Pan American Silver reports Q2 2026 results, reaffirms outlook

Pan American Silver (TSX: PAAS ) released second-quarter financial results and hosted an earnings call on Thursday.

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View the webcast at Summary Pan American Silver Corp reported strong Q2 2026 financial results, with attributable free cash flow of $344 million and a record $300 million returned to shareholders.

Silver production was 6.5 million ounces, at the high end of guidance, while gold production fell short, with expectations of improvement in Q4.

The company reaffirmed its FY 2026 production and cost guidance, with full-year gold production expected at the low end of the guidance range.

Operational updates included progress at La Colorada, managing seismic events at Jacobina, and navigating El Niño impacts in Chile and Argentina.

Strategic initiatives include the ongoing optimization study at Jacobina and advancing projects at Timmins, with a focus on infrastructure and exploration.

The financial position remains strong with $1.8 billion in cash and a renewed $1.5 billion credit facility, providing flexibility for investments and shareholder returns.

Management noted variability in tax expenses and costs, with efforts to manage foreign exchange and metal price impacts.

Full Transcript OPERATOR Thank you for standing by.

This is the conference operator.

Welcome to the Pan American Silver Corp second quarter 2026 results conference call.

As a reminder, all participants are in listen-only mode and the conference is being recorded.

After the presentation, there will be an opportunity to ask questions.

During the question queue, you may press star then one on your telephone keypad.

Should you need assistance during the conference call, you may reach an operator by pressing star then zero.

I would now like to turn the conference over to Fion Fazecki, VP Investor Relations.

Please go ahead.

Fion Fazecki, VP Investor Relations Thank you for joining us today for Pan American Silver Corp's conference call and webcast to discuss our second quarter 2026 results.

This call includes forward-looking statements and information and references non-GAAP measures.

Please see the cautionary statements in our MD&A, Q2 news release and presentation slides for the period ended June 30, 2026, all of which are available on our website.

I'll now turn the call over to Michael Steinmann, Pan American's President and CEO.

Michael Steinmann, President and CEO Good morning everyone and thank you for joining us today for our Q2 2026 conference call.

Q2 delivered strong financial results, strong silver production and meaningful progress on our growth project.

We generated 344 million of attributable free cash flow, returned a record of 300 million to shareholders and reached an important milestone at La Colorada in early August with the first cut of the 588 decline to access the Skarn deposit.

Attributable silver production of 6.5 million ounces in Q2 was at the high end of our quarterly guidance range driven by continued strong performance at La Colorada and Juanicipio.

We remain on track to achieve our full year silver production guidance of 25 to 27 million ounces.

Q2 silver segment all-in sustaining costs were $17.80 per ounce, primarily reflecting higher cost ounces from the inventory drawdown that had accumulated at La Colorada in the first quarter of 2026, higher royalties at La Colorada from mining more tons than initially planned from the adjacent third-party concession, unfavorable currency exchange rates and higher labor-related costs.

Attributable gold production was approximately 166,000 ounces, which was below the quarterly outlook issued in February.

We expect Q2 to be the weakest gold production quarter of the year, with production more heavily weighted to the fourth quarter as we indicated in Q1.

Gold segment all-in sustaining costs were $1,984 per ounce in Q2, slightly above our quarterly outlook due to the lower than forecasted production as well as labor and materials inflation.

Importantly, for the first half of the year, all-in sustaining costs were below the low end of our guidance range for silver and in line with our guidance range for gold.

Based on performance to date, we are reaffirming our full year 2026 operating outlook ranges for silver and gold production, silver segment and gold segment all-in sustaining costs and sustaining capital.

Within that outlook, we now expect full year gold production to be at the low end of the 700,000 to 750,000 ounce guide.