Pan American Silver Corp. (NYSE: PAAS; TSX: PAAS) is closing out 2025 at the intersection of two powerful forces: a once-in-a-generation precious-metals rally and a company-specific growth reset after its MAG Silver acquisition.
On Monday, December 22, 2025, that setup is back in the spotlight as gold and silver push into fresh record territory amid expectations for U.S. rate cuts and ongoing safe-haven demand—conditions that typically amplify interest in large, liquid precious-metals miners. [1]
Below is a full, up-to-date breakdown of today’s PAAS stock action, the most recent Pan American Silver corporate news, and the latest analyst targets and forecasts shaping the 2026 narrative.
PAAS stock price today: where Pan American Silver stands on Dec. 22, 2025
As of 11:46 UTC on Monday, Dec. 22, 2025, PAAS was trading around $51.77.
That price level matters because PAAS has already seen a sharp 2025 rerating. In recent sessions, the stock has also been pushing near new highs: MarketBeat reported PAAS reached roughly $52.33 intraday on Dec. 19—with analysts’ average targets in many datasets still lagging behind that move. [2]
Translation: the market is pricing in a stronger metals tape and stronger cash generation now—while several “consensus” price-target summaries are still catching up to the stock’s momentum.
The big macro driver: silver and gold are making history (again)
PAAS is a miner, but the stock often trades like a “leveraged” read on precious metals—especially silver—because price moves can expand or compress operating margins fast.
This week’s key backdrop:
- Gold pushed above $4,400/oz for the first time in this latest surge, supported by expectations of lower rates and safe-haven positioning. [3]
- Silver has been ripping to record highs as well. Reuters highlighted silver’s run above $65/oz and the role of supply deficits, investment/speculative demand, and industrial pull (including AI/data centers, solar, and EV-linked demand). [4]
- By Dec. 22, The Times reported silver near $69.44/oz as the rally extended. [5]
For miners like Pan American, these price spikes can matter even more than headline revenue growth, because higher realized metal prices can lift free cash flow—and free cash flow is what tends to drive dividends, buybacks, balance-sheet strength, and acquisition optionality.
Company news that investors are still digesting in late December
1) Q3 2025 results: record free cash flow, higher silver guidance, dividend increase
Pan American’s most recent quarterly report (released Nov. 12, 2025) delivered a set of numbers that continue to underpin the bull case into year-end:
- Record attributable free cash flow: $251.7 million
- Record attributable cash flow from operations: $323.6 million
- Cash and short-term investments: $910.8 million, plus $85.8 million of cash at Juanicipio (attributable to PAAS’s 44% interest)
- Attributable silver production: 5.5 Moz and attributable gold production: 183.5 koz
- Silver Segment AISC (all-in sustaining costs): $15.43/oz (excluding certain adjustments)
- 2025 silver production guidance raised to 22.0–22.5 Moz, and Silver Segment AISC guidance lowered to $14.50–$16.00/oz, explicitly reflecting Juanicipio’s contribution
- Quarterly dividend increased to $0.14/share [6]
That combination—strong cash generation plus improving silver-segment unit economics—helps explain why PAAS has remained in focus even after a major share-price run.
2) MAG Silver acquisition: the Juanicipio stake is now a central part of the PAAS story
A defining 2025 event for Pan American was the completion of its MAG Silver acquisition. The deal brought PAAS a 44% joint venture interest in the Juanicipio mine in Zacatecas, Mexico, operated by Fresnillo plc. [7]
Pan American disclosed MAG shareholders received $500 million in cash plus ~60.2 million PAAS shares, and that former MAG shareholders represented ~14.3% of Pan American on a fully diluted basis after closing. [8]
Why this matters for PAAS stock now: Juanicipio is widely viewed as a high-grade, high-impact silver asset—and even a partial-quarter contribution can move the needle on segment costs and free cash flow, as PAAS emphasized in its Q3 commentary. [9]
3) 2025 year-end exploration update: aggressive drilling and resource growth focus
On Dec. 1, 2025, Pan American published a sweeping exploration update spanning multiple operating hubs (Jacobina, El Peñon, La Colorada, Huaron, Timmins, Minera Florida, Cerro Moro). Highlights investors tend to watch include scale and mine-life implications:
- 333,830 metres drilled across the referenced mines—about 70% of total metres drilled during the period covered
- A plan to drill roughly 540,000 metres in 2025
- Continued work at La Colorada veins building on an estimated 52.7 million ounces of inferred silver mineral resource (as referenced by PAAS in prior 2025 releases) [10]
Exploration updates rarely move a stock alone in the short run. But in a high-metals-price regime, markets often re-rate miners that can credibly argue for longer mine lives, better grades, or lower-capital development pathways.
4) Early-warning filing: Pan American’s strategic stake in Galleon Gold
On Dec. 5, 2025, Pan American disclosed it acquired 18,750,000 units of Galleon Gold Corp. at C$0.60 per unit (each unit: one common share plus half a warrant). The warrants carry an exercise price of C$0.75 and run to Dec. 4, 2027. [11]
PAAS also detailed how its combined position (common shares, warrants, and a convertible debenture) translated into ~14.7% ownership on a non-diluted basis and ~29.7% on a partially diluted basis, while agreeing not to exceed 19.9% ownership through conversion/exercise without disinterested shareholder approval. [12]
For PAAS shareholders, this reads as a capital allocation signal: the company is using its stronger cash profile to place selective, longer-dated bets outside the core portfolio.
Analyst forecasts and price targets: why the data looks “messy” (and what it really implies)
If you’ve looked up “Pan American Silver stock forecast” recently, you’ve probably noticed something odd: many sources show bullish ratings but price targets below the current share price.
That isn’t necessarily a contradiction—it’s often what happens after a rapid rerating. Here’s the current landscape of widely circulated analyst notes and aggregations:
Recent sell-side notes (Dec. 2025)
- BofA raised its price target to $51 from $46 and kept a Buy rating (reported Dec. 1, 2025). [13]
- Jefferies raised its price target to $50 from $42 and maintained a Hold rating (reported Dec. 7, 2025). [14]
- RBC was reported as lifting its target to $55 from $45 while maintaining an Outperform rating (reported Dec. 10, 2025, via MT Newswires distribution). [15]
Aggregated “consensus” snapshots (mid-to-late Dec. 2025)
- MarketBeat’s broker compilation showed a “Moderate Buy” consensus with an average target around $44.33—below where PAAS has been trading recently. [16]
- Another common aggregation (StockAnalysis) showed a “Strong Buy” label but an average target near $47, also implying modest downside from recent prices—again, typical after a surge. [17]
What to conclude from the mixed targets
The key takeaway isn’t that analysts are “bearish.” It’s that price targets are time-stamped opinions—and PAAS has moved quickly enough that older targets and slower-updating consensus panels can temporarily look conservative.
In other words: the market is saying, “Metals + Juanicipio + cash flow deserve a higher multiple now,” while parts of Wall Street are still rewriting their spreadsheets.
What to watch next: the near-term catalysts that could move PAAS stock
1) Next earnings date and 2026 guidance
One of the most important upcoming catalysts is the next earnings release. Zacks lists Pan American Silver’s next earnings report for Feb. 18, 2026. [18]
What investors typically focus on for PAAS at year-end/early-year:
- Updated 2026 production guidance (silver and gold)
- Updated AISC outlook, especially for the silver segment
- How management frames Juanicipio’s steady-state contribution
- Any updated commentary on growth projects (including La Colorada Skarn development pathways referenced earlier in 2025 discussions) [19]
2) Precious-metals price forecasts heading into 2026
PAAS is still, in many ways, a “macro stock.” Some of the most-cited big-bank calls in circulation this month include:
- Reuters reported Morgan Stanley sees gold reaching $4,800/oz by Q4 2026 (with slower gains than 2025, but still higher). [20]
- Reuters also highlighted Deutsche Bank lifting its 2026 gold forecast to $4,450/oz, with a cited range that extends up toward the high end of the market’s expectations. [21]
- Reuters’ silver deep-dive described the rally drivers and noted analysts discussing scenarios that could take silver higher into 2026 (while emphasizing volatility). [22]
For PAAS, these forecasts matter because if gold and silver remain structurally elevated, the company’s cash-generation profile can stay unusually strong, supporting dividends and strategic flexibility.
3) Institutional positioning
MarketBeat’s recent summaries highlighted heavy institutional participation—most notably VanEck as a major holder and broader institutional ownership north of 50% in their dataset. [23]
High institutional ownership doesn’t guarantee anything, but it can influence:
- Liquidity and volatility patterns
- How fast sentiment can shift on guidance/earnings surprises
- The intensity of “risk-on / risk-off” rotations around macro events (Fed expectations, dollar moves, geopolitics)
Risks to keep on the radar (because silver is a drama queen of a commodity)
Even with strong momentum, PAAS investors are still balancing real risks:
- Metal-price volatility: Reuters explicitly noted silver’s tendency to swing more aggressively than gold because it’s a smaller, less liquid market. [24]
- Execution risk across multiple jurisdictions: Pan American operates across the Americas and must manage permitting, cost inflation, and operational variability mine-by-mine. [25]
- Integration and accounting complexity: Juanicipio is meaningful, but it’s a JV interest; PAAS noted it accounts for Juanicipio via the equity method while also presenting attributable operating metrics. [26]
- Targets vs. price reality: After a big run, the stock can become more sensitive to any hint that 2026 guidance won’t “beat the tape,” especially when some consensus target panels sit below the current price. [27]
Bottom line: why Pan American Silver stock is a top ticker to watch into 2026
As of Dec. 22, 2025, Pan American Silver stock sits in a rare sweet spot for a miner:
- A macro environment where silver and gold are still breaking records. [28]
- A company that just posted record free cash flow, raised silver guidance, and increased its dividend. [29]
- A portfolio reshaped by the MAG Silver/Juanicipio deal—now a major driver of 2026 expectations. [30]
- A market that has already repriced PAAS upward—leaving analyst targets divided between “catch-up upgrades” and more conservative models. [31]
The next major checkpoint is Feb. 18, 2026, when investors should get the clearest view yet of how durable this new PAAS cash-flow profile really is—especially if precious metals remain anywhere near today’s historic levels. [32]
References
1. www.reuters.com, 2. www.marketbeat.com, 3. www.reuters.com, 4. www.reuters.com, 5. www.thetimes.com, 6. panamericansilver.com, 7. panamericansilver.com, 8. panamericansilver.com, 9. panamericansilver.com, 10. panamericansilver.com, 11. panamericansilver.com, 12. panamericansilver.com, 13. www.tipranks.com, 14. www.tipranks.com, 15. www.marketscreener.com, 16. www.marketbeat.com, 17. stockanalysis.com, 18. www.zacks.com, 19. panamericansilver.com, 20. www.reuters.com, 21. www.reuters.com, 22. www.reuters.com, 23. www.marketbeat.com, 24. www.reuters.com, 25. panamericansilver.com, 26. panamericansilver.com, 27. www.marketbeat.com, 28. www.reuters.com, 29. panamericansilver.com, 30. panamericansilver.com, 31. www.tipranks.com, 32. www.zacks.com
