Pan American Silver Corp. is involved in the exploration, development, extraction, processing, refining, and reclamation of mines in Chile, Peru, Brazil, Mexico, Canada, Argentina, Bolivia, and Guatemala. Its Silver segment includes the La Colorada, Juanicipio, Cerro Moro, Huaron, and San Vicente mines, while the Gold segment comprises the Jacobina, El Peñon, Timmins, Shahuindo, Minera Florida, and Dolores mines. The company explores for silver, gold, zinc, lead, and copper deposits. Formerly known as Pan American Minerals Corp., it changed its name to Pan American Silver Corp. in April 1995. Incorporated in 1979, it is headquartered in Vancouver, Canada.
Pan American Silver Reports 511.1 Million Ounces Silver in Reserves as at June 30, 2026
Pan American Silver Corp. reported estimated mineral reserves and mineral resources as at June 30, 2026, with proven and probable mineral reserves estimated to contain approximately 511.1 million ounces of silver and 6.3 million ounces of gold. Measured and indicated mineral resources, excluding proven and probable reserves, are estimated to total approximately 1,126.7 million ounces of silver and 7.5 million ounces of gold, while inferred mineral resources are estimated at approximately 437.0 million ounces of silver and 7.2 million ounces of gold. The figures include Pan American's 44% attributable share of the Juanicipio mineral reserves and mineral resources following the completion of its acquisition of MAG Silver Corp. on September 4, 2025. President and CEO Michael Steinmann said the company replaced over 100% of the silver extracted, with exploration success at La Colorada, Jacobina and Timmins, and noted that La Colorada added 3.5 million ounces of contained silver to proven and probable reserves net of depletion. As of August 31, 2026, Pan American had completed 351,000 metres of drilling toward a planned total of over 500,000 metres for calendar 2026, focused on near-mine exploration for reserve replacement.
Pan American Silver Guides 2026 Silver AISC to $15.75-$18.25 Per Ounce
Pan American Silver Corp. expects silver segment all-in sustaining costs of $15.75-$18.25 per ounce for 2026, a 22% year-over-year increase at the midpoint, after first-half 2026 AISC came in at $12.64 per ounce, 24% below the year-ago period and under the company's guidance of $14.87-$17.25. The first-half improvement was driven largely by the Juanicipio mine, acquired in September 2025, which posted AISC of negative $4.50 per ounce in the first half of 2026, though Juanicipio's full-year 2026 AISC is expected between $2.25 and $4.25 per ounce on higher contractor, labor and energy costs. Cerro Moro posted negative $64.87 per ounce in the first half of 2026 and is guided to negative $25.75 to negative $21.75 per ounce for 2026, versus negative $14.04 per ounce in 2025. Offsetting those gains, La Colorada's 2026 silver segment AISC is expected between $33.25 and $35.75 per ounce, above the $24.85 record in 2025, and Huaron is guided to $27.75-$29.75 per ounce, up from $21.55 per ounce in 2025. Among peers, Avino Silver & Gold Mines reported first-half 2026 AISC of $36.52 per silver-equivalent ounce, up 78% year over year, while Hecla Mining reported first-quarter 2026 silver AISC of $7.10 per ounce and guides 2026 silver segment AISC to $12.50-$13.50.
Pan American Silver Reports Record $300 Million Quarterly Shareholder Returns
Pan American Silver Corp. reported second quarter 2026 financial results, including record quarterly shareholder returns of $300 million through dividends and share repurchases. The company generated $344 million in attributable free cash flow and produced 6.47 million ounces of attributable silver, at the high end of its quarterly guidance range, while attributable gold production was 165.9 thousand ounces, below the guidance range. Revenue was $1.1 billion, with attributable revenue of $1.3 billion including its 44% share of Juanicipio, and net earnings were $305 million, or $0.72 per share. Pan American also announced it had renewed and amended its five-year senior unsecured revolving credit facility, doubling its size to $1.5 billion with an additional $750 million accordion feature, increasing total available liquidity to $3.2 billion. The company reiterated its 2026 operating outlook for production and costs, though it now expects full-year gold production at the low end of its guidance range of 700 to 750 thousand ounces.
Silver Miners First Majestic, Hecla, and Pan American Silver Positioned for Gains as Industrial Demand Surges
Silver is undergoing a revaluation as a critical mineral for clean energy, electronics, and defense, with industrial demand outpacing mine supply since 2022. Three miners stand out for investors: First Majestic Silver, Hecla Mining, and Pan American Silver. First Majestic, a pure-play silver producer, reported second-quarter revenue of $415.5 million, up 57% year over year, and earnings per share of $0.22, double the prior year. Hecla Mining, the largest primary silver producer in the U.S. and Canada, posted first-quarter revenue of $411 million, up 100% year over year, and earnings per share of $0.25, up from $0.04. Pan American Silver, which doubled its scale after acquiring Yamana Gold's Latin American assets, reported first-quarter revenue of $1.2 billion, up 49.3% year over year, and earnings per share of $1.09, a 160% increase. All three companies maintain strong balance sheets with low debt-to-EBITDA ratios and offer dividend policies tied to silver prices or revenue, though their shares have fallen between 9% and 25% this year, presenting a potential value opportunity.
Silver Price Halves From January Peak, Prompting Dip-Buying Debate
Silver has fallen to about $58 per ounce, roughly half its January 2026 peak of more than $115 per ounce, after a rapid ascent that began in April 2025 when the metal traded near $29 per ounce. The earlier surge was fueled by growing demand from the massive AI data center build-out, which uses silver in server connections, thermal paste, high-frequency connectors, photovoltaic cells, and electromagnetic shielding, while mine supply growth remained sluggish. Despite the price drop, major hyperscalers including Meta Platforms, Amazon, Alphabet, and Microsoft appear to be forging ahead with their spending plans, and McKinsey estimates global data center spending could reach $7 trillion by 2030. The iShares Silver Trust and silver producers such as First Majestic Silver, Wheaton Precious Metals, and Pan American Silver have all declined, though First Majestic recently raised its full-year 2026 production guidance. Pan American Silver is set to report second-quarter results on August 12, and Wheaton Precious Metals on August 6.
Silver Miners ETF Outperforms Gold ETF Over Three Years Despite Higher Volatility
Global X Silver Miners ETF has delivered a 46% return over the past three years, surpassing the 27.7% return of SPDR Gold Shares, even as the gold fund leads over five- and ten-year periods with annualized returns of 17.5% and 11.3% compared to 14% and 7.6% for the silver miners fund. The silver miners ETF carries a higher expense ratio of 0.65% versus 0.40% for the gold ETF and exhibits significantly greater volatility with a beta of 0.84 against 0.17. While SPDR Gold Shares holds physical bullion and offers a direct hedge against currency devaluation, the Global X fund invests in silver mining companies, providing operational leverage and potential shareholder returns through dividends and buybacks. The analysis concludes that the silver miners ETF may be the better buy due to management's ability to enhance returns, despite the gold fund's lower cost and stability.
BofA slashes commodity forecasts but uranium remains top conviction call for 2026
Bank of America has cut 32 price objectives across its commodities coverage and lowered 2026 estimates for 31 of the 33 companies it tracks, yet uranium stands out as its top conviction call with 23% upside versus spot. The firm sees Cameco as its top uranium pick, citing leverage to higher realized prices, a solid balance sheet, and roughly 48% upside to its price target, while also flagging the benefit of Cameco's 49% stake in Westinghouse Electric Company amid the U.S. nuclear buildout. In precious metals, BofA trimmed its 2026 gold forecast by 14% to $4,360 an ounce and added Pan American Silver as a new top pick, pointing to 56% potential upside. Freeport-McMoRan remains the top base metals pick with about 35% upside, while aluminum forecasts were cut materially, leaving little room for gains.
Silver crashes below $60, down over 50% from record high
Silver has tumbled below $60 an ounce for the first time this year, marking a fresh six-month low and a decline of more than 50% from its record high above $120 reached in late January 2026. Spot silver fell 3.7% to $59.30 on June 24, its weakest level since December 9, 2025, pressured by a stronger dollar and rising Treasury yields after a blowout jobs report showed employers added 172,000 positions, more than double the 85,000 expected. The Federal Reserve held its benchmark rate at 3.5% to 3.75% on June 17, with nine of 18 policymakers projecting at least one rate hike before year-end, a sharp reversal from earlier rate-cut expectations. The metal closed below its 200-day moving average on June 9 for the first time since April 2025, a bearish technical signal. The iShares Silver Trust has dropped more than 15% in 2026, while silver miners First Majestic, Hecla Mining, and Pan American Silver each slid nearly 4% in premarket trading.
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