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Silver Investing
ASX Silver Stocks: 5 Biggest Companies in 2025
Apr. 10, 2025 01:50PM PST
As the fifth largest silver producer in the world, Australia is home to a slew of silver-focused companies. Learn about the five biggest ASX silver stocks by market cap.
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Silver is often compared to gold due to its importance in jewellery and as a safe-haven investment.
However, silver has many industrial applications too, including in electronics, automobiles and silverware, as well as medicine and photography. Energy transition applications are a growing demand sector for silver too — the metal is valued for its conductive capacity, which makes it particularly useful in the production of photovoltaic panels.
Silver supply has tightened in recent years as industrial demand rises. This was one of several factors that helped the silver price break through the US$34 per ounce mark in October 2024 for the first time since 2012. Heading into the second quarter of 2025, silver once again tested the US$34 level, although it has pulled back to US$31 amid market volatility as of April 10.
In this environment, it's a good time to learn about the largest primary silver companies on the ASX. These ASX silver stocks are sorted by market cap, and data was gathered using TradingView’s stock screener on April 2, 2025.
1. Adriatic Metals (ASX:ADT)
Market cap: AU$1.47 billion
Share price: AU$4.26
Adriatic Metals is a precious and base metals miner in South-Central Europe that is now producing silver from the Rupice mine at its Vareš project, located near Vareš, a historic mining town in Bosnia and Herzegovina. In late February 2024, Adriatic produced its first silver-lead concentrate and zinc concentrate at the Vareš processing plant.
Adriatic’s mining efforts at Vareš are focused on the Rupice deposit, for which it released an ore reserve estimate in December 2023. The estimate indicates an 18 year mine life and probable 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 Q4 2024 update, released on January 29, Adriatic set 2025 guidance at 12 million to 13 million silver equivalent ounces. Additionally, it said that Ausenco had completed a technical study for Vareš processing plant expansion options. The report confirmed that no capital expenditures would be needed to raise annual nameplate capacity to 1 million tonnes from 800,000 tonnes, but AU$25 million would be needed to expand output to 1.3 million tonnes per year.
Adriatic's Q1 2025 update, released on March 31, highlighted a 44 percent increase in silver equivalent production for the quarter to 1.3 million silver equivalent ounces compared to 934,000 silver equivalent ounces in the prior quarter.
2. Silver Mines (ASX:SVL)
Market cap: AU$172.64 million
Share price: AU$0.096
Silver Mines is an advanced-stage silver exploration and development company focused on its Bowdens silver project, which is located in Central New South Wales, 26 kilometres east of Mudgee; and its Tuena gold project 80 kilometres south of Orange, New South Wales.
Bowdens represents the largest-known undeveloped silver resource in Australia. The project comprises 2,115 square kilometres of titles, including 80 kilometres of strike. In its latest reserve estimate for Bowdens, released in December 2024, the company reported proven and probable mineral reserves of 71.7 million ounces of silver. The estimate also included measured, indicated and inferred resources of 180 million ounces of silver and 426,000 ounces of gold.
The project, originally approved in April 2023, was halted in August 2024 after an appeals court decision reversed earlier court proceedings regarding the potential impact of electrical transmission lines on the project. In a follow-up statement, Silver Mines said it would continue to work to obtain all relevant permits and development consents.
The most recent update from the project development came on March 27, when Silver Mines reported a 2,000 metre drill program is underway to collect samples for mine planning, including producing concentrate samples for potential offtake partners, transportation certification and tailings processing optimisation.
In addition to its work at Bowdens, Silver Mines announced on March 13 that it had begun an initial 1,700 metre diamond drilling program at the Elsienora project, which is next to the Tuena gold project. The site hosts multiple silver and gold targets and has seen significant historic drilling dating back to the 1970s.
3. Andean Silver (ASX:ASL)
Market cap: AU$169.09 million
Share price: AU$1.02
Andean Silver is a precious metals exploration and development company focused on advancing the Cerro Bayo silver and gold project in Southern Chile. The company took ownership of Cerro Bayo in early 2024.
The land package consists of 70 exploration concessions covering a total of 285 square kilometres and hosts a past-producing mine that was in operation for more than 15 years. It produced 45 million ounces of silver and 650,000 ounces of gold before being placed on care and maintenance in 2022.
Andean has been focused on growing the Cerro Bayo resource and near-mine drilling targets, as well as making new discoveries. Since acquiring the project, the company has grown the resource by approximately 439 percent over 14 months.
In its most recent resource estimate for the project, released on April 1, 2025, the company reported its silver equivalent ounces increased by 22 percent to 111 million ounces. The total resource expanded to 9.8 million tonnes of ore at 353 grams per tonne (g/t) silver equivalent.
The company is continuing to target resource expansion and it is also drilling to upgrade inferred resources to the measured and indicated category. Andean is well-funded to continue advancing the project, with approximately AU$20 million in cash at the end of the March 2025 quarter.
4. Unico Silver (ASX:USL)
Market cap: AU$109.55 million
Share price: AU$0.095
Unico Metals is focused on assets in Argentina. Its flagship project is Cerro Leon, which it expanded through multiple acquisitions in 2024. These expansions build upon Cerro Leon's greenfield Conserrat project, in which Unico has an 80 percent stake, and the more advanced Pingüino project.
A May 2023 resource estimate for Cerro Leon outlines indicated and inferred resources of 40.9 million ounces of silver, 344,200 ounces of gold, 332 million pounds of zinc and 129 million pounds of lead.
In July 2024, Unico completed a share purchase agreement to acquire a 100 percent interest in the Sierra Blanca silver-gold project from Austral Gold (ASX:AGD,OTCQB:AGLDF) and Capella Metals (TSXV:CMIL,OTCQB:CMILF). The acquisition will allow Unico to expand Cerro Leon and consolidate the Pingüino vein into a single entity.
Soon after that, in August 2024, Unico entered into an agreement with Pan American Silver (TSX:PAAS,NYSE:PAAS) to purchase a 100 percent interest in the Joaquin and Cerro Puntundo projects. The projects are located 60 kilometres away from the Cerro Leon project, enhancing the overall scale and economics of the regional portfolio.
Under the terms of the deal, which closed on October 20, Unico is to provide a US$2 million upfront payment, with an additional payment of US$2 million on the publication of a feasibility study and US$8 million on first production from the site.
On November 6, Unico closed on a funding package, raising AU$22.5 million through the sale of 83.33 million ordinary shares at AU$0.27 per share. The company said it will use the money to conduct a 50,000 metre exploration program at the Cerro Leon and Joaquin projects and update the mineral resource estimate in late 2025.
Results from the Cerro Leon program began to be delivered in December 2024, with the most recent release coming on March 24. In the announcement, Unico reported high-grade silver returns, including a highlighted intercept of 601 g/t silver equivalent or over 18 metres, including an intersection of 2,400 g/t silver equivalent over 4 metres.
The 10,000 metre maiden drill program at Joaquin was launched in mid-March, with first assay reports expected by early May.
5. Sun Silver (ASX:SS1)
Market cap: AU$103.29 million
Share price: AU$0.69
Sun Silver is an exploration and development company that is working to advance its Maverick Springs silver-gold project in Nevada, US, which it acquired from Element79 Gold (CSE:ELEM,OTC Pink:ELMGF) in May of last year. The silver company completed its initial public offering and began trading on the ASX that month.
On November 13, Sun Silver announced it had expanded its land holdings at Maverick Springs by acquiring 80 additional lode claims, increasing the property size by 34 percent to 26.28 square kilometres. The new claims are to the north and along strike of the established mineralised zone.
Final assays from Maverick Springs' inaugural drill program were released on January 14, and included a highlighted drill hole outside the resource boundary with 84.5 g/t silver over 102 metres, including an intersection of 454.6 g/t silver over 7.62 metres.
Based on the results of this first drill campaign, Silver Sun announced in late March that it had increased the JORC-compliant inferred mineral resource estimate on the project by more than 13 percent. The new resource is 479.8 million silver equivalent ounces from 218.54 million tonnes of ore, composed of 297.5 million ounces of silver at 42.2 g/t silver and 2.16 million ounces of gold at 0.31 g/t gold.
Silver Sun's 2025 drill program is now underway with the goal of upgrading the resource estimate to the indicated category. Drilling will also focus on extensional targets to the north-west of known mineralisation, and composite samples will be collected for phased metallurgical testing.
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Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: Element79 Gold is a client of the Investing News Network. This article is not paid-for content.
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