Pan American Silver (PAAS) Earnings Transcript

Motley Fool Transcribing, The Motley Fool

Thu, February 19, 2026 astatine 11:16 AM CST 19 min read

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Thursday, February 19, 2026 astatine 11 a.m. ET

• President and Chief Executive Officer — Michael Steinmann

• Vice President, Investor Relations and Corporate Communications — Siren Fisekci

• Chief Financial Officer — Ignacio

• Senior Vice President, Business Development and Geology — Wayne Lam

• Chief Operating Officer — Steven Busby

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Michael Steinmann: I americium gladsome you could articulation america to sermon Pan American Silver Corp.’s 2025 results and our outlook for 2026. I volition commencement with the headline. We delivered grounds fiscal results crossed the committee successful Q4 and for the afloat twelvemonth 2025 reflecting beardown execution of our concern and meaningful borderline enlargement from higher metallic prices. Net net were a grounds $452,000,000 successful Q4 oregon $1.07 per basal share, which included $61,000,000 of income from our concern successful Juanicipio. For the afloat year, nett net were a grounds $980,000,000 oregon $2.56 per basal share. On an adjusted basis, net were $470,000,000 successful Q4, oregon $1.11 per share, and for the afloat twelvemonth $969,000,000 oregon $2.54 per share.

The grounds fiscal results bespeak some the operating spot of our assets and the leverage we person to metallic prices. Importantly, that translates into grounds attributable escaped currency travel of $553,000,000 successful Q4 and $1,200,000,000 for the afloat year. Cash and short-term investments accrued by $480,000,000 from Q3, totaling $1,300,000,000 astatine twelvemonth extremity oregon $1,400,000,000 including our 44% involvement successful currency astatine Juanicipio. To let shareholders to enactment straight successful rising nett currency levels, we declared a dividend of $0.18 per communal share, our 3rd dividend summation successful a row.

Turning to operating performance, attributable metallic accumulation of 22,800,000 ounces successful 2025 exceeded the apical extremity of the guidance scope we accrued successful November, portion attributable golden accumulation of 742,200 ounces was wrong guidance. Silver conception all-in sustaining costs, excluding NRV inventory adjustments, were $9.51 per ounce successful Q4, and $13.88 per ounce for the afloat year. Silver all-in sustaining costs successful 2025 were beneath the decreased guidance.

Operator: A cardinal contributor

Michael Steinmann: present is Juanicipio, which has been performing amended than expected since we acquired the excavation successful September 2025 done the MAG Silver transaction. For the golden segment, all-in sustaining costs, excluding NRV inventory adjustments, were $1,699 per ounce successful Q4 and $1,621 per ounce for the afloat year, which was wrong our guidance for 2025. It is worthy noting that some metallic and golden conception costs successful Q4 were impacted by higher royalties and idiosyncratic information expenditures, reflecting the summation successful metallic prices.