Spot silver
$68.92
+2.6% Friday · per ounce
Pan American Silver Sees Price-Cost Spread Top $51 as Silver Surges
NEW YORK, August 21, 2026, 06:08 EDT — The most recent jump in silver prices has pushed Pan American Silver Corp.’s indicative price-cost spread to more than $51 per ounce.
NYSE / TSX: PAAS · Silver leverage monitor
Silver near $69 puts the spread in focus
Pan American Silver Corp. · Market snapshot captured August 21, 2026, 06:08 EDT / 12:08 CEST
U.S. cash market: pre-open
PAAS regular close
$51.56
+2.5% on Aug. 20 at 16:00 EDT
After-hours
$50.85
-1.38% at Aug. 20, 20:00 EDT
Indicative spread
$51.12
Spot less Q2 Silver Segment AISC
Price versus cost
Silver’s spot price is 3.87 times Pan American’s Q2 Silver Segment AISC. The $51.12 difference is an operating-leverage gauge, not an accounting profit margin.
AISC is a non-GAAP measure, net of by-product credits. It excludes several corporate and financing items.
Operating leverage
2026 silver guidance25m–27m oz
Q2 silver production6.47m oz
Q2 attributable FCF$344m
Q2 revenue$1.124bn
$1/oz annual revenue sensitivity$25m–$27m
Illustrative spread envelope$1.28bn–$1.38bn
Five-session PAAS path
+8.7% from Aug. 14 through Aug. 20. Closing prices in USD; latest point is Aug. 20, 16:00 EDT.
Analyst recommendation check
| Firm | View | Target |
|---|---|---|
| CIBC | Buy | C$130.44 |
| BMO Capital | Hold | C$75.00 |
| BofA Securities | Buy | C$95.75 |
| RBC Capital | Buy | C$90.20 |
| Scotiabank | Buy | C$95.00 |
| 9-analyst consensus | Buy | C$92.00 |
Targets apply to TSX:PAAS. Latest listed updates run through August 13, 2026.
Capital return anchor
Q2 shares repurchased4.4m
Q2 repurchase value$224m
Average repurchase price$51.46
Aug. 20 close vs. buyback average+$0.10 / +0.2%
Q2 dividend per share$0.184
Record date: August 24, 2026. Expected payment: September 4, 2026.
What can break the setup
Silver is still 40.89% below its January record. Volatility cuts both ways.
Higher real yields or a stronger dollar can reverse the precious-metals bid.
Mine sequencing, labour, weather, royalties and taxes can absorb metal-price gains.
AISC uses by-product credits and should not be read as a full corporate cash cost.
Pan American Silver Corp Stock (PAAS) News, Forecasts & Analysis — What’s Driving the Rally on December 12, 2025
Pan American Silver Corp is back at the center of the precious-metals trade as silver prices push into record territory and investors reposition around a shifting rates backdrop. The move isn't just macro-driven: Pan American has also delivered a busy stretch of company-specific catalysts in recent weeks—ranging from a record free-cash-flow quarter and a dividend to a year-end exploration update and a strategic investment tied to the Timmins region in Canada.
Pan American Silver Stock (PAAS) Hits 12‑Month High as Silver Breaks $60: What Today’s Rally Means for 2026
Pan American Silver Corp. is back in the spotlight. As of the morning of December 10, 2025, the stock is trading around $48–49 per share, after surging more than 11% on Tuesday and pushing to a new 12‑month high of $48.78 in today’s session.MarketBeat
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