白银矿业

Endeavour Silver: The Three-Mine Platform Is Real, But Silver's Rally Is Doing Much of the Work

Endeavour Silver is a Mexico-and-Peru underground silver miner reshaped by the Terronera mine ramp-up, the Kolpa acquisition, and the Bolañitos divestiture. Q1 2026 revenue jumped to $209.7 million and net earnings to $64.9 million, but results were flattered by a one-time Bolañitos sale gain and by spot silver running far above the company's own $36-per-ounce planning assumption. Rating Hold: the three-mine transformation is real, but at $8.56 the stock offers little margin of safety until shares fall toward the $6.0-6.6 conservative range.

Fresnillo: A Genuine Re-Rating, But the Price Already Assumes the Hard Part Is Done

Fresnillo is the world's largest primary silver producer and one of Mexico's largest gold producers, whose 2025 results (adjusted revenue of US$4.65 billion, EBITDA of US$2.80 billion, and net cash of US$1.92 billion) were driven mainly by a favorable metals tape rather than a structural improvement, even as the company cut 2026 guidance to 42-46.5 million ounces of silver and 500-550 thousand ounces of gold after grade and mine-plan setbacks at Fresnillo, Saucito and Herradura. Rating Hold: high cash generation and scarce silver exposure are real, but at £29.22 the price already discounts favorable metals while execution risk, Mexico concentration and Peñoles' 74.99% control remain unresolved, with the ideal buy zone at £15 to £17.

First Majestic Silver: A Better Miner After Los Gatos, No Longer a Cheap One

First Majestic is a Mexico-focused silver-and-gold miner whose earnings engine was rebuilt by the January 2025 Gatos Silver acquisition, a deal that added a 70% stake in Los Gatos, lifted scale and cost quality, and left former Gatos holders with about 38% of the company. 2025 delivered record revenue of 1.257 billion USD and free cash flow of 470.6 million USD, and Q1 2026 added 476.7 million USD of revenue with 223.5 million USD of free cash flow, yet 2026 guidance calls for lower silver output, Q1 AISC ran 29.76 USD per ounce, and the Mexican tax dispute remains unresolved. Rating Hold: Los Gatos made First Majestic a better miner, but at 17.82 USD the price already reflects much of that upgrade, and the entry only gets attractive below 16 USD.

Hecla Mining: A Cleaner, Debt-Free Silver Major Still Priced Without a Margin of Safety

Hecla Mining is North America's largest silver producer, now a debt-free, three-mine platform (Greens Creek, Lucky Friday, Keno Hill) that turned the 2025 cyclical upswing into 1.423 billion USD of sales and 310.2 million USD of free cash flow. Asset quality and the balance sheet have genuinely improved, but at 15.54 USD the stock already discounts most of that, and the upside is driven by silver-price beta rather than durable compounding. Rating Hold: a cleaner, better-run silver major worth holding, with no margin of safety for new money until it falls toward the 10-11 USD ideal-buy zone.

Pan American Silver: Juanicipio Upgrades the Silver Book, But $44 Already Pays for the Transition

Pan American Silver is an Americas-focused, silver-first precious-metals miner whose September 2025 MAG acquisition added a 44% stake in the high-grade Juanicipio mine, lifting 2026 guidance to 25-27 Moz silver and 700-750 koz gold on a net-cash balance sheet. The portfolio is genuinely better than the 2022 trough, but at $44.39 the stock trades near 9.2x EV/EBITDA on a 7% free-cash-flow yield, already pricing the upgrade while Escobal and Navidad stay politically frozen and 2026 cost guidance leans on $70 silver against roughly $58 spot. Rating Hold: a better silver miner with no clear margin of safety, where a buy needs either the mid-$20s or proof that normalized free cash flow holds closer to the base case than the conservative one.

Sunshine Silver Mining & Refining (SSMR) 横纵深度研究

2026-06-04 上市的开发阶段银矿，核心资产为爱达荷历史级 Sunshine 银矿（资源约 2.64 亿盎司银、零储量、仅 PEA 级初评）。银价历史高位 + 美国本土锑期权是亮点，但 2028 年底才可能投产、投产前需多轮稀释。