Pan American Silver stock posts Q3 profit as gold guidance falls

Published on 11/05/2026 at 04:15 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Pan American Silver stock faces a lower 2026 gold outlook after a strong third quarter. Management also declared a quarterly dividend.

Third-quarter results reshape outlook

Pan American Silver reported strong third-quarter earnings and free cash flow, while silver output remained below the quarterly operating outlook.
Management cut 2026 gold production guidance and lifted the expected gold all-in sustaining cost range.
The company will discuss the results during its November 5 conference call and webcast.

PAAS, CA6979001089, Illustration mit AI erstellt.

Pan American Silver reported its third-quarter 2026 results on Wednesday, November 4, with earnings growth and strong cash generation offset by lower production expectations for gold. The company will discuss the figures during a conference call and webcast on Thursday, November 5. Read the full Pan American Silver release.

Profit rises as guidance shifts

Pan American posted third-quarter net earnings of USD 357 million, or USD 0.86 basic earnings per share, compared with USD 169 million and USD 0.45 a year earlier. Adjusted earnings reached USD 287 million, or USD 0.69 per share. The company generated USD 377 million in operating cash flow and USD 377 million in attributable free cash flow.

Revenue increased to USD 1.006 billion from USD 855 million in the year-earlier quarter. Attributable silver production was 6.07 million ounces, while attributable gold production reached 167.9 thousand ounces. Silver segment all-in sustaining costs were USD 11.21 per ounce, and gold segment costs were USD 2,281 per ounce.

Gold outlook moves lower

Pan American now expects 2026 gold production of 660,000 to 680,000 ounces, below its previous range of 700,000 to 750,000 ounces. The company raised its expected gold segment all-in sustaining costs to USD 2,000 to USD 2,150 per ounce, citing lower production and higher development, labor and consumable costs.

Silver production remains guided at 25 million to 27 million ounces but is expected at the low end of that range. Pan American cited planned downtime at Huaron to repair the primary grinding mill foundation and a higher gold-to-silver production ratio at Cerro Moro. The company also declared a quarterly dividend of USD 0.185 per common share, payable on or about November 27 to shareholders of record on November 16.

Pan American Silver stock traded at EUR 36.55 on Lang & Schwarz at 23:00:57 CET on Wednesday, November 4, 2026. The real-time quote of Pan American Silver stock is available for investors tracking the European trading reference.

Operations span the Americas

Pan American Silver is headquartered in Vancouver, Canada, and operates precious-metal mines and projects across the Americas. Its portfolio includes silver, gold, zinc, lead and copper operations, as well as a 44 percent joint-venture interest in Mexico's Juanicipio mine. The company's Escobal mine in Guatemala is currently not operating.