Q2 2026 Pan American Silver Corp Earnings Call Transcript

Aug 13, 2026 / 03:00PM GMT

Release Date Price: CHF38.99 (-8.24%)

Transcript

Key Points

Positve

Pan American Silver Corp (PAAS) generated strong attributable free cash flow of $344 million in Q2 2026.
The company returned a record $300 million to shareholders through share repurchases and dividends in Q2.
Silver production of 6.5 million ounces was at the high end of guidance, with full-year silver production guidance reaffirmed.
The company maintains a robust balance sheet with $1.8 billion in cash and $3.2 billion in total liquidity.
La Colorada Skarn project reached a key milestone with the first cut of the decline, advancing growth plans.

Negative

Gold production in Q2 was below expectations, leading to a revised full-year gold production outlook at the low end of guidance.
Jacobina's gold production is expected to be 10,000 ounces below guidance due to seismic risk mitigation measures.
El Peñon's gold production is also expected to be 10,000 ounces below guidance due to lower continuity in secondary structures.
El Niño weather conditions have caused disruptions at operations in Chile and Argentina, affecting site access.
Income tax payments are expected to increase, with 2026 guidance raised to $585-$635 million due to higher profitability.

Operator

Thank you for standing by. This is the conference operator. Welcome to the Pan American Silver second-quarter 2026 results conference call. (Operator Instructions)

I would now like to turn the conference over to Siren Fisekci, VP, Investor Relations. Please go ahead, Ms. Fisekci.

Siren Fisekci

Pan American Silver Corp. - Vice President - Investor Relations

Thank you for joining us today for Pan American Silver'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

Pan American Silver Corp. - President, Chief Executive Officer, Director

Good morning, everyone, and thank you for joining us today for our Q2 2026

Already have an account? Log in

Get the full story

Subscribe Now

	Access to All Earning Calls and Stock Analysis
	30-Year Financial on one screen
	All-in-one Stock Screener with unlimited filters
	Customizable Stock Dashboard
	Real Time Insider Trading Transactions
	8,000+ Institutional investors’ 13F holdings
	Powerful Excel Add-in and Google sheets Add-on
	All data downloadable
	Quick customer support
	And much more...

7-Day Free Trial · Cancel Anytime

Subscription fee may be tax deductible.

Excellent

4.6 out of 5

Trustpilot

Research Tools

All-In-One Screener Stock Ideas Stock List Guru List Guru Real-Time Picks Insider List Insider Trades Economic Indicators Sector & Industry Performance DCF Calculator Calculators Discussion Board

Product

Pricing Plans Excel Add-In Google Sheets Add-on Data API Stock Comparison Table Manual of Stocks Instant Alerts Mobile App Newsletters Signup 中文

Education

Financial Glossary Tutorials FAQ Buffett Indicator Shiller P/E Yield Curve Today U.S. Inflation Rate Global Market Valuation Fed Net Liquidity Buffett Assets Allocation

Company

About GuruFocus Career Contact Us Advertise Term of Use Privacy Policy Referral Program Partner Program

Survey

We'd love to learn more about your experiences on GuruFocus.com and how we can improve!

Take Survey

Disclaimers

GuruFocus.com is not operated by a broker or a dealer. Under no circumstances does any information posted on GuruFocus.com represent a recommendation to buy or sell a security. The information on this site, and in its related newsletters, is not intended to be, nor does it constitute investment advice or recommendations. The individuals or entities selected as "gurus" may buy and sell securities before and after any particular article and report and information herein is published, with respect to the securities discussed in any article and report posted herein. Gurus may be added or dropped from the GuruFocus site at any time. In no event shall GuruFocus.com be liable to any member, guest or third party for any damages of any kind arising out of the use of any content or other material published or available on GuruFocus.com, or relating to the use of, or inability to use, GuruFocus.com or any content, including, without limitation, any investment losses, lost profits, lost opportunity, special, incidental, indirect, consequential or punitive damages. Past performance is a poor indicator of future performance. The information on this site, and in its related newsletters, is not intended to be, nor does it constitute investment advice or recommendations. The information on this site is in no way guaranteed for completeness, accuracy or in any other way. The gurus listed in this website are not affiliated with GuruFocus.com, LLC. Stock quotes are provided by QuoteMedia, Inc. (CSI). Company fundamental data is provided by Morningstar. Analyst estimates data is sourced from both Refinitiv and Morningstar, with priority given to Refinitiv data. Data is updated daily.