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.
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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.
VANCOUVER, British Columbia--(BUSINESS WIRE)--Pan American Silver Corp. (NYSE: PAAS) (TSX: PAAS) ("Pan American" or the "Company") reports first quarter ("Q1 2026") financial results. The Company will host a conference call and webcast on May 6, 2026 to discuss the results; details provided further in this news release.
"Q1 delivered solid results, driven by strong production, disciplined cost management, and improved quarter-over-quarter silver and gold prices," said Michael Steinmann, President and Chief Executive Officer. "We are firmly on track to achieve our 2026 guidance, supporting continued momentum in free cash flow generation. In Q1, operations generated $488 million in free cash flow, bringing our cash and short-term investments to a record $1.8 billion, including $199 million attributable to our interest in Juanicipio."
"Supported by a strong balance sheet and free cash flow, we are well positioned to invest in growth while enhancing shareholder returns. Today, the Board approved an updated capital allocation framework, targeting up to $1 billion in returns in 2026, through increased share repurchases alongside our meaningful dividend increase introduced last quarter, as described in detail in a separate news release issued today," said Mr. Steinmann.
"This enhanced framework links shareholder returns to free cash flow while preserving capacity to fund growth, including the expansion of our La Colorada mine. In Q1, we released a revised Preliminary Economic Assessment for the La Colorada Skarn project, highlighting potential annual silver production of more than 19 million ounces during the peak five years from a combination of production from high-grade veins and skarn mineralization, which will make La Colorada one of the largest and lowest cost silver mines in the world. The Board has approved the initial spend of $265 million, out of a total estimated $1.9 billion investment, to begin construction of an internal ramp to access the skarn mineralization, marking a key milestone in advancing this high-quality project."
The following highlights for Q1 2026 include certain measures that are not generally accepted accounting principles ("non-GAAP") financial measures. Please refer to the section titled “Alternative Performance (Non-GAAP) Measures” at the end of this news release for further information on these measures.
Q1 2026 Results:
Revenue of $1.2 billion and Attributable(1) revenue of $1.3 billion, inclusive of the Company's 44% ownership share of revenue from Juanicipio. Revenue was reduced by the build up of approximately 644 thousand ounces of silver in inventory due to the timing of concentrate shipments. Net earnings of $456 million, or $1.08 basic earnings per share. Adjusted earnings(2) of $459 million, or $1.09 basic adjusted earnings per share. Cash flow from operations of $505 million (net of $29 million use of cash for working capital). Attributable(1) cash flow from operations of $582 million, inclusive of the Company's 44% ownership share of cash flow from operations from Juanicipio. Attributable(1) free cash flow(2) of $488 million, inclusive of the Company's 44% ownership share of free cash flow from Juanicipio. Production on track to meet 2026 guidance(3). Attributable(1) silver production was 6.44 million ounces and Attributable(1) gold production was 169.2 thousand ounces. Silver Segment all-in sustaining costs ("AISC")(2)(4) were $6.63 per silver ounce, which is lower than the Company's 2026 Quarterly Operating Outlook(3), reflecting the impact of by-product metals from higher gold prices and a greater contribution of low-cost ounces from Juanicipio. Gold Segment AISC(2)(5) were $1,851 per gold ounce, in line with the Company's 2026 Quarterly Operating Outlook(3). Record high cash and cash equivalents and short-term investments of $1.6 billion as at March 31, 2026, excluding $199 million of cash for the Company's 44% interest in Juanicipio, and total available liquidity(2) of $2.4 billion. Total shareholder returns of $101 million through dividends and share repurchases. ENHANCED SHAREHOLDER RETURN FRAMEWORK
On May 5, 2026, the Company’s Board of Directors approved 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 NCIB that began on March 6, 2026. Based on the Shareholder Return Framework target and assuming that the current strong free cash flow generation continues, Pan American anticipates returning up to $1 billion to shareholders in 2026.
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)(2) that is not distributed through dividends will be allocated to common share repurchases, at the Company's discretion, through the NCIB. Please see the news release dated May 5, 2026 for further details.
A cash dividend of $0.18 per common share, or $76 million in aggregate, with respect to Q1 2026 was declared on May 5, 2026, payable on or about June 1, 2026, to holders of record of Pan American’s common shares as of the close of markets on May 19, 2026. The dividends are eligible dividends for Canadian income tax purposes. The declaration, timing, amount and payment of any future dividends remain at the discretion of the Company’s Board of Directors.
On March 6, 2026, the Company renewed its normal course issuer bid (the "NCIB") until March 5, 2027 for the ability to purchase up to 21,090,323 of its common shares for cancellation. In Q1 2026, 460,200 common shares were repurchased for cancellation under the NCIB at an average price of $54.04 per share for a total consideration of $25 million, leaving 20,630,123 common shares available under the current NCIB.
PAN AMERICAN SILVER APPOINTS IGNACIO BUSTAMANTE TO ITS BOARD OF DIRECTORS
Pan American is pleased to announce that Mr. Ignacio Bustamante was appointed to its Board of Directors at the Company's Annual and Special Meeting of Shareholders held on April 30, 2026.
Mr. Bustamante is the Head of Base Metals for Appian Capital Advisory, based in London. Prior to joining Appian, Mr. Bustamante was CEO and Board Member of Hochschild Mining Plc ("Hochschild") in Lima, Peru (2010-2023), having occupied other positions in Hochschild before his appointment, including as Chief Operating Officer (2008-2010) and General Manager of its Peruvian Operations (2007-2008). Before that, Mr. Bustamante was President of Zemex Corporation (USA), and Chief Financial Officer of Cementos Pacasmayo (Peru). Mr. Bustamante is currently on the Board of Antofagasta plc, and previously held Board positions with Hochschild, Aclara Resources (TSX), Lake Shore Gold (TSX), Scotiabank Peru, Profuturo AFP, Colegio Roosevelt, among others. Mr. Bustamante holds a B.S. in Business and Accounting from Universidad del Pacifico (Peru), and an MBA from Stanford University (USA).
PROJECT UPDATES
In Q1 2026, the Company invested $27 million of project capital at the following operations: Juanicipio, La Colorada, Jacobina, Huaron, Timmins, Cerro Moro and Shahuindo. Progress achieved on the main projects during Q1 2026 is described below.
La Colorada, Mexico
In addition to continued exploration drilling of the La Colorada vein mine, the Company invested $8 million of project capital on the La Colorada Skarn Project in Q1 2026, largely for exploration and in-fill drilling and advancing engineering work. The Company announced the results of a revised Preliminary Economic Assessment (“Revised PEA”) for the future development of the 100% owned La Colorada property on March 24, 2026. The Revised PEA includes a portion of the mineral resources from the La Colorada vein mine, mainly comprised of inferred mineral resources, as well as high-grade portions of the skarn deposit mineral resources. The Revised PEA envisions combining development of the newly identified silver mineral resource in the eastern Candelaria area of the existing La Colorada mine concurrently with the higher grade portions of the skarn deposit, using conventional long-hole open stoping, and the construction of a new, 15,000 tonnes per day plant (the “La Colorada Skarn Project”). Production from the existing La Colorada vein mineral reserves would continue throughout construction, commissioning and well into the operation of the La Colorada Skarn Project, resulting in an overall expansion of La Colorada (collectively, the “Expanded La Colorada Mine”). The Expanded La Colorada Mine is anticipated to significantly increase silver production, averaging 19.1 million ounces annually during the peak five years following construction and ramp-up, and extend mine life. The Company anticipates that it will release an updated technical report within 45 days of the March 24, 2026 news release.
On April 27, 2026, the Company’s Board of Directors approved $265 million of project capital to be spent over the next five years to complete one of the critical path works of developing a decline to access the skarn deposit that will be initiated from the existing vein mine 588RL drift (approximately 588 metres below surface) (the "588 Decline Project"). The 588 Decline Project primarily involves 12.4 kilometres of decline and required ancillary development to access the three Skarn deposits (901, 902, and 903), provide development for ventilation and to ultimately connect to the bottom of an "East Hoisting Shaft" at approximately 1,350 metres below surface, which would be sunk within the same period. In addition, the 588 Decline Project will include installation of strategically staged dewatering pump stations and necessary power supply that will form a key part of the life-of-mine dewatering and power supply needs for the entire mine. The Company now anticipates spending between $92 to $95 million on the La Colorada Skarn Project in 2026, including spending on the 588 Decline Project, an increase of $45 million from the original $47 to $50 million guidance disclosed in Pan American's MD&A dated February 18, 2026. In addition to the 588 Decline Project, the Company will continue advancing engineering to allow for staged approvals of other critical path items to achieve the production timeline presented in the Revised PEA.
Jacobina, Brazil
In Q1 2026, project capital of $12 million was focused on enhancing infrastructure and making certain plant improvements, while advancing studies for overall long-term operational optimizations. The key project advances during Q1 2026 included: construction of two new carbon-in-pulp tanks, improvements to the tailings pump system, engineering for upgrading the main substation and motor control center, and further exploration in-fill drilling activities directed towards expanding the mineral reserve and mineral resource base. In addition, the process plant optimization program, focused on streamlining and simplifying the process plant flow sheet, is progressing through conceptual engineering. A significant evaluation of this intensive brownfield project is being undertaken to develop an approach to upgrade the existing process plant circuitry and remove obsolete equipment in isolated stages to avoid significant disruptions to ongoing operations. Meanwhile, a filtration plant, filtered tailings stack, and temporary mine paste backfill preparation plant are being evaluated independently of the process plant upgrade projects. The conceptual engineering phase of these projects is nearing completion and will advance into detailed engineering over the next few months.
Escobal, Guatemala
The government of Guatemala continued to hold meetings for the Escobal ILO 169 consultation process. The Ministry of Energy and Mines ("MEM") has not provided a schedule to conclude the consultation process, but has indicated that it held several meetings with the Xinka Parliament in preparation for further bilateral meetings between government institutions and the Xinka Parliament. Members of the Xinka Parliament and the MEM visited the Escobal mine in March 2026 to conduct another inspection of ongoing care and maintenance activities and to confirm compliance with the court-ordered suspension. There is currently no date for a restart of operations at the Escobal mine.
CONSOLIDATED FINANCIAL AND OPERATIONAL RESULTS
March 31,
2026
March 31,
2025
Weighted average shares during period (thousands)
421,849
362,408
Shares outstanding end of period (thousands)
421,424
362,190
Three months ended
March 31,
Unit
2026
2025
FINANCIAL
Revenue
$M
$
1,154
$
773
Net earnings
$M
$
456
$
169
Basic earnings per share(1)(2)
$/share
$
1.08
$
0.47
Adjusted earnings(2)
$M
$
459
$
153
Basic adjusted earnings per share(1)(2)
$/share
$
1.09
$
0.42
Cash flow from operations
$M
$
505
$
177
ATTRIBUTABLE FINANCIAL(3)
Revenue
$M
$
1,332
$
771
Cash flow from operations
$M
$
582
$
176
Sustaining capital expenditures(4)
$M
$
(94
)
$
(62
)
Free cash flow(2)
$M
$
488
$
114
ATTRIBUTABLE PRODUCTION(3)
Silver Production
koz
6,435
5,003
Gold Production
koz
169.2
182.2
Zinc Production
kt
15.2
14.0
Lead Production
kt
7.9
6.7
Copper Production
kt
0.7
0.6
AISC(2)(3)
Silver Segment
$/Oz
$
6.63
$
13.88
Gold Segment
$/Oz
$
1,851
$
1,485
AVERAGE REALIZED PRICES(5)
Silver
$/Oz
$
89.43
$
31.25
Gold
$/Oz
$
4,859
$
2,868
Zinc
$/t
$
3,750
$
2,819
Lead
$/t
$
2,076
$
1,974
Copper
$/t
$
14,496
$
9,287
2026 OPERATING OUTLOOK
Based on production and costs to date, the Company reaffirms its 2026 Operating Outlook for silver and gold production, zinc, lead and copper ("base metal") production, Silver Segment and Gold Segment AISC, and sustaining capital expenditures, as provided in the Company's MD&A dated February 18, 2026. Following the release of a revised Preliminary Economic Assessment for the La Colorada Skarn Project in Q1 2026, the Company now anticipates spending between $92 to $95 million in 2026 to advance the La Colorada Skarn Project, an increase of $45 million from the original $47 to $50 million guidance, as described in the "Project Updates" section, thus is increasing full year consolidated project capital expenditures to be between $240 and $255 million from the original $195 to $210 million guidance. The Company reiterates its production and cost guidance, but now expects gold production to be more heavily weighted to the fourth quarter of 2026 than originally indicated in its 2026 Quarterly Operating Outlook, as some production from the second quarter is expected to be deferred to the fourth quarter.
Please see Pan American's MD&A dated February 18, 2026, for further detail on the Company's 2026 Operating Outlook, including the original breakdown of the 2026 Operating Outlook by quarter. Please also refer to the Cautionary Note Regarding Forward-Looking Statements and Information at the end of this news release.
2026 Annual Guidance
Attributable Silver Production (million ounces)
25 - 27
Attributable Gold Production (thousand ounces)
700 - 750
Silver Segment AISC(1) ($ per ounce)
15.75 - 18.25
Gold Segment AISC (1) ($ per ounce)
1,700 - 1,850
Sustaining Capital Expenditures ($ millions)
320 - 340
Project Capital Expenditures ($ millions)
240 - 255
AISC, Cash Costs, adjusted earnings, basic adjusted earnings per share, sustaining and project capital, Attributable revenue, Attributable cash flow from operations, Attributable free cash flow, and working capital are non-GAAP financial measures. Please refer to the "Alternative Performance (non-GAAP) Measures" section of this news release for further information on these measures.
This news release should be read in conjunction with Pan American's Audited Consolidated Financial Statements and our MD&A for the year ended March 31, 2026. This material is available on Pan American’s website at https://panamericansilver.com/invest/financial-reports-and-filings/ on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov.
CONFERENCE CALL AND WEBCAST
Date: Wednesday, May 6, 2026
Time: 8:00 am ET (5:00 am PT)
Webcast: https://event.choruscall.com/mediaframe/webcast.html?webcastid=tTx2MVcP
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:
1-833-752-3507 (toll-free in Canada and the U.S.)
1-647-846-7282 (international participants)
Web Phone https://hd.choruscall.com
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 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:
Adjusted earnings and basic adjusted earnings per share. Pan American believes that these measures better reflect normalized earnings as they eliminate items that in management's judgment are subject to volatility as a result of factors, which are unrelated to operations in the period, and/or relate to items that will settle in future periods. Attributable revenue, Attributable cash flow from operations, and Attributable free cash flow. Any reference to "Attributable" in this news release should be understood to reflect the Company's ownership share of results, which includes results from the operations that the Company has a 100% ownership interest in as well as from the operations, specifically the Juanicipio mine and the San Vicente mine, that the Company does not own a 100% interest in. Free cash flow is calculated as net cash generated from operating activities less sustaining capital expenditures. 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. AISC. Any reference to “AISC” in this news release should be understood to mean all-in sustaining costs per silver or gold ounce sold, net of impact from by-product metals (respectively, the "Silver Segment AISC" or "Gold Segment AISC"), presented on an Attributable basis. Pan American believes that AISC, calculated net of by-products, is a more comprehensive measure of the cost of operating our consolidated business, given it includes the cost of replacing silver and gold ounces through exploration, the cost of ongoing capital investments at current operations ("sustaining capital"), as well as other items that affect the Company’s consolidated cash flow. AISC excludes capital investments that are expected to increase production levels or mine life beyond those contemplated in the base case life-of-mine plan ("project capital"). Working capital is calculated as current assets less current liabilities. Working capital 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 whether Pan American is able to meet its current obligations using its current assets. 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. Project capital refers to investments that are expected to increase production levels or mine life beyond those contemplated in the base case life-of-mine plan. Project capital 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 capital investments that are directed at increasing production levels or mine life beyond those contemplated in the base case life-of-mine plan. 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: future financial or operational performance, including our estimated production of silver, gold and other metals forecasted for 2026, our estimated AISC, and our sustaining and project capital expenditures in 2026; any anticipated benefits resulting from project capital expenditures; the anticipated dividend payment date of March 13, 2026; Juanicipio's expected contributions, including with respect to free cash flow, silver production, and a decrease in Silver Segment AISC; the development of the La Colorada Skarn, including the proposed phased approach and discussions regarding a potential partnership, and any anticipated benefits to be derived therefrom; expectations regarding the release of an updated technical report in the second quarter of 2026 to include a preliminary economic assessment of the phased development approach for the Skarn project; expectations regarding the ILO 169 consultation process with respect to Escobal; and Pan American’s plans and expectations for its properties and operations.
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.
Pan American Silver (PAAS - Free Report) came out with quarterly earnings of $1.09 per share, beating the Zacks Consensus Estimate of $1.06 per share. This compares to earnings of $0.42 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of +2.59%. A quarter ago, it was expected that this silver mining company would post earnings of $0.9 per share when it actually produced earnings of $1.11, delivering a surprise of +23.33%.
Over the last four quarters, the company has surpassed consensus EPS estimates three times.
Pan American Silver, which belongs to the Zacks Mining - Silver industry, posted revenues of $1.15 billion for the quarter ended March 2026, missing the Zacks Consensus Estimate by 7.38%. This compares to year-ago revenues of $773.2 million. The company has topped consensus revenue estimates two times 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 1.4% since the beginning of the year versus the S&P 500's gain of 5.2%.
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 mixed. 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 #3 (Hold) for the stock. So, the shares are expected to perform in line with 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 $1.10 on $1.3 billion in revenues for the coming quarter and $4.45 on $5.19 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 35% 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.
Compass Minerals (CMP - Free Report) , another stock in the broader Zacks Basic Materials sector, has yet to report results for the quarter ended March 2026. The results are expected to be released on May 6.
This minerals producer is expected to post quarterly earnings of $0.66 per share in its upcoming report, which represents a year-over-year change of +4.8%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.
Compass Minerals' revenues are expected to be $411.89 million, down 16.7% from the year-ago quarter.
Pan American Silver (PAAS - Free Report) reported $1.15 billion in revenue for the quarter ended March 2026, representing a year-over-year increase of 49.3%. EPS of $1.09 for the same period compares to $0.42 a year ago.
The reported revenue represents a surprise of -7.38% over the Zacks Consensus Estimate of $1.25 billion. With the consensus EPS estimate being $1.06, the EPS surprise was +2.59%.
While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.
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:
Average Realized Prices per ounce - Gold: $4,859.00 versus the eight-analyst average estimate of $4,798.77.Average Realized Prices per ounce - Silver: $89.43 versus $82.06 estimated by eight analysts on average.Ounces Produce - Gold (Silver and Gold Production): 169.20 Koz versus the seven-analyst average estimate of 171.99 Koz.Ounces Produce - Silver (Silver and Gold Production): 6,435.00 Koz versus the seven-analyst average estimate of 6,395.29 Koz.Ounce Production - La Colorada Operation - Gold: 1.10 Koz versus 0.64 Koz estimated by seven analysts on average.Ounce Production - La Colorada Operation - Silver: 1,567.00 Koz versus the seven-analyst average estimate of 1,454.31 Koz.Ounce Production - Huaron Operation - Silver: 706.00 Koz versus the seven-analyst average estimate of 812.67 Koz.Ounce Production - San Vicente Operation - Silver: 637.00 Koz versus the seven-analyst average estimate of 623.26 Koz.Ounce Production - Dolores Operation - Silver: 125.00 Koz versus 117.95 Koz estimated by seven analysts on average.Ounce Production - Dolores Operation - Gold: 4.80 Koz versus the seven-analyst average estimate of 5.04 Koz.Ounce Production - Shahuindo Operation - Silver: 44.00 Koz compared to the 56.37 Koz average estimate based on seven analysts.Ounce Production - Shahuindo Operation - Gold: 26.90 Koz versus the seven-analyst average estimate of 28.56 Koz.View all Key Company Metrics for Pan American Silver here>>>
Shares of Pan American Silver have returned -8.7% over the past month versus the Zacks S&P 500 composite's +9.5% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.
Strategic acquisition of ~11,754 hectares connect EDM’s northern and southern corridors into a unified district-scale systemConsolidated land position increases by more than 50%, from ~21,800 hectares to ~33,500 hectaresProperties acquired from a Pan American Silver subsidiary include prior mapping, trenching, limited drilling and technical datasets
TORONTO, May 07, 2026 (GLOBE NEWSWIRE) -- Fredonia Mining Inc. (“Fredonia” or the “Company”) (TSXV: FRED) is pleased to announce that it has completed the acquisition (the “Transaction”) of a group of strategically located mineral properties from a subsidiary of Pan American Silver Corp. (“Pan American Silver”), contiguous with its flagship El Dorado–Monserrat (“EDM”) gold-silver project in the Deseado Massif, Santa Cruz Province, Argentina.
The acquired properties comprise approximately 11,754 hectares and include the Jaguel I, Mamuel I, Mamuel II, Curru Cura II, Curru Cura III and Cahuel I mining properties and rights. When combined with the Company’s previously announced district land package of approximately 21,800 hectares, the Transaction expands Fredonia’s consolidated land position to approximately 33,500 hectares, representing an increase of more than 50%. The Transaction is a significant step in Fredonia’s district consolidation strategy, connecting the previously defined northern and southern mineralized corridors of the EDM system, adding ground with meaningful prior exploration work, and strengthening the Company’s control over a continuous structural trend in one of Argentina’s most prolific precious metals districts.
“This acquisition represents a key milestone in the evolution of our strategy at El Dorado–Monserrat,” said Estanislao Auriemma, Chief Executive Officer of Fredonia. “By adding approximately 11,754 hectares and expanding our consolidated district position to approximately 33,500 hectares, we have taken an important step toward connecting the northern and southern corridors of the system and controlling a continuous, highly prospective structural trend. Importantly, these properties come with prior exploration work, including mapping, trenching and limited drilling, giving us a valuable technical starting point as we integrate this ground into our broader district-scale model. Together with Judite, which places us immediately adjacent to Cerro Vanguardia, this Transaction strengthens our view that EDM has the potential to be evaluated and advanced as a true district-scale gold-silver opportunity.”
Scaling Up
Fredonia believes this acquisition marks a step-change in the scale and strategic coherence of the EDM district. The Company has now assembled a substantially larger and more continuous land position across the interpreted structural corridor that hosts the EDM mineral system. This acquisition builds upon Fredonia’s recent consolidation of the Judite and Saturno properties. Judite is contiguous with EDM and lies immediately adjacent to the western boundary of the Cerro Vanguardia mining area, while Saturno extends the Company’s position to the south of the EDM district. Together, EDM, Judite, Saturno and the newly acquired Pan American Silver properties provide Fredonia with a more integrated district-scale platform from which to evaluate geological continuity, prioritize exploration, and advance future development scenarios.
Strategic & Technical Rationale
The acquisition of the PAS properties represents a critical step in the consolidation of the El Dorado Monserrat (“EDM”) district, effectively bridging Fredonia’s northern and southern exploration corridors into a single, coherent land position. This integration allows the Company to transition from evaluating isolated targets to advancing a unified district-scale exploration model, a key factor in structurally controlled, low-sulphidation epithermal systems where mineralization is often distributed across multiple veins, splays, breccias, alteration zones and covered extensions.
The newly acquired ground is interpreted to cover important continuations of the broader structural architecture that hosts mineralization at EDM. By securing these extensions, Fredonia is now positioned to systematically evaluate structural continuity across the district, unlock previously fragmented exploration vectors and generate new targets along underexplored and potentially concealed trends.
Importantly, these properties come with an existing technical foundation. Historical activities such as geological mapping, trenching, and limited drilling provide valuable datasets that reflect meaningful prior investment in early-stage target development. The Company intends to validate and integrate this information into its district-scale geological and structural model to enhance targeting efficiency and accelerate exploration across the expanded land package.
Within the newly incorporated area, the Fatiga target emerges as a priority exploration zone based on its compelling geological characteristics. Field observations and preliminary interpretations suggest a well-defined relationship between a subvolcanic hypabyssal intrusive body, a late-stage endogenous dome, and associated hydrothermal activity consistent with a porphyry-style mineralizing system.
The system exhibits a broad alteration halo, particularly to the west and north of the target, and is interpreted as an eroded intrusive complex. This interpretation suggests the presence of a structurally uplifted block relative to the Monserrat system, with preserved paleosurface features that are considered favourable in epithermal environments, where vertical metal zonation and fluid pathways play a critical role in mineral deposition.
Additional exploration potential is supported by the presence of phreatic hydrothermal breccias and evidence of disseminated mineralization within altered zones, both of which may represent vectors toward more concentrated mineralized centres at depth or along structural intersections.
The broader EDM district is located within the Deseado Massif, a highly prospective precious metals province hosting multiple epithermal gold-silver deposits, including the nearby Cerro Vanguardia mine. The district is characterized by favourable Jurassic volcanic host rocks, well-developed structural corridors, silicification, quartz veining and pathfinder geochemistry, all of which support continued systematic exploration. Through this acquisition, and together with the previously secured Judite property, Fredonia has significantly strengthened its land position in direct proximity to Cerro Vanguardia while enhancing the overall scale, continuity and geological coherence of the EDM district.
Fredonia’s flagship EDM project currently hosts a measured and indicated mineral resource of approximately 2.25 million ounces of gold equivalent, as defined in the Company’s NI 43-101 technical report (See Table 1 below). The Company is advancing a Preliminary Economic Assessment (PEA) in parallel with an ongoing 10,000-metre drill program focused on both resource expansion and infill drilling. The integration of the PAS properties materially enhances Fredonia’s ability to explore beyond the current resource footprint and reinforces the potential for long-term resource growth across a now fully consolidated district-scale system.
Table 1
CategoryKtons Au Eq*Au g/tAg g/t Au Eq* Au Ag g/tMoz Moz Moz NorthMeasured35,554.40.930.6620.261.0640.75623.159 Indicated36,481.30.810.5618.520.9500.66021.721 SouthMeasured1,406.10.750.5812.640.0340.0260.571 Indicated7,906.30.780.6014.220.1990.1513.616 TOTAL (M&I)81,348.13.272.465.642.2471.59349.067 Gold equivalent grade (Au Eq) is derived using a gold price of US$1,800/oz, and silver metal price US$24/oz. Au Eq assumes Au and Ag recoveries of 90.0%. The limited metallurgical studies by Fredonia to date (selective Bottle rolls from Main Veins material) have indicated high (>90%) recovery of gold in oxide material. The Cerro Vanguardia mine to the east of EDM with similar mineralization reports recoveries higher than 90% for Au. Accordingly, the formula used for Au Eq is: Au Eq (g/t) = Au (g/t) + [Ag (g/t) x (24/1,800) x (0.9/0.9)]
Additional disclosure with respect to exploration and sampling information used as the basis for the mineral resource estimate disclosed herein, verification of the relevant data by a qualified person, and other parameters applicable to the mineral resource estimate can be found in the Company’s technical report titled “Maiden Mineral Resource Estimate on the El Dorado Monserrat Property, Gold and Silver Project, Santa Cruz Province, Argentina, NI 43-101 Technical Report” dated November 14, 2024 and prepared by Mario Alfaro, P. Geo., and Fernando Ganem, P. Geo. The report is available on the Company’s profile on SEDAR+ at www.sedarplus.ca.
Transaction Details
Under the terms of the Transaction, Fredonia has acquired a 100% interest in the properties, subject to certain retained royalties applicable only to the acquired properties. Total cash consideration of US$225,000 is payable in instalments of US$75,000 on closing, US$75,000 on or before the first anniversary of the closing date, and US$75,000 on or before the second anniversary of the closing date. The acquired properties are subject to a 1.5% net smelter return (“NSR”) royalty and an additional 0.3% NSR royalty capped at a maximum of US$800,000, both of which apply exclusively to the acquired properties and do not affect the existing EDM resource. The Transaction includes customary security provisions associated with deferred payment structures and has been completed with no further approvals required.
Fernando Ganem, P. Geo., is a qualified person as defined by Canadian National Instrument 43-101. Mr. Ganem is independent of the Company, visited the property and has read and approved the technical contents of this release.
About Fredonia
Fredonia holds gold and silver license areas totaling approximately 64,000 ha. in the prolific Deseado Massif geological region in the Province of Santa Cruz, Argentina, including its flagship advanced EDM project (approx. 33,500 ha.) located close to AngloGold Ashanti’s approximately 200,000 oz./yr Au-Ag Cerro Vanguardia mine, the El Aguila project (approx. 9,100 ha.), and the Hornia project (approx. 21 500 ha).
For further information: Please visit the Company’s website at www.fredoniamanagement.com or contact: Estanislao Auriemma, Chief Executive Officer, Direct +54 91 149 980 623, Email: [email protected].
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains “forward-looking information” within the meaning of the applicable Canadian securities legislation that is based on expectations, estimates, projections and interpretations as at the date of this news release. The information in this news release about the prospectivity of the newly acquired properties and the greater EDM Project for mineralization, the prospectivity for further gold-silver mineralization at the EDM Project based on proximity to existing known systems in the Deseado Massif, the strategic importance of the acquired properties in the context of connecting known mineralized structures, the Company’s financial resources and ability to execute its plans, planned drilling programs and studies, and any other information herein that is not a historical fact, may be “forward-looking information”. Any statement that involves discussions with respect to predictions, expectations, interpretations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “interpreted”, “management’s view”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information and are intended to identify forward-looking information. This forward-looking information is based on reasonable assumptions and estimates of management of the Company at the time such assumptions and estimates were made, and involves known and unknown risks, uncertainties or other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward -looking information. Such factors include, among others, the actual results of drilling, and of engineering and metallurgical tests conducted in the course of the Company’s activities, unforeseen expenditures and the ability to finance operations, volatility in the trading price of the Common Shares, risks relating to the ability of the Company to obtain required approvals, the global economic climate, new and ongoing wars, and metal prices. Although the forward-looking information contained in this news release is based upon what management believes, or believed at the time, to be reasonable assumptions, the Company cannot guarantee shareholders and prospective purchasers of securities of the Company that actual results will be consistent with such forward-looking information, as there may be other factors that cause results not to be as anticipated, estimated or intended, and neither Company nor any other person assumes responsibility for the accuracy and completeness of any such forward looking information. The Company does not undertake, and assumes no obligation, to update or revise any such forward-looking statements or forward-looking information contained herein to reflect new events or circumstances, except as may be required by law. Accordingly, readers should not place undue reliance on forward-looking statements and information.
Photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/b67c5cb2-b7a2-4ba1-ab28-64b19703847e
On May 11, 2026, Pan American Silver Corp PAAS shares rose 5.3% today, bringing the current price to $62.29. The stock has experienced a remarkable performance over the past year, with a 132.3% increase. However, it is essential to consider the broader context, including the 52-week range, which saw a low of $22.08 and a high of $69.99.
GF Value™ verdict: Current price of $62.29 is 95.7% above GF Value™ of $31.83.GF Score™ is 74/100, indicating an above-average ranking in terms of potential long-term returns.Most notable signal: The Financial Strength score of 8/10 suggests a robust financial position. Is PAAS Overvalued or Undervalued? The current price of Pan American Silver Corp PAAS at $62.29 is significantly above the GF Value™ estimate of $31.83, indicating that the stock is 95.7% overvalued. This substantial margin of safety suggests that investors may face considerable risks if they decide to invest at this price point. The GF Valuation label categorizes PAAS as "Significantly Overvalued," which warns potential investors to exercise caution. GF Value™ is GuruFocus' proprietary measure of intrinsic value, calculated from historical trading multiples, past business growth, and future performance estimates.
Investors may want to consider the implications of this overvaluation. If the stock's price continues to rise without a corresponding increase in intrinsic value, it may face a correction in the future. Therefore, while there may be short-term trading opportunities, the long-term investment landscape appears challenging at the current price level.
How Does PAAS's Valuation Compare to Its History? Metric Current Historical P/E (TTM) 20.0x 24.9x Forward P/E 14.3x N/A The current P/E (TTM) of 20.0x is below its 5-year median P/E of 24.9x, indicating that the stock is trading at a lower valuation compared to its historical averages. However, the forward P/E of 14.3x suggests a more favorable outlook for future earnings. This P/E analysis generally agrees with the GF Value™ verdict, reinforcing the notion that PAAS is currently overvalued based on its historical trading multiples.
What Does PAAS's GF Score™ Tell Us? Metric Rating GF Score™ 74 Financial Strength 8/10 Profitability 7/10 Growth 6/10 Valuation 3/10 Momentum 3/10 The GF Score™ of 74/100 indicates that Pan American Silver Corp has solid fundamentals, particularly in Financial Strength (8/10) and Profitability (7/10). However, the Valuation (3/10) and Momentum (3/10) scores reveal weaknesses that align with the overvaluation observed in the GF Value™ analysis. Overall, while the financial health of PAAS appears strong, its current market price does not reflect its intrinsic value.
What Are Insiders Doing with PAAS Stock? There have been no insider transactions in the last three months for Pan American Silver Corp. This lack of activity may suggest that insiders are not currently confident in the stock's valuation or future performance, which could be indicative of broader concerns about the company's market position and valuation. Without insider buying, there is less indication of bullish sentiment from those closest to the company.
What This Means for Investors Based on the GF Value™ estimate, Pan American Silver Corp PAAS is currently overvalued, presenting significant risks for potential investors. While the company has a solid financial foundation, the substantial gap between its market price and intrinsic value suggests caution is warranted.
For the complete analysis, visit the Pan American Silver Corp PAAS stock page. You can also explore the GF Value™ page for detailed valuation methodology, or use the GuruFocus Stock Screener to find similar opportunities.
Frequently Asked Questions What is PAAS's GF Score™?
PAAS's GF Score™ is 74/100, indicating an above-average ranking based on key investment factors, suggesting potential for solid long-term returns.
Is PAAS overvalued or undervalued?
PAAS is currently overvalued based on the GF Value™ estimate, with a significant margin above its intrinsic value.
What is PAAS's P/E ratio?
PAAS has a P/E ratio of 20.0x (TTM), which is below its 5-year median of 24.9x, indicating it is trading at a lower valuation relative to its historical norms.
This stock alert was generated using automated technology and GuruFocus financial data to provide readers with timely and accurate market reporting. This content was reviewed by GuruFocus editorial team prior to publication. Please send any questions or comments about this story to [email protected].
VANCOUVER, British Columbia--(BUSINESS WIRE)--Pan American Silver Corp. (NYSE: PAAS) (TSX: PAAS) ("Pan American") will host an Investor Day on Monday, June 1, 2026 in Toronto, Ontario from 1:00 to 4:00 pm ET during which Pan American's executive management team will provide detailed presentations on Pan American's strategy, operations, growth projects and exploration activities. The event will include a question-and-answer session with management.
Webcast details:
Date: Monday, June 1, 2026
Time: 1:00 pm ET
Registration link: https://reg.lumiengage.com/pan-american-silver-ir-day/reg-en/Site/Register
The presentation slides and a recording of the webcast will be available at https://panamericansilver.com/invest/events-and-presentations/.
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
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VANCOUVER, British Columbia--(BUSINESS WIRE)--Pan American Silver Corp. (NYSE: PAAS) (TSX: PAAS) ("Pan American" or the "Company") today released its 2025 Sustainability Report (the "Report"), highlighting the Company's approach and performance in key environmental, social and governance ("ESG") areas. Spanish and Portuguese versions of the Report will be available shortly.
Highlights of Pan American's 2025 ESG performance include:
Surpassed the annual greenhouse gas emissions ("GHG") reduction target, which keeps the Company on track to reduce its global Scope 1 and 2 GHG emissions by at least 30% by 2030(1). Increased the International Renewable Energy Certificates (iRECs) coverage to six mine sites, adding El Peñon, Jacobina and Shahuindo in 2025. Rehabilitated 62 hectares of land on- and off-site across our operations, exceeding the Company’s annual biodiversity goal. Invested US$20.4 million in community programs, including three new local economic development initiatives, while also continuing to focus on health and education programs. Achieved 95% retention of women employees, while continuing to implement initiatives to support workforce inclusion and diversity. Assessed 529 critical suppliers(2) through our enhanced due diligence process. Completed external verification of Towards Sustainable Mining (TSM) performance at El Peñon, Jacobina and Timmins. Concluded a three-year implementation process of the World Gold Council’s Responsible Gold Mining Principles(3) (RGMP) at our gold mining operations. The Report outlines Pan American’s 2026 sustainability goals and has been prepared in accordance with the Global Reporting Initiative (GRI) Standards and the Sustainability Accounting Standards Board (SASB) Metals & Mining Sustainability Accounting Standard. The Report also includes information aligned with the Taskforce on Climate-related Financial Disclosures (TCFD) framework.
This Report marks the 16th annual Sustainability Report published by Pan American, underscoring the Company's long-standing commitment to transparent sustainability disclosure. For more information on Pan American’s sustainability efforts and to access all reports, visit https://www.panamericansilver.com/sustainability/
Pan American is a constituent of the Dow Jones Best in Class (DJ BIC) North America Index.
Pan American’s sustainability performance in 2025 was recognized by S&P Global, including the Company in the DJ BIC North America Index. The DJ BIC are float-adjusted market capitalization weighted indices that track equity markets while applying a sustainability best-in-class selection process. Pan American’s inclusion in this index reflects the Company's continuous improvement in sustainability performance and its commitment to responsible mining.
Pan American was also included in the S&P Global Sustainability Yearbook 2026, selected from over 9,200 companies across 59 industries. The Company ranks in the top 5% of the Metals & Mining industry based on our sustainability performance.
From our updated 2019 baseline GHG emissions projections. "Critical suppliers" are identified using a five-factor prioritization framework: (a) presence of supplier personnel at our mining operations; (b) annual spend above established thresholds; (c) environmental risk associated with the supplier’s activities; (d) legal risk associated with the services provided; and (e) the supplier’s potential impact on the continuity of our operations. The Responsible Gold Mining Principles establish clear expectations for consumers, investors and the downstream gold supply chain regarding responsible gold mining. 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
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 anticipated reduction of the Company’s global Scope 1 and 2 GHG emissions by at least 30% by 2030, and the Company’s 2026 sustainability goals.
These forward-looking statements and information reflect the current views of Pan American 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, and such uncertainty generally increases with longer-term forecasts and outlook. These assumptions include: Pan American’s ability to continue to achieve its GHG emissions reduction objectives and to achieve its sustainability goals, and the timing for any such achievements; future changes in the environment and climate that may be unanticipated and the impacts on our business, availability of funds for Pan American’s projects and future cash requirements; prices for energy inputs, labour, materials, supplies and services (including transportation); no labour-related disruptions at any of our operations; 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 properties and the surface rights necessary for our operations and activities; and our ability to comply with environmental, health and safety, and other laws. The foregoing list of assumptions is not exhaustive.
Forward-looking statements and information involve many known and unknown risks, uncertainties and other factors that could cause actual results or performance to be materially different from the results or performance that are or may be expressed or implied by such forward-looking statements or information, including, but not limited to, factors, such as: metal price fluctuations, fluctuation in the costs of energy, labour, materials and other inputs, fluctuations in currency markets and exchange rates, operational risks and hazards inherent with the business of mining (including environmental accidents and hazards, industrial accidents, and severe weather events); risks relating to the credit worthiness, financial condition or business practices 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; our ability to obtain all necessary permits, licenses and regulatory approvals in a timely manner; changes in laws, regulations and government practices, as well as other legal or economic developments, in the jurisdictions where we may carry on business; and those factors identified under the heading “Risks Related to Our Business” in Pan American’s most recent Form 40-F and Annual Information Form filed with the U.S. Securities and Exchange Commission and with Canadian provincial securities regulatory authorities, respectively. Pan American has attempted to identify important factors, but there may be other factors that cause results not to be as anticipated, estimated, intended or described. Investors are cautioned against attributing undue certainty or reliance on forward-looking statements and information. Pan American does not intend, nor assume, any obligation to update or revise forward-looking statements and information except to the extent required by applicable law.
While much attention is paid towards China’s financial and military rivalry with the US, it’s easy to overlook how China is viewed by the rest of the Pacific Rim. China’s many centuries of emigration has led to a significant Chinese expat and intermarriage regional population. However, Chinese hegemony and wealth has become a major source of friction within other Pac-Rim nations. The Riady family, founder of Lippo Group, are among the most recognized ethnic Chinese tycoons in Indonesia. When the 1998 Asian Financial Crisis triggered major upheaval in Thailand and Indonesia, Riady-owned businesses and many ethnic-Chinese were scapegoated, leading to murder, rape, vandalism, and robbery.
In an effort to mitigate Chinese encroachment into their economic and political affairs, several Pac-Rim nations joined together to form ASEAN in 1967. Membership has since expanded to incorporate Vietnam, Laos, and Cambodia as well. Throughout that period, the nation with the unequivocally greatest financial and political success has been Singapore. That’s why it comes as no surprise that Singapore just launched the Silver Singapore (SSP) Futures Contract on the Abbax Exchange on May 22, 2026.
As the SSP is US Dollar denominated and delivers physical silver, it is likely to cause increasing problems for the COMEX, SFE and the LBMA, but be a good sign for silver investors holding physical silver or ETFs that hold shares in silver producing mines. Some ETFs to thus consider might include:
Global X Silver Miners ETF (NYSE: SIL) iShares MSCI Global Silver Miners ETF (CBOE: SLVP) Themes SIlver Miners (NASDAQ: AGMI) Silver Backwardation Woes
Skyrocketing industrial demand for silver has led to backwardation in Western futures markets and buyers paying double-digit premiums for spot delivery in Asia.
It’s no secret that industrial demand for silver has skyrocketed of late due to its unparalleled properties for use in digital technologies, semiconductors, flat screens, smartphones, EVs, and solar panels. The latest demand escalation has been due to A.I. As a result, this is the sixth consecutive year that silver production, which is mostly a by-product of copper or iron mining, will fall short of demand. Analysts estimate that the total cumulative shortfall could reach over 210 million oz. by the end of this year.
Mysteriously, the futures markets have not appeared to acknowledge this supply and demand discrepancy for decades, until Diwali-fueled Indian physical silver buying activity threatened to force the UK’s LBMA into a default, throwing the market into backwardation (when near term prices jump higher than long term prices). Help from Shanghai’s SFE prevented the default but the shockwaves also spread to the COMEX in the US: The emperor had no clothes, and long-suspected price-fixing collusion by the futures exchanges was now being uncovered.
Large financial institutions have long engaged in “spoofing” – illegally posting fake sell orders to artificially manipulate metals’ futures pricing. There have been few instances of getting busted (ex.: JP Morgan Chase fined $920 million for trades from 2008-2016) since 90% of contracts historically just transfer title or expire worthless, without any physical exchange. With demand for actual metal product now exploding for industrial use, the exchanges are being caught flat-footed in their ponzi scheme-like structure. The COMEX is currently seeing more silver leave its coffers faster than it can procure and register fresh bullion.
Compelling Pricing Transparency
Singapore’s SSP futures contract will help to curtail arbitrage in the silver markets.
The market decoupling between paper and metal has accelerated of late in plain view. Buyers in China especially, have been paying double-digit premiums above spot for delivery of silver for over a year – and the SFE requires sellers to deposit physical bullion before writing a contract, unlike with COMEX or LBMA. The pricing discrepancies have diverged even wider, as efforts to contain prices in the futures markets falter and increase the risks of delivery defaults.
The Singapore Silver Futures Contract is a futures contract that also operates on the SFE model of upfront physical deposit requirements. Traded on the Abaxx Exchange, it also has the following features:
SSP is denominated in US dollars. 1,000 troy ounces, 0.9999 fineness, physically deliverable into approved Brink’s vaults in Singapore. Specifically created to address the physical vs. paper price discrepancy by providing greater transparency and a more accurate market pricing for Asian technology manufacturers, as the majority of globally used electronics and digital hardware is produced there. SSP – A Net Plus For Buyers
Singapore silver futures contracts, settling in physical delivery, will reflect a more accurate real world supply and demand global market price.
SSP contracts offer a number of advantages over COMEX, such as:
Lower Singapore taxes and vault charges. SSP 1,000 oz. contracts are more practical for industrial use than 5,000 oz. COMEX contracts, which better suit leveraged traders and speculators. Greater delivery reliability from SSP than COMEX or LBMA, since more actual buyers take delivery for industrial use. Will reduce arbitrage from price fragmentation between SFE in Shanghai vs. COMEX in the US, as the bulk of actual users and stackers (physical silver investors) will send more business to Singapore for fairer pricing and improved mark-to-market accuracy. Genuine Asian located contract price discovery based on actual supply and demand will supplant, dominate, and eventually replace, speculative Western paper futures contracts once confidence in paper futures drops sufficiently. SSP will be a game changing factor in this process. SSP contracts may be utilized and incorporated into the larger financial infrastructure deployed by mBridge (Hong Kong, UAE, Thailand and China) for cross-border settlements, as well as in BRICS member international trade. A Win-Win For Physical Silver ETFs and Stackers
ETFs holding silver mining stocks that deliver to Asia will likely get an extra boost as the SSP futures contract gains momentum.
The double-digit silver price discrepancies between the COMEX and SFE are creating huge arbitrage opportunities for traders buying in the West and selling in the East. The fact that buying in China remains so strong is more indicative of real-life pricing, so ETFs holding silver bullion will inevitably continue to rise until the gap is closed.
Concurrently, the ever-growing demand for more silver puts companies that mine silver in the catbird’s seat, since barely 15% of annual silver consumption is derived from recycled or recovered silver. As an essentially depleting asset becoming increasingly scarcer as its importance continues to rise, sources of new silver will be in a commanding position moving forward. Silvercorp Metals (NYSE: SVM) is one of the only western companies specifically developing mines and mineral properties in China. It even recently filed for a Hong Kong Stock Exchange listing. Pan American Silver Corp. (NYSE: PAAS | PAAS Price Prediction) is a mining company which produces silver concentrate, a majority of which is acquired annually by Asian offtake buyers. For ETF investors seeking upside inclusion of these companies:
Global X Silver Miners ETF (NYSE: SIL): its #2 holding is PAAS (13.12%) iShares MSCI Global Silver Miners ETF (CBOE: SLVP): its #5 holding is SVM (4.60%) Themes SIlver Miners (NASDAQ: AGMI): its #6 holding is PAAS (4.43%)
VANCOUVER, British Columbia--(BUSINESS WIRE)--Pan American Silver Corp. (NYSE: PAAS) (TSX: PAAS) ("Pan American" or the "Company") is pleased to provide an update on an extensive exploration program conducted at its Timmins operation in Ontario, Canada, which has identified new mineral resources at the Bell Creek mine and satellite deposits. Based on the success of this program, Pan American is advancing a conceptual plan for a phased development of these new mineral resources to support potent.
Pan American Silver is well-positioned for capital growth amid a robust silver market and strong operational execution. PAAS reported record Q1 free cash flow of $488 million and a record $1.8 billion in cash and short-term investments, supporting shareholder returns. Forward EPS is projected at $4.65 with a P/E of 12.25, reflecting significant improvement and industry outperformance over the past year.
Key Takeaways PAAS identified new mineral resources at Bell Creek and satellite deposits through exploration.Pan American Silver approved phase one of the Timmins Camp Project with a $146M investment.PAAS plans 118,000 meters of drilling in 2026 and a resource update in Q3'26. Pan American Silver Corp. (PAAS - Free Report) announced that it identified mineral resources at the Bell Creek mine and satellite deposits as a result of a comprehensive exploration program at its Timmins operation in Ontario.
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.
Details of PAAS’s Timmins OperationsPan American Silver has commenced the first phase of the Timmins Camp Project following the board approval and a total investment of $146 million. This phase includes a 625-meter shaft extension project at the Bell Creek mine, an 814-meter drift to access the Vogel deposit and a 1.3-kilometer exploration drift to access the Samson deposit.
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 employs 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.
The company maintains its expectation that the initial first-phase project capital at Timmins will be $40-$43 million for 2026. The company plans to drill 118,000 meters at Timmins in 2026.
PAAS’s exploration drilling efforts at Bell Creek have already yielded strong mineralization continuity down to the 2,600-meter level. The company anticipates providing an updated estimate of mineral reserves and resources for Timmins, Vogel and Gold River in the third quarter of 2026.
Pan American Silver Stock’s Price PerformanceIn the past year, PAAS shares have surged 115% compared with the industry's 152.9% whopping growth. Meanwhile, the Basic Materials sector has risen 44.1% and the S&P 500 has returned 33.6%.
Image Source: Zacks Investment Research
PAAS Zacks Rank & Stocks to Consider Pan American Silver currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks from the basic materials space are Albemarle Corporation (ALB - Free Report) , Air Products and Chemicals, Inc. (APD - Free Report) and Avino Silver & Gold Mines Ltd. (ASM - Free Report) . ALB carries a Zacks Rank #1 (Strong Buy) at present, while APD and ASM carry a Zacks Rank of 2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Albemarle has an average trailing four-quarter earnings surprise of 74.5%. The Zacks Consensus Estimate for the company’s 2026 earnings is pegged at $12.45 per share, indicating year-over-year growth from a loss of 79 cents. ALB shares have skyrocketed 203.1% so far this year.
The Zacks Consensus Estimate for Air Products and Chemicals’ current-year earnings is pegged at $13.20 per share, indicating a 9.7% year-over-year rise. APD has an average trailing four-quarter earnings surprise of 2.9%. Air Products and Chemicals’ shares have gained 10.1% in a year.
Avino Silver has an average trailing four-quarter earnings surprise of 125%. The Zacks Consensus Estimate for Avino Silver’s 2026 earnings is pegged at 39 cents per share, indicating 34.5% year-over-year growth. Its shares soared 113.4% in a year.
Listen to the audio version of this article (generated by AI).
Silver coils for a breakout… the Ferrari/Honda math behind the drone boom… why Yardeni says FEMO beats FOMO… Is silver about to break out?
For more than a year, we’ve been tracking the horse race between gold and silver, flagging which metal appeared better suited for outperformance due to the gold-to-silver ratio.
The quick recap: In early 2025, with the gold-to-silver ratio above 105, silver was deeply undervalued. We flagged its asymmetric upside, and between July 25 and January 15, silver exploded 137% while gold climbed a respectable 37%.
Then, with silver’s explosive run having reset the ratio to around 51 – its lowest since 2012 – we flipped the script and said gold was the better bet. Sure enough, gold outperformed as the ratio climbed back toward equilibrium.
When we last checked in on April 23, the ratio sat near 61 – squarely in the middle of its historical range. That resulted in the following takeaway:
With the gold-to-silver ratio back to equilibrium, there’s no lopsided imbalance that tips the odds squarely in one camp.
Sure enough, since then, there’s been no breakout performance either way. Both gold and silver have drifted slightly lower, so the gold-to-silver ratio is roughly 60.
But if Senior Analyst Brian Hunt is right, there’s a different potential catalyst racing toward us that could send silver higher…
The fundamental case for silver Brian, editor of the free daily e-letter Money & Megatrends, has been long and bullish silver for years – both for its dollar-debasement hedge properties and what he calls its “high-tech tailwind.”
From Brian:
Silver has the highest electrical and thermal conductivity of any metal. This makes it a critical component in AI infrastructure, solar energy systems, and other electrical systems.
That structural demand story hasn’t changed. If anything, it’s deepening.
Brian notes that as AI moves toward “the edge” – running on local devices like phones, cars, robots and satellites – the performance demands on electrical components tighten:
These systems don’t just demand more electrical performance — they demand better electrical performance within increasingly tight thermal and power constraints.
Every watt matters. Every degree of heat matters.
Silver is present across every critical piece of that infrastructure.
Meanwhile, the supply picture remains structurally constrained…
According to the 2025 World Silver Survey, cumulative market deficits since 2021 have reached roughly 680 million ounces. And roughly 80% of silver is mined as a byproduct of base metals – meaning higher prices alone can’t simply call more supply into existence.
As Brian puts it:
The market cannot drill its way out of a silver shortage.
“But why now?” As we walked through earlier, the gold-to-silver ratio remains in relative equilibrium today.
So, what’s the catalyst that could send silver higher?
Here’s Brian:
The chart below shows how, over the past few months, silver has traded in what I call a “compression pattern.”
Its recent range of highs and lows is tighter than that which preceded it.
Such compression patterns often lead to strong moves in the direction of the primary trend.
For broad exposure, the iShares Silver Trust (SLV) is your simplest play – it’s the largest physically backed silver ETF with over $40 billion in assets.
If you want a more concentrated bet, Brian highlights Pan American Silver (PAAS) – the world’s largest silver-focused producer, with 10 mines across the Americas and $1.3 billion in cash on the balance sheet.
I’ll throw in a fun wrinkle before we move on… Guess what’s also in its own compression pattern?
You guessed it – gold.
Are we on the verge of a jump in both silver and gold, which would effectively mean the gold-to-silver ratio remains in rough equilibrium?
It’s certainly possible. And if both metals move together, the gold-to-silver ratio stays roughly where it is, which would make the size of the move more important than which metal you own.
Whatever you decide, if you want to fine-tune your entry of either gold or silver even further, I’d point you to last week’s Convergence Trigger event with master traders Jonathan Rose and Marc Chaikin.
The biggest moves in gold and silver typically start with institutions – not retail investors. By the time the average trader sees what’s happening, the easy money has already been made.
Jonathan and Marc have made respective fortunes in the market by solving exactly that problem – tracking where institutional money is moving before it becomes obvious.
Last week, they held their first-ever joint event – The Convergence Summit – to explain how they do it and which setups they’re watching right now.
If silver – or gold – is about to break out of its compression pattern, Jonathan’s and Marc’s “convergence trigger” indicator will spot the institutional fingerprints before the rest of the market does. So, if you’d rather not just buy both metals and wait, you can track the institutional money and use their activity as your starter pistol.
Here’s the free replay to last week’s event for all the details.
Now, silver’s high-tech tailwind runs through nearly every emerging defense and infrastructure technology – including one that’s been quietly building one of the strongest fundamental cases in the market right now.
The math that’s driving the next defense megatrend Silver’s role in the drone buildout is one reason the metal’s industrial demand story keeps deepening. But the drone opportunity itself deserves its own look – and for one reason that’s impossible to argue with…
The bottom-line math.
To illustrate, let me pull from an issue of Investing Insider that I wrote in early May:
The Shahed drone, which Iran mass-produces and fires in swarms, costs roughly $20,000 to build.
The Patriot interceptor that the U.S. fires to shoot it down costs approximately $3–$4 million.
This is like using a Ferrari to destroy a used Honda Civic – except the Civic keeps coming, a thousand at a time.
That cost asymmetry isn’t just a talking point. It’s the central math problem driving U.S. defense procurement right now.
And with the Iran conflict still unresolved and the Strait of Hormuz situation remaining fragile, Washington isn’t treating this as a future problem – Congress and the White House have just made that explicit.
While the final $839 billion defense spending bill for fiscal 2026 earmarked $13.4 billion for autonomous systems and $3.1 billion for counter-drone technologies, active warfare has shattered those boundaries.
Because the conflict has heavily depleted U.S. missile interceptor and drone stockpiles, the Pentagon has pivoted toward a historic fiscal 2027 defense blueprint – a $1.5 trillion total request – that includes $53.6 billion for autonomy and drone platforms and another $21 billion for counter-drone systems and advanced capabilities.
That’s roughly $74 billion combined.
For context, the Pentagon’s dedicated drone office – the Defense Autonomous Warfare Group – received just $225.9 million this fiscal year. The proposed jump to $54 billion is one of the most dramatic single-year spending increases in Pentagon history.
Once capital of that magnitude hits the market, supply chains form, contracts ramp, and permanent, multi-year industrial demand tends to follow.
The broader strategic case has been building for years. And Jonathan has been all over it, helping his readers make triple-digit returns on drone stocks over the last year. Looking forward, he says the fundamentals are still constructive:
Drones are rapidly becoming core military infrastructure — a foundational pillar of the next global defense build-out.
The data backs him up – drones accounted for 27% of civilian deaths in Ukraine as of early 2025, according to the UN, surpassing every other weapon system. Meanwhile, The New York Times reported they account for at least 80% of Russian frontline losses.
But here’s the catch – despite all this, drone stocks are down on the year.
It’s a reminder that timing matters as much as thesis…which circles us back to Jonathan and Marc and their Convergence Trigger.
A drone breakout driven by defense contract flows and geopolitical escalation is precisely the kind of move that shows up in their system before it shows up on CNBC.
Bottom line: Though the timing of the next surge is unclear, the fundamental case for drone stocks is incredibly strong.
Finally, this bull market just got a name In recent weeks, we’ve been making the case that the bears’ predictions of a market crash keep misfiring because they’re reading backward-looking valuations in a market being driven by forward earnings momentum.
In our May 28 Digest, we walked through exactly this argument using Micron (MU) as a live example – while its trailing P/E looks alarming, its forward P/E, based on beefy forward earnings projections, tells a completely different story.
Last week, veteran market strategist Ed Yardeni put a name on this dynamic.
Yardeni – president of Yardeni Research and Louis Navellier’s favorite economist – coined the term “FEMO” on Bloomberg Television.
To be clear, this isn’t “FOMO” – “fear of missing out.” This is FEMO: “fabulous earnings momentum.”
Yardeni said, “the big difference is earnings,” adding that the forward price-to-earnings ratio for the S&P 500, at 20 to 22, looks reasonable if the economy avoids recession over the next few years.
That’s precisely the distinction we’ve been drawing. The bears point at stretched trailing multiples and call it a bubble. Yardeni – and the numbers – point at where earnings are headed and call it a rational rally.
His 2026 S&P 500 target sits at 8,250 – the highest among analysts tracked by Bloomberg – with a path to 10,000 by decade’s end in what he calls the “roaring 2020s” scenario.
We hope he’s right.
Coming full circle While the bears are reading yesterday’s numbers, FEMO is about tomorrow’s earnings.
And in a market where AI capex could be on the verge of juicing silver prices yet again, and drones are underfunded relative to a $74 billion policy mandate, “fabulous earnings momentum” is a valuable frame for what’s ahead.
The harder question isn’t whether these trends play out. It’s when the spark will hit that sends them higher – and whether you’re already positioned when it does.
That’s the challenge Jonathan and Marc set out to solve with the Convergence Trigger.
We’ll keep tracking these stories here in the Digest.
Pan American Silver Corp. (TSX:PAA, NASDAQ:PAAS) has outlined what Jefferies analysts see as a clearer path to internally funding its multi-asset growth pipeline, anchored by La Colorada, with Juanicipio supporting margins and Jacobina and Timmins providing additional upside optionality.
The company hosted an Investor Day on June 1 in Toronto, where management discussed its portfolio strategy and development plans across key operating regions.
Jefferies wrote that, with a strong balance sheet, the investment case is increasingly shifting toward capital discipline, noting that the company retains a wide range of brownfield opportunities across its asset base while continuing to remain opportunistic on mergers and acquisitions.
At Jacobina in Brazil, Pan American is pursuing what Jefferies described as an optimization-led growth strategy rather than a single expansion step. The program includes more than 30 workstreams under evaluation, with results expected to be released progressively.
Key initiatives include paste backfill, tailings filtration, and plant modernization, aimed at lifting gold recovery toward approximately 96%, unlocking remnant material, and increasing throughput toward and potentially beyond the permitted 10,000 tonnes per day from roughly 8,500 tonnes per day currently.
Jefferies wrote that these initiatives, combined with ongoing in-mine exploration, could extend mine life and support incremental production growth with relatively modest capital requirements.
In Canada, Pan American also announced plans to invest $146 million to expand its Timmins operations to utilize spare capacity at the Bell Creek plant. Jefferies noted that approximately $40 million to $43 million of the capital expenditure is already included in 2026 guidance.
The expansion plan includes deepening the Bell Creek shaft from 1,080 metres to 1,705 metres, an 814-metre drift to the Vogel satellite deposit, and a 1.3-kilometre exploration drift to the Samson satellite deposit.
The initiative is expected to increase throughput at Timmins from roughly 4,000 tonnes per day to 5,600 tonnes per day, with commissioning targeted for the first half of 2029.
Jefferies wrote that management views the Timmins system as a potential long-life mining hub, with opportunities to extend mine life into the 2040s through integration of satellite deposits and deeper resources. While early-stage, the company also acknowledged potential longer-term regional optimization options, including potential synergies with nearby infrastructure.
Jefferies cut its 2026 earnings per share estimate for Pan American by 5% while raising its 2027 estimate by 33% relative to prior forecasts.
The firm maintained a ‘Hold’ rating on the stock, citing valuation as the primary reason. Shares traded down 4% at about $53 on Wednesday afternoon, up about 2% so far this year.
Pan American Silver Corp. (TSX:PAA, NASDAQ:PAAS) has outlined what Jefferies analysts see as a clearer path to internally funding its multi-asset growth pipeline, anchored by La Colorada, with Juanicipio supporting margins and Jacobina and Timmins providing additional upside optionality.
The company hosted an Investor Day on June 1 in Toronto, where management discussed its portfolio strategy and development plans across key operating regions.
Jefferies wrote that, with a strong balance sheet, the investment case is increasingly shifting toward capital discipline, noting that the company retains a wide range of brownfield opportunities across its asset base while continuing to remain opportunistic on mergers and acquisitions.
At Jacobina in Brazil, Pan American is pursuing what Jefferies described as an optimization-led growth strategy rather than a single expansion step. The program includes more than 30 workstreams under evaluation, with results expected to be released progressively.
Key initiatives include paste backfill, tailings filtration, and plant modernization, aimed at lifting gold recovery toward approximately 96%, unlocking remnant material, and increasing throughput toward and potentially beyond the permitted 10,000 tonnes per day from roughly 8,500 tonnes per day currently.
Jefferies wrote that these initiatives, combined with ongoing in-mine exploration, could extend mine life and support incremental production growth with relatively modest capital requirements.
In Canada, Pan American also announced plans to invest $146 million to expand its Timmins operations to utilize spare capacity at the Bell Creek plant. Jefferies noted that approximately $40 million to $43 million of the capital expenditure is already included in 2026 guidance.
The expansion plan includes deepening the Bell Creek shaft from 1,080 metres to 1,705 metres, an 814-metre drift to the Vogel satellite deposit, and a 1.3-kilometre exploration drift to the Samson satellite deposit.
The initiative is expected to increase throughput at Timmins from roughly 4,000 tonnes per day to 5,600 tonnes per day, with commissioning targeted for the first half of 2029.
Jefferies wrote that management views the Timmins system as a potential long-life mining hub, with opportunities to extend mine life into the 2040s through integration of satellite deposits and deeper resources. While early-stage, the company also acknowledged potential longer-term regional optimization options, including potential synergies with nearby infrastructure.
Jefferies cut its 2026 earnings per share estimate for Pan American by 5% while raising its 2027 estimate by 33% relative to prior forecasts.
The firm maintained a ‘Hold’ rating on the stock, citing valuation as the primary reason. Shares traded down 4% at about $53 on Wednesday afternoon, up about 2% so far this year.
