Analysts note that silver’s long-awaited catch-up to gold is underway, with the gold-silver ratio narrowing from April’s peak of 105 to around 94, signaling silver’s relative strength.
Against this backdrop, the second-quarter earnings from silver majors illustrate how producers are capitalizing on elevated prices and investor interest.
Pan American Silver delivers record earnings
Pan American Silver (TSX:PAAS,NYSE:PAAS) posted record net earnings of US$189.6 million for the second quarter, or US$0.52 per share, 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.
Furthermore, the MAG Silver acquisition, approved by shareholders in July, is expected to close in the second half of the year. Pan American said Juanicipio should lift its silver production by roughly 35 percent on an annualized basis and meaningfully lower all-in sustaining costs.
Meanwhile, 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-over-year to 7.9 million ounces, including 3.7 million ounces of silver.
The company also posted a record quarterly revenue of US$264.2 million, nearly double the US$136.2 million posted a year earlier. Average realized silver prices rose to US$34.62 per silver equivalent ounce, while payable sales volumes climbed 42 percent.
The company 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 for the period.
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 through Kolpa acquisition
Endeavour Silver (TSX:EDR,NYSE:EXK) reported 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.
Overall revenue also rose 46 percent to US$85.3 million, 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
US and Canada-focused 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 cash flow also reached record levels.
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 per ounce.
On the production side, milestones were set at key operations: the Lucky Friday mine (Idaho) established a new milling record of 114,475 tons, while Greens Creek (Alaska) delivered positive gold output owing to higher grades.
Silvercorp maintains consistency
Silvercorp Metals (TSX:SVM,NYSEAMERICAN:SVM) produced 1.8 million ounces of silver in its fiscal first quarter, along with 2,050 ounces of gold, 15.7 million pounds of lead, and 5.2 million pounds of zinc from its Ying Mining District in China's Henan Province.
The Vancouver-based 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 than the prior year as higher processing volumes increased costs and royalties in China.
Nevertheless, the company stated that despite higher royalties and processing expenses offsetting some of the benefit of stronger realized prices, it remains profitable and cash-flow positive.
Fresnillo Navigates 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.
On production, 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 (TSX:MAG,NYSEAMERICAN:MAG) entered Q2 under the spotlight as it moved forward with its pending acquisition by Pan American Silver.
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 metres underground with results pending, while surface work added over 6,000 metres 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 metres were completed at the Italian Zone.
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 cash flow 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 also reaffirmed its full-year guidance of 380,000–440,000 ounces of gold and 16.7–20.3 million ounces of silver.
Silver Outlook
Silver’s breakout above US$35 has injected new momentum into the precious metals complex, putting the metal 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-30s have often triggered rapid runs higher.
The renewed excitement comes as gold itself sits at record levels, 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 above-ground 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.
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Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
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