Pan American Silver vs First Majestic Silver: why the prices moved differently

Weekly · monthly · quarterly news summaries, side by side in time

Pan American Silver Corp. (PAAS)

Q3 202625 Jun – 15 Sep 2026

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Silver crash hits revenue, but record returns and BofA pick support PAAS

Silver price crash below $60 Silver fell below $60 an ounce, down over 50% from its January peak, driven by a stronger dollar and rising Treasury yields. This directly cuts Pan American's revenue because it sells silver at lower prices, pressuring the stock.
The silver price is the biggest driver of PAAS revenue and explains the stock's weakness.
BofA names PAAS a top pick Bank of America added Pan American Silver as a new top pick with 56% potential upside, even as it cut commodity forecasts broadly. This boosts investor confidence and can attract buyers, pushing the stock up.
A major analyst endorsement can shift sentiment and drive demand for the shares.
Record $300M shareholder returns and doubled credit line Pan American reported record quarterly shareholder returns of $300 million, $344 million in free cash flow, and doubled its credit facility to $1.5 billion. This shows financial strength and rewards shareholders, supporting the stock price.
Strong cash flow and returns signal financial health, which can lift the stock.
2026 silver cost guidance rises 22% Pan American guided 2026 silver all-in sustaining costs to $15.75-$18.25 per ounce, a 22% increase from 2025, due to higher costs at La Colorada and Huaron. Higher costs squeeze profit margins, which can weigh on the stock.
Rising costs directly reduce profitability and are a key factor for future earnings.

August 202625 Jun – 15 Sep 2026

▲2▼2

Silver crash hits revenue, but record returns and BofA pick support PAAS

Silver price crash below $60 Silver fell below $60 an ounce, down over 50% from its January peak, driven by a stronger dollar and rising Treasury yields. This directly cuts Pan American's revenue because it sells silver at lower prices, pressuring the stock.
The silver price is the biggest driver of PAAS revenue and explains the stock's weakness.
BofA names PAAS a top pick Bank of America added Pan American Silver as a new top pick with 56% potential upside, even as it cut commodity forecasts broadly. This boosts investor confidence and can attract buyers, pushing the stock up.
A major analyst endorsement can shift sentiment and drive demand for the shares.
Record $300M shareholder returns and doubled credit line Pan American reported record quarterly shareholder returns of $300 million, $344 million in free cash flow, and doubled its credit facility to $1.5 billion. This shows financial strength and rewards shareholders, supporting the stock price.
Strong cash flow and returns signal financial health, which can lift the stock.
2026 silver cost guidance rises 22% Pan American guided 2026 silver all-in sustaining costs to $15.75-$18.25 per ounce, a 22% increase from 2025, due to higher costs at La Colorada and Huaron. Higher costs squeeze profit margins, which can weigh on the stock.
Rising costs directly reduce profitability and are a key factor for future earnings.

Latest25 Jun – 15 Sep 2026

▲2▼2

Silver crash hits revenue, but record returns and BofA pick support PAAS

Silver price crash below $60 Silver fell below $60 an ounce, down over 50% from its January peak, driven by a stronger dollar and rising Treasury yields. This directly cuts Pan American's revenue because it sells silver at lower prices, pressuring the stock.
The silver price is the biggest driver of PAAS revenue and explains the stock's weakness.
BofA names PAAS a top pick Bank of America added Pan American Silver as a new top pick with 56% potential upside, even as it cut commodity forecasts broadly. This boosts investor confidence and can attract buyers, pushing the stock up.
A major analyst endorsement can shift sentiment and drive demand for the shares.
Record $300M shareholder returns and doubled credit line Pan American reported record quarterly shareholder returns of $300 million, $344 million in free cash flow, and doubled its credit facility to $1.5 billion. This shows financial strength and rewards shareholders, supporting the stock price.
Strong cash flow and returns signal financial health, which can lift the stock.
2026 silver cost guidance rises 22% Pan American guided 2026 silver all-in sustaining costs to $15.75-$18.25 per ounce, a 22% increase from 2025, due to higher costs at La Colorada and Huaron. Higher costs squeeze profit margins, which can weigh on the stock.
Rising costs directly reduce profitability and are a key factor for future earnings.

First Majestic Silver Corp (AG)

Q3 202622 Jun – 31 Jul 2026

▲3▼1

Silver crash hits AG, but output growth and asset sale build value

Silver price collapse pressures revenue Silver fell below $60 an ounce, down over 50% from January's record high, driven by a stronger dollar and rising Treasury yields. This directly lowers the price First Majestic receives for its silver, squeezing revenue and profits, and is the main reason AG shares have dropped.
The silver price crash is the dominant force pushing AG's stock down this period.
Raised 2026 production guidance and larger capital plan First Majestic increased its 2026 production outlook after strong Q2 output and backed it with a US$318–344 million capital program, including the Jerritt Canyon restart and new underground access. More production means more silver and gold to sell, supporting future revenue even at lower prices.
Higher production guidance is a key company-specific catalyst that can offset lower silver prices.
Del Toro mine sale monetizes asset and gains equity stake First Majestic sold its Del Toro silver mine for up to US$60 million and now holds about 24.77% of Sierra Madre's shares. This brings in cash and gives AG exposure to future upside from the mine without operating it, strengthening the balance sheet.
The completed sale is a new capital event that improves AG's financial position.
New permits and drilling extend Santa Elena mine life First Majestic received permits to build the Santo Niño and Navidad portals at Santa Elena and will invest $12 million in 2026. Drilling shows high-grade silver and gold, which could add new mining areas and extend the mine's life, supporting future production growth.
Permits and drilling progress are new operational developments that underpin long-term supply growth.

July 202622 Jun – 31 Jul 2026

▲3▼1

Silver crash hits AG, but output growth and asset sale build value

Silver price collapse pressures revenue Silver fell below $60 an ounce, down over 50% from January's record high, driven by a stronger dollar and rising Treasury yields. This directly lowers the price First Majestic receives for its silver, squeezing revenue and profits, and is the main reason AG shares have dropped.
The silver price crash is the dominant force pushing AG's stock down this period.
Raised 2026 production guidance and larger capital plan First Majestic increased its 2026 production outlook after strong Q2 output and backed it with a US$318–344 million capital program, including the Jerritt Canyon restart and new underground access. More production means more silver and gold to sell, supporting future revenue even at lower prices.
Higher production guidance is a key company-specific catalyst that can offset lower silver prices.
Del Toro mine sale monetizes asset and gains equity stake First Majestic sold its Del Toro silver mine for up to US$60 million and now holds about 24.77% of Sierra Madre's shares. This brings in cash and gives AG exposure to future upside from the mine without operating it, strengthening the balance sheet.
The completed sale is a new capital event that improves AG's financial position.
New permits and drilling extend Santa Elena mine life First Majestic received permits to build the Santo Niño and Navidad portals at Santa Elena and will invest $12 million in 2026. Drilling shows high-grade silver and gold, which could add new mining areas and extend the mine's life, supporting future production growth.
Permits and drilling progress are new operational developments that underpin long-term supply growth.

Latest22 Jun – 31 Jul 2026

▲3▼1

Silver crash hits AG, but output growth and asset sale build value

Silver price collapse pressures revenue Silver fell below $60 an ounce, down over 50% from January's record high, driven by a stronger dollar and rising Treasury yields. This directly lowers the price First Majestic receives for its silver, squeezing revenue and profits, and is the main reason AG shares have dropped.
The silver price crash is the dominant force pushing AG's stock down this period.
Raised 2026 production guidance and larger capital plan First Majestic increased its 2026 production outlook after strong Q2 output and backed it with a US$318–344 million capital program, including the Jerritt Canyon restart and new underground access. More production means more silver and gold to sell, supporting future revenue even at lower prices.
Higher production guidance is a key company-specific catalyst that can offset lower silver prices.
Del Toro mine sale monetizes asset and gains equity stake First Majestic sold its Del Toro silver mine for up to US$60 million and now holds about 24.77% of Sierra Madre's shares. This brings in cash and gives AG exposure to future upside from the mine without operating it, strengthening the balance sheet.
The completed sale is a new capital event that improves AG's financial position.
New permits and drilling extend Santa Elena mine life First Majestic received permits to build the Santo Niño and Navidad portals at Santa Elena and will invest $12 million in 2026. Drilling shows high-grade silver and gold, which could add new mining areas and extend the mine's life, supporting future production growth.
Permits and drilling progress are new operational developments that underpin long-term supply growth.