Pan American Silver Corp

Section 1: Company Fundamentals

1.1 Company Overview and Performance summary

Company Overview:

Pan American Silver Corp (NYSE: PAAS) is a leading precious metals producer engaged in the mining of silver and gold across the Americas, with operations spanning Canada, Mexico, Peru, Brazil, Bolivia, Chile, and Argentina. The company also holds a 100% ownership stake in the Escobal mine in Guatemala and maintains interests in various exploration and development-stage projects. Its business activities are structured into three segments: Silver, Gold, and Other.

This US Inflation Report covers the Company Overview & Price performance, Summary table, Key positives & negatives, Key metrics, Company details, technical guidance & Stock recommendation, and Price chart.

Price Performance:

• Pan American Silver’s share price shows a clear uptrend that began in early June 2025, following a prolonged consolidation phase between November 2024 and May 2025.
• Both the 20-day moving average (MA 20) and 50-day moving average (MA 50) exhibit a strong upward slope, with the MA 20 consistently holding above the MA 50; a bullish alignment that underscores the prevailing trend strength. Current price remain well above both moving averages, indicating that the broader uptrend is intact.
• The RSI (51.15) suggests the stock has cooled from overbought levels seen in late September, signaling a healthy consolidation rather than a trend reversal. 

1.2 Summary Table

1.3 The Key Positives & Negatives

1.4 Key Metrics

The steady improvement in revenue, net profit, and net margin from Q2 FY2024 to Q2 FY2025 reflects Pan American Silver Corp.’s strong operational and financial recovery. The growth was primarily driven by higher realized silver and gold prices, which boosted revenue by USD 125.6 million year-over-year, alongside increased silver production supported by improved ventilation and throughput at the La Colorada mine. Despite a decline in gold output due to the divestment of La Arena and lower grades at certain operations, the company maintained strong cost control and operational efficiency, leading to higher margins. Additionally, favorable working capital movements and record operating cash flow of USD 293.4 million further strengthened liquidity. Overall, the transition from a net loss and -3.12% margin in Q2 FY2024 to a record profit and 23.35% margin in Q2 FY2025 highlights the positive impact of higher metal prices, cost discipline, and portfolio optimization.

Section 2: Pan American Silver Corp (NYSE: PAAS) (“Buy” at the closing market price of USD 38.55, as of Oct 09,2025)

2.1 Company Details

2.2 Technical Guidance and Stock Recommendation  

Markets are trading in a highly volatile zone currently due to certain macroeconomic issues and geopolitical tensions prevailing. Therefore, it is prudent to follow a cautious approach while investing.

Note 1: Past performance is not a reliable indicator of future performance.

Note 2: The reference date for all price data, currency, technical indicators, support, and resistance levels is Oct 09, 2025. The reference data in this report has been partly sourced from REFINITIV.

Note 3: Investment decisions should be made depending on an individual's appetite for upside potential, risks, holding duration, and any previous holdings. An 'Exit' from the stock can be considered if the Target Price mentioned as per the Valuation and or the technical levels provided has been achieved and is subject to the factors discussed above.

Note 4: The report publishing date is as per the Pacific Time Zone.

Technical Indicators Defined: -

Support: A level at which the stock prices tend to find support if they are falling, and a downtrend may take a pause backed by demand or buying interest. Support 1 refers to the nearby support level for the stock and if the price breaches the level, then Support 2 may act as the crucial support level for the stock.

 Resistance: A level at which the stocks prices tend to find resistance when they are rising, and an uptrend may take a pause due to profit booking or selling interest. Resistance 1 refers to the nearby resistance level for the stock and if the price surpasses the level, then Resistance 2 may act as the crucial resistance level for the stock.

 Stop-loss: It is a level to protect against further losses in case of unfavorable movement in the stock prices.