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Pan American Silver Corp
XMUN:PA2

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Pan American Silver Corp
XMUN:PA2
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Price: 48.58 EUR -8.2% Market Closed
Market Cap: €11.3B

Pan American Silver Corp
Investor Relations

Pan American Silver Corp. is a precious-metals mining company that explores for, develops, and operates mines that produce silver, gold, and other byproducts such as zinc, lead, and copper. Its core business is digging ore out of the ground, processing it, and selling the refined metal to smelters, refiners, and other metal buyers. The company earns money mainly by selling the metals it produces, so its results depend on how much metal it can mine and the prices those metals fetch in the market. The company’s main customers are industrial buyers and commodity traders that need silver and gold for uses like electronics, jewelry, solar panels, and investment products. Pan American also sells the precious metals it produces into the broader commodity market, where prices are set globally. That makes it less like a consumer brand and more like a supplier in the raw-materials chain: it turns mineral deposits into saleable metal. What makes Pan American different is that it is focused on precious metals rather than a broad basket of industrial minerals. Silver is its namesake product, but gold and other metals help support the business because many mines produce more than one valuable metal at the same time. That mix gives the company several ways to earn from each mining site and ties its business closely to geology, mine quality, and commodity prices.

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Last Earnings Call
Fiscal Period
Q1 2026
Call Date
May 6, 2026
AI Summary
Q1 2026

Strong quarter: Pan American Silver said Q1 2026 was another solid quarter, with silver and gold production in line with outlook and silver costs well below guidance.

Cash flow: The company generated $488 million of attributable free cash flow and ended the quarter with a record cash and short-term investment balance of over $1.8 billion.

Shareholder returns: Management introduced a new framework targeting 35% to 40% of annual attributable free cash flow back to shareholders, with about $305 million expected in dividends and about $700 million planned for share repurchases in 2026.

La Colorada: The board approved the first $265 million of capital for the La Colorada skarn project, marking the start of a major multi-year development program.

Outlook steady: Full-year production, all-in sustaining costs, and sustaining capital guidance were left unchanged, though some gold output is expected to shift into Q4 and fuel-related inflation remains a watch item.

Key Financials
Silver production
6.4 million ounces
Gold production
169,000 ounces
Silver Segment all-in sustaining costs
$6.63 per ounce
Gold Segment all-in sustaining costs
$1,851 per ounce
Revenue
$1.2 billion
Net earnings
$456 million
Earnings per share
$1.08
Adjusted earnings per share
$1.09
Free cash flow
$488 million
Cash and short-term investments
over $1.8 billion
Shareholder return target
35% to 40% of annual attributable free cash flow
Dividends
approximately $305 million
Share repurchases
approximately $700 million
Normal Course Issuer Bid
up to $1 billion
La Colorada skarn project capital
$265 million
La Colorada skarn peak production
19.1 million ounces of silver annually
Bell Creek shaft extension investment
$131 million
Bell Creek shaft extension depth
625 meters
Other Earnings Calls

Management

Mr. Michael Steinmann P.Geo., Ph.D.
President, CEO & Director
No Bio Available
Mr. Ignacio Couturier
Chief Financial Officer
No Bio Available
Mr. Steven Luis Busby
Chief Operating Officer
No Bio Available
Mr. Christopher Lemon
Chief Legal and Human Resources Officer & General Counsel
No Bio Available
Mr. Sean McAleer
Senior Vice President of Strategic Initiatives
No Bio Available
Mr. Martin G. Wafforn P.Eng.
Senior Vice President of Technical Services & Process Optimization
No Bio Available
Ms. Siren Fisekci
Vice President of Investor Relations & Corporate Communications
No Bio Available
Mr. Cameron Paterson
Senior VP of Finance & IT
No Bio Available
Mr. Brent G. J. Bergeron
Senior Vice President of Corporate Affairs & Sustainability
No Bio Available
Ms. Ibtissam Drier
Senior Vice President of Business Development
No Bio Available

Contacts

Address
BRITISH COLUMBIA
Vancouver
1440 - 625 Howe Street
Contacts
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