ASX Silver Stocks: 5 Biggest Companies
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 supply has tightened in recent years as industrial demand rises. This was one of several factors that helped the silver price break through the US$34 per ounce mark in October of this year for the first time since 2012.
While the metal has since pulled back slightly, the silver price is still holding above US$30 and AU$46.
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 February 12, 2025.
Market cap: AU$1.41 billion
Share price: AU$4.26
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. In late February 2024, Adriatic produced its first silver-lead concentrate and zinc concentrate at the Vareš processing plant.
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.
In its Q4 2024 update released on January 29, Adriatic said that operations continued to run 24/7 but indicated the timeline for reaching commercial production had been pushed back to Q1 2025 due to severe winter weather in December and January. The company set 2025 guidance at 12 million to 13 million silver equivalent ounces.
Additionally, it said that Ausenco had completed a technical study for Vareš processing plant expansion options. The report confirmed that no capital expenditures would be needed to raise annual nameplate capacity to 1 million tonnes from 800,000 tonnes, but AU$25 million would be needed to expand output to 1.3 million tonnes per year.
Adriatic’s silver production increased to 95,535 ounces in Q3, up from 21,591 ounces in Q2.
Market cap: AU$185.77 million
Share price: AU$1.07
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…
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