1. DPM Metals (ASX:DPM)

Market cap: AU$7.64 billion
Share price: AU$34.46

Formerly Dundee Precious Metals, DPM is a precious metals production and development company with a producing silver mine in Bosnia and Herzegovina, and copper and gold mines in Bulgaria.

The name change follows its acquisition of Adriatic Metals, which was previously the largest ASX-listed silver producing company. DPM announced the deal's closing and its new ASX listing on September 3 on top of its existing TSX listing.

The deal gave DPM full ownership of Adriatic's Vareš project, located near Vareš, a historic mining town in Bosnia and Herzegovina. Adriatic achieved commercial production at Vareš at the beginning of July, with the company focusing its initial efforts on the Rupice deposit.

According to an updated technical report, as of April 2025 the deposit holds probable reserves of 9.46 million tonnes of ore with an average silver grade of 228 grams per tonne (g/t), representing a significant upgrade from previous reports of 192 g/t from 12.3 million tonnes in December 2024 and 187 g/t from 13.8 million tonnes in October 2023.

In its preliminary Q3 production results, DPM reported that Vareš produced 717,400 ounces of silver during the quarter, with 265,800 coming between the acquisition's close on September 3 and September 30.

DPM said it is working to reach full processing capacity of 850,000 tonnes per year at Vareš by the end of 2026.

2. Silver Mines (ASX:SVL)

Market cap: AU$374.87 million
Share price: AU$0.17

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

Its Bowdens silver project is located 26 kilometres east of Mudgee, and its Tuena gold project is located 80 kilometres south of Orange. 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 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.

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.

As of mid-July, Silver Mines has provided all requested information from the New South Wales Department of Planning, Housing and Infrastructure for the redetermination of the development applications.

Additionally, on July 2, the company completed its acquisition of the Calico North project in California, US, from Domestic Energy Metals (TSXV:DEMC,OTCQB:DEMCF) and entered into an earn-in agreement with Outcrop Silver (TSXV:OCG,OTCQX:OCGSF) subsidiary Lustrum Gold for an up to an 80 percent stake in the Kramer Hills project. Both are located in San Bernardino County and have seen historic production. Silver Mines anticipates that exploration of the properties will commence during the third quarter.

3. Andean Silver (ASX:ASL)

Market cap: AU$356.19 million
Share price: AU$1.865

Andean Silver is a precious metals development company advancing the Cerro Bayo silver-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, making new discoveries, and upgrading inferred resources to the measured and indicated category.

In its updated mineral resource estimate for the project released on April 1, the company reported an indicated and inferred contained silver equivalent resource increased by 22 percent to 111 million silver equivalent ounces from 9.8 million tonnes of ore at a grade of 353 grams per tonne (g/t) silver equivalent.

On October 21, the company reported it encountered very high grades of silver and gold mineralization outside the current mineral resource area, discovering a highlight of 250 g/t silver and 1.2 g/t gold over 16.1 meters, including an intersection with 3,224 g/t silver and 12.2 g/t gold over 0.8 meters.

In its quarterly activities report released October 30, Andean shared several points of focus for the next six to 12 months, including extensional and infill drilling targeting lodes within 1.5 kilometres of the processing plant, before expanding to include regional targets within the district, including the Marcela and Guanaco vein system.

4. Unico Silver (ASX:USL)

Market cap: AU$316.33million
Share price: AU$0.605

Unico Metals is focused on assets in Argentina. The company's 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.

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 (ASX:CAP,OTC Pink:CMILF). The acquisition expanded Cerro Leon and consolidated the Pingüino vein into a single entity.

Then, that August, 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.

This year, on September 23, Unico released an updated mineral resource estimate for Cerro Leon, demonstrating an indicated resource of 28.9 million ounces of silver from 9.4 million tonnes of ore grading 95 g/t silver and an inferred resource of 33.1 million ounces from 154 million tonnes grading 104 g/t.

Including byproduct mineralisation of gold, lead and zinc, it hosts an indicated and inferred resource of 162 million silver equivalent ounces from ore grading of 161 g/t silver equivalent.

Meanwhile, Unico reported two discoveries at the Joaquin project in July. First, the company reported results from drilling at an extension of its La Negra prospect, with a highlighted assay of 144 g/t silver equivalent over 90 metres from a depth of 10 metres, including a 4 metre intersection grading 718 g/t.

This was followed by a July 28 report that the company discovered a new mineralized zone from diamond drilling at a southeast extension from the La Morcha deposit. Results included a highlighted assay of 163 g/t silver equivalent over 69 metres, including 656 g/t over 8.5 metres.

5. Sun Silver (ASX:SS1)

Market cap: AU$204.8 million
Share price: AU$1.135

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.

Last November, 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.

Final assays from Maverick Springs' inaugural drill program were released on January 14, and included a highlighted drill hole outside the resource boundary with an interval grading 84.5 g/t silver over 102 metres, including 454.6 g/t silver over 7.62 metres.

Based on the results, 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.

The most recent results from its exploration program at Maverick were released on October 15, with Sun Silver reporting a highlight of 92 g/t silver equivalent over 110 metres. In the announcement, the company also noted that mineralization was in line with expectations and has increased confidence in its resource model.

In addition to its exploration work, Sun Silver announced on October 13 that it was asked to provide an update on its US investments, including project scale, value and expansion plans, ahead of Prime Minister Anthony Albanese's meeting with US President Donald Trump on October 20.

Sun Silver Managing Director Andrew Dornan said its inclusion on the agenda was an incredible moment for the company that, along with silver's recognition as a critical mineral, underscores the strategic importance of Maverick Springs.

The company listed on the US 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.