$PAAS · PAN AMERICAN SILVER CORP
Pan American Silver filed its Q3 2026 Form 6-K with unaudited interim financials and MD&A. Revenue grew 18% YoY to $1.006B, net earnings more than doubled to $357M ($0.86 basic EPS) from $169M, and adjusted EPS was $0.69 versus $0.48. Nine-month net earnings reached $1.118B versus $528M. Silver production rose 11% to 6,070 koz while gold fell 8.5% to 167.9 koz. The company repurchased $224M of shares in Q3 ($473M YTD) and held $1.51B cash.
- Revenue rose 18% YoY to $1.006B in Q3 2026 from $855M.
- Net earnings more than doubled to $357M from $169M; basic EPS $0.86 vs $0.45.
- Adjusted EPS was $0.69 versus $0.48 a year earlier.
- Silver production up 11% to 6,070 koz; gold down 8.5% to 167.9 koz.
- Share repurchases totaled $224M in Q3 and $473M year-to-date.
Shares closed up 8.36% to $41.49 and extended-hours trading added another 1.71% to $42.20, signaling a positive reception to the earnings beat.
A broad-based earnings beat with doubled net income and aggressive buybacks confirms Pan American's leverage to strong silver prices.
Strong silver prices and the Juanicipio equity-method contribution ($56M income in Q3) are lifting silver miners' earnings across the sector.
Gold production declined 8.5% YoY and income tax expense jumped to $105M in Q3 from $80M, pressuring margins.