Pan American Silver Corp. (PAAS.US) closely follows the precious metal trend: silver production reached a record high last year and is expected to increase further by 2026.

Pan American Silver Corp. (PAAS.US) stated on Tuesday evening that the fourth quarter silver production hit a record of 7.3 million ounces, bringing the silver production for the 2025 fiscal year to 22.8 million ounces, surpassing the annual guidance; and anticipates silver production for 2026 to be between 25 to 27 million ounces. Pan American Silver Corp. also mentioned that gold production for the fourth quarter was 197.8 thousand ounces, bringing the total gold production for the 2025 fiscal year to 742.2 thousand ounces, in line with the annual guidance. The company stated that the performance of the Juanicipio mine in Mexico exceeded expectations, contributing 2.5 million ounces of silver production since its acquisition in September 2025, and generating $44 million in revenue in December 2025. As of the end of 2025, the company's cash and short-term investments are expected to be close to $1.32 billion, representing a 45% increase from the end of the third quarter. Pan American Mining expects silver production for 2026 to be between 25 to 27 million ounces, gold production to be between 700 to 750 thousand ounces, silver all-in sustaining costs to be between $15.75 to $18.25 per ounce, and gold all-in sustaining costs to be between $1700 to $1850 per ounce. Capital expenditures for the 2026 fiscal year are estimated to be between $515 million to $550 million, including $320 million to $340 million in sustaining capital expenditures and $195 million to $210 million in project capital expenditures, which include the new phased development plans for the La Colorada Skarn mine and vein ore. Pan American Silver's stock price closed down 2.41% on Wednesday, after reaching a historical high of $60.25. Previously, Trump stated that the United States would not use excessive force to acquire Greenland, leading to a slight cooling off of precious metal futures prices.