10 Best Silver Mining Stocks to Buy Right Now

2) Pan American Silver Corp. (NYSE:PAAS)

Average Upside Potential: 23.3%

Number of Hedge Fund Holders: 29

Pan American Silver Corp. (NYSE:PAAS) is engaged in the exploration, mine development, extraction, processing, refining, and reclamation of silver, gold, zinc, lead, and copper mines in Canada, Mexico, and other countries.

Wall Street analysts opine that the long-term growth of Pan American Silver Corp. (NYSE:PAAS) should stem from the La Colorada and Jacobina projects. At the La Colorada mine, in Q3 2024, the new ventilation infrastructure resulted in a 59% rise in silver production and a 26% fall in cash costs compared to Q2 2024. Pan American Silver Corp. (NYSE:PAAS) expects throughput to continue to rise, touching 2,000 tonnes per day by the year-end. At La Colorada, project capital of $3.6 million was focused mainly on exploration and engineering on the Skarn project, and to complete the new ventilation infrastructure for the operating mine.

As of June 30, 2024, at the La Colorada Skarn project, estimated indicated mineral resources saw a significant increase to 309 million ounces of silver, stemming from higher tonnage and higher grades, with the inferred mineral resource now estimated at 59 million ounces of silver. The improvement in the performance at La Colorada should further increase silver production and lower cash costs.

At Jacobina, in Q3 2024, project capital of $2.5 million was deployed towards upgrading the plant facility infrastructure and a study focused on optimizing the mine’s long-term economics and sustainability. This optimization should be released in H1 2025. Pan American Silver Corp. (NYSE:PAAS), in its most recent mineral resource update as of June 30, 2024, more than replaced mine production with new mineral reserves for the 18^th year in a row. Furthermore, exploration added 1.2 million ounces of new gold-inferred mineral resource. Pan American Silver Corp. (NYSE:PAAS) expects this is a long-life mine with excellent exploration potential and expects to capture more value from this high-margin operation.

Wall Street analysts gave an average price target of $28.00 on the shares of the company.