PAAS Q2 Earnings Call Keeps Silver View, Flags Gold Pressure

Pan American Silver maintained its 2026 silver outlook at 25–27M ounces, but trimmed its gold expectations to the low end as Jacobina and El Peñón face production pressures. The update is more cautious on gold than silver, suggesting near-term headwinds while holding overall silver guidance steady.

Analysis

Pan American Silver maintained its 2026 silver outlook at 25–27M ounces, but trimmed its gold expectations to the low end as Jacobina and El Peñón face production pressures. The update is more cautious on gold than silver, suggesting near-term headwinds while holding overall silver guidance steady.