Can Pan American Silver's Timmins Operations Drive Growth? - TradingView

AI desk brief

Pan American Silver expects Timmins to produce 105.5k-115k oz of gold in 2026 at AISC of $2,575-$2,675/oz, up from 103.6k oz at $2,443/oz in 2025, while spending $40-$43 million of 2026 project capex on the operation. The Bell Creek plant is running at 4,400 tpd versus 5,600 tpd design capacity, and PAAS plans 118,000 meters of drilling as it advances the Timmins Camp Project to lift infrastructure utilization and extend mine life.

The company said it has already approved the first phase of the Timmins Camp Project with total investment of $146 million, following June 2026 resource definition work at Bell Creek and satellite deposits. The piece also benchmarks peers: Hecla’s Greens Creek remains a very low-cost silver asset, while Buenaventura’s Uchucchacua is benefiting from stronger grades.