Prime silver miners around the globe delivered a slate of stronger second quarter earnings as a combination of upper realized costs and manufacturing features boosted outcomes throughout the sector.
Spot silver has damaged decisively above the US$35 per ounce stage — its highest in additional than 14 years — fueled by structural provide deficits and sturdy industrial demand which have tightened the market.
Analysts be aware that silver’s long-awaited catch-up to gold is underway, with the gold-silver ratio narrowing from April’s peak of 105 to round 94, signaling silver’s relative energy.
Towards this backdrop, the second-quarter earnings from silver majors illustrate how producers are capitalizing on elevated costs and investor curiosity.
Pan American Silver delivers document earnings
Pan American Silver (TSX:PAAS,NYSE:PAAS) posted document web earnings of US$189.6 million for the second quarter, or US$0.52 per share, supported by document mine working earnings of US$273.3 million.
Income got here in at US$811.9 million, whereas silver output reached 5.1 million ounces and gold manufacturing was 178,700 ounces.
Moreover, the MAG Silver acquisition, permitted by shareholders in July, is anticipated to shut within the second half of the yr. Pan American mentioned Juanicipio ought to elevate its silver manufacturing by roughly 35 % on an annualized foundation and meaningfully decrease all-in sustaining prices.
In the meantime, the corporate additionally confirmed that it stays engaged in consultations with the native Xinka Parliament on the Escobal mine in Guatemala beneath ILO Conference 169 amid pushback concerning the challenge’s deliberate restart.
First Majestic stories document income
First Majestic Silver (TSX:AG,NYSE:AG) recorded its strongest quarter thus far, with silver equal manufacturing rising 48 % year-over-year to 7.9 million ounces, together with 3.7 million ounces of silver.
The corporate additionally posted a document quarterly income of US$264.2 million, practically double the US$136.2 million posted a yr earlier. Common realized silver costs rose to US$34.62 per silver equal ounce, whereas payable gross sales volumes climbed 42 %.
The corporate ended the quarter with 424,272 ounces of silver in stock, valued at US$15.3 million however not acknowledged in quarterly income. The board additionally declared a dividend of US$0.0048 per share for the interval.
Manufacturing features had been pushed by stronger efficiency on the San Dimas mine in Mexico , the place output rose 9 %, and contributions from the Los Gatos three way partnership additionally in Mexico, which added 1.5 million attributable ounces of silver.
Endeavour Silver expands by way of Kolpa acquisition
Endeavour Silver (TSX:EDR,NYSE:EXK) reported silver manufacturing of 1.48 million ounces and gold output of seven,755 ounces, for complete silver equal manufacturing of two.5 million ounces, up 13 % year-on-year.
Total income additionally rose 46 % to US$85.3 million, supported by larger realized costs of US$32.95 per ounce of silver and US$3,320 per ounce of gold.
Moreover, the corporate accomplished its acquisition of Minera Kolpa on Could 1, funded partly by a US$50 million fairness financing.
Endeavour additionally mentioned that it has superior commissioning at its Mexico-based Terronera challenge, which is nearing industrial manufacturing. Milling charges reached as much as 2,000 metric tons per day by late July, with silver recoveries averaging 71 % and gold recoveries at 67 %.
Hecla Mining hits information throughout the board
US and Canada-focused Hecla Mining (NYSE:HL) reported record quarterly income of US$304 million, a 16 % enhance from the prior quarter.
Internet revenue got here in at US$57.6 million, or US$0.09 per share, whereas adjusted EBITDA reached US$132.5 million. The corporate mentioned free money circulate additionally reached document ranges.
Silver prices remained low, with money price per ounce after by-product credit at unfavorable US$5.46 and all-in sustaining prices at US$5.19 per ounce.
On the manufacturing aspect, milestones had been set at key operations: the Fortunate Friday mine (Idaho) established a brand new milling document of 114,475 tons, whereas Greens Creek (Alaska) delivered constructive gold output owing to larger grades.
Silvercorp maintains consistency
Silvercorp Metals (TSX:SVM,NYSEAMERICAN:SVM) produced 1.8 million ounces of silver in its fiscal first quarter, together with 2,050 ounces of gold, 15.7 million kilos of lead, and 5.2 million kilos of zinc from its Ying Mining District in China’s Henan Province.
The Vancouver-based agency additionally posted income of US$81.3 million, with revenue from mine operations standing at US$35.8 million.
Silvercorp mentioned that the margins are barely decrease than the prior yr as larger processing volumes elevated prices and royalties in China.
However, the corporate said that regardless of larger royalties and processing bills offsetting a number of the advantage of stronger realized costs, it stays worthwhile and cash-flow constructive.
Fresnillo Navigates Decrease Silver Output
Fresnillo (LSE:FRES,OTC Pink:FNLPF), considered one of Mexico’s largest gold and silver producers, reported revenues of US$1.94 billion for the primary half of 2025, up 30 % from the identical interval in 2024.
On manufacturing, the corporate reported that attributable silver manufacturing was 24.9 million ounces within the first half, down 11.7 % from the yr prior as a result of closure of San Julián DOB and decrease grades at Ciénega and Juanicipio.
In contrast, attributable gold manufacturing rose 15.9 % to 313,800 ounces, supported by larger ore grades at Herradura.
Fresnillo additionally confirmed that dad or mum firm Industrias Peñoles agreed to purchase again the longstanding Silverstream contract for US$40 million. Since 2007, Peñoles has paid Fresnillo US$882 million for about 52 million ounces of silver delivered from the Sabinas mine beneath the association.
MAG Silver navigates takeover, advances exploration
MAG Silver (TSX:MAG,NYSEAMERICAN:MAG) entered Q2 beneath the highlight because it moved ahead with its pending acquisition by Pan American Silver.
The transaction, permitted by MAG shareholders in July, affords shareholders the choice of receiving both money or Pan American shares, with closing anticipated within the second half of 2025 topic to regulatory approvals in Mexico.
Operationally, exploration remained lively throughout the corporate’s portfolio. At Juanicipio in Mexico, MAG drilled practically 9,500 metres underground with outcomes pending, whereas floor work added over 6,000 metres concentrating on the Cañada Honda and Magdalena constructions.
Within the US, geophysical surveys superior on the Deer Path challenge in Utah, and drilling commenced at Ontario’s Larder challenge, the place over 5,200 metres had been accomplished on the Italian Zone.
Coeur achieves document quarter on silver and gold energy
Coeur Mining (NYSE:CDE) reported document Q2 outcomes with revenues of US$481 million and web revenue from persevering with operations of US$71 million, marking its fifth consecutive worthwhile quarter.
Adjusted EBITDA rose 64 % from the prior quarter to US$244 million, whereas free money circulate soared eightfold to US$146 million.
The corporate produced 4.7 million ounces of silver and 108,487 ounces of gold, up 79 and 38 % year-on-year respectively, with sturdy contributions from all 5 operations.
In the meantime, crushed ore charges and manufacturing volumes climbed sharply from the corporate’s expanded Rochester mine in Nevada. Coeur additionally reaffirmed its full-year steerage of 380,000–440,000 ounces of gold and 16.7–20.3 million ounces of silver.
Silver Outlook
Silver’s breakout above US$35 has injected new momentum into the dear metals complicated, placing the metallic again into focus after greater than a decade of underperformance relative to gold.
Merchants are already eyeing the psychologically vital US$40 stage and in the end the 2011 peak close to US$50, with market strategists noting that earlier strikes by way of the mid-30s have typically triggered speedy runs larger.
The renewed pleasure comes as gold itself sits at document ranges, offering a powerful comparative benchmark that has many traders trying to silver as a worth commerce.
Behind the value motion, silver’s fundamentals stay compelling. Industrial demand tied to inexperienced power functions, paired with persistent multi-year provide deficits, continues to erode above-ground shares.
Whether or not or not silver makes a sustained run within the close to time period, the alignment of macroeconomic components and robust tailwinds proves that silver’s resurgence in 2025 is being constructed on extra than simply hypothesis.
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Securities Disclosure: I, Giann Liguid, maintain no direct funding curiosity in any firm talked about on this article.
