Scotiabank reiterates Pan American Silver stock rating on reserve growth

Scotiabank maintained its Sector Outperform rating and price target of Cdn$95.00 for Pan American Silver Corp (TSX:PAAS) (NYSE:PAAS), citing the company's strong reserve growth and financial performance. Pan American Silver, with a market cap of $20.75 billion, now has approximately 511 million ounces of silver and 6.3 million ounces of gold in reserves, marking a 13% year-over-year increase.

The gold reserves remained largely unchanged. The bank views the reserve growth positively, highlighting the strength and diversification of the company's asset portfolio. Pan American Silver has delivered impressive financial results, with revenue growth of 38% over the past year and a return on assets of 15.78%. The reserve additions are attributed to successful exploration, effective mine development, and the inclusion of its 44% interest in Juanicipio.

As of August 31, 2026, nearly 70% of the 2026 exploration program has been completed. Despite missing analysts' expectations in its recent Q2 earnings report, the company focused on strong silver output and record shareholder returns. No updates on mergers or acquisitions were reported. Analysts have not provided any upgrades or downgrades for Pan American Silver, and the bank expects investors to monitor the company's progress in addressing operational challenges in upcoming quarters.