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PAAS · Analysis updated Nov 10, 2026, 6:00 PM ET
Why is Pan American Silver Corp. (PAAS) stock moving?
PAAS closed at $39.89 on Nov 10, down 5.8% from $42.36 on Nov 9 and slightly below its $39.95 VWAP, on 4.85M shares. The stock has traded in a roughly $38 to $43 band over the last month. Q3 2026 results on Nov 4 showed adjusted EPS of $0.69 and $377M in attributable free cash flow. The stock spiked to $43.11 on Nov 5 on 8.07M shares, the heaviest volume in the window, then closed at $40.58, a sign of selling into the post-earnings rally. The Nov 5 consensus target of $60.49 implies about 46% upside and supports a Buy consensus. TD Cowen's Nov 9 downgrade to Hold, with a CA$63.46 target, is the main negative and came just before the Nov 10 drop. Smaller items, including the $7M Galleon Gold stake and the Radius Gold option that may offer the El Cancel property to Pan American, add to the exploration pipeline but do not move the near-term picture. The news flow is mixed: strong reported cash generation and a high consensus target, offset by a fresh downgrade and softer price action.
News behind the analysis
- Radius Gold Inc. Signs Option Agreement for El Cancel Mining ConcessionRadius Gold has entered an option agreement on the El Cancel concession in Mexico. It carries an obligation to offer the property to Pan American Silver for possible inclusion in the Amalia Project agreement.
- TD Cowen Downgrades Pan American Silver to HoldTD Cowen cut its rating on Pan American Silver from Buy to Hold and set a price target of CA$63.46.
- Pan American Silver Corp. 12-Month Price Target Adjusted to $60.49The 12-month price target was updated to $60.49, which analysts see as consistent with a consensus Buy rating.
- Pan American Silver Q3 2026 Earnings Call TranscriptPan American Silver reported third-quarter 2026 results on Thursday, and the earnings call transcript was published.
- Pan American Silver Reports Third Quarter 2026 Financial ResultsQ3 2026 adjusted EPS was $0.69, and attributable free cash flow reached $377 million.
- Pan American Silver Invests $7 Million in Galleon Gold Corp.Pan American Silver bought 6,250,000 Galleon Gold shares for $7 million in a private placement.
- Pan American Silver's La Colorada Exploration Team Receives 2027 PDAC AwardThe PDAC recognized the La Colorada exploration team for discovering the La Colorada skarn deposit in Zacatecas, Mexico.
About Pan American Silver Corp.
Pan American Silver is a Vancouver-based miner of silver and gold. It runs mines in Canada, Mexico, Peru, Brazil, Bolivia, Chile and Argentina, and its shares trade on both the NYSE and the TSX. It is one of the largest silver producers in the Americas, and it also produces a lot of gold. In September 2025 it bought MAG Silver, which gave it a 44% stake in the Juanicipio silver mine in Mexico. It also owns the Escobal mine in Guatemala, which is currently not operating.
How it makes money
It mines and sells precious metals, mostly gold and silver, plus some zinc, lead and copper as by-products. Its 2026 production target was about 25–27 million ounces of silver and 700,000–750,000 ounces of gold. Gold has made up a large share of revenue, roughly half or more. Quarterly revenue was about $1.1 billion in Q2 2026, or about $1.3 billion including its share of Juanicipio, helped by higher metal prices. It pays a quarterly dividend of about $0.18 per share.
What usually moves PAAS
- Silver and gold prices
- Mining costs (all-in sustaining costs) and inflation
- Production versus guidance at key mines like Jacobina, El Peñon and Juanicipio
- Political, permitting and tax risk in Latin American countries, including whether Escobal restarts
- Interest rates and the US dollar