First quarter results exceed expectations. Endeavour Silver reported first quarter net earnings of $11.7 million, or $0.07 per share, compared to an adjusted net loss of $4.5 million, or $(0.03) per share during the prior year period. We had forecast net income of $8.4 million, or $0.05 per share. The company generated adjusted EBITDA of $27.1 million compared to $8.3 million during the prior year period and our estimate of $17.1 million. Variances to our estimate included lower direct production costs and $6.6 million of other income, including foreign exchange and investments. Revenue of $57.7 million was modestly ahead of our $57.2 million estimate. Updating estimates. While we are maintaining our 2022 EPS estimate, we have increased our EBITDA estimate to $67.8 million from $60.6 million. Our revised estimates reflect lower direct production costs and higher depreciation, depletion, and amortization. Read More >>
May 11, 2022
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28 May 2024
Endeavour Silver Announces 2024 Annual General Meeting Voting Results
Endeavour Silver Corp. ("Endeavour" or the "Company") (NYSE: EXK; TSX: EDR) is pleased to announce that shareholders voted in favour of all items of business at the Company's 2024 Annual General Meeting ("AGM") held on May 28, 2024 in Vancouver. A total of 104,090,503 votes were cast or represented by proxy at the AGM, representing 43.31% of the outstanding common shares as of the record date. The following is a tabulation of the votes submitted by proxy:
DIRECTORS | NUMBER OF SHARES | PERCENTAGE OF VOTES CAST | ||
FOR | WITHHELD/ ABSTAIN | FOR | WITHHELD | |
Rex J. McLennan | 50,212,585 | 11,699,944 | 81.10% | 18.90% |
Margaret M. Beck | 61,370,134 | 542,396 | 99.12% | 0.88% |
Ricardo M. Campoy | 61,455,874 | 456,656 | 99.26% | 0.74% |
Daniel Dickson | 61,461,186 | 451,345 | 99.27% | 0.73% |
Amy Jacobsen | 61,364,651 | 547,879 | 99.12% | 0.88% |
Kenneth Pickering | 53,516,716 | 8,395,815 | 86.44% | 13.56% |
Mario D. Szotlender | 61,428,282 | 484,248 | 99.22% | 0.78% |
Angela Johnson | 61,333,538 | 578,992 | 99.06% | 0.94% |
All director nominees were re-elected, including the addition of Angela Johnson to the Board of Directors (see news release dated April 18, 2024 ) to fill vacancy left by the retirement of Christine West.
Shareholders voted 88.36% in favour of re-appointing KPMG LLP as auditor of the Company and authorized the Board to fix the auditor's remuneration for the ensuing year. In addition, shareholders also voted 96.79% in favour of approving certain amendments to the Stock Option Plan and all unallocated options grantable under the Stock Option Plan, as amended by Amendment No. 6, and 96.76% in favour of approving all unallocated awards grantable under the Share Unit Plan.
About Endeavour Silver – Endeavour Silver is a mid-tier precious metals company with a strong commitment to sustainable and responsible mining practices. With operations in Mexico and the development of the new cornerstone mine in Jalisco state, the Company aims to contribute positively to the mining industry and the communities in which it operates. In addition, Endeavour has a portfolio of exploration projects in Mexico, Chile and the United States to facilitate its goal to become a premier senior silver producer.
For Further Information, Please Contact:
Galina Meleger, Vice President, Investor Relations
Tel: 604-640-4804
Email: gmeleger@edrsilver.com
Website: www.edrsilver.com
Follow Endeavour Silver on Facebook , X , Instagram and LinkedIn
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16 May 2024
Endeavour Silver Highlights Progress on its Three-Year Sustainability Strategy in 2023 Sustainability Report
Endeavour Silver Corp. ("Endeavour" or the "Company") (TSX: EDR, NYSE: EXK) made further progress executing its 2022-2024 Sustainability Strategy as outlined in the Company's 2023 Sustainability Report released today.
Entitled "Transformation in Motion", the report provides insights into Endeavour's sustainability performance and approach over 2023, including second-year progress highlights against the strategy.
"Since launching our 2022-2024 Sustainability Strategy two years ago, we have completed many significant initiatives and achieved key targets," stated Dan Dickson, CEO of Endeavour. "In 2023, we transformed more commitments into meaningful impact across our sites and surrounding areas. With the ongoing construction of our flagship mine, Terronera, we're on the doorstep of a transformation that will bring us closer to becoming a premier silver producer—and our sustainability initiatives have helped set us up for this exciting future."
Endeavour's 2022-2024 Sustainability Strategy is centered around three pillars:
- People – Increasing positive social impacts for people in our workplace and in the communities where we operate.
- Planet – Elevating our environmental stewardship to reduce negative impacts, protect ecosystems and support environmental sustainability.
- Business – Operating a trusted, well-performing business by further strengthening the critical foundations that create long-term organizational sustainability.
The actions we took in 2023, and achievements made, include the following (all dollar amounts presented below are in U.S. dollars):
People
- Continued implementing safety procedures aligned to ISO 45001, the global standard for reducing occupational injuries and diseases, and recorded a 1.03 reportable injury rate.
- Provided an average of 31 training hours per employee and contractor.
- Made upgrades to our mining on-site facilities, including employee accommodations, food services and enjoyment areas, to create more comfortable experiences for our people.
- Nearly doubled our community investments, to $854,620 which supported initiatives such as road improvement projects, the building of a new community water well, and the delivery of skill-training workshops for local residents.
- Marked the seventh anniversary of our Scholarship Program, with 142 scholarships awarded in 2023 – and 855 since 2017 – to enhance access to education for local students.
- Awarded the ‘Socially Responsible Company' distinction by the Mexican Center for Philanthropy.
Planet
- Released our first climate report aligned to the Task Force on Climate-related Financial Disclosures (TCFD) framework, entitled " Our Climate Journey " , and undertook research to inform the development of a long-term Climate Action Plan.
- Calculated Scope 3 emissions for the first time, for our two producing mines.
- Recycled 89% of water used in our operations, beating our target and minimizing our use of fresh water.
- Diverted 78% of our overall waste from landfills.
- Continued working with an external consultant to align our current practices with the new Global Industry Standard on Tailings Management.
- Planted 58,580 trees through our reforestation program to restore land disturbed by mining activity
Business
- Surpassed 30% representation of women on the Board, achieving our 2024 target.
- Developed Anti-money Laundering and Anti-terrorist Financial Protocol to formalize and strengthen the controls governing our relationships with third parties.
- 100% of our employees completed business conduct and ethics training.
- Created a new human rights training course for Endeavour's security personal.
- 97% of our procurement was from local and national suppliers in Mexico.
- Launched Supplier Standards of Conduct to integrate enhanced ESG criteria into our supplier due diligence processes.
The 2023 Sustainability Report and related performance tables are available on Endeavour's website .
The report has been prepared in accordance with the Global Reporting Initiative (GRI) Standards and the Sustainability Accounting Standards Board (SASB) framework, as well as with reference to the United Nations Sustainable Development Goals (SDGs). A Spanish version of the report will be available online during Q3, 2024.
About Endeavour Silver – Endeavour is a mid-tier precious metals company with a strong commitment to sustainable and responsible mining practices. With operations in Mexico and the development of the new cornerstone mine in Jalisco state, the company aims to contribute positively to the mining industry and the communities in which it operates. In addition, Endeavour has a portfolio of exploration projects in Mexico, Chile and the United States to facilitate its goal to become a premier senior silver producer.
Contact Information
Galina Meleger, Vice President of Investor Relations
Tel: (877) 685 - 9775
Email: gmeleger@edrsilver.com
Website: www.edrsilver.com
Follow Endeavour Silver on Facebook , X , Instagram and LinkedIn
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2h
Cobre Limited
Investor Insight
Cobre offers investors a rare combination of district-scale copper-silver discovery potential, near-term development upside through its ISCR-ready Ngami copper project, and a capital-light growth model underpinned by major-partner funding and diversified exposure to critical minerals.
Overview
Cobre (ASX:CBE) is an Australian exploration company unlocking the copper-silver potential of the Kalahari Copper Belt in Botswana, one of the world’s most prospective but underexplored sediment-hosted copper provinces. With approximately 5,348 sq km of land position, the company’s near-term focus is the Ngami copper project (NCP), where a maiden JORC resource at the Comet deposit establishes an initial copper-silver resource with strong in-situ copper recovery (ISCR) development credentials.
Cobre’s project location in the Kalahari Copper Belt
Cobre’s growth strategy balances district-scale discovery potential with development-ready assets, leveraging major-partner funding, including up to AU$40 million (US$25 million) investment from BHP to accelerate exploration at Kitlanya, while concentrating company capital on advancing NCP through technical, environmental and permitting milestones. The company complements its Botswana assets with strategic exposure to high-purity quartz and volcanogenic massive sulphide (VMS) opportunities in Western Australia. This diversified, capital-light approach aims to build shareholder value through discovery, derisking and development optionality.
Company Highlights
- Dominant land position – ~5,348 sq km across Botswana’s Kalahari Copper Belt (KCB), the second largest tenement package in the districtInvestor
- Maiden JORC Mineral Resource – Comet deposit (Ngami copper project): 11.5 Mt @ 0.52 percent copper and 11.6 grams per ton (g/t) silver (60.3 kt copper; 4.3 Moz silver), incl. 1.1 Mt indicated @ 0.59 percent copper and 12.8 g/t silver
- BHP partnership – Eight-year earn-in across Kitlanya East & West, allowing BHP to earn 75 percent by providing up to US$25 million for exploration expenditure, while Cobre retains exposure
- BHP Xplor cohort – Selected in 2024, securing US$500,000 non-dilutive funding and technical support
- Multi-jurisdiction exploration portfolio – Botswana (copper-silver), Western Australia (VMS, high-purity quartz)
Key Projects
Ngami Copper Project
The 100 percent owned Ngami copper project is Cobre’s flagship asset and the primary focus of current exploration and technical work. Situated in the Kalahari Copper Belt (KCB), NCP spans multiple licences covering highly prospective sediment-hosted copper-silver targets along basin margins.
Comet Deposit – Maiden JORC Resource
- Announced in August 2025, the Comet deposit hosts 11.5 Mt @ 0.52 percent copper and 11.6 g/t silver, including 1.1 Mt indicated @ 0.59 percent copper and 12.8 g/t silver, at a 0.2 percent copper cut-off.
- Contained metal: ~60,300 tonnes copper and 4.3 Moz silver.
- Mineralisation is predominantly fine-grained chalcocite, an ideal feedstock for hydrometallurgical processing.
In-Situ Copper Recovery Development Potential
ISCR is a low-cost, low-impact method of producing copper by circulating a solution through the orebody underground to dissolve and pump the metal to surface for processing. For Cobre’s Ngami project, ISCR offers the potential to unlock value without the expense and disruption of conventional mining, thanks to favourable geology, high recoveries in test work, and minimal surface disturbance – positioning it as a potentially faster, cleaner and more capital-efficient path to production.
Exploration Upside
Beyond the initial Comet resource, Ngami hosts extensive growth potential with 40 km of mineralised strike and large, defined exploration targets that could significantly expand the resource base. Early drilling at new zones, such as the Cosmos target, has intersected high-grade copper. More than 20 km of prospective contact remains untested, offering multiple opportunities for further discoveries that could enhance scale, mine life and project economics.
Kitlanya East & West
Cobre’s Kitlanya East and West licences, also located in Botswana, involve an eight-year earn-in agreement with BHP. Under the deal, BHP can invest up to US$25 million to earn a 75 percent interest in Kitlanya, allowing the company to leverage a major partner’s technical expertise and funding while retaining exposure to potential tier-one discoveries. Exploration is targeting preserved fold hinge settings along basin margins – geological positions known to host large sediment-hosted copper deposits – using advanced geophysics and seismic techniques to define high-priority drill targets.
Okavango Copper Project
Another Botswana copper asset, the Okavango project is located along strike from MMG’s Zone 5 deposit. Okavango offers 186 km of prospective contact in the northeast Kalahari Copper Belt. Early drilling has intersected multiple zones of anomalous copper and silver mineralisation, and geophysical data shows gravity signatures comparable to those in producing areas, indicating strong potential for significant new discoveries.
Perrinvale Project
In addition to its African portfolio, Cobre holds the Perrinvale project in Western Australia, prospective for both high-grade VMS mineralisation and high-purity quartz (HPQ). The HPQ target has an exploration range of 5.1 to 28.3 Mt grading 99.1 to 99.6 percent SiO₂, positioning it as a potential supplier to critical silicon markets for renewable energy and electronics.
Management Team
Martin Holland – Executive Chairman
Martin Holland is the founder of Cobre and co-founder of multiple ASX-listed companies, including Lithium Power International. He has more than 15 years’ experience in capital markets and resource company leadership, raising more than AU$200 million for exploration.
Adam Wooldridge – Chief Executive Officer
Founding partner and CEO of KML, Adam Woolridge has more than 28 years’ experience in exploration management and target generation in Africa, the Middle East and Europe.
Ross McGowan – Non-executive Director
CEO of Armada Metals and founder of RED Group, Ross McGowan has over 20 years of experience in African exploration, and was part of the Kamoa discovery team.
Michael McNeilly – Non-executive Director
Michael McNeilly, is a corporate financier and CEO of Strata Plc, with experience across multiple listed resource companies.
Michael Addison – Non-executive Director
Michael Addison is the founder of Endocoal, Carabella Resources and Genex Power, with extensive mining and energy development background.
Andrew Sissian – Non-executive Director
Andrew Sissian is co-founder of Cobre and Procon Telematics. He is a corporate and capital markets specialist with a CPA background.
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25 August
Pan American Silver Gets Green Light for US$2.1 Billion MAG Silver Deal
Pan American Silver (TSX:PAAS,NYSE:PAAS) is set to close its US$2.1 billion acquisition of MAG Silver (TSX:MAG,NYSEAMERICAN:MAG) after receiving final clearance from Mexico’s Federal Economic Competition Commission, cementing one of the year’s largest transactions in the sector.
The approval clears the way for the all-cash-and-stock deal to be completed on or about September 4 of this year, the companies announced on Monday (August 25).
Under the terms of the arrangement, MAG shareholders will receive either US$20.54 in cash per share or the default consideration of US$0.0001 in cash plus 0.755 of a Pan American share for each MAG share held.
According to company filings, Pan American expects to issue about 60 million shares to MAG shareholders when the deal closes, leaving them with roughly 14 percent of the combined company on a fully diluted basis.
The transaction values MAG at about US$2.1 billion, a 21 percent premium to its closing price and a 27 percent premium to its 20 day volume-weighted average price on the NYSE American as of May 9, when the deal was announced.
For Pan American, one of the world’s largest primary silver producers, the prize is MAG’s 44 percent joint-venture stake in the Juanicipio mine in Mexico’s Fresnillo Silver Trend.
The large-scale underground operation is among the world’s highest-grade primary silver mines, producing 4.5 million ounces of silver in the first quarter of 2025 alone at an all-in sustaining cost of US$10.64 per ounce of silver equivalent. Annual output this year is forecast between 14.7 million and 16.7 million ounces.
“This strategic acquisition further solidifies Pan American as a leading Americas-focused silver producer,” said Michael Steinmann, Pan American’s president and CEO, in the May announcement. “Our acquisition of MAG brings into Pan American’s portfolio one of the best silver mines in the world. Juanicipio is a large-scale, high-grade, low-cost silver mine that will meaningfully increase Pan American’s exposure to high margin silver ounces.”
Steinmann added that the deal gives Pan American future growth opportunities through MAG’s exploration properties in Utah and Ontario.
Consolidation wave in silver
The tie-up between Pan American and MAG continues a consolidation trend sweeping the silver sector, with a stronger metal price and investor appetite for scale driving a string of deals.
Recent transactions include First Majestic Silver’s (TSX:FR,NYSE:AG) US$970 million takeover of Gatos Silver, Coeur Mining's (NYSE:CDE) US$1.7 billion acquisition of SilverCrest Metals and Endeavour Silver's (TSX:EDR,NYSE:EXK) US$145 million purchase of Compañia Minera Kolpa in Peru.
Pan American operates 10 mines across Canada, Mexico, Peru, Brazil, Bolivia, Chile and Argentina, and also owns the Escobal mine in Guatemala, currently on care and maintenance. For MAG, the deal marks the end of its run as an independent company, but gives its shareholders a stake in a significantly larger producer.
In addition to Juanicipio, MAG has been advancing the Deer Trail Project in Utah and the Larder Project in Ontario’s Abitibi region. Those properties will now shift under Pan American’s control.
Don’t forget to follow us @INN_Resource for real-time news updates!
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
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21 August
Prismo Metals
Investor Insight
Prismo Metals presents a compelling investment opportunity with its strategic focus on high-grade precious and base metal exploration in Mexico and Arizona, leveraging advanced technology and maximizing shareholder value through targeted asset development.
Overview
Mexico’s Sinaloa state hosts several prolific silver and gold mines, including McEwen Mining’s (TSX:MUX) El Gallo Complex, Americas Gold and Silver’s (TSX:USA) Cosalá operations and Kootenay Silver’s (TSXV:KTN) Copalito silver-gold project. Between 2012 and 2019, gold production at the El Gallo mine alone totaled 295,000 ounces (oz) and silver production peaked at 142,000 oz. At the Panuco project, Vizsla Silver (TSXV:VZLA) has an indicated resource of 9.5 million tons at grades of 289 g/t silver, 2.41 g/t gold, 0.27 percent lead and 0.84 percent zinc for 155.8 Moz silver equivalent.
Prismo Metals (CSE:PRIZ,OTCQB:PMOMF, FSE:7KU) has made a strategic move to join the list of successful explorers in this region. The company’s leadership team has decades of experience in the Mexican precious metals industry. Director, president, CEO and co-founder Dr. Craig Gibson has been an exploration consultant since 1998 and a director of Beyond Minerals (CSE:BY) Garibaldi Resources (TSXV:GGI).
Prismo Metals has three current exploration projects: Palos Verdes, Los Pavitos and Hot Breccia. The Palos Verdes property covers 22.77 hectares within the historic Panuco-Copala silver-gold district in Sinaloa, well-known for its numerous veins with historical production. While much of the district has been consolidated by Vizsla Resources, the Palos Verdes project is located near the district’s under-explored northeastern limit.
On January 9, 2023, Vizsla Resources acquired a right of first refusal to purchase the Palos Verdes project through a strategic investment agreement with Prismo Metals. Vizsla's strategic investment consists of a cash payment of $500,000 and the issuance of one million common shares of Vizsla to Prismo. Pursuant to the strategic investment, the two companies formed a technical committee for district-scale exploration of the Panuco silver-gold district consisting of Drs. Gibson and Megaw along with Dr. Jesus Velador, vice president of exploration for Vizsla.
Prismo Metals’ Palos Verdes property includes 700 meters of strike length along the Palos Verdes vein, which has been explored for 250 meters with findings yielding as much as 6.7 grams per ton (g/t) gold and 544 g/t silver from surface and underground sampling. A second vein system may be reflected in a northwest striking alteration zone, offering an additional high-grade exploration target on the property.
In May 2019, the company and ProDeMin entered an option agreement in which Prismo may acquire a 75-percent interest in the Palos Verdes property, and later entered into an agreement to acquire the remaining 25 percent of the property from the original owner. The company conducted a 2,100-meter drill program at Palos Verdes in 2022, designed to test the Palos Verdes vein and a structural intersection with a second vein at depths where it is believed that potential for a large ore shoot is present, similar to the drilling accomplished by Vizsla Silver on their adjacent land package.
Prismo conducted a 15 hole, 2,923-meter drilling program at Palos Verdes in 2023, with the best result being 11,520 silver equivalent (102 g/t gold and 3,100 g/t silver) over 0.5 meters downhole. An alteration study and rock chip sampling program were also conducted and provide evidence that additional mineralization may occur in previously unexplored areas.
The Los Pavitos project is located in the Alamos region of southern Sonora, a well-mineralized area that hosts several active exploration and mining projects. The project consists of one concession covering 5,289 hectares. Early sampling and reconnaissance work has been carried out by previous companies, including Minera Cascabel, and show the presence of high-grade gold assays in at least two target areas.
In 2022 Prismo Metals signed a formal access agreement with Francisco Villa Ejido, the surface owner of the Los Pavitos Project to allow for exploration work and drilling, and completed a mapping, sampling and trenching program in 2023. Thus work paved the way for a first ever drill program at the project in 2023, consisting of 2,370 meters in 25 holes with excellent results.
Prismo acquired the right to earn a 75 percent interest in the Hot Breccia property in early 2023. Hot Breccia lies in the heart of the world-class Arizona copper belt and has historical drilling indicating the potential for a large copper mineralized system.
An airborne Z‐tipper axis electromagnetic (ZTEM) geophysical survey was completed at Hot Breccia. Prismo received assay results for the first batch of samples taken at the project indicating the presence of not only copper mineralization but also gold mineralization associated with gossanous veins and shear zones.
In 2025, Prismo Metals has signed option agreements to acquire100 percent of the historic Silver King and Ripsey mines in Arizona’s prolific Copper Belt, near its flagship Hot Breccia project. Silver King, discovered in 1875, produced nearly 6 million ounces of silver at grades up to 61 oz/t, with later sampling returning up to 644 oz/t silver and 15 g/t gold, indicating high-grade potential and possible antimony mineralization. The Ripsey mine, located 20 kilometers west of Hot Breccia, is an historic gold-silver-copper producer with sampling up to 15.85 g/t gold and 276 g/t silver, yet remains untested by modern exploration.Company Highlights
- Prismo Metals is an exploration company targeting high-grade silver and gold projects in Mexico, one of the world’s top producers of precious metals, and a large-scale copper project in Arizona, the leading producer of the metal in the US.
- The company’s Palos Verdes property is located in the historic Panuco-Copala silver-gold district in Sinaloa, Mexico and is partly surrounded by ground controlled by Vizsla Silver Corp..
- The Palos Verdes property includes 700 meters of strike length along the Palos Verdes vein, which has yielded 6.7 grams per ton (g/t) gold and 544 g/t silver at the surface.
- The company’s Los Pavitos project is located in the well-mineralized Alamos region of southern Sonora. The project consists of one concession covering 5,289 hectares.
- The Hot Breccia project consists of 1,400 hectares located in the world class Arizona Copper Belt.
- Prismo’s management and advisory team offers decades of experience in the Mexican precious metals industry, including all aspects of exploration and resource development.
- Prismo acquired 100 percent of the Palos Verdes claim and has drilled 6000 meters on the property. The drill results revealed high-grade silver and gold showing multiple discrete quartz vein stages lacing between breccia fragments and showing distinctly differing mineralogy.
- Vizsla Silver Inc. completed a Strategic Investment and owns about 9.9 percent of the company.
- The Silver King Project is a historic high-grade silver-gold mine in Arizona’s Copper Belt with strong evidence of remaining mineralization.
- The company also filed on SEDAR an NI 43-101 Technical Report for its Los Pavitos Gold-Silver Project in southern Sonora, Mexico.
Key Projects
Silver King
The Silver King Project gives Prismo Metals a foothold in one of the most historically significant silver-gold districts in the United States. Once a premier silver producer, the mine is renowned for its exceptionally high grades and long mining history. The project offers both brownfields exploration upside and discovery potential, supported by excellent infrastructure, mining expertise in the region, and a fully funded exploration program. Prismo’s work is focused on validating historic results, testing high-priority targets, and positioning Silver King as a cornerstone North American asset.
Project Highlights
- Historic High-Grade Production
- Silver King mine produced nearly 6 million ounces of silver at grades up to 61 oz/t (~2,082 g/t).
- Late 1990s sampling returned ~644 oz/t silver (~18,250 g/t) and 0.53 oz/t gold (~15 g/t).
- Mineralization includes freibergite, indicating potential for antimony, a critical mineral.
- Strategic Location
- Situated in Arizona’s Copper Belt, a world-class jurisdiction with extensive infrastructure and mining talent.
- Ripsey Project provides additional exploration potential along the same mineralized trend.
- Exploration Program Planned
- Initial work includes surface mapping, sampling, and underground inspections.
- Shaft dewatering with submersible pumps is in progress.
- Phase-1 drilling (~1,000 m) targeting mineralized zones at multiple elevations and lateral extensions.
Prismo Metal's Silver King project
Ripsey Mine
The Ripsey Mine, located 20 km west of the Hot Breccia project, is a historic gold-silver-copper producer with underground workings extending over 400 meters of strike and 160 meters vertically. Limited production occurred in the late 1990s, and the project has never been tested by modern exploration
Project Highlights:
- Historic Producer – Gold-silver-copper mine with underground workings extending ~400 m along strike and 160 m vertically; limited small-scale production in the late 1990s.
- High-Grade Samples – Recent sampling returned grades up to 15.9 g/t gold and 275 g/t silver, highlighting strong mineralization.
- Untested by Modern Exploration – No systematic drilling has ever been completed, presenting multiple high-priority targets.
- Exploration Upside – Ripsey offers district-scale potential and complements Prismo’s growing portfolio of high-impact precious and base metal assets.
Hot Breccia
The Hot Breccia project is Prismo’s latest acquisition located in the heart of the great Arizona Copper Belt, USA and is located 40 km south of the Resolution deposit and 35 km north of the San Manuel / Kalamazoo deposit and is just a few kilometers from the Hayden Smelter. The Hot Breccia property has the same productive geologic units that host high-grade copper skarn mineralization at the adjacent, past-producing Christmas Mine owned by Freeport. Prismo has the option to earn a 75-percent interest in the Hot Breccia project from Infinitum Copper (TSXV:INFI).
The company completed an airborne Z‐tipper axis electromagnetic (ZTEM) geophysical survey at Hot Breccia in 2023 and received assay results for a first batch of samples taken at the project. The results indicate the presence of not only copper mineralization, but also gold mineralization associated with gossanous veins and shear zones. The ZTEM survey identified a priority drill target in a conductive anomaly at depth.
Following the success of the 2023 ZTEM survey, Prismo received permit approval from the Bureau of Land Management for 10 drill pads to allow for drilling to test the prospective stratigraphy below the cover volcanic rock over a wide area. Assay results for samples taken in February 2024 include 5.69 percent copper, 0.24 g/t gold and 32.8 g/t silver.
Earlier in 2024, Prismo Metals engaged Exploration Technologies (ExploreTech) from San Diego, California to apply xFlare, their artificial intelligence (AI)-optimized drill planning solution, to its Hot Breccia project where a number of features suggest well mineralized Arizona-style copper porphyry lies at depth. Prismo is currently planning an initial 5,000 meter drill program at Hot Breccia.
Palos Verdes
The company’s Palos Verdes property is located in Southern Sinaloa, roughly 65 kilometers northeast of Mazatlán. The Palos Verdes concession covers 22.77 hectares and is situated within the historic Panuco-Copala mining district, the largest silver producer in Sinaloa.
History
Mapping and sampling were conducted over the property by ProDeMin. The Palos Verdes vein crops out for about 750 meters along strike and yielded as much as 4.15 g/t gold and 732.7 g/t silver. Before the turn of the century, a 70-meter tunnel was driven along the Palos Verdes vein near the bottom of the Palos Verdes arroyo; a sample of the vein in this adit yielded 6.7 g/t gold and 544 g/t silver. In 2018, ProDeMin completed a diamond drilling program on the property. Notable drill results included 3.75 g/t gold and 1,098 g/t silver for 2.3 meters and 8.42 g/t gold and 2,336 g/t silver for 0.8 meters.
Drilling
The company has undertaken several drill campaigns at the project, and a total of about 6,052 meters have been drilled in 33 holes to date, including five holes drilled by ProDeMin in 2018. Results indicate the presence of a near-surface high-grade ore shoot in the Palos Verdes vein similar to mineralization in the resources defined by Vizsla Silver in the southwestern portion of the district.
The company, in conjunction with its strategic partner Vizsla Silver (TSXV:VZLA), has planned an expanded drill program with new holes to be drilled from Vizsla Silver’s concessions adjacent to the Palos Verdes concession, targeting the proposed extension of the Palos Verdes ore shoot at depth and a possible extension along strike to the northwest. Prismo Metals is planning on initiating this drill program in August, 2024.
Los Pavitos
The company’s Los Pavitos project is located in the Alamos region of Southern Sonora, a well-mineralized area that hosts multiple active exploration and mining projects. Los Pavitos consists of one concession covering 5,289 hectares. Early sampling and reconnaissance work has been carried out by previous companies, including Minera Cascabel. The property’s numerous mines and prospect pits indicate historical interest.
Prismo conducted a reconnaissance surface mapping and sampling at the project in 2022 and early 2023. This program consisted of about 1,500 samples and identified 5 main gold and silver mineralized target areas within several kilometer-scale structural zones. A follow up trenching program consisted of 698 meters in 25 trenches with almost 350 samples taken. A first ever drill program at the project was conducted in 2023, with 2,370 meters completed in 25 holes.
High-grade gold assays were encountered at the Santa Cruz target, with 10.2 g/t gold over 6.6 meters in drill hole LP-SC-23-02. A second gold zone was intersected at Las Auras, with 3.58 g/t gold over 1.15 meters within 3.65 meters carrying 2.33 g/t gold and 87.6 g/t silver.
Management Team
Gordon Aldcorn – President
Gordon Aldcorn brings over 20 years of experience in capital markets and junior public company development. Over the past five years, he has focused on the corporate management of copper and gold exploration projects, with a strong track record of advancing early-stage assets. Committed to responsible mineral exploration and long-term stakeholder engagement, Aldcorn now leads Prismo Metals through a pivotal growth phase, advancing its high-potential projects in Mexico and Arizona, including the flagship Hot Breccia copper project and the Palos Verdes silver project.
Alain Lambert – CEO and Director
Alain Lambert, who co-founded Prismo in 2018, is a lawyer by training and has over 35 years of experience in financing and advising small and medium-sized companies operating in various industries including technology, manufacturing, and the natural resources sector. He has been involved in private and public financings totaling more than $1 billion. He has an extensive network of investors, investment bankers, analysts, and investor relations professionals. Lambert acts as an advisor to public and private companies regarding financings, mergers and acquisitions plans, debt structuring as well as going-public transactions. Throughout his career, Lambert has served as a director and member of the audit committee and governance committee of small and medium-sized private and public companies. He holds a Bachelor of Laws degree (LL.B.) from the University of Montréal and a diploma of collegial studies, specializing in administration from the College Jean-de-Brébeuf in Montréal, Québec.
Craig Gibson - Chief Exploration Officer and Director
Dr. Craig Gibson has extensive experience in the minerals industry. He received his BS (1984) in earth sciences from the University of Arizona and MS (1987) and PhD (1992) in economic geology and geochemistry from the Mackay School of Mines, University of Nevada, Reno. He co-founded Prospeccion y Desarrollo Minero del Norte, S.A. de CV (ProDeMin) based in Guadalajara, Mexico, in 2009. ProDeMin is a consulting firm providing a broad spectrum of exploration-related services to the mining industry and has been involved in several major precious metal discoveries in Mexico. Gibson is also a director of Garibaldi Resources, a Vancouver-based junior exploration company; a certified professional geologist of the American Association of Professional Geologists; and a qualified person under NI 43-101.
Carmelo Marelli - CFO and Secretary
Carmelo Marrelli is the principal of the Marrelli Group, comprising Marrelli Support Services Inc., DSA Corporate Services Inc., DSA Filing Services Limited, Marrelli Press Release Services Limited, Marrelli Escrow Services Inc. and Marrelli Trust Company Limited. The Marrelli Group has delivered accounting, corporate secretarial and regulatory compliance services to listed companies on various exchanges for over twenty years. Marrelli is a chartered professional accountant (CPA, CA, CGA), and a member of the Institute of Chartered Secretaries and Administrators, a professional body that certifies corporate secretaries. He received a bachelor of commerce degree from the University of Toronto. Marrelli acts as the chief financial officer to several issuers on the TSX, TSX Venture Exchange and CSE, as well as non-listed companies, and as a director of select issuers.
Martin Dupuis - Director
Martin Dupuis has over 25 years of experience covering all stages of a project’s life, from exploration through feasibility and engineering studies, construction, mine expansion and operations. Dupuis serves as Vizsla Silver’s chief operating officer. He was instrumental in the oversight and delivery of the company’s maiden resource estimate. Before joining Vizsla Silver, Dupuis was director of geology for Pan American Silver, technical services manager for Aurico Gold, and chief geologist at several other operations.
Jorge Rafael Gallardo-Romero - Director
Jorge Rafael Gallardo-Romero has been a consultant geologist of Cascabel since March 1992. He also acts as Mexico exploration manager of Gainey Capital (since January 2015) and of Minera Goldzone SA de CV (since March 2011). Gallardo-Romero graduated from the University of Sonora with a degree in Geology in 1984.
Maria Guadalupe Yeomans Otero - Director
Maria Yeomans Otero is a geologist who graduated from Universidad de Sonora, Mexico, in 1986, with master's studies in business administration at the same university. She has been a part of the team at Cascabel since 1992 and is now the office manager. She speaks English fluently and has extensive experience in the administration, legal and commercial relations related to mining.
Louis Doyle - Director
Louis Doyle has over 30 years of experience focused primarily on capital markets and public companies. Since 2016, he has also provided consulting services to private companies seeking listing on Canadian exchanges. Since January 2016, Doyle has been the executive director of Québec Bourse. Between October 1999 and December 2015, he was the vice-president, Montréal of the TSX Venture Exchange. As such, he was responsible for business development and listing activities in the provinces of Québec and Atlantic Canada. During his tenure, he acted as chairman of the TSX Venture listing committee and was a member of the policy committee. Doyle also led the nationwide TSX Venture mentorship program and further acted regularly as a speaker and advisor at conferences and workshops. He also holds directorship roles with two other publicly traded companies. Doyle was granted 150,000 incentive stock options exercisable at $0.165 per share before June 26, 2027. Also, three other directors were each granted 50,000 incentive stock options, exercisable at $0.165 per share before June 26, 2027.
Peter Megaw - Advisor
Dr. Peter Megaw is best known as co-founder of MAG Silver and Minaurum Gold. He and his team are credited with MAG Silver’s Juanicipio discovery in the famous Fresnillo District and Excellon Resources’ Platosa mine. He received his doctorate from the University of Arizona and has more than 35 years of experience exploring silver and gold in Mexico. Megaw is a certified professional geologist by the American Institute of Professional Geologists and an Arizona Registered Professional Geologist. He is the author of numerous scientific publications on ore deposits and is a frequent speaker at academic and international exploration conferences. He was awarded the 2017 Thayer Lindsley Award for the 2003 discovery of the Juanicipio silver deposit in the Fresnillo District, ultimately leading to a further 600 million ounces being identified in the immediate area. Megaw also received the Society of Mining Engineers 2012 Robert M. Dreyer Award for excellence in applied economic geology.
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20 August
Silver Dollar Exercises Option on Government Gulch Portion of Ranger-Page Project
The Ranger-Page Project is in the Coeur d'Alene Mining District that ranks among the world's top producers of silver, lead and zinc
Silver Dollar Resources Inc. (CSE: SLV,OTC:SLVDF) (OTCQX: SLVDF) (FSE: 4YW) ("Silver Dollar" or the "Company") is pleased to announce that, further to its new release of August 7, 2024, it has completed the exercise of its option to acquire an initial 75% interest in the Government Gulch portion of the Ranger-Page Project located in Shoshone County, Idaho, USA
Figure 1: Location of the Ranger-Page Project in the Coeur d'Alene Mining District.
To view an enhanced version of this graphic, please visit:
https://silverdollarresources.com/images/Ranger-Page/Ranger-Page_Silver-Valley.jpg
Pursuant to the Government Gulch Option and Joint Venture Agreement (the "Government Gulch Agreement") dated July 20, 2021, and as amended by agreements dated July 20, 2022, May 22, 2024, and August 7, 2025, to exercise its option to acquire a 75% interest in the Government Gulch property under the Government Gulch Agreement (the "First Option"), Silver Dollar paid the optionor US$250,000 and incurred more than US$1,210,000 in exploration expenditures on the property.
Silver Dollar has the option to acquire the remaining 25% interest in the Government Gulch property (the "Second Option") through good faith negotiations with the optionor. In the event the optionor and the Company cannot agree on a purchase price for the Second Option, the Company can elect the purchase price of the Second Option to be: (a) US$2,250,000, (b) US$1,000,000 and issue US$1,250,000 of Silver Dollar's shares valued at the 20-day volume-weighted average price ("VWAP"), or (c) if the optionor so requests, US$2,250,000 of Silver Dollar's shares valued at the 20-day VWAP.
If Silver Dollar does not exercise the Second Option on or before December 31, 2025, a joint venture will be formed among the parties and Silver Dollar will serve as operator. The Government Gulch Agreement includes dilution provisions where if a joint venture participant contributes less than its proportionate share of expenses, that participant's interest will be diluted. If a joint venture participant's interest is diluted to less than 10%, the other party will automatically acquire the diluted participant's interest and it will grant a 2.0% net smelter returns royalty on the Government Gulch property. Silver Dollar has the right to purchase half of such royalty (1.0% of net smelter returns) for US$1,000,000.
If Silver Dollar exercises its option under the Government Gulch Agreement, as described above, it will grant Silver Valley Metals Corp. a royalty equal to 0.5% of net smelter returns from the Government Gulch property.
Figure 2: Ranger-Page claim groups, underground mine workings, and new target areas.
To view an enhanced version of this graphic, please visit:
https://silverdollarresources.com/images/Ranger-Page/Ranger-Page_Claims-Targets-082025.jpg
About the Ranger-Page Project
Located in a world-class silver district, the Ranger-Page land package covers six historic mines and is ideally situated near Interstate 90 with year-round access to power, water, local infrastructure and a workforce in the Silver Valley skilled in exploration and mining. The primary target areas are up and down plunge from historic underground mining, along strike where ground induced polarization (IP) surveys have identified anomalies, and where surface trenching identified near surface mineralization. Additional exploration targets have also been identified away from historic mine infrastructure, using soil geochemical data, mapping, and ground IP survey data.
About Silver Dollar Resources Inc.
Silver Dollar is a dynamic mineral exploration company focused on two of North America's premier mining regions: Idaho's prolific Silver Valley and the Durango-Zacatecas silver-gold belt. Our portfolio includes the advanced-stage Ranger-Page and La Joya projects, as well as the early-stage Nora project. The Company's financial backers include renowned mining investor Eric Sprott, our largest shareholder. Silver Dollar's management team is committed to an aggressive growth strategy and is actively reviewing potential acquisitions with a focus on drill-ready projects in mining-friendly jurisdictions.
For additional information, you can visit our website at silverdollarresources.com, download our investor presentation, and follow us on X at x.com/SilverDollarRes.
ON BEHALF OF THE BOARD
Signed "Gregory Lytle"
Gregory Lytle,
President, CEO & Director
Silver Dollar Resources Inc.
Direct line: (604) 839-6946
Email: greg@silverdollarresources.com
179 - 2945 Jacklin Road, Suite 416
Victoria, BC, V9B 6J9
Forward-Looking Statements:
This news release may contain "forward-looking statements." Forward-looking statements involve known and unknown risks, uncertainties, assumptions, and other factors that may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Any forward-looking statement speaks only as of the date of this news release and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise.
The Canadian Securities Exchange (operated by CNSX Markets Inc.) has neither approved nor disapproved of the contents of this news release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/263104
News Provided by Newsfile via QuoteMedia
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19 August
Silver Miners Deliver Record Q2 Earnings as Price Breaks Out
Top silver miners around the world delivered a slate of strong second quarter earnings reports as a mixture of higher metals prices and production gains boosted results across the sector.
The silver price has broken decisively above the US$35 per ounce level, rising to levels not seen in over a decade. Its run has been fueled by a structural supply deficit and robust industrial demand.
Analysts also note that silver is finally beginning to catch up with gold — the gold-silver ratio has narrowed from April’s peak of 105 to around 94, signaling the white metal's relative strength.
Read on for details on Q2 earnings from major silver producers.
Pan American delivers record net earnings
Pan American Silver (TSX:PAAS,NYSE:PAAS) posted record net earnings of US$189.6 million, or US$0.52 per share, for the second quarter, supported by record mine operating earnings of US$273.3 million. Revenue came in at US$811.9 million, while silver output reached 5.1 million ounces and gold production was 178,700 ounces.
The firm's acquisition of MAG Silver (TSX:MAG,NYSEAMERICAN:MAG), which was approved by shareholders in July, is expected to close in the second half of the year. Pan American said MAG's Juanicipio asset should lift its silver production by roughly 35 percent on an annualized basis and meaningfully lower all-in sustaining costs.
The company also confirmed that it remains engaged in consultations with the local Xinka parliament at the Escobal mine in Guatemala under ILO Convention 169 amid pushback regarding the project’s planned restart.
First Majestic reports record revenue
First Majestic Silver (TSX:AG,NYSE:AG) recorded its strongest quarter to date, with silver equivalent production rising 48 percent year-on-year to 7.9 million ounces, including 3.7 million ounces of silver.
The company also posted record quarterly revenue of US$264.2 million, nearly double the US$136.2 million recorded a year earlier. Average realized silver prices rose to US$34.62 per silver equivalent ounce, while payable sales volumes climbed 42 percent. First Majestic ended the quarter with 424,272 ounces of silver in inventory, valued at US$15.3 million (but not recognized in quarterly revenue). The board also declared a dividend of US$0.0048 per share.
Production gains were driven by stronger performance at the San Dimas mine in Mexico, where output rose 9 percent, and contributions from the Los Gatos joint venture, also in Mexico, which added 1.5 million attributable ounces of silver.
Endeavour Silver expands via Kolpa acquisition
Endeavour Silver (TSX:EDR,NYSE:EXK) reported Q2 silver production of 1.48 million ounces and gold output of 7,755 ounces, for total silver equivalent production of 2.5 million ounces, up 13 percent year-on-year.
The silver-focused company's overall revenue rose 46 percent to US$85.3 million for the period, supported by higher realized prices of US$32.95 per ounce of silver and US$3,320 per ounce of gold.
Furthermore, the company completed its acquisition of Minera Kolpa on May 1, funded in part by a US$50 million equity financing. Endeavour also said that it has advanced commissioning at its Mexico-based Terronera project, which is nearing commercial production. Milling rates reached up to 2,000 metric tons per day by late July, with silver recoveries averaging 71 percent and gold recoveries at 67 percent.
Hecla Mining hits records across the board
Hecla Mining (NYSE:HL) reported record quarterly revenue of US$304 million, a 16 percent increase from the prior quarter. Net income came in at US$57.6 million, or US$0.09 per share, while adjusted EBITDA reached US$132.5 million. The company said free cashflow also reached record levels.
The US- and Canada-focused firm's silver costs remained low, with cash cost per ounce after by-product credits at negative US$5.46 and all-in sustaining costs at US$5.19.
On the production side, milestones were set at key operations: the Lucky Friday mine (Idaho) established a new milling record of 114,475 metric tons, while Greens Creek (Alaska) delivered positive gold output owing to higher grades.
Silvercorp Metals maintains consistency
Silvercorp Metals (TSX:SVM,NYSEAMERICAN:SVM) produced 1.8 million ounces of silver in its fiscal first quarter of 2026, along with 2,050 ounces of gold, 15.7 million pounds of lead and 5.2 million pounds of zinc.
Output came from its Ying Mining District in China's Henan Province. The firm also posted revenue of US$81.3 million, with income from mine operations standing at US$35.8 million. Silvercorp said that the margins are slightly lower compared to the prior year as higher processing volumes increased costs and royalties in China.
The company said even though higher royalties and processing expenses have offset some benefits of stronger realized prices, it remains profitable and cashflow positive.
Fresnillo reports lower silver output
Fresnillo (LSE:FRES,OTC Pink:FNLPF), one of Mexico’s largest gold and silver producers, reported revenues of US$1.94 billion for the first half of 2025, up 30 percent from the same period in 2024.
The company reported that attributable silver production was 24.9 million ounces in the first half, down 11.7 percent from the year prior due to the closure of San Julián DOB and lower grades at Ciénega and Juanicipio. By contrast, attributable gold production rose 15.9 percent to 313,800 ounces, supported by higher ore grades at Herradura.
Fresnillo also confirmed that parent company Industrias Peñoles agreed to buy back the longstanding Silverstream contract for US$40 million. Since 2007, Peñoles has paid Fresnillo US$882 million for approximately 52 million ounces of silver delivered from the Sabinas mine under the arrangement.
MAG Silver navigates takeover, advances exploration
MAG Silver entered Q2 under the spotlight as its pending acquisition by Pan American Silver moved forward.
The transaction, approved by MAG shareholders in July, offers shareholders the option of receiving either cash or Pan American shares, with closing expected in the second half of 2025, subject to regulatory approvals in Mexico.
Operationally, exploration remained active across the company’s portfolio.
At Juanicipio in Mexico, MAG drilled nearly 9,500 meters underground, with results pending, while surface work added over 6,000 meters targeting the Cañada Honda and Magdalena structures.
In the US, geophysical surveys advanced at the Deer Trail project in Utah, and drilling commenced at Ontario’s Larder project, where over 5,200 meters were completed at the Italian zone.
Avino delivers revenue growth, index inclusion
Avino Silver & Gold Mines (TSX:ASM,NYSEAMERICAN:ASM) posted strong second quarter financials, with revenues rising 47 percent year-on-year to US$21.8 million.
Net income more than doubled to US$2.9 million, while mine operating income surged 118 percent to US$10.2 million, supported by economies of scale and record mill throughput.
Production from the company's portfolio of Mexican projects reached 645,602 silver equivalent ounces, a 5 percent increase despite lower feed grades, as throughput gains offset grade variability.
Beyond operations, Avino secured inclusions in both the S&P/TSX Global Mining Index (INDEXTSI:TXGM) and the Solactive Global Silver Miners Index during the quarter.
Coeur achieves record quarter on silver and gold strength
Coeur Mining (NYSE:CDE) reported record Q2 results with revenues of US$481 million and net income from continuing operations of US$71 million, marking its fifth consecutive profitable quarter. Adjusted EBITDA rose 64 percent from the prior quarter to US$244 million, while free cashflow soared eightfold to US$146 million.
The company produced 4.7 million ounces of silver and 108,487 ounces of gold, up 79 and 38 percent year-on-year, respectively, with strong contributions from all five operations. Meanwhile, crushed ore rates and production volumes climbed sharply from the company’s expanded Rochester mine in Nevada. Coeur reaffirmed its full-year guidance of 380,000 to 440,000 ounces of gold and 16.7 million to 20.3 million ounces of silver.
Silver price outlook
Silver’s breakout above US$35 has injected new momentum into the precious metals complex, and has put silver back into focus after more than a decade of underperformance relative to gold.
Traders are already eyeing the psychologically important US$40 level and ultimately the 2011 peak near US$50, with market strategists noting that previous moves through the mid-US$30s have often triggered rapid runs higher.
The renewed excitement comes as the gold price sits at a historically high level, providing a strong comparative benchmark that has many investors looking to silver as a value trade.
Behind the price action, silver’s fundamentals remain compelling. Industrial demand tied to green energy applications, paired with persistent multi-year supply deficits, continues to erode aboveground stocks.
Whether or not silver makes a sustained run in the near term, the alignment of macroeconomic factors and strong tailwinds proves that silver’s resurgence in 2025 is being built on more than just speculation.
Don’t forget to follow us @INN_Resource for real-time news updates!
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
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19 August
Top 10 Silver-producing Countries
There are many factors to consider when investing in silver-focused stocks, including the silver price outlook, the company's management team and whether its assets are in one of the top silver-producing countries.
Location can be key, and knowing the top silver-producing countries can help investors made sound decisions. For example, high silver production in a particular nation might indicate mining-friendly laws or high-grade deposits.
So which country produces the most silver? In 2024, Mexico was once again the world’s leading silver-producing country, followed by China and Peru.
Increasing silver demand in recent years hasn’t been met by increases in mine production; global silver production totaled 25,000 metric tons in 2024, pulling back slightly during the period. As the majority of the world's silver production comes as a byproduct from the mining of gold, copper, lead and zinc, silver production has largely been tied to fortunes in those other markets rather than its own fundamentals.
With prices of the metal rising to their highest level in more than a decade, the top silver countries could benefit.
Below is an overview of the countries that are already driving the mining output in 2024. Statistics are based on the latest report from the US Geological Survey, along with supporting data from Mining Data Online (MDO) and the UN Comtrade database.
The USGS reports silver production in metric tons while most companies report in ounces. As a point of reference, 1 metric ton of silver is equivalent to 35,274 ounces of the metal.
1. Mexico
Silver production: 6,300 metric tons
Mexico is the world’s largest silver producer with production of 6,300 metric tons of the precious metal in 2024, nearly double second-place China.
Silver has been an important commodity for the country for hundreds of years, with evidence of trade dating back to the 1500s. In 2024, the mining sector in Mexico contributed $312.46 billion pesos to the Mexican economy, and silver alone made up $68.24 billion pesos of that total.
The states of Zacatecas, Durango and Chihuahua account for 80 percent of the country’s total output of the metal. The country's largest silver mine is Newmont's (TSX:NGT,NYSE:NEM) Penasquito mine in Zacatecas. In 2024, the mine produced 33 million ounces (935.5 metric tons) of silver and is expected to deliver more than 28 million ounces in 2025.
Mexico is also home to Fresnillo (LSE:FRES), the world's largest silver producer. In 2024, the company produced 56.3 million ounces (1,496 metric tons) of silver between its mines, which are all located in the country.
2. China
Silver production: 3,300 metric tons
China produced 3,300 metric tons of silver in 2024, a decline from the 3,400 metric tons it produced in 2023. According to Shanghai Metal Market (SMM), the drop off is part of a longer trend that is owed to lower silver grades as older mines begin to deplete reserves of the metal.
Most silver is produced as a byproduct metal from the mining of lead, copper, zinc and gold. Of the few silver primary operations in the country, Silvercorp Metals' (TSX:SVM,NYSEAMERICAN:SVM) Ying mining district is the largest, hosting seven underground mines and two processing plants.
In its fiscal year ended March 31, 2025, the Ying mining district produced 6.95 million ounces (197 metric tons) of silver, up 17 percent year-over-year. The increase was supported in part by an extension to the number two mill in November 2024.
3. Peru
Silver production: 3,100 metric tons
Peru produced 3,100 metric tons of silver in 2024, making it the world's third largest silver country. Its 2024 production was down from 3,200 metric tons in 2023, in part due to declining grades and social unrest.
Overall, the mining industry plays a significant role in the Peruvian economy, accounting for 9.5 percent of its GDP. In 2024, total mineral exports from the country were tallied at US$49 billion, with copper making up more than half of the value of trade and silver accounting for approximately US$1.3 billion.
Silver production in Peru is primarily a byproduct of copper mining. The largest operation in the country is the Antamina mine, a joint venture between BHP (ASX:BHP,NYSE:BHP,LSE:BHP), Glencore (LSE:GLEN,OTC Pink:GLCNF), Teck (TSX:TECK.B,TSX:TECK.A,NYSE:TECK) and Mitsubishi (TSE:8058). In 2024, the mine produced 11.36 million ounces of silver.
4. Bolivia
Silver production: 1,300 metric tons
Bolivia's silver production totaled 1,300 metric tons in 2024, a slight decline from 2023's 1,350 metric tons, tying it with Poland for the fourth highest silver producing country. The resource industry makes up a substantial portion of Bolivia's exports. Silver exports alone generated US$1.2 billion for Bolivia’s economy in 2024.
Bolivia's largest mine is the San Cristóbal silver-lead-zinc mine in Potosí, which produced 16.8 million ounces of silver in 2024, up 33 percent year-over-year. Private company San Cristobal Mining acquired the mine from Sumitomo (TSE:8053) in early 2023.
Another significant silver operation in Bolivia is Andean Precious Metals' (TSXV:APM,OTCQX:ANPMF) San Bartolomé silver-gold operation. San Bartolomé's production has steadily decreased from 5.47 million ounces in 2020 to 4.32 million ounces in 2024, during which time it transitioned from mining to processing material from its fines disposal facility and third parties.
4. Poland
Silver production: 1,300 metric tons
Silver production in Poland was 1,300 metric tons in 2024, just below the 1,320 metric tons it registered the previous year. While its output comes in significantly below the top three silver countries, Poland holds the world's third highest silver reserves at 61,100 metric tons.
In total, the mining sector accounts for 7 percent of Poland’s GDP. In 2024, silver exports rose to 1,328.27 metric tons from 1,256.25 metric tons in 2023 and represented a value of US$1.2 billion.
KGHM Polska Miedz (FWB:KGHA) is Poland's top silver company and one of the world's top silver producers, producing the metal as a by-product at its Polish copper mines, including the Polkowice-Sieroszowice mine. According to the World Silver Survey, KGHM produced 1,341 metric tons of silver in 2024 between its Polish and international operations.
6. Chile
Silver production: 1,200 metric tons
Chile produced 1,200 metric tons of silver in 2024, down from the 1,260 metric tons in 2023.
Mining is a significant contributor to the Chilean economy. In 2024, the sector accounted for 14 percent of the nation’s GDP and was a driving force behind the country’s overall 5.6 percent growth rate.
With 85 percent of Chilean silver output coming as a byproduct of copper mining, declines in recent years have been owed to production issues and low prices in the copper sector. According to Reuters, copper output from state-run mining company Codelco fell to a 25 year low in 2023 and struggled to recover.
At Chuquicamata, one of the company’s largest operations, silver production gradually declined from its peak of 10.91 million ounces in 2019 to 8.14 million ounces in 2023, before plunging to 5.7 million ounces in 2024.
6. Russia
Silver production: 1,200 metric tons
Russia produced 1,200 metric tons of silver in 2024, a slight decrease from the 1,240 metric tons it produced the previous year.
Mangazeya Plus is the country's largest silver producer from its portfolio of mines in the country, including its largest silver operation, the Dukat mine, which produced an estimated 7.7 million ounces of silver in 2023.
Prior to 2024, the owner of these assets was Kazakhstan-based Polymetal International, now named Solidcore Resources. However, due to operational challenges associated with sanctions against Russian metals exports, the company sold all of its Russian mining assets to Mangazeya Plus.
8. United States
Silver production: 1,100 metric tons
The United States produced 1,100 metric tons of silver in 2024, an increase from the 1,020 metric tons mined the previous year. Silver is mined in 12 states, with Alaska and Idaho topping the list of regional producers.
Production of silver came from four silver-primary mines, with additional amounts produced as a byproduct of gold and base metals at 31 other operations.
The largest silver operation in the United States is Hecla Mining's (NYSE:HL) Greens Creek silver mine in Southern Alaska. In 2024, the mine produced 8.48 million ounces (240 metric tons) of silver, as well as several other metals as by-products of its silver operations.
In terms of economic contribution, silver contributed US$960 million to the US economy in 2024, with the majority of the metal destined for domestic markets, with just 140 metric tons being exported.
9. Australia
Silver production: 1,000 metric tons
Australia produced 1,000 metric tons in 2024, just 30 metric tons fewer than registered in 2023.
According to the Reserve Bank of Australia, mining holds the largest share of the nation’s GDP with 12.2 percent, and resources make up 59.2 percent of the country’s total exports. However, like the United States, the majority of silver is used domestically for manufacturing and investment.
Australian silver production also comes as a byproduct of mining other metals like gold, copper and other base metals. South32's (ASX:S32,OTC Pink:SHTLF) Cannington lead-silver-zinc mine is by far the largest silver operation in Australia, producing 12.67 million ounces of silver in 2024.
9. Kazakhstan
Silver production: 1,000 metric tons
Kazakhstan produced 1,000 metric tons of silver in 2024, up from 985 metric tons in 2023. Output in the country has risen significantly since 2020, when it produced just 435 metric tons of the precious metal.
The largest silver mining operation in the country is the Kazzinc Complex, a 70/30 joint venture between Glencore and the state-run Tau-Ken Samruk. In 2024, the mine produced 3.34 million ounces of silver, a sizable increase from the 2.73 million ounces produced in 2023.
Overall, the mining sector’s contribution to the Kazakh economy has exploded in recent years. According to the USGS Kazakhstan 2022 Mineral Yearbook released in March 2025, mineral exports were pegged at US$84.6 billion in 2022, a 40.2 percent increase compared to 2021 and 68 percent of the country’s total exports.
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.
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