PAAS
Pan American Silver Corp.
stock NYSE

Time to bid good-bye to PAAS, I suppose. It was an alright ride. Not good one. Just alright.

Not totally sure. Maybe NEM or PAAS or HL.

PAAS, HECLA, AG, HYMC

Why is PAAS lagging?

EXK and PAAS. Good silver and good mining stocks. Easy double up in 6 months.

I've never bought PAAS myself. Through I own thousands of shares through acquisitions 😉

Then why has $PAAS just lost money in the 4 years prior to 2025? By this argument they should have gone up (significantly) if there was a constant long term supply shortage.

PAAS is not acting in a vacuum. Everyone with access to additional silver capacity is incentivized to tap into that capacity as the price rises. So not only PAAS but every miner should be assumed to be bringing capacity online to take advantage of the higher prices
The commodity is cyclical because they all do this at basically the same time, and as they all introduce more supply to the market, the price falls

nice write-up, love $PAAS

Watched AG's CEO interview recently, a well-known guy. He mentioned this, and said he can't say a number yet for legal reasons, but it is \[some superlative\] large. Separately, Rick Rule mentioned that too, naming AEM and PAAS. And numerically, for a high-cost producer such as AG, a price spike like silver had recently affects earnings non-linearly. Also from CEO, their AISC for silver was about $19 in 2025: with silver notionally at $40 in Q3 that makes for $21 in revenue; in Q4, for silver notionally at $60 on average, that makes for $41 in revenue. Also AG is clever with its sales, keeps silver in treasury, not only dollars, and has likely sold into a vertical spike, so their earnings in Q4 could have been double the Q3, or better. All this does not give any number to go on, but it will definitely be an absolute blast of earnings, which is what CEO said.

Isn't the stock mainly driven by the price of silver? So if your thesis is that their big facilities will be turned on to ramp up silver production, then you'd expect price pressure for silver which would then hurt the stock instead.
This is literally the basis of cyclical stocks and commodities - I.e. boom as there's a supply shortage but then bust when all the producers bring lots of supply online to take advantage of high prices, which causes the price to fall back down. Likewise, this is why production is mothballed and cut eventually in the first place, which causes another boom years later...and the cycle repeats.
I don't understand how your thesis is bullish for either silver or PAAS.

*Valuation Stretched*
Stock up ~ (Yahoo Finance) 138% YTD with a 35.7x earnings multiple. Average analyst price target of $51.55 implies ~4% downside, suggesting the stock is "priced to perfection" (TipRanks). P/S ratio of 4.49x near its 3-year high of 4.54x, well above industry average of 2.74x (Finimize)
*Good News Already Priced In*
Concerns mounting that the market has already priced in much of the good news from the $2.1 billion MAG Silver deal and higher production guidance (Weiss Ratings)
With the stock trading near its 52-week high and institutional buying like North of South Capital's 444% stake increase already disclosed, fresh incremental catalysts are limited in the near term (Weiss Ratings)
*Silver Price Dependency*
Financial health closely tied to the price of metals on the world stage (Finimize). Silver is notoriously volatile—a mean reversion from current ~$30+ levels would compress margins significantly. Shares vulnerable to pullbacks as traders react to any disappointment in silver prices (Weiss Ratings)
*Operational/Execution Risks*
Business model heavily exposed to operational disruptions, cost inflation, regulatory challenges and environmental compliance in multiple jurisdictions (Weiss Ratings). Faces integration and execution risk as it manages assets at different stages of their life cycles (Weiss Ratings). Increased exploration costs have sparked discussions about potential impact on future production and profit margins (StocksToTrade).
*Jurisdictional Risk*
Operations across Mexico, Peru, Argentina, Bolivia—politically volatile mining jurisdictions. Permitting and social-license requirements can delay projects or restrict expansions. Mexico in particular has become increasingly hostile to mining interests. Poor Shareholder Returns Relative to Volatility. Weak dividend support—despite reasonable profitability and 11.29% ROE, shareholders not being well-compensated through dividends for the volatility they endure (Weiss Ratings).
Compared with peers like Southern Copper (SCCO) and Agnico Eagle (AEM), PAAS offers similar ratings but less dividend support (Weiss Ratings).
*Technical Weakness*
Recent session volume of 3.77M shares well below the 90-day average of 6.57M, suggesting pullback unfolding without heavy buying support (Weiss Ratings).
Stock losing ground near the top of its trading range rather than extending higher (Weiss Ratings).
Bottom line: If you're bearish silver prices, see the MAG Silver integration as a "sell the news" event, or believe the ~30-35x multiple is unsustainable for a miner, PAAS has meaningful downside risk from current levels. The analyst targets clustered around $51-52 vs. recent trading near $53-55 suggest limited upside even in a constructive scenario.

Point well taken, I haven't shared my silver positions since I wasn't confident in the move. But I have shared gold miner leap YOLO's from 1-2 years ago, around the same time I took my $PAAS position
[https://www.reddit.com/r/wallstreetbets/comments/1g9ovep/why\_gold\_in\_a\_gold\_bull\_market/](https://www.reddit.com/r/wallstreetbets/comments/1g9ovep/why_gold_in_a_gold_bull_market/)
[https://www.reddit.com/r/wallstreetbets/comments/1g59xiu/nem\_leaps\_printed/](https://www.reddit.com/r/wallstreetbets/comments/1g59xiu/nem_leaps_printed/)

Silver moonshot yolo on Pan American $PAAS