New York, January 26, 2026, 05:31 EST — Premarket
- Shares of Pan American Silver are set to open higher as precious metals continue their record-breaking streak.
- Investors continue to digest the miner’s recent production update along with its 2026 cost and spending targets.
- Traders are focused on the Fed’s decision this week and Pan American’s February earnings release date.
Shares of Pan American Silver Corp (PAAS) jumped 6.2% in premarket action Monday, hitting $68.50. Early volume reached roughly 48,000 shares, data from Public shows. 1
Silver and gold pushed even further into record territory, boosting miners. Spot silver jumped about 6% to near $109 an ounce, after briefly hitting $110. Gold climbed to a fresh high above $5,100 as investors sought safety amid geopolitical tensions and a weaker dollar. Ole Hansen, head of commodity strategy at Saxo Bank, pointed to U.S. President Donald Trump’s role, saying, “The uncertainty he creates on multiple levels remains the main driver.” 2
Pan American last week reported preliminary production figures for Q4 and the full year, along with its targets for 2026. The miner said 2025 attributable silver output reached 22.8 million ounces, surpassing its updated guidance thanks to a record 7.3 million ounces in the fourth quarter. It projects 2026 attributable silver production between 25 million and 27 million ounces, with gold output expected at 700,000 to 750,000 ounces. CEO Michael Steinmann highlighted that the 2026 forecast “points to further expansion of operating margins.” The company anticipates silver-segment all-in sustaining costs (AISC) ranging from $15.75 to $18.25 an ounce, capital expenditures between $515 million and $550 million, and unaudited year-end cash plus short-term investments near $1.32 billion. 3
“Attributable” production refers to the company’s portion of output, factoring in mines it partially owns. AISC, meanwhile, is an industry-standard metric that aims to reflect the total cost of producing an ounce, including the expenses required to keep operations running, beyond just the daily mining costs.
Other precious-metals stocks climbed ahead of the open. First Majestic Silver jumped roughly 5%, with Hecla Mining and Coeur Mining adding between 1% and 2%. SSR Mining and Wheaton Precious Metals also saw gains.
Investors are also turning their attention to a Federal Reserve policy meeting set for later this week. Currency fluctuations and a packed earnings schedule are influencing risk appetite. A softer dollar has supported bullion prices, Reuters noted. 4
But the situation could reverse just as fast. A steep drop in silver prices would squeeze miners’ margins, with Pan American’s strategy hinging on heavy spending in 2026 and output concentrated in the latter half—offering little wiggle room for any hiccups.
The upcoming key dates include the TD Cowen 17th Annual Global Mining Conference in Toronto, kicking off Jan. 27. Then, Pan American will report its Q4 and full-year 2025 earnings after the market closes on Feb. 18, with a conference call set for the following morning. 5
