Pan American Silver (PAAS - Free Report) closed at $43.65 in the latest trading session, marking a -1.45% move from the prior day. The stock fell short of the S&P 500, which registered a gain of 0.58% for the day. On the other hand, the Dow registered a gain of 0.69%, and the technology-centric Nasdaq increased by 1.05%.
The silver mining company's stock has dropped by 12.9% in the past month, falling short of the Basic Materials sector's loss of 5.06% and the S&P 500's gain of 0.97%.
The investment community will be closely monitoring the performance of Pan American Silver in its forthcoming earnings report. The company is scheduled to release its earnings on November 4, 2026. On that day, Pan American Silver is projected to report earnings of $0.7 per share, which would represent year-over-year growth of 45.83%. Simultaneously, our latest consensus estimate expects the revenue to be $1.04 billion, showing a 22.03% escalation compared to the year-ago quarter.
Regarding the entire year, the Zacks Consensus Estimates forecast earnings of $3.38 per share and revenue of $4.49 billion, indicating changes of +33.07% and +24%, respectively, compared to the previous year.
It's also important for investors to be aware of any recent modifications to analyst estimates for Pan American Silver. These recent revisions tend to reflect the evolving nature of short-term business trends. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the business health and profitability.
Our research demonstrates that these adjustments in estimates directly associate with imminent stock price performance. To capitalize on this, we've crafted the Zacks Rank, a unique model that incorporates these estimate changes and offers a practical rating system.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Over the past month, there's been a 12.12% fall in the Zacks Consensus EPS estimate. Pan American Silver is currently sporting a Zacks Rank of #3 (Hold).
Investors should also note Pan American Silver's current valuation metrics, including its Forward P/E ratio of 13.1. This represents a premium compared to its industry average Forward P/E of 12.06.
Investors should also note that PAAS has a PEG ratio of 4.91 right now. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. The Mining - Silver industry had an average PEG ratio of 4.91 as trading concluded yesterday.
The Mining - Silver industry is part of the Basic Materials sector. This industry, currently bearing a Zacks Industry Rank of 87, finds itself in the top 36% echelons of all 250+ industries.
The Zacks Industry Rank evaluates the power of our distinct industry groups by determining the average Zacks Rank of the individual stocks forming 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.
VANCOUVER, British Columbia--(BUSINESS WIRE)--Pan American Silver Corp. (NYSE: PAAS) (TSX: PAAS) ("Pan American") will announce its unaudited financial results for the third quarter of 2026 after market close on Wednesday, November 4, 2026. A conference call and webcast are planned for 10:00 am ET (8:00 am PT) on Thursday, November 5, 2026.
Third Quarter 2026 Unaudited Financial Results Conference Call and Webcast
Participants can register for the conference at: https://dpregister.com
Upon registration, dial-in details will be displayed on screen and emailed as a calendar booking.
Those unable to register may join the call by dialing:
The live webcast and presentation slides will be available at https://panamericansilver.com/invest/events-and-presentations/. An archive of the webcast will also be available for three months.
About Pan American
Pan American is a leading producer of silver and gold in the Americas, operating mines in Canada, Mexico, Peru, Brazil, Bolivia, Chile and Argentina. We also own a 44% joint venture interest in the producing Juanicipio mine in Mexico, a 100% interest in the Escobal mine in Guatemala that is currently not operating, and we hold interests in exploration and development projects. We have been operating in the Americas for over three decades, earning an industry-leading reputation for sustainability performance, operational excellence and prudent financial management. We are headquartered in Vancouver, B.C. and our shares trade on the New York Stock Exchange and the Toronto Stock Exchange under the symbol "PAAS".
VANCOUVER, British Columbia--(BUSINESS WIRE)--Pan American Silver Corp. (NYSE: PAAS) (TSX: PAAS) ("Pan American" or the "Company") announces that Charles (Chuck) Jeannes will be retiring from Pan American's Board of Directors, effective October 31, 2026. Mr. Jeannes joined Pan American following the Company's acquisition of Tahoe Resources Inc. in 2019 and has been an invaluable member of the Board since that time. Mr. Jeannes is stepping away from Pan American in order to focus more on his rol.
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%.
Image Source: Zacks Investment Research
PAAS is currently trading at a forward 12-month price-to-earnings multiple of 9.52X compared with the industry average of 13.04X.
Image Source: Zacks Investment Research
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.
Image Source: Zacks Investment Research
PAAS currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Gold and Silver Pulled Back—Here’s Why the Bull Case Is IntactPan American Silver NYSE: PAAS outlined plans to advance its La Colorada skarn project in Mexico while returning an estimated 35% to 40% of free cash flow to shareholders, according to comments during a discussion with CIBC analyst Cosmos Chiu.
The company said it held about $1.8 billion in cash and approximately $3.5 billion in available liquidity. Management said it expects those resources, along with ongoing cash generation, to support construction of major expansions including La Colorada without compromising shareholder returns.
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Silver Hits $95—These 3 Miners Could Outrun the MetalPan American said it has updated its reserves to 511 million ounces of silver and 6.3 million ounces of gold as of June 30, 2026. The company described the silver reserve base as the largest in the world and noted that the figure does not yet include the La Colorada skarn discovery, which remains classified as a resource.
La Colorada Expansion Takes Shape Management highlighted La Colorada as its largest growth project. The mine currently produces about 6 million ounces of silver annually, while the company’s updated preliminary economic assessment envisions expanding processing capacity from roughly 2,200 tonnes per day to 15,000 tonnes per day.
Gold and Silver Are on Fire—These Canadian Miners Ride the WaveUnder that scenario, La Colorada could produce between 19 million and 20 million ounces of silver annually over an extended period. The company said the first phase of the expansion would have a life of about 37 years, while management referred to a broader development horizon of roughly 41 years for the initial phase.
The skarn deposit currently contains about 450 million tonnes of resources, management said. The company expects capital spending of about $2 billion over the next four-and-a-half to five years to build the project. Production from the expanded operation is anticipated around 2030 to 2031.
Pan American’s board has approved an initial portion of the work: approximately 12 kilometers of underground development beginning from the bottom of the existing mine. The development includes a large ramp intended to access the skarn and connect with two planned shafts. The company said it expects to approve the shafts later this year and begin construction next year. One shaft is planned for ventilation and the other for production.
Management said the project’s estimated internal rate of return ranges from 17% to 25%, depending on metal-price assumptions, with an estimated net present value ranging from about $3 billion to as much as $6 billion. The company has 18 drill rigs operating at La Colorada and said it expects to release additional exploration results later this year.
Production, Costs and Capital Returns Management said first-half production and costs were broadly on track, while noting that output is typically weighted toward the second half of the year. The company said the fourth quarter is generally its largest production period, particularly because of seasonal patterns at the Shahuindo mine in Peru.
Weather affected some gold operations during the first half, beginning in Chile, management said. The company also noted that the El Niño weather pattern could move northward toward Peru, potentially affecting operations including Shahuindo or Huaron later in the year.
For the full year, management said it expects silver all-in sustaining costs to be in the range of $17 to $18 per ounce. It attributed variations in silver costs partly to byproduct credits from gold and base metals. While costs have risen amid broader inflation and higher oil prices, management said cost increases have remained controlled.
The company said it has decided to return 35% to 40% of free cash flow to shareholders this year. Its plan includes a fixed annual dividend of $305 million and approximately $700 million allocated to share repurchases. Management said that as shares are repurchased, the dividend per share would increase because fewer shares would remain outstanding.
Timmins and Juanicipio Growth Opportunities Pan American also pointed to its Timmins operations in Canada as a longer-term source of gold production. The company recently approved an extension of the Bell Creek shaft and said exploration success and additional satellite deposits could extend the Timmins operation into the mid-2040s or beyond.
Management said a preliminary economic assessment detailing the Timmins expansion, including capital requirements, costs and production profiles, is expected in the first half of next year.
At Juanicipio, where Pan American owns 44% following its acquisition of MAG Silver, management said realized silver grades have been higher than anticipated. However, it cautioned that grades are expected to decline as mining moves deeper into more base-metal-rich zones.
The company said it and joint-venture partner Fresnillo have more than doubled the exploration program at Juanicipio this year. Management said drilling has identified promising structures parallel to the main mineralized zone and that additional exploration could help support more stable silver production over time.
About Pan American Silver (NYSE:PAAS)Pan American Silver Corp. is a precious metals mining company focused on the exploration, development, and operation of silver and gold mines. The company produces silver, gold, zinc, lead, and copper, with silver and gold representing its principal products.
Founded in 1994, Pan American Silver is headquartered in Vancouver, British Columbia, and has developed a portfolio of mining operations and projects across the Americas. Its activities have included operations in Canada, Mexico, Peru, Bolivia, Argentina, Brazil, and Chile, although its operating portfolio can change as assets are developed, acquired, or divested.
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Pan American Silver (NYSE:PAAS – Get Free Report) and Voestalpine (OTCMKTS:VLPNY – Get Free Report) are both materials companies, but which is the superior investment? We will contrast the two businesses based on the strength of their risk, valuation, institutional ownership, earnings, dividends, analyst recommendations and profitability.
Profitability This table compares Pan American Silver and Voestalpine’s net margins, return on equity and return on assets.
Net Margins Return on Equity Return on Assets Pan American Silver 32.04% 20.01% 14.48% Voestalpine 3.39% 6.66% 3.30% Risk and Volatility Pan American Silver has a beta of 0.77, indicating that its share price is 23% less volatile than the S&P 500. Comparatively, Voestalpine has a beta of 1.44, indicating that its share price is 44% more volatile than the S&P 500.
Insider & Institutional Ownership 55.4% of Pan American Silver shares are owned by institutional investors. 12.9% of Pan American Silver shares are owned by insiders. Strong institutional ownership is an indication that large money managers, hedge funds and endowments believe a company is poised for long-term growth. Analyst Ratings This is a summary of recent recommendations for Pan American Silver and Voestalpine, as provided by MarketBeat.com.
Sell Ratings Hold Ratings Buy Ratings Strong Buy Ratings Rating Score Pan American Silver 0 3 7 0 2.70 Voestalpine 0 3 3 0 2.50 Pan American Silver currently has a consensus price target of $67.71, indicating a potential upside of 46.74%. Given Pan American Silver’s stronger consensus rating and higher probable upside, analysts clearly believe Pan American Silver is more favorable than Voestalpine.
Earnings and Valuation This table compares Pan American Silver and Voestalpine”s top-line revenue, earnings per share and valuation.
Gross Revenue Price/Sales Ratio Net Income Earnings Per Share Price/Earnings Ratio Pan American Silver $3.62 billion 5.28 $978.00 million $3.31 13.94 Voestalpine $17.47 billion 0.50 $492.57 million $0.70 14.50 Pan American Silver has higher earnings, but lower revenue than Voestalpine. Pan American Silver is trading at a lower price-to-earnings ratio than Voestalpine, indicating that it is currently the more affordable of the two stocks.
Dividends Pan American Silver pays an annual dividend of $0.74 per share and has a dividend yield of 1.6%. Voestalpine pays an annual dividend of $0.09 per share and has a dividend yield of 0.9%. Pan American Silver pays out 22.4% of its earnings in the form of a dividend. Voestalpine pays out 12.9% of its earnings in the form of a dividend. Both companies have healthy payout ratios and should be able to cover their dividend payments with earnings for the next several years. Pan American Silver has raised its dividend for 2 consecutive years. Pan American Silver is clearly the better dividend stock, given its higher yield and longer track record of dividend growth.
Summary Pan American Silver beats Voestalpine on 13 of the 17 factors compared between the two stocks.
(Get Free Report)
Pan American Silver Corp. engages in the exploration, mine development, extraction, processing, refining, and reclamation of silver, gold, zinc, lead, and copper mines in Canada, Mexico, Peru, Bolivia, Argentina, Chile, and Brazil. The company was formerly known as Pan American Minerals Corp. and changed its name to Pan American Silver Corp. in April 1995. Pan American Silver Corp. was incorporated in 1979 and is headquartered in Vancouver, Canada.
About Voestalpine (Get Free Report)
Voestalpine AG processes, develops, manufactures, and sells steel products in Austria, European Union, and internationally. The company operates through five segments: Steel, High Performance Metals, Metal Engineering, Metal Forming, and Other. The Steel division produces hot and cold-rolled steel strips, as well as electrogalvanized, hot-dip galvanized, and organically coated steel strips; and heavy plates for the energy sector, as well as turbine casings for automotive, white goods/consumer goods, building/construction, energy, mechanical engineering, and others. The High Performance Metals segment offers special alloys for the oil and natural gas, aerospace, and energy engineering industries; tool manufacturing, component processing, heat treatment, and coating services; and warehousing and preprocessing of special steels, as well as services, including logistics, distribution, and processing for the oil and natural gas industries for automotive, white goods/consumer goods, building/construction, aerospace, mechanical engineering, and others. The Metal Engineering division offers rails and turnout products, rod and drawn wires, seamless tubes, and welding consumables and machinery; rails and digital monitoring systems; and services for rail infrastructure. This segment serves railway systems, automotive, white goods/consumer goods, building/construction, energy, mechanical engineering, and others. The Metal Forming division manufactures special tubes and sections, and precision strip steel products, as well as pre-finished system components made from pressed, stamped, and roll-profiled parts for use in automotive, white goods/consumer goods, building/construction, energy, mechanical engineering, and others. The company is headquartered in Linz, Austria.
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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 (PAAS - Free Report) ended the recent trading session at $45.77, demonstrating a -4.73% change from the preceding day's closing price. The stock's performance was behind the S&P 500's daily loss of 0.77%. Meanwhile, the Dow experienced a drop of 0.67%, and the technology-dominated Nasdaq saw a decrease of 0.92%.
The silver mining company's shares have seen a decrease of 9.14% over the last month, not keeping up with the Basic Materials sector's loss of 9.1% and the S&P 500's gain of 0.96%.
The upcoming earnings release of Pan American Silver will be of great interest to investors. The company is expected to report EPS of $0.92, up 91.67% from the prior-year quarter. Simultaneously, our latest consensus estimate expects the revenue to be $1.24 billion, showing a 44.52% escalation compared to the year-ago quarter.
For the full year, the Zacks Consensus Estimates project earnings of $3.81 per share and a revenue of $4.85 billion, demonstrating changes of +50% and +33.99%, respectively, from the preceding year.
Investors should also take note of any recent adjustments to analyst estimates for Pan American Silver. Such recent modifications usually signify the changing landscape of near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the business outlook.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional rating system.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed a 0.55% decrease. Pan American Silver is currently a Zacks Rank #3 (Hold).
From a valuation perspective, Pan American Silver is currently exchanging hands at a Forward P/E ratio of 12.62. This denotes no noticeable deviation relative to the industry average Forward P/E of 12.62.
Also, we should mention that PAAS has a PEG ratio of 4.73. 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 of the close of trade yesterday, the Mining - Silver industry held an average PEG ratio of 4.73.
The Mining - Silver industry is part of the Basic Materials sector. Currently, this industry holds a Zacks Industry Rank of 222, positioning it in the bottom 10% of all 250+ industries.
The Zacks Industry Rank evaluates the power of our distinct industry groups by determining the average Zacks Rank of the individual stocks forming the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.
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%.
Image Source: Zacks Investment Research
PAAS is currently trading at a forward 12-month price-to-earnings multiple of 10.87X compared with the industry average of 14.74X.
Image Source: Zacks Investment Research
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.
Image Source: Zacks Investment Research
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 (PAAS - Free Report) closed at $48.75 in the latest trading session, marking a -2.48% move from the prior day. This change lagged the S&P 500's 1.49% gain on the day. Meanwhile, the Dow experienced a rise of 0.71%, and the technology-dominated Nasdaq saw an increase of 2.26%.
The stock of silver mining company has fallen by 5.8% in the past month, lagging the Basic Materials sector's gain of 0.21% and the S&P 500's gain of 0.1%.
Investors will be eagerly watching for the performance of Pan American Silver in its upcoming earnings disclosure. The company's upcoming EPS is projected at $0.92, signifying a 91.67% increase compared to the same quarter of the previous year. Our most recent consensus estimate is calling for quarterly revenue of $1.24 billion, up 44.52% from the year-ago period.
For the full year, the Zacks Consensus Estimates are projecting earnings of $3.81 per share and revenue of $4.85 billion, which would represent changes of +50% and +33.99%, respectively, from the prior year.
Investors should also take note of any recent adjustments to analyst estimates for Pan American Silver. Recent revisions tend to reflect the latest near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the business outlook.
Our research demonstrates that these adjustments in estimates directly associate with imminent stock price performance. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.
The Zacks Rank system, running from #1 (Strong Buy) to #5 (Strong Sell), holds an admirable track record of superior performance, independently audited, with #1 stocks contributing an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has shifted 2.56% downward. Pan American Silver is holding a Zacks Rank of #3 (Hold) right now.
With respect to valuation, Pan American Silver is currently being traded at a Forward P/E ratio of 13.13. Its industry sports an average Forward P/E of 13.13, so one might conclude that Pan American Silver is trading at no noticeable deviation comparatively.
We can also see that PAAS currently has a PEG ratio of 4.92. 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. PAAS's industry had an average PEG ratio of 4.92 as of yesterday's close.
The Mining - Silver industry is part of the Basic Materials sector. Currently, this industry holds a Zacks Industry Rank of 223, positioning it in the bottom 10% of all 250+ industries.
The Zacks Industry Rank assesses the vigor of our specific industry groups by computing the average Zacks Rank of the individual stocks incorporated in the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
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, /PRNewswire/ -- Silver is running its sixth consecutive annual structural deficit, and the price has followed. Spot silver traded around $65 an ounce through mid-August and was assessed at $66.41 on August 31. That alone would be the story in most years. The more interesting arithmetic is happening one layer down, in the polymetallic deposits where silver arrives alongside zinc, lead and copper. When base metal by-product credits are subtracted from total costs, the all-in sustaining cost of the silver itself can go negative, which is to say the base metals pay for the mine and the silver is margin. That is not a pricing curiosity. It changes which deposits are financeable and in what order. Active Companies from around the markets with current developments this week include: Honey Badger Silver Inc. (TSXV: TUF) (OTCQB: HBEIF) (FSE: 1QA) (Tradegate: 1QA), Hecla Mining Company (NYSE: HL), Pan American Silver Corp. (NYSE: PAAS), Vizsla Silver Corp. (NYSE American: VZLA), and Coeur Mining, Inc. (NYSE: CDE).
The deficit itself is well documented and has been persistent rather than cyclical. Industrial demand, led by solar and electronics, has grown faster than mine supply for six straight years, and silver is mostly produced as a by-product of other metals rather than from primary silver mines, which means the supply response to a higher silver price is weaker than in most commodities. A copper miner does not open a pit because silver went up.
That structure is exactly why polymetallic deposits behave differently from primary silver deposits at this point in the cycle. A deposit carrying meaningful zinc, lead and copper alongside its silver generates revenue from metals whose own markets are tight, and those revenues are credited against the cost of producing the silver. The reported cash cost per silver ounce falls, sometimes below zero, and the project's sensitivity to the silver price changes shape entirely.
The second variable is what has already been spent. Most projects reaching a preliminary economic assessment are proposing to build everything: mill, camp, tailings facility, road, power. A project where a mill, an airstrip and kilometres of underground development already exist is answering a different capital question, and the study that describes it should be read differently as a result.
Honey Badger Silver Announces Positive Preliminary Economic Assessment for the PC Silver Mine; Sees Significant Silver Plus Critical Minerals Production
A 22-year mine life on an updated Mineral Resource Estimate containing 11.63 million tonnes of Measured and Indicated resources grading 424 g/t AgEq and 8.47 million tonnes of Inferred resources grading 492 g/t AgEq. Average annual production of approximately 10.7 million ounces of silver equivalent over the first seven years, comprising roughly 3.7 million ounces of silver plus 157 million pounds of zinc, 118 million pounds of lead and 2.2 million pounds of copper. All-in sustaining cost of negative US$22 per silver ounce in the long-term consensus pricing case, net of by-product credits, and negative US$36 per ounce at spot pricing. After-tax NPV of $1.2 billion at an 8% discount rate with a 29% IRR and 3.1-year payback in the long-term consensus case; $1.8 billion and 38% at spot pricing. Capital costs of $197 million for mine development, mill refurbishment, tailings and other onsite work, plus $205 million for a 170 km all-season road, $174 million indirect and $92 million contingency. Honey Badger Silver Inc. (TSXV: TUF) (OTCQB: HBEIF) (FSE: 1QA) (Tradegate: 1QA) announced the results of an updated Preliminary Economic Assessment and updated Mineral Resource Estimate for its 100%-owned PC Silver Mine, historically known as Prairie Creek, in the Northwest Territories. All amounts are in Canadian dollars unless otherwise stated. The PEA is preliminary in nature and includes Inferred Mineral Resources that are considered too speculative geologically to have economic considerations applied to them that would enable them to be categorized as Mineral Reserves, and there is no certainty that the PEA will be realized.
The study contemplates an underground operation mining approximately 2,400 tonnes per day, with dense media separation upgrading and milling at approximately 1,500 tonnes per day post-DMS over 22 years. Mined grade before DMS is 112 g/t silver with 6.1% lead, 8.5% zinc and 0.25% copper, rising to a mill head grade of 173 g/t silver with 9.4% lead, 12.8% zinc and 0.39% copper after upgrading. Life-of-mine payable production is approximately 56.1 million ounces of silver alongside 2,080 million pounds of lead, 2,577 million pounds of zinc and copper.
The negative sustaining cost figure is the number that will draw attention, and it is worth stating precisely what it is. All-in sustaining cost is a non-GAAP measure, and the negative figures are reported net of by-product credits. The zinc, lead and copper revenue exceeds the total cost of the operation, so the cost attributable to each silver ounce computes below zero. It is a legitimate and widely used presentation in polymetallic mining, and it is also entirely dependent on base metal prices holding. At weaker zinc, lead and copper prices the same mine has a positive silver cash cost.
"Second, PC Silver is an existing mine, which was built in the early 1980's, with significant capital already invested, extensive existing infrastructure, key permits in place and strong relationships with Indigenous communities, territorial and federal governments and other partners. We are advancing a significantly developed asset with decades of hard work and capital investment already behind it," commented Chad Williams, Executive Chairman of Honey Badger Silver.
That existing-asset argument is the reason the capital line reads the way it does. The site hosts a historic mill, an airstrip and approximately five kilometres of underground workings, and the all-season road is described as an upgrade to an existing winter road rather than a new corridor. The Company holds Impact and Benefit Agreements with the Nahɒą Dehé Dene Band and Łíídlįį Kų́ę́ First Nation and a Benefit Agreement with Acho Dene Koe First Nation, and a federal National Trade Corridors Fund contribution of up to $25 million toward the road has previously been announced and remains subject to drawdown conditions.
Williams also flagged what the study deliberately leaves out. No economic value has been attributed to germanium, antimony or tungsten, nor to recent Canadian tax incentives, and the Company has said it will evaluate a staged, lower-capital initial production start that could generate cash flow earlier before ramping toward the scenario in the PEA. The board has authorised the next stage of engineering with a Feasibility Study targeted for completion in the second quarter of 2027. On financing, Williams referred to inbound interest from smelters and off-takers, debt providers, government agencies and infrastructure investors, and two unsolicited expressions of interest for turnkey project financing. None of that is a commitment, no financing has been arranged, and no production decision has been made.
Read this and more news from around the sector at: https://Equity-Insider.com.
In other industry developments and happenings in the market this week include:
Hecla Mining Company (NYSE: HL) is the largest silver producer in the United States and the clearest live illustration of what by-product economics do to margin. It reported 231 million ounces of silver reserves at the end of 2025, guided 2026 silver production of 15.1 million to 16.5 million ounces, and produced 4.2 million ounces in the second quarter of 2026. Chief Executive Rob Krcmarov has described the Company as accelerating investment, with the 2026 exploration and pre-development budget raised to $55 million.
The balance sheet moved in the same direction, with the last $263 million of senior notes redeemed in April 2026 and the revolving credit facility undrawn. Hecla operates Greens Creek, Lucky Friday and Keno Hill, all polymetallic, which is why its reported silver costs sit so far below the prevailing price. It is a long-established multi-mine producer at a completely different stage and scale from a company completing a PEA, and is referenced as sector context rather than as a comparable.
Pan American Silver Corp. (NYSE: PAAS) produced 22.8 million ounces of silver in 2025 and has guided 25 million to 27 million ounces for 2026, with the integration of the Juanicipio operation supporting a stronger production profile into a tightening market. It is the scale benchmark for the primary silver sector in the Americas.
Pan American is included because its guidance is one of the few reliable public read-throughs on whether primary silver supply is actually responding to the price. An increase of two to four million ounces across a portfolio of that size, against a market running a projected 67 million ounce deficit, is a useful measure of how slowly mine supply moves even when the incentive is obvious.
Vizsla Silver Corp. (NYSE American: VZLA) is the closest developer analogue in this group. Its Feasibility Study on the Panuco project in Mexico returned an after-tax net present value of approximately US$1.8 billion and an internal rate of return of 111% at a silver price of $35.50 per ounce, and the Company has reported holding more than US$450 million in cash alongside a 60,000 metre district drill program.
Two things are worth drawing from it. The first is that a study result of that order was generated at a silver price well below where the metal has traded through 2026, which is a reminder of how much of the current enthusiasm rests on price assumptions rather than on rock. The second is the capital position: a developer with several hundred million dollars in the bank is playing a fundamentally different financing game from one that has yet to arrange construction capital. Vizsla is at a more advanced study stage in a different jurisdiction and is not a comparable.
Coeur Mining, Inc. (NYSE: CDE) operates a portfolio of precious metals mines across the United States, Mexico and Canada, and has been among the more actively traded silver names through 2026 alongside Hecla, Pan American and First Majestic. It has been a consolidator in the sector, and its valuation has historically traded at a materially lower earnings multiple than Hecla's.
Coeur earns its place here as the counterweight to the enthusiasm. Silver equities have moved sharply on the deficit narrative, and multiples across the group have diverged widely, which tells you the market is not pricing these businesses on a single view of the metal. Readers should treat any silver equity, including every name in this article, as exposed to a commodity that has been notably volatile. Coeur is a producer at a different scale in different jurisdictions and is not a comparable of the profiled company.
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Article Sources:
[1] Honey Badger Silver Inc., "Honey Badger Silver Announces Positive Preliminary Economic Assessment for the PC Silver Mine; Sees Significant Silver Plus Critical Minerals Production," September 17, 2026 (PEA results, updated Mineral Resource Estimate, operating and capital summary, Chad Williams commentary, Qualified Persons).
[2] Honey Badger Silver Inc., updated Mineral Resource Estimate with an effective date of June 21, 2026, prepared by Greg Mosher, P.Geo., of Global Mineral Resource Services.
[3] Hecla Mining Company and Pan American Silver Corp. public disclosures, guidance and operating results, 2026.
[4] Vizsla Silver Corp. Feasibility Study results and corporate disclosures; Coeur Mining, Inc. public disclosures.
[5] Public disclosures and filings of the referenced companies.
DISCLAIMER: Nothing in this publication should be considered personalized financial advice. We are not licensed under securities laws to address your particular financial situation, and no communication from us should be deemed personalized financial advice. Please consult a licensed financial advisor before making any investment decision. This is a paid advertisement and is neither an offer nor a recommendation to buy or sell any security. We hold no investment licenses and are neither licensed nor qualified to provide investment advice. The material in this release is intended to be strictly informational and is never to be construed or interpreted as research material. All readers are strongly urged to perform their own research and due diligence and to consult a licensed financial professional before considering any level of investing in stocks. Be extremely careful, investing in securities carries a high degree of risk; you may lose some or all of your investment. This article is being distributed by Equity Insider, which is wholly owned and operated by Market Equities Limited ("MEL"), a company incorporated under the laws of Ireland. MEL has been paid a fee directly by Honey Badger Silver Inc. (TSXV: TUF) (OTCQB: HBEIF) ("Honey Badger Silver") for advertising and digital media services, and MEL expects to receive further compensation in the future in connection with Honey Badger Silver as part of an ongoing digital media effort to increase visibility for the company. No further notice will be given, but let this disclaimer serve as notice that all material, including this article, has been approved by Honey Badger Silver. This compensation constitutes a conflict of interest as to our ability to remain objective in our communication regarding the profiled company. Because of this conflict, individuals are strongly encouraged not to use this publication as the basis for any investment decision. MEL and its owners, operators, directors, and affiliates do not own any shares of Honey Badger Silver, but reserve the right to buy and sell shares of Honey Badger Silver at any time without any further notice commencing immediately and ongoing, in the open market, through private placements, and/or through other investment vehicles. There may also be third parties who hold shares of Honey Badger Silver and may liquidate their shares, which could have a negative effect on the price of the stock. While all information is believed to be reliable, it is not guaranteed by us to be accurate. Individuals should assume that all information contained in this publication is not trustworthy unless verified by their own independent research. Because events and circumstances frequently do not occur as expected, there will likely be differences between any predictions and actual results. Investors are cautioned that they may lose all or a portion of their investment when investing in stocks. This document is governed by the laws of Ireland. Cautionary Note Regarding the Preliminary Economic Assessment and Production Decisions: The Preliminary Economic Assessment referenced in this article is preliminary in nature and includes Inferred Mineral Resources. Inferred Mineral Resources are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as Mineral Reserves, and there is no certainty that the PEA will be realized. Mineral resources that are not mineral reserves have no demonstrated economic viability. No Mineral Reserves have been estimated for the PC Silver Mine and no feasibility study has been completed. Any decision to commence production would not be based on a feasibility study of Mineral Reserves demonstrating economic and technical viability and would therefore involve increased uncertainty and multiple technical and economic risks of failure. Further work may result in the upgrading of portions of the Inferred Mineral Resources but there is no certainty that Inferred Mineral Resources will be converted to Measured or Indicated Mineral Resources. Net present value, internal rate of return, free cash flow, payback and cost figures cited are outputs of a preliminary study under stated metal price, exchange rate, recovery and payability assumptions, including a spot pricing case, a long-term consensus case and a last-twelve-months high pricing case, and they change materially with those assumptions. The last-twelve-months high pricing case uses the highest price for each of silver, zinc, lead and copper and the lowest foreign exchange rate over the preceding twelve months and does not represent prevailing or expected prices. Silver-equivalent figures are presented for illustrative purposes only and are calculated using the stated metal prices, recoveries and payabilities. All-in sustaining cost is a non-GAAP measure reported net of by-product credits; negative all-in sustaining costs reflect base metal by-product revenue exceeding operating costs and are dependent on zinc, lead and copper prices, which are volatile. No economic value has been attributed in the PEA to germanium, antimony, tungsten or other critical minerals, or to recent Canadian tax incentives, and no assurance is given that any such value exists or will be realized. Statements regarding a potential staged or lower-capital initial production start, a Feasibility Study targeted for the second quarter of 2027, financing sources, expressions of interest, the all-season road, drawdown of the National Trade Corridors Fund contribution, and permitting are forward-looking; no financing has been arranged, no production decision has been made, and the Company has indicated that substantial additional capital will be required. Qualified Persons: The scientific and technical information in the Company's news release, other than the Mineral Resource Estimate, is based upon information prepared by or under the supervision of Mike Makarenko, P.Eng., an independent Qualified Person as defined by National Instrument 43-101. The Mineral Resource Estimate, with an effective date of June 21, 2026, is based upon information prepared by or under the supervision of Greg Mosher, P.Geo., of Global Mineral Resource Services, an independent Qualified Person as defined by National Instrument 43-101. Please refer to the Company's filings on SEDAR+ at www.sedarplus.ca for the assumptions and risk factors associated with its disclosure, and to the technical report to be filed in support of the PEA. Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of the Company's releases. References to Hecla Mining Company, Pan American Silver Corp., Vizsla Silver Corp. and Coeur Mining, Inc. are provided solely as market and sector context. None of them is a peer, competitor, or financial comparable of Honey Badger Silver. They are at materially different stages of development and scale, operate different assets in different jurisdictions, and their production, reserves, resources, studies, costs, guidance and share performance are not indicative of Honey Badger Silver's prospects. Honey Badger Silver is a pre-revenue exploration and development company. No partnership, affiliation, sponsorship, or endorsement is implied, and none of the companies named has any involvement in Honey Badger Silver, this article, or its distribution. Financial and operating figures attributed to those companies are as disclosed by them in their own releases and filings and have not been independently verified by the publisher. Silver, zinc, lead and copper price levels and market deficit estimates cited are as of the dates stated, are drawn from third parties, are volatile, and past performance does not guarantee future results. Eagle Eye is an investor signal-intelligence platform affiliated with the publisher of this article, and this reference constitutes promotion of an affiliated product. Eagle Eye is not a broker-dealer, and nothing in the platform or in this article is financial, investment, tax, or legal advice. Data provided in the platform is for informational purposes only and may be delayed. Always do your own research before making any investment decision. This release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and "forward-looking information" within the meaning of applicable Canadian securities laws, and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements describe future expectations, plans, results, or strategies and are generally preceded by words such as "may", "future", "plan" or "planned", "will" or "should", "expected", "anticipates", "draft", "eventually" or "projected". You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including metal price and exchange rate volatility, the estimation of mineral resources, permitting, access and road construction, financing availability and dilution, capital cost escalation, and other risks identified in the Company's filings on SEDAR+ at www.sedarplus.ca. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements. The forward-looking statements in this release are made as of the date hereof and Equity Insider undertakes no obligation to update such statements.
VANCOUVER, British Columbia--(BUSINESS WIRE)--Pan American Silver Corp. (NYSE: PAAS) (TSX: PAAS) ("Pan American" or the "Company") is pleased to report its estimated mineral reserves and mineral resources as at June 30, 2026. Proven and probable ("P&P") mineral reserves are estimated to contain approximately 511.1 million ounces of silver and 6.3 million ounces of gold. Measured and indicated ("M&I") mineral resources (excluding P&P mineral reserves) are estimated to total approxima.
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%.
Image Source: Zacks Investment Research
PAAS is currently trading at a forward 12-month price-to-earnings multiple of 10.46X compared with the industry average of 14.26X.
Image Source: Zacks Investment Research
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%.
Image Source: Zacks Investment Research
PAAS currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Amundi lifted its stake in Pan American Silver Corp. (NYSE:PAAS – Free Report) (TSE:PAAS) by 4.9% in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 2,753,719 shares of the basic materials company’s stock after purchasing an additional 127,712 shares during the quarter. Amundi owned about 0.66% of Pan American Silver worth $123,339,000 at the end of the most recent reporting period.
A number of other institutional investors have also recently added to or reduced their stakes in PAAS. AQR Capital Management LLC raised its holdings in shares of Pan American Silver by 48.6% during the 1st quarter. AQR Capital Management LLC now owns 19,529 shares of the basic materials company’s stock worth $504,000 after acquiring an additional 6,391 shares during the period. Jones Financial Companies Lllp boosted its holdings in Pan American Silver by 574.9% in the 1st quarter. Jones Financial Companies Lllp now owns 19,518 shares of the basic materials company’s stock valued at $504,000 after purchasing an additional 16,626 shares during the last quarter. Goldman Sachs Group Inc. boosted its holdings in Pan American Silver by 31.6% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,499,343 shares of the basic materials company’s stock valued at $38,728,000 after purchasing an additional 360,283 shares during the last quarter. Empowered Funds LLC purchased a new stake in shares of Pan American Silver in the 1st quarter valued at approximately $1,272,000. Finally, Northwestern Mutual Wealth Management Co. grew its stake in shares of Pan American Silver by 53.6% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 1,703 shares of the basic materials company’s stock valued at $48,000 after buying an additional 594 shares during the period. Hedge funds and other institutional investors own 55.43% of the company’s stock.
Pan American Silver Price Performance Shares of PAAS opened at $52.85 on Thursday. The company has a market cap of $21.94 billion, a P/E ratio of 15.97, a PEG ratio of 5.02 and a beta of 0.77. Pan American Silver Corp. has a fifty-two week low of $33.08 and a fifty-two week high of $69.99. The company has a quick ratio of 2.23, a current ratio of 2.94 and a debt-to-equity ratio of 0.11. The firm’s 50 day moving average price is $47.63 and its 200 day moving average price is $52.28.
Pan American Silver (NYSE:PAAS – Get Free Report) (TSE:PAAS) last issued its quarterly earnings results on Wednesday, August 12th. The basic materials company reported $0.73 EPS for the quarter, missing the consensus estimate of $0.84 by ($0.11). Pan American Silver had a net margin of 32.04% and a return on equity of 20.01%. The business had revenue of $1.12 billion during the quarter, compared to analysts’ expectations of $1.16 billion. During the same period in the prior year, the business earned $0.43 EPS. The business’s quarterly revenue was up 38.4% on a year-over-year basis. On average, research analysts forecast that Pan American Silver Corp. will post 3.81 earnings per share for the current fiscal year. Pan American Silver Increases Dividend The business also recently announced a quarterly dividend, which was paid on Friday, September 4th. Investors of record on Monday, August 24th were paid a dividend of $0.184 per share. This represents a $0.74 annualized dividend and a yield of 1.4%. The ex-dividend date of this dividend was Monday, August 24th. This is a positive change from Pan American Silver’s previous quarterly dividend of $0.18. Pan American Silver’s payout ratio is presently 22.36%.
Wall Street Analysts Forecast Growth A number of analysts have recently issued reports on PAAS shares. Zacks Research upgraded shares of Pan American Silver from a “strong sell” rating to a “hold” rating in a report on Tuesday, August 18th. Scotiabank reiterated an “outperform” rating on shares of Pan American Silver in a report on Tuesday, July 14th. Weiss Ratings lowered Pan American Silver from a “buy (b)” rating to a “buy (b-)” rating in a research report on Thursday, July 16th. Wall Street Zen lowered Pan American Silver from a “buy” rating to a “hold” rating in a research note on Saturday, August 15th. Finally, BMO Capital Markets reiterated a “market perform” rating on shares of Pan American Silver in a report on Thursday, August 13th. Seven investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $70.43.
View Our Latest Analysis on Pan American Silver
Pan American Silver Company Profile (Free Report)
Pan American Silver Corp. is a mining company focused primarily on the exploration, development and production of silver and gold. Its operations also produce byproduct metals, including zinc, lead and copper, depending on the mine and ore deposit.
Founded in 1994 and headquartered in Vancouver, British Columbia, Pan American Silver operates mines and development projects across the Americas. The company’s geographic footprint has included Canada, Mexico, Peru, Bolivia, Argentina, Chile and Brazil, giving it exposure to several of the region’s major silver and gold mining jurisdictions.
Pan American expanded its portfolio through the acquisition of Yamana Gold’s Latin American assets in 2023.
Read More Five stocks we like better than Pan American Silver Qualcomm’s Data Center Bet Looks More Real After Amazon’s AI Deal GE Aerospace’s $11.75B Deal Puts Howmet Aerospace in Focus Casey’s Post-Earnings Drop May Give Investors a Better Entry Into a Quality Retailer Sovereign AI: Palantir and Nebius Cut the Cloud Cord Want to see what other hedge funds are holding PAAS? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Pan American Silver Corp. (NYSE:PAAS – Free Report) (TSE:PAAS).
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Bullion pays nothing, but the miners extracting it are funneling billions back to shareholders right now. Five precious-metals producers combine gold's defensive appeal with real dividends and buybacks built on free cash flow that dwarfs their payout obligations.
Gold is doing what gold does when the world gets loud, but bullion still pays nothing. The miners are a different story. In Q2 2026 alone, Agnico Eagle Mines (NYSE:AEM | AEM Price Prediction) delivered $625 million to shareholders. Newmont (NYSE:NEM) returned approximately $1.8 billion through dividends and buybacks, converting a record gold rally into cash returned to shareholders. Below are five U.S.-listed precious-metals producers whose payouts are backed by real free cash flow rather than merely a rising spot price.
Agnico Eagle Mines: The Blue Chip of the Group Agnico pays a quarterly cash dividend of $0.45, an annualized forward payout of $1.80, against a recent share price of $207.13. The yield is modest by income-fund standards, but its durability is exceptional.
Agnico generated record free cash flow of over $1.3 billion in Q2 2026 against a dividend payout of just $201.6 million, coverage that leaves ample room for the payout even at much lower gold prices. The balance sheet is stronger still. Cash on hand reached a record $3.5 billion, net cash climbed to approximately $3.3 billion, and Fitch upgraded the long-term issuer default rating from BBB plus to A minus. Management points to over 43 years of consecutive dividend payments.
The bull case is simple: the highest-quality asset base in the industry, growing production, and a payout that keeps rising as free cash flow scales. The risk is that the July 2026 rock-mass movement at Barnat pit trims H2 2026 production by 60,000 to 80,000 ounces, with a similar drag possible into 2027 and 2028. A single operational hit does not threaten this dividend, but it is a reminder that mining is mining.
Newmont: Rebuilt Framework, Record Cash Newmont declares a $0.26 quarterly dividend, or $1.04 annualized, on a share price of $130.43. The miner has a short dividend track record: it cut from $0.40 to $0.25 in 2024 and only recently nudged the payout up to $0.26. The story is what has happened since.
Q2 2026 free cash flow was $2.2 billion against a common dividend payout of just $277 million. During the calendar quarter, Newmont returned approximately $1.9 billion through quarterly dividends and share repurchases. That was the second straight quarter of returning more than 80% of free cash flow. The company ended Q2 with $3.4 billion of net cash. Under management’s new framework, buyback execution to date would support a quarterly dividend of $0.27 per share at the next annual review, an 8% increase since the framework was introduced.
Bull case for income is a rebased dividend that is now trivially covered, plus a formula that mechanically ratchets the payout as the share count shrinks. However, the April 2026 seismic event at Cadia knocked Q2 copper output down 43% quarter over quarter, and Ghana’s new 5% to 12% sliding royalty adds roughly $25 per ounce to all-in sustaining costs. The dividend history also proves this payout is not sacred if gold reverses.
Kinross Gold: Small Check, Big Coverage Kinross Gold (NYSE:KGC) pays $0.04 per quarter, an annualized forward $0.16, on a share price of $31.59. Nobody buys Kinross for the yield; the dividend is nominal. It belongs in a dividend-paying gold bundle because of its coverage and the direction of travel.
The payout has moved from $0.03 to $0.04 across recent quarters. Q2 2026 free cash flow was $726.8 million, and Q1 2026 was a record at roughly $840 million, the fourth consecutive quarterly record. Management targets returning approximately 40% of annual free cash flow to shareholders in 2026, and over $1 billion was returned in the trailing 12 months, with the float reduced by more than 3%. Cash stands at $2.66 billion against total liabilities of $3.82 billion.
The smallest dividend of the group is also the least at risk, because free cash flow is dwarfing it and buybacks are doing the heavy lifting on capital return. The risk is that costs per ounce rise 25% year over year on fuel, royalties, and labor, plus mine-sequencing headwinds at Round Mountain and Bald Mountain. And the absolute dividend rate really does limit income upside.
AngloGold Ashanti: The Variable Dividend That Pays Big Right Now AngloGold Ashanti (NYSE:AU) is the outlier. Its latest dividend was $1.315 per share, following $1.16 and $1.73 in prior quarters. The trailing 12-month payout is $5.115, and the annualized forward figure is $5.26, on a share price of $111.67. On current run-rate math that is by far the fattest cash yield in this bundle.
Investors should read the fine print before jumping in. AngloGold’s policy is to distribute 50% of free cash flow to shareholders, and the Q1 2026 interim was a record $585 million, equal to 116 cents per share. The dividend history bears out the variability: recent payments read $1.315, $1.16, $1.73, $0.91, $0.80, $0.125, and $0.69. This is a formula tied to gold price and volumes, not a fixed quarterly check. Income investors should treat it as gold-price exposure with a cash rebate, sized to the cycle.
If gold stays elevated, this is arguably the purest way to convert that price into large, near-real-time distributions. On the other hand, geographic concentration in higher-risk jurisdictions and minority stakes (for example, 50% Sukari) limit operational control. Plus, the per-share dividend will drop meaningfully if gold rolls over. The stock is also up 88.2% over the past year, which is worth respecting on entry.
Pan American Silver: Silver Optionality With a Rising Payout Pan American Silver (NYSE:PAAS) most recently paid $0.184 per share, with an annualized forward figure of $0.736, on a share price of $52.60. The payout has climbed from $0.10 in 2024 and early 2025 to $0.12, then $0.14, $0.18, and now $0.184, tracking realized metal prices higher.
Coverage looks pristine at current prices. Q2 2026 attributable free cash flow was $344 million, and Q1 2026 was $488 million. Realized prices in Q2 were silver $70.97 per ounce and gold $4,402 per ounce. The balance sheet holds $1.57 billion in cash against equity of $7.36 billion. The credit facility was doubled to $1.5 billion and extended to July 2031. A record $300 million was returned to shareholders in Q2 through buybacks and dividends.
This is the silver leverage in the bundle, with a payout policy that has visibly ratcheted higher as metal prices climbed. Risks include the Escobal mine that remains suspended pending ILO 169 consultation with no restart timeline, and Q2 EPS missed consensus by 13.4%. Like AU, this dividend is functionally variable and will contract if silver reverses.
Bringing It Together These five names solve the classic gold problem: hedging a portfolio with an asset that pays. Agnico and Newmont anchor the group with fortress balance sheets and dividend payouts that current free cash flow covers many times over. Kinross adds a tiny check paired with the fastest buyback velocity. AngloGold and Pan American offer the biggest cash distributions in absolute dollars, with the caveat that those distributions ride the price of metal up and down. Owned together, they turn a gold hedge into a cash-producing sleeve of the portfolio.
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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.
Key Takeaways PAAS generated $832M in free cash flow in 1H26.Pan American returned a record $300M to shareholders in Q2.Silver production rose 27% y/y to 6.47M ounces in Q2. Pan American Silver Corp. (PAAS - Free Report) marked a 75.2% year-over-year increase in the cash flow from operations in the first half of 2026, indicating robust operational cash generation and disciplined capital spending.
The company’s cash flow from operations in the second quarter of 2026 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.
A free cash flow of $832 million in the first half of 2026 pushed Pan American Silver’s cash and short-term investments balance to $1.8 billion. The company doubled its senior unsecured revolving credit facility to $1.5 billion in July 2026 and added a $750-million accordion feature, increasing its total available liquidity to $3.2 billion. The company returned a record $300 million to shareholders in the second quarter of 2026 through dividends and share repurchases.
The company's silver production reached 6.47 million ounces in the second quarter of 2026, at the high end of the company’s quarterly operating outlook. Production increased 27% year over year. For 2026, the company expects silver production of 25-27 million ounces, indicating a year-over-year increase of 14% at the mid-point. The prospects of solid silver production, driven by mine performances, as well as the solid rally in silver prices, indicate that the company will deliver higher earnings and cash flow in the near future.
Performance of Pan American Silver’s PeersHecla Mining Company’s (HL - Free Report) strong operating performance translated into solid cash generation in the first half of 2026. Hecla Mining achieved $279 million in free cash flow in the first half of 2026 with a cash balance of $483 million. Hecla Mining reported cash from operating activities of $369 million in the same time period.
Endeavour Silver Corporation (EXK - Free Report) reported $214.5 million in mine operating cash flow for six months ending June 2026. Endeavour Silver’s cash at the end of June 2026 was $237 million. Endeavour Silver produced 3.82 million silver-equivalent ounces in the first six months, marking an increase of 42% year-over -year.
PAAS’ Price Performance, Valuation & EstimatesIn a year, PAAS shares have surged 64.9% compared with the industry's 91.6% whopping growth. In comparison, the Basic Materials sector has risen 37.9%, whereas the S&P 500 has moved up 23%.
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PAAS is currently trading at a forward 12-month price-to-earnings multiple of 10.68X compared with the industry average of 15.21X.
Image Source: Zacks Investment Research
The consensus mark for 2026 earnings is pegged at $4.06 per share, indicating a year-over-year jump of 59.8%. The estimate for 2027 of $5.47 suggests an increase of 39%.
The Zacks Consensus Estimate for Pan American Silver’s earnings for 2026 has moved down 13.2% over the past 60 days and the same for 2027 has risen 3.2%.
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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.
Bank of Nova Scotia bought a new position in shares of Pan American Silver Corp. (NYSE:PAAS – Free Report) (TSE:PAAS) during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund bought 546,867 shares of the basic materials company’s stock, valued at approximately $24,513,000. Bank of Nova Scotia owned 0.13% of Pan American Silver at the end of the most recent quarter.
Several other large investors have also recently added to or reduced their stakes in PAAS. Vanguard Group Inc. boosted its stake in Pan American Silver by 1.6% during the fourth quarter. Vanguard Group Inc. now owns 17,465,779 shares of the basic materials company’s stock worth $905,513,000 after buying an additional 274,168 shares in the last quarter. Swiss Life Asset Management Ltd raised its stake in shares of Pan American Silver by 46.9% in the 4th quarter. Swiss Life Asset Management Ltd now owns 58,827 shares of the basic materials company’s stock valued at $3,051,000 after buying an additional 18,791 shares in the last quarter. Royal Palms Capital LLC acquired a new position in shares of Pan American Silver in the 4th quarter valued at $2,170,000. E Fund Management Hong Kong Co. Ltd. acquired a new position in shares of Pan American Silver in the 4th quarter valued at $1,341,000. Finally, Delta Investment Management LLC bought a new position in shares of Pan American Silver during the 4th quarter worth about $2,834,000. Institutional investors and hedge funds own 55.43% of the company’s stock.
Pan American Silver Price Performance Shares of Pan American Silver stock opened at $53.11 on Monday. The stock has a market capitalization of $22.15 billion, a price-to-earnings ratio of 16.05, a P/E/G ratio of 4.90 and a beta of 0.73. The firm’s 50-day moving average price is $46.31 and its two-hundred day moving average price is $52.74. The company has a current ratio of 2.94, a quick ratio of 2.23 and a debt-to-equity ratio of 0.11. Pan American Silver Corp. has a 1-year low of $31.60 and a 1-year high of $69.99.
Pan American Silver (NYSE:PAAS – Get Free Report) (TSE:PAAS) last posted its earnings results on Wednesday, August 12th. The basic materials company reported $0.73 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.84 by ($0.11). The firm had revenue of $1.12 billion during the quarter, compared to the consensus estimate of $1.16 billion. Pan American Silver had a net margin of 32.04% and a return on equity of 20.01%. The business’s revenue was up 38.4% on a year-over-year basis. During the same quarter last year, the firm posted $0.43 EPS. On average, equities analysts predict that Pan American Silver Corp. will post 4.06 earnings per share for the current fiscal year. Pan American Silver Increases Dividend The business also recently announced a quarterly dividend, which will be paid on Friday, September 4th. Stockholders of record on Monday, August 24th will be given a dividend of $0.184 per share. The ex-dividend date is Monday, August 24th. This is a positive change from Pan American Silver’s previous quarterly dividend of $0.18. This represents a $0.74 dividend on an annualized basis and a dividend yield of 1.4%. Pan American Silver’s dividend payout ratio (DPR) is currently 21.75%.
Analysts Set New Price Targets PAAS has been the topic of a number of analyst reports. Bank of America lowered their target price on shares of Pan American Silver from $77.00 to $69.00 and set a “buy” rating on the stock in a research note on Thursday, July 9th. Weiss Ratings cut shares of Pan American Silver from a “buy (b)” rating to a “buy (b-)” rating in a research note on Thursday, July 16th. Scotiabank reaffirmed an “outperform” rating on shares of Pan American Silver in a report on Tuesday, July 14th. Jefferies Financial Group lowered their price objective on Pan American Silver from $54.00 to $53.00 and set a “hold” rating on the stock in a research note on Monday, July 6th. Finally, Zacks Research raised Pan American Silver from a “strong sell” rating to a “hold” rating in a report on Tuesday, August 18th. Eight equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $70.43.
Read Our Latest Analysis on Pan American Silver
Pan American Silver Company Profile (Free Report)
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 is reiterated as a BUY due to a low valuation, strong free cash flow, and a robust net-cash position. PAAS benefits from low-cost gold and silver production, with FY26 gold output significantly back-end loaded to capitalize on higher prices. Free-cash-flow generation was $344 million in Q2 alone. The company has a solid balance sheet with net cash of $959 million, or $2.27/share.
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.
Key Takeaways PAAS kept 2026 silver guidance at 25-27M ounces as Q2 output reached 6.5M ounces, the high end.Gold output is expected at the low end of 700-750K ounces, with AISC at the high end of guidance.PAAS returned a record $300M to shareholders in Q2 as attributable free cash flow reached $344M.
Pan American Silver Corp. (PAAS - Free Report) used its Q2 2026 earnings call to frame a split operating picture: silver remained strong, while gold expectations moved toward the low end of annual guidance.
Adjusted earnings of $0.73 per share missed the Zacks Consensus Estimate of $0.84 by 13.10%. Revenues were $1.124 billion, while the Zacks data showed a 3.40% revenue miss. Management focused on operations and capital allocation.
PAAS Holds Silver Outlook as Gold Moves LowerPresident and CEO Michael Steinmann said attributable silver production of 6.5 million ounces reached the high end of quarterly guidance. The 2026 silver outlook remains 25 million to 27 million ounces.
Gold production of 166,000 ounces missed the quarterly outlook. Steinmann expects full-year output at the low end of 700,000 to 750,000 ounces and Q3 output below the quarterly guidance floor.
First-half silver AISC of $12.64 per ounce was below H1 guidance, while gold AISC of $1,918 was within range. Full-year gold AISC is expected at the high end of $1,700 to $1,850.
Pan American Defends Jacobina's Long-Term PlanPresident and CEO Michael Steinmann said Jacobina gold output should finish 10,000 ounces below the low end of its original range. The mine is leaving larger pillars and increasing development after reassessing seismic risk.
A BofA Securities analyst asked whether the changes could affect 2027. Steinmann called the impact short-term and said backfill could support future pillar recovery, and noted Jacobina's reserve life extends into the 2050s.
A TD Cowen analyst asked whether expansion potential remained intact. Steinmann said optimization is proceeding at full speed, including plant upgrades versus a new processing facility.
PAAS Rebalances El Peñón Toward Silver-Rich OreMichael Steinmann said El Peñón gold production should finish 10,000 ounces below the original guidance floor because some secondary structures showed weaker continuity. Silver guidance of 3.65 million to 3.95 million ounces remains unchanged.
A CIBC Capital Markets analyst asked why gold was more affected. Steinmann said replacement production shifted toward more silver-rich, less gold-rich areas while further drilling continues on the secondary structures.
Steinmann also said El Niño has mainly complicated access and shift changes in Chile. Current effects are built into the plan, though the company warned of further weather disruption this year.
Pan American Advances Three Growth PrioritiesMichael Steinmann highlighted the first cut of the 588 decline at La Colorada Skarn in early August. Material-handling and ventilation recommendations are expected before year-end.
At Timmins, Pan American is advancing a $146 million first phase covering the Bell Creek shaft expansion and exploration drifts. Updated reserves and resources are planned for Q3, followed by a PEA in 2027's first half.
At Escobal, Steinmann said the ILO 169 consultation continues without a completion timeline or restart date. In Q&A, he cited water and blasting vibration among discussion topics.
PAAS Keeps Shareholder Returns on TrackMichael Steinmann said Pan American returned a record $300 million to shareholders in Q2 through dividends and buybacks, while attributable free cash flow reached $344 million. More than seven million shares had been repurchased this year.
A BofA Securities analyst asked about the return program. Steinmann said the framework to distribute about 35% to 40% of cash remains in place, with the exact amount partly dependent on repurchase prices.
CFO Ignacio Couturier said higher profitability and tax true-ups drove revised 2026 cash-tax guidance of $585 million to $635 million. He expects the full-year effective tax rate around the low-30% area.
Pan American Emphasizes Balance and ExecutionMichael Steinmann closed by reiterating balance-sheet strength, investment in La Colorada, Jacobina and Timmins, and shareholder returns as priorities. Pan American reported about $3.2 billion of liquidity with the revolving credit facility undrawn.
The call paired confidence in silver and cash returns with tighter gold expectations. Management presented Jacobina's changes as precautionary and temporary while keeping attention on second-half execution.
What the Zacks Signal Says About PAASPAAS currently carries a Zacks Rank #4 (Sell), with a Value Score of C, Growth Score of A, Momentum Score of B and VGM Score of A.
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The Zacks framework treats A and B Style Scores as stronger readings but gives priority to the Zacks Rank.
Accordingly, the favorable Growth, Momentum and VGM scores do not override the Zacks Rank #4 per the methodology. The rank can change as estimates are revised after the just-reported results, making current signal time-sensitive.
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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The shine was off Pan American Silver (PAAS -9.70%) stock on Thursday. Investors traded out of the precious metals company after it published a disappointing second-quarter earnings report after the previous day's market close. In late-session trading, Pan American's stock was down by almost 10%.
Improvements not impressive enough Pan American booked $1.12 billion in revenue for the period, well up from $812 million in the same quarter of 2025. Net income not under generally accepted accounting principles (non-GAAP, or adjusted) rose more sharply, almost doubling to $308 million, or $0.73 per share.
Image source: Getty Images.
Despite the improvements, analysts expected more. On average, their consensus revenue estimate was $1.16 billion, and their projection for adjusted earnings per share (EPS) was $0.92.
Pan American's attributable production of its namesake metal reached 6.5 million ounces, which was at the top end of its guidance range. It said that was due to strong performance at its La Colorada and Juanicipio mines.
However, Pan American also has gold mining operations, and these underperformed the company's expectations, producing only 165,900 ounces. Compounding that, management said total production this year will hit the bottom end of its guidance range.
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All that glitters Given that current gold and silver prices are notably down from the all-time highs they hit earlier this year, I feel that Pan American didn't do badly in the quarter. It's still a very productive company, and I think investors should consider its stock a buy if prices hold near present levels.
Eric Volkman has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
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.
For the quarter ended June 2026, Pan American Silver (PAAS - Free Report) reported revenue of $1.12 billion, up 38.4% over the same period last year. EPS came in at $0.73, compared to $0.43 in the year-ago quarter.
The reported revenue represents a surprise of -3.36% over the Zacks Consensus Estimate of $1.16 billion. With the consensus EPS estimate being $0.84, the EPS surprise was -13.1%.
While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health.
Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.
Here is how Pan American Silver performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
Jacobina, Brazil - Cash costs per ounce sold: $1,468.00 versus $1,241.49 estimated by seven analysts on average.El Penon, Chile - Cash costs per ounce sold: $11.00 versus the seven-analyst average estimate of $96.72.Minera Florida, Chile - Cash costs per ounce sold: $2,578.00 compared to the $2,298.46 average estimate based on seven analysts.Cerro Moro, Argentina - AISC per ounce sold: $-58.37 versus $-26.50 estimated by seven analysts on average.Jacobina, Brazil - AISC per ounce sold: $1,805.00 versus the seven-analyst average estimate of $1,637.13.El Penon, Chile - AISC per ounce sold: $452.00 versus $455.81 estimated by seven analysts on average.Minera Florida, Chile - AISC per ounce sold: $2,990.00 versus $2,711.99 estimated by seven analysts on average.Cerro Moro, Argentina - Ounce Production - Silver: 593.00 Koz versus the seven-analyst average estimate of 710.36 Koz.El Penon, Chile - Average silver grade grams per tonne: 101 versus 101 estimated by seven analysts on average.Minera Florida, Chile - Average silver grade grams per tonne: 8 compared to the 12 average estimate based on seven analysts.Jacobina, Brazil - Average gold grade grams per tonne: 2 versus the seven-analyst average estimate of 2.El Penon, Chile - Average gold grade grams per tonne: 2 versus 3 estimated by seven analysts on average.View all Key Company Metrics for Pan American Silver here>>>
Shares of Pan American Silver have returned +19% over the past month versus the Zacks S&P 500 composite's +2.1% change. The stock currently has a Zacks Rank #4 (Sell), indicating that it could underperform the broader market in the near term.
Published in earnings earnings-estimates-revisions earnings-surprise
VANCOUVER, British Columbia--(BUSINESS WIRE)--Pan American Silver Corp. (NYSE: PAAS) (TSX: PAAS) ("Pan American" or the "Company") reports second quarter ("Q2 2026") financial results. The Company will host a conference call and webcast on August 13, 2026 to discuss the results; details provided further in this news release. "Pan American delivered another quarter of strong financial results, generating $344 million in Attributable(1) free cash flow," said Michael Steinmann, President and Chief.
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 >>>> .
On August 05, 2026, Pan American Silver Corp (PAAS) shares rose 7.4% to $48.24, reflecting a strong performance amidst a 52-week range of $27.87 to $69.99. This
Wall Street expects a year-over-year increase in earnings on higher revenues when Pan American Silver (PAAS - Free Report) reports results for the quarter ended June 2026. While this widely-known consensus outlook is important in gauging the company's earnings picture, a powerful factor that could impact its near-term stock price is how the actual results compare to these estimates.
The earnings report, which is expected to be released on August 12, might help the stock move higher if these key numbers are better than expectations. On the other hand, if they miss, the stock may move lower.
While the sustainability of the immediate price change and future earnings expectations will mostly depend on management's discussion of business conditions on the earnings call, it's worth handicapping the probability of a positive EPS surprise.
Zacks Consensus EstimateThis silver mining company is expected to post quarterly earnings of $0.86 per share in its upcoming report, which represents a year-over-year change of +100%.
Revenues are expected to be $1.2 billion, up 47.3% from the year-ago quarter.
Estimate Revisions TrendThe consensus EPS estimate for the quarter has been revised 5.57% lower over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period.
Investors should keep in mind that the direction of estimate revisions by each of the covering analysts may not always get reflected in the aggregate change.
Price, Consensus and EPS Surprise
Earnings WhisperEstimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. Our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction) -- has this insight at its core.
The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.
Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only.
A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP.
Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell).
How Have the Numbers Shaped Up for Pan American Silver?For Pan American Silver, the Most Accurate Estimate is lower than the Zacks Consensus Estimate, suggesting that analysts have recently become bearish on the company's earnings prospects. This has resulted in an Earnings ESP of -1.27%.
On the other hand, the stock currently carries a Zacks Rank of #4.
So, this combination makes it difficult to conclusively predict that Pan American Silver will beat the consensus EPS estimate.
Does Earnings Surprise History Hold Any Clue?While calculating estimates for a company's future earnings, analysts often consider to what extent it has been able to match past consensus estimates. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number.
For the last reported quarter, it was expected that Pan American Silver 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 beaten consensus EPS estimates three times.
Bottom LineAn earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss.
That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.
Pan American Silver doesn't appear a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.
Pan American Silver (PAAS - Free Report) closed at $43.73 in the latest trading session, marking a +1.44% move from the prior day. The stock's change was less than the S&P 500's daily gain of 1.48%. Elsewhere, the Dow gained 1.32%, while the tech-heavy Nasdaq added 2.13%.
The silver mining company's shares have seen a decrease of 6.87% over the last month, not keeping up with the Basic Materials sector's loss of 0.04% and the S&P 500's gain of 0.19%.
The investment community will be closely monitoring the performance of Pan American Silver in its forthcoming earnings report. The company is scheduled to release its earnings on August 12, 2026. It is anticipated that the company will report an EPS of $0.86, marking a 100% rise compared to the same quarter of the previous year. Meanwhile, the latest consensus estimate predicts the revenue to be $1.2 billion, indicating a 47.34% increase compared to the same quarter of the previous year.
For the full year, the Zacks Consensus Estimates project earnings of $4.13 per share and a revenue of $5.03 billion, demonstrating changes of +62.6% and +39.08%, respectively, from the preceding year.
Additionally, investors should keep an eye on any recent revisions to analyst forecasts for Pan American Silver. These revisions typically reflect the latest short-term business trends, which can change frequently. Therefore, positive revisions in estimates convey analysts' confidence in the business performance and profit potential.
Based on our research, we believe these estimate revisions are directly related to near-term stock moves. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.
The Zacks Rank system, spanning from #1 (Strong Buy) to #5 (Strong Sell), boasts an impressive track record of outperformance, audited externally, with #1 ranked stocks yielding an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 7.07% lower. Right now, Pan American Silver possesses a Zacks Rank of #5 (Strong Sell).
Looking at valuation, Pan American Silver is presently trading at a Forward P/E ratio of 10.45. This represents no noticeable deviation compared to its industry average Forward P/E of 10.45.
Meanwhile, PAAS's PEG ratio is currently 3.72. The PEG ratio is akin to the commonly utilized P/E ratio, but this measure also incorporates the company's anticipated earnings growth rate. The Mining - Silver was holding an average PEG ratio of 3.72 at yesterday's closing price.
The Mining - Silver industry is part of the Basic Materials sector. Currently, this industry holds a Zacks Industry Rank of 204, positioning it in the bottom 18% of all 250+ industries.
The Zacks Industry Rank assesses the vigor of our specific industry groups by computing the average Zacks Rank of the individual stocks incorporated in 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.
Pan American Silver (PAAS - Free Report) closed at $43.23 in the latest trading session, marking a -2.04% move from the prior day. The stock's change was less than the S&P 500's daily gain of 0.21%. On the other hand, the Dow registered a gain of 1.03%, and the technology-centric Nasdaq decreased by 0.22%.
The stock of silver mining company has fallen by 1.21% in the past month, lagging the Basic Materials sector's loss of 0.46% and the S&P 500's gain of 1.7%.
The upcoming earnings release of Pan American Silver will be of great interest to investors. The company's earnings report is expected on August 12, 2026. The company is expected to report EPS of $0.88, up 104.65% from the prior-year quarter. At the same time, our most recent consensus estimate is projecting a revenue of $1.2 billion, reflecting a 47.34% rise from the equivalent quarter last year.
For the annual period, the Zacks Consensus Estimates anticipate earnings of $4.15 per share and a revenue of $5.03 billion, signifying shifts of +63.39% and +39.08%, respectively, from the last year.
Investors should also pay attention to any latest changes in analyst estimates for Pan American Silver. These recent revisions tend to reflect the evolving nature of short-term business trends. Therefore, positive revisions in estimates convey analysts' confidence in the business performance and profit potential.
Based on our research, we believe these estimate revisions are directly related to near-term stock moves. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.
The Zacks Rank system, ranging from #1 (Strong Buy) to #5 (Strong Sell), possesses a remarkable history of outdoing, externally audited, with #1 stocks returning an average annual gain of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed a 7.07% decrease. As of now, Pan American Silver holds a Zacks Rank of #5 (Strong Sell).
In terms of valuation, Pan American Silver is currently trading at a Forward P/E ratio of 10.64. For comparison, its industry has an average Forward P/E of 10.64, which means Pan American Silver is trading at no noticeable deviation to the group.
Investors should also note that PAAS has a PEG ratio of 3.79 right now. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. The Mining - Silver industry had an average PEG ratio of 3.79 as trading concluded yesterday.
The Mining - Silver industry is part of the Basic Materials sector. This group has a Zacks Industry Rank of 189, putting it in the bottom 24% 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.
Bank of New York Mellon Corp trimmed its holdings in shares of Pan American Silver Corp. (NYSE:PAAS – Free Report) (TSE:PAAS) by 45.0% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 482,208 shares of the basic materials company’s stock after selling 393,989 shares during the quarter. Bank of New York Mellon Corp owned about 0.11% of Pan American Silver worth $26,343,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other institutional investors have also added to or reduced their stakes in PAAS. Vanguard Group Inc. raised its stake in Pan American Silver by 1.6% in the fourth quarter. Vanguard Group Inc. now owns 17,465,779 shares of the basic materials company’s stock valued at $905,513,000 after purchasing an additional 274,168 shares in the last quarter. Invesco Ltd. raised its position in shares of Pan American Silver by 9.8% during the 3rd quarter. Invesco Ltd. now owns 9,898,397 shares of the basic materials company’s stock valued at $383,365,000 after buying an additional 882,135 shares in the last quarter. FIL Ltd raised its position in shares of Pan American Silver by 154.7% during the 4th quarter. FIL Ltd now owns 7,307,777 shares of the basic materials company’s stock valued at $378,872,000 after buying an additional 4,438,478 shares in the last quarter. Norges Bank bought a new stake in shares of Pan American Silver during the 4th quarter worth $303,611,000. Finally, Capital International Investors purchased a new position in Pan American Silver in the fourth quarter worth $215,484,000. 55.43% of the stock is currently owned by institutional investors.
Pan American Silver Stock Performance NYSE PAAS opened at $44.12 on Tuesday. The company has a 50-day simple moving average of $47.85 and a two-hundred day simple moving average of $54.10. The company has a quick ratio of 2.11, a current ratio of 2.84 and a debt-to-equity ratio of 0.11. Pan American Silver Corp. has a 12-month low of $26.76 and a 12-month high of $69.99. The firm has a market cap of $18.40 billion, a price-to-earnings ratio of 14.19, a PEG ratio of 3.90 and a beta of 0.72.
Pan American Silver (NYSE:PAAS – Get Free Report) (TSE:PAAS) last announced its quarterly earnings data on Tuesday, May 5th. The basic materials company reported $1.09 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.06 by $0.03. The firm had revenue of $1.33 billion for the quarter, compared to analysts’ expectations of $1.25 billion. Pan American Silver had a return on equity of 19.50% and a net margin of 31.66%.The company’s revenue for the quarter was up 49.3% compared to the same quarter last year. During the same period last year, the firm earned $0.42 earnings per share. On average, equities analysts forecast that Pan American Silver Corp. will post 4.02 EPS for the current year.
Pan American Silver Announces Dividend The business also recently disclosed a quarterly dividend, which was paid on Monday, June 1st. Shareholders of record on Tuesday, May 19th were given a $0.18 dividend. The ex-dividend date was Tuesday, May 19th. This represents a $0.72 annualized dividend and a yield of 1.6%. Pan American Silver’s payout ratio is presently 23.15%.
Wall Street Analyst Weigh In A number of research analysts recently commented on the company. Scotiabank reissued an “outperform” rating on shares of Pan American Silver in a research note on Tuesday, July 14th. Wall Street Zen lowered Pan American Silver from a “strong-buy” rating to a “buy” rating in a research note on Sunday, July 12th. Jefferies Financial Group cut their price objective on Pan American Silver from $54.00 to $53.00 and set a “hold” rating for the company in a report on Monday, July 6th. Bank of America reduced their price objective on Pan American Silver from $77.00 to $69.00 and set a “buy” rating on the stock in a research report on Thursday, July 9th. Finally, TD Cowen raised Pan American Silver from a “hold” rating to a “buy” rating and raised their price objective for the company from $67.00 to $72.00 in a report on Tuesday, May 12th. Eight equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $70.43.
Read Our Latest Stock Report on Pan American Silver
Pan American Silver Profile (Free Report)
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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Bank of Nova Scotia trimmed its stake in shares of Pan American Silver Corp. (NYSE:PAAS – Free Report) (TSE:PAAS) by 7.0% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 605,882 shares of the basic materials company’s stock after selling 45,310 shares during the period. Bank of Nova Scotia owned approximately 0.14% of Pan American Silver worth $33,135,000 at the end of the most recent reporting period.
Several other institutional investors have also recently bought and sold shares of the stock. Vanguard Group Inc. increased its holdings in Pan American Silver by 1.6% in the fourth quarter. Vanguard Group Inc. now owns 17,465,779 shares of the basic materials company’s stock valued at $905,513,000 after purchasing an additional 274,168 shares during the last quarter. Ninety One UK Ltd boosted its holdings in Pan American Silver by 3.2% during the fourth quarter. Ninety One UK Ltd now owns 2,225,237 shares of the basic materials company’s stock worth $115,290,000 after buying an additional 69,985 shares during the last quarter. Elevatus Welath Management acquired a new position in shares of Pan American Silver during the 4th quarter worth about $3,371,000. Swiss Life Asset Management Ltd increased its stake in shares of Pan American Silver by 46.9% in the 4th quarter. Swiss Life Asset Management Ltd now owns 58,827 shares of the basic materials company’s stock valued at $3,051,000 after acquiring an additional 18,791 shares during the last quarter. Finally, Royal Palms Capital LLC acquired a new stake in shares of Pan American Silver in the 4th quarter valued at approximately $2,170,000. Institutional investors own 55.43% of the company’s stock.
Pan American Silver Stock Down 0.4% Shares of PAAS stock opened at $44.03 on Friday. The firm’s fifty day moving average price is $48.07 and its two-hundred day moving average price is $54.17. The company has a current ratio of 2.84, a quick ratio of 2.11 and a debt-to-equity ratio of 0.11. Pan American Silver Corp. has a 1 year low of $26.76 and a 1 year high of $69.99. The firm has a market capitalization of $18.36 billion, a P/E ratio of 14.16, a PEG ratio of 3.91 and a beta of 0.72.
Pan American Silver (NYSE:PAAS – Get Free Report) (TSE:PAAS) last announced its quarterly earnings data on Tuesday, May 5th. The basic materials company reported $1.09 earnings per share for the quarter, beating the consensus estimate of $1.06 by $0.03. The company had revenue of $1.33 billion during the quarter, compared to analysts’ expectations of $1.25 billion. Pan American Silver had a return on equity of 19.50% and a net margin of 31.66%.Pan American Silver’s revenue for the quarter was up 49.3% compared to the same quarter last year. During the same quarter last year, the company earned $0.42 EPS. On average, equities analysts predict that Pan American Silver Corp. will post 4.02 EPS for the current fiscal year.
Pan American Silver Announces Dividend The business also recently declared a quarterly dividend, which was paid on Monday, June 1st. Shareholders of record on Tuesday, May 19th were given a dividend of $0.18 per share. The ex-dividend date of this dividend was Tuesday, May 19th. This represents a $0.72 annualized dividend and a dividend yield of 1.6%. Pan American Silver’s payout ratio is 23.15%.
Analysts Set New Price Targets PAAS has been the subject of several recent analyst reports. Royal Bank Of Canada reaffirmed an “outperform” rating and issued a $75.00 target price on shares of Pan American Silver in a research note on Tuesday, April 28th. Weiss Ratings downgraded Pan American Silver from a “buy (b)” rating to a “buy (b-)” rating in a research note on Thursday, July 16th. Wall Street Zen lowered Pan American Silver from a “strong-buy” rating to a “buy” rating in a report on Sunday, July 12th. TD Securities upgraded Pan American Silver from a “hold” rating to a “buy” rating and set a $72.00 price target for the company in a report on Monday, May 11th. Finally, Scotiabank reiterated an “outperform” rating on shares of Pan American Silver in a report on Tuesday, July 14th. Eight investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $70.43.
View Our Latest Research Report on Pan American Silver
Pan American Silver Company Profile (Free Report)
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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PAAS weekly chart shows one-week reversal from lower boundary of large falling channel. Source: TradingView Resistance Builds Toward $53.99 That price area looks like it may soon be joined by the falling 50-day moving average at $49.46. The 50-day moving average represents the next key dynamic resistance zone, which was confirmed as resistance during the advance that established the $53.99 swing high. A sustained move above the 50-day moving average would further strengthen the reversal signal. For the health of the long-term trend, the 200-day moving average would need to be reclaimed. Although at first there might be signs of resistance near the average, the completion of recent corrective price action would suggest that it may be reclaimed. Certainly, if the target from the wedge pattern is to be reached, it will need to be.
Weekly Reversal Adds Bigger-Picture Support The weekly chart shows a declining trend channel defining the boundaries of the decline that followed the $69.99 peak in January. A one-week upside reversal triggered this week, establishing a higher weekly high and higher low. Moreover, it occurred from the lower channel boundary, suggesting an eventual approach to the upper boundary of the falling channel.
That higher-time-frame reversal reinforces the bullish signals on the daily chart and supports the potential for the recent correction to have ended. If PAAS can continue to reclaim the resistance levels above, the weekly reversal could provide the foundation for a broader advance toward the upper boundary of the declining channel.
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.
Pan American Silver (PAAS - Free Report) closed at $43.51 in the latest trading session, marking a +1.9% move from the prior day. The stock outperformed the S&P 500, which registered a daily gain of 0.38%. Meanwhile, the Dow gained 0.02%, and the Nasdaq, a tech-heavy index, added 0.9%.
The silver mining company's stock has dropped by 16.23% in the past month, falling short of the Basic Materials sector's loss of 7.88% and the S&P 500's gain of 1.27%.
The investment community will be paying close attention to the earnings performance of Pan American Silver in its upcoming release. The company is slated to reveal its earnings on August 12, 2026. The company's upcoming EPS is projected at $1.02, signifying a 137.21% increase compared to the same quarter of the previous year. Our most recent consensus estimate is calling for quarterly revenue of $1.25 billion, up 53.56% from the year-ago period.
Looking at the full year, the Zacks Consensus Estimates suggest analysts are expecting earnings of $4.31 per share and revenue of $5.04 billion. These totals would mark changes of +69.69% and +39.17%, respectively, from last year.
Investors should also note any recent changes to analyst estimates for Pan American Silver. These revisions typically reflect the latest short-term business trends, which can change frequently. As such, positive estimate revisions reflect analyst optimism about the business and profitability.
Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. To take advantage of this, we've established the Zacks Rank, an exclusive model that considers these estimated changes and delivers an operational rating system.
The Zacks Rank system, ranging from #1 (Strong Buy) to #5 (Strong Sell), possesses a remarkable history of outdoing, externally audited, with #1 stocks returning an average annual gain of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has moved 7.21% lower. Pan American Silver presently features a Zacks Rank of #3 (Hold).
Investors should also note Pan American Silver's current valuation metrics, including its Forward P/E ratio of 9.9. This valuation marks no noticeable deviation compared to its industry average Forward P/E of 9.9.
One should further note that PAAS currently holds a PEG ratio of 3.71. The PEG ratio is akin to the commonly utilized P/E ratio, but this measure also incorporates the company's anticipated earnings growth rate. The Mining - Silver industry had an average PEG ratio of 3.71 as trading concluded yesterday.
The Mining - Silver industry is part of the Basic Materials sector. This industry, currently bearing a Zacks Industry Rank of 57, finds itself in the top 24% echelons of all 250+ industries.
The Zacks Industry Rank gauges the strength of our 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.
VANCOUVER, British Columbia--(BUSINESS WIRE)--Pan American Silver Corp. (NYSE: PAAS) (TSX: PAAS) ("Pan American") will announce its unaudited financial results for the second quarter of 2026 after market close on Wednesday, August 12, 2026. A conference call and webcast are planned for 11:00 am ET (8:00 am PT) on Thursday, August 13, 2026. Second Quarter 2026 Unaudited Financial Results Conference Call and Webcast Date: Thursday, August 13, 2026 Time: 11:00 am ET (8:00 am PT) Webcast: .
Looking for a stock that has been consistently beating earnings estimates and might be well positioned to keep the streak alive in its next quarterly report? Pan American Silver (PAAS - Free Report) , which belongs to the Zacks Mining - Silver industry, could be a great candidate to consider.
When looking at the last two reports, this silver mining company has recorded a strong streak of surpassing earnings estimates. The company has topped estimates by 13.08%, on average, in the last two quarters.
For the most recent quarter, Pan American Silver was expected to post earnings of $1.06 per share, but it reported $1.09 per share instead, representing a surprise of 2.83%. For the previous quarter, the consensus estimate was $0.9 per share, while it actually produced $1.11 per share, a surprise of 23.33%.
Price and EPS Surprise
With this earnings history in mind, recent estimates have been moving higher for Pan American Silver. In fact, the Zacks Earnings ESP (Expected Surprise Prediction) for the company is positive, which is a great sign of an earnings beat, especially when you combine this metric with its nice Zacks Rank.
Our research shows that stocks with the combination of a positive Earnings ESP and a Zacks Rank #3 (Hold) or better produce a positive surprise nearly 70% of the time. In other words, if you have 10 stocks with this combination, the number of stocks that beat the consensus estimate could be as high as seven.
The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a version of the Zacks Consensus whose definition is related to change. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.
Pan American Silver has an Earnings ESP of +3.11% at the moment, suggesting that analysts have grown bullish on its near-term earnings potential. When you combine this positive Earnings ESP with the stock's Zacks Rank #3 (Hold), it shows that another beat is possibly around the corner.
When the Earnings ESP comes up negative, investors should note that this will reduce the predictive power of the metric. But, a negative value is not indicative of a stock's earnings miss.
Many companies end up beating the consensus EPS estimate, but that may not be the sole basis for their stocks moving higher. On the other hand, some stocks may hold their ground even if they end up missing the consensus estimate.
Because of this, it's really important to check a company's Earnings ESP ahead of its quarterly release to increase the odds of success. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.
Pan American Silver Corp (NYSE:PAAS) has seen choppy trading this year, most recently pulling back to familiar support at the $44 level. A fresh, strong bullish signal has the shares looking at a strong bounce off this region, however.
According to Schaeffer's Senior Quantitative Analyst Rocky White, PAAS is trading within 0.75 times the 260-day moving average's 20-day average true range (ATR), after spending at least 80% of the previous two weeks and 80% of the prior 42 trading sessions above that trendline. This setup has appeared nine times over the last decade, after which the stock was higher one month later 100% of the time, averaging a large 15.4% gain. A similar move from the stock's current perch at $44.61 would have it trading at $51.47.
An unwinding of pessimism amongst options traders could provide a tailwind as well. PAAS' 50-day put/call volume ratio of 2.71 at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) ranks higher htan 90% of readings from the past year, showing puts being picked up at a much faster-than-usual rate.
, /PRNewswire/ - Orvana Minerals Corp. (TSX: ORV) (OTCQX: ORVMF) ("Orvana" or the "Company") is pleased to announce the strategic expansion of its land position at the Taguas Project, located in San Juan Province, Argentina, through the acquisition of the Evelina claims (the "Evelina Property") from a subsidiary of Pan American Silver Corp. (NYSE: PAAS; TSX: PAAS), for total consideration of US$1,200,000 (the "Transaction").
Highlights
Figure 1. WorldView‑3 satellite imagery of the Taguas Project footprint (San Juan Province, Argentina) (CNW Group/Orvana Minerals Corp.) The Evelina Property comprises four claims totalling 4,015 hectares, located in the Iglesia Department of San Juan Province, Argentina: Evelina I (Exp. No. 11240381-M-06), Gabriela 1 (Exp. No. 0001-M-96), Gabriela 2 (Exp. No. 0002-M-96), and Gabriela 3 (Exp. No. 0003-M-96). The addition of the Evelina Property increases the Taguas Project's exploration footprint by approximately 123%, from 3,274 to 7,289 hectares. The Evelina Property extends the Taguas Project along the same metallogenic belt, highlighting the potential continuity of a prospective epithermal corridor supported by early geological evidence. The Transaction provides opportunities to expand exploration activities at Taguas while increasing logistical optionality and flexibility for potential future infrastructure development. Juan Gavidia, Chief Executive Officer of Orvana, commented: "As we advance our understanding of the porphyry system at depth at Taguas, we are expanding our land position and strengthening our presence in the district. The Evelina Property acquisition consolidates a continuous land package alongside Taguas, enhancing our geological optionality and increasing flexibility for potential future development."
Evelina Property
The Evelina claims total 4,015 hectares and represent a strategic expansion withinthe same Oligocene–Miocene metallogenic belt that hosts the Cerros Taguas. This addition enhances the Taguas Project's broader geological footprint and reinforces its district-scale exploration potential, particularly for epithermal gold and silver systems.
Evelina East (see Figure 1) is interpreted as the potential southern extension of the Cerros Taguas mineralized corridor and constitutes the most advanced sector within the Evelina claims in terms of historical work. WordView-3 satellite imagery has outlined an epithermal system, consistent with the presence of a hydrothermal system. This geological continuity increases confidence in the potential extension of mineralization beyond the current limits of the Taguas claims.
Evelina West (see Figure 1), by contrast, remains underexplored but presents compelling early-stage indicators of a hydrothermal system. The presence of argillic alteration, with abundant alunite, is consistent with high-sulfidation epithermal environments. The scale and intensity of alteration observed suggest the potential for a concealed mineralized system.
Strategic Context
The Company has expanded its evaluation of the Taguas Project beyond the near-surface oxidized gold-silver resource outlined in the 2021 Preliminary Economic Assessment (dated December 29, 2021, available at www.sedarplus.ca) to include the underlying sulfide mineralization and potential porphyry-style copper-gold mineralization.
The Company completed an updated geological model for the Taguas Project and conducted a geophysical survey, designed to identify potential deeper targets to a depth of 1,500 metres. Results from the geophysical survey, combined with the recent review of historical exploration data have been used to prioritize key targets for the initial deep drilling. The FY2026 program comprised 2 drill holes, totaling 2,173.7 metres drilled. First drill hole TADD-278 reached 1,331.7 metres and second TADD-279, 842 metres.
Petrographic studies completed on drill core samples from hole TADD-278 indicate that the mineralized host rock corresponds to a dacitic porphyry. The analyzed intervals display a well-developed porphyritic texture characterized by quartz, plagioclase and subordinate mafic phenocrysts set within a strongly silicified and sericitized groundmass, consistent with a hydrothermal porphyry system. The studies also identified intense sericitic alteration assemblages dominated by quartz-sericite-pyrite. Ore mineralization is primarily composed of pyrite with associated enargite and/or chalcopyrite, occurring as disseminations and veinlet fillings, further supporting the interpretation of a dacitic porphyry-related hydrothermal system. Detailed information is available in the Company's news releases dated April 8, 2026 and May 27, 2026. Results from drill hole TADD-279 remain pending and will be disclosed as additional data becomes available.
Orvana considers the acquisition of the Evelina Property as part of its broader Taguas Project strategy, as the Company completes the interpretation of results from its FY2026 drilling campaign, continues the evaluation of historical data at Evelina, and advances the design of an integrated exploration program for FY2027.
Transaction Details
Pursuant to the Transaction, Orvana Argentina S.A., a wholly-owned subsidiary of the Company, acquired 100% of the interest in the claims comprising the Evelina Property from a subsidiary of Pan American Silver Corp. on an as-is, where-is basis, for total consideration of US$1,200,000. The Transaction was completed on June 26, 2026, with customary registration formalities remaining.
Qualified Person
The scientific and technical information in this news release has been reviewed and approved by Raúl Alvarez Cifuentes, a Qualified Person as defined under NI 43-101. Mr. Alvarez is an employee of the Company, and therefore is not independent of the Company.
ABOUT ORVANA - Orvana is a multi-mine gold-copper-silver company. Orvana's assets consist of the producing El Valle and Carlés gold-copper-silver mines in northern Spain, the Don Mario gold-silver operation in Bolivia, and the Taguas Project located in Argentina. Additional information is available at Orvana's website (www.orvana.com).
Cautionary Statements – Forward-Looking Information
This news release contains forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking statements include, but are not limited to, statements regarding: (i) the anticipated benefits of expanding Orvana's land position in the Iglesia Department of San Juan Province through the addition of the Evelina Property adjacent to the Taguas Project; (ii) the potential for mineralization continuity between the Evelina Property and the Taguas Project, including within the Evelina East and Evelina West sectors; and (iii) the Company's plans to advance exploration in Argentina, including the October 2026 – April 2027 drilling campaign at Taguas. There can be no assurance that exploration of the Evelina Property will result in the delineation of any mineral resources, or that any mineralization identified will be economically viable.
Forward-looking statements are based on management's current expectations, estimates, projections and assumptions as of the date of this news release and are subject to a number of known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by such statements. Forward-looking statements are not statements of historical fact and are generally identified by words such as "believes", "expects", "plans", "estimates", "intends", "anticipates", "forecasts", "projects", "may", "could", "would", "might" or "will", or similar expressions.
A variety of risks, uncertainties and factors, many of which are beyond the Company's control, could cause actual results to differ materially from those expressed or implied by forward-looking statements. These risks, uncertainties and factors include, among others: the Company's ability to advance exploration at the Evelina Property and the Taguas Project; challenges to the Company's property interests and mineral rights; delays or difficulties in obtaining or maintaining necessary permits and authorizations; the impact of global economic and geopolitical conditions; fluctuations in the prices of gold, silver, and copper; availability of qualified personnel; risks generally associated with mineral exploration and development; the Company's ability to obtain financing on acceptable terms when required; and legislative, regulatory, political, social, and economic developments in the countries in which the Company operates. Additional risks are described in the Company's most recent Management's Discussion and Analysis and Annual Information Form, available under the Company's profile at www.sedarplus.ca.
Forward-looking statements are based on management's current plans, estimates, projections, beliefs and opinions, and except as required by law, the Company does not undertake any obligation to update forward-looking statements. Readers are cautioned not to place undue reliance on forward-looking statements.
Pan American Silver Corp (NYSE:PAAS) has seen choppy trading this year, most recently pulling back to familiar support at the $44 level. A fresh, strong bullish signal has the shares looking at a strong bounce off this region, however.
According to Schaeffer's Senior Quantitative Analyst Rocky White, PAAS is trading within 0.75 times the 260-day moving average's 20-day average true range (ATR), after spending at least 80% of the previous two weeks and 80% of the prior 42 trading sessions above that trendline. This setup has appeared nine times over the last decade, after which the stock was higher one month later 100% of the time, averaging a large 15.4% gain. A similar move from the stock's current perch at $44.61 would have it trading at $51.47.
An unwinding of pessimism amongst options traders could provide a tailwind as well. PAAS' 50-day put/call volume ratio of 2.71 at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) ranks higher htan 90% of readings from the past year, showing puts being picked up at a much faster-than-usual rate.
Pan American Silver is rated a buy, benefiting from surging silver prices, robust Q1 earnings, and a sector-low forward P/E near 10. PAAS achieved a dramatic reduction in all-in sustaining costs (AISC), reporting $6.63/oz in Q1 2026 versus $13.88/oz a year prior. The MAG Silver acquisition and underground mine portfolio have driven higher production and lower costs, positioning PAAS as a low-cost, diversified precious metals producer.
Pan American Silver (PAAS - Free Report) closed the most recent trading day at $45.45, moving +1.02% from the previous trading session. This change outpaced the S&P 500's 0.05% loss on the day. Meanwhile, the Dow experienced a drop of 0.09%, and the technology-dominated Nasdaq saw a decrease of 0.24%.
The silver mining company's stock has dropped by 18.44% in the past month, falling short of the Basic Materials sector's loss of 2.52% and the S&P 500's loss of 1.42%.
The upcoming earnings release of Pan American Silver will be of great interest to investors. It is anticipated that the company will report an EPS of $1.03, marking a 139.53% rise compared to the same quarter of the previous year. Meanwhile, the latest consensus estimate predicts the revenue to be $1.25 billion, indicating a 53.56% increase compared to the same quarter of the previous year.
For the annual period, the Zacks Consensus Estimates anticipate earnings of $4.47 per share and a revenue of $5.04 billion, signifying shifts of +75.98% and +39.17%, respectively, from the last year.
Investors might also notice recent changes to analyst estimates for Pan American Silver. These latest adjustments often mirror the shifting dynamics of short-term business patterns. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the business health and profitability.
Our research shows that these estimate changes are directly correlated with near-term stock prices. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.
The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has shifted 3.93% downward. Right now, Pan American Silver possesses a Zacks Rank of #3 (Hold).
Digging into valuation, Pan American Silver currently has a Forward P/E ratio of 10.06. This expresses a discount compared to the average Forward P/E of 10.1 of its industry.
Also, we should mention that PAAS has a PEG ratio of 0.37. The PEG ratio is akin to the commonly utilized P/E ratio, but this measure also incorporates the company's anticipated earnings growth rate. The Mining - Silver industry currently had an average PEG ratio of 0.37 as of yesterday's close.
The Mining - Silver industry is part of the Basic Materials sector. This group has a Zacks Industry Rank of 93, putting it in the top 39% of all 250+ industries.
The Zacks Industry Rank assesses the strength of our separate industry groups by calculating the average Zacks Rank of the individual stocks contained within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.
Investors might want to bet on Pan American Silver (PAAS - Free Report) , as it has been recently upgraded to a Zacks Rank #2 (Buy). This upgrade is essentially a reflection of an upward trend in earnings estimates -- one of the most powerful forces impacting stock prices.
A company's changing earnings picture is at the core of the Zacks rating. The system tracks the Zacks Consensus Estimate -- the consensus measure of EPS estimates from the sell-side analysts covering the stock -- for the current and following years.
Since a changing earnings picture is a powerful factor influencing near-term stock price movements, the Zacks rating system is very useful for individual investors. They may find it difficult to make decisions based on rating upgrades by Wall Street analysts, as these are mostly driven by subjective factors that are hard to see and measure in real time.
As such, the Zacks rating upgrade for Pan American Silver is essentially a positive comment on its earnings outlook that could have a favorable impact on its stock price.
Most Powerful Force Impacting Stock PricesThe change in a company's future earnings potential, as reflected in earnings estimate revisions, has proven to be strongly correlated with the near-term price movement of its stock. That's partly because of the influence of institutional investors that use earnings and earnings estimates for calculating the fair value of a company's shares. An increase or decrease in earnings estimates in their valuation models simply results in higher or lower fair value for a stock, and institutional investors typically buy or sell it. Their bulk investment action then leads to price movement for the stock.
Fundamentally speaking, rising earnings estimates and the consequent rating upgrade for Pan American Silver imply an improvement in the company's underlying business. Investors should show their appreciation for this improving business trend by pushing the stock higher.
Harnessing the Power of Earnings Estimate RevisionsAs empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock movements, tracking such revisions for making an investment decision could be truly rewarding. Here is where the tried-and-tested Zacks Rank stock-rating system plays an important role, as it effectively harnesses the power of earnings estimate revisions.
The Zacks Rank stock-rating system, which uses four factors related to earnings estimates to classify stocks into five groups, ranging from Zacks Rank #1 (Strong Buy) to Zacks Rank #5 (Strong Sell), has an impressive externally-audited track record, with Zacks Rank #1 stocks generating an average annual return of +25% since 1988. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here >>>> .
Earnings Estimate Revisions for Pan American SilverThis silver mining company is expected to earn $4.65 per share for the fiscal year ending December 2026, which represents no year-over-year change.
Analysts have been steadily raising their estimates for Pan American Silver. Over the past three months, the Zacks Consensus Estimate for the company has increased 2.1%.
Bottom LineUnlike the overly optimistic Wall Street analysts whose rating systems tend to be weighted toward favorable recommendations, the Zacks rating system maintains an equal proportion of "buy" and "sell" ratings for its entire universe of more than 4,000 stocks at any point in time. Irrespective of market conditions, only the top 5% of the Zacks-covered stocks get a "Strong Buy" rating and the next 15% get a "Buy" rating. So, the placement of a stock in the top 20% of the Zacks-covered stocks indicates its superior earnings estimate revision feature, making it a solid candidate for producing market-beating returns in the near term.
You can learn more about the Zacks Rank here >>>
The upgrade of Pan American Silver to a Zacks Rank #2 positions it in the top 20% of the Zacks-covered stocks in terms of estimate revisions, implying that the stock might move higher in the near term.
Pan American Silver (PAAS - Free Report) ended the recent trading session at $51.92, demonstrating a +1.86% change from the preceding day's closing price. The stock's performance was ahead of the S&P 500's daily loss of 0.57%. Meanwhile, the Dow gained 0.64%, and the Nasdaq, a tech-heavy index, lost 1.15%.
The silver mining company's shares have seen a decrease of 7.65% over the last month, not keeping up with the Basic Materials sector's gain of 3.28% and the S&P 500's gain of 2.14%.
The investment community will be closely monitoring the performance of Pan American Silver in its forthcoming earnings report. It is anticipated that the company will report an EPS of $1.08, marking a 151.16% rise compared to the same quarter of the previous year. In the meantime, our current consensus estimate forecasts the revenue to be $1.29 billion, indicating a 58.43% growth compared to the corresponding quarter of the prior year.
Regarding the entire year, the Zacks Consensus Estimates forecast earnings of $4.65 per share and revenue of $5.19 billion, indicating changes of +83.07% and +43.54%, respectively, compared to the previous year.
It is also important to note the recent changes to analyst estimates for Pan American Silver. Such recent modifications usually signify the changing landscape of near-term business trends. Consequently, upward revisions in estimates express analysts' positivity towards the business operations and its ability to generate profits.
Our research demonstrates that these adjustments in estimates directly associate with imminent stock price performance. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional rating system.
The Zacks Rank system, spanning from #1 (Strong Buy) to #5 (Strong Sell), boasts an impressive track record of outperformance, audited externally, with #1 ranked stocks yielding an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has remained steady. As of now, Pan American Silver holds a Zacks Rank of #2 (Buy).
Digging into valuation, Pan American Silver currently has a Forward P/E ratio of 10.95. For comparison, its industry has an average Forward P/E of 11.62, which means Pan American Silver is trading at a discount to the group.
One should further note that PAAS currently holds a PEG ratio of 0.4. Comparable to the widely accepted P/E ratio, the PEG ratio also accounts for the company's projected earnings growth. By the end of yesterday's trading, the Mining - Silver industry had an average PEG ratio of 0.4.
The Mining - Silver industry is part of the Basic Materials sector. This industry, currently bearing a Zacks Industry Rank of 25, finds itself in the top 11% echelons of all 250+ industries.
The Zacks Industry Rank is ordered from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Ensure to harness Zacks.com to stay updated with all these stock-shifting metrics, among others, in the next trading sessions.
VANCOUVER, British Columbia--(BUSINESS WIRE)--Pan American Silver Corp. (NYSE: PAAS) (TSX: PAAS) ("Pan American" or the "Company") reported the voting results from its annual general and special meeting of shareholders held on April 30, 2026, in Vancouver, British Columbia (the "Meeting"). Each of the matters voted upon at the Meeting are described in detail in the Company's Management Information Circular dated March 9, 2026, which is available on the Company's website at https://www.panamericansilver.com/invest/financial-reports-and-filings/.
A total of 290,835,897 common shares were represented at the meeting, being 68.95% of the Company’s issued and outstanding common shares as at the record date. Shareholders voted in favour of all matters brought before the Meeting, including setting the number of directors at ten, the election of management’s nominees as directors, the appointment of auditors for the ensuing year, and the acceptance of the Company’s approach to executive compensation, known as “say-on-pay”.
Election of Directors
Director Nominee
Votes For
Votes Withheld
John Begeman
249,893,726 (99.51%)
1,228,241 (0.49%)
Ignacio Bustamante
250,595,034 (99.79%)
526,933 (0.21%)
Neil de Gelder
241,637,845 (96.22%)
9,484,120 (3.78%)
Chantal Gosselin
249,719,107 (99.44%)
1,402,860 (0.56%)
Charles Jeannes
245,414,875 (97.73%)
5,707,092 (2.27%)
Kimberly Keating
250,159,453 (99.62%)
962,513 (0.38%)
Jennifer Maki
247,223,944 (98.45%)
3,898,023 (1.55%)
Pablo Marcet
250,582,108 (99.79%)
539,858 (0.21%)
Michael Steinmann
250,652,406 (99.81%)
469,559 (0.19%)
Gillian Winckler
244,326,853 (97.29%)
6,795,114 (2.71%)
About Pan American Silver
Pan American is a leading producer of silver and gold in the Americas, operating mines in Canada, Mexico, Peru, Brazil, Bolivia, Chile and Argentina. We also own a 44% joint venture interest in the Juanicipio mine in Mexico, a 100% interest in the Escobal mine in Guatemala that is currently not operating, and we hold interests in exploration and development projects. We have been operating in the Americas for over three decades, earning an industry-leading reputation for sustainability performance, operational excellence and prudent financial management. We are headquartered in Vancouver, B.C. and our shares trade on the New York Stock Exchange and the Toronto Stock Exchange under the symbol "PAAS".
Learn more at panamericansilver.com
Follow us on LinkedIn
VANCOUVER, British Columbia--(BUSINESS WIRE)--Pan American Silver Corp. (NYSE: PAAS) (TSX: PAAS) ("Pan American" or the "Company") today announced an enhanced shareholder return framework (the "Shareholder Return Framework") targeting the return of 35% to 40% of annual Attributable Free Cash Flow(1)(2) to shareholders through a combination of dividends and common share repurchases under Pan American’s normal course issuer bid that began on March 6, 2026 (the "NCIB"). Based on the Shareholder Return Framework target and assuming that the current strong free cash flow generation continues, Pan American anticipates being able to return up to $1 billion to shareholders in 2026.
“The enhanced Shareholder Return Framework underscores our long-standing commitment to balancing financial strength and investment in growth while providing meaningful shareholder returns,” said Michael Steinmann, President and Chief Executive Officer. “With a record liquidity position at the end of March 2026 and strong free cash flow generation, we are well positioned to support our organic growth pipeline while increasing shareholder returns. By accelerating share repurchases, we aim to drive long-term per-share value, increase each shareholder’s exposure to our high-quality portfolio, and grow the dividend per common share over time.”
Under the Shareholder Return Framework for 2026, Pan American expects to pay aggregate dividends of $305 million during the year, paid in equal quarterly installments (currently equivalent to $0.18 per common share per quarter). Excess Attributable Free Cash Flow(1) that is not distributed through dividends will be allocated to common share repurchases, at the Company's discretion, through the NCIB. Repurchased common shares will be cancelled, thereby reducing the number of outstanding common shares of Pan American and enhancing the per-share value. As shares are repurchased and cancelled, the dividend per common share is expected to increase over time to achieve the expected aggregate dividend amount during the year. The declaration of future dividends, including the amount and timing of any such dividends, remain at the discretion of Pan American’s board of directors. The targeted returns under the Shareholder Return Framework will be assessed on an ongoing basis.
A Disciplined Approach to Capital Allocation
The Company’s capital allocation priorities are:
Sustaining Capital and Operational Excellence Continued investment in Pan American’s long-life assets across the Americas to ensure safe, reliable, and efficient operations. Ongoing brownfield exploration supports reserve replacement and mine life extension. Financial Strength and Balance Sheet Flexibility Maintaining a strong balance sheet and ample liquidity to support resilience through market cycles and preserve strategic flexibility. High-Return Organic Growth Investments
Advancing a pipeline of high-quality projects, including: The La Colorada Skarn Project, expected to enhance long-term silver production, margins, and free cash flow. The optimization and potential expansion of the long-life Jacobina mine, which hosts our largest gold mineral reserves and resources. The extension of the shaft at Bell Creek as well as advancing exploration opportunities to extend and expand production at Timmins. Shareholder Returns
An enhanced Shareholder Return Framework that: Provides a base annualized dividend of approximately $305 million for 2026, delivering consistent returns. Pan American has raised the dividend three times over the course of 2025, with the last quarterly dividend declared on May 5, 2026 of $0.18 per common share, representing one of the most attractive dividend payouts amongst primary silver producers. Allocates excess free cash flow to share repurchases, thereby reducing the number of Pan American’s outstanding common shares and driving long-term value per common share by increasing each shareholder’s ownership in the Company’s world-class asset base and improving per-share metrics. Grows the dividend per share by reducing the number of Pan American common shares outstanding through ongoing share repurchases under the NCIB program. Built on a Strong and Distinctive Foundation
Pan American’s approach to capital allocation is supported by:
Leading silver exposure with the largest silver mineral reserves amongst primary silver producers, offering direct leverage to prices. Strong free cash flow generation, driven by disciplined cost management and operational performance. Attributable Free Cash Flow(1)(2) was $488 million in the first quarter of 2026, inclusive of our expected 44% share from Juanicipio’s free cash flow. A robust balance sheet and liquidity position, providing flexibility across commodity cycles. As at March 31, 2026, Pan American reported record cash and short-term investments of $1.6 billion, excluding $199 million of cash attributable to the Company's 44% interest in Juanicipio, and total available liquidity(1) of $2.4 billion. A high-quality organic growth pipeline, supporting long-term value creation. With Pan American's unique leverage to silver, strong financial position, and world-class, high-quality organic growth pipeline, the Company is well positioned to continue generating attractive returns for shareholders.
Notes:
(1) Attributable Free Cash Flow and total available liquidity are non-GAAP measures; please refer to the “Alternative Performance (Non-GAAP) Measures” section of this news release for a description of the composition and usefulness of these non-GAAP measures; please also refer to the Company's Management Discussion & Analysis for the period ended March 31, 2026, for a detailed reconciliation of these measures to the Q1 2026 Financial Statements.
(2) References to "Attributable" refer to the Company's 44% ownership in the Juanicipio joint venture.
About Pan American Silver
Pan American is a leading producer of silver and gold in the Americas, operating mines in Canada, Mexico, Peru, Brazil, Bolivia, Chile and Argentina. We also own a 44% joint venture interest in the producing Juanicipio mine in Mexico, a 100% interest in the Escobal mine in Guatemala that is currently not operating, and we hold interests in exploration and development projects. We have been operating in the Americas for over three decades, earning an industry-leading reputation for sustainability performance, operational excellence and prudent financial management. We are headquartered in Vancouver, B.C. and our shares trade on the New York Stock Exchange and the Toronto Stock Exchange under the symbol "PAAS".
Learn more at panamericansilver.com
Follow us on LinkedIn
Alternative Performance (Non-GAAP) Measures
In this news release, we refer to measures that are non-GAAP financial measures. These measures are widely used in the mining industry as a benchmark for performance, but do not have a standardized meaning as prescribed by IFRS as an indicator of performance, and may differ from methods used by other companies with similar descriptions. These non-GAAP financial measures include:
Attributable Free Cash Flow is calculated as net cash generated from operating activities less sustaining capital expenditures. Free cash flow for the purposes of the Shareholder Return Framework refers to the free cash flow generated in the current year. Free cash flow does not have any standardized meaning prescribed by GAAP and is therefore unlikely to be comparable to similar measures presented by other companies. Pan American and certain investors use this information to evaluate the profitability of Pan American and identify capital that may be available for investment or return to shareholders. Total available liquidity is calculated as cash and cash equivalents plus short-term investments, plus undrawn amounts under the Credit Facility. Total available liquidity does not have any standardized meaning prescribed by GAAP and is therefore unlikely to be comparable to similar measures presented by other companies. Pan American and certain investors use this information to evaluate the liquid financial resources available to the Company. Readers should refer to the "Alternative Performance (non-GAAP) Measures" section of Pan American’s MD&A for the period ended March 31, 2026 for a more detailed discussion of these and other non-GAAP measures and a detailed reconciliation of these measures to the 2026 Annual Financial Statement.
Cautionary Note Regarding Forward-Looking Statements and Information
Certain of the statements and information in this news release constitute "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and "forward-looking information" within the meaning of applicable Canadian provincial securities laws. All statements, other than statements of historical fact, are forward-looking statements or information. Forward-looking statements or information in this news release relate to, among other things: the aggregate value available and expected to be returned to shareholders pursuant to the Shareholder Return Framework, including the aggregate amount of dividends that may be paid to shareholders and the per share amount of such dividends, as well as the number and aggregate value of Pan American’s common shares that may be purchased under the NCIB program; the ability of the Company to continue to achieve anticipated free cash flow and Attributable Free Cash Flow generation and that any such cash flow generation will be sufficient to achieve any particular level of returns to shareholders pursuant to the Shareholder Return Framework; any anticipated benefits from or results of the Shareholder Return Framework; whether future organic growth will be realized and any expected benefits therefrom.
These forward-looking statements and information reflect Pan American’s current views with respect to future events and are necessarily based upon a number of assumptions that, while considered reasonable by Pan American, are inherently subject to significant operational, business, economic and regulatory uncertainties and contingencies. These assumptions include: the impact of inflation and disruptions to the global, regional and local supply chains; tonnage of ore to be mined and processed; future anticipated prices for gold, silver and other metals and assumed foreign exchange rates; the timing and impact of planned capital expenditure projects, including anticipated sustaining, project, and exploration expenditures; the ongoing impact and timing of the court-mandated ILO 169 consultation process in Guatemala; ore grades and recoveries; capital, reclamation estimates; our mineral reserve and mineral resource estimates and the assumptions upon which they are based; prices for energy inputs, labour, materials, supplies and services (including transportation); no labour-related disruptions at any of our operations; no unplanned delays or interruptions in scheduled production; all necessary permits, licenses and regulatory approvals for our operations are received in a timely manner; our ability to secure and maintain title and ownership to mineral properties and the surface rights necessary for our operations; whether Pan American is able to maintain a strong financial condition and have sufficient capital, or have access to capital through our corporate Credit Facility or otherwise, to sustain our business and operations; and our ability to comply with environmental, health and safety laws. The foregoing list of assumptions is not exhaustive.
Pan American cautions the reader that forward-looking statements and information involve known and unknown risks, uncertainties and other factors that may cause actual results and developments to differ materially from those expressed or implied by such forward-looking statements or information contained in this news release and Pan American has made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation: the duration and effect of local and world-wide inflationary pressures and the potential for economic recessions; fluctuations in silver, gold and base metal prices; fluctuations in prices for energy inputs, labour, materials, supplies and services (including transportation); fluctuations in currency markets, such as the Mexican peso ("MXN"), Peruvian sol ("PEN"), Argentine peso ("ARS"), Bolivian boliviano ("BOB"), Canadian dollar ("CAD"), Chilean peso ("CLP") and Brazilian real ("BRL") versus the United States dollar ("USD"); operational risks and hazards inherent with the business of mining (including environmental accidents and hazards, industrial accidents, equipment breakdown, unusual or unexpected geological or structural formations, cave-ins, flooding and severe weather); risks relating to the credit worthiness or financial condition of suppliers, refiners and other parties with whom Pan American does business; inadequate insurance, or inability to obtain insurance, to cover these risks and hazards; employee relations; relationships with, and claims by, local communities and indigenous populations; our ability to obtain all necessary permits, licenses and regulatory approvals in a timely manner; changes in laws, regulations and government practices in the jurisdictions where we operate, including environmental, export and import laws and regulations; changes in national and local government, legislation, taxation, controls or regulations and political, legal or economic developments in Canada, the United States, Mexico, Peru, Argentina, Bolivia, Guatemala, Chile, Brazil or other countries where Pan American may carry on business, including legal restrictions relating to mining, risks relating to expropriation and risks relating to the constitutional court-mandated ILO 169 consultation process in Guatemala; unanticipated or excessive tax assessments or reassessments in our operating jurisdictions; diminishing quantities or grades of mineral reserves as properties are mined; increased competition in the mining industry for equipment and qualified personnel; and those factors identified under the caption "Risks Related to Pan American's Business" in Pan American's most recent form 40-F and Annual Information Form filed with the United States Securities and Exchange Commission and Canadian provincial securities regulatory authorities, respectively.
Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated, described or intended. Investors are cautioned against attributing undue certainty or reliance on forward-looking statements or information. Forward-looking statements and information are designed to help readers understand management's current views of our near- and longer-term prospects and may not be appropriate for other purposes. The Company does not intend, nor does it assume any obligation, to update or revise forward-looking statements or information to reflect changes in assumptions or in circumstances or any other events affecting such statements or information, other than as required by applicable law.
