6. Pan American Silver Corp. (NYSE:PAAS)
Pan American Silver Corp. (NYSE:PAAS) has a forward P/E of 10.41x, securing its place on our list of the most undervalued silver mining stocks to buy now. Meanwhile, analysts see 62.60% upside for the stock.
A record cash balance, a billion-dollar return target, and a major development push at Timmins put Pan American Silver Corp. (NYSE:PAAS) firmly in focus for silver investors.
On June 1, 2026, Pan American Silver Corp. (NYSE:PAAS) announced a phased development plan at its Timmins operations in Ontario, with board approval for a 625-meter shaft extension at Bell Creek mine, an 814-meter drift to access the Vogel deposit, and a 1.3-kilometer exploration drift toward the Samson deposit, totaling approximately $146 million. The Bell Creek shaft extension is expected to take roughly three years, with commissioning targeted for the first half of 2029. CEO Michael Steinmann said the phased integration of satellite deposits could position Timmins as a long-life Canadian production platform.
That update followed a strong Q1 2026 earnings report on May 5, 2026. Revenue came in at $1.2 billion, with attributable free cash flow of $488 million pushing cash and short-term investments to a record $1.6 billion. Net earnings were $456 million, or $1.08 per basic share. Silver Segment AISC came in at $6.63 per ounce, well below Pan American Silver Corp.’s (NYSE:PAAS) quarterly outlook, helped by higher gold by-product credits and strong Juanicipio contributions. Attributable silver production was 6.44 million ounces.
Alongside the results, the board approved an enhanced shareholder return framework targeting 35% to 40% of annual attributable free cash flow, with up to $1 billion in returns planned for 2026. A quarterly dividend of $0.18 per share was declared, payable on or about June 1, 2026.
Pan American Silver Corp. (NYSE:PAAS) is a premier Canadian mining company that explores, extracts, and produces silver and gold, along with base metals like zinc, lead, and copper, primarily in the Americas. It operates high-margin mines and aims to be the world’s leading silver producer, with operations in Canada, Mexico, Brazil, Argentina, and Peru.
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