🔴 Pan American Silver is trading 4.1% down today after lowering 2026 gold production guidance

Pan American Silver is trading at $39.78, down -4.07%, after cutting 2026 gold production guidance.

• The 2026 forecast is now 660,000–680,000 ounces, down from 700,000–750,000 previously.
• Expected gold-segment all-in sustaining costs rose to $2,000–$2,150 per ounce, citing lower output and higher costs.
• Earnings were strong, but reduced guidance and issues at several mines are the clearest company-specific explanation for the decline; a weak broader market may add pressure, while guidance is the more direct catalyst.