Pan American Silver management commentary cites higher metal prices as driver of Q3 2026 mine operating earnings growth
PAAS•Pan American Silver reported Q3 2026 net earnings of $357 million, up from $169 million a year earlier, as revenue rose 18% primarily on higher metal prices. Adjusted earnings increased to $287 million from $180 million, and operating cash flow rose to $377 million from $313 million.
1. Earnings and cash flow
Pan American Silver reported Q3 2026 net earnings of $357 million, compared with $169 million a year earlier. Revenue rose 18%, primarily driven by higher metal prices, despite lower gold and silver sales volumes. Adjusted earnings increased to $287 million from $180 million, while operating cash flow rose to $377 million from $313 million, supported by higher revenue and favorable working capital movements.
2. Costs and other support
Higher operating costs and royalties partly offset the gains from metal prices. Increased income from Juanicipio also supported earnings.
