Silver costs surged in the course of the second quarter of 2025, surpassing the US$37 per ounce mark and reaching their highest ranges in 14 years.
The value actions stem from a tightening provide and demand scenario, which has seen above-ground inventories squeezed on account of an growing want from industrial sectors, significantly the rising photovoltaics business.
Nonetheless, demand has additionally elevated on account of heightened investor curiosity in various safe-haven property, as gold costs reached document highs. The shifting sentiment comes amid uncertainty over a US commerce coverage that would cut back the world’s gross home product by 1 p.c.
Buyers have additionally been spooked by growing battle within the Center East.
How has silver’s worth motion benefited Canadian silver shares on the TSX, TSXV and CSE? The 5 corporations listed under have seen one of the best performances for the reason that begin of the yr. Information was gathered utilizing TradingView’s inventory screener on July 7, 2025, and all corporations listed had market caps over C$10 million at the moment.
Yr-to-date achieve: 321.82 p.c
Market cap: C$387.88 million
Share worth: C$1.16
Santacruz Silver is an Americas-focused silver producer with operations in Bolivia and Mexico. Its producing property embody a forty five p.c stake within the Bolivar and Porco mines, which it shares with the Bolivian authorities, and a one hundred pc possession of the Caballo Blanco Group mines in Bolivia, together with the Zimapan mine in Mexico.
Along with its producing property, Santacruz additionally owns the greenfield Soracaya venture, an 8,325 hectare land package deal situated in Potosi, Bolivia. In accordance with an August 2024 technical report, the location hosts an inferred useful resource of 34.5 million ounces of silver derived from 4.14 million metric tons of ore with a median grade of 260 g/t.
In October 2021, Santacruz acquired Glencore’s (LSE:GLEN,OTC Pink:GLCNF) 45 p.c stake within the Bolivar and Porco mines and a one hundred pc curiosity within the Soracaya venture. Below the phrases of the deal, Santacruz made an preliminary fee of US$20 million and was obligated to make a further US$90 million over a four-year interval from the closing of the transaction. Glencore additionally retained a 1.5 p.c web smelter return.
The pair amended the deal in October 2024, giving Santacruz the choice to both repay the US$80 million base buy worth by means of annual US$10 million installments or to speed up the reimbursement by paying US$40 million by November 2025. The deal additionally consists of further phrases equivalent to month-to-month funds to Glencore contingent on zinc pricing benchmarks.
Santacruz selected the accelerated possibility by means of a structured fee plan, which permits it to fulfill the bottom buy worth of the properties whereas saving US$40 million in comparison with the annual installment possibility. As of its third fee to Glencore on July 7, Santacruz has now paid US$25 million.
In its Q1 2025 manufacturing report launched on June 12, Santacruz disclosed consolidated silver manufacturing of 1.59 million ounces, marking a 1 p.c enhance from the 1.58 million ounces produced throughout the identical quarter in 2024.
Santacruz shares reached a year-to-date excessive of C$1.16 on July 7.
Yr-to-date achieve: 318.18 p.c
Market cap: C$32.93 million
Share worth: C$0.23
Almaden Minerals is a valuable metals exploration firm working to advance the Ixtaca gold-silver deposit in Puebla, Mexico. In accordance with the corporate web site, the deposit was found by Almaden’s workforce in 2010 and has seen greater than 200,000 meters of drilling throughout 500 holes.
A July 2018 useful resource estimate exhibits measured assets of 862,000 ounces of gold and 50.59 million ounces of silver from 43.38 million metric tons of ore, and indicated assets of 1.15 million ounces of gold and 58.87 million ounces of silver from 80.76 million metric tons of ore with a 0.3 g/t cutoff.
In April 2022, Mexico’s Supreme Court docket of Justice dominated that the preliminary licenses issued in 2002 and 2003 can be reverted again to software standing after the courtroom discovered there had been inadequate session when the licenses had been initially assigned.
In the end, the purposes had been denied in February 2023, successfully halting progress on the Ixtaca venture. Whereas subsequent courtroom instances have preserved Almaden’s mineral rights, it has but to revive the licenses to proceed work on the venture.
In June 2024, Almaden introduced it had confirmed as much as US$9.5 million in litigation financing that might be used to fund worldwide arbitrations proceedings towards Mexico underneath the Complete and Progressive Settlement for Trans-Pacific Partnership.
In a December replace, the corporate introduced that a number of milestones had been achieved, together with the primary session with the tribunal, at which the corporate was requested to submit memorial paperwork outlining its authorized arguments by March 20, 2025. At the moment, the corporate said it will vigorously pursue the declare however most well-liked a constructive decision with Mexico.
On March 21, the corporate indicated that it had submitted the requested paperwork, claiming US$1.06 billion in damages. The memorial doc outlines how Mexico breached its obligations and unlawfully expropriated Almaden’s investments with out compensation.
The newest replace from the proceedings occurred on Might 23, when the corporate introduced that it had established a key personnel retention settlement (KPA) with CFO Korm Trieu and Government Vice President Douglas McDonald. The KPA is meant as a long-term incentive program to retain staff for his or her information of the proceedings, and the workers might want to carry out sure duties associated to the claims.
Below the phrases of the settlement, the important thing personnel will break up 4 p.c of web proceeds, to a most of US$12 million, ought to Almaden’s declare show profitable.
Almaden shares reached a year-to-date excessive of C$0.245 on June 30.
3. Avino Silver and Gold (TSX:ASM)
Yr-to-date achieve: 296.85 p.c
Market cap: C$710.8 million
Share worth: C$5.04
Avino Silver and Gold Mines is a valuable metals miner with two main silver property: the manufacturing Avino silver mine and the neighboring La Preciosa venture in Durango, Mexico.
The Avino mine is able to processing 2,500 metric tons of ore per day, and based on its FY24 report launched on January 21 the mine produced 1.1 million ounces of silver, 7,477 ounces of gold and 6.2 million kilos of copper final yr. Total, the corporate noticed broad manufacturing will increase with silver rising 19 p.c, gold rising 2 p.c and copper growing 17 p.c yr over yr.
Along with its Avino mining operation, Avino is working to advance its La Preciosa venture towards the manufacturing stage. The location covers 1,134 hectares, and based on a February 2023 useful resource estimate, hosts a measured and indicated useful resource of 98.59 million ounces of silver and 189,190 ounces of gold.
In a January 15 replace, Avino introduced it had obtained all vital permits for mining at La Preciosa and begun underground improvement at La Preciosa. It’s now creating a 350 meter mine entry and haulage decline. The corporate stated the primary part on the website is predicted to price lower than C$5 million, which might be funded from money reserves.
In Avino’s Q1 monetary report launched on Might 13, the corporate famous that work was progressing on the website based on plan, with blasting and development of the decline underway. It added {that a} new drill was engaged on the haulage ramp to the Gloria and Abundancia veins.
On the manufacturing and finance facet, the corporate reported a document quarterly after-tax revenue of US$5.6 million, 10 p.c increased than the US$5.1 million throughout This autumn 2024. Avino additionally reported a 6 p.c enhance in silver manufacturing to 265,681 ounces. The corporate attributed the achieve to a rise in feeder grade.
Avino shares reached a year-to-date excessive of C$5.04 on July 7.
Yr-to-date achieve: 238.89 p.c
Market cap: C$57.43 million
Share worth: C$0.305
Excellon Assets is an exploration and improvement firm that’s advancing its just lately acquired Mallay silver mine in Peru again into manufacturing.
Mining on the website produced 6 million ounces of silver, 45 million kilos of zinc and 35 million kilos of lead between 2012 and 2018 earlier than the operation was positioned on care and upkeep.
On June 24, Excellon introduced that it had accomplished its acquisition of Minera CRC, and its Mallay mine and Tres Cerros gold-silver venture in Peru.
Excellon started the court-supervised acquisition course of in October 2024. On March 11, Excellon introduced that it had entered right into a definitive settlement with Adar Mining and Premier Silver, which resolved any excellent disputes between Adar, Premier, and Minera, and paved the best way to finish the transaction.
Within the June launch, the corporate said that it’s going to instantly begin the subsequent part of its technique to restart the mine. As Mallay is absolutely permitted with infrastructure in place, Excellon is aiming for run-rate silver manufacturing in Q2 of subsequent yr.
Moreover, the corporate introduced on July 3 that it had appointed Mike Hoffman to its board of administrators. Hoffman has been within the mining sector for over 35 years, and has expertise with creating mines in Latin America.
Shares in Excellon reached a year-to-date excessive of C$0.315 on July 4.
5. Andean Valuable Metals (TSX:APM)
Yr-to-date achieve: 182.61 p.c
Market cap: C$481.71 million
Share worth: C$3.25
Andean Valuable Metals is a valuable metals firm with a pair of working property within the Americas.
Its main silver-producing operation is the San Bartolomé facility within the Potosi Division of Bolivia. The onsite processing facility has an annual ore capability of 1.8 million metric tons. The corporate has transitioned from typical mining and is processing feed from each its low-cost fines deposit facility and third-party ore purchases.
Its different producing asset is the Golden Queen mine in Kern County, California, US. It hosts a 12,000 MT per day cyanide heap leach and Merril-Crowe processing facility. A mineral reserve assertion confirmed a measured and indicated silver useful resource of 11.24 million ounces from 41.81 million MT at a median grade of 8.37 g/t silver. The corporate acquired Golden Queen from Auvergne Umbrella in November 2023 for complete consideration of US$15 million.
On Might 6, Andean launched its Q1 working and monetary outcomes. In the course of the first quarter of the yr, it produced 925,000 ounces of silver throughout its operations, up 0.9 p.c over Q1 2024. Nonetheless, the corporate famous that its revenues elevated 43.9 p.c year-over-year, reaching US$62 million in comparison with US$43.1 million. The corporate attributed this enhance to increased silver and gold costs.
The newest information from the corporate got here on June 2 when it introduced it entered into an unique, long-term settlement with the Bolivian state-owned mining firm Corporacion Minera de Bolivia to accumulate as much as 7 million metric tons of oxide ore from mining concessions in Bolivia.
The ore is situated inside a 250 kilometer radius of the processing facility at its San Bartolomé operation, the place it can course of the ore. Below the phrases of the ten yr settlement, Andean will instantly obtain an preliminary 250,000 metric tons of ore, with the remaining to be delivered in tranches of fifty,000 MT.
Shares in Andean reached a year-to-date excessive of C$3.25 on July 7.
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Securities Disclosure: I, Dean Belder, maintain no direct funding curiosity in any firm talked about on this article.
