Pan American Silver Corp.

Revenue was $1.1 billion, attributable revenue including the 44% interest in Juanicipio was $1.3 billion, net earnings were $305 million or $0.72 per share, and adjusted earnings were $0.73 per share. Cash flow from operations was $320 million, attributable cash flow from operations was $418 million, and attributable free cash flow was $344 million. Silver production was 6.5 million ounces and silver segment all-in sustaining costs were $17.80 per ounce; gold production was approximately 166,000 ounces and gold segment all-in sustaining costs were $1,984 per ounce. Management reaffirmed full-year 2026 operating outlook ranges for silver and gold production, silver and gold AISC, and sustaining capital, but now expects gold production at the low end of the 700,000 to 750,000 ounce range; third-quarter gold guidance was lowered by about 3,000 to 6,000 ounces below the low end of the prior range. Income taxes paid guidance was increased to $585 million to $635 million for 2026, and project capital guidance remained $240 million to $255 million.

Michael Steinmann’s tone was confident and upbeat, emphasizing “strong financial results,” record shareholder returns, and continued progress on growth projects. He framed the Jacobina changes as a precautionary step tied to seismicity, not a structural problem, and said the mine still has reserve life “way into the 2050s.” He also highlighted La Colorada Skarn, Timmins, and the September reserve/resource update as key catalysts.

Ignacio Couturier focused on tax variability and balance-sheet strength. He said the effective tax rate can move quarter to quarter, but year to date it is in the low 30s and roughly in line with expectations; he also noted higher profitability and withholding taxes are driving the raised 2026 taxes-paid guidance of $585 million to $635 million. He pointed to $1.8 billion of cash and short-term investments, an undrawn revolver, and about $3.2 billion of total liquidity after the credit facility was upsized.

Analysts pressed on Jacobina’s long-term production profile, and management said the short-term reduction is due to moving faster on safer mining sequencing, larger pillars, more development, and eventual paste backfill; they do not see a major long-term impact. Questions on El Peñón centered on lower continuity in secondary structures, and management said those zones were moved from reserves to resources pending more drilling, with silver production maintained by mining more silver-rich areas while gold is lower. There was also scrutiny on taxes, project capital timing, La Colorada royalties, and Escobal; management said higher tax payments reflect profitability and repatriation, project spend is mostly timing, La Colorada royalties should normalize, and Escobal still has no timetable for restart.