Top Silver Producers: Largest Companies Forecasted for 2025
Silver prices soared above US$40 per ounce in early September 2025, marking a significant rise in the precious metal's value. This surge was driven by tightening supply and demand fundamentals, higher demand from industrial sectors and photovoltaics, safe-haven investors, uncertainty in global financial markets due to US trade and tariff policies, and escalating tensions in the Middle East and between Russia and Ukraine.
Amidst this silver boom, several major players in the industry reported impressive performances in their Q2 2025 earnings.
Pan American Silver Corp. (TSX:PAAS), one of the world's largest primary silver producers, announced its Q2 silver production of 5.1 million ounces. The company's largest silver-producing asset, La Colorada in Mexico, contributed significantly to this production. In a strategic move, Pan American Silver also entered into a definitive agreement to acquire all of the issued and outstanding shares of MAG Silver Corp. (TSX:MAG, OTC Pink:FNLPF) in a US$2.1 billion deal. MAG Silver, with a 44 percent stake in the Juanicipio mine in Zacatecas, Mexico, also reported mining operations at Juanicipio had produced 4.3 million ounces of silver during the second quarter of the year, with ongoing optimizations at the site's processing plant boosting silver recovery to 94.6 percent in Q2. The acquisition is expected to close in September 2025.
First Majestic Silver (TSX:AG) reported a 76 percent year-over-year increase in silver production, producing 3.7 million ounces of silver in Q2 2025. The company, which has three wholly owned silver-producing mines in Mexico, advanced its Copala test mine by 125 meters and is progressing at a rate of 4 meters per day. As of August 25, 2025, First Majestic Silver Corp. was among the five largest silver-mining stocks by market cap.
Endeavour Silver Corp. (EDR:CC), another prominent player, reported silver production of 1.48 million ounces in its Q2 earnings report, a 13% increase from the second quarter of 2024. The company, whose market cap is C$2.3 billion and whose share price is C$7.99, completed the acquisition of Compania Minera Kolpa and the Huachocolpa Uno mine in Peru, with total considerations of US$145 million.
Vizsla Silver entered an agreement to acquire the producing Santa Fe silver-gold mine and property, with the option to acquire a 100% interest in the Santa Fe producing concessions for US$4 million in exploration expenditures and cash considerations. The company, whose market cap is C$1.66 billion and whose share price is C$4.83, also reaffirmed its preliminary economic assessment for the Panuco project, suggesting a post-tax net present value of US$1.14 billion with an internal rate of return of 85.7% and a payback period of less than 1 year.
In January 2025, First Majestic acquired the Los Gatos silver mine in Chihuahua, Mexico, through a merger with Gatos Silver. These acquisitions and robust production numbers position these companies well in the current silver market.
However, as of August 25, 2025, there are no specific publicly available information about which banks issued loans to the five largest silver processing companies in 2025. This information remains to be seen as the silver market continues to evolve.
Read also:
- Overheard Communications Revealed
- Tesla's Week 51/24 Highlights: Model Y Launch in January, Musk for AfD, Hardware 4 Outages, European Sales
- Politicians advocate for stricter fintech regulations, proposing a prohibition on misleading statements
- US national debt surpasses $37 trillion; exploration of potential solutions, including cryptocurrencies, to repay the debt.
