Silver is usually in comparison with gold resulting from its significance in jewelry and as a safe-haven funding.
Nevertheless, silver has many industrial functions too, together with in electronics, vehicles and silverware, in addition to medication and pictures. Vitality transition functions are a rising demand sector for silver too — the steel is valued for its conductive capability, which makes it notably helpful within the manufacturing of photovoltaic panels.
Silver provide has tightened lately as industrial demand rises. This was one among a number of elements that helped the silver worth break by the US$34 per ounce mark in October 2024 for the primary time since 2012. Heading into the second quarter of 2025, silver as soon as once more examined the US$34 stage, though it has pulled again to US$31 amid market volatility as of April 10.
On this surroundings, it is a good time to study in regards to the largest major silver firms on the ASX. These ASX silver shares are sorted by market cap, and information was gathered utilizing TradingView’s inventory screener on April 2, 2025.
Market cap: AU$1.47 billion
Share worth: AU$4.26
Adriatic Metals is a treasured and base metals miner in South-Central Europe that’s now producing silver from the Rupice mine at its Vareš undertaking, positioned close to Vareš, a historic mining city in Bosnia and Herzegovina. In late February 2024, Adriatic produced its first silver-lead focus and zinc focus on the Vareš processing plant.
Adriatic’s mining efforts at Vareš are centered on the Rupice deposit, for which it launched an ore reserve estimate in December 2023. The estimate signifies an 18 yr mine life and possible reserves of 83 million ounces of silver, 640,000 ounces of gold, 723,000 tonnes of zinc, 457,000 tonnes of lead, 64,000 tonnes of copper and 24,000 tonnes of antimony.
In its This autumn 2024 replace, launched on January 29, Adriatic set 2025 steering at 12 million to 13 million silver equal ounces. Moreover, it stated that Ausenco had accomplished a technical research for Vareš processing plant growth choices. The report confirmed that no capital expenditures can be wanted to lift annual nameplate capability to 1 million tonnes from 800,000 tonnes, however AU$25 million can be wanted to develop output to 1.3 million tonnes per yr.
Adriatic’s Q1 2025 replace, launched on March 31, highlighted a 44 p.c enhance in silver equal manufacturing for the quarter to 1.3 million silver equal ounces in comparison with 934,000 silver equal ounces within the prior quarter.
Market cap: AU$172.64 million
Share worth: AU$0.096
Silver Mines is an advanced-stage silver exploration and growth firm centered on its Bowdens silver undertaking, which is positioned in Central New South Wales, 26 kilometres east of Mudgee; and its Tuena gold undertaking 80 kilometres south of Orange, New South Wales.
Bowdens represents the largest-known undeveloped silver useful resource in Australia. The undertaking includes 2,115 sq. kilometres of titles, together with 80 kilometres of strike. In its newest reserve estimate for Bowdens, launched in December 2024, the corporate reported confirmed and possible mineral reserves of 71.7 million ounces of silver. The estimate additionally included measured, indicated and inferred sources of 180 million ounces of silver and 426,000 ounces of gold.
The undertaking, initially accredited in April 2023, was halted in August 2024 after an appeals court docket resolution reversed earlier court docket proceedings relating to the potential affect {of electrical} transmission traces on the undertaking. In a follow-up assertion, Silver Mines stated it could proceed to work to acquire all related permits and growth consents.
The newest replace from the undertaking growth got here on March 27, when Silver Mines reported a 2,000 metre drill program is underway to gather samples for mine planning, together with producing focus samples for potential offtake companions, transportation certification and tailings processing optimisation.
Along with its work at Bowdens, Silver Mines introduced on March 13 that it had begun an preliminary 1,700 metre diamond drilling program on the Elsienora undertaking, which is subsequent to the Tuena gold undertaking. The positioning hosts a number of silver and gold targets and has seen vital historic drilling relationship again to the Seventies.
Market cap: AU$169.09 million
Share worth: AU$1.02
Andean Silver is a treasured metals exploration and growth firm centered on advancing the Cerro Bayo silver and gold undertaking in Southern Chile. The corporate took possession of Cerro Bayo in early 2024.
The land package deal consists of 70 exploration concessions overlaying a complete of 285 sq. kilometres and hosts a past-producing mine that was in operation for greater than 15 years. It produced 45 million ounces of silver and 650,000 ounces of gold earlier than being positioned on care and upkeep in 2022.
Andean has been centered on rising the Cerro Bayo useful resource and near-mine drilling targets, in addition to making new discoveries. Since buying the undertaking, the corporate has grown the useful resource by roughly 439 p.c over 14 months.
In its most up-to-date useful resource estimate for the undertaking, launched on April 1, 2025, the corporate reported its silver equal ounces elevated by 22 p.c to 111 million ounces. The whole useful resource expanded to 9.8 million tonnes of ore at 353 grams per tonne (g/t) silver equal.
The corporate is continuous to focus on useful resource growth and additionally it is drilling to improve inferred sources to the measured and indicated class. Andean is well-funded to proceed advancing the undertaking, with roughly AU$20 million in money on the finish of the March 2025 quarter.
Market cap: AU$109.55 million
Share worth: AU$0.095
Unico Metals is concentrated on property in Argentina. Its flagship undertaking is Cerro Leon, which it expanded by a number of acquisitions in 2024. These expansions construct upon Cerro Leon’s greenfield Conserrat undertaking, during which Unico has an 80 p.c stake, and the extra superior Pingüino undertaking.
A Could 2023 useful resource estimate for Cerro Leon outlines indicated and inferred sources of 40.9 million ounces of silver, 344,200 ounces of gold, 332 million kilos of zinc and 129 million kilos of lead.
In July 2024, Unico accomplished a share buy settlement to accumulate a one hundred pc curiosity within the Sierra Blanca silver-gold undertaking from Austral Gold (ASX:AGD,OTCQB:AGLDF) and Capella Metals (TSXV:CMIL,OTCQB:CMILF). The acquisition will permit Unico to develop Cerro Leon and consolidate the Pingüino vein right into a single entity.
Quickly after that, in August 2024, Unico entered into an settlement with Pan American Silver (TSX:PAAS,NYSE:PAAS) to buy a one hundred pc curiosity within the Joaquin and Cerro Puntundo tasks. The tasks are positioned 60 kilometres away from the Cerro Leon undertaking, enhancing the general scale and economics of the regional portfolio.
Underneath the phrases of the deal, which closed on October 20, Unico is to supply a US$2 million upfront cost, with a further cost of US$2 million on the publication of a feasibility research and US$8 million on first manufacturing from the positioning.
On November 6, Unico closed on a funding package deal, elevating AU$22.5 million by the sale of 83.33 million unusual shares at AU$0.27 per share. The corporate stated it would use the cash to conduct a 50,000 metre exploration program on the Cerro Leon and Joaquin tasks and replace the mineral useful resource estimate in late 2025.
Outcomes from the Cerro Leon program started to be delivered in December 2024, with the most up-to-date launch approaching March 24. Within the announcement, Unico reported high-grade silver returns, together with a highlighted intercept of 601 g/t silver equal or over 18 metres, together with an intersection of two,400 g/t silver equal over 4 metres.
The ten,000 metre maiden drill program at Joaquin was launched in mid-March, with first assay reviews anticipated by early Could.
Market cap: AU$103.29 million
Share worth: AU$0.69
Solar Silver is an exploration and growth firm that’s working to advance its Maverick Springs silver-gold undertaking in Nevada, US, which it acquired from Element79 Gold (CSE:ELEM,OTC Pink:ELMGF) in Could of final yr. The silver firm accomplished its preliminary public providing and started buying and selling on the ASX that month.
On November 13, Solar Silver introduced it had expanded its land holdings at Maverick Springs by buying 80 further lode claims, rising the property measurement by 34 p.c to 26.28 sq. kilometres. The brand new claims are to the north and alongside strike of the established mineralised zone.
Remaining assays from Maverick Springs’ inaugural drill program had been launched on January 14, and included a highlighted drill gap exterior the useful resource boundary with 84.5 g/t silver over 102 metres, together with an intersection of 454.6 g/t silver over 7.62 metres.
Primarily based on the outcomes of this primary drill marketing campaign, Silver Solar introduced in late March that it had elevated the JORC-compliant inferred mineral useful resource estimate on the undertaking by greater than 13 p.c. The brand new useful resource is 479.8 million silver equal ounces from 218.54 million tonnes of ore, composed of 297.5 million ounces of silver at 42.2 g/t silver and a couple of.16 million ounces of gold at 0.31 g/t gold.
Silver Solar’s 2025 drill program is now underway with the aim of upgrading the useful resource estimate to the indicated class. Drilling may also give attention to extensional targets to the north-west of identified mineralisation, and composite samples might be collected for phased metallurgical testing.
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Securities Disclosure: I, Melissa Pistilli, maintain no direct funding curiosity in any firm talked about on this article.
Editorial Disclosure: Element79 Gold is a consumer of the Investing Information Community. This text is just not paid-for content material.
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