Nearly 3 Million Ounces of Century-Old Silver. Ontario Just Opened the Door.

Pan American Silver Corp. reported second-quarter 2026 financial results on August 12, 2026, generating $305 million in net earnings, or $0.72 basic EPS, and $308 million in adjusted earnings. Silver production reached 6.47 million attributable ounces, meeting the high end of quarterly guidance. Gold production came in at 165.9 thousand attributable ounces, missing quarterly guidance.

The Silver Segment AISC was $17.80/oz, slightly above guidance, while the Gold Segment AISC was $1,984/oz, also above guidance. Attributable free cash flow was $344 million, enabling a record $300 million in shareholder returns for the quarter, consisting of $224 million in buybacks and $76 million in dividends.

For the full year 2026, gold production guidance was lowered to the low end of the 700,000–750,000 ounce range. Full-year gold AISC guidance is expected at the high end of the $1,700–$1,850/oz range. Full-year income tax guidance was raised to $585–$635 million due to higher metal prices and prior-year true-ups.

Project updates include the completion of the first cut of the 588 Decline at La Colorada Skarn, Jacobina CIP tank commissioning, and Board approval for Timmins Phase 1 ($146 million). Escobal remains on care-and-maintenance with ILO 169 consultation ongoing and no restart timeline.

Pan American Silver Corp. (PAAS) missed its gold production targets and saw average industry selling price costs (AISC) rise, prompting a downward revision of full-year gold guidance and pushing costs above the upper bound of the guidance range. Despite strong silver output and record quarterly cash flow, the market reacted negatively, pricing in disappointment over the gold segment's operational headwinds and margin compression. The move reflects standard quarterly execution variance in a complex, multi-jurisdictional portfolio. The stock's ~10% post-earnings decline indicates the miss was material to near-term sentiment but does not alter the long-term asset base or balance sheet strength.

Pan American Silver Corp. is a diversified producer of silver and gold with 10 producing operations across the Americas. Its key assets include La Colorada in Mexico, Juanicipio, a 44% joint venture in Mexico, Jacobina in Brazil, Timmins Camp in Canada, Escobal in Guatemala, Cerro Moro in Argentina, Huaron in Peru, San Vicente in Bolivia, El Peñon in Chile, and Shahuindo in Peru.

The company holds a leading position as a silver producer by silver mineral reserves, with a 78% 1-year share price correlation to silver prices. Pan American Silver has over 30 years of operations in the Americas and completed the acquisition of MAG Silver (Juanicipio JV) in September 2025.