Pan American Silver (PAAS) Q3 2026 earnings summary

Executive summary

• Q3 attributable free cash flow was $377M; net earnings were $357M, or $0.86 per share, and adjusted earnings were $287M, or $0.69 per share.

• Q3 revenue rose 18% YoY to $1.006B; higher realized metal prices and Juanicipio’s full-quarter contribution supported the increase.

• Silver guidance remained 25–27 Moz, with output expected at the low end; gold guidance fell to 660–680 koz.

• Q3 shareholder returns totaled $300M; YTD returns reached $701M, alongside investment in growth projects and operations.

Financial highlights

• Q3 cash flow from operations was $377M; attributable operating cash flow was $462M, including the 44% Juanicipio share, and attributable free cash flow was $377M.

• Q3 net earnings were $357M versus $169M YoY; adjusted earnings were $287M versus $180M.

• Nine-month revenue was $3.284B, net earnings $1.118B, adjusted earnings $1.054B and attributable free cash flow $1.209B.

• Q3 realized prices were $63.74/oz for silver and $4,267/oz for gold; higher metal prices lifted revenue by $151M YoY, partly offset by lower sales volumes.

Outlook and guidance

• FY silver production guidance remained 25–27 Moz, expected at the low end; Silver Segment AISC guidance remained $15.75–$18.25/oz, expected toward the low end.

• Gold production guidance was reduced from 700–750 koz to 660–680 koz; Gold Segment AISC guidance increased from $1,700–$1,850/oz to $2,000–$2,150/oz.

• 2026 project capital guidance fell to $195–$210M from $240–$255M due to spending timing; sustaining capital guidance remained $320–$340M.

• Huaron mill repairs, Jacobina remediation and mine sequencing, lower-than-planned gold output, and potential El Niño rainfall at Shahuindo weigh on the outlook.