Pan American Silver Corp. generated $344 million in attributable free cash flow during the second quarter of 2026, increasing from $234 million in Q2 2025. Attributable revenue reached $1.3 billion, while consolidated revenue rose to $1.1 billion from $812 million in the prior-year period. Net earnings reached $305 million, or $0.72 per basic share, compared with $190 million, or $0.52 per share, in Q2 2025.

Operating performance included attributable silver production of 6.47 million ounces, landing at the high end of guidance and increasing from 5.094 million ounces in Q2 2025. Strong output at La Colorada and Juanicipio supported the result. Attributable gold production was 165.9 thousand ounces, compared with 178.7 thousand ounces in the prior-year period.

"Pan American delivered another quarter of strong financial results, generating $344 million in Attributable 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."

Pan American reiterated its 2026 operating outlook for silver production and segment costs. Full-year gold production is now expected to track toward the low end of its 700 to 750 thousand ounce guidance range. Third-quarter production is anticipated to be between three to six thousand ounces below the low end of guidance. These adjustments reflect lower expected output at El Peñon—where gold production is tracking roughly 10 thousand ounces below original guidance—and at Jacobina in Brazil.

At Jacobina, Pan American invested $22 million in project capital during the first half of 2026 for infrastructure and plant improvements. The company implemented mining method adjustments during the second quarter, including leaving larger pillars and reducing production rates following a reassessment of seismic risks. Consequently, annual gold production at Jacobina is expected to come in approximately 10 thousand ounces below its original guidance range of 181 to 191 thousand ounces.

Over the 30-day period ending August 12, 2026, the silver price increased 13.32% to $65.34 per ounce from $57.66. Pan American ended June 30, 2026, with $1.8 billion in cash and short-term investments, including $97 million attributable to its interest in Juanicipio. In July, the company renewed and amended its five-year revolving credit facility, doubling its size to $1.5 billion with a $750 million accordion feature, bringing total available liquidity to $3.2 billion. Due to increased profitability, the company raised its guidance range for taxes paid to between $585 million and $635 million for 2026.

"We returned a record $300 million to shareholders in Q2 through dividends and share repurchases," added Mr. Steinmann. "We are delivering on the enhanced shareholder return framework we announced in May, repurchasing over seven million shares to date in 2026."

Development milestones advanced across the portfolio. At the La Colorada Skarn project in Mexico, where the company invested $20 million in project capital during the first half of 2026, Pan American completed the first cut of the 588 Decline in early August 2026. Engineering for the material handling system and ventilation shafts at La Colorada Skarn is scheduled for presentation to the Board of Directors for approval in the second half of 2026.

Read the full announcement: Pan American Silver Reports Second Quarter 2026 Financial Results