Pan American Silver Sees Price-Cost Spread Top $51 as Silver Surges

Pan American Silver Corp. (PAAS) announced that Charles Jeannes will retire from its board of directors effective October 31, 2026. Jeannes joined the board in 2019 and is stepping down to focus on his role as chair of Equinox Gold Corp. The company's chair and CEO thanked him for his contributions. Pan American Silver operates mines in several countries and has interests in key mining projects.

Pan American Silver (PAAS) reported its mineral reserves and resources as of June 30, 2026. P&P reserves include 511.1M oz of silver and 6.3M oz of gold. M&I resources total 1,126.7M oz of silver and 7.5M oz of gold. Inferred resources are 437.0M oz of silver and 7.2M oz of gold. The company replaced over 100% of silver extracted and added reserves from its 44% stake in Juanicipio. Exploration success at La Colorada, Jacobina, and Timmins contributed to the growth. The company completed 351,000

Cadillac Mines (TSX: CD) completed the acquisition of Pan American Silver's Larder property, issuing 15 million shares in exchange. Pan American now owns 6% of Cadillac's shares. The Larder property, contiguous to Cadillac's Kerr-Addison property, contains historical gold resources. Cadillac CEO Rick Howes welcomed Pan American as a strategic shareholder and plans to deploy drill rigs to the property.

Federal Reserve Chair Kevin Warsh's hawkish remarks on inflation caused a sharp decline in precious metals mining stocks. First Majestic Silver (AG) led the drop, falling 5.09%, while other miners like AngloGold Ashanti (AU) and Barrick Mining (B) also saw significant decreases. Warsh's comments pushed up interest-rate expectations, increasing the opportunity cost of holding non-yielding assets like gold and silver.

Pan American Silver (PAAS) reported Q2 2026 adjusted EPS of 73 cents, up 69.8% YoY but below the Zacks Consensus of 84 cents. Revenue rose 38.4% YoY to $1.12B, missing $1.16B. Silver and gold prices increased, with silver production up 27% YoY. Mine-operating earnings were $457M. The company reaffirmed its 2026 outlook and returned $300M to shareholders.

Pan American Silver (NYSE:PAAS) reported Q2 2026 results, including $344 million in attributable free cash flow and a record $300 million returned to shareholders. Silver production was 6.5 million ounces at the high end of guidance; gold was ~166,000 ounces, below outlook. The company reaffirmed silver guidance, but expects full-year gold at the low end of 700,000 to 750,000 ounces after seismic impacts at Jacobina and issues at El Peñón.