Silver has stopped acting like gold’s sleepy cousin and has begun to take center stage. As of Christmas Eve, spot prices are brushing up against $72 an ounce, more than doubling this year while setting fresh records. A mix of safe-haven demand, expectations of Fed cuts in 2026, and a weaker dollar has pulled capital into precious metals just as mine supply stays stubborn.
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Meanwhile, the Silver Institute is still projecting a triple-digit-million-ounce deficit and a fifth consecutive year of structural shortfall, even before the next wave of solar and EV demand fully kicks in. For this reason, a path to $70–75 silver in 2026 seems reasonable, which is why I believe some quality miners can deliver phenomenal results next year.
Pan American Silver (NYSE:PAAS)
Pan American (PAAS) spent years telling the market it wanted better silver momentum, and 2025 is the year that wish finally shows up in the numbers. Last quarter delivered record revenue of $884 million (up 24% YoY) and free cash flow of $252 million, helped by 5.5 million ounces of silver and a realized silver price of ~$39 an ounce, long before spot started flirting with the 70s.
In addition to higher silver prices, Pan American has another structural tailwind entering 2026. The MAG Silver acquisition closed in September, pulling a 44% stake in the high-grade Juanicipio mine firmly into the portfolio. Even with only 26 days in the quarter, Juanicipio added around 580,000 ounces of silver at a negative All-In Sustaining Cost (AISC) and dragged the whole Silver segment’s AISC down to roughly $15 per ounce in Q3, with full-year guidance cut to $14.50–$16. When spot is four times your all-in cost, every marginal ounce yields meaningful incremental margin.
Looking at 2026, Pan American appears well positioned to capitalize on high gold and silver prices without requiring highly optimistic assumptions. Silver guidance has been lifted to 22–22.5 million ounces for 2025, and the La Colorada Skarn project is advancing toward a PEA in 2026. Also, the balance sheet has the firepower to fund growth internally. If silver spends next year in that $60–$75 range, you have a fine, low-cost, newly expanded miner with plenty of operating leverage already evident in the trailing results. Today, the stock trades at 14x FY2026’s consensus EPS of $3.68.
Is PAAS Stock a Buy, Hold, or Sell?
Analyst sentiment remains fairly positive on Pan American. The stock carries a Moderate Buy consensus rating, based on five Buy and two Hold ratings on Wall Street. No analyst rates the stock a Sell. However, PAAS’s average stock price target of $51.55 implies ~4% downside potential over the next twelve months, with analysts likely seeing the stock priced to perfection today.
First Majestic (NYSE:AG)
First Majestic (AG) has always been the name you buy when you want more beta in your silver trade, and 2025 hasn’t changed that personality. However, it has changed the scale. In Q3, the company put up record silver production of 3.9 million ounces, almost double last year, and 7.7 million silver-equivalent ounces, driven heavily by the Cerro Los Gatos mine it picked up in January. Revenue almost doubled to $285 million, over half of it from silver, as realized prices sat just over $39 per AgEq (silver equivalent) ounce.
Its costs are still mid-pack rather than best-in-class, but they are moving the right way. Cash costs slipped to about $14.80 per silver-equivalent ounce and AISC to ~$20.90, with 2025 guidance calling for AISC just under or a bit above $20, depending on how metal prices and the peso land. That sort of cost base does not look amazing at $25 silver, but at today’s prices, it suddenly means fat incremental margins on every ounce.
What makes the story interesting going into 2026 is that First Majestic finally has options. Basically, Cerro Los Gatos, now a fully integrated workhorse, is both lowering unit costs and stretching mine life. The core Mexican operations at San Dimas and Santa Elena are seeing higher throughputs and better grades. And, management is quietly using the good times to reinvest in exploration instead of burning cash on vanity projects.
If silver and gold hang anywhere near current levels, AG is likely going to be the name that overshoots on the upside. This time it is backed by a balance sheet and production base that look much sturdier than in past cycles. Today, the stock trades at 24x FY2026’s consensus EPS of $0.72.
Is AG Stock a Good Buy?
On Wall Street, First Majestic stock features a Moderate Buy consensus rating, based on two Buy and three Hold ratings. Like Pan American, not a single analyst rates First Majestic stock a Sell. However, once again, AG’s average stock price target of $16.54 implies almost 4% downside, suggesting that shares might have already topped, going against my view of further gains potential from here.
Hecla Mining (NYSE:HL)
Hecla (HL) is another compelling name for a 2026 silver trade. Last quarter was a record by any metric, with about $410 million of revenue (up 67% YoY), just over $100 million of net income, nearly $196 million of adjusted EBITDA, and $90 million of free cash flow, all off 4.6 million ounces of silver and healthy gold by-products. Silver cash costs came in at roughly negative $2.03 per ounce and AISC around $11, thanks largely to by-product credits from lead and zinc at Greens Creek and Lucky Friday.
Now, instead of chasing exciting projects in this environment, Hecla has used the windfall to de-risk. Net leverage has dropped to about 0.3x from 1.8x a year earlier, the revolver is fully repaid, and the company still finished the quarter with roughly $134 million in cash. All four operating hubs, including Greens Creek in Alaska, Lucky Friday in Idaho, Keno Hill in Yukon, and Casa Berardi in Québec, generated positive free cash flow for the second consecutive quarter, and silver’s share of revenue has climbed toward the 50% mark.
Entering 2026, Hecla presents a strong case. Lucky Friday alone is targeted for 4.9–5.1 million ounces and is effectively being set up with ventilation upgrades, surface cooling due in 2026, and long reserve life, for what management openly calls its best decade in 80 years.
If you want a way to express a bullish view on high-priced silver without signing up for balance-sheet drama, HL offers a low-cost, North American-heavy producer already proving it can convert $30–40 silver into robust cash flow, with plenty of upside if the metal spends next year closer to $70. Today, the stock trades at 26x FY2026’s consensus EPS of $0.76.
Is HL Stock a Good Buy?
On Wall Street, Hecla stock has a Hold consensus rating, based on two Buy, three Hold, and one Sell ratings. Also, Hecla’s average stock price target of $15.42 implies ~21% downside potential over the next 12 months. However, it’s worth noting that analysts have yet to update their forecasts following silver’s generational run. Thus, I doubt today’s price targets reflect true expectations.
Silver’s Late-Cycle Moment
Silver’s breakout has all the hallmarks of a classic late-cycle precious-metals run: tight supply, a calm macro backdrop, and—at last—broad attention from both Wall Street and retail investors. This time around, Pan American Silver, First Majestic Silver, and Hecla Mining enter 2026 with stronger balance sheets and meaningful operating leverage. If silver prices continue to climb, each offers real upside. For equity investors, that adds up to three credible ways to stay long the metal—without straying from fundamentals.