Silver moved into 2026 with supply still lagging demand, extending a multi-year imbalance that has steadily tightened the physical market. According to an April 19 report by Rich Duprey, the metal faced its sixth consecutive annual structural deficit, with the Silver Institute projecting a 46.3 million-ounce shortfall. The report stated that above-ground inventories had declined by 762 million ounces since 2021, reducing the available supply buffer that had historically helped stabilize prices.
Duprey wrote that total supply was expected to decline while demand eased only modestly, resulting in another year where consumption exceeded production. He noted that industrial fabrication was projected to decrease, but investment demand for bars and coins was expected to rise, helping sustain the deficit. The report also highlighted the impact of prior price movements, stating that silver had risen from approximately US$29 per ounce to above US$72 during 2025. According to the same analysis, J.P. Morgan Global Research forecast an average silver price of US$81 per ounce for 2026, citing the continued imbalance between supply and demand.
In a broader sector analysis on April 21, Sarel Oberholster of Seeking Alpha described the silver market as undergoing a structural transition driven by long-term changes in global demand. He stated that silver's role in an increasingly electricity-focused economy was expanding, with applications in solar energy, electronics, and electric vehicles contributing to sustained demand. Oberholster emphasized that silver's physical properties, including conductivity and thermal efficiency, made substitution challenging without sacrificing performance, reinforcing its industrial importance.
Oberholster further wrote that the silver market had historically operated within a wide trading range but had begun to shift beyond those boundaries. He noted that supply had remained relatively constrained while demand from technology-driven sectors continued to grow, contributing to persistent deficits and the drawdown of above-ground inventories. In a sector analysis, analysts at Global X stated that demand was increasingly tied to long-term infrastructure developments, including data centers, power systems, and defense-related projects, which could make silver consumption less sensitive to short-term economic cycles.
Additional commentary highlighted silver's dual role as both a precious and an industrial metal. According to reporting by Ankit Gohel on April 22, analysts noted that silver offered higher return potential compared to gold but also exhibited greater volatility due to its exposure to industrial demand. Ruchit Thakur of VT Markets stated that demand from sectors such as renewable energy, electronics, and electric vehicles supported silver's medium-term outlook. Similarly, Vandana Bharti of SMC Global Securities said that improving geopolitical conditions and trade flows could support industrial demand, particularly in advanced technologies and manufacturing.
Gohel reported that silver prices had recently risen alongside gold following easing geopolitical tensions, with spot silver reaching US$78.38 per ounce. He wrote that analysts viewed silver as potentially better positioned in the near term, particularly in a stabilizing economic environment where industrial activity could strengthen. At the same time, the report noted that silver remained more sensitive to economic fluctuations than gold, given its industrial exposure.
Short-term market dynamics also reflected changing investor sentiment. A market update from Benzinga stated that silver-linked assets declined during a "risk-on" trading session, as investors shifted toward equities and reduced exposure to defensive assets. The report noted that such movements could pressure silver prices in the near term even when longer-term structural trends remained intact.
Across the sources, the silver sector was consistently described as being supported by a combination of constrained supply, evolving industrial demand, and macroeconomic influences. While near-term price movements were influenced by investor positioning and broader market conditions, the underlying structural deficit and expanding role of silver in modern industrial applications remained central to the sector's outlook.
With silver's fundamentals in focus, here are three companies tied to the metal, each offering a different level of exposure to the broader market.
Pan American Silver Corp.
Pan American Silver Corp. (PAAS:TSX; PAAS:NYSE) is a silver and gold producer operating across the Americas, with mining operations in Canada, Mexico, Peru, Brazil, Bolivia, Chile, and Argentina. The company also holds a 44% joint venture interest in the Juanicipio mine in Mexico, a 100% interest in the Escobal mine in Guatemala that is currently not operating, and additional exploration and development assets. Headquartered in Vancouver, British Columbia, Pan American has operated in the region for more than three decades.
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Pan American Silver Corp. (PAAS:TSX; PAAS:NYSE)
Pan American's portfolio includes the La Colorada mine in Zacatecas, Mexico, which has become a central focus of its exploration and development strategy. According to the company's investor presentation, the asset is being advanced through a phased approach that targets higher-grade zones within both the vein system and the skarn deposit, with the goal of supporting long-term production growth and extending mine life .
Recent news has focused on new exploration results from the southeastern and eastern Candelaria zones at La Colorada. On March 5, 2026, the company reported the discovery of at least four new veins between the Cristina and San Gerónimo systems, along with associated contact-related replacement mineralization. The drilling program, completed between November 2025 and January 2026, totaled 17,774 meters across 38 holes and returned wide intercepts with high silver, gold, and base metal grades.
According to the company, silver assays exceeded 1,000 g/t in 40% of the reported drill holes. The drilling also outlined a structural cluster of veins extending approximately 500 meters in strike and vertical extent, contributing to a broader mineralized corridor of roughly 2,500 meters between previously recognized systems.
Exploration work also identified the La Chona Breccia, described as a vertically extensive brecciated zone with estimated widths ranging from 10 to 65 meters. Reported intercepts included 31.15 meters grading 114 g/t silver and 65.63 meters grading 101 g/t silver. Additional drilling along the Mariana and NC2 vein systems extended known mineralization by approximately 200 meters to the east, with several high-grade intercepts reported, including intervals exceeding 10,000 g/t silver.
In a company news release, Christopher Emerson, Senior Vice President of Exploration and Geology, stated that the discovery of new high-grade veins "indicate the potential to add to the mineral resources at La Colorada," with results expected to be incorporated into a mineral reserve and mineral resource update as at June 30, 2026. Pan American also noted that an aggressive infill and extensional drilling campaign, along with underground development work, is currently underway to further define the mineralized zones.
On March 24, 2026, Pan American announced a revised Preliminary Economic Assessment for the La Colorada Skarn Project. The assessment outlines a combined development plan that integrates newly identified high-grade vein mineralization with high-grade portions of the skarn deposit. The plan includes the construction of a new 15,000 tonne-per-day processing plant while continuing operations at the existing vein mine during development and ramp-up.
The revised PEA outlined a projected production profile that includes average annual silver production of 19.1 million ounces during the peak five-year period following construction and ramp-up. According to the company, the expanded La Colorada operation is expected to significantly increase silver production and extend mine life, with production periods ranging from 23 to 37 years depending on the asset component.
Catalysts for Pan American are tied to ongoing exploration, development milestones, and upcoming technical updates. According to the company's investor presentation, these include continued infill and step-out drilling at La Colorada, advancement of underground development such as crosscuts at Levels 588 and 448, and the planned mineral reserve and mineral resource update as of June 30, 2026.
Additional catalysts include progress on the La Colorada Skarn Project, including permitting for mine infrastructure, development of the processing plant, and tailings facility expansions. The company expects the project to be funded through operating cash flow, with capital spending occurring over approximately six years and peaking during plant construction. Exploration upside remains a factor, with significant drilling not yet included in current resource estimates, which could support further resource growth and extended production timelines.
According to FactSet data, several analysts issued positive ratings:
- April 15, 2026 – National Bank Financial (Don DeMarco): Buy rating, CA$116.00 target
- April 14, 2026 – RBC Capital Markets (Josh Wolfson): Buy rating, CA$103.11 target
- April 10, 2026 – BMO Capital Markets (Matthew Murphy): Hold rating, CA$69.00 target
- April 10, 2026 – CIBC Capital Markets (Cosmos Chiu): Buy rating, CA$130.02 target
- April 8, 2026 – Jefferies (Fahad Tariq): Hold rating, CA$87.20 target
- April 2, 2026 – TD Cowen (Lam Wayne): Hold rating, CA$88.52 target
- March 24, 2026 – Canaccord Genuity (Carey MacRury): Buy rating, CA$89.48 target
Endeavour Silver Corp.
Endeavour Silver Corp. (EDR:TSX; EXK:NYSE; EJD:FSE) reported first-quarter 2026 production that reflected a significant increase in output compared to the prior year, with total silver equivalent production reaching approximately 3.3 million ounces. The results included both silver and gold production from the company's operating portfolio, with management pointing to improved operational performance at key assets during the period.
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Endeavour Silver Corp. (EDR:TSX; EXK:NYSE; EJD:FSE)
Chief Executive Officer Dan Dickson said in a company news release that the quarter was marked by steady performance, highlighting Terronera as a key contributor with improved grades and recoveries and no major operational disruptions. The company attributed overall performance to operational consistency and contributions from its core producing assets.
On a year-over-year basis, Endeavour reported a substantial increase in both silver and gold production, driven primarily by output from the Kolpa and Terronera operations. These gains were partially offset by the divestment of the Bolañitos mine, which closed on January 15, 2026, with only partial production from that asset included in the quarter's results.
Operationally, Terronera maintained throughput levels in line with internal planning, while recoveries improved over the course of the quarter as processing adjustments were implemented. At Guanaceví, production was impacted by lower silver grades and reduced throughput, though gold performance remained consistent with expectations. At Kolpa, the commissioning of new crushers and a 14 by 24 ball mill in March 2026 was intended to support higher throughput levels, although heavy rainfall affected operations and limited production during the period.
The company also reported increased processing activity, with consolidated throughput rising significantly compared to the same period in 2025. Sales volumes included both silver and gold, while inventory levels at quarter-end reflected a temporary buildup of bullion due to downward pressure on metal prices late in the quarter.
According to FactSet data, several analysts issued positive ratings on the company between February and April 2026:
- February 5: Raymond James analyst Craig Stanley assigned an overweight rating with a CA$14.61 target price
- April 2: TD Cowen analyst Lam Wayne issued a Buy recommendation with a CA$15.18 target price
- April 7: CIBC Capital Markets analyst Cosmos Chiu issued a Buy rating with a CA$17.97 target price
- April 8: Alliance Global Partners analyst Jake Sekelsky issued a Buy rating with a CA$15.50 target price
- April 8: H.C. Wainwright & Co. analyst Heiko Ihle issued a Buy rating with a CA$17 target price
- April 10: BMO Capital Markets analyst Kevin O'Halloran issued a Buy rating with a CA$15.54 target price
- April 13: B. Riley Securities analyst Nick Giles issued a Buy rating with a CA$16 target price
- April 15: National Bank Financial analyst Alex Terentiew issued a Buy rating with a CA$20.37 target price
In an April 15 report, Peter Krauth described the company's first-quarter performance as "a strong and encouraging start to 2026," noting the increase in silver and gold output and highlighting Terronera as a key growth driver due to steady throughput and improving recoveries. He also pointed to the successful commissioning of new equipment at Kolpa, which he said positions the operation to increase throughput capacity in the coming quarters.
Looking ahead, Endeavor's investor presentation outlines development timelines for the Assafou project in Côte d'Ivoire. Key milestones include the approval of an environmental permit in September 2025 and an exploitation permit in February 2026, followed by a resource update in the first quarter of 2026. A Definitive Feasibility Study is expected in the first half of 2026, with construction targeted for the second half of the year.
The same presentation indicates a projected construction timeline of approximately two years, with first gold production targeted for the second half of 2028. Exploration activity continues across the broader project area, including drilling at the Pala Trend targets, which has extended the mineralized footprint and contributed to resource growth.
Endeavour also outlined longer-term exploration objectives, including a five-year mineral resource discovery target of 12 to 15 million ounces between 2026 and 2030. This program is expected to be supported by total exploration spending of approximately US$540 million over that period, including US$100 million planned for fiscal 2026, as detailed in the company's investor presentation.
156.20% of the company is held by institutions, with Tidal Investments holding 6.17% and Mirae Asset Global owning 4.13%. .27% of Endeavour Silver is held by management and insiders. The rest is retail.
Endeavour Silver has 295.73 million shares outstanding and an estimated market capitalization of approximately CA$2.99 million, based on recent trading prices. Shares trade in a 52-week range between CA$3.14 and CA$15.15.
Silver North Resources Ltd.
Silver North Resources Ltd. (SNAG:TSX.V; TARSF:OTCQB; I90:FSE) outlined an expanded exploration program centered on its Haldane silver project in Yukon, supported by a newly secured multi-year drilling agreement. The company entered into a two-year contract with Boart Longyear to support drilling activities across the 2026 and 2027 field seasons, positioning the project for sustained exploration activity.
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Silver North Resources Ltd. (SNAG:TSX.V; TARSF:OTCQB;I90:FSE)
The agreement provides for two diamond drill rigs to remain on site throughout both seasons, with planned drilling totaling between 10,000 and 14,000 meters. The company indicated that mobilization of equipment was expected around mid-March, with drilling anticipated to begin once seasonal conditions allow, likely in June.
At Haldane, the 2026 program is expected to prioritize expansion of the Main Fault target, where previous drilling intersected consistent widths and grades of silver, gold, lead, and zinc mineralization. Additional targets identified for follow-up work include the Bighorn zone, where earlier drilling and trenching revealed mineralized structures along a 600-meter strike length, as well as the Johnson, West Fault, and Middlecoff targets.
Exploration efforts will also incorporate airborne geophysical surveys to refine targeting. At Haldane, the company contracted SkyTEM Canada Inc. to conduct a SkyTEM312 survey covering 944 line kilometers, designed to collect magnetic and electromagnetic data to better define subsurface structures. A separate VTEM survey is planned at the Veronica project through Geotech Ltd., covering 243 line kilometers to assist with mapping geology obscured by overburden and identifying structural controls.
At Veronica, prior sampling in 2025 identified high-grade mineralization, including a float sample returning 2,860 g/t silver along with gold, lead, and zinc values, as well as additional mineralized zones identified through surface work. The company stated that this project remains a priority exploration target alongside Haldane.
Jason Weber, President and CEO, stated in a company news release that the company's financial position enabled it to secure the two-year drilling contract, providing visibility on executing its planned exploration program, including 5,000 to 7,000 meters of drilling annually focused on expanding the Main Fault zone.
Third-party commentary has highlighted both exploration progress and funding visibility. In a January 17 report, Rick Mills of Ahead of the Herd wrote that the 2025 drilling program at Haldane successfully tested the Main Fault structure over a 100-meter strike length and up to 150 meters down dip, noting that the target is one of the few on the property with mineralization exposed at surface. He also cited drill results, including an interval of 3.2 meters averaging 2,014 g/t silver within a broader 13.15-meter intersection.
In a February 20 report, Bob Moriarty wrote that the company "persists in striking dazzling silver intercepts," referencing drill results that included 13.15 meters of 818 g/t silver equivalent. He also noted that the company had secured approximately CA$13 million in funding, which he said would support exploration over the next two years, including the use of two drill rigs.
2On February 23, John Newell of John Newell & Associates described Silver North as a "Speculative Buy" and identified technical price levels of CA$0.55, CA$0.70, and CA$1.05. He wrote that the company had transitioned from early-stage validation into expansion-focused exploration, supported by financing that he said funds its largest planned drill program to date.
According to the company's investor presentation, the 2026 exploration strategy is designed to extend the Main Fault discovery both along strike and at depth following results from 2025 that expanded the footprint of mineralization. The presentation indicates that two drill rigs are expected to operate for approximately four to five months during the field season, supported by geophysical surveys conducted earlier in the year.
The same presentation outlines broader exploration objectives across the company's portfolio, including continued work at Haldane, efforts to confirm a carbonate replacement deposit system at the Tim project, and further investigation of similar geological potential at Veronica. The company also noted that Veronica is located near the Silvertip Mine and is exploring comparable geological units, while the Tim property remains under an option agreement that could see a partner earn an interest through staged expenditures and development milestones.
1 Management and strategic Investors own 14.6%, and the rest is retail. The company has a market cap of approximately CA$23.19 million and a 52-week share price range of CA$0.08 to CA$0.57 per share.
Silver North's continued focus on the Main Fault and surrounding targets aligns with its stated objective of advancing high-grade discoveries in established silver districts. The 2025 results underscore the mineral potential of Haldane and reinforce the company's strategy of developing projects alongside major silver producers.
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Important Disclosures:
- Silver North Resources Ltd. is a billboard sponsor of Streetwise Reports and pays SWR a monthly sponsorship fee between US$3,000 and US$6,000.
- As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of Silver North and Pan American.
- James Guttman wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee.
- This article does not constitute investment advice and is not a solicitation for any investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Each reader is encouraged to consult with his or her personal financial adviser and perform their own comprehensive investment research. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company.
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1. Ownership and Share Structure Information
The information listed above was updated on the date this article was published and was compiled from information from the company and various other data providers.
2. Disclosure for the quote from the John Newell article published on February 23, 2026
- For the quoted article (published on February 23, 2026), the Company has paid Street Smart, an affiliate of Streetwise Reports, US$2,000.
- Author Certification and Compensation: [John Newell of John Newell and Associates] was retained and compensated as an independent contractor by Street Smart for writing this article. Mr. Newell holds a Chartered Investment Management (CIM) designation (2015) and a U.S. Portfolio Manager designation (2015). The recommendations and opinions expressed in this content reflect the personal, independent, and objective views of the author regarding any and all of the companies discussed. No part of the compensation received by the author was, is, or will be directly or indirectly tied to the specific recommendations or views expressed.
John Newell Disclaimer
As always it is important to note that investing in precious metals like silver carries risks, and market conditions can change violently with shock and awe tactics, that we have seen over the past 20 years. Before making any investment decisions, it's advisable consult with a financial advisor if needed. Also the practice of conducting thorough research and to consider your investment goals and risk tolerance.
