Equity Profile

PAAS

Pan American Silver Corp.

MaterialsGold$18.0B

Aug5Wed

Pre-Earnings Brief

UpcomingQ2-2026After Close5:00 PM EDT

Company Snapshot

Pan American Silver Corp. (PAAS) is a leading silver mining company focused on the exploration, extraction, and production of silver and gold....

Key Metrics to Watch

Earnings Per Share (EPS)

EPS is a key indicator of the company's profitability and financial health, which investors closely watch.

N/A

Revenue Growth

Revenue growth will indicate how well the company is expanding its operations and meeting market demand.

N/A

1 more metrics, Wall Street expectations, options signals, track record, and call prep available with Pro.

PAAS Q2-2026 Earnings Preview

Context

Company Snapshot

Pan American Silver Corp. (PAAS) is a leading silver mining company focused on the exploration, extraction, and production of silver and gold. With a market cap of $18 billion, it plays a significant role in the materials sector, particularly as demand for precious metals can be influenced by economic conditions and investor sentiment.

Earnings Scorecard·Last 8Q

EPS Beat Streak

EPS Beat Rate

63%

Avg EPS Surprise

+25.16%

Avg Stock Reaction

-0.38%

Last Quarter Recap

In Q1-2026, Pan American Silver reported an EPS of $1.09, beating estimates by 2.54%. However, the stock experienced a slight decline of 1.15% the following day, indicating mixed market reactions.

Management Promises & Guidance

Expectations

Wall Street Expectations

Investors are anticipating a solid performance from Pan American Silver, particularly given its recent EPS beats. However, the lack of specific guidance may lead to uncertainty in market reactions.

Bull Case

If the company continues its trend of beating EPS estimates and shows strong revenue growth, it could boost investor confidence and drive the stock price higher.

Bear Case

Conversely, if the company fails to meet expectations or reports lower production volumes, it could lead to a decline in stock price, reflecting investor concerns about future profitability.

Expectations

Two Questions That Matter

The print will turn on these two things.

What will the silver production volume be for Q2-2026?

Production volume is critical for assessing the company's operational efficiency and its ability to meet market demand, which could significantly impact stock performance.

How does management view future silver prices and their impact on profitability?

Management's outlook on silver prices will provide insight into potential revenue growth and profitability, which are key factors for investor confidence.

Edge

What the Street Is Missing

Why consensus could be wrong

The market may be underestimating the potential for increased silver production due to operational improvements, which could lead to higher-than-expected revenues.

Supporting Evidence

The company's recent history of beating EPS estimates suggests a trend of operational efficiency.

Options are pricing a 5.37% move, indicating expectations of volatility that may not align with the company's stable production outlook.

Key Risk

If silver production exceeds expectations, it could significantly alter market sentiment and drive stock prices higher.

Edge

Thesis-Break Levels

Pre-commit to what would confirm each case.

The core thesis this quarter revolves around production efficiency and market demand for silver, which are crucial for future profitability.

Bull Confirmed If

A production volume increase of over 10% compared to the previous quarter would confirm the bull case.

Bear Confirmed If

A production volume decrease of more than 5% compared to the previous quarter would confirm the bear case.

Pre-Earnings Positioning

Options Market

Implied Move

±5.37%

Historical Avg

±1.9%

Pricing rich

The options market is pricing in a significant move of over 5%, indicating that traders expect volatility around the earnings report.

Options are pricing ±5.4% while PAAS has averaged ±1.9% over the last 8 prints — setup is pricing rich.

Detail

ATM IV

0.6%

30d HV

61.5%

Calls (737K)P/C Ratio: 0.23Puts (94K)

Edge

Historical Setup Match

Cross-company pattern from 30 similar setups.

Prior-quarter beat + options rich in Materials

n=30

Fade rate: 13 of 30 (43%)

This setup has occurred 30 times across Materials in the last 2 years. 13 of 30 faded and 17 held — no strong directional bias after the initial reaction. The average absolute 1-day move is 4.9%, with a raw directional average of +0.4% (modestly positive historical bias).

Preparation

Post-Print Playbook

Likely market behavior by outcome — not investment advice.

Beat & Raise

If Pan American Silver beats expectations, history suggests the stock could rise by approximately 0.05% on the first day, confirming strong operational performance.

In-Line / Cautious

If results are in line with expectations but management is cautious, the stock may experience muted movement as investors reassess future growth prospects.

Miss

If the company misses expectations, history suggests a potential decline of around 1.08%, reflecting investor disappointment.

Preparation

Congressional Activity

House & Senate STOCK Act disclosures over the trailing 6 months.

Trades

0 buys·1 sell

Members

House only

Est. Notional

$50,001.00–$100,000.00

disclosed dollar ranges

Most Active Members

D-CAGilbert CisnerosRep.
1

Earnings Track Record

Preparation

What to Listen For

Call Prep

1Updates on silver production targets for Q2-2026.
2Management's outlook on silver prices and market demand.
3Any commentary on operational efficiencies or cost management.
4Insights into future exploration and expansion plans.
5Responses to questions about potential challenges in the current market environment.

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Company Snapshot

Pan American Silver Corp. (PAAS) is a leading silver mining company focused on the exploration, extraction, and production of silver and gold....

Key Metrics to Watch

Earnings Per Share (EPS)

EPS is a key indicator of the company's profitability and financial health, which investors closely watch.

N/A

Revenue Growth

Revenue growth will indicate how well the company is expanding its operations and meeting market demand.

N/A

1 more metrics, Wall Street expectations, options signals, track record, and call prep available with Pro.

PAAS Q2-2026 Earnings Preview

Context

Company Snapshot

Earnings Scorecard·Last 8Q

EPS Beat Streak

EPS Beat Rate

63%

Avg EPS Surprise

+25.16%

Avg Stock Reaction

-0.38%

Last Quarter Recap

In Q1-2026, Pan American Silver reported an EPS of $1.09, beating estimates by 2.54%. However, the stock experienced a slight decline of 1.15% the following day, indicating mixed market reactions.

Management Promises & Guidance

Expectations

Wall Street Expectations

Investors are anticipating a solid performance from Pan American Silver, particularly given its recent EPS beats. However, the lack of specific guidance may lead to uncertainty in market reactions.

Bull Case

If the company continues its trend of beating EPS estimates and shows strong revenue growth, it could boost investor confidence and drive the stock price higher.

Bear Case

Conversely, if the company fails to meet expectations or reports lower production volumes, it could lead to a decline in stock price, reflecting investor concerns about future profitability.

Expectations

Two Questions That Matter

The print will turn on these two things.

What will the silver production volume be for Q2-2026?

Production volume is critical for assessing the company's operational efficiency and its ability to meet market demand, which could significantly impact stock performance.

How does management view future silver prices and their impact on profitability?

Management's outlook on silver prices will provide insight into potential revenue growth and profitability, which are key factors for investor confidence.

Edge

What the Street Is Missing

Why consensus could be wrong

The market may be underestimating the potential for increased silver production due to operational improvements, which could lead to higher-than-expected revenues.

Supporting Evidence

The company's recent history of beating EPS estimates suggests a trend of operational efficiency.

Options are pricing a 5.37% move, indicating expectations of volatility that may not align with the company's stable production outlook.

Key Risk

If silver production exceeds expectations, it could significantly alter market sentiment and drive stock prices higher.

Edge

Thesis-Break Levels

Pre-commit to what would confirm each case.

The core thesis this quarter revolves around production efficiency and market demand for silver, which are crucial for future profitability.

Bull Confirmed If

A production volume increase of over 10% compared to the previous quarter would confirm the bull case.

Bear Confirmed If

A production volume decrease of more than 5% compared to the previous quarter would confirm the bear case.

Pre-Earnings Positioning

Options Market

Implied Move

±5.37%

Historical Avg

±1.9%

Pricing rich

The options market is pricing in a significant move of over 5%, indicating that traders expect volatility around the earnings report.

Options are pricing ±5.4% while PAAS has averaged ±1.9% over the last 8 prints — setup is pricing rich.

Detail

ATM IV

0.6%

30d HV

61.5%

Calls (737K)P/C Ratio: 0.23Puts (94K)

Edge

Historical Setup Match

Cross-company pattern from 30 similar setups.

Prior-quarter beat + options rich in Materials

n=30

Fade rate: 13 of 30 (43%)

Preparation

Post-Print Playbook

Likely market behavior by outcome — not investment advice.

Beat & Raise

If Pan American Silver beats expectations, history suggests the stock could rise by approximately 0.05% on the first day, confirming strong operational performance.

In-Line / Cautious

If results are in line with expectations but management is cautious, the stock may experience muted movement as investors reassess future growth prospects.

Miss

If the company misses expectations, history suggests a potential decline of around 1.08%, reflecting investor disappointment.

Preparation

Congressional Activity

House & Senate STOCK Act disclosures over the trailing 6 months.

Trades

0 buys·1 sell

Members

House only

Est. Notional

$50,001.00–$100,000.00

disclosed dollar ranges

Most Active Members

D-CAGilbert CisnerosRep.
1

Earnings Track Record

Preparation

What to Listen For

Call Prep

1Updates on silver production targets for Q2-2026.
2Management's outlook on silver prices and market demand.
3Any commentary on operational efficiencies or cost management.
4Insights into future exploration and expansion plans.
5Responses to questions about potential challenges in the current market environment.