Pan American Silver — Strong Q4 finish and 2026 outlook

Pan American Silver (PAAS) delivered a strong operating finish to 2025, with attributable Q4 silver production of 7.3Moz beating both our estimate and full-year guidance. The year-end cash and short-term investments jumped to US$1.3bn and we expect a dividend of up to US$0.18 pershare in Q4. For 2026, PAAS is leveraging record metal prices to invest more into projects; while this raises AISC and capex guidance, it better positions the company for when commodity prices start to normalise. We have upgraded our financial estimates and valuation. Beyond commodity tailwinds, we continue to view the upcoming Skarn PEA as a key share price catalyst.