Matt Geiger, managing partner at MJG Capital Fund, shares his thoughts on the resource sector, honing in on the health of the junior miners.
In his view, after a decade of hit-or-miss performances, the best is yet to come.
Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
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There are many factors to consider when investing in silver-focused stocks, including the silver price outlook, the company’s management team and whether its assets are in one of the top silver-producing countries.
Location can be key, and knowing the top silver-producing countries can help investors made sound decisions. For example, high silver production in a particular nation might indicate mining-friendly laws or high-grade deposits.
So which country produces the most silver? In 2024, Mexico was once again the world’s leading silver-producing country, followed by China and Peru.
Increasing silver demand in recent years hasn’t been met by increases in mine production; global silver production totaled 25,000 metric tons in 2024, pulling back slightly during the period. As the majority of the world’s silver production comes as a byproduct from the mining of gold, copper, lead and zinc, silver production has largely been tied to fortunes in those other markets rather than its own fundamentals.
With prices of the metal rising to their highest level in more than a decade, the top silver countries could benefit.
Below is an overview of the countries that are already driving the mining output in 2024. Statistics are based on the latest report from the US Geological Survey, along with supporting data from Mining Data Online (MDO) and the UN Comtrade database.
The USGS reports silver production in metric tons while most companies report in ounces. As a point of reference, 1 metric ton of silver is equivalent to 35,274 ounces of the metal.
Silver production: 6,300 metric tons
Mexico is the world’s largest silver producer with production of 6,300 metric tons of the precious metal in 2024, nearly double second-place China.
Silver has been an important commodity for the country for hundreds of years, with evidence of trade dating back to the 1500s. In 2024, the mining sector in Mexico contributed $312.46 billion pesos to the Mexican economy, and silver alone made up $68.24 billion pesos of that total.
The states of Zacatecas, Durango and Chihuahua account for 80 percent of the country’s total output of the metal. The country’s largest silver mine is Newmont’s (TSX:NGT,NYSE:NEM) Penasquito mine in Zacatecas. In 2024, the mine produced 33 million ounces (935.5 metric tons) of silver and is expected to deliver more than 28 million ounces in 2025.
Mexico is also home to Fresnillo (LSE:FRES), the world’s largest silver producer. In 2024, the company produced 56.3 million ounces (1,496 metric tons) of silver between its mines, which are all located in the country.
Silver production: 3,300 metric tons
China produced 3,300 metric tons of silver in 2024, a decline from the 3,400 metric tons it produced in 2023. According to Shanghai Metal Market (SMM), the drop off is part of a longer trend that is owed to lower silver grades as older mines begin to deplete reserves of the metal.
Most silver is produced as a byproduct metal from the mining of lead, copper, zinc and gold. Of the few silver primary operations in the country, Silvercorp Metals’ (TSX:SVM,NYSEAMERICAN:SVM) Ying mining district is the largest, hosting seven underground mines and two processing plants.
In its fiscal year ended March 31, 2025, the Ying mining district produced 6.95 million ounces (197 metric tons) of silver, up 17 percent year-over-year. The increase was supported in part by an extension to the number two mill in November 2024.
Silver production: 3,100 metric tons
Peru produced 3,100 metric tons of silver in 2024, making it the world’s third largest silver country. Its 2024 production was down from 3,200 metric tons in 2023, in part due to declining grades and social unrest.
Overall, the mining industry plays a significant role in the Peruvian economy, accounting for 9.5 percent of its GDP. In 2024, total mineral exports from the country were tallied at US$49 billion, with copper making up more than half of the value of trade and silver accounting for approximately US$1.3 billion.
Silver production in Peru is primarily a byproduct of copper mining. The largest operation in the country is the Antamina mine, a joint venture between BHP (ASX:BHP,NYSE:BHP,LSE:BHP), Glencore (LSE:GLEN,OTC Pink:GLCNF), Teck (TSX:TECK.B,TSX:TECK.A,NYSE:TECK) and Mitsubishi (TSE:8058). In 2024, the mine produced 11.36 million ounces of silver.
Silver production: 1,300 metric tons
Bolivia’s silver production totaled 1,300 metric tons in 2024, a slight decline from 2023’s 1,350 metric tons, tying it with Poland for the fourth highest silver producing country. The resource industry makes up a substantial portion of Bolivia’s exports. Silver exports alone generated US$1.2 billion for Bolivia’s economy in 2024.
Bolivia’s largest mine is the San Cristóbal silver-lead-zinc mine in Potosí, which produced 16.8 million ounces of silver in 2024, up 33 percent year-over-year. Private company San Cristobal Mining acquired the mine from Sumitomo (TSE:8053) in early 2023.
Another significant silver operation in Bolivia is Andean Precious Metals’ (TSXV:APM,OTCQX:ANPMF) San Bartolomé silver-gold operation. San Bartolomé’s production has steadily decreased from 5.47 million ounces in 2020 to 4.32 million ounces in 2024, during which time it transitioned from mining to processing material from its fines disposal facility and third parties.
Silver production: 1,300 metric tons
Silver production in Poland was 1,300 metric tons in 2024, just below the 1,320 metric tons it registered the previous year. While its output comes in significantly below the top three silver countries, Poland holds the world’s third highest silver reserves at 61,100 metric tons.
In total, the mining sector accounts for 7 percent of Poland’s GDP. In 2024, silver exports rose to 1,328.27 metric tons from 1,256.25 metric tons in 2023 and represented a value of US$1.2 billion.
KGHM Polska Miedz (FWB:KGHA) is Poland’s top silver company and one of the world’s top silver producers, producing the metal as a by-product at its Polish copper mines, including the Polkowice-Sieroszowice mine. According to the World Silver Survey, KGHM produced 1,341 metric tons of silver in 2024 between its Polish and international operations.
Silver production: 1,200 metric tons
Chile produced 1,200 metric tons of silver in 2024, down from the 1,260 metric tons in 2023.
Mining is a significant contributor to the Chilean economy. In 2024, the sector accounted for 14 percent of the nation’s GDP and was a driving force behind the country’s overall 5.6 percent growth rate.
With 85 percent of Chilean silver output coming as a byproduct of copper mining, declines in recent years have been owed to production issues and low prices in the copper sector. According to Reuters, copper output from state-run mining company Codelco fell to a 25 year low in 2023 and struggled to recover.
At Chuquicamata, one of the company’s largest operations, silver production gradually declined from its peak of 10.91 million ounces in 2019 to 8.14 million ounces in 2023, before plunging to 5.7 million ounces in 2024.
Silver production: 1,200 metric tons
Russia produced 1,200 metric tons of silver in 2024, a slight decrease from the 1,240 metric tons it produced the previous year.
Mangazeya Plus is the country’s largest silver producer from its portfolio of mines in the country, including its largest silver operation, the Dukat mine, which produced an estimated 7.7 million ounces of silver in 2023.
Prior to 2024, the owner of these assets was Kazakhstan-based Polymetal International, now named Solidcore Resources. However, due to operational challenges associated with sanctions against Russian metals exports, the company sold all of its Russian mining assets to Mangazeya Plus.
Silver production: 1,100 metric tons
The United States produced 1,100 metric tons of silver in 2024, an increase from the 1,020 metric tons mined the previous year. Silver is mined in 12 states, with Alaska and Idaho topping the list of regional producers.
Production of silver came from four silver-primary mines, with additional amounts produced as a byproduct of gold and base metals at 31 other operations.
The largest silver operation in the United States is Hecla Mining’s (NYSE:HL) Greens Creek silver mine in Southern Alaska. In 2024, the mine produced 8.48 million ounces (240 metric tons) of silver, as well as several other metals as by-products of its silver operations.
In terms of economic contribution, silver contributed US$960 million to the US economy in 2024, with the majority of the metal destined for domestic markets, with just 140 metric tons being exported.
Silver production: 1,000 metric tons
Australia produced 1,000 metric tons in 2024, just 30 metric tons fewer than registered in 2023.
According to the Reserve Bank of Australia, mining holds the largest share of the nation’s GDP with 12.2 percent, and resources make up 59.2 percent of the country’s total exports. However, like the United States, the majority of silver is used domestically for manufacturing and investment.
Australian silver production also comes as a byproduct of mining other metals like gold, copper and other base metals. South32’s (ASX:S32,OTC Pink:SHTLF) Cannington lead-silver-zinc mine is by far the largest silver operation in Australia, producing 12.67 million ounces of silver in 2024.
Silver production: 1,000 metric tons
Kazakhstan produced 1,000 metric tons of silver in 2024, up from 985 metric tons in 2023. Output in the country has risen significantly since 2020, when it produced just 435 metric tons of the precious metal.
The largest silver mining operation in the country is the Kazzinc Complex, a 70/30 joint venture between Glencore and the state-run Tau-Ken Samruk. In 2024, the mine produced 3.34 million ounces of silver, a sizable increase from the 2.73 million ounces produced in 2023.
Overall, the mining sector’s contribution to the Kazakh economy has exploded in recent years. According to the USGS Kazakhstan 2022 Mineral Yearbook released in March 2025, mineral exports were pegged at US$84.6 billion in 2022, a 40.2 percent increase compared to 2021 and 68 percent of the country’s total exports.
Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.
Here’s a quick recap of the crypto landscape for Monday (August 18) as of 9:00 p.m. UTC.
Get the latest insights on Bitcoin, Ethereum and altcoins, along with a round-up of key cryptocurrency market news.
Bitcoin (BTC) was priced at US$116,339, a 1.1 percent decline in 24 hours. Its lowest valuation of the day was US$114,985, while its highest was US$116,751.
Bitcoin price performance, August 18, 2025.
Chart via TradingView.
Markets pulled back considerably on Sunday (August 17) night ahead of a pivotal meeting between US President Donald Trump, Ukrainian President Volodymyr Zelenskyy and other European leaders.
Later this week, US Federal Reserve Chair Jerome Powell will deliver a speech after the Jackson Hole Economic Policy Symposium. His remarks are highly anticipated by investors who are looking for clarity on the Fed’s next move.
Ethereum (ETH) was priced at US$4,359.32, down by 2.3 percent over the past 24 hours. Its lowest valuation of the day was $4,282.60, and its highest valuation was US$4,381.21.
South Korea’s Financial Services Commission (FSC) is set to introduce a regulatory framework for a won-backed stablecoin in October, according to a report from South Korean news outlet MoneyToday.
The initiative, part of the nation’s Virtual Asset User Protection Act, aims to establish clear rules for crypto service providers and is expected to outline requirements for stablecoin issuance, collateral management and internal control systems. The FSC has been developing this framework since 2023 through its virtual asset committee.
Democratic Party of Korea Representative Park Min-kyu confirmed that the government bill is expected to be submitted to the National Assembly around October. This regulatory move follows a June collaboration among major South Korean banks to develop a won-pegged stablecoin, intended to safeguard the currency against increasing dollar dominance. At the time, the token was projected to launch in late 2025 or early 2026.
Japan is also set to approve its first stablecoin, with its Financial Services Agency preparing to greenlight the issuance of a Japanese yen-denominated digital currency as early as this fall.
According to a Sunday report from Japanese news outlet the Nihon Keizai Shimbun, Tokyo-based fintech firm JPYC will spearhead the initiative, aiming to maintain a fixed value of one JPY per Japanese yen, backed by liquid assets like bank deposits and Japanese government bonds.
Tokens will be issued to digital wallets via bank transfer after purchase applications from individuals or corporations. The company plans to register as a money transfer business within the month.
Gemini, the crypto exchange founded by Cameron and Tyler Winklevoss, has formally filed to go public with plans for a Nasdaq listing under the ticker GEMI. Founded in 2014, the company says it has processed US$285 billion in lifetime trading volume, with custodies of over US$18 billion in digital assets as of June 30.
Its registration statement does not specify how many shares will be offered or at what price range.
In the filing, the Winklevoss twins said crypto is entering “a new Golden Age,” emphasizing their vision of financial markets moving increasingly on-chain. They describe Gemini as a “super app” for digital assets, offering trading, custody and broader crypto financial services under one platform.
If successful, Gemini would join Coinbase Global (NASDAQ:COIN) as one of the few US exchanges to list publicly, offering investors direct equity exposure to crypto market infrastructure.
Amsterdam-based Amdax announced plans to list a new Bitcoin treasury firm, Amsterdam Bitcoin Treasury Strategy (AMBTS), on the Euronext Amsterdam exchange.
The company said the goal is to create a vehicle that holds Bitcoin long term on behalf of institutional and private investors, reflecting growing corporate adoption of digital reserves.
CEO Lucas Wensing noted that more than 10 percent of Bitcoin’s supply is already held by corporations, governments and institutions, suggesting a structural shift in how the asset is used.
Bitcoin’s rally of 32 percent in 2025, alongside pro-crypto regulatory momentum following Trump’s election, has reinforced the case for such vehicles. AMBTS plans to raise capital in a private round before listing, with a long-term target of accumulating at least 1 percent of total Bitcoin supply.
The move could make Euronext Amsterdam a more prominent hub for European digital asset investment products, challenging London and Frankfurt.
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
Securities Disclosure: I, Meagen Seatter, hold no direct investment interest in any company mentioned in this article.
Top silver miners around the world delivered a slate of strong second quarter earnings reports as a mixture of higher metals prices and production gains boosted results across the sector.
The silver price has broken decisively above the US$35 per ounce level, rising to levels not seen in over a decade. Its run has been fueled by a structural supply deficit and robust industrial demand.
Analysts also note that silver is finally beginning to catch up with gold — the gold-silver ratio has narrowed from April’s peak of 105 to around 94, signaling the white metal’s relative strength.
Read on for details on Q2 earnings from major silver producers.
Pan American Silver (TSX:PAAS,NYSE:PAAS) posted record net earnings of US$189.6 million, or US$0.52 per share, for the second quarter, supported by record mine operating earnings of US$273.3 million. Revenue came in at US$811.9 million, while silver output reached 5.1 million ounces and gold production was 178,700 ounces.
The firm’s acquisition of MAG Silver (TSX:MAG,NYSEAMERICAN:MAG), which was approved by shareholders in July, is expected to close in the second half of the year. Pan American said MAG’s Juanicipio asset should lift its silver production by roughly 35 percent on an annualized basis and meaningfully lower all-in sustaining costs.
The company also confirmed that it remains engaged in consultations with the local Xinka parliament at the Escobal mine in Guatemala under ILO Convention 169 amid pushback regarding the project’s planned restart.
First Majestic Silver (TSX:AG,NYSE:AG) recorded its strongest quarter to date, with silver equivalent production rising 48 percent year-on-year to 7.9 million ounces, including 3.7 million ounces of silver.
The company also posted record quarterly revenue of US$264.2 million, nearly double the US$136.2 million recorded a year earlier. Average realized silver prices rose to US$34.62 per silver equivalent ounce, while payable sales volumes climbed 42 percent. First Majestic ended the quarter with 424,272 ounces of silver in inventory, valued at US$15.3 million (but not recognized in quarterly revenue). The board also declared a dividend of US$0.0048 per share.
Production gains were driven by stronger performance at the San Dimas mine in Mexico, where output rose 9 percent, and contributions from the Los Gatos joint venture, also in Mexico, which added 1.5 million attributable ounces of silver.
Endeavour Silver (TSX:EDR,NYSE:EXK) reported Q2 silver production of 1.48 million ounces and gold output of 7,755 ounces, for total silver equivalent production of 2.5 million ounces, up 13 percent year-on-year.
The silver-focused company’s overall revenue rose 46 percent to US$85.3 million for the period, supported by higher realized prices of US$32.95 per ounce of silver and US$3,320 per ounce of gold.
Furthermore, the company completed its acquisition of Minera Kolpa on May 1, funded in part by a US$50 million equity financing. Endeavour also said that it has advanced commissioning at its Mexico-based Terronera project, which is nearing commercial production. Milling rates reached up to 2,000 metric tons per day by late July, with silver recoveries averaging 71 percent and gold recoveries at 67 percent.
Hecla Mining (NYSE:HL) reported record quarterly revenue of US$304 million, a 16 percent increase from the prior quarter. Net income came in at US$57.6 million, or US$0.09 per share, while adjusted EBITDA reached US$132.5 million. The company said free cashflow also reached record levels.
The US- and Canada-focused firm’s silver costs remained low, with cash cost per ounce after by-product credits at negative US$5.46 and all-in sustaining costs at US$5.19.
On the production side, milestones were set at key operations: the Lucky Friday mine (Idaho) established a new milling record of 114,475 metric tons, while Greens Creek (Alaska) delivered positive gold output owing to higher grades.
Silvercorp Metals (TSX:SVM,NYSEAMERICAN:SVM) produced 1.8 million ounces of silver in its fiscal first quarter of 2026, along with 2,050 ounces of gold, 15.7 million pounds of lead and 5.2 million pounds of zinc.
Output came from its Ying Mining District in China’s Henan Province. The firm also posted revenue of US$81.3 million, with income from mine operations standing at US$35.8 million. Silvercorp said that the margins are slightly lower compared to the prior year as higher processing volumes increased costs and royalties in China.
The company said even though higher royalties and processing expenses have offset some benefits of stronger realized prices, it remains profitable and cashflow positive.
Fresnillo (LSE:FRES,OTC Pink:FNLPF), one of Mexico’s largest gold and silver producers, reported revenues of US$1.94 billion for the first half of 2025, up 30 percent from the same period in 2024.
The company reported that attributable silver production was 24.9 million ounces in the first half, down 11.7 percent from the year prior due to the closure of San Julián DOB and lower grades at Ciénega and Juanicipio. By contrast, attributable gold production rose 15.9 percent to 313,800 ounces, supported by higher ore grades at Herradura.
Fresnillo also confirmed that parent company Industrias Peñoles agreed to buy back the longstanding Silverstream contract for US$40 million. Since 2007, Peñoles has paid Fresnillo US$882 million for approximately 52 million ounces of silver delivered from the Sabinas mine under the arrangement.
MAG Silver entered Q2 under the spotlight as its pending acquisition by Pan American Silver moved forward.
The transaction, approved by MAG shareholders in July, offers shareholders the option of receiving either cash or Pan American shares, with closing expected in the second half of 2025, subject to regulatory approvals in Mexico.
Operationally, exploration remained active across the company’s portfolio.
At Juanicipio in Mexico, MAG drilled nearly 9,500 meters underground, with results pending, while surface work added over 6,000 meters targeting the Cañada Honda and Magdalena structures.
In the US, geophysical surveys advanced at the Deer Trail project in Utah, and drilling commenced at Ontario’s Larder project, where over 5,200 meters were completed at the Italian zone.
Avino Silver & Gold Mines (TSX:ASM,NYSEAMERICAN:ASM) posted strong second quarter financials, with revenues rising 47 percent year-on-year to US$21.8 million.
Net income more than doubled to US$2.9 million, while mine operating income surged 118 percent to US$10.2 million, supported by economies of scale and record mill throughput.
Production from the company’s portfolio of Mexican projects reached 645,602 silver equivalent ounces, a 5 percent increase despite lower feed grades, as throughput gains offset grade variability.
Beyond operations, Avino secured inclusions in both the S&P/TSX Global Mining Index (INDEXTSI:TXGM) and the Solactive Global Silver Miners Index during the quarter.
Coeur Mining (NYSE:CDE) reported record Q2 results with revenues of US$481 million and net income from continuing operations of US$71 million, marking its fifth consecutive profitable quarter. Adjusted EBITDA rose 64 percent from the prior quarter to US$244 million, while free cashflow soared eightfold to US$146 million.
The company produced 4.7 million ounces of silver and 108,487 ounces of gold, up 79 and 38 percent year-on-year, respectively, with strong contributions from all five operations. Meanwhile, crushed ore rates and production volumes climbed sharply from the company’s expanded Rochester mine in Nevada. Coeur reaffirmed its full-year guidance of 380,000 to 440,000 ounces of gold and 16.7 million to 20.3 million ounces of silver.
Silver’s breakout above US$35 has injected new momentum into the precious metals complex, and has put silver back into focus after more than a decade of underperformance relative to gold.
Traders are already eyeing the psychologically important US$40 level and ultimately the 2011 peak near US$50, with market strategists noting that previous moves through the mid-US$30s have often triggered rapid runs higher.
The renewed excitement comes as the gold price sits at a historically high level, providing a strong comparative benchmark that has many investors looking to silver as a value trade.
Behind the price action, silver’s fundamentals remain compelling. Industrial demand tied to green energy applications, paired with persistent multi-year supply deficits, continues to erode aboveground stocks.
Whether or not silver makes a sustained run in the near term, the alignment of macroeconomic factors and strong tailwinds proves that silver’s resurgence in 2025 is being built on more than just speculation.
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
