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Pan American Silver vs. SSR Mining: Which Mining Stock Wins Now?
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Key Takeaways
Pan American Silver boosted scale with the MAG Silver acquisition and posted record $3.62B revenues in 2025.
SSRM expanded via CC&V deal, targeting up to 535K gold-equivalent ounces output in 2026.
SSRM faces cost inflation and Copler suspension, while PAAS eyes higher 2026 silver output.
Pan American Silver Corp. (PAAS - Free Report) and SSR Mining Inc. (SSRM - Free Report) are well-known names in the silver mining sector, sharing several key similarities that define their strategic positioning and investor appeal. Both PAAS and SSRM are gaining from the surge in gold and silver prices.
Silver prices have skyrocketed 142.8% year over year, with gold prices increasing 43%, supported by strong safe-haven demand, geopolitical tensions and escalating trade conflicts. Silver has benefited from resilient industrial demand and mounting supply deficits. Demand for solar energy, electronics and electrification now accounts for more than half of global silver demand. Currently, silver is trading above $78, which bodes well for prices.
For investors seeking to capitalize on this momentum, the key question is: which silver stock stands out — Pan American Silver or SSR Mining? Let us explore the fundamentals, growth drivers and potential headwinds facing both companies to find out.
The Case for PAAS
Pan American Silver is a leading producer of silver and gold in the Americas, with mines in Canada, Mexico, Peru, Brazil, Bolivia, Chile and Argentina. The company has 11 operating mines. It also owns the Escobal mine in Guatemala, which is currently not operating, and it holds interests in exploration and development projects.
In September 2025, PAAS completed the acquisition of MAG Silver. This move boosts Pan American Silver’s position as one of the leading silver producers globally and significantly strengthens the company’s industry-leading silver reserve base. The transaction also adds the full ownership of the Larder exploration project and a full earn-in interest in the Deer Trail exploration project to PAAS’s portfolio.
Pan American Silver reported record revenues of $3.62 billion in 2025, marking an improvement of 28.4% from 2024. This impressive performance was driven by higher metal prices and silver production. However, this was partially offset by a decrease in quantities of metal sold due to the disposition of La Arena, and lower production at Dolores and Minera Florida.
The company produced 22.8 million ounces of silver in 2025, surpassing the company’s expectations. The figure increased 8% from 2024. Pan American Silver produced a record 7.3 million ounces of silver in the fourth quarter of 2025 on better-than-expected results at the Juanicipio mine. The company’s gold production came in at 742.2 thousand ounces for 2025, in line with its guidance. It produced 197.8 thousand ounces in the fourth quarter of 2025.
For 2026, the company expects silver production of 25-27 million ounces, indicating a year-over-year increase of 14% at the mid-point. Gold production is expected between 700 million and 750 million, indicating a year-over-year dip of 2% at the mid-point.
The company reported a record cash flow in 2025, indicating robust operational cash generation and disciplined capital spending. A free cash flow of $1.15 billion in 2025 pushed Pan American Silver’s cash and short-term investment balance to $1.3 billion.
In December 2025, the company reported strong drilling results for its operating mines, which will help advance its long-term exploration strategy to replace and grow its mineral resources. The company has also been successfully extending the lifespan of many of its operations, driven by ongoing exploration efforts across its portfolio.
The Case for SSRM
SSR Mining closed the acquisition of the Cripple Creek & Victor (“CC&V”) mine in February 2025, which positions it as the third-largest gold producer in the United States.
The CC&V deal is expected to be accretive across all key per-share metrics — net asset value, gold production, mineral reserves and free cash flow — strengthening the company’s overall investment appeal and strategic flexibility. This open-pit mine is expected to produce 125,000 to 150,000 ounces of gold in 2026, with 50-55% production weighted toward the second half of the year. At the end of 2025, the company reported Measured & Indicated Mineral Resources of 4.8 million ounces and Inferred Mineral Resources of 2 million ounces at the mine, indicating a significant life of mine extension potential.
SSRM’s total gold production is expected to be 450,000-535,000 gold-equivalent ounces for 2026 (including output from Puna, Seabee, Marigold and CC&V). This indicates year-over-year growth of 10% at the mid-point.
As of Dec. 31, 2025, SSR Mining had a cash and cash equivalent balance of $535 million, and available liquidity of $1.03 billion. The company continues to advance exploration and development activities across its portfolio in the quarter as it targets potential high-return, low capital intensity, mine life extension opportunities at Marigold, Seabee and Puna.
The company is bearing the brunt of cost inflation. SSR Mining expects All-In Sustaining Costs of $2,180-$2,260 per ounce for 2026. It reported All-In Sustaining Costs of $2,153 per ounce in 2025.
Operations at the Çöpler mine in Turkey remain suspended following the heap leach failure on Feb. 13, 2024. The company is recording care and maintenance expenses, which represent depreciation and direct costs not associated with the environmental reclamation and remediation costs. SSRM is working with authorities to restart the mine, but no timeline or conditions for resumption have yet been determined. The company reported reclamation and remediation costs of $149.3 million as of the end of 2025.
The company recently inked a deal with Cengiz Holding to sell its 80% stake in the Çöpler mine and related properties in Turkey for $1.5 billion in cash. This is in sync with the company’s shift to an Americas-focused portfolio.
How Do Estimates Compare for PAAS & SSRM?
The Zacks Consensus Estimate for Pan American Silver’s 2026 earnings is $4.42 per share, indicating year-over-year growth of 74%. The estimates for 2026 have been trending north over the past 60 days.
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for SSRM’s earnings for 2026 is pegged at $3.72 per share, indicating a year-over-year jump of 85%. The estimates have been trending north over the past 60 days.
In the past year, the PAAS stock has surged 120.7%, whereas SSRM has skyrocketed 202.8%.
Image Source: Zacks Investment Research
PAAS is currently trading at a forward 12-month earnings multiple of 12.57X, lower than its five-year median. SSRM is currently trading at a forward 12-month earnings multiple of 8.24X, lower than its five-year median.
Image Source: Zacks Investment Research
PAAS or SSRM: Which Is the Better Pick?
Pan American Silver and SSR Mining are poised to benefit from the current surge in silver and gold prices, as well as higher production expectations and their expansion efforts, both organic and through acquisitions. SSR Mining has delivered a stronger price performance than PAAS. SSR Mining also has a more attractive valuation, which gives it the edge over Pan American Silver.
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Pan American Silver vs. SSR Mining: Which Mining Stock Wins Now?
Key Takeaways
Pan American Silver Corp. (PAAS - Free Report) and SSR Mining Inc. (SSRM - Free Report) are well-known names in the silver mining sector, sharing several key similarities that define their strategic positioning and investor appeal. Both PAAS and SSRM are gaining from the surge in gold and silver prices.
Silver prices have skyrocketed 142.8% year over year, with gold prices increasing 43%, supported by strong safe-haven demand, geopolitical tensions and escalating trade conflicts. Silver has benefited from resilient industrial demand and mounting supply deficits. Demand for solar energy, electronics and electrification now accounts for more than half of global silver demand. Currently, silver is trading above $78, which bodes well for prices.
For investors seeking to capitalize on this momentum, the key question is: which silver stock stands out — Pan American Silver or SSR Mining? Let us explore the fundamentals, growth drivers and potential headwinds facing both companies to find out.
The Case for PAAS
Pan American Silver is a leading producer of silver and gold in the Americas, with mines in Canada, Mexico, Peru, Brazil, Bolivia, Chile and Argentina. The company has 11 operating mines. It also owns the Escobal mine in Guatemala, which is currently not operating, and it holds interests in exploration and development projects.
In September 2025, PAAS completed the acquisition of MAG Silver. This move boosts Pan American Silver’s position as one of the leading silver producers globally and significantly strengthens the company’s industry-leading silver reserve base. The transaction also adds the full ownership of the Larder exploration project and a full earn-in interest in the Deer Trail exploration project to PAAS’s portfolio.
Pan American Silver reported record revenues of $3.62 billion in 2025, marking an improvement of 28.4% from 2024. This impressive performance was driven by higher metal prices and silver production. However, this was partially offset by a decrease in quantities of metal sold due to the disposition of La Arena, and lower production at Dolores and Minera Florida.
The company produced 22.8 million ounces of silver in 2025, surpassing the company’s expectations. The figure increased 8% from 2024. Pan American Silver produced a record 7.3 million ounces of silver in the fourth quarter of 2025 on better-than-expected results at the Juanicipio mine. The company’s gold production came in at 742.2 thousand ounces for 2025, in line with its guidance. It produced 197.8 thousand ounces in the fourth quarter of 2025.
For 2026, the company expects silver production of 25-27 million ounces, indicating a year-over-year increase of 14% at the mid-point. Gold production is expected between 700 million and 750 million, indicating a year-over-year dip of 2% at the mid-point.
The company reported a record cash flow in 2025, indicating robust operational cash generation and disciplined capital spending. A free cash flow of $1.15 billion in 2025 pushed Pan American Silver’s cash and short-term investment balance to $1.3 billion.
In December 2025, the company reported strong drilling results for its operating mines, which will help advance its long-term exploration strategy to replace and grow its mineral resources. The company has also been successfully extending the lifespan of many of its operations, driven by ongoing exploration efforts across its portfolio.
The Case for SSRM
SSR Mining closed the acquisition of the Cripple Creek & Victor (“CC&V”) mine in February 2025, which positions it as the third-largest gold producer in the United States.
The CC&V deal is expected to be accretive across all key per-share metrics — net asset value, gold production, mineral reserves and free cash flow — strengthening the company’s overall investment appeal and strategic flexibility. This open-pit mine is expected to produce 125,000 to 150,000 ounces of gold in 2026, with 50-55% production weighted toward the second half of the year. At the end of 2025, the company reported Measured & Indicated Mineral Resources of 4.8 million ounces and Inferred Mineral Resources of 2 million ounces at the mine, indicating a significant life of mine extension potential.
SSRM’s total gold production is expected to be 450,000-535,000 gold-equivalent ounces for 2026 (including output from Puna, Seabee, Marigold and CC&V). This indicates year-over-year growth of 10% at the mid-point.
As of Dec. 31, 2025, SSR Mining had a cash and cash equivalent balance of $535 million, and available liquidity of $1.03 billion. The company continues to advance exploration and development activities across its portfolio in the quarter as it targets potential high-return, low capital intensity, mine life extension opportunities at Marigold, Seabee and Puna.
The company is bearing the brunt of cost inflation. SSR Mining expects All-In Sustaining Costs of $2,180-$2,260 per ounce for 2026. It reported All-In Sustaining Costs of $2,153 per ounce in 2025.
Operations at the Çöpler mine in Turkey remain suspended following the heap leach failure on Feb. 13, 2024. The company is recording care and maintenance expenses, which represent depreciation and direct costs not associated with the environmental reclamation and remediation costs. SSRM is working with authorities to restart the mine, but no timeline or conditions for resumption have yet been determined. The company reported reclamation and remediation costs of $149.3 million as of the end of 2025.
The company recently inked a deal with Cengiz Holding to sell its 80% stake in the Çöpler mine and related properties in Turkey for $1.5 billion in cash. This is in sync with the company’s shift to an Americas-focused portfolio.
How Do Estimates Compare for PAAS & SSRM?
The Zacks Consensus Estimate for Pan American Silver’s 2026 earnings is $4.42 per share, indicating year-over-year growth of 74%. The estimates for 2026 have been trending north over the past 60 days.
The Zacks Consensus Estimate for SSRM’s earnings for 2026 is pegged at $3.72 per share, indicating a year-over-year jump of 85%. The estimates have been trending north over the past 60 days.
PAAS & SSRM: Price Performance & Valuation Comparisons
In the past year, the PAAS stock has surged 120.7%, whereas SSRM has skyrocketed 202.8%.
PAAS is currently trading at a forward 12-month earnings multiple of 12.57X, lower than its five-year median. SSRM is currently trading at a forward 12-month earnings multiple of 8.24X, lower than its five-year median.
PAAS or SSRM: Which Is the Better Pick?
Pan American Silver and SSR Mining are poised to benefit from the current surge in silver and gold prices, as well as higher production expectations and their expansion efforts, both organic and through acquisitions. SSR Mining has delivered a stronger price performance than PAAS. SSR Mining also has a more attractive valuation, which gives it the edge over Pan American Silver.
Both companies have a Zacks Rank #3 (Hold) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.