Company Overview - Avino Silver & Gold Mines focuses on silver and gold production, primarily operating in Mexico with key assets being the Avino Mine and La Preciosa [1] Recent Performance - ASM's share price increased by 13.5%, closing at $7.83, driven by a 22% year-over-year increase in silver production [3] - The company produced 345,298 ounces of silver in Q4 2025, contributing to a total silver production of 1.16 million ounces for the year, which is a 4% increase [3] Market Trends - The broader market for silver has been favorable, with prices soaring 223.6% year over year due to strong safe-haven demand, geopolitical tensions, and trade conflicts [4] - Industrial demand for silver, particularly in solar energy and electronics, has also contributed to the price increase [4] Analyst Ratings - H.C. Wainwright upgraded ASM to a "Buy" rating on January 23, 2026, raising the price target from $7.40 to $12.50, reflecting confidence in ASM's growth potential [2][6] - The stock is currently priced at $9.26, marking an 18.20% increase with a market capitalization of approximately $1.45 billion [5]

Company Performance - Coeur Mining (CDE) shares increased by 12.5% to $25.77 in the last trading session, with a notable trading volume, and have gained 22.4% over the past four weeks [1] - The consensus EPS estimate for Coeur Mining's upcoming quarterly report has been revised down by 15.9% over the last 30 days [4] - Coeur Mining currently holds a Zacks Rank of 1 (Strong Buy) [5] Industry Insights - Silver prices have surged by 223.6% year over year, while gold prices have risen by 77.9%, driven by strong safe-haven demand and geopolitical tensions [2] - Silver is currently trading at approximately $99, nearing record highs, and gold is above $4,900, supported by a weak dollar [2] - The demand for solar energy, electronics, and electrification now constitutes over half of global silver demand, contributing to resilient industrial demand and supply deficits [2] Earnings Expectations - Coeur Mining is expected to report quarterly earnings of $0.33 per share, reflecting a year-over-year increase of 200%, with revenues projected at $668.7 million, up 119% from the previous year [3] - Trends in earnings estimate revisions are closely linked to near-term stock price movements, indicating potential strength in the stock [3]

Company Performance - Avino Silver's shares increased by 13.5% to $7.83 in the last trading session, with a higher-than-average trading volume [1] - The company reported a 22% year-over-year increase in silver production, reaching 345,298 ounces in Q4 2025, contributing to a total production of 1.16 million ounces for the year, which is a 4% increase [2] - The consensus EPS estimate for the upcoming quarterly report is $0.06, reflecting a year-over-year decline of 14.3%, while revenues are expected to be $27.7 million, up 13.6% from the previous year [4] Industry Insights - Silver prices have surged by 223.6% year-over-year, driven by strong safe-haven demand and geopolitical tensions, while gold prices have risen by 77.9% [3] - The demand for silver is significantly influenced by industrial applications, particularly in solar energy and electronics, which now account for over half of global silver demand [3] - Avino Silver is part of the Zacks Mining - Silver industry, where another company, Endeavour Silver, saw a 10.9% increase in its stock price, with a 25.2% return over the past month [6]

Core Viewpoint - First Majestic Silver Corp. has achieved a new 52-week high in stock price, driven by strong silver-equivalent production and rising metal prices [1] Group 1: Production Performance - In Q2 2025, First Majestic reported total production of 7.9 million AgEq ounces, which includes 3.7 million silver ounces and 33,865 gold ounces, marking a 48% year-over-year increase due to a 76% surge in silver production [2][10] - The increase in production was primarily driven by the San Dimas and La Encantada mines, along with contributions from the Cerro Los Gatos mine [3] - The Cerro Los Gatos mine contributed 1.5 million ounces of silver to the Q2 output [6][10] - Following the strong performance, the company raised its full-year production guidance to 30.6-32.6 million AgEq ounces from the previous estimate of 27.8-31.2 million AgEq ounces [6][10] Group 2: Strategic Developments - In January 2025, First Majestic completed the acquisition of Gatos Silver, gaining a 70% interest in the Cerro Los Gatos mine, which is expected to enhance the company's production profile [3][5] - The combined production from Cerro Los Gatos, San Dimas, and Santa Elena mines is projected to reach 30-32 million ounces of silver equivalent annually, including 15-16 million ounces of silver [4] Group 3: Market Trends - Silver prices have increased by 28% this year, while gold prices have risen by 29%, driven by safe-haven demand, geopolitical tensions, and supply deficits [7] - Current silver prices are around $38 per ounce, while gold prices are approximately $3,361 per ounce [7][8] Group 4: Stock Performance - First Majestic's stock has risen by 42.2% over the past year, outperforming the industry average growth of 15.5% [9]

Core Insights - Pan American Silver (PAAS) and First Majestic Silver (AG) are prominent players in the silver mining sector, both headquartered in Vancouver, Canada, and providing exposure to silver and gold [1][2] - Silver prices have increased by 28% and gold prices by 29% this year, driven by safe-haven demand, geopolitical tensions, and supply deficits [1] - The silver market is projected to face another deficit in 2025, which is expected to positively impact prices [1] Company Overview: Pan American Silver - Pan American Silver is a leading silver and gold producer in the Americas, operating 12 mines across several countries [3] - As of June 30, 2024, Pan American's mineral reserves included 468 million ounces of silver and 6.7 million ounces of gold, with an expected increase of 58 million ounces from the acquisition of MAG Silver Corp. [4][5] - The company reported a 28.6% year-over-year revenue increase to $773 million in Q1, with record mine operating earnings of $250.8 million [6][10] - Silver production was 5 million ounces in Q1, with expectations to meet 2025 guidance of 20-21 million ounces of silver [8][9] Company Overview: First Majestic Silver - First Majestic Silver focuses on silver and gold production primarily in Mexico and the U.S., operating four underground mines [13] - Proven and probable mineral reserves are estimated at 86.8 million ounces of silver and 594,000 ounces of gold as of December 31, 2024 [14] - The company achieved a 130% increase in Q1 revenues to $243.9 million, driven by the Cerro Los Gatos Silver Mine and higher silver prices [16][10] - Total production reached 7.7 million silver-equivalent ounces in Q1, marking a 49% year-over-year increase [15] Financial Performance Comparison - Pan American's adjusted earnings per share for 2025 are estimated at $1.47, reflecting an 86.1% year-over-year growth [21] - First Majestic's earnings estimate for 2025 is 12 cents per share, an improvement from a loss of 14 cents in 2024 [22] - PAAS stock has increased by 40% over the past year, outperforming the industry's growth of 18.5%, while AG has gained 30.7% [23] Valuation and Market Position - Pan American is trading at a forward price-to-sales multiple of 3.39X, below the industry average of 4.06X, while AG trades at 4.48X [25] - Pan American offers a dividend yield of 1.38%, significantly higher than First Majestic's 0.22% [27] - The average price target for Pan American suggests a 9% increase, while First Majestic's average price target implies a 2% decline [28] Investment Outlook - Both companies are positioned to benefit from rising silver and gold prices, with strong production expectations and expansion efforts [29] - Pan American has shown better performance in share price gains and dividend yield, along with positive earnings estimate revisions [30] - With a more attractive valuation and higher growth potential, Pan American Silver is viewed as a more compelling investment choice compared to First Majestic [33]