Silver has fallen to its lowest close of 2026, and five Canadian-listed producers face a crowded November of results, guidance updates and, in one case, a mine strike.
Educational content only, not investment advice. Mining stocks are high risk.
By Ben McGregor
Silver closed at $53.90 an ounce on Friday, October 23, 2026, its first close below $54 this year. That makes the silver price forecast for November a key test for Canadian silver miners. The five companies covered here are Pan American Silver (TSX: PAAS, NYSE: PAAS), First Majestic Silver (TSX: AG, NYSE: AG) and Endeavour Silver (TSX: EDR, NYSE: EXK). The list also includes Silvercorp Metals (TSX: SVM, NYSE American: SVM) and Aya Gold & Silver (TSX: AYA, NASDAQ: AYA). Each has a dated event in the next three weeks that will show how it is handling the lower price.
This article covers where the silver price stands, what each company reported most recently, one real risk for each, and a calendar of the dates to watch.
Where does the silver price forecast stand after October's drop?
Silver fell 1.27 percent on Friday, October 23, and lost 5.40 percent for the week, according to GoldPrice.com. It was down about 25 percent for the year and about 15 percent over the past month. The record high was $121.74 an ounce on January 29, 2026, so the metal now sits about 56 percent below that peak.
The main pressure has come from interest rates and oil. CNBC reported that Brent crude, the oil price most of the world uses as a reference, finished October 23 at $116.72 a barrel, the highest since April 29. Higher oil feeds inflation, which raises the chance that the Federal Reserve lifts interest rates again in December. Higher rates make metals that pay no interest less attractive to hold. Our companion article on the macro drivers behind gold and silver this month covers those forces in more detail.
The longer-term supply picture looks different. In April 2026, the Silver Institute forecast a 2026 market deficit of 46.3 million ounces, which would be the sixth straight year that demand exceeds supply. A deficit means users are drawing down existing stockpiles, which can support prices over time, but it does not prevent sharp short-term drops like this one.
The gold-silver ratio, which shows how many ounces of silver one ounce of gold buys, closed at 74.1 on October 23, according to GoldPrice.com. A higher ratio means silver has been weaker than gold.
What do silver miners' cost and output numbers mean?
Two terms appear in every section below. Guidance is a company's own forecast for the year, such as how many ounces it expects to produce, so missing or beating guidance is a common test of management. All-in sustaining cost, or AISC, is the full cost to produce one ounce and keep the mine running, including routine equipment and development spending.
Silver miners often report AISC after by-product credits. A by-product credit subtracts the revenue from other metals, such as gold, lead or zinc, from the cost of silver. For example, a mine that sells a lot of gold alongside its silver can report a low silver cost even when total spending rises.
Some companies also report silver-equivalent ounces. That figure converts gold, lead and zinc output into the number of silver ounces with the same value, so mixed-metal mines can be compared on one scale.
Pan American Silver: how does the largest producer look into November?
Pan American Silver is a senior producer, meaning a large, established miner, with silver and gold mines across the Americas. Its operations include La Colorada and Juanicipio in Mexico, plus mines in Peru, Bolivia, Argentina, Brazil, Chile and Canada.
In its second-quarter release on August 12, 2026, the company reported 6.47 million ounces of attributable silver, at the high end of its quarterly range. Attributable means the share of production that belongs to Pan American after partners take their portion. It kept 2026 silver guidance at 25.0 million to 27.0 million ounces. Gold is now expected at the low end of its 700,000 to 750,000 ounce range because of lower output at Jacobina and El Peñon.
The long-term growth project is the La Colorada Skarn in Mexico. A preliminary economic assessment, or PEA, is an early study that estimates a project's size and economics before detailed engineering. The revised PEA, released March 24, 2026, projects peak output of 19.1 million ounces of silver a year from the expanded La Colorada complex. That peak is averaged over 2034 to 2038, so it lies about eight years away. The company completed the first cut of a new access tunnel there in early August 2026.
Why the news matters: as the largest name in the group, Pan American gives investors a broad read on how silver producers are coping with lower prices. Third-quarter results arrive after the market closes on November 4, 2026.
One real risk: a gold shortfall at Jacobina and El Peñon could continue into the fourth quarter, which would reduce cash flow even if silver output stays on plan.
First Majestic Silver: what does the San Dimas strike mean?
First Majestic Silver operates four underground mines in Mexico: Santa Elena, San Dimas, La Encantada and Los Gatos, where it holds a 70 percent interest. It is also working to restart the Jerritt Canyon gold mine in Nevada.
On July 8, 2026, the company raised its 2026 silver guidance to 14.6 million to 15.5 million ounces, up from 13.0 million to 14.4 million. Its October 8 release reported 3.4 million ounces of attributable silver in the third quarter, which reached 72 percent of the guidance midpoint. San Dimas produced 859,869 ounces, down 41 percent from a year earlier, because a labour dispute cut 12 days of operations in the quarter.
The dispute has since grown. San Dimas has been halted since September 18, 2026, and workers formally went on strike on October 8, according to La Jornada. As of October 21, no agreement had been reached, GoldFix reported. First Majestic says the dispute centres on who pays income tax on a bonus, while workers have also raised safety concerns.
The company also renewed its share buyback on October 14, 2026. A buyback is when a company purchases its own shares from the market. The program allows up to 10 million shares, about 2 percent of those outstanding.
Why the news matters: San Dimas was one of the company's largest silver sources, so each week of the strike lowers fourth-quarter output. Third-quarter financial results arrive before the market opens on November 5, 2026, with a conference call that day.
One real risk: the main risk is already in place. The longer San Dimas stays shut, the harder it becomes for First Majestic to reach the low end of its raised guidance.
Endeavour Silver: what will the November 9 guidance update show?
Endeavour Silver produces silver and gold from the Terronera and Guanaceví mines in Mexico and the Kolpa mine in Peru. It sold its Bolañitos mine on January 15, 2026. Terronera reached commercial production, the point at which a new mine runs at a steady planned rate, on October 1, 2025.
The company's 2026 guidance, issued January 16, called for 8.3 million to 8.9 million ounces of silver and 14.6 million to 15.6 million silver-equivalent ounces. In the third quarter, it produced 2,096,545 ounces of silver, up 19 percent from a year earlier, according to its October 8 release.
Two problems held output back. A community blockade suspended Terronera from August 12 to August 24, 2026. At Guanaceví, the mill was taken offline on September 21 to replace a major component, with repairs expected in the first half of October. After the blockade ended, Terronera produced 299,398 ounces of silver in September alone.
Why the news matters: management expects full-year production at or slightly below the low end of guidance. It plans to give revised production and cost guidance with third-quarter results on November 9, 2026.
One real risk: another blockade or mechanical problem at Terronera could slow the ramp-up, and the November 9 update could lower guidance further.
Silvercorp Metals: when does the GC mine restart?
Silvercorp Metals runs the Ying Mining District and the GC Mine in China, and it is developing projects in Ecuador. Its fiscal year ends March 31, so fiscal 2027 runs from April 2026 to March 2027.
The company guides to 6.8 million to 7.1 million ounces of silver for fiscal 2027. That guidance was issued on April 16, 2026, before the Ying safety work and the GC suspension. In the quarter ended September 30, 2026, Ying produced 0.9 million ounces of silver, down 41 percent from a year earlier, according to the October 19 release. The decline came from safety upgrades that the company had flagged in June. Ying was back to about 90 percent of normal operating rates by quarter end.
Revenue was $72.1 million, down 13 percent. An average realized silver price of $61.83 an ounce, up 82 percent, offset part of the lower volume. The GC Mine remains suspended until a new mine design is approved, which the company expects in March 2027, with a target restart in November 2027.
Why the news matters: the second half of the fiscal year will show whether Ying can recover enough to keep the company near guidance. Financial results arrive after the market closes on November 5, 2026.
One real risk: further safety or regulatory work in China could delay Ying's recovery or push the GC restart beyond November 2027.
Aya Gold & Silver: can record Zgounder output continue?
Aya Gold & Silver is a Canadian company whose main asset is the Zgounder silver mine in Morocco. It also recovers silver from an old pyrite stockpile at its Boumadine project, which is still in the study stage as a full mine.
In its October 14, 2026 release, Aya reported record third-quarter production of 2.03 million silver-equivalent ounces, up 51 percent from a year earlier. Zgounder alone produced a record 1.50 million ounces of silver, and the mill averaged a record 4,096 tonnes per day. The company says it is on track for 2026 guidance of 6.2 million to 6.8 million silver-equivalent ounces.
Why the news matters: Aya is the only company in this group with rising quarterly output, so it shows what a single high-grade mine can do. Grade means how much metal each tonne of rock contains. Third-quarter financial results arrive before the market opens on November 12, 2026.
One real risk: Aya depends heavily on one mine in one country, so any operating or permitting problem at Zgounder would affect most of its revenue.
How do these five silver stocks compare going into November?
The five companies are moving in different directions. Aya is setting production records, Pan American is on plan for silver, and Endeavour expects to finish near the low end of guidance. First Majestic faces a strike at a major mine, while Silvercorp is recovering from a safety shutdown.
That spread matters for readers who follow silver mining stocks. A lower silver price affects all five, but company-specific events will likely decide which ones meet their targets. For a related view on how one fund manager compares silver miners with the metal itself, see our earlier article on Sprott's Kenny Zhu and silver miners.
Readers following gold producers can compare these results with our article on five Canadian gold miners and their November catalysts. For a close reading of two recent analyst notes on precious metals, see what the Weiss Ratings and UBS gold views actually say.
What to watch: dated calendar
- October 27-28, 2026: Federal Reserve meeting, with the rate decision on October 28.
- October 29, 2026: US inflation data for September (the PCE price index) and the first estimate of third-quarter GDP.
- November 4, 2026: Pan American Silver third-quarter results, after the market closes.
- November 5, 2026: First Majestic results before the market opens, and Silvercorp results after the close.
- November 9, 2026: Endeavour Silver third-quarter results and revised 2026 guidance.
- November 12, 2026: Aya Gold & Silver third-quarter financial results, before the market opens.
- Ongoing: any agreement to end the San Dimas strike.
Frequently asked questions
What is the current silver price?
Silver closed at $53.90 an ounce on Friday, October 23, 2026, according to GoldPrice.com. That was down about 25 percent for the year and about 56 percent below the record of $121.74 set on January 29, 2026.
Which Canadian silver stocks does this article cover?
It covers Pan American Silver (TSX: PAAS), First Majestic Silver (TSX: AG), Endeavour Silver (TSX: EDR), Silvercorp Metals (TSX: SVM) and Aya Gold & Silver (TSX: AYA). All five also trade on a US exchange.
What does silver-equivalent mean?
Silver-equivalent ounces convert a miner's gold, lead or zinc output into the number of silver ounces with the same value. It lets readers compare mixed-metal mines on one scale, although the result depends on the metal prices the company assumes.
Sources
- GoldPrice.com, "Gold Price Today," market close for Friday, October 23, 2026. https://www.goldprice.com/gold-price-today
- FinanceFeeds, "Gold Price Today: $3,996 After the Break Below $4,000," October 24, 2026 (silver below $54 for the first time in 2026). https://financefeeds.com/gold-price-today-3996-saturday-week-ahead-fed-28-october-silver-year-low-bull-4150-bear-3890/
- Tindex, silver price history, accessed October 24, 2026. https://tindex.app/en/indicators/precious-metals/xagusd/
- GoldRepublic, "What was the highest silver price ever?" (record of $121.74 on January 29, 2026). https://www.goldrepublic.com/en-gb/silver-price/record
- CNBC, "10-year Treasury yield drops back to 5% this week," October 23, 2026 (Brent settlement). https://www.cnbc.com/2026/10/23/bonds-yields-us-treasurys.html
- The Silver Institute, "Global Silver Investment to Remain Strong in 2026 Against the Backdrop of a Sixth Consecutive Annual Market Deficit," April 2026. https://silverinstitute.org/global-silver-investment-to-remain-strong-in-2026-against-the-backdrop-of-a-sixth-consecutive-annual-market-deficit/
- Pan American Silver, "Pan American Silver Reports Second Quarter 2026 Financial Results," August 12, 2026. https://panamericansilver.com/news/pan-american-silver-reports-second-quarter-2026-financial-results/
- Pan American Silver, "Pan American Announces Revised PEA for the La Colorada Skarn Project," March 24, 2026. https://panamericansilver.com/news/pan-american-announces-revised-pea-for-the-la-colorada-skarn-project-positions-la-colorada-as-a-future-top-tier-silver-mine/
- Pan American Silver, "Pan American Silver to Announce Third Quarter 2026 Unaudited Financial Results," October 7, 2026. https://panamericansilver.com/news/pan-american-silver-to-announce-third-quarter-2026-unaudited-financial-results/
- First Majestic Silver, "First Majestic Reports Q2 2026 Production Results, Announces Updated 2026 Production and Cost Guidance," July 8, 2026. https://www.firstmajestic.com/investors/news-releases/first-majestic-reports-q2-2026-production-results-announces-updated-2026-production-and-cost-guidance-and-q2-conference-call-details
- First Majestic Silver, "First Majestic Reports Q3 2026 Production Results, Announces Q3 Conference Call Details and Renewal of Share Repurchase Program," October 8, 2026. https://www.firstmajestic.com/investors/news-releases/first-majestic-reports-q3-2026-production-results-announces-q3-conference-call-details-and-renewal-of-share-repurchase-program
- La Jornada, "Durango: mina San Dimas entra en huelga tras paro iniciado el 18 de septiembre," October 8, 2026. https://www.jornada.com.mx/noticia/2026/10/08/estados/durango-mina-san-dimas-entra-en-huelga-tras-paro-iniciado-el-18-de-septiembre
- GoldFix, "San Dimas Strike Passes One Month as 400 Contractor Workers Are Dismissed," October 21, 2026. https://vblgoldfix.substack.com/p/san-dimas-strike-passes-one-month
- Endeavour Silver, "Endeavour Silver Provides 2026 Guidance," January 16, 2026. https://edrsilver.com/news-media/news/update-endeavour-silver-provides-2026-guidance-13332/
- Endeavour Silver, "Endeavour Silver Produces 2,096,545 Oz Silver and 10,126 Oz Gold in Q3 2026," October 8, 2026. https://edrsilver.com/news-media/news/endeavour-silver-produces-2-096-545-oz-silver-and-15494/
- Silvercorp Metals, "Silvercorp Reports Operational Results and Financial Results Release Date for the Second Quarter, Fiscal 2027," October 19, 2026. https://silvercorpmetals.com/silvercorp-reports-operational-results-and-financial-results-release-date-for-the-second-quarter-fiscal-2027/
- Silvercorp Metals, "Silvercorp Reports Operational Results and Financial Results Release Date for Fiscal 2026, and Issues Fiscal 2027 Production, Cash Cost, and Capital Expenditure Guidance," April 16, 2026. https://silvercorpmetals.com/silvercorp-reports-operational-results-and-financial-results-release-date-for-fiscal-2026-and-issues-fiscal-2027-production-cash-cost-and-capital-expenditure-guidance/
- Aya Gold & Silver, "Aya Gold & Silver Reports Record Q3-2026 Production of 2.03 Million AgEq Ounces," October 14, 2026. https://www.ayagoldsilver.com/news/news-releases/aya-gold--silver-reports-record-q3-2026-production-of-203-million-ageq-ounces
- Aya Gold & Silver, Boumadine technical report filing and Q3 2026 financial release date, October 21, 2026. https://www.ayagoldsilver.com/news/news-releases/aya-gold--silver-files-updated-preliminary-economic-assessment-technical-report-for-boumadine-project
- US Bureau of Economic Analysis, release schedule (October 29, 2026 PCE and GDP). https://www.bea.gov/news/schedule