Pan American Silver shares are trading lower after the company reported worse-than-expected Q2 financial results.

Shares of precious-metals-related companies are trading higher alongside gains in gold and silver prices as Treasury yields and the U.S. dollar decline following the Treasury Department’s announcement that it would double the size of liquidity-support buyback operations for longer-dated bonds.

Pan American Silver Q2 2026 Earnings Call Transcript

Pan American Silver (NYSE:PAAS) reported second-quarter financial results on Thursday. The transcript from the company's second-quarter earnings call has been provided below. This transcript is brought to you by

Why Pan American Silver Stock Was Tumbling Today

Pan American Silver (PAAS) stock fell nearly 10% after reporting Q2 earnings that missed analyst expectations. While revenue reached $1.12B (up from $812M YoY) and adjusted net income nearly doubled to $308M ($0.73/share), both figures fell short of consensus estimates ($1.16B revenue, $0.92 EPS). Silver production met guidance at 6.5M ounces, but gold operations underperformed, and management lowered full-year production guidance to the bottom end of its range.

Shares of precious metals-related companies are trading lower as gold and silver prices retreat amid subdued PPI and core CPI this week. Slower cost pressures and oil price declines may also lend credence to the idea that inflation will begin to tick lower without rate hikes, ruling out the need for physical metal inflation hedging.