PAN AMERICAN SILVER CORP Earnings Recaps
Q2 2026
Aug 15, 2026
Shares dropped 9.5% as investors reacted negatively to the downward revision in near-term gold production guidance, driven by operational challenges and more cautious sequencing at key mines Jacobina and El Peñón.
Key takeaways
- Q2 attributable silver production was strong at 6.5 million ounces, near the high end of guidance, supporting full-year silver production outlook of 25-27 million ounces.
- Gold production came in below quarterly expectations at approximately 166,000 ounces, with Q2 flagged as the weakest gold quarter of 2026.
- Full-year gold production guidance reaffirmed but now expected at the low end of 700,000-750,000 ounces, reflecting a revision downward by 3,000 to 6,000 ounces for Q3.
- Operational challenges at Jacobina include mining sequencing changes and seismicity risk mitigation, reducing grades and production; gold output at Jacobina expected to be ~10,000 ounces below original guidance.
- El Peñón gold production also adjusted down by ~10,000 ounces due to structural continuity issues; silver production remains on target.
Q1 2026
May 8, 2026
The 14.4% jump in Pan American Silver’s stock highlights the market’s positive reception to lower-than-expected silver segment all-in sustaining costs and robust free cash flow generation. Investors rewarded the company’s cost discipline and the enhanced shareholder return framework amid stable production and a reaffirmed full-year outlook.
Key takeaways
- Attributable silver production reached 6.4 million ounces and gold production was 169,000 ounces, both consistent with guidance.
- Silver segment all-in sustaining costs came in at $6.63 per ounce, well below guidance, driven by low-cost ounces from Cerro Moro and strong byproduct credits.
- Generated $488 million of attributable free cash flow in Q1, contributing to a record cash and short-term investment balance of over $1.8 billion.
- Introduced an enhanced shareholder return framework targeting 35%–40% of free cash flow returned via dividends and share repurchases totaling up to $1 billion.
- Maintained full-year outlook for production, costs, and capital expenditures despite monitoring potential inflationary pressures from fuel and consumables.
Q3 2025
Nov 13, 2025
Pan American Silver reported exceptionally strong Q3 2025 results, driven by rising metal prices and operational efficiencies, achieving record free cash flow of $251.7 million.
Key takeaways
- Record attributable revenue of $884.4 million, with net earnings of $169.2 million, or $0.45 per share.
- Successful integration of MAG Silver, with early benefits seen in reduced costs and improved margins.
- Attributable silver production of 5.5 million ounces; production guidance raised to 22-22.5 million ounces for the year.
- Strategic dividend increase to $0.14 per share, reflecting robust cash flow and strong liquidity position of $1.7 billion.
- Continued exploration success at La Colorada with significant resource expansion, potentially enhancing future production capabilities.