• Scotiabank reaffirms its "Outperform" rating for Pan American Silver (NASDAQ:PAAS), highlighting the company's strong position in the mining industry and its benefit from high silver prices.
• Pan American Silver is expected to see a 66% increase in earnings in 2026, following a 180% surge in 2025, supported by its extensive operations and strategic ventures.
• The company's robust financial health, indicated by its $24.77 billion market capitalization and record free cash flows, contributes to its positive outlook and dividend increase in 2025.

On January 26, 2026, Scotiabank maintained its "Outperform" grade for Pan American Silver (NASDAQ:PAAS), with the stock priced at $67.31. Pan American Silver, a leading Canadian mining company, operates across the Americas, extracting silver and gold. The company has a significant presence in countries like Canada, Mexico, and Peru, among others. Pan American Silver is currently benefiting from record-high silver prices.

The company holds a Zacks Rank #1 (Strong Buy) and is expected to see a 66% increase in earnings in 2026, following a 180% surge in 2025. This growth is supported by its extensive mining operations and strategic joint ventures, such as the 44% interest in the Juanicipio mine in Mexico. The company's market capitalization stands at approximately $24.77 billion, reflecting its robust position in the mining industry. Pan American Silver has been operational for three decades and recently reported record free cash flows, which allowed it to increase its dividend in 2025. This financial strength is a key factor in Scotiabank's positive outlook.

Currently, PAAS is priced at $67.56, marking a 4.74% increase with a $3.06 change. The stock has fluctuated between $66.72 and $69.90 today, with a 52-week high of $69.81 and a low of $20.55. The trading volume for PAAS today is 6.91 million shares, indicating strong investor interest. Pan American Silver's diverse portfolio includes a 100% interest in the Escobal mine in Guatemala, although it is not operational. The company is also engaged in various exploration and development projects, positioning itself for future growth. This strategic approach supports the "Outperform" rating by Scotiabank.