Last quarter earnings were very weak, but market reaction was positive. I think that PAAS will miss few cents posting 27-29 cents/share (estimates are for 33 cents) and, obviously, it’s too difficult to say how market will react. It depends a lot on post-election mood.
Also, it depends a lot on company guidance. The largest mine (Dolores) still shows sub-standard results (as it is already reported by RGLD), but if it continues operating without major breakdown (it will become known tomorrow) then market can take it positively. Dolores performance is supposed to improve greatly when new leach pad construction is finalized (in first half of 2013) and any production before that hinges on luck, i.e. no breakdown is very good news.
It is also possible that company will twin earning report with another one containing something positive on exploration/development front: either Navidad or La Virginia update.