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Pan American Silver Reports Second Quarter 2026 Financial Results
- PAAS
- SI=F
- PAAS
Record quarterly shareholder returns of $300 million; Attributable silver production of 6.5 million ounces at the high end of quarterly guidance range; La Colorada Skarn project achieves an important milestone
All amounts expressed in U.S. dollars unless otherwise indicated.
Unaudited tabular amounts are in millions of U.S. dollars and thousands of shares, except per ounce amounts, unless otherwise noted.
VANCOUVER, British Columbia, August 12, 2026–(BUSINESS WIRE)–Pan American Silver Corp. (NYSE: PAAS) (TSX: PAAS) (“Pan American” or the “Company”) reports second quarter (“Q2 2026”) financial results. The Company will host a conference call and webcast on August 13, 2026 to discuss the results; details provided further in this news release.
“Pan American delivered another quarter of strong financial results, generating $344 million in Attributable(1) free cash flow,” said Michael Steinmann, President and Chief Executive Officer. “We produced 6.5 million ounces of silver, at the upper end of our quarterly guidance, driven by continued strong performance at La Colorada and Juanicipio. Gold production was 166 thousand ounces in Q2 and we expect production to increase over the balance of the year across our operations, weighted to the fourth quarter, as we had guided last quarter.”
“All-in sustaining costs in the first half of the year were below our guidance range for silver and in line for gold. In Q2, costs per ounce were primarily affected by lower gold production, higher consumables costs and increased labour-related costs and royalties, which reflect the increase in metal prices. We reiterate our 2026 Operating Outlook for production and costs, and remain focused on disciplined cost management and improving operating efficiencies.”
“We returned a record $300 million to shareholders in Q2 through dividends and share repurchases. We are delivering on the enhanced shareholder return framework we announced in May, repurchasing over seven million shares to date in 2026 under our Normal Course Issuer Bid. These share repurchases increase the dividend per share, as well as increase shareholder exposure to our future free cash flow generation,” added Mr. Steinmann.
“Our financial position remains robust. We ended the quarter with $1.8 billion in cash and investments, including cash attributable to our interest in Juanicipio. At the same time, we continue to invest in the safe and reliable operation of our mines and in projects that support future growth. In July, we renewed and amended our five-year senior unsecured revolving credit facility, doubling the size to $1.5 billion with an additional $750 million accordion feature, thereby increasing our total available liquidity to $3.2 billion.”
