New York, February 19, 2026, 05:48 EST — Premarket
- PAAS climbed roughly 3.5% ahead of the bell, recently trading close to $60.06.
- The miner notched a record for Q4 operating cash flow and bumped up its quarterly dividend by 29%.
- Attention now shifts to 2026 cost guidance, with management’s call set for later Thursday.
Shares of Pan American Silver Corp jumped roughly 3.5% before the bell Thursday, trading near $60.06. The miner announced record results for both the fourth quarter and the full year, and bumped up its dividend.
Numbers are front and center, with silver miners moving almost in lockstep with the metal these days. Investors are watching for operators who can squeeze cash out of high prices—keeping a lid on costs is key.
Volatility has been the name of the game lately. On Wednesday, gold surged over 2% and silver jumped more than 5%, with traders caught between geopolitical flare-ups and a split Fed on interest rates—both driving the metals near their recent peaks. “There is some nervousness about the existing geopolitical tensions both with Iran and the U.S.,” said Marex analyst Edward Meir. Reuters
Pan American posted adjusted earnings of $1.11 per share for the quarter, topping the $0.90 estimate from Public’s data. That’s a jump from $0.35 a share in the year-ago period.
Pan American posted fourth-quarter revenue of $1.18 billion and net earnings of $452 million, with operating cash flow coming in at $554 million, according to its latest quarterly statement. CEO Michael Steinmann described 2025 as a year of “record financial results across the board,” highlighting increased cash and a boost to the quarterly dividend, now set at $0.18 per share. The payout goes to shareholders of record as of March 2, payable on or around March 13. Management plans to discuss the numbers on a call at 11:00 a.m. ET. SEC
The company’s outlook for 2026 points to attributable silver production in the 25 million to 27 million ounce range, with gold seen anywhere between 700,000 and 750,000 ounces. On costs, they’re projecting all-in sustaining costs for silver between $15.75 and $18.25 an ounce; for gold, that number comes in at $1,700 to $1,850 per ounce. Management is also planning for $320 million to $340 million dedicated to sustaining capital, plus another $195 million to $210 million for project capital.
AISC tallies up sustaining capital along with regular operating costs, offering a more complete picture of the expenses needed just to keep mines in operation. When Pan American reports “attributable” figures, those numbers capture its portion of output and results—not just from the mines it owns outright, but also from joint ventures.
The upside still hinges on factors that can easily shift. Pan American’s Escobal mine in Guatemala is stuck in care and maintenance, pending a government-led consultation process that has neither a clear deadline nor any word on when operations might resume. Meanwhile, the company is pressing ahead with development at La Colorada Skarn and Jacobina.
