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Pan American Silver (PAAS) reported silver production of 5 million ounces for Q1 2025, aligning with projections of 4.75 – 5 million ounces and matching the output from the previous year. Gold production stood at 182.2 thousand ounces, within the guided range of 175–189 thousand ounces, although lower than 222.9 thousand ounces from the same quarter last year.
The company anticipates silver production for 2025 to reach 20–21 million ounces, down from 21.1 million ounces in 2024. Expected gold output for 2025 is projected between 735 – 800 thousand ounces, lower than 895.5 thousand ounces in 2024. PAAS is also set to acquire MAG Silver Corp. for $2.1 billion, which includes a 44% stake in the Juanicipio project, projected to produce 14.7-16.7 million ounces of silver in 2025.
Hecla Mining, a close competitor, reported Q1 2025 silver production of 4.1 million ounces and gold production of 34,232 ounces. Hecla expects silver production for 2025 to range between 15.5 – 17.0 million ounces, compared to 16.2 million ounces in 2024.
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