#白银

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。

Wheaton Precious Metals 深度研究

全球顶级纯贵金属流公司，用合同锁定低采购成本、靠金银现货价赚现金流杠杆；生意质量高，但当前 132.6 美元已基本反映高金银价与 Antamina 利好，安全边际不足。