ASX Silver Stocks: 5 Biggest Companies in 2026

1. DPM Metals (ASX:DPM)

Market cap: AU$12.7 billion
Share price: AU$58.24

DPM Metals is a precious metals production and development company 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, which was previously the largest ASX-listed silver-producing company, 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 silver-zinc-lead mine, located near the historic mining town of Vareš in Bosnia and Herzegovina. Adriatic achieved commercial production at Vareš's Rupice deposit at the beginning of July 2025.

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

In its full year 2025 financial results, DPM reported that Vareš was on track to reach full processing capacity of 850,000 tonnes of ore by the end of 2026, and set production guidance for 3.5 million to 4.1 million ounces of silver.

2. Unico Silver (ASX:USL)

Market cap: AU$560.63 million
Share price: AU$0.89

Unico Silver is developing its wholly owned 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 Metals in July 2024, consolidating the Pingüino vein into a single entity.

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

In September 2025, 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 161 g/t silver equivalent.

Unico is currently progressing a pre-feasibility study and mineral resource estimate for Joaquin, which is plans to release in H1 2026.

The most recent update on its projects came on January 6. Unico released assay results from 31 holes of the drill program at Joaquin's La Negra SE trend, highlighting one drill hole that returned 70 g/t silver over 107 metres from near-surface depths, including an interval of 81 g/t silver over 55.6 metres.

The company said drilling at the site demonstrates wide, shallow zones of silver-gold mineralization across the 850 metre strike length and confirms the scale required for open-pit development.

3. Silver Mines (ASX:SVL)

Market cap: AU$505.88 million
Share price: AU$0.23

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 it is progressing field work at the sites ahead of drill targeting and permitting.

4. Andean Silver (ASX:ASL)

Market cap: AU$487.01 million
Share price: AU$2.32

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 from April 2025, the company reported its 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 g/t silver equivalent.

On October 21, the company reported it encountered very high grades of silver and gold mineralisation at the project's Laguna Verde mine area. The results include a highlight of 250 g/t silver and 1.2 g/t gold over 16.1 metres, including an intersection with 3,224 g/t silver and 12.2 g/t gold over 0.8 metres.

In its quarterly activities report released on January 26, Andean shared several points of focus for the next six to 12 months, including improving resource confidence in the measured and indicated categories at the Laguna Verde mine area, and progressing a mine restart plan.

Then on February 9, Andean reported that drilling at Cerro Cerro Bayo continues to intersect mineralization ahead of the planned resource update, with the Appaloosa target at Laguna Verde delivering a highlighted assay of 31 g/t silver over 46.4 metres.

5. Sun Silver (ASX:SS1)

Market cap: AU$379.06 million
Share price: AU$2.04

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.

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 mineral 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 that intersected thick mineralisation with grades above the existing mineral resource. One highlighted interval of 102.1 metres returned a grade of 49.1 g/t silver, including an intersection of 91.7 g/t over 50.6 metres.

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 Prime Minister Anthony Albanese's meeting with US President Donald Trump. Sun Silver Managing Director Andrew Dornan said the company's inclusion on the agenda underscored the strategic importance of Maverick Springs.

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.