How does the silver spot price affect PAAS stock performance?

Pan American Silver's revenue is closely tied to the silver spot price because silver is its primary extracted metal. When silver prices rise, the realized value per ounce produced increases, which tends to expand margins and improve earnings, assuming production costs remain relatively stable. Conversely, a sustained decline in silver prices compresses margins and can weigh on cash flow and earnings guidance. However, the relationship is not one-to-one. PAAS also generates meaningful byproduct revenue from gold, zinc, lead, and copper, which can partially offset silver price weakness. Operational factors such as mine throughput, ore grades, all-in sustaining costs, and capital expenditure programs also influence the stock independently of spot silver. Currency risk in the various Latin American jurisdictions where PAAS operates adds another layer of variability, since mine operating costs are often denominated in local currencies while silver is priced in US dollars.

What was the Pan American Silver acquisition of MAG Silver, and what did it add to the company?

Pan American Silver completed its acquisition of MAG Silver on September 4, 2025. The transaction gave Pan American Silver a 44% attributable interest in the Juanicipio mine, a high-grade silver operation located in Zacatecas, Mexico. This was a material portfolio addition, introducing a world-class asset with strong silver grades into Pan American's existing multi-country production base. The acquisition was significant partly because Juanicipio is considered one of the highest-grade silver mines brought into production in recent years. For PAAS, gaining a nearly half-ownership stake in such an asset meaningfully changed the company's medium-term silver production trajectory. The 2026 attributable silver-production guidance of 25–27 million ounces, compared with 22.8 million ounces produced in fiscal 2025, reflects in part the contribution from Juanicipio flowing through the consolidated figures for a full year following the acquisition.

What is Pan American Silver's silver production guidance for 2026?

Pan American Silver's 2026 attributable silver-production guidance stands at 25–27 million ounces, implying a midpoint of approximately 26.0 million ounces. This compares with actual attributable production of 22.8 million ounces in fiscal 2025, suggesting the company anticipates meaningful year-over-year growth at the midpoint of the range. The growth implied by this guidance range is broadly consistent with the contribution of Juanicipio becoming fully reflected in annual production figures following the September 2025 acquisition of MAG Silver. Guidance ranges in mining are inherently subject to operational variability, factors such as ore grade reconciliation, processing plant availability, weather, and regulatory conditions can push realized output toward either end of a stated range. Investors typically track quarterly production reports to gauge whether the company is trending toward the upper or lower end of its annual guidance.

How does PAAS compare to Fresnillo as a silver mining investment?

Pan American Silver and Fresnillo are both large-scale primary silver producers, but they differ in several structural ways. Fresnillo is listed in London, operates primarily in Mexico, and is majority-owned by Peñoles, giving it a concentrated geographic profile and a specific corporate ownership structure. Pan American Silver, listed in Toronto and New York, operates across multiple Latin American countries and Canada, providing broader geographic diversification. In terms of production scale, both companies rank among the world's leading primary silver producers, though precise comparative figures depend on the reporting period and whether attributable or total production is used. Pan American's 2026 guidance of 25–27 million attributable silver ounces gives one reference point for its current scale. From a CFD trading perspective on CoinUnited, PAAS is available as price exposure; Fresnillo trades on a different exchange with its own liquidity profile and regulatory environment. Neither comparison constitutes a recommendation, the two companies carry different geopolitical risk profiles, cost structures, and byproduct revenue mixes.

What are the proven and probable silver reserves held by Pan American Silver?

Specific proven and probable silver reserve figures for Pan American Silver are not available in the current verified research context. Reserve estimates are published periodically by the company, typically in annual reports and technical reports filed under National Instrument 43-101 in Canada, and they are updated as new drilling data and economic assumptions are incorporated. For the most current and audited reserve figures, the Pan American Silver annual information form or the most recent technical reports on individual properties are the appropriate primary sources. Reserve quantities are a key long-term valuation metric for mining companies because they indicate the volume of economically extractable metal at a defined cutoff grade and commodity price assumption. Any change in the silver price assumption used in reserve calculations can alter the stated reserve base without a single additional drill hole being completed.

Why did Pan American Silver's earnings increase so sharply in the first half of 2026?

The specific earnings figures and the precise drivers behind first-half 2026 performance are not available in the verified research context provided here. Accordingly, a specific quantified explanation cannot be offered without risking the introduction of unverified data. Broadly, earnings growth in silver mining companies tends to reflect some combination of higher realized silver and gold prices, increased production volumes, byproduct revenue strength, cost control, and the consolidation of newly acquired assets. In Pan American Silver's case, the September 2025 acquisition of MAG Silver and the resulting 44% interest in Juanicipio would logically begin contributing to attributable production and earnings in the periods following closing. For precise half-year financial results, Pan American Silver's own quarterly earnings releases and Management Discussion and Analysis documents are the authoritative sources.

What is the Juanicipio mine and why is it significant for PAAS?

Juanicipio is a silver-gold mine located in the Zacatecas state of Mexico, known for hosting some of the highest silver grades among mines brought into production in recent years. It is operated by Fresnillo plc, with Pan American Silver holding a 44% attributable interest following the completion of the MAG Silver acquisition on September 4, 2025. The mine's high-grade nature means it can produce substantial silver ounces relative to the volume of ore processed, which is a favorable cost characteristic. For Pan American Silver, the Juanicipio interest represents a meaningful upgrade to the overall quality of its reserve and production portfolio. High-grade assets typically carry lower all-in sustaining costs per ounce than lower-grade operations, which can improve margin resilience when silver prices soften. The addition of Juanicipio is one of the factors underpinning the company's 2026 production guidance of 25–27 million attributable silver ounces, which is above the 22.8 million ounces produced in fiscal 2025.

What macro factors beyond silver prices move the PAAS share price?

Several macro variables influence PAAS independently of silver's spot price. The US dollar index matters considerably: a stronger dollar tends to compress commodity prices denominated in USD, which can weigh on mining equity valuations even when physical silver demand is stable. Interest rate expectations are a related driver; the US 10-year Treasury yield was 4.98% as of late October 2026, and elevated yields raise the opportunity cost of holding non-yielding commodity equities, often pressuring their multiples. Broader equity market sentiment also plays a role. PAAS is listed on major exchanges and subject to institutional flows that track indices such as the S&P 500. Risk-off episodes can pull mining equities lower regardless of underlying metal fundamentals. Energy costs, particularly diesel and electricity, affect all-in sustaining costs at Latin American operations, so oil price movements feed directly into margin expectations. Currency moves in Mexican pesos, Peruvian soles, and Bolivian bolivianos similarly affect operating costs relative to USD-denominated revenues.

What is the La Colorada Skarn expansion project at Pan American Silver?

The La Colorada Skarn is a large underground expansion project at Pan American Silver's existing La Colorada mine in Mexico. The project targets a mineralised skarn body situated beneath the current operation, which has produced silver, zinc, and lead for many years. The skarn discovery is notable for its scale and zinc-lead-silver polymetallic composition, which could meaningfully extend the mine's economic life and add base-metal by-product credits to the revenue stream. Development of the skarn requires significant capital expenditure for underground infrastructure, ventilation, and processing capacity. Progress on permitting, capital allocation decisions, and updated resource estimates are the milestones that analysts and investors typically monitor. Because the project is capital-intensive, its advancement is sensitive to prevailing metal prices and the company's balance-sheet position. Delays or cost revisions at La Colorada Skarn have historically been a source of share-price volatility, making it a project worth tracking on company announcements.

How does gold exposure within PAAS affect its valuation and volatility?

Pan American Silver generates a meaningful portion of its revenue from gold produced as a co-product and by-product across several of its Latin American operations. This dual-metal exposure means the stock does not move in lockstep with silver alone; gold price cycles can provide partial insulation or additional upside depending on which metal is outperforming. When gold and silver diverge, PAAS can trade with a valuation premium or discount relative to pure-play silver miners, complicating simple silver-price-to-equity correlations. From a volatility standpoint, gold tends to be less volatile than silver on a percentage basis, so gold revenue can dampen earnings swings during periods of sharp silver price moves. Conversely, in a strong silver bull market, the gold component may cause PAAS to lag peers with higher silver purity of production. Analysts often assess the company on a silver-equivalent-ounce basis, which combines both metals at prevailing price ratios. Shifts in the gold-to-silver ratio therefore affect how those equivalent-ounce calculations evolve and, by extension, how the stock is valued relative to production metrics.

What are the main political and operational risks of investing in a Latin American silver miner?

Pan American Silver operates across multiple Latin American jurisdictions, each carrying distinct risk profiles. Regulatory and royalty frameworks can shift with changes in government, as several countries in the region have debated or enacted higher mining taxes, windfall levies, or tighter environmental permitting requirements. Community relations and social-licence-to-operate considerations are persistent factors: opposition from local communities can delay or suspend operations regardless of the legal permitting status of a project. Operationally, infrastructure limitations, including power availability, road access, and water rights, present recurring challenges in remote mining districts. Labour relations and unionisation patterns vary by country and can affect cost structures or lead to work stoppages. Security conditions in certain regions add logistical complexity and cost. Currency convertibility and repatriation restrictions, though not uniformly applied across Pan American's operating countries, remain a latent risk. Taken together, these factors mean that even a favourable silver price environment does not eliminate the jurisdiction-specific risks that influence mine-level cash flows and, ultimately, the PAAS share price.

How does PAAS's reserve base compare to other major silver producers?

Pan American Silver is one of the larger primary silver producers by attributable output, with 2025 production of 22.8 million ounces and 2026 guidance of 25 to 27 million attributable ounces. The company's reserve base reflects assets spread across Mexico, Peru, Bolivia, Argentina, Canada, and Guatemala, providing geographic diversification that fewer silver producers can match in aggregate scale. Direct reserve comparisons require care because companies disclose reserves under different reporting standards and at different assumed metal prices. What distinguishes Pan American Silver within the peer group is the combination of operational mines with long reserve lives, the recently acquired 44% interest in Juanicipio, and the potential resource upside at projects such as La Colorada Skarn. The addition of Juanicipio through the MAG Silver acquisition, completed in September 2025, notably strengthened the reserve and resource profile. Relative positioning against specific peers depends on the period and price assumptions used, so investors typically refer to company-filed reserve statements for precise comparisons.

What is Pan American Silver's exploration programme and what milestones should traders watch?

Pan American Silver maintains an ongoing exploration programme across its existing mine properties and at greenfield targets within its portfolio. Near-mine exploration, which aims to extend resource life at producing assets, is generally the most capital-efficient component, since infrastructure already exists. The La Colorada Skarn represents the most prominent organic growth project currently in advanced study, and drill results and feasibility-stage updates from that project are among the most closely watched exploration milestones. Beyond La Colorada, exploration activity at properties in Peru, Argentina, and other jurisdictions periodically yields resource updates that can reframe long-term production profiles. Milestones that typically attract analyst attention include initial or updated mineral resource estimates, pre-feasibility or feasibility study releases, construction decisions on development projects, and permit approvals. For traders monitoring PAAS on a shorter time horizon, quarterly production and cost reports often contain commentary on exploration progress that can move expectations ahead of formal resource disclosures.

What happens to PAAS when I trade it as a CFD rather than buying shares directly?

Trading PAAS as a CFD on CoinUnited gives price exposure to the Pan American Silver Corp. share price without ownership of the underlying equity. As a CFD holder, you do not receive voting rights, are not registered as a shareholder, and do not receive dividends from the company. The position is a contract that reflects the movement of the PAAS share price, settled in your account accordingly. CoinUnited accounts are funded and withdrawn in crypto, so no traditional bank account is required. The CFD structure allows leveraged exposure: the maximum leverage available on this instrument is 1000x, subject to product, jurisdiction, and account eligibility conditions. Leverage amplifies both gains and losses relative to the margin posted, and positions can be liquidated if the market moves sufficiently against the position. Trading fees apply and are tiered by 30-day contract volume across nine VIP levels, reaching 0.000% only at VIP 9; standard-tier accounts are not fee-free. The full schedule is at https://coinunited.io/en/account/trading-fees.

How does weekend gap risk affect a PAAS CFD position?

The CoinUnited PAAS CFD follows a scheduled trading session and is closed at weekends and on market holidays. This means that news events occurring when the market is closed, including commodity price swings, geopolitical developments affecting Latin American operations, or macro announcements, can accumulate and be reflected in a large price move when the session reopens. This opening gap can be in either direction and may be substantially larger than typical intraday moves. For leveraged CFD positions, gap risk is particularly relevant because margin calculations are typically based on closing prices, and an adverse gap can move a position beyond its margin buffer before any stop-loss order can be executed. Traders holding PAAS positions into a weekend or holiday period should account for this possibility when sizing positions and setting risk parameters. The session calendar and any upcoming holiday closures are shown on the platform before you trade, allowing you to assess the duration of any upcoming closure and the news environment that may develop during it.

What should traders know about PAAS earnings season and reporting cadence?

Pan American Silver reports quarterly financial results, meaning traders can anticipate four scheduled disclosure windows per year that often bring elevated price volatility around the release date. Each report typically covers production figures, cash costs, revenue, and any revisions to full-year guidance, all of which can move the share price materially in a short period. Because the CoinUnited PAAS instrument is a CFD that follows a scheduled trading session and is closed at weekends and on market holidays, it is worth checking the session and holiday calendar on the platform before an earnings date arrives. If results are published while the market is closed, the reopening price may gap significantly from the prior close. Traders monitoring PAAS earnings should also track production metrics alongside financial figures: the company's 2026 silver-production guidance of 25–27 million attributable ounces, up from 22.8 million ounces produced in fiscal 2025, gives analysts a concrete benchmark against which each quarterly update is measured.

How is a PAAS CFD margin and notional exposure calculated at high leverage?

A CFD position on PAAS does not require full payment of the underlying notional value; instead, the trader deposits a margin that represents a fraction of total exposure. At the maximum leverage available on this instrument, 1000x, subject to product, jurisdiction, and account eligibility, a hypothetical $100 margin would control $100,000 in notional exposure. The arithmetic is straightforward: notional exposure equals margin multiplied by the leverage factor. A 1% adverse move in the PAAS reference price against a $100,000 notional position produces a $1,000 loss, which exceeds the initial $100 margin and can trigger liquidation. Leverage therefore amplifies both gains and losses in direct proportion, and the liquidation risk is real and rapid at high multiples. Trading fees also apply to the notional size of the trade, not the margin; fees are tiered by 30-day contract volume across nine VIP levels, reaching 0.000% only at VIP 9. The live fee rate and full schedule are available at https://coinunited.io/en/account/trading-fees.

How do currency fluctuations in Latin American mining countries affect PAAS revenue and costs?

Pan American Silver sells silver and gold in US dollars, the global benchmark currency for precious metals, so revenue is largely dollar-denominated regardless of where the ore is mined. Operating costs, however, are incurred in local currencies, Mexican pesos, Peruvian soles, Bolivian bolivianos, Argentine pesos, and others, depending on which jurisdiction a mine sits in. When those local currencies weaken against the US dollar, the dollar cost of labour, consumables, and energy falls, which can compress cash costs per ounce and expand margins. Conversely, local currency appreciation raises operating expenses in dollar terms and can pressure profitability even when silver prices hold steady. Argentina presents a distinct dynamic because of its history of currency controls and official versus parallel exchange rates, which can make reported costs diverge from economic reality. Traders watching PAAS results should monitor Latin American currency trends alongside silver prices, since cost surprises frequently originate from currency moves rather than operational changes.

What are the differences between primary silver producers like PAAS and diversified miners that produce silver as a by-product?

Pan American Silver is a primary silver producer, meaning silver is the central economic driver of its mine portfolio and its financial results correlate closely with silver price movements. Diversified miners, large base-metal or gold producers that recover silver as a secondary output, treat silver revenue as a credit that reduces the reported cost of their primary metal. For those companies, silver price fluctuations have a relatively modest effect on overall earnings, which are dominated by copper, gold, zinc, or other commodities. This structural difference means PAAS typically offers higher silver price sensitivity per share than a diversified miner, making it a more direct expression of a silver price view. The trade-off is concentration risk: a sustained period of low silver prices affects PAAS more severely than a company whose revenue is spread across several commodities. The 2025 acquisition of a 44% attributable interest in Juanicipio added meaningful high-grade silver production, reinforcing the primary-producer profile. Traders seeking exposure to silver as a commodity tend to gravitate toward primary producers for this reason, while those wanting broader metals diversification look elsewhere.

Diğer Kripto Paralara Git

PAASPan American Silver Corp.

Hızlı Bağlantılar

Pozisyon Hesaplayıcı

Pozisyon Boyutu (USD)Kaldıraç

Gerekli Marj

$10.00

PAAS hareket ederse P&L

+1%+$10.00

+5%+$50.00

+10%+$100.00

1000x Kaldıraç ile Ticaret Yapmaya Başlayın

PAASPan American Silver Corp. · 1000xŞimdi İşlem Yap

Pan American Silver Corp.

PAAS

$37.49

-0.50% (24h)

Hisse SenetleriSeviye CCoinUnited.io'da işlem görür1000x Kaldıraç

Şimdi PAAS Ticaret Yapın

Today's SignalNext earnings2027-02-16Latest quarter revenue$1.01BQ3 2026Gross margin37.1%Q3 2026

How can you trade Pan American Silver Corp.? Pan American Silver Corp. (PAAS) is publicly listed. On CoinUnited, eligible users can trade a PAAS stock CFD — price exposure that tracks the share price. It is a price CFD, not equity (no shareholder voting; dividends reflected as an adjustment) — with leverage, from US$100. Access terms vary by jurisdiction and product eligibility.

How to trade it

Trading stock CFDs on CoinUnited + strategy

Ticaret Rejimi Durumu

Kaldıraç

1000x

(CoinUnited.io'da maksimum)

Volatilite

Normal

(2.48% 24h)

How the PAAS CFD works

Before you trade, understand exactly what you get, what you don't, and where the risk sits.

What you buy

Price exposure to the PAAS reference (a synthetic CFD) that tracks the CoinUnited reference up and down.

What you do NOT get

It is not equity: no shares, no voting rights; dividends are reflected as an adjustment, not paid to you.

Basis / session risk

The CoinUnited reference tracks the share price but can differ from the exchange price; extended-hours liquidity is thinner.

Leverage illustration: with $100 margin at 1000× leverage you open a $100,000 notional position; if price moves against you to the liquidation level the position is force-closed. High leverage magnifies both profit and liquidation risk.

Trading conditions on CoinUnited

Fee schedule as of 2026-08-19

Product type	CFD	Synthetic price exposure. You do not hold the underlying asset.
Trading fee	0,070%	Per side, at the standard tier. Falls with 30-day volume and reaches 0.000% at VIP 9.
Trading hours	Market session	Follows the market session and is closed at weekends and on market holidays.
Kaldıraç - gün içi	1.000x	Aktif işlem saatleri içinde geçerlidir. En küçük pozisyon büyüklüğünde 0,050% teminat gerektirir. Kullanılabilirlik ve üst sınır; ürüne, yetki alanına ve hesap uygunluğuna göre değişir; kaldıraç zararları büyütür ve pozisyonlar likide edilebilir.
Kaldıraç - gecelik	10x	İşlem günü sonrasına taşınan pozisyonlar için geçerlidir. En küçük pozisyon büyüklüğünde 5,000% teminat gerektirir.
Kaldıraç - hafta sonu ve tatiller	10x	Piyasa kapalıyken taşınan pozisyonlar için geçerlidir. En küçük pozisyon büyüklüğünde 5,000% teminat gerektirir - pozisyonunuzu hafta sonuna taşımadan önce büyüklüğünü kontrol edin.
Direction	Long or short	Take a position in either direction. A short position profits when the price falls and loses when it rises.
Funding	Crypto deposit	Fund and withdraw in crypto. No bank transfer or card is required.

See the full fee schedule →

Trading PAAS CFDs on CoinUnited.io: Mechanics, Scenarios, and Risk

A PAAS CFD on CoinUnited provides price exposure to the Pan American Silver share price without conferring any equity ownership. The position carries no shareholding, no voting rights, and no entitlement to dividends.

The economic outcome depends entirely on the difference between the CFD's opening price and its closing price, a straightforward mechanism that nonetheless carries material risk, particularly in a mining equity where underlying price volatility can be significant.

How the CFD Mechanism Works

When a trader opens a PAAS CFD, they post a margin deposit and gain notional exposure to a multiple of that deposit. The position rises or falls in line with PAAS share price movements. Gains and losses are both amplified by the leverage ratio in use. Positions are settled in USDT, and accounts on CoinUnited are funded and withdrawn in crypto, no traditional bank account is required.

The maximum leverage specification for this instrument is 1000x, subject to product eligibility, jurisdiction, and account conditions. That figure is a structural parameter, not an instruction: higher leverage reduces the margin required to hold a position of a given notional size, but it amplifies losses by the same factor it amplifies gains.

Worked Example

Consider a hypothetical position opened with 1,000 USDT of margin at 1000x leverage:

Parameter	Value
Margin posted	1,000 USDT
Leverage	1000x
Notional exposure	1,000,000 USDT
Adverse move in PAAS	1%
Loss on position	10,000 USDT
Loss relative to margin	10× the margin posted

Step by step: 1,000 USDT × 1000 = 1,000,000 USDT notional. A 1% adverse move produces a loss of 1,000,000 × 0.01 = 10,000 USDT. That loss is ten times the margin posted. Losses can exceed initial margin and will trigger liquidation before the account balance reaches zero.

In a mining equity like PAAS, intraday moves of several percent are not uncommon during metals-price dislocations or around earnings releases, making this scenario plausible rather than extreme.

Session Scheduling and Weekend Gap Risk

The PAAS CFD follows a scheduled trading session. It is closed at weekends and observes market holidays. The session times and holiday calendar are displayed on the platform before a position is opened.

Traders reviewing broader 2026 Stocks Market Outlook context should account for the fact that news affecting silver prices, production guidance, or company-specific developments can emerge when the session is closed.

When the session reopens, the price will reflect any accumulated developments, potentially opening with a gap that is larger than any stop order placed during the closure could have contained. Weekend gap risk is a recurring structural feature of this instrument, not an exceptional event.

Earnings and Production Catalysts

Pan American Silver's cost structure is relatively fixed over short periods, concentrated in mine operating expenses, labor, and energy. This means that realized silver and gold prices in a given quarter have an outsized effect on reported earnings.

When realized prices diverge from the consensus assumptions embedded in analyst models, the company's reported earnings can differ materially from estimates. Quarterly production reports, reserve updates, and cash-cost disclosures carry similar potential. Each of these events is a plausible catalyst for intraday price gaps and elevated volatility.

Traders holding PAAS CFD positions approaching earnings dates should factor this into position sizing and, specifically, into the margin buffer maintained above the liquidation threshold.

Fees and Position Sizing

CoinUnited charges a trading fee on this market. The fee is not zero at the standard tier. Rates are tiered by 30-day contract volume across nine VIP levels; the live rate applicable to a given account is shown on the fee schedule.

Fee cost is a component of the total cost of holding or turning over a leveraged position and should be incorporated into any pre-trade P&L calculation alongside financing considerations.

Position sizing in a leveraged mining equity CFD requires an explicit assessment of three variables: the margin available, the leverage in use, and the realistic adverse price move that could occur before a position can be closed.

For PAAS, that adverse move should include not only ordinary intraday volatility but also the gap risk associated with earnings announcements and weekend session closures.

Sizing positions so that a plausible adverse scenario does not exhaust available margin, rather than relying on stop orders that cannot execute during session closures, is a structural discipline that applies specifically to this instrument.

⚡1000x💰Fees down to 0%⏱️10s Start

PAAS ile İşlem Yapmaya Hazır Mısınız?

1000x'e kadar kaldıraç

Şimdi PAAS Ticaret Yapın

Key facts & how to trade

The essentials + how you access it on CoinUnited

Access & Tradability Comparison

A CoinUnited stock CFD vs holding the underlying shares — how, when, and in what form you get exposure. The stock price is everywhere; this comparison is the differentiator.

Terms	CoinUnited (CFD)	Holding shares (exchange)
Product form	Stock CFD (price exposure)	Equity ownership
Trading hours	Market session	Exchange regular hours
Leverage	Available (by product terms)	None / margin account needed
Shareholder rights	None (no voting; dividends as adjustment)	Voting + dividends
Access	Eligible users, by region + product	Brokerage account required

*Access and minimum vary by jurisdiction and product eligibility.

Temel bilgiler

Bu şirket hakkında en çok alıntılanan veriler, her biri kaynağıyla birlikte: okuyucular ve yapay zekâ yanıt motorları için hızlı başvuru kutusu.

Kuruluş	1993Wikidata
Genel merkez	VancouverWikidata
Halka açıklık durumu	Halka açık: PAASExchange
52 haftalık aralık	$38.09 – $43.12CoinUnited daily kline
Sonraki bilanço	2027-02-16Finnhub
CoinUnited ürünü	Hisse senedi CFD'si - yalnızca fiyat maruziyeti, hisse mülkiyeti değil (oy hakkı yoktur; temettüler düzeltme olarak yansıtılır); kaldıraç mevcuttur.CoinUnited ürün koşulları

Fiyat & Piyasa Yapısı

24S Aralık: $37.12→$38.05

24S Düşük

$37.12

24S Yüksek

$38.05

TEKLİF / SATIŞ

$37.46 / $37.53

Grafik yükleniyor...

Company & financials

Business model + audited SEC financials

What Is Pan American Silver Corp. (PAAS)?

TL;DR

Pan American Silver Corp. is one of the world's largest primary silver producers, with diversified Latin American mining operations, rapidly expanding reserves, and significant gold by-product exposure that together make PAAS a leveraged proxy for precious-metals price cycles.

Pan American Silver Corp. is a Canadian precious-metals mining company headquartered in Vancouver, British Columbia, operating a diversified portfolio of silver and gold mines across Latin America. The company classifies itself as one of the world's largest primary silver producers by annual output, a position supported by both organic mine development and strategic acquisitions.

Business Model and Revenue Structure

Pan American Silver's revenue is generated primarily through the sale of silver and gold produced at its own mines. Base-metal by-products, including zinc, lead, and copper, contribute supplemental credits that partially offset production costs.

This integrated mine-to-market model means the company's financial performance is closely linked to silver and gold spot prices, making it a leveraged expression of precious-metals sentiment relative to a simple commodity position.

First-half 2026 revenue reached approximately US$2.2 billion, up 43.7% year over year, reflecting a combination of higher production volumes and favorable metals pricing. That rate of growth places the company in a meaningfully different financial position than it occupied just twelve months prior.

Key Corporate Action: MAG Silver Acquisition

The most significant recent corporate development was the completion of the MAG Silver acquisition on September 4, 2025. Through that transaction, Pan American Silver obtained a 44% attributable interest in the Juanicipio mine, a high-grade underground silver operation in Mexico.

Juanicipio is widely regarded as one of the higher-quality primary silver assets developed in the past decade, and its addition materially upgrades the quality profile of Pan American Silver's production portfolio.

Production and Reserve Scale

Attributable silver production in fiscal 2025 totaled 22.8 million ounces. For 2026, the company has guided to 25–27 million ounces of attributable silver production, implying a midpoint of 26.0 million ounces, an increase that reflects both the full-year contribution of Juanicipio and continued output from the existing mine base.

As of June 30, 2026, proven and probable mineral reserves stood at approximately 511.1 million ounces of silver and 6.3 million ounces of gold. Measured and indicated resources add a further approximately 1,126.7 million silver ounces. These figures highlight the scale and longevity of the company's asset base relative to its current annual production rate.

Trading PAAS on CoinUnited

On CoinUnited, Pan American Silver is available as a CFD position, providing leveraged price exposure to the PAAS share price without conferring shareholding, voting rights, or dividends.

The instrument follows a scheduled trading session and is closed at weekends and on market holidays; the session calendar and any applicable holiday closures are displayed on the platform before you place a trade.

Fees apply at the standard tier and are tiered by 30-day contract volume, the full schedule is available at CoinUnited's trading-fee page. For broader context on equity market conditions relevant to mining stocks, see the 2026 Stocks Market Outlook.

Son güncelleme: 2026-11-02

Anahtar Gözlemler

Pan American Silver's acquisition of a 44% attributable interest in Juanicipio, completed September 2025, materially expanded its high-grade silver production base and is a primary driver of its 2026 guidance upgrade to 25–27 million attributable ounces.
First-half 2026 net earnings of US$761 million represented a 112% year-over-year increase, illustrating how silver miners carry significant operating leverage to the underlying metal price: when silver rises, per-ounce margins expand faster than revenues.
With approximately 511 million ounces of proven and probable silver reserves and over 1.1 billion ounces of measured and indicated resources (as of mid-2026), PAAS's reserve life provides a structural buffer against near-term production risk.
PAAS is a dual-metal story: gold reserves of approximately 6.3 million ounces contribute meaningfully to all-in revenue, which means gold price movements independently influence the stock's earnings trajectory.
As a TSX- and NASDAQ-listed mining equity, PAAS's share price is shaped by a compounding set of variables, silver and gold spot prices, currency moves in mining jurisdictions, political risk in Latin America, and broader equity-market sentiment, making it distinctly more volatile than holding the physical metals directly.

Key Financials

Audited · company filings

Reported figures from the company’s latest published financial statements, read via FMP — each linked to its source and period.

$1.01B

Quarterly revenue

Q3 2026 · FMP

$357M

Net income

Q3 2026 · FMP

37.1%

Gross margin

Q3 2026 · FMP

$0.86

Diluted EPS

Q3 2026 · FMP

Quarterly revenue

$1.4B

$1.0B

$638M

$812MQ2 2025

$855MQ3 2025

$1.20BQ4 2025

$1.15BQ1 2026

$1.10BQ2 2026

$1.01BQ3 2026

Figures are from the company’s audited SEC filings; each carries its filing source and period. Not investment advice.

Machine-readable table — same figures, per-metric source

Metric	Value	Source
Quarterly revenue (Q3 2026)	$1.01B	FMP
Net income (Q3 2026)	$357M	FMP
Gross margin (Q3 2026)	37.1%	FMP
Diluted EPS (Q3 2026)	$0.86	FMP

PAAS in the Silver Mining Landscape: Competitive Position and Peers

Pan American Silver consistently ranks among the top three primary silver producers globally by annual ounce output, a position reinforced by its 2026 production guidance of 25–27 million attributable silver ounces, a meaningful step up from the 22.8 million ounces produced in fiscal 2025.

Understanding where it sits relative to its closest peers helps traders calibrate the relative exposure that a PAAS CFD position on CoinUnited represents within the broader equities landscape.

Fresnillo plc: The Scale Benchmark

Fresnillo plc, listed in London and operating exclusively in Mexico, is widely recognized as the world's largest primary silver producer by annual output.

Its single-country operational footprint concentrates geopolitical and regulatory risk in one jurisdiction, a structural characteristic that contrasts with Pan American Silver's multi-country Latin American portfolio spanning Peru, Mexico, Argentina, Bolivia, and other regions.

Fresnillo's reserve and production base skews heavily toward silver, with gold playing a secondary role relative to its silver volumes. For traders, Fresnillo functions as the scale ceiling against which PAAS's output is measured, PAAS trails on absolute annual silver ounces but carries a more geographically diversified asset base.

First Majestic Silver: The Closer Structural Peer

First Majestic Silver is the more directly comparable entity. It is Canadian-listed, operates multi-mine Latin American assets, and carries dual silver-gold exposure, a profile structurally similar to PAAS. The material distinction is scale. First Majestic's production volumes and reserve base are meaningfully smaller than Pan American Silver's.

For a trader seeking primary-silver exposure through equities, PAAS offers greater market capitalization and, typically, deeper liquidity in the underlying shares. That scale difference tends to translate into tighter bid-ask spreads on the underlying equity, which feeds into the quality of price tracking in a CFD structure.

Resource Inventory as a Competitive Moat

Pan American Silver's reserve base of approximately 511 million proven-and-probable silver ounces, combined with measured-and-indicated resources of approximately 1,126.7 million ounces, represents an inventory that few primary silver miners can match in absolute terms.

The implied mine life that this inventory supports relative to current annual production rates is a key input in how analysts assess the company's long-run net asset value versus shorter-cycle peers.

The table below summarizes the key competitive differentiators as of November 2026:

Attribute	Pan American Silver (PAAS)	Fresnillo plc	First Majestic Silver
Listing	TSX / NASDAQ	London Stock Exchange	TSX / NYSE
Primary domicile	Canada	UK (ops: Mexico only)	Canada
2026 silver guidance (midpoint)	~26.0 M oz	Not specified in research	Smaller scale
Geographic diversification	Multi-country Latin America	Mexico only	Multi-country Latin America
Gold exposure	Material	Limited relative to silver	Present, smaller scale
Reserve base (P&P silver oz)	~511 M oz	Not specified in research	Materially smaller

Analyst Sentiment as of October 2026

Coverage from Edison Group in October 2026 adopted a constructive tone, citing the production ramp from the MAG Silver acquisition and the Juanicipio contribution as structural positives. The full-year benefit of Juanicipio flowing through the 2026 production line was noted as a key catalyst distinguishing PAAS from peers that lack comparable near-term volume growth from acquisition integration.

MarketScreener similarly reflected constructive sentiment around the company's earnings trajectory in the same period. Specific analyst price targets were not available in the verified research and are therefore not reproduced here.

For traders, the competitive positioning translates to a specific risk-return profile: PAAS offers the resource depth and geographic diversification of a senior miner, with production growth dynamics more associated with a mid-tier operator still absorbing a large acquisition.

Why Trade PAAS? Key Drivers, Catalysts, and Risks

Pan American Silver occupies a structural position in precious-metals markets that makes it sensitive to a wider range of variables than a direct silver investment. Understanding those variables, and how they interact, is central to assessing price movements in the stock.

The Operating Leverage Mechanism

Because a mining company's fixed and semi-fixed costs, equipment, labor, energy, royalties, do not scale proportionally with the silver price, a given percentage increase in realized silver prices produces a disproportionately larger percentage increase in operating margins and net earnings.

This relationship, often called operating leverage, distinguishes mining equities from direct commodity exposure.

The dynamic was visible in first-half 2026 results. Revenue rose approximately 43.7% year over year, yet net earnings over the same period increased approximately 112%, illustrating how the earnings line amplifies a move in the revenue line when the cost base remains relatively stable.

Traders taking a view on silver prices may therefore find that PAAS provides a more responsive instrument than a direct silver position, though that same amplification operates symmetrically on the downside.

Catalysts to Monitor

Several specific event types tend to move the PAAS share price independently of daily silver-price fluctuations:

Catalyst	Mechanism
Quarterly earnings releases	Disclose realized prices, production costs, and cash flow; often reset market expectations
Reserve and resource updates	Incremental additions re-rate the company's intrinsic value independent of spot prices
Silver and gold spot price trends	The primary driver of operating margins across reporting periods
Project milestones	Announcements such as a preliminary economic assessment for the La Colorada Skarn expansion can signal future production capacity
Exploration results	An active programme, 351,000 metres drilled through August 31, 2026, against a full-year plan exceeding 500,000 metres, can produce resource additions that independently lift valuations

The exploration programme is notable because resource additions can re-rate the stock without any change in the silver price. A drill result that materially expands mineral inventory at an existing mine represents a form of value creation that operates on a different timetable from commodity cycles.

Risk Factors

The same structural characteristics that create upside sensitivity also introduce a concentrated set of risks that a trader must price in:

Commodity price volatility. Silver and gold price movements are the dominant driver of earnings. Sharp reversals in precious-metals sentiment can compress margins rapidly, particularly when realized prices fall toward all-in sustaining cost levels.

Operational and jurisdictional risk. Pan American Silver's mines are located across Latin America, and each jurisdiction carries its own profile of community relations issues, water-access constraints, regulatory change, and potential work stoppages. A disruption at a high-production asset can reduce attributable output and lift per-unit costs simultaneously.

Currency and energy costs. Mining costs are partly denominated in local currencies and partly linked to energy prices. Currency depreciation in host countries can reduce cost advantages, while energy cost inflation, particularly for diesel and grid electricity, directly affects cash costs per ounce.

Equity-market correlation. PAAS is dual-listed on the TSX and NASDAQ, which means general equity-market sentiment, macro data releases, shifts in risk appetite, movements in the broader 2026 Stocks Market Outlook, can affect the share price independently of metals fundamentals.

As of late October 2026, the VIX stood at 19.42 and the US 10-year Treasury yield at 4.98%, conditions that can influence the risk-premium component embedded in mining equities. Traders monitoring PAAS must therefore track both the metals complex and the broader equity environment.

Geopolitical developments. Changes in government policy, taxation regimes, or social stability in host countries represent tail risks that are difficult to model quantitatively but can produce rapid price dislocations when they materialize.

Growth Versus Value Characteristics

PAAS exhibits characteristics of both categories. The production growth trajectory, from 22.8 million attributable silver ounces in fiscal 2025 toward a 2026 midpoint guidance of 26.0 million ounces, reflects a company in an expansion phase following the MAG Silver acquisition.

At the same time, the scale of proven and probable reserves relative to current annual output implies a long reserve life, a feature associated with value-oriented investment frameworks. In practice, which characteristic dominates the market's pricing depends significantly on where the silver price sits relative to the cost curve at any given reporting period.

Valuation & peers

Multiples vs peers + third-party analyst targets

Peer Valuation Comparison

How this stock trades versus comparable listed companies on trailing valuation multiples.

Company	Market cap	P/E	P/S
Pan American Silver Corp. · PAAS	$17.0B	11.0x	3.8x
Coeur Mining, Inc. · CDE	$16.0B	16.3x	4.4x
Hecla Mining Company · HL	$9.9B	25.9x	6.2x
First Majestic Silver Corp. · AG	$7.5B	18.9x	4.3x
Fortuna Mining Corp. · FSM	$2.8B	9.6x	2.3x
Endeavour Silver Corp. · EXK	$2.3B	34.4x	3.2x

Third-party ratios (FMP), trailing twelve months. Multiples vary by data window; a negative or absent P/E means the company is loss-making. Not investment advice.

Analyst Price Targets

Buy

Wall Street sell-side analysts’ consensus 12-month price target and rating for this stock.

Consensus target

$62.50+51.7%

Target range

$53.00 – $72.00

Price-target coverage

7 analysts

Analyst ratings (25)

Buy 13Hold 10Sell 2

Targets by firm

Latest target from each of the 1 firms whose call was reported in the past 180 days. Each row links to the report.

Firm	Target	vs current
Jefferies2026-07-06 · TheFly	$53.00	+28.6%

Source: aggregated sell-side analyst consensus · as of 2026-11-08. These are third-party analyst opinions — not CoinUnited’s view, not a price prediction, and not investment advice.

Scenario calculator

Pick a third-party reference level and see what it implies at leverage. Reference levels only - not a CoinUnited forecast.

Scenario price

$37.50

+0.0% vs current

Your margin (USD)Leverage

Position size $100,000.00

P&L at this scenario (long)

+$0.00

Loss if liquidated -$1,000.00 (the full margin)

Liquidation price (long): $37.12 — a move of -1.0%

Şimdi PAAS Ticaret Yapın

Simplified: excludes fees, funding and slippage. Reference levels are third-party marks (CoinUnited daily kline; aggregated sell-side analyst targets), not forecasts. Leverage magnifies losses as much as gains - at high leverage a small adverse move liquidates the position. Not investment advice.

Catalysts & news

Dated third-party developments · newest first

Ana Çıkarımlar

•Pan American Silver's acquisition of a 44% attributable interest in Juanicipio, completed September 2025, materially expanded its high-grade silver production base and is a primary driver of its 2026 guidance upgrade to 25–27 million attributable ounces.
•First-half 2026 net earnings of US$761 million represented a 112% year-over-year increase, illustrating how silver miners carry significant operating leverage to the underlying metal price: when silver rises, per-ounce margins expand faster than revenues.
•With approximately 511 million ounces of proven and probable silver reserves and over 1.1 billion ounces of measured and indicated resources (as of mid-2026), PAAS's reserve life provides a structural buffer against near-term production risk.
•PAAS is a dual-metal story: gold reserves of approximately 6.3 million ounces contribute meaningfully to all-in revenue, which means gold price movements independently influence the stock's earnings trajectory.
•As a TSX- and NASDAQ-listed mining equity, PAAS's share price is shaped by a compounding set of variables, silver and gold spot prices, currency moves in mining jurisdictions, political risk in Latin America, and broader equity-market sentiment, making it distinctly more volatile than holding the physical metals directly.

Ownership

Top institutional holders (SEC Form 13F)

Top Institutional Holders

SEC 13F

The largest institutional shareholders, from SEC Form 13F filings — who holds the stock and how much.

Institution	Shares	Value
MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd.	15.4M	$838.8M
Vanguard Capital Management LLC	11.4M	$625.8M
BlackRock, Inc.	8.8M	$480.0M
Jane Street Group, LLC	6.4M	$348.2M
Capital International Investors	5.7M	$311.3M
Geode Capital Management, LLC	4.4M	$249.9M
Invesco Ltd.	4.5M	$246.2M
Royal Bank of Canada	3.9M	$214.7M
FIL Ltd	3.9M	$211.5M
Vanguard Fiduciary Trust Co.	3.7M	$199.8M

Source: SEC Form 13F filings · 607 institutional holders · as of 31-MAR-2026. 13F data is quarterly and lagged (filed ~45 days after quarter-end) and covers US institutional managers (>$100M AUM) only — not insiders, retail, or foreign holders. Not investment advice.

Understand the risks

Read before trading

Trading Risks

An honest, up-front list of the risks — both out of respect for the trader and as a YMYL compliance requirement.

Leverage / Liquidation

High leverage means a small adverse move can trigger forced liquidation and loss of your full margin.

High-valuation volatility

A high P/E stock is very sensitive to interest-rate and narrative shifts; swings can be large.

Session gaps

After-hours and weekend gaps; extended-hours liquidity is thinner than the regular session.

Basis risk

The CFD reference price can diverge from the exchange execution price.

Earnings volatility

Price swings widen around earnings dates and other scheduled disclosures.

Regulatory / event

Recalls, policy changes, or company-specific events can cause sharp moves.

Reference

FAQ & glossary

Sıkça Sorulan Sorular

Pan American Silver Corp. is one of the largest primary silver mining companies in the Americas, with operations spanning multiple countries across Latin America. Its portfolio includes silver and gold mines in Mexico, Peru, Bolivia, Argentina, Chile, and Canada, making it a geographically diversified producer within the Western Hemisphere. The company's business model centers on extracting, refining, and selling silver as its primary revenue metal, with gold, zinc, lead, and copper contributing as byproducts. This multi-metal revenue structure means that PAAS earnings are influenced not only by silver prices but also by movements in gold and base metal markets. The company reported attributable silver production of 22.8 million ounces in fiscal 2025, reflecting the scale of its operational footprint across those jurisdictions.

Sözlük

Borsada işlem gören hisse senetleri ve CFD'lerin temel terimleri, her biri tek satırda: sayfanın hem okuyucular hem de yapay zekâ yanıt motorları için belirsizlikten uzak olması için.

Hisse senedi CFD'si	Bir hisse fiyatı üzerine fark sözleşmesi: yalnızca fiyat maruziyeti sağlar, dayanak hisselerin mülkiyetini vermez.
Uzatılmış işlem saatleri	Borsanın normal seansı dışında gerçekleşen açılış öncesi ve kapanış sonrası işlemler.
Baz riski	CFD referans fiyatı ile borsadaki gerçekleşme fiyatının aynı yönde hareket etmeme riski.
F/K	Fiyat/kazanç oranı = hisse fiyatı / hisse başına kazanç; yaygın bir değerleme ölçütü.
Brüt kâr marjı	Brüt kâr / gelir; ürün düzeyindeki kârlılığı yansıtır.
Hisse başına kazanç	Hisse başına kazanç = net kâr / seyreltilmiş dolaşımdaki hisse sayısı.

sembol

PAAS

Pazarlar

Hisse Senetleri

CU Ürün Kodu

PAAS

Source Map

Every figure on this page traces to a primary or named third-party source. "As of" dates the source; "last checked" dates our most recent read of it.

Every figure here is also published as machine-readable data, and re-checked on a schedule so a stale one shows up as stale. View the raw data

Field	Value	Source	As of	Last checked
Reference price	live	CoinUnited stock CFD reference (live)	—	—	—
52-week range	$38.09 – $43.12	CoinUnited daily kline	—	2026-11-08	—
Next earnings	2027-02-16	Finnhub	—	2026-11-08	—
Quarterly revenue	$1.01B	FMP	Q3 2026	2026-11-08	View
Net income	$357M	FMP	Q3 2026	2026-11-08	View
Gross margin	37.1%	FMP	Q3 2026	2026-11-08	View
Diluted EPS	$0.86	FMP	Q3 2026	2026-11-08	View
Institutional ownership	10 top holders	SEC Form 13F	31-MAR-2026	2026-11-08	View
Analyst price targets	$62.50 consensus	Aggregated sell-side analyst consensus	2026-11-08	2026-11-08	—
Peer valuations	6 peers	Third-party ratios (FMP), trailing twelve months	2026-11-08	2026-11-08	—
Founded	1993	Wikidata	—	2026-11-08	—
Headquarters	Vancouver	Wikidata	—	2026-11-08	—
CoinUnited product	Stock CFD — price exposure, not equity (no voting; dividends reflected as adjustment); leverage available	CoinUnited product terms	—	2026-11-08	—

Yazar Hakkında

CoinUnited.io Research Team

This Pan American Silver Corp. page is compiled by CoinUnited.io's research team: analysts covering listed equities and global markets, working from primary filings and named third-party data rather than opinion.

Araştırma Metodolojimiz

Every figure is traced to a primary or named third-party source and dated: financial statements from the company’s SEC filings, institutional ownership from Form 13F, analyst targets from aggregated third-party coverage, and market data from the CoinUnited reference price. The Source Map on this page lists each one with its source and the date we last checked it.

Disclaimer: content is for informational and educational purposes only and is not personalized financial advice. A stock CFD carries significant risk and provides price exposure only, not equity ownership. Always conduct your own research and consult a qualified financial advisor.

Feragatnameler & Referanslar

Önemli Risk Uyarısı

A CoinUnited stock CFD gives price exposure to Pan American Silver Corp. only, not equity ownership: no shareholder voting rights, no dividends, and no settlement in the underlying share.

Leverage magnifies losses as well as gains, and a position can be liquidated long before the underlying share price recovers. The underlying listing trades on exchange hours, so the reference price can gap between sessions.

Kullanıcıların, herhangi bir yatırım kararı almadan önce kendi araştırmalarını yapmaları ve nitelikli finans profesyonellerine danışmaları önerilir. Bu platformun oluşturucuları ve işletmecileri, sağlanan bilgilere dayanarak oluşabilecek herhangi bir finansal kayıp veya diğer zararlar için hiçbir sorumluluk kabul etmezler.

Leveraged trading is extremely risky and you may lose your entire deposit.

Metodoloji Genel Bakış

Figures on this page are compiled from primary and named third-party sources, not produced by a forecasting model. Each one carries its source and date in the Source Map above.

Financial statements: the company’s own SEC filings (10-K / 10-Q), read from XBRL
Market data: the CoinUnited reference price and daily closes
Institutional ownership: SEC Form 13F quarterly filings
Analyst targets: aggregated third-party sell-side coverage — third-party opinion, not CoinUnited’s view
Peer multiples: third-party trailing-twelve-month ratios

CoinUnited does not publish a price forecast or target for Pan American Silver Corp..

Son metodoloji gözden geçirmesi: