************************************Silver miners & juniors: production growth, exploration catalysts and margin pressure************************************ [developing]
Key Questions
What production growth is expected from Pan American Silver (PAAS)?
PAAS plans 22.8M oz in 2025 (+8%) and 25-27M oz in 2026. This reflects expansion amid broader miner outperformance.
What recent deals involve Wheaton Precious Metals (WPM)?
WPM secured Jervois and BHP Antamina streams, plus low-fixed cost Australian gold/silver stream. Deals exceed $500M, targeting polymetallic supply.
What is SSR Mining's Turkish gold mine transaction?
SSRM sold 80% stake for $1.5B, with buyback option, refocusing on Americas. UBS rates it a buy despite jurisdiction risks.
What Mexico risks impact silver miners like Vizsla?
Section 232 deadline April 15, May 5 hearing, Fresnillo/First Majestic 2026 cuts, Vizsla chaos. These create production disruptions.
What should investors watch in silver miners?
Monitor production, capex, royalties, M&A, disruptions, jurisdictions. Dip-buy opportunities in AEM/NEM/PAAS amid oil rotation and analyst endorsements.
PAAS 22.8M oz 2025 (+8%)/2026 25-27M; WPM Jervois + BHP Antamina stream (low fixed/$500M+ deals/polymetallic); SSRM $1.5B Turkish gold sale (80% stake/buyback/Americas/UBS buy); Vizsla Panuco/Mexico chaos (Section232 Apr15 dl/May5 hearing/Fresnillo/First Majestic 2026 cuts); Hecla AISC/NEM-Barrick feud; dip-buy AEM/NEM/PAAS/Tavi/Rule/Gromen/oil rot/miners outperf (Oliver). Monitor prod/capex/royalties/M&A/disruptions/jurisdictions.