Pan American Silver Corp. PAAS produced a record 7.3 million ounces of silver in the fourth quarter of 2025 on better-than-expected results at the Juanicipio mine.
In September 2025, PAAS completed the acquisition of MAG Silver Corp, boosting its position as one of the leading silver producers globally and significantly strengthening the company’s industry-leading silver reserve base. As part of the deal, Pan American Silver gained a 44% stake in the Juanicipio project, which is a large-scale, high-grade silver mine in Zacatecas operated by Fresnillo plc.
Pan American Silver expects 2026 total silver production of 25-27 million ounces, indicating a year-over-year increase of 14% at the mid-point. The full-year contribution from Juanicipio will be a key contributor to this growth.
For 2026, silver production at the Juanicipio mine is expected between 6 million and 6.50 million ounces. The mine is also expected to produce 7.5-18.5 thousand ounces of gold in 2026. Juanicipio produced 2.49 million ounces of silver and 6.7 thousand ounces of gold in 2025 since its acquisition in September 2025.
The company, however, expects mine’s all-in sustaining costs to reflect higher production costs
per ounce from higher contractor, labor and energy costs in 2026. The all-in sustaining costs for Juanicipio are expected between $2.25 and $4.25 per ounce in 2026. PAAS reported all-in sustaining costs of negative $3.18 per ounce in 2025.
The company will advance with the conveyor haulage system aimed at reducing costs and optimizing long-term margins at the mine. The project capital for the mine is expected between $11 million and $12 million for 2026.
Like PAAS, its peer Hecla Mining Company HL delivers strong performance, driven by core operating assets. During 2025, Hecla Mining’s Greens Creek produced 8.7 million ounces of silver, up 3% from 2024. Hecla Mining’s Lucky Friday project also delivered improved performance during the year. The mine’s silver production totaled 5.3 million ounces, driven by higher milled grades and improved throughput. is benefiting from its strategy of advancing production, development and exploration projects in Mexico. Avino Silver’s La Preciosa project was reclassified from exploration to development in April 2025 after demonstrating technical feasibility and commercial viability. At Avino Silver’s Avino Mine, higher throughput and better recoveries lifted gold output 21% year over year to 7,621 ounces in 2025.