Updated for Friday, December 12, 2025. Ticker: NYSE: PAAS / TSX: PAAS.
Pan American Silver Corp (PAAS) is back at the center of the precious-metals trade as silver prices push into record territory and investors reposition around a shifting rates backdrop. The move isn’t just macro-driven: Pan American has also delivered a busy stretch of company-specific catalysts in recent weeks—ranging from a record free-cash-flow quarter and a dividend to a year-end exploration update and a strategic investment tied to the Timmins region in Canada.
Below is a comprehensive, publication-ready roundup of today’s (12.12.2025) news , the most relevant near-term company updates , and the latest analyst forecasts and price targets shaping sentiment around Pan American Silver stock .
PAAS stock price today (December 12, 2025)
As of December 12, 2025 (17:19 UTC) , Pan American Silver shares were trading at $49.59 , down $0.76 (-1.51%) on the day. The session range tracked between $48.99 and $52.24 , with volume around 19.48 million shares . The stock’s 52-week range sits at $19.74 to $52.24 , reflecting the scale of the 2025 re-rating across the silver-mining space.
Takeaway: PAAS is now trading near the top of its 52-week band after a major 2025 run—meaning investors are increasingly sensitive to the next catalyst (metal prices, cost guidance, integration updates, or fresh sell-side revisions).
Why silver miners are in focus on 12.12.2025: Fed cut, weaker dollar, and record silver
Today’s macro backdrop matters because Pan American is highly leveraged to silver and gold pricing —and in 2025 the market has treated “real assets” as a first-order theme.
Reuters’ Morning Bid note on December 12 pointed to a weaker US dollar following this week’s Federal Reserve rate cut , helping keep “dollar debasement” and real-asset trades in play. Reuters also flagged that silver hit a fresh record of $64.31 before dipping slightly. [1]
That strength is spilling into miners broadly. In the UK, Reuters reported that precious metal miners shined , helping lift local indexes as gold and silver prices were supported by expectations of further US interest-rate cuts . [2]
What this means for PAAS: When silver and gold are making new highs, investors tend to rotate into large, liquid producers and near-producers—especially those with visible cash flow and strong balance sheets. Pan American checks those boxes, and the market is reacting accordingly.
Today’s company-specific news: institutional flows into PAAS
One of the most notable PAAS-specific headlines dated December 12, 2025 is a filing-driven institutional ownership update.
MarketBeat reported that Mirae Asset Global ETFs Holdings Ltd. increased its holdings of Pan American Silver by 15.5% during Q2 , ending with 10,425,601 shares , representing about 2.88% of the company (per the report’s summary of the manager’s 13F disclosure). [3]
Why it matters (and why it doesn’t):
- Matters: It reinforces that “big pools of capital” (including ETF complexes) remain engaged with PAAS as a core vehicle for silver exposure.
- Doesn’t (always): 13F-based stories often reflect past-quarter positioning —useful for context, but not a perfect real-time signal.
Strategic investment spotlight: Pan American’s Galleon Gold position
Beyond macro and flows, PAAS has had deal-related attention tied to Galleon Gold Corp. (TSXV: GGO), a junior developer/explorer with projects in Ontario.
A Reuters item carried by TradingView highlighted that Pan American acquired 18.75 million units of Galleon Gold at C$0.60 per unit through a private placement. The same note said Pan American’s position includes shares, warrants, and a debenture , amounting to roughly 14.7% on a non-diluted basis and 29.7% on a partially diluted basis . [4]
Galleon’s own financing announcement provides additional structural detail: the broader raise totaled 50,000,000 units at $0.60 for $30 million gross proceeds , and each unit included one common share plus one-half warrant (whole warrant exercisable at $0.75 through December 4, 2027 ). Galleon also disclosed that Pan American subscribed for $11.25 million in the non-brokered private placement. [5]
How investors are reading it: This kind of structured involvement (equity + warrants + debenture) can be interpreted as a longer-horizon strategic option—potentially building influence in a district where Pan American already operates (eg, the broader Timmins region exposure inside its portfolio).
Fundamentals check: Pan American’s Q3 2025 results, dividend hike, and guidance shift
The most important “hard” catalyst for Pan American this season remains its third-quarter 2025 results , released November 12, 2025 , which delivered both cash-flow strength and updated operating outlook.
Record free cash flow and stronger revenue
In its Q3 release, Pan American reported:
- Record attributable free cash flow of $251.7 million
- Record attributable cash flow from operations of $323.6 million
- Attributable revenue of $884.4 million
- Adjusted earnings of $181.0 million ($0.48 per share) and net earnings of $169.2 million ($0.45 per share) [6]
Balance sheet and liquidity
As of September 30, 2025 , the company reported cash and short-term investments of $910.8 million , plus access to $750 million under its credit facility, for total available liquidity of $1.66 billion (as described in the same release). [7]
Dividend increase and shareholder returns
Pan American declared a $0.14 per share cash dividend for Q3 (declared Nov. 12; paid around Dec. 5), explicitly noting this as an increase under the company’s dividend policy discretion. [8]
The company’s dividend schedule page also lists the $0.14 Q3 amount (record date Nov. 24; payable Dec. 5). [9]
2025 silver guidance raised (and costs lowered) after Juanicipio contribution
A key market-moving detail: Pan American increased 2025 attributable silver production guidance to 22.0–22.5 million ounces and reduced expected Silver Segment AISC to $14.50–$16.00/oz , explicitly referencing the expected contribution from Juanicipio. [10]
Investor lens: This combination—higher expected production, lower expected AISC, higher dividend—helps explain why the market has been willing to pay up for quality silver exposure in late 2025.
The MAG Silver acquisition and Juanicipio: the structural story behind “bigger PAAS”
Much of the 2025 narrative centers on PAAS scaling into a more powerful silver platform, with Juanicipio often framed as the crown jewel.
Reuters previously reported that Pan American would acquire MAG Silver in a transaction valuing MAG at about $2.1 billion , gaining access to MAG’s 44% interest in the Juanicipio silver mine in Mexico , operated by Fresnillo (56%). [11]
Pan American’s own Q3 release confirms the acquisition was completed on September 4, 2025 , and frames Juanicipio as immediately contributing to silver segment performance and free cash flow, supporting the guidance update. [12]
Exploration catalyst: Pan American’s 2025 year-end exploration update
For investors who want more than spot-price beta, Pan American’s December 1, 2025 exploration update is another key input—especially as the market increasingly values reserve life and pipeline visibility during bull cycles.
The company reported that the update covers 333,830 meters drilled across referenced mines (70% of total drilling over the cited period), and that it plans to drill approximately 540,000 meters in 2025 . [13]
The release also highlighted new results and targets across multiple operations (including Jacobina, El Peñon, La Colorada, Huaron, Timmins, Minera Florida and Cerro Moro), underscoring a portfolio-wide approach to resource replacement and conversion. [14]
Why the market cares: In a high-price environment, miners that can convert exploration success into longer mine life—and do so without blowing out capital intensity—often get rewarded with higher multiples.
Analyst forecasts & price targets: where Wall Street thinks PAAS goes next
With PAAS near its highs, investors are leaning on sell-side targets and forward earnings expectations to gauge upside.
Notable recent target changes
- Jefferies raised its price target to $50 from $42 and maintained a Hold rating, per a research-note summary published by The Fly via TipRanks. [15]
- MarketBeat’s compilation also lists a series of 2025 target adjustments, including Scotiabank to $47 and CIBC to $62 (ratings described as outperform-style), reflecting a more constructive stance from shares of the Street even after the run. [16]
Why consensus targets vary (a lot)
Depending on the dataset and which analysts are included, “consensus” can look very different:
- MarketBeat describes an average target price of $44.33 with a “Moderate Buy” type consensus. [17]
- StockAnalysis shows a smaller-coverage view: Strong Buy with a 12‑month price target of $47.00 . [18]
- WallStreetZen (based on a limited set of analysts in its display) shows an average target around $53.33 and cites a $62 high / $47 low range. [19]
- Benzinga’s compilation highlights that the most recent ratings it lists (BofA, Scotiabank, CIBC) average to about $53.33 , even though its broader displayed consensus can be pulled down by older, lower targets. [20]
Best practice for readers: When comparing forecasts, look for (1) the date of the rating, (2) whether the analyst model assumes spot prices or normalized prices , and (3) whether it incorporates the post-acquisition portfolio and expected Juanicipio cash flows.
What to watch next: the December-to-Q1 roadmap for PAAS
If you’re tracking Pan American Silver stock into year-end and early 2026, here are the catalysts most likely to drive volatility—up or down.
1) Silver price direction after record highs
Reuters’ December 12 notes emphasize that silver’s record print occurred alongside a weaker dollar and rate-cut repricing. If the dollar reverses or rate expectations shift, miners can move quickly. [21]
2) Margin sensitivity vs. cost discipline
Pan American’s Q3 disclosure showed Silver Segment AISC of $15.43/oz in Q3 (excluding NRV adjustments) and guidance for $14.50–$16.00/oz for 2025—so investors will be watching whether costs behave as ore grades, energy inputs, and sustaining capital evolve. [22]
3) Juanicipio integration and incremental cash flow
Pan American explicitly linked its raised silver guidance and lower AISC outlook to Juanicipio’s contribution. Execution and throughput consistency will matter for forward-quarter confidence. [23]
4) Growth pipeline and technical reports
The company said it expects an updated technical report tied to the La Colorada Skarn phased development approach in Q2 2026 , which can become a material valuation input if it improves capital intensity or early-phase economics. [24]
5) Exploration conversion and reserve-life narrative
The 333,830 meters drilled and ~540,000 meters planned signal continued exploration intensity; the next question is how quickly results translate into mine plans and resource statements. [25]
Key risks investors are weighing (especially at elevated prices)
Even with strong tailwinds, PAAS carries risks that tend to matter more when the stock trades near highs:
- Metal-price volatility: Silver is historically more volatile than gold, and miners can amplify that volatility.
- Jurisdictional and permitting risk: Pan American operates across multiple countries in the Americas, and timelines can be influenced by local politics and regulatory processes.
- Cost inflation / operational variability: Sustaining capital, labor, consumables, and grade variability can pressure margins even when spot prices rise.
- Project timing risk: Longer-dated catalysts (skarn development pathways, partnership structures, and technical reports) can slip, and markets often reprice quickly when timelines change. [26]
Bottom line: PAAS stock on 12.12.2025
On December 12, 2025 , Pan American Silver (PAAS) sits at the intersection of:
- A macro tailwind (record silver prices amid a rate-cut narrative), [27]
- A stronger fundamental profile (record Q3 free cash flow, higher dividend, raised silver guidance, improved cost outlook), [28]
- And an active corporate/exploration storyline (Galleon Gold strategic investment; year-end exploration results). [29]
The near-term debate is less about whether Pan American is operationally relevant (it is) and more about how much of the silver bull case is already priced in —a question reflected in the spread between analyst targets and the current share price. [30]
References
1. www.reuters.com, 2. www.reuters.com, 3. www.marketbeat.com, 4. www.tradingview.com, 5. galleongold.com, 6. panamericansilver.com, 7. panamericansilver.com, 8. panamericansilver.com, 9. panamericansilver.com, 10. panamericansilver.com, 11. www.reuters.com, 12. panamericansilver.com, 13. panamericansilver.com, 14. panamericansilver.com, 15. www.tipranks.com, 16. www.marketbeat.com, 17. www.marketbeat.com, 18. stockanalysis.com, 19. www.wallstreetzen.com, 20. www.benzinga.com, 21. www.reuters.com, 22. panamericansilver.com, 23. panamericansilver.com, 24. panamericansilver.com, 25. panamericansilver.com, 26. panamericansilver.com, 27. www.reuters.com, 28. panamericansilver.com, 29. www.tradingview.com, 30. www.marketbeat.com
