PAN AMERICAN SILVER CORP Q3 2026 Earnings Recap

Pan American Silver shares fell 0.8%, a roughly flat reaction. The quarter paired substantial free cash flow with production below the quarterly silver outlook and a reset to gold production and cost guidance.

Key Takeaways

• Attributable free cash flow was $377 million; the company returned $300 million to shareholders in the quarter and reported $1.9 billion in cash and equivalents.
• Attributable silver production was 6.1 million ounces, below the quarterly outlook range. Full-year silver production guidance remains 25–27 million ounces, with output expected at the low end.
• Full-year gold production guidance was reduced to 660,000–680,000 ounces. Gold-segment AISC was $2,281 per ounce in Q3, above the quarterly outlook range; full-year guidance is now $2,000–$2,150 per ounce.
• Operating issues include lower production at Jacobina amid remediation work and mine sequencing changes, delayed access to higher-grade stopes at Timmins, and lower grades at El Penon.
• Adjusted earnings were $287 million, or $0.69 per share; reported net earnings of $357 million included gains from a property sale and the mark-to-market value of the company’s New Pacific Metals interest.