Pan American Silver slides as Q2 earnings miss on lagging gold production

Pan American Silver fell about 9.8% after its Q2 results disappointed, with adjusted earnings missing expectations and revenue also coming in below estimates. The stock’s decline was amplified by management’s guidance, which pointed to FY2026 gold production at the low end of the company’s range and gold segment all-in sustaining costs at the high end, signaling pressure on future margins. The market reaction suggests investors are re-pricing the company for weaker profitability outlook and less favorable operating costs, despite the broader precious-metals backdrop. The move also weighed on related silver and gold miners, which traded lower in sympathy.