Silver’s 2025 Rally Lifts Miners to Record Q3 Results

First Majestic sets new production record

First Majestic Silver (TSX:AG,NYSE:AG) led the quarter’s gains with a 96 percent year-on-year surge in silver production, reaching 3.9 million ounces in the third quarter compared to 2.0 million ounces a year earlier.

Of this total, 1.4 million ounces came from its recently integrated Los Gatos operation.

Revenue for the quarter soared 95 percent to US$285.1 million, the third consecutive quarter of record sales, driven by higher metal prices and increased output. Overall, about 56 percent of the total came from silver sales, with the company realizing an average silver-equivalent price of US$39.03 per ounce.

Coeur Mining delivers record results, launches landmark merger

Coeur Mining (NYSE:CDE) marked its second consecutive period of double-digit revenue and production growth. The company produced 4.8 million ounces of silver during the third quarter, up 57 percent year-on-year.

Average realized silver prices rose 15 percent to US$38.93 per ounce compared to the prior quarter, while average realized gold prices increased 4 percent to US$3,148 per ounce.

"Coeur delivered another quarter of record financial results, driven by higher prices, balanced contributions from all five of our North American gold and silver operations along with overall strong cost control,” said President and CEO Mitchell J. Krebs. He also highlighted strength at Las Chispas.

Just days after reporting earnings, Coeur announced a US$7 billion all-stock merger with New Gold (TSX:NGD,NYSEAMERICAN:NGD), creating what analysts are calling a “North American powerhouse” in the precious metals space. The transaction has been described as the largest gold-sector merger of 2025. The combined entity will be majority owned by Coeur shareholders (62 percent) and will operate exclusively in North America.

Endeavour Silver nears new production phase

Endeavour Silver (TSX:EDR,NYSE:EXK) reported steady output as its portfolio continued to perform in line with expectations. Consolidated silver production driven by higher throughput at Guanaceví and the inclusion of its new Kolpa mine in the third quarter rose 102 percent year-on-year to 1.77 million ounces.

Silver equivalent output totaled 3 million ounces when accounting for gold and base metals.

“Our legacy mines continue to provide steady results, Kolpa is meeting expectations and integrating smoothly, and with Terronera nearing commercial production, we are entering the next phase of growth with significant momentum," CEO Dan Dickson said in a company press release.

The Terronera project, now in the final stages before commercial production, achieved average silver recoveries of 82.8 percent and gold recoveries of 72.3 percent in September.

Americas Gold and Silver doubles silver output

Americas Gold and Silver (TSX:USA,NYSEAMERICAN:USAS), whose largest shareholder is billionaire Eric Sprott, capped the quarter with one of the strongest percentage gains in the industry.

The company’s consolidated silver production surged 98 percent year-on-year to 765,000 ounces, supported by operational gains at the Galena complex in Idaho and higher-grade ore zones at the Cosalá operations in Mexico.

CEO Paul Andre Huet said the quarter marked a turning point for the company’s US operations.

“Our operation in Idaho is now starting to deliver results after spending significant effort underground at Galena conducting numerous time studies, engineering work, productivity-focused projects, implementing new equipment and adjusting the mining method," he explained.