Pan American Silver Attributable Free Cash Flow Hits $488 Million
The precious metals miner reported attributable revenue of $1.33 billion for the first quarter of 2026, up from $771 million in the prior-year period.
Pan American Silver Corp. (PAAS), the precious metals miner, reported attributable free cash flow of $488 million for the first quarter of 2026, compared to $114 million in the first quarter of 2025. The company said the increase in net cash was a result of higher realized gold and silver prices.
Attributable silver production rose to 6.44 million ounces from 5.00 million ounces in the same quarter last year. The company attributed this growth largely to the acquisition of the Juanicipio mine in September 2025. Conversely, attributable gold production fell to 169.2 thousand ounces from 182.2 thousand ounces.
Realized prices for the company's primary metals rose significantly over the period. The average realized price for silver was $89.43 per ounce in the first quarter of 2026, compared to $31.25 per ounce in the first quarter of 2025. Gold realized prices rose to $4,859 per ounce from $2,868 per ounce.
Cost trajectories diverged between the company's segments. Silver segment all-in sustaining costs (AISC) fell to $6.63 per ounce from $13.88 per ounce. Gold segment AISC rose to $1,851 per ounce from $1,485 per ounce. At the Timmins site in Canada, gold production decreased 7% and AISC rose by $725 per ounce, which the company attributed to higher energy costs, increased mine maintenance, and higher royalties. At the Shahuindo site in Peru, gold production decreased 9% and AISC increased by $350 per ounce due to higher haulage, maintenance, and labor costs.
Financial liquidity improved as the company ended the quarter with working capital of $1,649 million. This included $1,614 million in cash, cash equivalents, and short-term investments. The company's net cash position was $679 million as of March 31, 2026, an increase of $288 million from December 31, 2025.
Cash outflows for the quarter included $76 million in dividend payments and $25 million for the repurchase and cancellation of shares under the company's Normal Course Issuer Bid. Investing activities used $95 million of cash, primarily for $105 million spent on mineral properties, plant and equipment at mines including Jacobina, Timmins, La Colorada, Shahuindo, and Huaron.
Pan American Silver reaffirms its 2026 operating outlook for silver, gold, and base metal production, as well as sustaining capital expenditures and segment AISC.