
Pan American Silver's ESG risks and opportunities are concentrated in mining safety, tailings, water, closure and rehabilitation, climate transition and physical risk, biodiversity, community and Indigenous relationships, human rights, security practices, supplier due diligence, ethics, and cybersecurity. The 2025 Sustainability Report identifies material ESG topics including water stewardship, tailings facilities and waste, biodiversity and land use, mine closure and rehabilitation, energy and GHG emissions, health and safety, relationships with communities and Indigenous peoples, human capital, inclusion and diversity, human rights, modern slavery, supply chain, security and cybersecurity. The climate section says climate change is a potential threat to the business and communities of interest, and that the company continued adaptation pathway work in 2025 using the physical risk assessment conducted in 2023 to improve resilience to medium and high physical risks. The report's physical risk assessment included extreme heat, precipitation, drought and wildfires under TCFD scenario-analysis recommendations and the Mining Association of Canada's climate adaptation guide. Operational risks include potential failures or incidents involving tailings facilities, heap leach facilities, cyanide, waste, water management, mine closure and environmental incidents. Social and governance risks include fatalities and high-severity safety incidents, community grievances and social disputes, Indigenous consultation at Escobal, security and human-rights impacts, supplier risks, ethics investigations and cyber availability. Opportunities include energy efficiency, iREC coverage, emissions-reduction projects, progressive reclamation, TNFD-related biodiversity work, structured community investment, human-rights training, supplier due diligence and stronger integrated sustainability audits.
1Y cumulative return vs XIC
The market values Pan American as a cyclical miner, which is appropriate, but the local inputs suggest the company may deserve somewhat more credit for portfolio quality and cash-flow leverage than a plain silver proxy. Revenue and EPS growth are strong, and the completed MAG transaction materially improves silver exposure through Juanicipio, yet the valuation still sits below the most expensive precious-metals names and far below royalty-company multiples. The mispricing case is therefore that investors may still be underestimating how much the upgraded silver portfolio and balance-sheet flexibility can matter in a constructive metal-price environment.
The main risks are lower silver or gold prices, cost inflation at operating mines, reserve depletion, and political or permitting disruption across its Latin American footprint. Integration and execution risk around the MAG transaction is lower now that the deal is closed, but Juanicipio performance still needs to stay strong to justify the strategic upgrade. As with all miners, the stock can also look optically expensive or cheap very quickly because earnings and cash flow move sharply with commodity prices and mine sequencing.
Pan American reported third-quarter 2025 results on November 12, 2025 with record attributable free cash flow of $251.7 million and a higher dividend of $0.14 per share. Management highlighted the immediate contribution of the newly acquired 44% interest in Juanicipio, raised 2025 silver-production guidance, and lowered expected Silver Segment all-in sustaining costs to reflect that asset's addition. The quarter supports the local view that stronger metal prices plus better portfolio mix are now translating into real cash generation.
Accumulate selectively for investors who want leverage to silver and gold through a diversified operating platform rather than a single-asset bet. The name fits best as a cyclical precious-metals holding where position size reflects commodity and jurisdiction risk rather than as a defensive compounder.
Valuation is not cheap in absolute terms, but it still looks reasonable within the precious-metals equity complex. Local comps show Pan American at about 6.8x EV/revenue, 15.0x EV/EBITDA, 23.1x trailing earnings, and 11.4x forward earnings, which is above some traditional miners but below the highest-quality or streaming-model names. That pricing reflects a better asset mix and growth profile after the MAG deal, but still leaves room for upside if the company keeps compounding cash flow and reserve quality.
Street
bullMarket-Implied
baseMost Likely
baseConfidence
MediumStreet expectations lean bullish because the stock still trades materially below consensus targets while the company has just put up record cash flow, a stronger balance sheet, and a visibly better portfolio mix. Investors are paying for a recovered miner, but not yet for a best-in-class rerating, which leaves room for the street to stay constructive.
The market-implied case is base because the current quote already reflects a meaningful recovery and a higher-quality silver mix, but it still leaves cycle and jurisdiction risk in place. That means the market is willing to believe the upgrade story, just not to assume a frictionless premium outcome.
The overall most likely case is base because Pan American is now a stronger, better-funded precious-metals operator, but the valuation still depends on continued support from silver and gold prices, Juanicipio performance, and disciplined capital allocation. The upgraded portfolio and net-cash balance sheet justify owning the name, yet the mining cycle still prevents the case from becoming a pure bull call.
Confidence is medium because the balance sheet and cash flow have clearly improved, but metals pricing, mine execution, and jurisdictional risk still dominate the medium-term outcome.
Bear Case
In the bear case, Pan American remains a solid miner but the market decides that the recent recovery is mostly a favorable-cycle story rather than a new quality regime. If metal prices soften, Juanicipio underdelivers, or growth projects consume cash without enough return, the stock could de-rate despite the improved balance sheet.
What Must Go Right: To avoid the bear case, the company needs to keep generating strong free cash flow, defend the upgraded silver portfolio, and show that the current cash profile is sustainable even if metals cool somewhat. It also needs to keep executing at operating mines so the upgrade does not look like a one-time spike.
What Must Go Wrong: The bear case materializes if the market concludes that current earnings are too dependent on favorable silver and gold pricing. Any weakening in production, costs, or jurisdictional conditions could make the current valuation appear too rich for a miner whose profits are still cycle-sensitive.
Base Case
In the base case, Pan American continues to look like a higher-quality precious-metals operator with net cash, strong liquidity, and a broader silver-oriented portfolio. The company keeps funding dividends and selective investment while preserving enough flexibility to navigate the cycle without becoming stressed.
What Must Go Right: The base case needs steady mine execution, supportive metals pricing, and the continued contribution of the MAG/Juanicipio upgrade to portfolio quality. If those pieces stay in place, the company can hold onto a premium relative to weaker miners without needing a full streaming-style rerating.
What Must Go Wrong: The base case weakens if the business only looks good because the cycle is currently favorable. If cash flow normalizes down or project optionality takes longer to realize, the stock would probably settle into a more ordinary miner multiple.
Bull Case
In the bull case, Pan American proves that the stronger silver mix and net-cash balance sheet are not just temporary advantages, but durable improvements in franchise quality. That would let the stock rerate higher while still retaining operating leverage to metals.
What Must Go Right: The bull case requires Juanicipio and the broader silver portfolio to keep compounding free cash flow, with the balance sheet staying flexible enough to support dividends and development at the same time. If the portfolio keeps improving and investors grow comfortable with the upgraded quality, a more durable premium becomes plausible.
What Must Go Wrong: The bull case fails if the portfolio upgrade is real but not durable. If production, costs, or commodity prices move the wrong way, the stock can still trade like a cyclical miner even with a better balance sheet than before.
What is priced in is a miner that can fund development, preserve balance-sheet strength, and still return capital to shareholders, and that assumption is broadly supported by the current cash profile. With roughly $1.33 billion of operating cash flow, around $1.02 billion of free cash flow, and a net-cash balance sheet, Pan American has more reinvestment flexibility than many peers. That matters because the portfolio still requires sustained mine investment and development work, while growth from assets like Juanicipio and La Colorada Skarn ultimately depends on disciplined capital allocation rather than just higher prices. My judgment is that reinvestment assumptions are fair, because the market is rewarding a stronger funding profile without treating the company like an asset-light streamer. The key swing factor is not access to capital but the return quality of future investment through the cycle. For a buy-side PM, this is a favorable setup so long as management keeps using the balance sheet to improve portfolio quality rather than merely chase volume.
Implied Discount Rate
11.51%
This data is not included in the public sample.
A lower discount rate than for a fragile miner is warranted because Pan American now has net cash, ample liquidity, and a broader portfolio with less single-asset dependence than many precious-metals peers. Even so, the stock still deserves a meaningful risk premium because mine execution, jurisdiction exposure, and silver and gold prices remain the ultimate drivers of value. The balance sheet gives management time and flexibility, but it does not eliminate cycle risk, reserve risk, or project-timing risk. My judgment is that the market is discounting the name appropriately as a higher-quality operator within a volatile sector, not as a structurally insulated business. That seems right because the company’s improved resilience is real, yet its economics still depend on conditions that can swing quickly. For portfolio construction, PAAS belongs in the better-balance-sheet cyclical bucket rather than in a defensive precious-metals slot.
The long-run franchise is appealing because Pan American combines diversified mine exposure with a now-stronger silver orientation and enough financial flexibility to keep upgrading the portfolio. That gives the business better terminal characteristics than a single-asset or overlevered miner, especially if Juanicipio and other development options deepen production quality over time. The local balance-sheet and reserve-quality signals support a durable asset base rather than a thinly capitalized cycle trade. The limit is that terminal value in mining is never fully detached from metal prices, reserve replacement, and jurisdictional execution, so the long-run case should still be framed as cyclical durability rather than annuity-like compounding. My judgment is that the stock’s long-run franchise deserves respect and some premium to weaker miners. For long-horizon capital, terminal value is a support for owning the name selectively, though not for pretending cycle risk has disappeared.
Subject percentile rank vs peer set
Peer pricing modestly supports the current quote. Pan American trades above some traditional miners on EV to EBITDA and trailing earnings, but still below the most expensive high-quality or streaming-model names, which is consistent with a company whose balance sheet and portfolio have improved without fully escaping operator risk. Its profitability remains below the stronger peer medians even after the rebound, so the market is not paying an unjustified premium for a best-in-class margin profile. My judgment is that comparables support the stock as a higher-quality operator within the mining complex, but not as an obvious bargain. The important point is that the current valuation leaves room for upside if the portfolio upgrade proves durable, rather than already assuming a royalty-style outcome. For a PM, the peer frame is supportive enough to own the stock, while still requiring discipline on cycle exposure.
At the current price, Pan American offers a favorable way to express a constructive view on silver and gold through a diversified operator with a strong balance sheet and improved portfolio quality. The stock requires metals prices to remain broadly supportive, Juanicipio and other key assets to keep contributing cleanly, and management to preserve its net-cash flexibility through continued mine investment and shareholder returns. Those conditions are meaningful, but they do not look unreasonable relative to what the company is already delivering in free cash flow, liquidity, and operational improvement. The market still seems to value PAAS more as a cyclical miner than as a fully upgraded precious-metals platform, which leaves some room for rerating if the better asset mix persists. This is not a no-risk compounder, but the risk-reward remains attractive given the improved quality of the business and the still-reasonable valuation within the mining complex. For new capital, the setup supports selective accumulation rather than waiting passively for a perfect pullback. Attractive now.
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Convergence here means the stock moving closer to the loader’s local consensus range as investors give more credit to Pan American’s stronger balance sheet, Juanicipio-enhanced silver profile, and sharply improved cash generation. The path to upside realization is clear: the company needs to sustain supportive production and cost execution, keep translating precious-metals strength into free cash flow, and show that the MAG/Juanicipio upgrade meaningfully improves portfolio quality rather than just adding temporary cycle leverage. The market is likely to reward that because the latest company updates showed record free cash flow, stronger silver guidance, and a higher dividend, while the balance sheet remains net cash and gives management real strategic flexibility. I am not scoring it very high because this is still a miner with obvious cycle and jurisdiction exposure, and the stock can remain volatile even if the thesis is intact. The single most important datapoint that would change the score is sustained free cash flow and production performance from Juanicipio and the broader silver portfolio through a less favorable metal-price backdrop, because that would most directly prove the upgraded asset mix deserves a more durable valuation premium.
Pan American operates in a cyclical, capital-intensive mining industry where commodity prices, reserve replacement, skilled labour, input availability and competition for assets directly affect performance. The AIF states that the mining industry is very competitive for properties capable of producing silver, gold and other metals, that desirable mineral properties are limited, and that competitors may have greater financial resources. It also notes intense competition for manpower, drill rigs, mining equipment, production equipment and limited sources of capital, while the company's competitive position is shaped by relative costs, mineral reserve grade and location, operating skill and financial integrity through metal-price cycles. The USGS 2026 silver summary shows that silver has diverse industrial, investment, photovoltaic, electronics, jewelry and other uses, that 2025 prices rose sharply amid a reported supply deficit, and that silver is primarily obtained globally as a byproduct from lead-zinc, copper and gold mines. That market structure exposes Pan American to demand shifts, substitution, supply changes from other metals mines, import reliance, tariffs and government critical-mineral policy. If silver or gold prices fall, competitors bid up assets, equipment or labour, or reserve replacement becomes more expensive, Pan American's cost position, production profile and growth options could weaken.
Pan American depends on permits, licenses, mineral and surface rights, environmental approvals, export credentials, water rights, community support and compliance with mining, environmental, tax, labour, health, safety, human-rights, anti-corruption and securities requirements across multiple jurisdictions. The AIF says the company must obtain and renew permits for operating, expanding, developing and constructing mines, and that delays, failures to obtain or renew permits, non-compliance or permit costs could impede or prevent mine operation or development. Escobal is a concrete example: its mining license remains suspended pending a Guatemala MEM-led ILO 169 consultation with Xinka communities, and its export credential has not been renewed. The AIF also identifies risks from expropriation, contract or permit changes, changing fiscal regimes, royalties, taxation, import and export rules, currency controls, Indigenous and community consultation, legal-system uncertainty, security conditions and claims or proceedings. Environmental and social rules add further exposure, including reclamation, tailings, heap leach, water, waste, climate and sustainability-disclosure obligations. The La Colorada technical report states that the mine has required permits and material compliance, but also describes ongoing environmental, community, relocation, water, tailings and closure management. Adverse regulatory, legal or stakeholder developments could suspend operations, delay projects, increase costs, restrict land access or create fines, damages or remediation obligations.
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A source-backed risk view for PAAS depends on Pan American converting its silver and gold asset base into sustained production, cash flow and reserve life while controlling multi-jurisdiction operating, project, ESG and balance-sheet risks. The company has meaningful silver exposure through La Colorada, Juanicipio, Huaron, Cerro Moro, San Vicente and Escobal, plus gold exposure through Jacobina, Shahuindo, Timmins, Minera Florida and other assets, so its risk profile is tied to precious-metal prices and the reliability of mine plans. The main PAAS-specific execution points are La Colorada skarn, where Q1 2026 sources describe a revised PEA and board-approved initial spending on the 588 Decline Project; Juanicipio, where Pan American is a minority non-operator; and Escobal, where any restart depends on the government-led ILO 169 process and ongoing community engagement. The AIF and technical report show that reserve estimates, production guidance, ventilation, dewatering, tailings, water, surface rights, permits and capital costs all matter to the asset plan. Sustainability sources add safety, tailings, climate, water, human rights, community and Indigenous relationship risks, including two 2025 fatalities at Shahuindo and Jacobina. Weak metal prices, project delays, cost inflation, lower grades, community opposition, permit delays, safety incidents, legal claims or reduced liquidity could materially alter the risk profile even if the underlying asset base remains substantial.
Pan American sells concentrates through supply arrangements to metal traders or integrated mining and smelting companies. Refined silver and gold are sold in the spot market to bullion traders and banks, and the company maintains trading facilities with several banks and bullion dealers for metal sales. Shipment timing can affect reported revenue, as Q1 2026 revenue was reduced by the build-up of approximately 644 thousand ounces of silver in inventory due to concentrate shipment timing.
Pan American's asset portfolio is located across the Americas. As of the source documents, the company operated mines and developed mining projects in Mexico, Peru, Canada, Argentina, Brazil, Chile and Bolivia, had control over non-producing assets in those jurisdictions as well as Guatemala and the United States, and explored for silver and gold deposits and opportunities throughout the Americas. Q1 2026 reportable segments included La Colorada and Juanicipio in Mexico, Huaron in Peru, San Vicente in Bolivia, Cerro Moro in Argentina, Dolores in Mexico, Shahuindo in Peru, Timmins in Canada, Jacobina in Brazil, and El Penon and Minera Florida in Chile.
Key operating levers include mine production rates, ore grades, throughput, recovery, mine sequencing, metal prices, concentrate shipment timing, by-product credits, sustaining and project capital, royalties, labour, energy, consumables, maintenance and haulage costs, permitting, and the timing of development projects. Q1 2026 silver production increased mainly from the Juanicipio acquisition and higher grades or throughput at La Colorada and Cerro Moro, partly offset by lower silver grades at Huaron and lower residual heap leach production at Dolores. Silver segment AISC benefited from gold by-product credits at Cerro Moro and low-AISC ounces from Juanicipio, while gold segment AISC was affected by costs and sustaining capital at Timmins, Jacobina, Dolores, Minera Florida and Shahuindo.
Pan American's products are mined metals produced from its silver and gold operations. The company mines, extracts, processes, refines and reclaims at operating mines and related assets, and it also explores for new silver and gold deposits and opportunities in the Americas. Revenue products include refined silver and gold, zinc concentrate, lead concentrate, copper concentrate and silver concentrate; the concentrate categories can also include payable quantities of silver and gold.
Pan American operates in a multi-jurisdictional mining environment subject to mining laws, environmental and health and safety requirements, permits and licenses, taxes, export controls, currency and repatriation rules, land use, water use, local community and Indigenous relations, and mine safety regulation. The company holds mining and exploration properties in Peru, Mexico, Argentina, Bolivia, Brazil, Chile, Canada, the United States and Guatemala, exposing it to legal, regulatory, political, social, labour and currency conditions in those countries. The Escobal mine in Guatemala remains non-operating pending completion of an ILO 169 consultation process with Xinka communities and renewal of certain permits. Operating risks include metal price volatility, energy and input costs, access to mine sites, climate-related events, environmental hazards, permitting, title and surface rights, labour relations, community claims, tax assessments, and competition for mining properties, equipment and personnel.
Revenue is driven by silver, gold, zinc, lead and copper production volumes, metal prices, mine sequencing, ore grades, throughput, concentrate shipment timing, and Pan American's ownership shares in mines such as Juanicipio and San Vicente. In Q1 2026, revenue was $1.154 billion and attributable revenue was $1.332 billion, including the company's 44% ownership share of Juanicipio revenue. Q1 2026 attributable production was 6.44 million ounces of silver and 169.2 thousand ounces of gold. In 2025, attributable production was 22.8 million ounces of silver and 742.2 thousand ounces of gold, including Juanicipio production after the MAG acquisition.
The AIF says the mining industry is very competitive, particularly for properties that produce or can produce silver, gold, and other metals. Competition is strongest for desirable mineral properties, capital, manpower, drill rigs, mining equipment, production equipment, development projects, and assets with exploration potential. Pan American competes with other mining companies, including companies with greater financial resources, for new properties and skilled people. Its competitive position is largely determined by costs compared with other producers around the world and by its ability to maintain financial strength through low points in metal price cycles. Costs are governed by deposit location, grade, reserve nature, operating skill, and management skill. The AIF also notes that Pan American's focus on silver and gold creates advantages and disadvantages relative to diversified mining companies: higher silver and gold prices strengthen its position relative to diversified producers, while lower silver and gold prices can leave it at a disadvantage. The USGS context shows silver supply is broad and global, with estimated 2025 mine production led by Mexico, China, Peru, Russia, Bolivia, Chile, Poland, Australia, the United States, and Canada.
Pan American operates in the precious-metals mining industry, with a core focus on silver and gold mining and related exploration, mine development, extraction, processing, refining, and reclamation. The AIF says its principal products and sources of sales are silver and gold dore and silver-bearing zinc, lead, copper, and silver concentrates. In 2025, La Colorada, Juanicipio, Cerro Moro, Dolores, Huaron, Jacobina, El Penon, Minera Florida, Shahuindo, Timmins West, Bell Creek, and San Vicente accounted for all attributable production of concentrates and dore. The company's portfolio is located in Chile, Peru, Brazil, Mexico, Canada, Argentina, Bolivia, and Guatemala, and the annual report describes Pan American as a leading producer of silver and gold in the Americas. The USGS describes silver as a metal with high ductility, electrical conductivity, malleability, and reflectivity, used in electrical and electronics, photovoltaics, coins and medals, jewelry and silverware, industrial uses, photography, brazing and soldering, and other applications such as antimicrobial products, batteries, bearings, automotive emission-control components, chemical processing, and electronics.
Industry growth is linked to mine production, reserve replacement, metals demand, and end-market uses for silver and gold, while cyclicality is driven by commodity prices, exchange rates, capital markets, input costs, and macroeconomic conditions. The USGS reports that world silver mine production increased slightly in 2025 to an estimated 26,000 metric tons from 25,300 metric tons in 2024, and that U.S. apparent consumption was 9,400 metric tons with net import reliance of 77%. The same source estimates U.S. silver uses in 2025 as electrical and electronics at 25%, other industrial uses and photography at 19%, physical bars at 18%, photovoltaics at 15%, coins and medals at 14%, jewelry and silverware at 6%, and brazing and solder at 3%. The AIF states that Pan American's 2025 revenue was 28% higher than in 2024, primarily because of higher metal prices, and that metal price volatility can affect revenue, profit, losses, and cash flow. Mine lives are finite, so growth requires reserve replacement, new discoveries, development projects, acquisitions, and continued access to capital, labour, equipment, permits, and community support.
Pan American's industry is heavily regulated and structurally exposed to permitting, environmental, social, safety, tax, Indigenous consultation, climate, trade, title, and mine-closure risks. The AIF lists restrictions on mining, laws and regulations governing operations, exploration, development, permitting, environmental protection, health and safety, import and export, taxation, royalties, anti-corruption, trade barriers, and foreign jurisdiction risks among its material risk factors. It also identifies relations with Indigenous peoples, local communities, governments, unions, and NGOs as important to operating continuity. The Escobal mine remains suspended pending, among other things, completion of an ILO 169 consultation process with Xinka communities in Guatemala. Pan American's operations are subject to mine closure and reclamation obligations, with aggregate future reclamation expenditures estimated at about $600 million at December 31, 2025, excluding Juanicipio. Climate-related regulation and physical risks are also material because mining and processing are energy intensive, water dependent, and exposed to extreme weather, emissions regulation, reporting requirements, and public concern about mining impacts. The technical report for La Colorada adds property-level risks around permits, environmental studies, tailings and water management, social and community factors, mineral-resource estimation, metallurgical performance, costs, and treatment and smelter charges.
Pan American is primarily a price taker for refined silver and gold and for concentrates, with revenue directly tied to market metal prices and treatment, refining, and settlement terms. The AIF says refined silver and gold are sold in the spot market to bullion traders and banks, while zinc, lead, copper, and silver concentrates are sold under supply arrangements to metal traders or integrated mining and smelting companies. The annual report says metal price risk is the risk that changes in metal prices affect revenue or the value of related financial instruments, and that the company derives revenue from sales of silver, gold, lead, copper, and zinc. In 2025, silver segment AISC excluding inventory adjustments was $13.88 per ounce and gold segment AISC excluding inventory adjustments was $1,621 per ounce, while 2025 revenue was 28% higher than 2024 primarily because of higher metal prices. The investor presentation reports Q1 2026 silver segment AISC of $6.63 per ounce and gold segment AISC of $1,851 per ounce. Cost position depends on grade, mine sequence, metallurgical recovery, labour productivity, energy, fuel, reagents, contractors, consumables, transportation, royalties, taxes, currency exchange rates, sustaining capital, and project capital. The AIF states that competition, input availability, tariffs, inflation, and supply-chain disruptions can affect costs and production.
Pan American sells to a concentrated group of downstream counterparties. The annual report states that 25 customers accounted for 100% of concentrate and silver and gold sales revenue in 2025, with three customers accounting for 33%, 15%, and 12% of total sales. The AIF says the principal buyers of refined silver and gold dore are international bullion banks and traders, except for gold from La Colorada sold under the Maverix Gold Stream, and that silver and gold dore are delivered to refineries in Canada, Mexico, Switzerland, and the United States before transfer to buyer accounts. Most concentrate production is sold to international concentrate traders and smelters, with La Colorada concentrate delivered to Manzanillo and Mexican smelting facilities, Huaron concentrate delivered to Callao and Cajamarquilla in Peru, San Vicente concentrate delivered through Chilean ports for shipment to Europe and Asia, and Minera Florida concentrate delivered through Chilean ports. Supplier dynamics include dependence on reagents, cyanide at some operations, fuel, power, water, mining equipment, drill rigs, contractors, skilled personnel, transportation, refineries, smelters, and local infrastructure. The AIF says interruptions in supply, logistics, import restrictions, inflation, or shortage of skilled personnel can adversely affect operations.
Operating, investing, and financing cash flow by period
Operating cash flow was $505M in Q1 2026, compared with $177M in Q1 2025. Cash flow before working capital changes was $534M, and working capital used $29M, an improvement from the $62M working capital use in the prior-year quarter. The year-over-year increase primarily reflected stronger revenue, partly offset by higher royalties paid, taxes paid, and general and administrative cash costs. Investing activities used $95M, driven mainly by $105M of mine property, plant and equipment expenditures, partly offset by interest received and other small inflows. Financing activities used $130M, including $76M of dividends, $25M of share repurchases, $15M of lease payments, $10M of interest paid, and $2M of debt repayment. Cash and cash equivalents increased from $1,215M at December 31, 2025 to $1,495M at March 31, 2026.
Normalized cash conversion and accrual quality metrics
Cash Conversion
1.23x
Good
Accrual Intensity
-8.9%
Good
Earnings Margin
38.3%
Good
OCF Margin
47.2%
Good
Cash Conversion
1.23x
Accrual Intensity
-8.9%
Earnings Margin
38.3%
OCF Margin
47.2%
Revenue
$1.2M
Net Income
$452K
Operating CF
$556K
The Q1 2026 interim financial statements were prepared under IAS 34 and are intended to be read with the 2025 annual financial statements. Reported net earnings attributable to equity holders were $457M, and adjusted earnings were $459M, so the reconciliation added only $3M of total adjustments. The main reconciling items included $9M of losses on sale of subsidiaries, mineral properties, and property, plant and equipment; a $5M reduction from asset retirement obligation adjustments; $13M of unrealized fair-value gains on financial instruments; and $6M from the effect of foreign exchange on taxes. Operating cash flow of $505M exceeded reported net earnings, supported by higher metal prices and mine operating earnings. Comparability also reflects accounting for the 44% Juanicipio interest, which contributed $88M of income from an equity-accounted investee in Q1 2026 after the MAG acquisition completed in September 2025.
Insufficient structured data
Earnings history visual unavailable for this report.
Pan American reaffirmed its 2026 operating outlook for silver, gold, base metals, Silver Segment AISC, Gold Segment AISC, and sustaining capital. The company expects 2026 silver production of 25.0 to 27.0 Moz, gold production of 700.0 to 750.0 koz, Silver Segment AISC of $15.75 to $18.25 per ounce, and Gold Segment AISC of $1,700 to $1,850 per ounce. Sustaining capital guidance remains $320M to $340M. Project capital guidance increased to $240M to $255M from the original outlook because planned 2026 spending at the La Colorada Skarn Project increased to $92M to $95M, including the Board-approved 588 Decline Project. Management also noted that gold production is expected to be more heavily weighted to Q4 2026 because some production previously expected in Q2 is now expected to move to Q4.
The 2025 annual report provides the baseline for Q1 2026 comparisons. In 2025, Pan American reported revenue of $3.6B, operating cash flow of $1.3B, cash and short-term investments of $1.3B, and total available liquidity of $2.1B. Annual attributable production was 22.8 Moz of silver and 742.2 koz of gold, with Silver Segment AISC of $13.88 per ounce and Gold Segment AISC of $1,621 per ounce. In Q1 2026, revenue increased to $1,154M from $773M in Q1 2025, mine operating earnings rose to $608M from $251M, net earnings increased to $456M from $169M, and operating cash flow increased to $505M from $177M. Silver production rose to 6.44 Moz from 5.00 Moz, helped by the Juanicipio acquisition and higher output at La Colorada and Cerro Moro, while gold production declined to 169.2 koz from 182.2 koz, mainly due to Dolores and El Penon.
Revenue (USD) and profitability margins (% of revenue)
Q1 2026 revenue was $1,154M, up 49% from $773M in Q1 2025. Management attributed the $381M revenue increase mainly to a $560M benefit from higher realized metal prices, partly offset by a $152M reduction from lower sales volumes, including lower gold sales at Dolores and El Penon and lower silver sales at La Colorada due to concentrate shipment timing. Cost of sales was $546M, compared with $522M in Q1 2025, as production and royalty costs were $30M higher and depreciation and amortization was $6M lower. Mine operating earnings increased to $608M from $251M. Other items included $88M of income from Juanicipio, $39M of general and administrative expense, $22M of investment income, and $24M of interest and finance expense. Net earnings were $456M, and basic earnings per share were $1.08, compared with $169M and $0.47 in Q1 2025.
Key Q1 2026 metrics show stronger realized pricing, higher earnings, and a larger liquidity base. Average realized prices were $89.43 per ounce of silver, $4,859 per ounce of gold, $3,750 per tonne of zinc, $2,076 per tonne of lead, and $14,496 per tonne of copper. Silver Segment AISC was $6.63 per ounce, down from $13.88 per ounce in Q1 2025, while Gold Segment AISC was $1,851 per ounce, up from $1,485 per ounce. Adjusted earnings were $459M, or $1.09 per share, compared with $153M, or $0.42 per share, in Q1 2025. Attributable revenue was $1,332M after including Pan American's 44% share of Juanicipio and removing the non-controlling interest at San Vicente. Attributable free cash flow was $488M. Working capital was $1,649M, total available liquidity was $2.4B, and net cash was $679M.
Q1 2026 included several items that affect period-to-period comparability. Adjusted earnings of $459M were close to reported attributable earnings of $457M, with only $3M of total adjustments. The adjustment schedule included losses on dispositions, foreign-exchange tax effects, asset retirement obligation adjustments, and unrealized fair-value movements on financial instruments. The September 2025 MAG acquisition also changed comparability because Q1 2026 includes Pan American's 44% share of Juanicipio, while Q1 2025 did not. Shipment timing reduced Q1 2026 revenue through the build-up of about 644 thousand ounces of silver in inventory. Management also indicated that 2026 gold production is expected to be more weighted to Q4, and project capital guidance rose because of higher La Colorada Skarn spending. These source items support caution when comparing Q1 margins, cash flow, and production directly with the prior-year quarter or annual run rates.
| Kinross Gold Corporation |
| 42.9% |
| NEM | -4.6% | Newmont Corporation | 20.6% |
| WPM | 532.7% | Wheaton Precious Metals Corp | 127.2% |
| -4.6% | Peer Low | 20.6% |
| 227.1% | Peer Mean | 72.7% |
| 219.1% | Peer Median | 62.4% |
| 532.7% | Peer High | 127.2% |
| 258.6% | Subject (PAAS) | 44.7% |
| ROA | ROE | Peer Set | Net Margin | Company Name | Gross Margin | Operating Margin |
|---|---|---|---|---|---|---|
| 13.2% | 19.6% | AEM | 37.5% | Agnico Eagle Mines Limited | 71.9% | 64.7% |
| 10.0% | 20.7% | B | 29.4% | Barrick Mining Corporation | 51.3% | 52.6% |
| 13.2% | 26.4% | CDE | 28.3% | Coeur Mining, Inc. | 54.8% | 50.6% |
| 16.7% | 31.5% | KGC | 33.9% | Kinross Gold Corporation | 66.7% | 49.2% |
| 12.1% | 22.3% | NEM | 31.3% | Newmont Corporation | 63.2% | 58.1% |
| 12.0% | 18.5% | WPM | 63.6% | Wheaton Precious Metals Corp | 85.4% | 75.2% |
| 10.0% | 18.5% | 28.3% | Peer Low | 51.3% | 49.2% | |
| 12.9% | 23.2% | 37.3% | Peer Mean | 65.5% | 58.4% | |
| 12.7% | 21.5% | 32.6% | Peer Median | 65.0% | 55.3% | |
| 16.7% | 31.5% | 63.6% | Peer High | 85.4% | 75.2% | |
| 8.5% | 16.7% | 27.0% | Subject (PAAS) | 51.9% | 36.6% |
| P/B | P/E | P/S | Peer Set | EV/EBITDA | EV/Revenue | Market Cap | Forward P/E | Company Name | Enterprise Value |
|---|---|---|---|---|---|---|---|---|---|
| 4.45 | 24.81 | 9.31 | AEM | 13.12x | 9.03x | $110.9bn | 15.85 | Agnico Eagle Mines Limited | $107.6bn |
| 2.73 | 14.78 | 4.29 | B | 8.12x | 4.74x | $72.7bn | 9.74 | Barrick Mining Corporation | $80.4bn |
| 3.95 | 21.45 | 10.19 | CDE | 12.75x | 6.23x | $21.1bn | 8.03 | Coeur Mining, Inc. | $12.9bn |
| 4.89 | 17.92 | 5.96 | KGC | 9.76x | 5.82x | $42.0bn | 10.33 | Kinross Gold Corporation | $41.0bn |
| 3.74 | 18.26 | 5.59 | NEM | 8.98x | 5.49x | $126.7bn | 10.89 | Newmont Corporation | $124.4bn |
| 7.96 | 47.18 | 29.96 | WPM | 35.86x | 29.40x | $69.4bn | 27.86 | Wheaton Precious Metals Corp | $68.0bn |
| 2.73 | 14.78 | 4.29 | 8.12x | 4.74x | $21.1bn | 8.03 | Peer Low | $12.9bn | |
| 4.62 | 24.07 | 10.88 | 14.76x | 10.12x | $73.8bn | 13.78 | Peer Mean | $72.4bn | |
| 4.20 | 19.86 | 7.64 | 11.26x | 6.02x | $71.0bn | 10.61 | Peer Median | $74.2bn | |
| 7.96 | 47.18 | 29.96 | 35.86x | 29.40x | $126.7bn | 27.86 | Peer High | $124.4bn | |
| 3.56 | 23.07 | 6.89 | 15.03x | 6.76x | $24.9bn | 11.45 | Subject (PAAS) | $24.5bn |
| 3,619,000 |
| 3,619,000 |
| 2,819,000 |
| 2,316,100 |
| 1,494,700 |
Cost of Revenue | 2,214,000 | 2,214,000 | 2,270,000 | 2,019,300 | 1,446,300 |
Gross Profit | 1,405,000 | 1,405,000 | 549,000 | 296,800 | 48,400 |
•Operating Expense | 267,000 | 267,000 | 199,000 | 214,100 | 114,700 |
Operation & Maintenance | 30,000 | 30,000 | 32,000 | 81,000 | 45,100 |
•Selling General and Administrative | 116,000 | 116,000 | 70,000 | 61,400 | 29,000 |
•General & Administrative Expense | 116,000 | 116,000 | 70,000 | 61,400 | 29,000 |
Other G and A | 116,000 | 116,000 | 70,000 | 61,400 | 29,000 |
Other Operating Expenses | 121,000 | 121,000 | 97,000 | 71,700 | 40,600 |
Operating Income | 1,138,000 | 1,138,000 | 350,000 | 82,700 | -66,300 |
•Net Non Operating Interest Income Expense | -58,000 | -58,000 | -54,000 | -57,200 | -7,700 |
Interest Expense Non Operating | 55,000 | 55,000 | 48,000 | 51,400 | 5,300 |
Total Other Finance Cost | 3,000 | 3,000 | 6,000 | 5,800 | 2,400 |
•Other Income Expense | 158,000 | 158,000 | 136,000 | -84,300 | -227,000 |
Gain on Sale of Security | 187,000 | 187,000 | -1,000 | 11,700 | -13,100 |
Earnings from Equity Interest | -- | -- | 137,400 | 6,700 | 45,000 |
•Special Income Charges | -29,000 | -29,000 | 137,000 | -102,700 | -258,900 |
Restructuring & Mergers Acquisition | -- | -- | 0 | 25,300 | 157,400 |
Impairment of Capital Assets | -- | -- | 0 | 78,600 | 99,100 |
Write Off | -- | -- | -- | 78,600 | 99,100 |
Gain on Sale of Business | -29,000 | -29,000 | 137,000 | -- | -- |
Gain on Sale of PPE | -- | -- | -1,400 | 1,200 | -2,400 |
Pretax Income | 1,238,000 | 1,238,000 | 432,000 | -58,800 | -301,000 |
Tax Provision | 258,000 | 258,000 | 319,000 | 46,100 | 39,100 |
•Net Income Common Stockholders | 978,000 | 978,000 | 112,000 | -103,700 | -341,700 |
•Net Income | 978,000 | 978,000 | 112,000 | -103,700 | -341,700 |
•Net Income Including Non-Controlling Interests | 980,000 | 980,000 | 113,000 | -104,900 | -340,100 |
Net Income Continuous Operations | 980,000 | 980,000 | 113,000 | -104,900 | -340,100 |
Minority Interests | -2,000 | -2,000 | -1,000 | 1,200 | -1,600 |
Diluted NI Available to Com Stockholders | 978,000 | 978,000 | 112,000 | -103,700 | -341,700 |
Basic EPS | 2.56 | 2.56 | 0.31 | -0.32 | -1.62 |
Diluted EPS | 2.56 | 2.56 | 0.31 | -0.32 | -1.62 |
Basic Average Shares | 381,479 | 381,479 | 363,361 | 326,540 | 210,521 |
Diluted Average Shares | 381,577 | 381,577 | 363,401 | 326,540 | 210,521 |
Total Operating Income as Reported | 1,233,000 | 1,233,000 | 531,000 | 38,100 | -262,300 |
Total Expenses | 2,481,000 | 2,481,000 | 2,469,000 | 2,233,400 | 1,561,000 |
Interest Expense | 55,000 | 55,000 | 48,000 | 51,400 | 5,300 |
Net Interest Income | -58,000 | -58,000 | -54,000 | -57,200 | -7,700 |
Net Income from Continuing & Discontinued Operation | 978,000 | 978,000 | 112,000 | -103,700 | -341,700 |
Normalized Income | 853,180 | 853,180 | -3,600 | -49,100 | -140,991.20 |
EBIT | 1,293,000 | 1,293,000 | 480,000 | -7,400 | -295,700 |
EBITDA | 1,790,000 | 1,790,000 | 1,051,000 | 476,800 | 20,300 |
Reconciled Cost of Revenue | 2,214,000 | 2,214,000 | 2,270,000 | 2,019,300 | 1,446,300 |
Reconciled Depreciation | 497,000 | 497,000 | 571,000 | 484,200 | 316,000 |
Net Income from Continuing Operation Net Minority Interest | 978,000 | 978,000 | 112,000 | -103,700 | -341,700 |
Total Unusual Items Excluding Goodwill | 158,000 | 158,000 | 136,000 | -91,000 | -272,000 |
Total Unusual Items | 158,000 | 158,000 | 136,000 | -91,000 | -272,000 |
Normalized EBITDA | 1,632,000 | 1,632,000 | 915,000 | 567,800 | 292,300 |
Tax Rate for Calcs | 0 | 0 | 0 | 0 | 0 |
Tax Effect of Unusual Items | 33,180 | 33,180 | 20,400 | -36,400 | -71,291.20 |
| All numbers in thousands (USD) | TTM | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 |
|---|---|---|---|---|---|---|
•Total Revenue | 3,619,000 | 1,179,300 | 854,600 | 811,900 | 773,200 | 815,100 |
Operating Revenue | 3,619,000 | 1,179,300 | 854,600 | 811,900 | 773,200 | 815,100 |
Cost of Revenue | 2,214,000 | 611,400 | 541,600 | 538,600 | 522,400 | 630,200 |
Gross Profit | 1,405,000 | 567,900 | 313,000 | 273,300 | 250,800 | 184,900 |
•Operating Expense | 267,000 | 114,600 | 62,700 | 45,100 | 44,600 | 77,600 |
Operation & Maintenance | 30,000 | 7,300 | 7,200 | 7,800 | 7,700 | 7,400 |
•Selling General and Administrative | 116,000 | 38,500 | 31,400 | 21,600 | 24,500 | 6,300 |
•General & Administrative Expense | 116,000 | 38,500 | 31,400 | 21,600 | 24,500 | 6,300 |
Other G and A | 116,000 | 38,500 | 31,400 | 21,600 | 24,500 | 6,300 |
Other Operating Expenses | 121,000 | 68,800 | 24,100 | 15,700 | 12,400 | 63,900 |
Operating Income | 1,138,000 | 453,300 | 250,300 | 228,200 | 206,200 | 107,300 |
•Net Non Operating Interest Income Expense | -58,000 | -15,900 | -14,600 | -14,500 | -13,000 | -15,200 |
Interest Expense Non Operating | 55,000 | 17,200 | 14,200 | 11,900 | 11,700 | 12,300 |
Total Other Finance Cost | 3,000 | -1,300 | 400 | 2,600 | 1,300 | 2,900 |
•Other Income Expense | 158,000 | 103,200 | 13,400 | 20,900 | 20,700 | 133,900 |
Gain on Sale of Security | 187,000 | 110,800 | 35,100 | 20,100 | 21,200 | -6,000 |
•Special Income Charges | -29,000 | -7,600 | -21,700 | 800 | -500 | 2,500 |
Restructuring & Mergers Acquisition | -- | -- | -- | -- | -- | 0 |
Impairment of Capital Assets | -- | -- | -- | -- | -- | 0 |
Gain on Sale of Business | -29,000 | -7,300 | -21,700 | -- | -- | -- |
Gain on Sale of PPE | -- | -- | 0 | 800 | -500 | 2,500 |
Pretax Income | 1,238,000 | 540,600 | 249,100 | 234,400 | 213,900 | 226,000 |
Tax Provision | 258,000 | 88,700 | 79,900 | 44,800 | 44,600 | 118,200 |
•Net Income Common Stockholders | 978,000 | 451,500 | 168,600 | 189,200 | 168,700 | 107,600 |
•Net Income | 978,000 | 451,500 | 168,600 | 189,200 | 168,700 | 107,600 |
•Net Income Including Non-Controlling Interests | 980,000 | 451,900 | 169,200 | 189,600 | 169,300 | 107,800 |
Net Income Continuous Operations | 980,000 | 451,900 | 169,200 | 189,600 | 169,300 | 107,800 |
Minority Interests | -2,000 | -400 | -600 | -400 | -600 | -200 |
Diluted NI Available to Com Stockholders | 978,000 | 451,500 | 168,600 | 189,200 | 168,700 | 107,600 |
Basic EPS | 2.56 | 1.07 | 0.45 | 0.52 | 0.47 | -- |
Diluted EPS | 2.56 | 1.07 | 0.44 | 0.52 | 0.47 | -- |
Basic Average Shares | 381,479 | 422,048 | 378,821 | 362,011 | 362,408 | -- |
Diluted Average Shares | 381,577 | 422,150 | 378,909 | 362,121 | 362,520 | -- |
Total Operating Income as Reported | 1,233,000 | 511,200 | 249,700 | 243,900 | 228,200 | 254,600 |
Total Expenses | 2,481,000 | 726,000 | 604,300 | 583,700 | 567,000 | 707,800 |
Interest Expense | 55,000 | 17,200 | 14,200 | 11,900 | 11,700 | 12,300 |
Net Interest Income | -58,000 | -15,900 | -14,600 | -14,500 | -13,000 | -15,200 |
Net Income from Continuing & Discontinued Operation | 978,000 | 451,500 | 168,600 | 189,200 | 168,700 | 107,600 |
Normalized Income | 853,180 | 365,232.74 | 159,498.11 | 172,294.54 | 152,316.13 | 110,575 |
EBIT | 1,293,000 | 557,800 | 263,300 | 246,300 | 225,600 | 238,300 |
EBITDA | 1,790,000 | 692,500 | 383,800 | 368,700 | 345,000 | 427,000 |
Reconciled Cost of Revenue | 2,214,000 | 611,400 | 541,600 | 538,600 | 522,400 | 630,200 |
Reconciled Depreciation | 497,000 | 134,700 | 120,500 | 122,400 | 119,400 | 188,700 |
Net Income from Continuing Operation Net Minority Interest | 978,000 | 451,500 | 168,600 | 189,200 | 168,700 | 107,600 |
Total Unusual Items Excluding Goodwill | 158,000 | 103,200 | 13,400 | 20,900 | 20,700 | -3,500 |
Total Unusual Items | 158,000 | 103,200 | 13,400 | 20,900 | 20,700 | -3,500 |
Normalized EBITDA | 1,632,000 | 589,300 | 370,400 | 347,800 | 324,300 | 430,500 |
Tax Rate for Calcs | 0 | 0 | 0 | 0 | 0 | 0 |
Tax Effect of Unusual Items | 33,180 | 16,932.74 | 4,298.11 | 3,994.54 | 4,316.13 | -525 |
| 2,196,000 |
| 1,720,000 |
| 1,390,000 |
| 804,400 |
•Cash, Cash Equivalents & Short Term Investments | 1,319,000 | 887,000 | 440,900 | 142,300 |
•Cash And Cash Equivalents | 1,215,000 | 863,000 | 399,600 | 107,000 |
Cash | 1,143,000 | 863,000 | 399,600 | 107,005 |
Cash Equivalents | 72,000 | 0 | -- | -- |
Other Short Term Investments | 104,000 | 24,000 | 41,300 | 35,300 |
•Receivables | 256,000 | 195,000 | 200,900 | 176,600 |
Accounts receivable | 232,000 | 165,000 | 138,000 | 136,600 |
Taxes Receivable | 24,000 | 30,000 | 62,900 | 40,000 |
Inventory | 588,000 | 606,000 | 711,600 | 471,600 |
Prepaid Assets | 29,000 | 32,000 | 29,700 | 11,000 |
Hedging Assets Current | 4,000 | 0 | 6,900 | 2,900 |
Other Current Assets | -- | -- | -- | 10,891 |
•Total non-current assets | 7,546,000 | 5,483,000 | 5,823,100 | 2,444,100 |
•Net PPE | 5,338,000 | 5,325,000 | 5,675,100 | 2,226,400 |
•Gross PPE | -- | 9,497,000 | 9,619,600 | 5,863,700 |
Mineral Properties | 7,601,000 | 7,305,000 | 7,567,000 | 4,582,300 |
Machinery Furniture Equipment | 2,260,000 | 2,192,000 | 2,052,600 | 1,281,400 |
Accumulated Depreciation | -4,523,000 | -4,172,000 | -3,944,500 | -3,637,300 |
•Goodwill And Other Intangible Assets | -- | -- | -- | 2,775 |
Goodwill | -- | -- | -- | 2,775 |
•Investments And Advances | 1,948,000 | 0 | 0 | 121,200 |
•Long Term Equity Investment | 1,948,000 | 0 | 0 | 0 |
Investments in Associatesat Cost | 1,948,000 | 0 | 0 | 0 |
•Investment in Financial Assets | -- | -- | 0 | 121,200 |
Available for Sale Securities | -- | -- | -- | 121,200 |
Non Current Accounts Receivable | 33,000 | 11,000 | 14,700 | 8,500 |
Non Current Note Receivables | 8,000 | 0 | -- | -- |
•Non Current Deferred Assets | 83,000 | 45,000 | 80,400 | 55,900 |
Non Current Deferred Taxes Assets | 83,000 | 45,000 | 80,400 | 55,900 |
Non Current Prepaid Assets | 23,000 | 23,000 | 9,000 | 0 |
Other Non Current Assets | 113,000 | 79,000 | 43,900 | 32,100 |
•Total Liabilities Net Minority Interest | 2,741,000 | 2,486,000 | 2,440,600 | 1,046,900 |
•Current Liabilities | 817,000 | 687,000 | 624,200 | 380,800 |
•Payables And Accrued Expenses | 713,000 | 591,000 | 530,100 | 333,800 |
•Payables | 556,000 | 483,000 | 445,100 | 267,200 |
Accounts Payable | 187,000 | 194,000 | 198,200 | 88,800 |
•Total Tax Payable | 186,000 | 133,000 | 72,600 | 46,300 |
Income Tax Payable | 164,000 | 102,000 | 32,100 | 25,800 |
Other Payable | 183,000 | 156,000 | 174,300 | 132,100 |
Current Accrued Expenses | 157,000 | 108,000 | 85,000 | 66,600 |
Current Provisions | 46,000 | 35,000 | 41,600 | 17,900 |
•Current Debt And Capital Lease Obligation | 58,000 | 48,000 | 52,400 | 27,300 |
•Current Debt | 5,000 | 7,000 | 6,700 | 13,700 |
Other Current Borrowings | 5,000 | 7,000 | 6,700 | 13,700 |
Bank Indebtedness | -- | -- | -- | 13,712 |
Current Capital Lease Obligation | 53,000 | 41,000 | 45,700 | 13,600 |
Other Current Liabilities | -- | 13,000 | 100 | 1,800 |
•Total Non Current Liabilities Net Minority Interest | 1,924,000 | 1,799,000 | 1,816,400 | 666,100 |
Long Term Provisions | 589,000 | 427,000 | 432,400 | 285,300 |
•Long Term Debt And Capital Lease Obligation | 794,000 | 756,000 | 749,200 | 199,500 |
Long Term Debt | 709,000 | 702,000 | 697,000 | 180,000 |
Long Term Capital Lease Obligation | 85,000 | 54,000 | 52,200 | 19,500 |
•Non Current Deferred Liabilities | 469,000 | 556,000 | 576,300 | 175,000 |
Non Current Deferred Taxes Liabilities | 435,000 | 522,000 | 541,600 | 140,300 |
Non Current Deferred Revenue | 13,000 | 13,000 | 13,100 | 13,900 |
Tradeand Other Payables Non Current | -- | -- | -- | 0 |
•Employee Benefits | 68,000 | 57,000 | 58,500 | 6,300 |
Non Current Pension And Other Post-Retirement Benefit Plans | 68,000 | 57,000 | 58,500 | 6,300 |
Other Non Current Liabilities | 4,000 | 3,000 | -- | -- |
•Total Equity Gross Minority Interest | 7,001,000 | 4,717,000 | 4,772,500 | 2,201,600 |
•Stockholders' Equity | 6,997,000 | 4,704,000 | 4,760,700 | 2,195,500 |
•Capital Stock | 7,448,000 | 5,940,000 | 5,966,500 | 3,140,000 |
Common Stock | 7,448,000 | 5,940,000 | 5,966,500 | 3,140,000 |
Retained Earnings | -513,000 | -1,299,000 | -1,269,500 | -1,034,800 |
•Gains Losses Not Affecting Retained Earnings | -32,000 | -31,000 | -30,300 | -3,000 |
Unrealized Gain Loss | -- | -- | -- | -3,008 |
Other Equity Adjustments | -32,000 | -31,000 | -30,300 | -3,000 |
Other Equity Interest | 94,000 | 94,000 | 94,000 | 93,300 |
Minority Interest | 4,000 | 13,000 | 11,800 | 6,100 |
Total Capitalization | 7,706,000 | 5,406,000 | 5,457,700 | 2,375,500 |
Common Stock Equity | 6,997,000 | 4,704,000 | 4,760,700 | 2,195,500 |
Capital Lease Obligations | 138,000 | 95,000 | 97,900 | 33,100 |
Net Tangible Assets | 6,997,000 | 4,704,000 | 4,760,700 | 2,195,500 |
Working Capital | 1,379,000 | 1,033,000 | 765,800 | 423,600 |
Invested Capital | 7,711,000 | 5,413,000 | 5,464,400 | 2,389,200 |
Tangible Book Value | 6,997,000 | 4,704,000 | 4,760,700 | 2,195,500 |
Total Debt | 852,000 | 804,000 | 801,600 | 226,800 |
Net Debt | -- | -- | 304,100 | 86,700 |
Share Issued | 421,847.05 | 363,040.34 | 364,659.81 | 210,680.83 |
Ordinary Shares Number | 421,847.05 | 363,040.34 | 364,659.81 | 210,680.83 |
| All numbers in thousands (USD) | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 |
|---|---|---|---|---|---|
•Total Assets | 9,742,000 | 9,147,400 | 7,360,400 | 7,205,600 | 7,203,000 |
•Current Assets | 2,196,000 | 1,772,800 | 1,948,400 | 1,762,700 | 1,720,000 |
•Cash, Cash Equivalents & Short Term Investments | 1,319,000 | 910,800 | 1,109,200 | 923,000 | 887,000 |
•Cash And Cash Equivalents | 1,215,000 | 870,200 | 1,080,900 | 900,100 | 863,000 |
Cash | 1,143,000 | -- | 1,080,900 | 900,100 | 863,000 |
Cash Equivalents | 72,000 | -- | -- | -- | 0 |
Other Short Term Investments | 104,000 | 40,600 | 28,300 | 22,900 | 24,000 |
•Receivables | 256,000 | 237,500 | 185,200 | 201,300 | 195,000 |
Accounts receivable | 232,000 | 206,700 | 160,600 | 171,800 | 165,000 |
Taxes Receivable | 24,000 | 30,800 | 24,600 | 29,500 | 30,000 |
Inventory | 588,000 | 587,200 | 603,400 | 594,600 | 606,000 |
Prepaid Assets | 29,000 | 30,500 | 38,200 | 38,900 | 32,000 |
Hedging Assets Current | 4,000 | 6,800 | 12,400 | 4,900 | 0 |
•Total non-current assets | 7,546,000 | 7,374,600 | 5,412,000 | 5,442,900 | 5,483,000 |
•Net PPE | 5,338,000 | 5,278,500 | 5,256,000 | 5,288,700 | 5,325,000 |
•Gross PPE | 9,861,000 | 9,721,100 | 9,626,300 | 9,558,200 | 9,497,000 |
Mineral Properties | 7,601,000 | 9,721,100 | 9,626,300 | 9,558,200 | 7,305,000 |
Machinery Furniture Equipment | 2,260,000 | -- | -- | -- | 2,192,000 |
Accumulated Depreciation | -4,523,000 | -4,442,600 | -4,370,300 | -4,269,500 | -4,172,000 |
•Investments And Advances | 1,948,000 | 1,904,200 | -- | -- | 0 |
•Long Term Equity Investment | 1,948,000 | 1,904,200 | -- | -- | 0 |
Investments in Associatesat Cost | 1,948,000 | 1,904,200 | -- | -- | 0 |
Non Current Accounts Receivable | 33,000 | 20,300 | 24,000 | 18,900 | 11,000 |
Non Current Note Receivables | 8,000 | 7,000 | -- | -- | 0 |
•Non Current Deferred Assets | 83,000 | 36,800 | 31,100 | 33,500 | 45,000 |
Non Current Deferred Taxes Assets | 83,000 | 36,800 | 31,100 | 33,500 | 45,000 |
Non Current Prepaid Assets | 23,000 | 24,800 | 19,800 | 15,600 | 23,000 |
Other Non Current Assets | 113,000 | 103,000 | 81,100 | 86,200 | 79,000 |
•Total Liabilities Net Minority Interest | 2,741,000 | 2,524,400 | 2,386,700 | 2,375,300 | 2,486,000 |
•Current Liabilities | 817,000 | 766,400 | 637,900 | 600,900 | 687,000 |
•Payables And Accrued Expenses | 713,000 | 639,800 | 529,600 | 507,000 | 591,000 |
•Payables | 556,000 | 496,000 | 420,300 | 420,200 | 483,000 |
Accounts Payable | 187,000 | 188,700 | 176,600 | 165,200 | 194,000 |
•Total Tax Payable | 186,000 | 136,700 | 107,700 | 100,900 | 133,000 |
Income Tax Payable | 164,000 | 116,500 | 82,000 | 72,700 | 102,000 |
Other Payable | 183,000 | 170,600 | 136,000 | 154,100 | 156,000 |
Current Accrued Expenses | 157,000 | 143,800 | 109,300 | 86,800 | 108,000 |
Current Provisions | 46,000 | 67,000 | 56,300 | 44,600 | 35,000 |
•Current Debt And Capital Lease Obligation | 58,000 | 59,600 | 52,000 | 47,200 | 48,000 |
•Current Debt | 5,000 | 6,000 | 6,800 | 6,800 | 7,000 |
Other Current Borrowings | 5,000 | 6,000 | 6,800 | 6,800 | 7,000 |
Current Capital Lease Obligation | 53,000 | 53,600 | 45,200 | 40,400 | 41,000 |
Other Current Liabilities | -- | -- | -- | 2,100 | 13,000 |
•Total Non Current Liabilities Net Minority Interest | 1,924,000 | 1,758,000 | 1,748,800 | 1,774,400 | 1,799,000 |
Long Term Provisions | 589,000 | 426,300 | 428,700 | 429,600 | 427,000 |
•Long Term Debt And Capital Lease Obligation | 794,000 | 797,400 | 768,700 | 757,200 | 756,000 |
Long Term Debt | 709,000 | 707,000 | 704,800 | 703,400 | 702,000 |
Long Term Capital Lease Obligation | 85,000 | 90,400 | 63,900 | 53,800 | 54,000 |
•Non Current Deferred Liabilities | 469,000 | 473,600 | 489,600 | 526,500 | 556,000 |
Non Current Deferred Taxes Liabilities | 435,000 | 435,700 | 455,000 | 491,900 | 522,000 |
Non Current Deferred Revenue | 13,000 | 13,000 | 13,000 | 13,100 | 13,000 |
•Employee Benefits | 68,000 | 60,700 | 61,800 | 61,100 | 57,000 |
Non Current Pension And Other Post-Retirement Benefit Plans | 68,000 | 60,700 | 61,800 | 61,100 | 57,000 |
Other Non Current Liabilities | 4,000 | -- | -- | -- | 3,000 |
•Total Equity Gross Minority Interest | 7,001,000 | 6,623,000 | 4,973,700 | 4,830,300 | 4,717,000 |
•Stockholders' Equity | 6,997,000 | 6,616,900 | 4,959,400 | 4,816,500 | 4,704,000 |
•Capital Stock | 7,448,000 | 7,450,700 | 5,919,200 | 5,925,800 | 5,940,000 |
Common Stock | 7,448,000 | 7,450,700 | 5,919,200 | 5,925,800 | 5,940,000 |
Retained Earnings | -513,000 | -898,700 | -1,023,900 | -1,173,300 | -1,299,000 |
•Gains Losses Not Affecting Retained Earnings | -- | -30,300 | -30,700 | -30,900 | -31,000 |
Other Equity Adjustments | -32,000 | -30,300 | -30,700 | -30,900 | -31,000 |
Other Equity Interest | 94,000 | 95,200 | 94,800 | 94,900 | 94,000 |
Minority Interest | 4,000 | 6,100 | 14,300 | 13,800 | 13,000 |
Total Capitalization | 7,706,000 | 7,323,900 | 5,664,200 | 5,519,900 | 5,406,000 |
Common Stock Equity | 6,997,000 | 6,616,900 | 4,959,400 | 4,816,500 | 4,704,000 |
Capital Lease Obligations | 138,000 | 144,000 | 109,100 | 94,200 | 95,000 |
Net Tangible Assets | 6,997,000 | 6,616,900 | 4,959,400 | 4,816,500 | 4,704,000 |
Working Capital | 1,379,000 | 1,006,400 | 1,310,500 | 1,161,800 | 1,033,000 |
Invested Capital | 7,711,000 | 7,329,900 | 5,671,000 | 5,526,700 | 5,413,000 |
Tangible Book Value | 6,997,000 | 6,616,900 | 4,959,400 | 4,816,500 | 4,704,000 |
Total Debt | 852,000 | 857,000 | 820,700 | 804,400 | 804,000 |
Net Debt | -- | -- | -- | -- | -- |
Share Issued | 421,847.05 | 422,042 | 361,776 | 362,190 | 363,040.34 |
Ordinary Shares Number | 421,847.05 | 422,042 | 361,776 | 362,190 | 363,040.34 |
| 1,333,000 |
| 1,333,000 |
| 724,000 |
| 450,200 |
| 31,800 |
Net Income from Continuing Operations | 980,000 | 980,000 | 113,000 | -104,900 | -340,100 |
•Operating Gains Losses | -143,000 | -143,000 | -118,000 | -11,200 | -37,400 |
Gain Loss On Sale of Business | 29,000 | 29,000 | -137,000 | -6,700 | -- |
Gain Loss On Sale of PPE | 0 | 0 | 1,000 | -1,200 | 2,400 |
Net Foreign Currency Exchange Gain Loss | 23,000 | 23,000 | -21,000 | 5,600 | 12,900 |
Gain Loss On Investment Securities | -195,000 | -195,000 | 39,000 | -9,300 | -7,700 |
Earnings Losses from Equity Investments | -- | -- | 0 | 400 | -45,000 |
•Depreciation Amortization Depletion | 497,000 | 497,000 | 571,000 | 484,200 | 316,000 |
•Depreciation & amortization | 497,000 | 497,000 | 571,000 | 484,200 | 316,000 |
Depreciation | -- | -- | -- | -- | 316,036 |
•Deferred Tax | 258,000 | 258,000 | 319,000 | 46,100 | 39,100 |
Deferred Income Tax | 258,000 | 258,000 | 319,000 | 46,100 | 39,100 |
Asset Impairment Charge | -- | -- | 0 | 78,600 | 99,100 |
Provision & Write Off of Assets | 49,000 | 49,000 | 54,000 | 15,700 | -- |
Unrealized Gain Loss On Investment Securities | -- | -- | 14,300 | 6,500 | 16,600 |
Stock based compensation | 2,000 | 2,000 | 0 | 5,500 | 3,900 |
Other non-cash items | 46,000 | 46,000 | 75,000 | 53,800 | 117,800 |
•Change in working capital | -29,000 | -29,000 | -103,000 | 53,200 | -42,000 |
Change in Receivables | -82,000 | -82,000 | -61,000 | 45,900 | -12,600 |
Change in Inventory | -10,000 | -10,000 | -68,000 | 38,500 | -49,900 |
Change in Prepaid Assets | 4,000 | 4,000 | -19,000 | 9,400 | 2,500 |
Change in Payables And Accrued Expense | 49,000 | 49,000 | 48,000 | -25,700 | 20,700 |
Change in Other Working Capital | 10,000 | 10,000 | -3,000 | -14,900 | -2,700 |
Interest Paid CFO | -38,000 | -- | -37,000 | -45,100 | -6,600 |
Interest Received CFO | 29,000 | 29,000 | 14,000 | 17,200 | 3,200 |
Taxes Refund Paid | -318,000 | -318,000 | -164,000 | -149,400 | -137,800 |
•Investing Cash Flow | -706,000 | -706,000 | -33,000 | 397,900 | -255,400 |
•Cash Flow from Continuing Investing Activities | -706,000 | -706,000 | -33,000 | 397,900 | -255,400 |
•Net PPE Purchase And Sale | -309,000 | -309,000 | -320,000 | -375,200 | -266,000 |
Purchase of PPE | -314,000 | -314,000 | -323,000 | -379,000 | -274,700 |
Sale of PPE | 5,000 | 5,000 | 3,000 | 3,800 | 8,700 |
•Net Business Purchase And Sale | -400,000 | -400,000 | 291,000 | 614,500 | 0 |
Purchase of Business | -543,000 | -543,000 | -16,000 | -194,100 | 0 |
Sale of Business | 143,000 | 143,000 | 307,000 | 808,600 | 0 |
•Net Investment Purchase And Sale | -19,000 | -19,000 | -4,000 | 158,600 | 10,600 |
Purchase of Investment | -31,000 | -31,000 | -6,000 | -- | -- |
Sale of Investment | 12,000 | 12,000 | 2,000 | 158,600 | 10,600 |
Dividends Received CFI | 44,000 | 44,000 | 0 | -- | -- |
Net Other Investing Changes | -22,000 | -22,000 | -- | -- | -- |
•Financing Cash Flow | -278,000 | -278,000 | -225,000 | -551,800 | 53,000 |
•Cash Flow from Continuing Financing Activities | -278,000 | -278,000 | -225,000 | -551,800 | 53,000 |
•Net Issuance Payments of Debt | -59,000 | -59,000 | -57,000 | -432,500 | 147,100 |
•Net Long Term Debt Issuance | -59,000 | -59,000 | -57,000 | -432,500 | 147,100 |
Long Term Debt Issuance | -- | -- | 0 | 315,000 | 167,100 |
Long Term Debt Payments | -59,000 | -59,000 | -57,000 | -747,500 | -20,000 |
•Net Common Stock Issuance | -43,000 | -43,000 | -23,000 | 0 | 900 |
Common Stock Issuance | 3,000 | 3,000 | 1,000 | 0 | 900 |
Common Stock Payments | -46,000 | -46,000 | -24,000 | 0 | -- |
•Cash Dividends Paid | -175,000 | -175,000 | -145,000 | -130,400 | -94,700 |
Common Stock Dividend Paid | -175,000 | -175,000 | -145,000 | -130,400 | -94,700 |
Net Other Financing Charges | -1,000 | -1,000 | 100 | 11,100 | -300 |
•End Cash Position | 1,215,000 | 1,215,000 | 863,000 | 399,600 | 107,000 |
Changes in Cash | 349,000 | 349,000 | 466,000 | 296,300 | -170,600 |
Effect of Exchange Rate Changes | 3,000 | 3,000 | -3,000 | -3,700 | -6,000 |
Beginning Cash Position | 863,000 | 863,000 | 400,000 | 107,000 | 283,600 |
Capital Expenditure | -314,000 | -314,000 | -323,000 | -379,000 | -274,700 |
Issuance of Capital Stock | 3,000 | 3,000 | 1,000 | 0 | 900 |
Issuance of Debt | -- | -- | 0 | 315,000 | 167,100 |
Repayment of Debt | -59,000 | -59,000 | -57,000 | -747,500 | -20,000 |
Repurchase of Capital Stock | -46,000 | -46,000 | -24,000 | 0 | -- |
Free Cash Flow | 1,019,000 | 1,019,000 | 401,000 | 71,200 | -242,900 |
| All numbers in thousands (USD) | TTM | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 |
|---|---|---|---|---|---|---|
•Operating Cash Flow | 1,333,000 | 556,100 | 308,700 | 293,400 | 174,800 | 274,100 |
•Cash Flow from Continuing Operating Activities | 1,333,000 | 556,100 | 308,700 | 293,400 | 174,800 | 274,100 |
Net Income from Continuing Operations | 980,000 | 451,900 | 169,200 | 189,600 | 169,300 | 107,800 |
•Operating Gains Losses | -143,000 | -121,000 | -4,300 | -9,900 | -7,800 | -135,300 |
Gain Loss On Sale of Business | 29,000 | 7,300 | 21,700 | -- | -- | -- |
Gain Loss On Sale of PPE | 0 | 300 | 0 | -800 | 500 | -2,500 |
Net Foreign Currency Exchange Gain Loss | 23,000 | 7,600 | 800 | 8,700 | 5,900 | -6,000 |
Gain Loss On Investment Securities | -195,000 | -136,200 | -26,800 | -17,800 | -14,200 | 10,600 |
Earnings Losses from Equity Investments | -- | -- | -- | -- | 0 | -- |
•Depreciation Amortization Depletion | 497,000 | 134,700 | 120,500 | 122,400 | 119,400 | 188,700 |
Depreciation & amortization | 497,000 | 134,700 | 120,500 | 122,400 | 119,400 | 188,700 |
•Deferred Tax | 258,000 | 88,700 | 79,900 | 44,800 | 44,600 | 118,200 |
Deferred Income Tax | 258,000 | 88,700 | 79,900 | 44,800 | 44,600 | 118,200 |
Asset Impairment Charge | -- | -- | -4,300 | -- | -4,100 | 0 |
Provision & Write Off of Assets | 49,000 | -- | -- | -- | -- | -- |
Stock based compensation | 2,000 | 200 | 600 | 200 | 1,000 | -4,400 |
Other non-cash items | 46,000 | -300 | 16,800 | 11,900 | 15,000 | 7,500 |
•Change in working capital | -29,000 | 35,100 | -4,300 | 5,500 | -65,300 | -5,600 |
Change in Receivables | -82,000 | -15,000 | -53,500 | 800 | -14,300 | -43,100 |
Change in Inventory | -10,000 | 3,200 | -1,000 | -13,200 | 1,000 | 14,300 |
Change in Prepaid Assets | 4,000 | 3,900 | 3,400 | 4,800 | -8,100 | -18,800 |
Change in Payables And Accrued Expense | 49,000 | 43,900 | 42,100 | 7,900 | -44,900 | 44,800 |
Change in Other Working Capital | 10,000 | -900 | 4,700 | 5,200 | 1,000 | -- |
Interest Paid CFO | -38,000 | -9,700 | -9,800 | -9,400 | -9,100 | -9,300 |
Interest Received CFO | 29,000 | 6,800 | 8,700 | 6,600 | 6,900 | 3,500 |
Taxes Refund Paid | -318,000 | -90,300 | -64,300 | -68,300 | -95,100 | -65,000 |
•Investing Cash Flow | -706,000 | -123,400 | -462,000 | -52,700 | -67,900 | 201,800 |
•Cash Flow from Continuing Investing Activities | -706,000 | -123,400 | -462,000 | -52,700 | -67,900 | 201,800 |
•Net PPE Purchase And Sale | -309,000 | -133,800 | -51,100 | -56,000 | -68,100 | -83,300 |
Purchase of PPE | -314,000 | -94,500 | -91,100 | -60,300 | -68,100 | -85,400 |
Sale of PPE | 5,000 | -39,300 | 40,000 | 4,300 | 0 | 2,100 |
•Net Business Purchase And Sale | -400,000 | 9,300 | -409,300 | -- | -- | 290,400 |
Purchase of Business | -543,000 | -31,500 | -511,500 | -- | -- | -16,200 |
Sale of Business | 143,000 | 40,800 | 102,200 | -- | -- | 306,600 |
•Net Investment Purchase And Sale | -19,000 | -26,700 | 4,200 | 3,300 | 200 | -5,300 |
Purchase of Investment | -31,000 | -- | -- | -- | -- | -5,300 |
Sale of Investment | 12,000 | 4,300 | 4,200 | 3,300 | -- | 0 |
Dividends Received CFI | 44,000 | -- | -- | -- | -- | -- |
Net Other Investing Changes | -22,000 | -16,200 | -5,800 | -- | -- | -- |
•Financing Cash Flow | -278,000 | -89,700 | -57,100 | -61,300 | -69,900 | -49,700 |
•Cash Flow from Continuing Financing Activities | -278,000 | -89,700 | -57,100 | -61,300 | -69,900 | -49,700 |
•Net Issuance Payments of Debt | -59,000 | -16,100 | -14,500 | -14,900 | -13,500 | -13,900 |
•Net Long Term Debt Issuance | -59,000 | -- | -14,500 | -14,900 | -13,500 | -13,900 |
Long Term Debt Issuance | -- | -- | -- | -- | -- | 0 |
Long Term Debt Payments | -59,000 | -16,100 | -14,500 | -14,900 | -13,500 | -13,900 |
•Net Common Stock Issuance | -43,000 | -14,400 | 800 | -10,300 | -19,100 | 500 |
Common Stock Issuance | 3,000 | 500 | 800 | 800 | 900 | 500 |
Common Stock Payments | -46,000 | -14,900 | 0 | -11,100 | -20,000 | 0 |
•Cash Dividends Paid | -175,000 | -59,200 | -43,400 | -36,200 | -36,200 | -36,300 |
Common Stock Dividend Paid | -175,000 | -59,200 | -43,400 | -36,200 | -36,200 | -36,300 |
Net Other Financing Charges | -1,000 | 0 | -- | 100 | -1,100 | 0 |
•End Cash Position | 1,215,000 | 1,215,000 | 870,200 | 1,080,900 | 900,100 | 862,800 |
Changes in Cash | 349,000 | 343,000 | -210,400 | 179,400 | 37,000 | 426,200 |
Effect of Exchange Rate Changes | 3,000 | 1,600 | -300 | 1,400 | 300 | -2,400 |
Beginning Cash Position | 863,000 | 870,200 | 1,080,900 | 900,100 | 862,800 | 439,000 |
Capital Expenditure | -314,000 | -94,500 | -91,100 | -60,300 | -68,100 | -85,400 |
Issuance of Capital Stock | 3,000 | 500 | 800 | 800 | 900 | 500 |
Issuance of Debt | -- | -- | -- | -- | -- | 0 |
Repayment of Debt | -59,000 | -16,100 | -14,500 | -14,900 | -13,500 | -13,900 |
Repurchase of Capital Stock | -46,000 | -14,900 | 0 | -11,100 | -20,000 | 0 |
Free Cash Flow | 1,019,000 | 461,600 | 217,600 | 233,100 | 106,700 | 188,700 |
| Mar 2026 |
| 3.92% |
| 821,722,734 | 15,860,311 | institutional | Mirae Asset Global ETFs Holdings Ltd. | Dec 2025 | 3.76% |
| 612,485,919 | 11,821,770 | mutual_fund | GLOBAL X FUNDS-Global X Silver Miners ETF | Mar 2026 | 2.81% |
| 601,122,173 | 11,602,435 | institutional | Blackrock Inc. | Dec 2025 | 2.75% |
| 378,615,936 | 7,307,777 | institutional | FIL LTD | Dec 2025 | 1.73% |
| 355,323,558 | 6,858,204 | institutional | FMR, LLC | Dec 2025 | 1.63% |
| 314,891,655 | 6,077,816 | mutual_fund | VANGUARD STAR FUNDS-Vanguard Total International Stock Index Fund | Jan 2026 | 1.44% |
| 310,335,328 | 5,989,873 | institutional | Invesco Ltd. | Dec 2025 | 1.42% |
| 303,536,509 | 5,858,647 | institutional | NORGES BANK | Dec 2025 | 1.39% |
| 237,346,745 | 4,581,099 | institutional | Arrowstreet Capital, Limited Partnership | Dec 2025 | 1.09% |
| 219,216,301 | 4,231,158 | institutional | Royal Bank of Canada | Dec 2025 | 1.00% |
| 202,665,389 | 3,911,704 | mutual_fund | VANGUARD TAX-MANAGED FUNDS-Vanguard Developed Markets Index Fund | Dec 2025 | 0.93% |
| 160,175,126 | 3,091,587 | mutual_fund | First Eagle Funds-First Eagle Gold Fund | Jan 2026 | 0.73% |
| 132,060,792 | 2,548,944 | mutual_fund | EuroPacific Growth Fund-EUPAC Fund | Mar 2026 | 0.60% |
| 130,563,483 | 2,520,044 | mutual_fund | AIM Sector Fd.s -Invesco Gold & Special Minerals Fd. | Jan 2026 | 0.60% |
| 129,910,625 | 2,507,443 | mutual_fund | Amplify ETF Trust-Amplify Junior Silver Miners ETF | Dec 2025 | 0.59% |
| 103,525,967 | 1,998,185 | mutual_fund | iShares, Inc.-iShares MSCI Global Gold Miners ETF | Mar 2026 | 0.47% |
| 95,873,215 | 1,850,477 | mutual_fund | Fidelity Concord Street Trust-Fidelity SAI Canada Equity Index Fund | Feb 2026 | 0.44% |
Pan American Silver reports governance through Board oversight, dedicated Board committees, enterprise risk management, integrated sustainability audits, ethics policies, human-rights management and supplier due diligence. The 2025 Sustainability Report says the Board has ultimate responsibility for corporate governance, including corporate objectives, strategy and policies, and that 2025 sustainability oversight was led primarily by the Communities and Sustainable Development Committee while the Health, Safety and Environment Committee oversaw safety practices, environmental stewardship and related policies across the mining lifecycle. The Human Resources and Compensation Committee oversees workplace diversity and compensation, and the Nominating and Governance Committee oversees governance best practices and compliance with the Global Code of Ethical Conduct. The Board and Risk Committee oversee the enterprise risk management system. Pan American reports 30% of senior-management performance-based compensation linked to sustainability metrics. Governance controls also include integrated sustainability audits that combine environmental management, social performance, critical facilities, human rights, human resources, security and crisis management into a unified audit process, with executive review of audit reports and corrective action tracking. The sustainability report says the company updated its Global Human Rights Policy, assessed 529 critical suppliers through its enhanced due diligence process, and uses supplier risk criteria that include business ethics, human-rights practices, modern slavery and forced-labour risks, and environmental performance.