Pan American Silver Corp

Pan American Silver posted a blowout fourth quarter, with earnings per share of $1.11 beating the consensus estimate of $0.89 by 24.45%, while revenue of $1.18 billion topped expectations by 5.55% and surged 44.6% year over year. The driving force behind those figures was an extraordinary move in metal prices: realized silver averaged $58.16 per ounce in the quarter versus $30.87 a year ago, and gold fetched $4,186 per ounce compared to $2,666, turning mine operating earnings into $568 million from just $185 million in the prior-year period. Those tailwinds, <a href="https://247wallst.com/investing/2026/02/18/precious-metals-retreat-sets-stage-for-pan-american-silver-q4-results/">which few anticipated holding</a>, combined with disciplined cost management to push quarterly operating cash flow to a record $554 million. The company rewarded shareholders with a 29% dividend increase to $0.18 per share and renewed its buyback program. Looking ahead, Pan American guides 2026 silver production of 25 to 27 million ounces, roughly 14% above 2025, with gold output of 700 to 750 thousand ounces, assuming $70 per ounce silver and $4,200 gold.