Pan American Silver Corp. (PAAS.US) announced Tuesday evening that its fourth-quarter silver production reached a record 7.3 million ounces, bringing its fiscal 2025 silver output to 22.8 million ounces, which exceeded the full-year guidance.

The company also projected its 2026 silver production to be between 25 million and 27 million ounces.

Additionally, Pan American Silver reported fourth-quarter gold production of 197,800 ounces, resulting in a total fiscal 2025 gold output of 742,200 ounces, meeting the full-year guidance.

The company stated that its Juanicipio mine in Mexico has performed above expectations, contributing 2.5 million ounces of silver production since its acquisition in September 2025 and generating $44 million in revenue as of December 2025.

As of the end of fiscal 2025, the company's cash and short-term investments are expected to be approximately $1.32 billion, a 45% increase from the end of the third quarter.

Pan American Silver forecasts its 2026 gold production to be between 700,000 and 750,000 ounces, with all-in sustaining costs (AISC) for silver projected at $15.75 to $18.25 per ounce and AISC for gold at $1,700 to $1,850 per ounce.

Capital expenditures for fiscal 2026 are estimated to be between $515 million and $550 million, which includes $320 million to $340 million in sustaining capital and $195 million to $210 million in project capital, encompassing a new phased development plan for the La Colorada Skarn and vein deposits.

Shares of Pan American Silver closed down 2.41% on Wednesday, after the stock had earlier hit a record high of $60.25.

The broader rally in precious metals futures cooled slightly after former President Trump stated that the United States would not use excessive force to acquire Greenland.