Pan American Silver Corp. is involved in the exploration, development, extraction, processing, refining, and reclamation of mines in Chile, Peru, Brazil, Mexico, Canada, Argentina, Bolivia, and Guatemala. Its Silver segment includes the La Colorada, Juanicipio, Cerro Moro, Huaron, and San Vicente mines, while the Gold segment comprises the Jacobina, El Peñon, Timmins, Shahuindo, Minera Florida, and Dolores mines. The company explores for silver, gold, zinc, lead, and copper deposits. Formerly known as Pan American Minerals Corp., it changed its name to Pan American Silver Corp. in April 1995. Incorporated in 1979, it is headquartered in Vancouver, Canada.
Silver crash hits revenue, but record returns and BofA pick support PAAS
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Silver price crash below $60 Silver fell below $60 an ounce, down over 50% from its January peak, driven by a stronger dollar and rising Treasury yields. This directly cuts Pan American's revenue because it sells silver at lower prices, pressuring the stock.
The silver price is the biggest driver of PAAS revenue and explains the stock's weakness.
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BofA names PAAS a top pick Bank of America added Pan American Silver as a new top pick with 56% potential upside, even as it cut commodity forecasts broadly. This boosts investor confidence and can attract buyers, pushing the stock up.
A major analyst endorsement can shift sentiment and drive demand for the shares.
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Record $300M shareholder returns and doubled credit line Pan American reported record quarterly shareholder returns of $300 million, $344 million in free cash flow, and doubled its credit facility to $1.5 billion. This shows financial strength and rewards shareholders, supporting the stock price.
Strong cash flow and returns signal financial health, which can lift the stock.
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2026 silver cost guidance rises 22% Pan American guided 2026 silver all-in sustaining costs to $15.75-$18.25 per ounce, a 22% increase from 2025, due to higher costs at La Colorada and Huaron. Higher costs squeeze profit margins, which can weigh on the stock.
Rising costs directly reduce profitability and are a key factor for future earnings.
Q3 2026
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Silver crash hits revenue, but record returns and BofA pick support PAAS
▼
Silver price crash below $60 Silver fell below $60 an ounce, down over 50% from its January peak, driven by a stronger dollar and rising Treasury yields. This directly cuts Pan American's revenue because it sells silver at lower prices, pressuring the stock.
The silver price is the biggest driver of PAAS revenue and explains the stock's weakness.
▲
BofA names PAAS a top pick Bank of America added Pan American Silver as a new top pick with 56% potential upside, even as it cut commodity forecasts broadly. This boosts investor confidence and can attract buyers, pushing the stock up.
A major analyst endorsement can shift sentiment and drive demand for the shares.
▲
Record $300M shareholder returns and doubled credit line Pan American reported record quarterly shareholder returns of $300 million, $344 million in free cash flow, and doubled its credit facility to $1.5 billion. This shows financial strength and rewards shareholders, supporting the stock price.
Strong cash flow and returns signal financial health, which can lift the stock.
▼
2026 silver cost guidance rises 22% Pan American guided 2026 silver all-in sustaining costs to $15.75-$18.25 per ounce, a 22% increase from 2025, due to higher costs at La Colorada and Huaron. Higher costs squeeze profit margins, which can weigh on the stock.
Rising costs directly reduce profitability and are a key factor for future earnings.
News & notes movingPAAS
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Critical Materials & Supply Chain▲2
Pan American Silver Reports 511.1 Million Ounces of Silver Reserves
Pan American Silver Corp. estimates its proven and probable mineral reserves contained 511.1 million ounces of silver and 6.3 million ounces of gold as of June 30, 2026. Measured and indicated mineral resources, excluding proven and probable reserves, stood at 1,126.7 million ounces of silver and 7.5 million ounces of gold, with inferred resources of 437 million ounces of silver and 7.2 million ounces of gold. The company's 44% attributable share of the Juanicipio mineral reserves and resources further increased its silver reserve base. Exploration and infill drilling replaced 72% of mined production at the Jacobina mine, and the discovery of four veins added 3.5 million ounces of silver to proven and probable reserves, while the Vogel project at Timmins added more than 192,000 ounces of gold to inferred resources. Pan American completed 351,000 meters of drilling toward a planned total of more than 500,000 meters for calendar year 2026, and its shares have risen 30.4% over the past year, trailing the industry's 38.4% gain.
PAAS · Supply · Positive Pan American reported 511.1 million ounces of silver reserves and replaced 72% of mined production at Jacobina, expanding its reserve base.
Pan American Silver Guides 2026 Silver AISC to $15.75-$18.25 Per Ounce
Pan American Silver Corp. expects silver segment all-in sustaining costs of $15.75-$18.25 per ounce for 2026, a 22% year-over-year increase at the midpoint, after first-half 2026 AISC came in at $12.64 per ounce, 24% below the year-ago period and under the company's guidance of $14.87-$17.25. The first-half improvement was driven largely by the Juanicipio mine, acquired in September 2025, which posted AISC of negative $4.50 per ounce in the first half of 2026, though Juanicipio's full-year 2026 AISC is expected between $2.25 and $4.25 per ounce on higher contractor, labor and energy costs. Cerro Moro posted negative $64.87 per ounce in the first half of 2026 and is guided to negative $25.75 to negative $21.75 per ounce for 2026, versus negative $14.04 per ounce in 2025. Offsetting those gains, La Colorada's 2026 silver segment AISC is expected between $33.25 and $35.75 per ounce, above the $24.85 record in 2025, and Huaron is guided to $27.75-$29.75 per ounce, up from $21.55 per ounce in 2025. Among peers, Avino Silver & Gold Mines reported first-half 2026 AISC of $36.52 per silver-equivalent ounce, up 78% year over year, while Hecla Mining reported first-quarter 2026 silver AISC of $7.10 per ounce and guides 2026 silver segment AISC to $12.50-$13.50.
PAAS · Supply · Negative Pan American guides 2026 silver AISC to $15.75-$18.25/oz, a 22% YoY increase at the midpoint, with La Colorada and Huaron costs rising sharply.
ASM · Capital · Negative Avino's first-half 2026 AISC of $36.52/silver-equivalent oz, up 78% year over year, signals sharply rising costs.
HL · Supply · Neutral Hecla's Q1 2026 silver AISC of $7.10/oz and 2026 guidance of $12.50-$13.50 are cited only as peer comparison, no company-specific development.
Pan American Silver Corp. reported a sharp increase in second-quarter earnings, helped by higher metal prices and stronger silver production. Net earnings rose to $305 million, or $0.72 per share, from $190 million, or $0.52 per share, in the year-ago quarter. Adjusted earnings nearly doubled to $308 million, or $0.73 per share, from $155 million, or $0.43 per share. Revenue increased to $1.124 billion from $812 million. Attributable silver production increased to 6.47 million ounces from 5.09 million ounces, while gold production declined to 165.9 thousand ounces from 178.7 thousand ounces. The company said silver and gold prices averaged $70.97 and $4,402 per ounce, respectively, during the quarter.
Silver Miners First Majestic, Hecla, and Pan American Silver Positioned for Gains as Industrial Demand Surges
Silver is undergoing a revaluation as a critical mineral for clean energy, electronics, and defense, with industrial demand outpacing mine supply since 2022. Three miners stand out for investors: First Majestic Silver, Hecla Mining, and Pan American Silver. First Majestic, a pure-play silver producer, reported second-quarter revenue of $415.5 million, up 57% year over year, and earnings per share of $0.22, double the prior year. Hecla Mining, the largest primary silver producer in the U.S. and Canada, posted first-quarter revenue of $411 million, up 100% year over year, and earnings per share of $0.25, up from $0.04. Pan American Silver, which doubled its scale after acquiring Yamana Gold's Latin American assets, reported first-quarter revenue of $1.2 billion, up 49.3% year over year, and earnings per share of $1.09, a 160% increase. All three companies maintain strong balance sheets with low debt-to-EBITDA ratios and offer dividend policies tied to silver prices or revenue, though their shares have fallen between 9% and 25% this year, presenting a potential value opportunity.
Silver Price Halves From January Peak, Prompting Dip-Buying Debate
Silver has fallen to about $58 per ounce, roughly half its January 2026 peak of more than $115 per ounce, after a rapid ascent that began in April 2025 when the metal traded near $29 per ounce. The earlier surge was fueled by growing demand from the massive AI data center build-out, which uses silver in server connections, thermal paste, high-frequency connectors, photovoltaic cells, and electromagnetic shielding, while mine supply growth remained sluggish. Despite the price drop, major hyperscalers including Meta Platforms, Amazon, Alphabet, and Microsoft appear to be forging ahead with their spending plans, and McKinsey estimates global data center spending could reach $7 trillion by 2030. The iShares Silver Trust and silver producers such as First Majestic Silver, Wheaton Precious Metals, and Pan American Silver have all declined, though First Majestic recently raised its full-year 2026 production guidance. Pan American Silver is set to report second-quarter results on August 12, and Wheaton Precious Metals on August 6.
Silver Miners ETF Outperforms Gold ETF Over Three Years Despite Higher Volatility
Global X Silver Miners ETF has delivered a 46% return over the past three years, surpassing the 27.7% return of SPDR Gold Shares, even as the gold fund leads over five- and ten-year periods with annualized returns of 17.5% and 11.3% compared to 14% and 7.6% for the silver miners fund. The silver miners ETF carries a higher expense ratio of 0.65% versus 0.40% for the gold ETF and exhibits significantly greater volatility with a beta of 0.84 against 0.17. While SPDR Gold Shares holds physical bullion and offers a direct hedge against currency devaluation, the Global X fund invests in silver mining companies, providing operational leverage and potential shareholder returns through dividends and buybacks. The analysis concludes that the silver miners ETF may be the better buy due to management's ability to enhance returns, despite the gold fund's lower cost and stability.
Critical Materials & Supply Chain › Precious Metals Capital
CDE · Capital · Positive Article highlights silver miners ETF outperformance and management's ability to enhance returns, benefiting silver mining companies like Coeur Mining.
PAAS · Capital · Positive Article highlights silver miners ETF outperformance and management's ability to enhance returns, benefiting silver mining companies like Pan American Silver.
WPM · Capital · Positive Article highlights silver miners ETF outperformance and management's ability to enhance returns, benefiting silver mining companies like Wheaton Precious Metals.
BofA slashes commodity forecasts but uranium remains top conviction call for 2026
Bank of America has cut 32 price objectives across its commodities coverage and lowered 2026 estimates for 31 of the 33 companies it tracks, yet uranium stands out as its top conviction call with 23% upside versus spot. The firm sees Cameco as its top uranium pick, citing leverage to higher realized prices, a solid balance sheet, and roughly 48% upside to its price target, while also flagging the benefit of Cameco's 49% stake in Westinghouse Electric Company amid the U.S. nuclear buildout. In precious metals, BofA trimmed its 2026 gold forecast by 14% to $4,360 an ounce and added Pan American Silver as a new top pick, pointing to 56% potential upside. Freeport-McMoRan remains the top base metals pick with about 35% upside, while aluminum forecasts were cut materially, leaving little room for gains.
Silver crashes below $60, down over 50% from record high
Silver has tumbled below $60 an ounce for the first time this year, marking a fresh six-month low and a decline of more than 50% from its record high above $120 reached in late January 2026. Spot silver fell 3.7% to $59.30 on June 24, its weakest level since December 9, 2025, pressured by a stronger dollar and rising Treasury yields after a blowout jobs report showed employers added 172,000 positions, more than double the 85,000 expected. The Federal Reserve held its benchmark rate at 3.5% to 3.75% on June 17, with nine of 18 policymakers projecting at least one rate hike before year-end, a sharp reversal from earlier rate-cut expectations. The metal closed below its 200-day moving average on June 9 for the first time since April 2025, a bearish technical signal. The iShares Silver Trust has dropped more than 15% in 2026, while silver miners First Majestic, Hecla Mining, and Pan American Silver each slid nearly 4% in premarket trading.
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