Analytici očekávají, že Pan American Silver vykáže zisk 0,92 USD na akcii, což představuje meziroční nárůst o 91,67 %, a tržby ve výši 1,24 miliardy USD.
In the latest close session, Pan American Silver (PAAS - Free Report) was up +1.32% at $45.92. This move outpaced the S&P 500's daily gain of 0.58%. Elsewhere, the Dow gained 0.49%, while the tech-heavy Nasdaq added 0.45%.
Heading into today, shares of the silver mining company had lost 11.73% over the past month, lagging the Basic Materials sector's loss of 7.2% and the S&P 500's gain of 0.84%.
Market participants will be closely following the financial results of Pan American Silver in its upcoming release. In that report, analysts expect Pan American Silver to post earnings of $0.92 per share. This would mark year-over-year growth of 91.67%. Alongside, our most recent consensus estimate is anticipating revenue of $1.24 billion, indicating a 44.54% upward movement from the same quarter last year.
For the full year, the Zacks Consensus Estimates are projecting earnings of $3.81 per share and revenue of $4.86 billion, which would represent changes of +50% and +34.28%, respectively, from the prior year.
Additionally, investors should keep an eye on any recent revisions to analyst forecasts for Pan American Silver. These latest adjustments often mirror the shifting dynamics of short-term business patterns. Consequently, upward revisions in estimates express analysts' positivity towards the business operations and its ability to generate profits.
Our research shows that these estimate changes are directly correlated with near-term stock prices. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
The Zacks Rank system, which varies between #1 (Strong Buy) and #5 (Strong Sell), carries an impressive track record of exceeding expectations, confirmed by external audits, with stocks at #1 delivering an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has shifted 0.12% upward. Pan American Silver is holding a Zacks Rank of #3 (Hold) right now.
From a valuation perspective, Pan American Silver is currently exchanging hands at a Forward P/E ratio of 11.89. This denotes no noticeable deviation relative to the industry average Forward P/E of 11.89.
Also, we should mention that PAAS has a PEG ratio of 4.45. The PEG ratio is similar to the widely-used P/E ratio, but this metric also takes the company's expected earnings growth rate into account. As the market closed yesterday, the Mining - Silver industry was having an average PEG ratio of 4.45.
The Mining - Silver industry is part of the Basic Materials sector. This group has a Zacks Industry Rank of 214, putting it in the bottom 14% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Be sure to use Zacks.com to monitor all these stock-influencing metrics, and more, throughout the forthcoming trading sessions.
Key Takeaways Pan American Silver plans phased development of Timmins resources to drive production growth.Timmins targets 105,500-115,000 ounces of gold in 2026, with AISC of $2,575-$2,675 per ounce.PAAS is investing $146M in the Timmins Camp Project to advance infrastructure and mine growth. Pan American Silver Corp. (PAAS - Free Report) estimates 2026 project capital of $40-$43 million for its Timmins operation in Ontario.
The company’s current Timmins operations consist of the Timmins West and Bell Creek underground gold mines. These mines supply ore to the Bell Creek processing plant, which has a design capacity of 5,600 tons per day and a current throughput of 4,400 tons per day. By advancing the Timmins Camp Project, Pan American Silver intends to boost infrastructure utilization to drive sustained production from the Timmins operations.
PAAS expects Timmins to produce 105.5-115 thousand ounces of gold for 2026 at an estimated AISC of $2,575-$2,675 per ounce. Timmins produced 103.6 thousand ounces of gold in 2025 at an AISC of $2,443 per ounce. The company plans to drill 118,000 meters at Timmins in 2026.
In June 2026, Pan American Silver identified mineral resources at the Bell Creek mine and satellite deposits as a result of a comprehensive exploration program at its Timmins operation. PAAS is currently proceeding with a conceptual plan for a phased development of these new mineral resources. This initiative aims to boost production growth and extension of mine life at Timmins. With significant processing capacity and infrastructure already in place, these projects position Timmins for growth. Pan American Silver has commenced the first phase of the Timmins Camp Project following the board approval and a total investment of $146 million.
Growth Drivers for Pan American Silver’s PeersHecla Mining Company’s (HL - Free Report) growth profile remains anchored by Greens Creek's low-cost position and by-product credits. In second-quarter 2026, Greens Creek produced 2.1 million ounces of silver at cash costs of negative $17.11 per ounce and AISC of negative $10.71 per ounce, both after by-product credits.
For fiscal 2026, Hecla Mining guides Greens Creek cash costs to negative $12.50-$12 per ounce and all-in sustaining cost (AISC) of negative $4.25-$3.75, both representing an improvement from the prior outlook. In the second-quarter of 2026, Hecla Mining’s silver production rose 8% sequentially to 4.2 million ounces, including 2.1 million ounces at Greens Creek.
Buenaventura Mining (BVN - Free Report) is gaining from strong performance at its Uchucchacua mine. Buenaventura Mining produced 7,520,650 ounces of silver in the first half of 2026, up 2% year over year. Buenaventura Mining’s Uchucchacua mine produced 1,122,003 ounces of silver during the time frame. The mine gained from higher-than-anticipated ore grades.
PAAS’s Price Performance, Valuation & EstimatesIn a year, PAAS shares have gained 13.7% compared with the industry's 15.3% growth. In comparison, the Basic Materials sector has risen 12.5%, whereas the S&P 500 has moved up 15.4%.
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PAAS is currently trading at a forward 12-month price-to-earnings multiple of 9.52X compared with the industry average of 13.04X.
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The consensus mark for 2026 earnings is pegged at $3.81 per share, indicating a year-over-year jump of 50%. The estimate for 2027 of $5.00 suggests an increase of 31%.
The Zacks Consensus Estimate for Pan American Silver’s earnings for 2026 and 2027 has moved down over the past 60 days.
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PAAS currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Pan American Silver uvedla, že její aktualizované rezervy činí 511 milionů uncí stříbra, což je nejvíce na světě. La Colorada má po rozšíření produkovat více než 19 milionů uncí stříbra po velmi dlouhou dobu.
Pan American Silver Corp. (PAAS:CA) Mining Forum Americas 2026 September 29, 2026 1:20 PM EDT
Company Participants
Michael Steinmann - President, CEO & Director
Conference Call Participants
Cosmos Chiu - CIBC Capital Markets, Research Division
Presentation
Michael Steinmann
President, CEO & Director
Yes. Perfect. Thanks, Cos, and welcome, everybody. Pleasure to be here and give you a quick intro here. I think most of you obviously know the company. A lot of impressive changes to the company over the last few years.
Obviously, first on the M&A side, which I would call very timely M&A activity over the last few years, which obviously allow us now to take advantage of these high metal prices. And you see there our assets that we have on projects. That's the Q2 numbers there, $1.3 billion of revenue from those assets. They will go for a long time, many of those. We have a lot of big builds ahead of us, very exciting projects. I'm sure Cosmos will talk about that.
We just updated our reserve, 511 million ounces of silver reserve, the biggest reserve in the world, and it will continue to grow. It does not include yet the incredible discoveries that we made at La Colorada. And I'll sure have time to talk a bit later about that skarn development on La Colorada, which actually now will become our biggest silver mine, even being ahead of Juanicipio, the project, 44% project we purchased from MAG Silver last year. And La Colorada, once it's dusted and done, will produce over 19 million ounces of silver in a long, long period. The first phase of that expansion or new project of the skarn will run for 37 years, and that's only about half of the current resources that we discovered at that deposit.
Pan American Silver odhaduje k 30. červnu 2026 zásoby na 511,1 mil. uncí stříbra a 6,3 mil. uncí zlata. Průzkum v Jacobině nahradil 72 % těžby a přidal 3,5 mil. uncí stříbra.
Key Takeaways PAAS estimates 511.1M ounces of silver and 6.3M ounces of gold in P&P reserves.Exploration replaced 72% of mined production at Jacobina and added 3.5M ounces of silver.PAAS completed 351,000 meters of drilling and is advancing new resources at Timmins. Pan American Silver Corp. (PAAS - Free Report) has achieved significant mineral reserve growth across its operations. The company estimates its proven and probable mineral reserves to contain 511.1 million ounces of silver and 6.3 million ounces of gold as of June 30, 2026.
As of June-end, Pan American Silver’s measured and indicated mineral resources (excluding P&P mineral reserves) are estimated to be 1,126.7 million ounces of silver and 7.5 million ounces of gold, along with 437 million ounces of silver and 7.2 million ounces of gold in inferred resources. The addition of the company’s 44% attributable share of the Juanicipio mineral reserves and mineral resources further increased its silver mineral reserve base.
Successful exploration and infill drilling replaced 72% of mined production at the Jacobina mine despite the removal of larger pillars from mineral reserves. The discovery of four veins added 3.5 million ounces of silver to proven and probable mineral reserves. The Vogel project at Timmins added more than 192,000 ounces of gold to inferred mineral resources. To support potential output growth and mine-life extension, the company is moving forward with a phased development of mineral resources at Timmins.
The company completed 351,000 meters of drilling out of a planned total of more than 500,000 meters for the calendar year 2026. Ongoing exploration success at La Colorada, Jacobina and Timmins highlights PAAS’s high-grade asset base and underlines focus on extending mine lives and driving innovation.
PAAS’s Peer Mineral Reserves PerformanceAvino Silver & Gold Mines Ltd.’s (ASM - Free Report) proven and probable mineral reserves totaled 27 million tons as of the end of second quarter of 2026. This includes 95 million ounces of silver, 356 thousand ounces of gold and 85 million pounds of copper. Collectively, Avino Silver’s holds 127 million silver-equivalent ounces as proven and probable mineral reserves. Avino Silver is hosting geological consultants to help identify key features and pinpoint target zones for resource expansion.
Hecla Mining Company’s (HL - Free Report) consolidated proven and probable mineral reserves totaled 231.1 million ounces of silver, 2 million ounces of gold, 752,900 tons of lead and 941,850 tons of zinc. At 2025 end, Hecla Mining’s measured and indicated silver resources totaled 161 million ounces, while inferred silver resources totaled 468 million ounces. Hecla Mining invested $11.3 million in exploration and corporate development activities in the second quarter of 2026. This is focused on high-impact discovery drilling at Keno Hill in Yukon and Midas in Nevada, and resource expansion programs at the company’s producing assets.
PAAS’s Price Performance, Valuation & EstimatesIn a year, Pan American Silver’s shares have jumped 30.4% compared with the industry's 38.4% growth. In comparison, the Basic Materials sector has risen 18.3%, whereas the S&P 500 has moved up 16.9%.
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PAAS is currently trading at a forward 12-month price-to-earnings multiple of 10.87X compared with the industry average of 14.74X.
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The consensus mark for 2026 earnings is pegged at $3.81 per share, indicating a year-over-year jump of 50%. The estimate for 2027 of $5 suggests an increase of 31%.
The Zacks Consensus Estimate for Pan American Silver’s earnings for 2026 and 2027 have moved down over the past 60 days.
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PAAS currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Pan American Silver vykázala v 1. pololetí 2026 AISC u stříbra 12,64 USD na unci, pod úrovní loňska i výhledu. Pro celý rok 2026 čeká 15,75–18,25 USD, protože náklady v La Colorada a Huaron porostou.
Key Takeaways PAAS delivered silver AISC of $12.64 in H1'26, below the year-ago period and guidance.Juanicipio posted negative $4.50 AISC, while higher contractor, labor and energy costs are expected in 2026.Higher costs at La Colorada and Huaron may lift 2026 silver AISC to $15.75-$18.25 per ounce. Pan American Silver Corp. (PAAS - Free Report) delivered silver segment All-in Sustaining Costs (AISC) of $12.64 in the first half of 2026, 24% lower than the year-ago period and below the company’s guidance of $14.87-$17.25. The company also delivered notable declines in costs for its silver segment in 2025.
The year-over-year improvement was primarily driven by the acquisition of the Juanicipio mine, which has been delivering strong performance since the acquisition in September 2025. PAAS reported Juanicipio’s AISC of negative $4.50 per ounce in the first half of 2026, lower than the company’s expectation.
The Juanicipio mine’s AISC, however, is expected between $2.25 and $4.25 per ounce in 2026, reflecting higher production costs per ounce from higher contractor, labor and energy costs in 2026.
The company will gain from lower AISC at Cerro Moro mine, which posted a negative $64.87 per ounce in the first half of 2026. The Cerro Moro mine’s AISC is expected between negative $25.75 to negative $21.75 per ounce in 2026, lower than the negative $14.04 per ounce reported in 2025.. Lower sustaining exploration and tailings investments, and reduced production costs also aid negative AISC.
Nonetheless, La Colorada’s silver segment AISC for 2026 is expected between $33.25 and $35.75 per ounce, which is higher than the $24.85 record in 2025. Higher operating costs, driven by increased labor costs, will also drive the Huaron mine’s AISC. The mine expects the silver segment's AISC to be $27.75-$29.75 per ounce, suggesting a rise from the $21.55 per ounce reported in 2025.
Backed by these, PAAS expects silver segment AISC for 2026 to be $15.75-$18.25 per ounce, indicating a 22% year-over-year increase at the midpoint.
PAAS Peers’ AISC PerformanceAvino Silver & Gold Mines Ltd. (ASM - Free Report) delivered AISC of $36.52 per silver-equivalent ounce in the first half of 2026, which surged 78% year over year. The increase in Avino Silver’s AISC is due to processing development material from the La Preciosa mine.
Hecla Mining Company (HL - Free Report) reported silver AISC of $7.10 per ounce in the first quarter of 2026. Hecla Mining’s AISC in the year-ago period was $8.35. The company expects silver segment AISC for 2026 to be $12.50-$13.50.
PAAS’s Price Performance, Valuation & EstimatesIn a year, PAAS shares have jumped 30.8% compared with the industry's 42.8% growth. In comparison, the Basic Materials sector has risen 19.7%, whereas the S&P 500 has moved up 16.3%.
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PAAS is currently trading at a forward 12-month price-to-earnings multiple of 10.46X compared with the industry average of 14.26X.
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Avino Silver and Hecla Mining are trading higher at 22.13X and 23.22X, respectively.
The consensus mark for PAAS’ 2026 earnings is pegged at $3.81 per share, indicating a year-over-year jump of 50%. The earnings estimate of $5.00 for 2027 suggests an increase of 31%.
The Zacks Consensus Estimate for Pan American Silver’s earnings for 2026 has moved down 6.6% over the past 60 days and the same for 2027 has risen 1.2%.
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PAAS currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Pan American Silver investovala v první polovině roku 2026 do projektu La Colorada Skarn 20 milionů USD. Projekt má životnost 37 let a během prvních pěti let rozjezdu má generovat volný peněžní tok 653 milionů USD ročně.
Key Takeaways PAAS is advancing La Colorada Skarn with a phased approach focused on high-grade, lower-capital stages.The project outlines a 37-year mine life and projected annual free cash flow of $653M during ramp-up.Expanded La Colorada production is expected to average 19.1M ounces of silver annually from 2034 to 2038. Pan American Silver Corp. (PAAS - Free Report) invested $20 million of project capital in the first half of 2026 to advance its La Colorada Skarn project in Mexico. The company plans to build a 15,000-ton-per-day selective flotation facility to process ore from both the existing La Colorada vein mine and the high-grade zones of the skarn deposit.
Pan American Silver aims to combine the mine plans and infrastructure of the La Colorada vein mine with the Skarn project through a phased development approach. With this approach, the company can focus on high-grade, low-tonnage and less capital-intensive initial stages while targeting lower-grade material in a future expansion. During the second quarter of 2026, Pan American Silver completed the first cut of the 588 Decline, a project that serves as a crucial step toward the development of the La Colorada Skarn project.
According to the Revised Preliminary Economic Assessment, the La Colorada Skarn Project outlines a large-scale, long-life operation at negative all-in sustaining costs with a projected mine life of 37 years. During the first five years of ramp-up, the project is expected to generate a free cash flow of $653 million per year.
Pan American Silver plans to continue mining at the existing La Colorada vein mine using the current infrastructure while development progresses to access new high-grade veins in the eastern Candelaria area and high-grade skarn deposit mineralization. La Colorada has the potential to become one of the top-producing silver mines in the world. The Expanded La Colorada mine production is expected to average 19.1 million ounces of silver annually over the initial five-year period (2034-2038) following commissioning and ramp-up.
This projected output for the initial five-year average is expected to significantly surpass the annual production of other major global silver mines. For comparison, La Colorada’s expected production will surpass Pan American's 44% owned Juanicipio mine, which produced 17.2 million ounces in 2025. It also has the potential to exceed the 13.8 million ounces produced by Fresnillo plc's (FNLPF - Free Report) Saucito mine, as well as the 11.1 million ounces from Buenaventura Mining's (BVN - Free Report) Uchucchacua mine.
Fresnillo produced 22 million ounces of silver in the first half of 2026, marking a year-over-year decline of 11.4%. Fresnillo’s Saucito mine faced the brunt of lower ore grade and decreased volume of ore processed during the time frame. The mine produced 6.2 million ounces of silver during the first half.
Buenaventura Mining produced 7,520,650 ounces of silver during the first half of 2026, up 2% year over year. Buenaventura Mining’s Uchucchacua mine produced 1,122,003 ounces of silver during the time frame. The mine gained due to higher-than-anticipated ore grades.
PAAS’ Price Performance, Valuation & EstimatesIn a year, PAAS shares have gained 58.7% compared with the industry's 82.2% whopping growth. In comparison, the Basic Materials sector has risen 34.1%, whereas the S&P 500 has returned 22%.
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PAAS is currently trading at a forward 12-month price-to-earnings multiple of 10.97X compared with the industry average of 15.80X.
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The consensus mark for 2026 earnings is pegged at $3.81 per share, indicating a year-over-year jump of 50%. The estimate for 2027 of $5.00 suggests an increase of 31.3%.
The Zacks Consensus Estimate for Pan American Silver’s earnings for 2026 and 2027 have moved down over the past 60 days.
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PAAS currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Pan American Silver ve 2. čtvrtletí zvýšila výnosy o 38,4 % na 1,12 miliardy USD, ale upravený zisk na akcii 73 centů zaostal za odhadem. Produkce stříbra vzrostla o 27 % na 6,47 milionu uncí.
Key Takeaways Pan American Silver's Q2 revenues rose 38.4% y/y on higher realized silver and gold prices.Silver output jumped 27%, helped by Juanicipio and higher grades at Cerro Moro.Cash flow and free cash flow rose, supporting a record $300M returned to shareholders. Pan American Silver Corp. (PAAS - Free Report) reported adjusted earnings of 73 cents per share for the second quarter of 2026, surging 69.8% year over year but missing the Zacks Consensus Estimate of 84 cents by 13.1%.
Including one-time items, Pan American Silver reported earnings of 72 cents in the quarter compared with the year-ago quarter’s earnings of 52 cents.
Pan American Silver’s revenues improved 38.4% year over year to $1.12 billion in the quarter under review. The top line missed the Zacks Consensus Estimate of $1.16 billion. The average realized silver price in the quarter skyrocketed 115.7% year over year to $70.97 per ounce. The average realized gold price increased 33.2% year over year to $4,402 per ounce.
Pan American Silver’s Q2 Silver Production Rises Y/YAttributable silver production reached 6.47 million ounces, at the high end of the company’s quarterly operating outlook. Production increased 27% year over year. The increase mainly reflected 1.74 million ounces from the acquired 44% interest in Juanicipio, while Cerro Moro benefited from higher grades due to mine sequencing.
Attributable gold production fell 7.2% to 165.9 thousand ounces. The figure came below the company’s quarterly operating outlook. Lower output at Shahuindo, Jacobina and El Peñon more than offset gains at Cerro Moro and the contribution from Juanicipio. Gold production came in below the company’s quarterly operating outlook.
Pan American Silver reported mine-operating earnings of $457 million in the quarter compared with $273 million in the prior-year quarter.
PAAS Faces Higher Gold Segment CostsThe Silver segment’s cash costs were $13.21 per ounce in the second quarter, down 9.9% from the year-ago period. The segment’s all-in sustaining costs (AISC) declined 9.5% year over year to $17.80 per ounce in the quarter. Low-AISC ounces from Juanicipio and stronger gold by-product credits at Cerro Moro helped offset higher royalties and operating costs at La Colorada, San Vicente and Huaron.
The Gold segment’s cash costs were $1,585 per ounce, reflecting a 20.8% increase from the year-ago quarter. The segment’s AISC costs amounted to $1,984 per ounce in the April-June period, representing a year-over-year increase of 23.2%. The increase reflected lower-grade mining and higher haulage, maintenance, labor, consumables and ground-support costs across operations including Jacobina, Minera Florida, Timmins and Shahuindo.
Pan American Silver’s Cash Flow Supports Shareholder ReturnsCash flow from operations increased to $320 million from $294 million despite $205 million of income taxes paid. The attributable free cash flow was $344 million compared with $234 million a year earlier, including Pan American’s 44% share of Juanicipio.
Pan American returned a record $300 million to shareholders during the quarter, including $224 million in share repurchases and $76 million in dividends. Cash and short-term investments totaled $1.8 billion at the quarter-end, including $97 million attributable to Juanicipio. In July, the company doubled its revolving credit facility to $1.5 billion, with a $750-million accordion feature.
PAAS Reaffirms 2026 OutlookPan American Silver reaffirmed its 2026 operating outlook for silver and gold production, base-metal production, segment AISC and sustaining capital. Silver production is projected at 25-27 million ounces, with silver segment AISC of $15.75-$18.25 per ounce.
The company expects gold production to finish at the low end of 700-750 thousand ounces and gold segment AISC at the high end of $1,700-$1,850 per ounce. Third-quarter gold production is expected to be 3-6 thousand ounces below the low end of 178.5 to 192.0 thousand ounces.
Pan American Silver Advances Key Growth ProjectsAt La Colorada Skarn, the company invested $20 million of project capital in the first half of 2026 and completed the first cut of the 588 Decline in early August. Engineering for the next phase, including material handling and ventilation infrastructure, is scheduled for board consideration in the second half.
At Jacobina, first-half project capital totaled $22 million as Pan American advanced plant and infrastructure improvements. The company also moved ahead with the first phase of the Timmins Camp Project, wherein the board approved a $146-million investment to extend the Bell Creek shaft and build exploration drifts.
PAAS Stock Price PerformanceShares of Pan American Silver have gained 51.1% in the past year compared with the industry’s growth of 77.6%.
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Pan American Silver’s Zacks RankPAAS’s Peer PerformancesEndeavour Silver Corporation (EXK - Free Report) reported adjusted earnings of 15 cents per share for the second quarter of 2026 against an adjusted loss of 3 cents incurred in the prior-year quarter. The bottom line met the Zacks Consensus Estimate.
Endeavour Silver’s revenues skyrocketed 149.4% to $212 million from $85 million in the second quarter of 2025. The top line beat the Zacks Consensus Estimate of $201 million.
First Majestic Silver Corp (AG - Free Report) posted earnings per share of 21 cents for second-quarter 2026, which missed the Zacks Consensus Estimate of 25 cents. AG posted earnings of 4 cents per share in the year-ago quarter.
First Majestic Silver’s revenues rose 57.2% year over year to $415 million in the quarter under review.
Buenaventura Mining Company (BVN - Free Report) reported second-quarter 2026 adjusted earnings per share of 94 cents, missing the Zacks Consensus Estimate of 98 cents. BVN posted earnings of 40 cents per share in the year-ago quarter.
Buenaventura Mining’s revenues jumped 43.4% year over year to $529 million in the quarter under review. The top line missed the Zacks Consensus Estimate of $596 million.
Pan American Silver ve 2. čtvrtletí vykázala volný peněžní tok 344 mil. USD a rekordně vrátila akcionářům 300 mil. USD, přičemž potvrdila celoroční výhled produkce stříbra i zlata.
Gold and Silver Pulled Back—Here’s Why the Bull Case Is IntactPan American Silver NYSE: PAAS reported second-quarter 2026 attributable free cash flow of $344 million and returned a record $300 million to shareholders through share repurchases and dividends, while maintaining its full-year operating outlook for silver and gold production and costs.
President and CEO Michael Steinmann said the company produced 6.5 million attributable ounces of silver during the quarter, at the high end of its quarterly guidance range, supported by performance at La Colorada and Juanicipio. The company reaffirmed its 2026 silver production guidance of 25 million to 27 million ounces.
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Silver Hits $95—These 3 Miners Could Outrun the MetalSilver segment all-in sustaining costs were $17.80 per ounce in the second quarter. Steinmann attributed the cost level primarily to higher-cost ounces from an inventory drawdown at La Colorada, higher royalties associated with mining on an adjacent third-party concession, unfavorable currency movements and higher labor-related costs.
Gold outlook shifts toward lower end of guidance Attributable gold production totaled about 166,000 ounces in the second quarter, below the company’s quarterly outlook. Pan American expects the quarter to be its weakest for gold output in 2026 and said production should be more heavily weighted toward the fourth quarter.
Gold and Silver Are on Fire—These Canadian Miners Ride the WaveWhile the company reaffirmed its full-year gold guidance range of 700,000 to 750,000 ounces, it now expects to finish at the low end of that range. It also reduced its third-quarter gold outlook to approximately 3,000 to 6,000 ounces below the lower end of its previously issued quarterly range of 178,500 to 192,000 ounces.
The revised near-term outlook reflects lower-than-expected production at Jacobina and El Peñón. At Jacobina, Pan American now expects annual gold production to be about 10,000 ounces below the low end of its original guidance range of 181,000 to 191,000 ounces.
Steinmann said the company has responded to seismic activity at Jacobina by leaving larger pillars, reducing mining rates in some higher-grade areas and increasing development to open additional mining zones. He said the seismic events had not caused injuries or infrastructure damage, and characterized the production impact as a postponement rather than a loss of reserves.
The company is also evaluating alternative mining approaches, including Avoca-type methods with waste-rock and cemented backfill, as part of an optimization program at Jacobina. Process plant upgrades, including new carbon-in-pulp tanks and electrical control systems, are expected to be commissioned this year. Pan American is studying whether to upgrade existing processing circuits or construct a new processing facility for the long-life asset.
At El Peñón, silver production remains expected to fall within its original annual guidance range of 3.65 million to 3.95 million ounces. However, gold production is now expected to be about 10,000 ounces below the low end of the prior 104,000-to-111,000-ounce range. Steinmann said lower continuity in certain secondary structures led the company to replace planned material with ore from more silver-rich and less gold-rich areas.
Financial results and liquidity Revenue was $1.1 billion in the second quarter, while attributable revenue including Pan American’s 44% interest in Juanicipio was $1.3 billion. Net earnings were $305 million, or $0.72 per share, including a $179 million tax expense. Adjusted earnings were $0.73 per share.
Cash flow from operations was $320 million after $205 million in income taxes paid and $17 million used for working capital. Attributable cash flow from operations, including Juanicipio, was $418 million.
The company raised its 2026 guidance for income taxes paid to between $585 million and $635 million, citing higher profitability from metal prices and the settlement of prior-year tax obligations. CFO Ignacio Couturier said Pan American expects its full-year effective tax rate to remain in the low-30% range, though quarterly rates may vary because of adjustments and true-ups.
Pan American ended the quarter with $1.8 billion in cash and short-term investments, including cash attributable to Juanicipio. In July, it renewed and amended its five-year senior unsecured revolving credit facility, doubling its size to $1.5 billion and adding a $750 million accordion feature. The facility was undrawn, bringing total available liquidity to about $3.2 billion.
Projects and shareholder returns At La Colorada, Pan American reached the first cut of the 588 decline in early August, advancing access to the skarn deposit. Engineering work on the material-handling system and ventilation shaft is continuing, with a design, cost estimate, schedule and recommendation expected before year-end.
At Timmins, the company is advancing the first phase of its Timmins Camp project, including the Bell Creek shaft extension and exploration drifts targeting the Vogel and Samson deposits. Pan American expects to issue updated mineral resource and reserve estimates in September and a preliminary economic assessment for the Timmins Camp project in the first half of 2027.
The company said the ILO Convention 169 consultation process for Escobal remains underway, including government and Xinka representative meetings during the quarter. Steinmann said there is no timeline for completing the consultation and no restart date for the mine.
Pan American repurchased more than 7 million shares under its normal course issuer bid through 2026 to date. The company declared a second-quarter dividend of $0.184 per common share. Steinmann said the company remains on track with its shareholder-return framework, which targets distributing approximately 35% to 40% of cash to shareholders through dividends and buybacks. Pan American also said weather associated with El Niño had disrupted road access and personnel transportation in Chile and affected operations in Argentina, though Steinmann said the impacts had not been material to operations so far. The company said it is preparing sites for potential additional rainfall while prioritizing safety.
About Pan American Silver (NYSE:PAAS)Pan American Silver Corp. NYSE: PAAS is a Vancouver-based mining company and one of the world’s largest primary silver producers. The company’s core activities encompass the exploration, development, extraction and processing of silver, with significant by-product production of gold, zinc and lead. Pan American Silver maintains a vertically integrated operating model, covering the full mining value chain from resource discovery through to refined metal production.
With a geographic footprint concentrated across the Americas, Pan American Silver operates multiple mines in Mexico, Peru, Argentina and Bolivia, and is advancing several development and exploration projects in Chile and Ecuador.
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Pan American Silver (PAAS - Free Report) came out with quarterly earnings of $0.73 per share, missing the Zacks Consensus Estimate of $0.84 per share. This compares to earnings of $0.43 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of -13.10%. A quarter ago, it was expected that this silver mining company would post earnings of $1.06 per share when it actually produced earnings of $1.09, delivering a surprise of +2.83%.
Over the last four quarters, the company has surpassed consensus EPS estimates two times.
Pan American Silver, which belongs to the Zacks Mining - Silver industry, posted revenues of $1.12 billion for the quarter ended June 2026, missing the Zacks Consensus Estimate by 3.36%. This compares to year-ago revenues of $811.9 million. The company has topped consensus revenue estimates just once over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
Pan American Silver shares have lost about 0% since the beginning of the year versus the S&P 500's gain of 12.9%.
What's Next for Pan American Silver?While Pan American Silver has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for Pan American Silver was unfavorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #4 (Sell) for the stock. So, the shares are expected to underperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $1.06 on $1.3 billion in revenues for the coming quarter and $4.11 on $5 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Mining - Silver is currently in the bottom 17% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
Another stock from the broader Zacks Basic Materials sector, Sigma Lithium Corporation (SGML - Free Report) , has yet to report results for the quarter ended June 2026. The results are expected to be released on August 14.
This company is expected to post quarterly earnings of $0.15 per share in its upcoming report, which represents a year-over-year change of +188.2%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.
Sigma Lithium Corporation's revenues are expected to be $54 million, up 219.7% from the year-ago quarter.
Pan American Silver má za 2. čtvrtletí vykázat tržby ve výši 1,16 miliardy USD, což by znamenalo meziroční růst o 43,2 %. Produkce stříbra má vzrůst na 6,5 milionu uncí, tedy o 27,1 %.
Key Takeaways Pan American Silver is expected to report Q2 sales of $1.16B, suggesting 43.2% y/y growth.Silver production is estimated at 6.5M ounces, up 27.1% from the year-ago quarter.Higher silver output and supportive prices are expected to boost Pan American Silver's Q2 revenues. Pan American Silver Corp. (PAAS - Free Report) is scheduled to report second-quarter 2026 results on Aug. 12, after market close.
The Zacks Consensus Estimate for Pan American Silver’s second-quarter total sales is pegged at $1.16 billion, indicating a 43.2% rise from the year-ago quarter’s actual.
The consensus mark for earnings has been moved down 22.2% in the past 60 days to 84 cents per share. This, however, suggests a 93.4% year-over-year upsurge from earnings of 43 cents.
Image Source: Zacks Investment Research
PAAS’ Earnings Surprise HistoryPan American Silver’s earnings beat the Zacks Consensus Estimates in three of the trailing four quarters and came in line in one. The company has a trailing four-quarter earnings surprise of 7.9%, on average. The trend is shown in the chart below.
Image Source: Zacks Investment Research
What the Zacks Model Unveils for Pan American SilverOur proven model does not conclusively predict an earnings beat for Pan American Silver this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. But that is not the case here.
Earnings ESP: PAAS has an Earnings ESP of 0.00%. You can uncover the best stocks before they are reported with our Earnings ESP Filter.
Zacks Rank: The company currently has a Zacks Rank of 4 (Sell).
You can see the complete list of today’s Zacks #1 Rank stocks here.
Factors Likely to Have Shaped PAAS’s Q2 PerformancePan American Silver maintained a strong operational footing in the first quarter of 2026, delivering a solid performance. This offers an insight into its second-quarter performance.
Pan American Silver produced 6.4 million ounces of silver in the first quarter of 2026, reflecting strong contributions from the Juanicipio mine. The company produced 5 million ounces of silver in the first quarter of 2025.
La Colorada and Cerro Moro reported higher output due to higher grades. However, Huaron reported lower numbers due to lower silver grades. Production at Dolores was down following the cessation of mining operations in July 2024 and the site transitioning into its residual leaching phase.
The Zacks Consensus Estimate for PAAS’s second-quarter 2026 silver production is 6.5 million ounces, indicating a 27.1% year-over-year rise.
It produced 169.2 thousand ounces of gold in the first quarter of 2026. The figure marks a decrease from the 182.2 thousand ounces produced in the prior-year quarter. The production was impacted by the loss of Dolores' contribution. Production at the El Peñon mine also fell due to mine sequencing into lower-grade ore zones and a higher proportion of low-grade stockpile ore processed.
The Zacks Consensus Estimate for PAAS’s second-quarter gold production is 176 thousand ounces, indicating a 1.1% year-over-year decline.
The year-over-year increase in silver output, along with higher prices, will likely translate to higher revenues in the quarter.
Even though gold and silver prices have dropped since peaking in January 2026, they have remained supportive. The combination of higher prices is expected to have enhanced Pan American Silver’s top-line performance in the quarter.
Pan American Silver Stock’s Price PerformanceIn the past year, PAAS shares have surged 64.6% compared with the industry's 79.4% growth.
Image Source: Zacks Investment Research
PAAS’ Peer PerformancesEndeavour Silver Corporation (EXK - Free Report) reported adjusted earnings of 15 cents per share for the second quarter of 2026 against an adjusted loss of 3 cents incurred in the prior-year quarter. The bottom line met the Zacks Consensus Estimate.
Endeavour Silver’s revenues skyrocketed 149.4% to $212 million from $85 million in the second quarter of 2025. The top line beat the Zacks Consensus Estimate of $201 million.
First Majestic Silver Corp (AG - Free Report) posted earnings per share of 21 cents for second-quarter 2026, which missed the Zacks Consensus Estimate of 25 cents. AG posted earnings of 4 cents per share in the year-ago quarter.
First Majestic Silver’s revenues rose 57.2% year over year to $415 million in the quarter under review.
Buenaventura Mining Company (BVN - Free Report) reported second-quarter 2026 adjusted earnings per share of 94 cents, missing the Zacks Consensus Estimate of 98 cents. BVN posted earnings of 40 cents per share in the year-ago quarter.
Buenaventura Mining’s revenues jumped 43.4% year over year to $529 million in the quarter under review. The top line missed the Zacks Consensus Estimate of $596 million.
Analysts on Wall Street project that Pan American Silver (PAAS - Free Report) will announce quarterly earnings of $0.84 per share in its forthcoming report, representing an increase of 95.4% year over year. Revenues are projected to reach $1.16 billion, increasing 43.2% from the same quarter last year.
Over the last 30 days, there has been a downward revision of 6% in the consensus EPS estimate for the quarter, leading to its current level. This signifies the covering analysts' collective reconsideration of their initial forecasts over the course of this timeframe.
Before a company reveals its earnings, it is vital to take into account any changes in earnings projections. These revisions play a pivotal role in predicting the possible reactions of investors toward the stock. Multiple empirical studies have consistently shown a strong association between trends in earnings estimates and the short-term price movements of a stock.
While investors typically use consensus earnings and revenue estimates as indicators of quarterly business performance, exploring analysts' projections for specific key metrics can offer valuable insights.
Given this perspective, it's time to examine the average forecasts of specific Pan American Silver metrics that are routinely monitored and predicted by Wall Street analysts.
Based on the collective assessment of analysts, 'Ounces Produce - Gold (Silver and Gold Production)' should arrive at 176 thousands of ounces. Compared to the current estimate, the company reported 179 thousands of ounces in the same quarter of the previous year.
Analysts' assessment points toward 'Ounces Produce - Silver (Silver and Gold Production)' reaching 6476 thousands of ounces. The estimate is in contrast to the year-ago figure of 5094 thousands of ounces.
The consensus estimate for 'Ounce Production - La Colorada Operation - Silver' stands at 1468 thousands of ounces. Compared to the current estimate, the company reported 1507 thousands of ounces in the same quarter of the previous year.
The collective assessment of analysts points to an estimated 'Ounce Production - Huaron Operation - Silver' of 806 thousands of ounces. The estimate is in contrast to the year-ago figure of 844 thousands of ounces.
Analysts predict that the 'Ounce Production - San Vicente Operation - Silver' will reach 694 thousands of ounces. Compared to the present estimate, the company reported 755 thousands of ounces in the same quarter last year.
According to the collective judgment of analysts, 'Ounce Production - Dolores Operation - Silver' should come in at 109 thousands of ounces. The estimate is in contrast to the year-ago figure of 291 thousands of ounces.
It is projected by analysts that the 'Ounce Production - Dolores Operation - Gold' will reach 5 thousands of ounces. The estimate is in contrast to the year-ago figure of 10 thousands of ounces.
Analysts expect 'Ounce Production - Shahuindo Operation - Silver' to come in at 57 thousands of ounces. Compared to the present estimate, the company reported 60 thousands of ounces in the same quarter last year.
The average prediction of analysts places 'Ounce Production - Shahuindo Operation - Gold' at 28 thousands of ounces. Compared to the current estimate, the company reported 34 thousands of ounces in the same quarter of the previous year.
The consensus among analysts is that 'Ounce Production - Timmins Operation - Gold' will reach 27 thousands of ounces. The estimate is in contrast to the year-ago figure of 25 thousands of ounces.
The combined assessment of analysts suggests that 'Average Realized Prices per ounce - Silver' will likely reach $73.70 . The estimate compares to the year-ago value of $32.91 .
Analysts forecast 'Average Realized Prices per ounce - Gold' to reach $4632.88 . Compared to the current estimate, the company reported $3305.00 in the same quarter of the previous year.
View all Key Company Metrics for Pan American Silver here>>>
Shares of Pan American Silver have demonstrated returns of +8.9% over the past month compared to the Zacks S&P 500 composite's +2.3% change. With a Zacks Rank #4 (Sell), PAAS is expected to lag the overall market performance in the near future. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>> .
In the latest trading session, Pan American Silver (PAAS - Free Report) closed at $42.19, marking a +1.01% move from the previous day. The stock exceeded the S&P 500, which registered a loss of 0.19% for the day. At the same time, the Dow lost 0.59%, and the tech-heavy Nasdaq lost 0.05%.
The stock of silver mining company has fallen by 14.76% in the past month, lagging the Basic Materials sector's loss of 9.42% and the S&P 500's gain of 0.55%.
Analysts and investors alike will be keeping a close eye on the performance of Pan American Silver in its upcoming earnings disclosure. The company's earnings report is set to go public on August 12, 2026. The company's upcoming EPS is projected at $0.93, signifying a 116.28% increase compared to the same quarter of the previous year. At the same time, our most recent consensus estimate is projecting a revenue of $1.21 billion, reflecting a 48.47% rise from the equivalent quarter last year.
Looking at the full year, the Zacks Consensus Estimates suggest analysts are expecting earnings of $4.02 per share and revenue of $4.92 billion. These totals would mark changes of +58.27% and +36.09%, respectively, from last year.
Any recent changes to analyst estimates for Pan American Silver should also be noted by investors. These latest adjustments often mirror the shifting dynamics of short-term business patterns. Hence, positive alterations in estimates signify analyst optimism regarding the business and profitability.
Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable rating system.
The Zacks Rank system, stretching from #1 (Strong Buy) to #5 (Strong Sell), has a noteworthy track record of outperforming, validated by third-party audits, with stocks rated #1 producing an average annual return of +25% since the year 1988. Over the past month, there's been a 13.47% fall in the Zacks Consensus EPS estimate. Currently, Pan American Silver is carrying a Zacks Rank of #5 (Strong Sell).
In the context of valuation, Pan American Silver is at present trading with a Forward P/E ratio of 10.39. This indicates no noticeable deviation in contrast to its industry's Forward P/E of 10.39.
It is also worth noting that PAAS currently has a PEG ratio of 3.89. Comparable to the widely accepted P/E ratio, the PEG ratio also accounts for the company's projected earnings growth. The Mining - Silver industry currently had an average PEG ratio of 3.89 as of yesterday's close.
The Mining - Silver industry is part of the Basic Materials sector. At present, this industry carries a Zacks Industry Rank of 102, placing it within the top 42% of over 250 industries.
The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Remember to apply Zacks.com to follow these and more stock-moving metrics during the upcoming trading sessions.
