1. DPM Metals (ASX:DPM)

Market cap: AU$11.92 billion
Share price: AU$53.77

DPM Metals is a precious metals producer and developer with the producing Vareš silver mine in Bosnia and Herzegovina. In Bulgaria, it operates the Chelopech copper-gold mine and Ada Tepe gold mine.

DPM acquired Adriatic Metals, previously the largest ASX-listed silver producer, in September 2025. After the deal closed, the company changed its name from Dundee Precious Metals and added an ASX listing on top of its existing TSX listing.

The deal gave DPM full ownership of Adriatic's Vareš mine, located near the historic mining town of Vareš in Bosnia and Herzegovina. Adriatic achieved commercial production at Vareš' Rupice deposit in July 2025.

As of April 2025, the deposit held a probable ore reserve of 9.46 million tonnes with an average silver grade of 228 grams per tonne (g/t) for 69.35 million ounces of contained silver.

In its first quarter 2026 preliminary production results, DPM reported that the ramp-up at Vareš was on track to reach full production during the second half of the year. During Q1, the mine produced 912,000 ounces of silver, and DPM's Chelopech mine contributed a further 117,000 silver ounces.

2. Andean Silver (ASX:ASL)

Market cap: AU$472.12 million
Share price: AU$2.23

Andean Silver is a precious metals development company advancing the Cerro Bayo silver-gold project in Southern Chile, which it took ownership of in early 2024.

Cerro Bayo hosts multiple past-producing areas on its 285 square kilometre land package that have combined for 45 million ounces of silver and 650,000 ounces of gold. This includes open pit and underground mining at the Laguna Verde mine complex and underground mining at the Cerro Bayo mine complex. The project entered care and maintenance in 2022.

Andean has been focused on growing the project's resource and near-mine drilling targets, making new discoveries, and upgrading inferred resources to the measured and indicated category. In an updated resource estimate from April 2025, the company reported that its indicated and inferred contained silver equivalent resource rose by 22 percent to 111 million silver equivalent ounces from 9.8 million tonnes of ore at a grade of 353 g/t silver equivalent. The majority of this resource is at Laguna Verde.

In its annual report to shareholders released on March 24, Andean outlined its plans for Cerro Bayo over the next six to 12 months. These plans include improving measured and indicated resource confidence at the Laguna Verde mine district, exploring regional targets at the Cerro Bayo mine district and planning for drill programs in the newly defined Droughtmaster corridor.

The company is currently advancing mining and restart studies evaluating options for open pit and underground mining.

The report also reiterated results announced in February from the Appaloosa Breccia, a large-scale structure that extends near the processing facility at Laguna Verde. Drilling intersected 46.4 metres grading 31 grams per tonne (g/t) silver and 2.3 g/t gold, including 25.8 metres grading 39 g/t silver and 3.5 g/t gold and 7.2 metres grading 89 g/t silver and 9.5 g/t gold.

3. Unico Silver (ASX:USL)

Market cap: AU$459.99 million
Share price: AU$0.710

Unico Silver is developing its flagship Cerro Leon and Joaquin projects in Argentina. Unico's Plus 150 development plan focuses on processing near-surface oxide mineralisation at Joaquin's past-producing La Negra trend.

The company's Cerro Leon project brings together three districts: Pingüino, Conserrat and Sierra Blanca. Unico acquired Sierra Blanca from Austral Gold (ASX:AGD,OTCQB:AGLDF) and Capella Minerals (TSXV:CMIL,OTCPL:CMILF) in July 2024, consolidating the Pingüino vein into a single entity.

Later that year, Unico acquired the Joaquin and Cerro Puntundo projects from silver miner Pan American Silver (TSX:PAAS,NYSE:PAAS). The properties are located 60 kilometres away from the Cerro Leon project, enhancing the overall scale and economics of the regional portfolio.

Unico is currently progressing a prefeasibility study and resource estimate for Joaquin, which it plans to release in the third quarter of the 2026 calendar year. Underpinning the study is an updated mineral resource estimate released in March that increased silver equivalent resources by 143 percent since Unico acquired the project, with the majority in the indicated category.

Overall, the company reported indicated and inferred resources of 167 million silver equivalent ounces from 45.3 million tonnes of ore, composed of 123 million ounces of silver and 522,000 ounces of gold at average grades of 85 g/t and 0.36 g/t respectively.

4. Silver Mines (ASX:SVL)

Market cap: AU$376.74 million
Share price: AU$0.170

Silver Mines is an advanced-stage explorer and developer with silver and gold projects in Central New South Wales, Australia, and in California, US.

Its flagship Bowdens silver project, located 26 kilometres east of Mudgee, represents the largest-known undeveloped silver resource in Australia. The project comprises 2,115 square kilometres of titles, including 80 kilometres of strike.

In Silver Mines' 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 includes measured, indicated and inferred resources of 180 million ounces of silver and 426,000 ounces of gold.

Development and production of Bowens was originally approved in April 2023, but 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. Since then, Silver Mines has been pursuing a redetermination of its application through the New South Wales Department of Planning, Housing and Infrastructure planning approvals system.

The company owns several other projects in New South Wales as well.

On February 17, 2026, the company secured land access over the Coomber silver prospect, located near Bowdens, allowing Silver Mines to conduct reconnaissance work to fill gaps in the historic dataset. The site hosted historic exploration and drilling in the 1990s, and includes the past-producing Rockwell antimony mine.

Outside of Australia, in July of last year the company acquired the Calico North silver project from Domestic Metals (TSXV:DMCU,OTCQB:DMCUF) and entered into an earn-in agreement for an up to 80 percent interest in the Kramer Hills gold project with Outcrop Silver (TSXV:OCG,OTCQX:OCGSF).

Both are located in San Bernardino County, California, and have seen historic production.

In its quarterly activities report, issued on January 29, Silver Mines reported that it is progressing field work at the sites ahead of drill targeting and permitting.

5. Sun Silver (ASX:SS1)

Market cap: AU$272.34 million
Share price: AU$1.455

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,OTCQB:ELMGF) in May of last year. The silver company completed its initial public offering and began trading on the ASX that month.

In November 2024, Sun Silver expanded its land holdings at Maverick Springs by 34 percent to 26.28 square kilometres when it acquired 80 additional lode claims to the north and along strike of the established mineralised zone.

In January of this year, the company expanded its holdings again, doubling its land position with an additional 427 lode for 35.7 square kilometres to the north and south of the existing property.

Sun Silver explored the property throughout 2025, allowing it to release an updated resource estimate for Maverick Springs in December that added 59 million ounces of silver equivalent.

The new inferred resource stands at 539 million ounces of silver equivalent at 71 g/t silver equivalent, comprising 347.2 million ounces of silver at 45.5 g/t and 2.25 million ounces of gold at 0.3 g/t.

In January, Sun Silver reported results for one drill hole at Maverick Springs that intersected thick mineralisation with grades above the existing resource. A highlighted interval of 102.1 metres returned 49.1 g/t silver, including an intersection of 91.7 g/t silver over 50.6 metres.

In February, Sun Silver approached Sunstone Environmental Solutions to lead the environmental consultations and oversea mine permitting process for the project, chosen over its past successes as well as its understanding of accelerated permitting pathways, including FAST-41.

Last October, the Australian government asked Sun Silver to provide an update on its US investments, including project scale, value and expansion plans, ahead of a meeting between Australia and the US focused on critical minerals. The company listed on the OTCQX market in November to align with its US focus, and is currently performing a re-assay program to evaluate antimony potential at Maverick Springs.