Silver Exposure: Pan American vs First Majestic

Pan American Silver (TSX:PAAS) and First Majestic Silver (TSX:AG), two major players in the silver market, differ significantly in their revenue mix and production strategies.

Pan American is the larger producer of silver, with 6.47 million ounces produced in the second quarter of 2026, but gold accounts for more than half of its revenue, at US$730 million compared to US$460 million from silver.

In contrast, First Majestic's revenue is heavily dependent on silver, which made up 60% of its revenue in the same period, with a realized price of US$63.98 an ounce.