Pan American Silver Corp. (PAAS) Stock Price & How to Invest
Short answer
You can invest in Pan American Silver (PAAS) by buying shares or fractional shares at any major broker, through an ETF that holds it, or as one holding in a thematic basket. Pan American Silver is one of the world's largest primary silver producers and also a meaningful gold producer, running mines across the Americas including Mexico, Peru, Bolivia, Argentina, Canada, Brazil, and Chile. The thesis is diversified leverage to silver and gold prices from a low-cost, multi-mine operator that pays a growing dividend; the biggest risks are precious-metals price cyclicality, jurisdictional risk across Latin America, and the long-stalled Escobal mine in Guatemala.
PAAS stock price
As of 2026-06-26, Pan American Silver Corp. (PAAS) last closed at $45.45, up 64.0% over the past year. Over the past 52 weeks it has traded between $27.02 and $68.70.
Prices are daily closing prices from Yahoo Finance and may be delayed. For the live quote, check your broker or Pan American Silver Corp.'s investor relations page. Walnut is informational, not investment advice.
What does Pan American Silver Corp. (PAAS) do?
Pan American Silver Corp (PAAS) is a Vancouver-based precious-metals mining company and one of the largest primary silver producers in the world, with significant gold output alongside the silver. It operates a portfolio of mines spread across the Americas, including Mexico, Peru, Bolivia, Argentina, Canada, Brazil, and Chile. The company makes money by mining and selling silver and gold (plus byproducts such as zinc, lead, and copper at some operations), so its revenue and margins are driven by how many ounces it produces relative to its mining costs and the prevailing silver and gold prices. In 2025 Pan American produced roughly 22.8 million ounces of silver and about 742,000 ounces of gold and reported record annual revenue of around $3.6 billion.
The company grew into a major diversified producer partly through acquisitions: in 2023 it acquired a portfolio of producing gold mines from Yamana Gold, which sharply increased its gold exposure, and in September 2025 it completed the roughly US$2.1 billion acquisition of MAG Silver, adding a 44% joint-venture interest in the high-grade Juanicipio silver mine in Zacatecas, Mexico (operated by Fresnillo). Its long-dormant Escobal mine in Guatemala, one of the largest silver deposits in the world, has been suspended since 2017 pending an ILO 169 consultation with the Xinka Indigenous people; the Xinka Parliament formally denied consent in May 2025 and no restart timeline has been set. Recent results were strong: Pan American reported record full-year 2025 financials, record fourth-quarter cash flow from operations of $554 million, and a 29% dividend increase.
What's driving Pan American Silver Corp. (PAAS)?
1. Silver-price leverage.
As a primary silver producer with relatively fixed mining costs, Pan American's profits rise and fall more than proportionally with the silver price. Higher realized silver and gold prices helped drive record 2025 revenue of around $3.6 billion and record Q4 2025 operating cash flow of $554 million. That operating leverage amplifies results when metals rally and compresses margins when they fall, which is the core reason investors hold a silver producer rather than only physical metal.
2. MAG Silver and Juanicipio.
In September 2025 Pan American closed its roughly US$2.1 billion acquisition of MAG Silver, paying about $500 million in cash plus around 60.2 million shares. The deal added a 44% joint-venture stake in the high-grade, low-cost Juanicipio silver mine in Mexico, operated by Fresnillo, plus the Larder and Deer Trail exploration projects. Juanicipio is among the best silver assets globally and strengthens Pan American's position as a leading primary silver producer.
3. Production growth and costs.
For 2026 the company guides to attributable silver production of roughly 25.0 to 27.0 million ounces, about a 14% increase over 2025, with gold production of around 700,000 to 750,000 ounces. It reduced its 2025 silver-segment all-in sustaining cost guidance to about $14.50 to $16.00 per ounce, with gold-segment AISC around $1,700 to $1,850 per ounce. Growth projects such as the La Colorada Skarn in Mexico offer additional longer-term silver upside.
4. Growing shareholder returns.
Pan American raised its dividend by 29% to $0.18 per share per quarter (about $0.72 annualized) with respect to Q4 2025, and outlined a framework targeting up to roughly $1 billion in total shareholder returns in 2026, including roughly $305 million in expected dividends plus buybacks. As with most miners the payout is tied to commodity prices and cash flow rather than fixed, but strong free cash flow at high metal prices supports the return policy.
What are the risks to Pan American Silver Corp. (PAAS)?
Pan American's results are highly cyclical and move with silver and gold prices, which are volatile and outside the company's control, so margins and the share price can swing sharply. Jurisdictional and political risk is significant because its mines are concentrated across Latin America (Mexico, Peru, Bolivia, Argentina, and more), where tax, permitting, community-relations, and resource-nationalism risks recur. The Escobal mine in Guatemala remains suspended since 2017 with the Xinka Parliament having denied consent in 2025 and no restart timeline, capping a large silver asset. Cost inflation and rising all-in sustaining costs can erode margins, and integrating large acquisitions such as MAG Silver and Yamana carries execution risk.
How is Pan American Silver Corp. (PAAS) valued? (approximate, FY2025 results (reported February 2026) and latest quarter)
A simple financial snapshot. These are approximations and refresh quarterly; for current figures see Pan American Silver Corp.'s investor relations page or your broker.
- Silver production (2025): ~22.8 million ounces attributable, exceeding annual guidance
- Gold production (2025): ~742,000 ounces attributable, within guidance
- Revenue (2025 full year): ~$3.6 billion (record), with net earnings around $980 million
- All-in sustaining costs: Silver segment ~$14.50 to $16.00 per ounce; gold segment ~$1,700 to $1,850 per ounce
- Dividend yield: ~1.0% to 1.3%, from a quarterly dividend of $0.18 per share (~$0.72 annualized) after a 29% increase
- Market cap: ~$23 billion
Pan American's financials are commodity-driven: revenue, earnings, and valuation are dominated by silver and gold prices and by how many ounces it produces relative to its costs. Because it is a primary silver producer with byproduct gold and base metals, it offers operating leverage to the silver price in particular, so earnings can rise or fall faster than the metal itself. Precious-metals producer multiples often look elevated or depressed at different points in the cycle, so reading PAAS means weighing production growth, all-in sustaining costs, and the metal-price environment together rather than a single multiple.
What themes does Pan American Silver Corp. (PAAS) fit?
These are the investment theses PAAS naturally fits into. Each links to a full theme guide listing every other stock that belongs and the ETFs commonly used as a passive proxy.
Who competes with Pan American Silver Corp. (PAAS)?
Primary silver producers
Pan American competes most directly with other primary silver miners such as First Majestic Silver (AG), Hecla Mining (HL), Coeur Mining (CDE), and Fresnillo (its Juanicipio joint-venture partner). These companies compete for capital, acquisitions, and skilled operating teams, and their relative valuations hinge on silver leverage, cost discipline, production growth, and the political risk of where their mines sit.
Gold majors and diversified miners
Because Pan American also produces a large amount of gold, it is compared against gold-focused producers such as Newmont, Barrick, Agnico Eagle, and B2Gold, as well as diversified precious-metals miners. Investors weighing PAAS against these names look at cost per ounce, the silver-versus-gold mix, jurisdictional exposure, and dividend policy when choosing how to gain precious-metals equity exposure.
ETFs and physical-metal alternatives
Investors seeking silver exposure can also use silver-miner ETFs such as the Global X Silver Miners ETF (SIL) or the small-cap-tilted ETFMG Prime Junior Silver Miners ETF (SILJ), which hold baskets of producers including Pan American, or physical-silver products such as silver bullion ETFs. These offer different risk profiles, from direct metal exposure to diversified miner exposure, versus owning a single operator like PAAS.
What stocks are similar to Pan American Silver Corp. (PAAS)?
Other names that show up alongside PAAS in the same themes. Worth a look if you're thinking about diversification within a single thesis rather than concentration on one ticker.
Also fits Silver and precious metals. First Majestic Silver is one of the purest silver plays, generating a large share of revenue from silver, which makes it highly leveraged to the metal.
Also fits Silver and precious metals. Hecla Mining is the largest primary silver producer in the United States and also mines gold, anchoring the domestic side of the theme.
Also fits Silver and precious metals. Coeur Mining is a North America-focused silver and gold producer that has been a turnaround story, offering leveraged exposure to both metals.
Also fits Silver and precious metals. Endeavour Silver is a mid-tier Mexico-focused silver miner with a growth profile, providing higher-beta exposure to the silver price.
How to invest in Pan American Silver Corp. (PAAS)
There are three common ways to get PAAS exposure. Buy shares (or fractional shares) directly at any major broker. Hold an ETF that includes it, which spreads the position across many companies. Or build it into a focused thematic basket, so PAAS sits alongside other stocks that express the same thesis.
Walnut takes the basket route. Describe a thesis where PAAS fits (for example “AI infrastructure” or “dividend-growth large-caps”) and the AI proposes 5 to 6 constituents with target weights. You review the plan and fund it through your own broker when you're ready.
The bottom line on Pan American Silver Corp. (PAAS)
If you believe silver and gold have a durable role in portfolios and that a large, diversified producer like Pan American Silver can keep mining at competitive costs while returning cash, PAAS is one way to express that view with a company that pays a dividend and is leveraged to the silver price. As a precious-metals producer its earnings and share price swing more than proportionally with metal prices, so it tends to behave as a cyclical, higher-volatility holding within a materials or precious-metals sleeve rather than a stable core anchor.
More on Pan American Silver Corp. (PAAS)
Whether PAAS is worth buying today depends more on your time horizon and what you already hold than on any single call. We walk through valuation, what would have to go right, and the risks in is PAAS a buy?, and where the stock could go from here in the PAAS stock forecast.
For income investors, whether PAAS pays a dividend and how the payout looks is covered in does PAAS pay a dividend?
Build a basket around PAAS with Walnut
Use Pan American Silver Corp. as one constituent in a thematic basket Walnut's AI helps you assemble. Describe a thesis you believe in, the AI proposes the holdings and weights, and you approve before any broker order.
FAQ
What does Pan American Silver do?
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Pan American Silver is a precious-metals mining company and one of the world's largest primary silver producers, with significant gold production as well. It operates a portfolio of mines across the Americas, including Mexico, Peru, Bolivia, Argentina, Canada, Brazil, and Chile. It makes money by mining and selling silver and gold, plus byproducts such as zinc, lead, and copper, so its revenue depends on production volumes and the prevailing silver and gold prices relative to its mining costs.
Does PAAS pay a dividend?
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Yes. Pan American Silver pays a quarterly dividend, recently raised by 29% to $0.18 per share, or about $0.72 per share annualized, for a yield of roughly 1.0% to 1.3% depending on the share price. Like most precious-metals producers, the payout is tied to commodity prices, cash flow, and capital needs, so the amount varies over time and is not fixed. The company has also outlined a framework targeting up to roughly $1 billion in total shareholder returns in 2026 through dividends and buybacks.
Is PAAS a good stock?
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This is descriptive, not advice. Pan American Silver offers diversified production across many mines in the Americas, strong leverage to the silver price, growth from the MAG Silver acquisition and Juanicipio, and a growing dividend. On the other hand, its earnings swing with silver and gold prices, it carries jurisdictional risk across Latin America, the Escobal mine in Guatemala remains suspended, and costs can rise with inflation. Whether it fits depends on your own goals and risk tolerance.
Is PAAS a good stock to buy right now?
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This is informational, not a recommendation. The bull case is record 2025 financials, record Q4 2025 cash flow of $554 million, 2026 silver production guided about 14% higher, the addition of the high-grade Juanicipio mine, and a 29% dividend increase. The bear case is silver and gold price cyclicality, jurisdictional risk across Latin America, the long-stalled Escobal mine, and cost inflation. Walnut provides information, not investment advice.
What did Pan American Silver gain from the MAG Silver acquisition?
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In September 2025 Pan American completed its roughly US$2.1 billion acquisition of MAG Silver, paying about $500 million in cash plus around 60.2 million shares. The deal added a 44% joint-venture interest in the high-grade, low-cost Juanicipio silver mine in Zacatecas, Mexico, which is operated by Fresnillo, along with the Larder and Deer Trail exploration projects. Juanicipio is considered one of the best silver assets globally and strengthens Pan American's position as a leading primary silver producer.
What is the Escobal mine and how does it affect silver leverage?
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Escobal in Guatemala is one of the largest silver deposits in the world, but it has been suspended since 2017 pending an ILO 169 consultation with the Xinka Indigenous people. The Xinka Parliament formally denied consent in May 2025, and no restart timeline has been set. Because Escobal is currently idle, Pan American's silver leverage comes from its producing mines; a future restart would be a potential upside catalyst, while continued suspension keeps a large asset out of production.
How much silver and gold does Pan American Silver produce?
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In 2025 Pan American produced roughly 22.8 million ounces of silver and about 742,000 ounces of gold on an attributable basis, exceeding its silver guidance and finishing within its gold range. For 2026 the company guides to attributable silver production of about 25.0 to 27.0 million ounces, roughly a 14% increase, with gold production of around 700,000 to 750,000 ounces, helped by the addition of Juanicipio.
Which ETFs or baskets include PAAS?
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Pan American Silver is commonly held in silver-miner and precious-metals ETFs, such as the Global X Silver Miners ETF (SIL) and junior silver-miner funds like SILJ, as well as broader materials and resource funds. On Walnut it can sit within a silver, precious-metals, or commodities-themed basket, typically as one cyclical holding used for silver and gold exposure rather than a stable core position, given its commodity sensitivity.
Walnut is informational, not investment advice. Financial figures on this page are approximations; always verify current numbers with Pan American Silver Corp.'s investor relations page or your broker before making investment decisions.