Silver Near $65 an Ounce Lifts Margins at Hecla and Pan American

Silver settled just under $65 an ounce late last week, a level that has materially widened the margin cushion for North American miners heading into the second half of 2026. The strength reflects continued tightness in physical supply alongside investor demand for precious metals amid elevated geopolitical risk.

Hecla Mining shares advanced 3.6% on the move. The company lifted second-quarter silver production 8% sequentially to 4.2 million ounces, with consolidated cash costs of negative $8.10 per ounce and all-in sustaining costs of $6.07 per ounce excluding Keno Hill — figures that leave substantial spread against prevailing spot prices.

Pan American Silver is positioned around its $2.1 billion acquisition of MAG Silver, which management expects to add reserves and cash flow. CIBC recently raised its price target on the stock to $88 and reiterated an Outperformer rating. Both names remain leveraged to the silver price, meaning a reversal in the metal would compress the same margins that are expanding now.