
June 10, 2025
Boab Metals (ASX:BML) is pleased to present its investor presentation for June 2025.
Click here for the full ASX Release
This article includes content from Boab Metals, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
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09 January
Boab Metals Limited
Investor Insight
Boab Metals is well-positioned to capitalize on the rising demand for lead and silver, delivering value to shareholders and supporting the global transition to sustainable energy systems.
Overview
Boab Metals (ASX:BML) is an ASX-listed base and precious metals explorer and developer with a flagship project poised for near-term production. Boab Metals is progressing toward a final investment decision (FID) on its Sorby Hills project, a world-class lead-silver deposit, underpinned .
Strategically located 150 km from Wyndham Port, the Sorby Hills project benefits from excellent infrastructure, including access to green power from the Ord River hydroelectric plant. The company's strategy combines technical expertise, sustainable practices, and robust financial planning to advance the Sorby Hills project, which is slated to produce high-grade lead-silver concentrate through conventional open-pit mining.
Strong economics underpin the project with a net present value (8 percent) of AU$411 million and a 37 percent internal rate of return, as confirmed by the completed front-end engineering design (FEED) study. Life-of-mine operating cash flow is pegged at AU$1.1 billion with an average annual EBITDA of AU$126 million. It boasts a competitive C1 cash cost of US$0.36/lb payable lead (after considering silver credits).
Further boosting the prospects of the Sorby Hills project a binding offtake and prepayment agreements with Trafigura, which ensured 75 percent of the lead-silver concentrate produced at Sorby Hills is pre-sold, providing a cornerstone financial foundation.
Company Highlights
- Boab Metals is an ASX-listed base and precious metals explorer and developer with a flagship project poised for near-term production.
- The Sorby Hills project, Boab’s flagship asset, boasts a high-quality 47.3 Mt resource at 4.3 percent lead equivalent (123 g/t silver equivalent), including 53 Moz contained silver, and is in Western Australia, 50 km northeast of Kununurra.
- Strong economics underpin the project with an NPV (8 percent) of AU$411 million and an IRR of 37 percent, as confirmed by the completed FEED study. Life-of-mine operating cash flow of AU$1.1 billion with an average annual EBITDA of AU$126 million. Competitive C1 cash cost of US$0.36/lb payable lead (after considering silver credits).
- Binding offtake and prepayment agreements with Trafigura.
- Access to green hydroelectric power and existing environmental approvals enhance the project’s sustainability credentials and support reduced operational costs.
- Committed to community engagement, Boab Metals fosters strong relationships with local stakeholders and supports regional development initiatives.
- Expert leadership with a proven track record in exploration and development of mining assets
Key Project
Sorby Hills Project
Boab Metals owns 75 percent of the Sorby Hills Project, with the remaining 25 percent held by Henan Yuguang Gold & Lead Co., China's largest lead smelting and silver producer. The project boasts a substantial, high-quality resource base of 47.3 million ton resource base at 4.3 percent lead equivalent (123 g/t silver equivalent), including 53 million ounces of contained silver, all with significant exploration upside.
Project Highlights
- Strategic Location: Situated in the Kimberley region of Western Australia, 50 km northeast of Kununurra, Sorby Hills benefits from proximity to existing infrastructure, including access to the Wyndham Port, facilitating efficient export routes to Asian markets.
- Low-risk Mining: Conventional open-pit mining with a shallow, high-grade orebody, ensuring rapid payback and early cashflows.
- Straightforward Conventional Processing: The process plant employs a crush-mill-flotation circuit to produce high-grade lead-silver concentrate, achieving metallurgical recoveries of 92 percent for lead and 82 percent for silver.
- Infrastructure and Accessibility: Excellent infrastructure, including sealed roads to Wyndham Port, facilitates efficient transport and export logistics.
- Exploration Upside: Potential for near-pit resource growth and regional discoveries at prospects like the Keep zinc-lead target and Eight Mile Creek.
- Sustainable Project: Powered by ~90 percent renewable energy from the Ord River hydroelectric plant. Opportunities are being explored to eliminate diesel power backups, further reducing emissions.
- Community Engagement: Boab Metals actively supports local initiatives, including partnerships with the Teach Learn Grow program and sponsorship of the Ord Valley Muster, which fosters community development in the East Kimberley region.
- Key Milestones Ahead: The company expects to finalize all regulatory approvals and secure debt financing to support project development by the first half of 2025, with construction and development expected by the second half of 2025. Boab Metals also plans to conduct infill drilling and exploration to expand the resource and refine the reserves.
Management Team
Gary Comb – Chairman
An engineer with over 30 years of experience in the Australian mining industry, Gary Comb has a strong track record in successfully commissioning and operating base metal mines. He previously served as chairman of Finders Resources, and was the managing director of Jabiru Metals and CEO of BGC Contracting.
Simon Noon – Managing Director & CEO
Appointed on October 19, 2013, Simon Noon brings more than 15 years of experience managing public resource companies. He has a strong background in strategic management, business planning, finance and capital raising across various commodities. Noon's notable achievements include leading the acquisition and development of the Sorby Hills project, resulting in a 50 percent increase in the mineral resource and the delivery of high-quality feasibility studies
Richard Monti – Non-executive Director
A geologist with a successful career spanning over 30 years in the international mineral resource industry, Richard Monti has broad industry knowledge and strong strategic planning capabilities. He has more than 46 years of directorship experience in 13 ASX and TSX listed mining and exploration companies, building and managing teams of up to 70 personnel.
Andrew Parker – Non-executive Director
Holding a Bachelor of Laws degree from the University of Western Australia, Andrew Parker has significant experience in the exploration and mining industry, with expertise in corporate advisory, strategic consultancy, and capital raising. Before joining Boab Metals, he co-founded Trident Capital, a corporate advisory and venture capital firm.Keep reading...Show less
Advancing toward near-term lead and silver production in Western Australia
3h
Quarterly Activities/Appendix 5B Cash Flow Report
16 June
A$6 Million Placement to Advance the Sorby Hills Project
30 April
Quarterly Activities/Appendix 5B Cash Flow Report
6h
ASX Silver Stocks: 5 Biggest Companies in 2025
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 has performed strongly in 2025 supported by several tailwinds, and broke through the US$39 per ounce mark on July 23 for the first time since 2011.
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 July 24, 2025.
1. Adriatic Metals (ASX:ADT)
Market cap: AU$2.05 billion
Share price: AU$5.86
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. Adriatic produced its first silver-lead concentrate and zinc concentrate at the Vareš processing plant in February 2024.
On July 1, 2025, Adriatic announced it achieved commercial production at Vareš.
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.
Adriatic's Q1 2025 update, released on March 31, highlighted production of 1.3 million silver equivalent ounces, a 44 percent from 934,000 ounces in Q4 2024.
On June 13, the company entered an agreement to be acquired by Dundee Precious Metals (TSX:DPM,OTC:DPMLF), a fellow precious metals producer in Europe's Balkans region. Under the terms of the deal, Adriatic shareholders will be offered AU$5.56 per share, a 47.8 percent premium on the May 20 ASX closing price of AU$3.76, and will have the option to accept either a cash offer or shares in Dundee. The acquisition is expected to close in Q4.
2. Silver Mines (ASX:SVL)
Market cap: AU$295.14 million
Share price: AU$0.15
Silver Mines is an advanced-stage silver exploration and development company with projects in Central New South Wales, Australia: its Bowdens silver project, located 26 kilometres east of Mudgee, and its Tuena gold project, 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 Mine's 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.
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) 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$222.19 million
Share price: AU$1.40
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.
On July 18, the company reported that it had successfully closed a AU$30 million placement and will use the proceeds to target resource growth and infill drilling campaigns, as well as support for technical and feasibility studies.
4. Unico Silver (ASX:USL)
Market cap: AU$208.02 million
Share price: AU$0.445
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 May 5. In the announcement, Unico reported high-grade silver returns, including a highlighted intercept of 772 g/t silver equivalent or over 13 metres, including an intersection of 4,625 g/t silver equivalent over 1.7 metres.
Additionally, the most recent results from the 10,000 metre maiden drill program at Joaquin, launched in mid-March, came on July 14. In the announcement, Unico reported a highlighted assay of 144 g/t silver equivalent over 90 meters, which included an intersection of 718 g/t over 4 metres.
5. Sun Silver (ASX:SS1)
Market cap: AU$157.12 million
Share price: AU$1.00
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.
The most recent results from its exploration program at Maverick came on July 2, with Sun Silver reporting a highlighted assay of 160 g/t silver equivalent over 70 metres, including 460 g/t over 22.4 metres. The drill hole also delivered the highest silver equivalent interval in the project's history, 10,548 g/t over 0.76 metres.
In addition to its exploration work, Sun Silver announced on July 24 that it had received firm commitments to raise AU$30 million from a group of domestic and international institutions. It plans to use the proceeds from the placement to fund infill and extensional drilling at Maverick, with the intention of increasing the mineral resource estimate.
Funds will also be used to conduct metallurgical test work to support technical and economic studies, as well as to pursue critical mineral funding from the US Department of Defence.
Don't forget to follow us @INN_Australia for real-time news updates!
Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.
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28 July
Completion of Silver Acquisition & Appointment of New Managing Director
Rapid Critical Metals Limited (‘Rapid,’ ‘RCM’ or ‘Company’) is pleased to advise that the Company has today completed the acquisition of Silver Metal Group Limited’s two wholly-owned subsidiaries, Conrad Resources Pty Ltd and Webbs Resources Pty Ltd (Transaction), the terms of which are contained in the Company’s announcement to ASX of 22 May, 2025. The Transaction was approved by shareholders at the Extraordinary General Meeting (EGM) held on 7 July, 2025.
Following completion, Mr Byron Miles has been formally appointed as Managing Director by the Board effective 24 July, 2025, with his appointment as a Director also approved by shareholders at the EGM.
Mr. Miles is a financial market professional who brings a wealth of experience to the Company, having worked as a stockbroker and fund manager for over 18 years. He is a specialist in mergers and acquisitions, with transactions across various commodities and geological locations. Mr Miles has a track record of helping companies develop from inception to profitable businesses.
Following Byron’s appointment to Managing Director, both Martin Holland and Michael Schlumpberger will transition to the role of Non-Executive Director, also effective 24 July, 2025.
Commenting on the completion of the acquisition of the silver projects and transition of Managing Director, Rapid’s Chairman, Rick Athon, said:
“The Board would like to thank Martin Holland for executing the transformative strategy of the Company as Managing Director that was required to turn RCM into a well-funded critical metals Company with leading acquisitions in Silver and Gallium + Germanium, across two leading mining jurisdictions.”
Summary of Key Engagement Terms:
The terms of engagement are in line with industry practice and ASX corporate governance guidelines. The remuneration package is designed to ensure alignment of reward with achievement of corporate objectives and the creation of shareholder value, as determined by the Board.
Term
Mr Miles’ engagement as Managing director is effective from 24 July, 2025 and until terminated in accordance with the Agreement.
Remuneration
Mr Miles will be paid an annual salary of $250,000.
Termination
The Agreement may be terminated by the Company by six months’ notice or payment in lieu of notice and six months’ notice by Mr Miles or immediately by the Company for a material breach of the Agreement. Customary restraint provisions apply.
Click here for the full ASX Release
This article includes content from Rapid Critical Metals, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
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18 July
Editor's Picks: Silver Price Breaks US$39 Again, Rare Earths Stock Soars
The gold price saw both peaks and troughs this week, reacting to the release of June consumer and producer price index data out of the US, as well as renewed discussions about whether President Donald Trump may fire Federal Reserve Chair Jerome Powell.
Silver was the real precious metals star, pushing past the US$39 per ounce level once again.
What's next for the white metal? John Feneck of Feneck Consulting shared his opinion with the Investing News Network, laying out support and resistance levels. Here's what he said:
What's happened is we broke through that US$37 to US$37.30 resistance level — after failing there, by the way — which is also a technical bullish sign. And then we rallied all the way to the US$39s, but we hit resistance between US$39 and US$40, which is not really unexpected, because it was a really quick move from US$37 to US$39.
I think US$40 is a big, round number that doesn't have a lot of resistance on the long-term chart, but it's still there in people's minds.
It's going to take a little bit to get through US$40. But once you're by US$40, then it's absolutely go time if you don't think it is already.
Take a watch for more on silver, as well as the gold, platinum and copper markets.
Bullet briefing — MP shares rise, Barrick and Discovery talk Hemlo
MP Materials signs deal with Apple
MP Materials (NYSE:MP) was in the headlines after announcing a US$500 million partnership with Apple (NASDAQ:AAPL). The companies said on Tuesday (July 15) that they have entered into a definitive long-term agreement through which MP will supply Apple with rare earth magnets.
The magnets will be made in the US, and will use 100 percent recycled materials.
The news follows last week's new partnership between MP and the US Department of Defense. A key component is a 10 year deal that sets up a price floor commitment of US$110 per kilogram for MP's neodymium-praeseodymium products, a move geared at creating supply chain stability.
The defense department will also become MP's largest shareholder, buying US$400 million worth of preferred stock and receiving warrants to purchase additional common stock.
Shares of MP spiked on the news and have stayed high since then.
MP describes itself as the only fully integrated rare earths producer in the US, and the moves from Apple and the defense department reflect a growing push to diversify away from China.
Investors are taking note of the rare earths opportunity too. Here's how Rick Rule of Rule Investment Media described the sector's potential in a recent interview:
If you want a gamier suggestion, I really like the high-quality rare earths space. Nobody understands it, nobody cares. There are probably 50 pretenders in rare earths, but there are two or three speculations that, while you could easily lose 30 percent of your money, you could also easily enjoy 20 baggers.
Watch the interview for more, including Rule's favorite ASX-listed mining stocks.
Barrick, Discovery Silver in Hemlo talks
Major miner Barrick Mining (TSX:ABX,NYSE:B) is reportedly looking to sell Hemlo, its last remaining Canadian gold mine, to Discovery Silver (TSX:DSV,OTCQX:DSVSF).
According to Bloomberg, the companies are in "advanced talks" about a deal.
Located in Ontario, Hemlo's 2025 output is forecast at 140,000 to 160,000 ounces of gold at an all-in sustaining cost of US$1,600 to US$1,700 per ounce.
The move to sell Hemlo comes as Barrick hones in on tier-one assets and broadens its focus. It changed its name from Barrick Gold to Barrick Mining earlier this year, with its latest divestment being the sale of its 50 percent stake in the Alaska-based Donlin gold project for US$1 billion in cash.
For its part, Discovery Silver has been on an expansion path, closing its acquisition of Newmont's (TSX:NGT,NYSE:NEM) Porcupine complex this past April.
In addition to Porcupine, Discovery holds the Cordero silver project in Mexico.
Want more YouTube content? Check out our expert market commentary playlist, which features interviews with key figures in the resource space. If there's someone you'd like to see us interview, please send an email to cmcleod@investingnews.com.
And don't forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.
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16 July
Silver Price Update: Q2 2025 in Review
Silver took some luster from gold in Q2 as its price climbed to 14 year highs.
Many of the same contributors that affected the gold price were also in play for silver.
Uncertainty in financial markets, driven by a chaotic US trade and tariff policy, coincided with rising tensions in the Middle East and continued fighting between Russia and Ukraine, prompting investors to seek safe-haven assets.
Unlike gold, however, silver also saw gains as industrial demand strained overall supply.
What happened to the silver price in Q2?
The quarter opened with the price of silver sinking from US$33.77 per ounce on April 2 to US$29.57 on April 4. However, the metal quickly found momentum and climbed back above the US$30 mark on April 9.
Silver continued upward through much of April, peaking at US$33.63 on April 23.
Volatility was the story through the end of April and into May, with silver fluctuating between a low of US$32.05 on May 2 and a high of US$33.46 on May 23.
Silver price, April 1 to July 17, 2025.
Chart via Trading Economics.
At the start of June, the price of silver soared to 14 year highs, opening the month at US$32.99 and rising to US$36.76 by June 9. Ultimately, the metal reached a year-to-date high of US$37.12 on June 17. Although the price has eased slightly from its high, it has remained in the US$36 to US$37 range to the end of the quarter and into July.
Silver supply/demand balance still tight
Various factors impacted silver in the second quarter of the year, but industrial demand was a primary driver in both upward and downward movements. Over the past several years, silver has been increasingly utilized in industrial sectors, particularly in the production of photovoltaics. In fact, according to the Silver Institute’s latest World Silver Survey, released on April 16, demand for the metal reached a record 680.5 million ounces in 2024.
Artificial intelligence, vehicle electrification and grid infrastructure all contributed to demand growth
At the same time, mine supply has failed to keep up, with the institute reporting a 148.9 million ounce production shortfall. This marked the fourth consecutive year of structural deficit in the silver market.
In a June 11 interview with the Investing News Network (INN), Peter Krauth, editor of Silver Stock Investor and Silver Advisor, said deficits are likely to get worse in the coming years as aboveground stockpiles are chipped away.
“(We have) flat supply, growing demand — demand that’s nearly 20 percent above supply," he said. "And our ability to meet those deficits is shrinking because we’re tapping into these aboveground stockpiles that have shrunk by about 800 million ounces in the last four years, which is equivalent to an entire year’s mine supply. So it’s the perfect storm."
But industrial demand can send the silver price in either direction.
The chaos caused by Trump’s on-again, off-again tariffs has caused some consternation among investors.
While gold and silver have traditionally both been viewed as safe-haven assets, silver’s increasing industrial demand has decoupled it slightly from that aspect. When Trump announced his "Liberation Day" tariffs on April 2, silver was impacted due to fears that a recession could cause demand for the metal to slip.
Although the dip in silver was short-lived, it was one of its steepest falls in recent years.
In an email to INN, Julia Khandoshko, CEO of Mind Money, said a recession could have consequences for silver, but she wouldn't expect them to last long:
“If a global recession really starts, silver will most likely nosedive momentarily. In terms of its 2025 performance, silver growth has been largely bolstered by consolidated precious metals group appreciation, additionally beefed up by relative USD weakness."
Geopolitics and the silver price
Adding to the tailwinds is a growing east-west divide. Due to its usage in industrial components, particularly those related to the military and energy sectors, and its role as a safe haven, silver is being influenced by geopolitics.
June’s price rally came alongside growing speculation that Israel was preparing to attack Iranian nuclear sites. Investors became concerned that war could disrupt international trade and oil movements in the region.
Ultimately, their concerns were proven right, and Israel launched attacks on June 12; the US then bombed key nuclear facilities on June 21. While the escalation is new, the underlying politics have been simmering for years.
Sanctions against Russia have strengthened support among the BRICS nations, which have been working to reduce their reliance on US dollar assets, such as treasuries, and increase trade in their own currencies.
But they may also be working to separate themselves from western commodities markets. In October 2024, Russia floated the idea of creating a precious metals exchange to its BRICS counterparts. If established, it could shake up pricing for commodities like silver, allowing Russia to circumvent sanctions and trade with its bloc partners.
While the exchange is still just an idea, a bifurcated world is not. While the US has targeted most nations with tariffs, it has singled out China. Much of the first half of the year saw the world’s two largest economies escalate import fees with one another, with China even restricting the export of rare earth elements to the US.
Discussions on national security and critical minerals have been at the forefront for the last several years. Still, they have become even more pronounced with the US and China on tense footing.
In a July 9 interview with INN, economist and author Dr. Nomi Prins suggested that national security demands are likely to offset the impact of any economic downturn on the broader economy.
“Even if that’s going to happen, industrial use value — building infrastructure, building national security, national energy priorities — needs a lot of silver, and there just simply isn’t enough supply out of the ground to meet the demand. That’s long-term demand above the ground. This has been a thing, but right now, because of these geopolitical forces and realignments, silver is going to drop more into that industrial role,” she said.
Silver price forecast for 2025
Overall, the expectation is that without new mine supply and dwindling aboveground stockpiles, silver is likely to remain in deficit for some time. Other factors, like Trump tariffs and geopolitics, aren’t likely to disappear either.
Demand could ease off if a global recession were to materialize, but safe-haven investing could offset declines.
For his part, Krauth thinks the silver price is likely to remain above the US$35 mark, but it could fluctuate and he suggested a rally in the US dollar could push the silver price down. However, he also sees some pressure easing on the recession side of the equation if the US signs tariff deals that would eliminate some uncertainty.
“US$40, let’s say by the end of this year," he said, adding, "Frankly, I could see something really realistically above that, maybe an additional 10 percent if the scenario plays out right."
He doesn’t think that’s the end. In the longer term, Krauth sees silver going even higher. He pointed to the current gold-silver ratio, which is around 92:1, compared to an average of 60:1 over the last 50 years.
“So we could go to, who knows, somewhere like maybe 40 or 30 to one in the ratio. That would be tremendous for silver — that could bring silver above US$100. I’m not saying that’s happening tomorrow, but in the next couple of years I would say that’s certainly something that could easily be in the cards,” Krauth said.
Fundamentals and geopolitics aligned for silver in the first half of 2025, and barring a recession, they are likely to provide tailwinds in the second half. Whether the price climbs or continues to find support at US$35 is yet to be seen.
Don’t forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.
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14 July
Ted Butler: Silver's Moment is Here, Time for Price to Outperform
Has silver's moment finally arrived?
Precious metals analyst Ted Butler believes the answer is "yes."
"I think this is the moment, because we broke through technically what was a really important level — that US$35, US$36 (per ounce) level," he said. He sees a clear path for silver to outperform gold.
Don't forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
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14 July
Silver Price at New Base, What Comes Next? First Majestic's Mani Alkhafaji
Mani Alkhafaji, vice president of corporate of development and investor relations at First Majestic Silver (TSX:AG,NYSE:AG) discusses silver's recent price rise.
He notes that the gold-silver mining ratio is at seven to one, while the price ratio is at 90 to one.
"That tells us silver needs to play catch up to collapse that ratio," he said.
Don't forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
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