Video News/Mining Forum Americas 2025

Pan American Silver (TSX: PAAS; NYSE: PAAS) President and CEO Michael Steinmann says silver is beginning to catch up to gold as investor demand strengthens on top of robust industrial use. Speaking with Kitco Mining at Mining Forum Americas 2025, Steinmann said, “I think we’re going to see all-time highs on the silver side.” Silver recently broke above US$42 per ounce, with about 60% of demand tied to electronics and solar and only around 150 million ounces available for investment. He pointed to the gold-silver ratio near 86 to 1 versus a historical average of 60, recalling, “The lowest actually I’ve seen was about 30, 35 to one… the worst I’ve seen is probably at the beginning of COVID when we had like 120 to one.” Pan American delivered Q2 production of 5.1 million ounces of silver and 179,000 ounces of gold, with shares up 80% year over year and market value near US$15.5 billion. Cash reserves topped US$1 billion and free cash flow hit US$233 million, allowing the company to raise its dividend by 20% under a net-cash-linked policy that has returned more than US$1.1 billion since 2010. Growth is anchored by the Juanicipio mine in Mexico, expected to lift silver output by 34% and lower costs, with further upside from La Colorada, Jacobina in Brazil, and longer-term potential at Escobal in Guatemala and Navidad in Argentina.