Shares of Pan American Silver Corp (NASDAQ:PAAS) surged over 5% in pre-market trading on Tuesday after the precious metals miner reported better-than-expected earnings for the third quarter of 2024. The company reported adjusted earnings per share of $0.32, beating analysts' consensus estimate of $0.20.

Revenue for the quarter came in at $716.1 million, up 16.2% year-over-year but narrowly missing the estimate of $743.03 million. Pan American Silver produced 5,467,000 ounces of silver and 225,000 ounces of gold during the quarter, broadly in line with expectations. However, costs were higher than forecasted, with cash costs per ounce of $15.88 for silver and $1,195 for gold, exceeding estimates of $13.17 and $1,179.19, respectively.

Despite the slight miss on revenue and higher costs, investors cheered the strong earnings beat, driving Pan American Silver's stock higher in early trading. Analysts remain bullish on the company, with an average "buy" rating and a median 12-month price target of $28.00, implying further upside potential from current levels.