Track market-moving stories before they get noisy

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.

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.

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.

TSX:ORV
OTCQX: ORVMF
#17-2026

, /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.

SOURCE Orvana Minerals Corp.

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.

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.

-

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

More News From Pan American Silver

Back to Newsroom

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) 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

-

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
Follow us on LinkedIn

More News From Pan American Silver

Back to Newsroom

© TommL / E+ via Getty Images

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%)

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.

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.

Have a good evening,

Jeff Remsburg

(Disclaimer: I own MU.)

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 (NYSE:PAAS) stock was last seen down 3.8% to trade at $44.40 as it heads for its fourth-straight loss. The 260-day moving average-- which has provided support since April 2024-- appears to be keeping losses in check though. Furthermore, this trendline has a history of yielding strong positive returns. 

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 eight times during the last decade, after which the stock was higher one month later 100% of the time, averaging an impressive 15.4% gain. A comparable rally from current levels would place Pan American Silver stock at $51.24. 

An unwinding of pessimism amongst options traders could provide tailwinds as well. PAAS' 50-day call/put volume ratio of 3.00 at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) ranks higher than 94% of readings from the past year.